DF
OLD DART FOUNDATION
THE OLD DART FOUNDATION
A COMPANY LIMITED BY GUARANTEE
IRegistered Charty No. 1153668 and Company No. 08565375)
ANNUAL REPORT OF THE TRUSTEES
(INCLUDING THE STRATEGIC REPORT
AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
¥ACD2V3WI*
2W0912023
COMPANIES HCLJSE
#55

THE OLD DART FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
{INCLUDING THE STRATEGIC REPORT
AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CONTENTS
Page
Annual Report of the Tru5tee5 (including the Strategic Report)
Independent Auditor's Report
12-15
Consolidated Statement of Financial ActNrties
(including the Income and Expenditure Account)
16
Consolidated Balance Sheet
17
Company Balance Sheet
18
Consolidated Cash Flow Statement
19
Notes to the Financial Statements
20-37

Page 1
THE OLD DART FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
IINCLUDING THE STRATEGIC REPORTI
FOR THE YE4R ENDED 31 DECEMBER 2022
The Trustees. who are also Th're¢tors for the purposes of company raw, p￿sent their report (including ihe
Slralegic Report) and the audited consolwjated financial statement5 of The Dart Foundation {"the
Foundation. or 'lhe chantable compann. and its subsidiary undertakings, FraseNiew Investment Limtted
("FIL') and Fraserview Investment (Cam* Street) Limrted I"FICSLI Ibolh registered in England and
Wales) (collectivety Ihe groupl, for ￿ year ended 31 December 2022.
The financial stslements compty with the Charit*s Act 2011 aThJ vthere appl¢able. the Charities Acl 2022.
the Companies Act 2006. the Memorandum and Articles of Association, and Attounts"ng and Reporting by
Charities". Statement of Recommended Practsce applicable lo ¢harit*5 prepanng their accounts
accordan￿ with the Financial Repcwting Standard appltsble in the UK and Republic of Ireland IFRS 102)
issued in October 2019 ('Chanlies SORP FRS 102").
REFERENCE AND ADMINISTrATIVE DEfAILS
The Old Oart Foundatr'on {regislL¥ed chanty number 11S3568 and company number 08565375) is
based and administered in the Unrted lth"ngdom. The registered address is Eighth Floor. 6 New Sireet
Square. New Fetter Lane." London EC4A 3AQ.
DITector5 and Trustees:
The Th'rectors and Trustees of the Foundation vtho hekl office during the year v*re:
Luis Baertl Iresvjwl 27 ALwJusI 20231
Geoffrey Loudon
Marie Rabtett
Charles Lutyens
Katherine O'Reilty
Caroline Pery
The Directors did not hold any ben*ial interest in the Foundab-on al 31 December 2022 or al any
lime during the year.
Key Management:
The Trustees consider Ihemsefves. as Th"rectors. the key management personnel of the Foundation
ho are in charge ol dire¢ling and ¢ontrolling the Foundation. Certain responsibilities, including all
day lo day operational matters. are delegated to the CEO and management team.
Bankers:
Coutts & Co
440 Strand, London, WC2R
Sollcllors:
Withers LLP
16 Old Bailey, London. EC4M 7EG

Page 2
THE OLD DART FOUNDATION
ANNUAL REPORT OF ThE TRUSTEES {contlnued).
FOR THE YEAR ENDED 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DEfAILS Icontinuedl
Independent Auditor:
Rawlinson & Hunter Audit LLP.
Slalutory Auditor and Chartered Accountants.
Eighth Floor, 6 New SITeet Square. New Fetter Lane. London, EC4A 3AQ
Investment Managers:
Rothschild Bank (Cl) Limited. St Julian's Court. St Peter Port, Guemsey, GY1 3BP.
Ruffer LLP, 80 Victoria Street, London. SW15JL.

Page 3
THE OLD DART FOUNDATION
ANNUAL REPORT OF THE TRUSTEES (contlnuedl
FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation is a company limited by guarantee govemed by its Memorandum and Articles of
Association is registered as a charity with Charity Comm¢ssion for England and Wales.
The Foundation is slruclured with a two tier participation management which include5 mernbers and
directors. The members and directo￿ of Foundation are in eftecl the same persons, certain
items of business gjch as variation of the art￿ may only be v￿ertaken by the members, and
other matters such as the apkyoval of the fnanual statements may only be undertaken by the
directors.
There are classes of members. A members and B members. The A members seThiing al 31
December 2022 were Charles Lutyens. Luis 8aertl (resuned 27 August 20231. Carobwie Perry and
Katherine O'Reilly. The 8 members serving at 31 C*cember 2022 were Geoffrey Loudon and Marie
Rabbett.
The Board of directors must comprise of a minimum of three and a maximum of six directors and
thwe are effectively ts¥o classes of diredors. in th.ne wth ts A aThJ B members detailed above.
Pursuant lo the Foundation's Articles. the directors must hold at least three meetings each year, to
discuss and develop the Foundation's goals and strategy and lo review grant proposals and general
grant requests. Thereft)re it may be appropriate to meet more frequendy than this minimurn.
The range of skills represented on ihe Board will be kept under review as the Foundalion develops
over lime.
Trustee Inductlon and Tralnlng
As part of Iheir Irainirbg. Trustees are provided with a comprehensrwe 'operating' manual, ￿1¢h
indudes the Foundation'5 Memorandum and Atts'cles of Association and Charity Commission
guidance on trustee responsibilsties. All Trustees are aware of their legal duties and obligations in
respect of the management of the Foundation, induding in relats.on lo the protection of ils assets.
Trustees are appointed al Trustee meets'ngs Tequiring approval of all Trustees. folk)v￿ng a vetting
process.
Tiu$tees' Re5ponsib11611es Stslemenl
The Trustees (vtho are also Directots of the Foundation for the purposes of coryany lawl
responsible for weparing the Annual Report of the Trustees (including the Stralegic Report) and the
financial statements in accordanee with applicable law and United Kingdom Accounting Standards
(Unrted Ksngdom Generally Acwted Accounting Practi￿).
Company law requi￿$ the Trustees lo prepare finarKial statements for each financial year. UThJer
company law, the Trustee$ must not approve the financial statements unless they are satisfied that
they give a true and fair view of the stale of affairs of the charitable company and of the incorning
resources and ap￿iCatiOn of resources. in¢knding the income and exFenditLbre, of the charitable
company for that period. In preparing these financial statements, the Trustees are required lo..

Page 4
THE OLD DART FOUNDAnoN
ANNUAL REPORT OF THE TRUSTEES {continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Trustees, Responsibilities Ststement (continued)
select suitable accounting policies and then apply them consistently..
obseNe the methods and principles in the Charrties SORP 2019 {FRS 102)-
make judgements and estimates that are reasonable and prudent.,
slate whether applicable UK Accounting Standards have been followed. subject to any material
departures disclosed and explained in the financ￿1 statements..
prepare the financial statements on the going concern basis unless it is inappropriale to
presume that the charilable company will conts.nue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with
reasonable accuracy at any lime the financial position of the charitable company and enable them
to ensure that the financial stalements comply wrth the Companies Act 2006. They are also
responsible for safeguarding the assets of the charitable company and hence for laking reasonable
steps for the prevention and detection of fraud and other irregularities.
The Trustees are fesponsible for the maintenance and integrity of the corporale and financial
information in¢luded on the Foundation's website. Legislation in the United Kingdom governing the
preparation and dissemination of financ￿1 statements may differ from legislation in other
jurisdictions.
In addition. the Trustees have taken due ¢onsKleration of Good Governance
A Code for the
Volunlary and Communty Sectoi. ensuring that the seven main principles of the Code are adhered
to. These are..
Organisational purpose:
Leadership..
Integrity
Decision-making. risk and control..
Board effectiveness.,
Equality, diversity and inclusion; and
Openness and accountabilty.
The Trustees recognise that good govemance plays an essential part in securing the future of the
charity and confirm that the saKI main principles of the Code are followed by them in leading, direding
and managing the charity.
Pay policy for senior staff
All Truslees give their time freely and no Trustee received remuneration in the year. Details of
Trustees, expenses and related party transactions are disc105ed in the noles to the financial
statements. The Foundation had on average 3 paid pernianenl staff members based in the UK during
the year ended 310ecember 2022 (2021- 3).

Page 5
THE OLD DART FOUNDATION
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Internal Controls
The Trustees have overall resF)onsibilty for ensuring that the Foundation has appropriate syslems
of internal controls. They are responsible for keeping proper accounting records which disclose wrth
reasonable accuracy at any lime the financial position of the Foundation and enable them to ensure
that the financial statemenls follow best practice and all applicable law regulation and guidance. The
Trustees are also responsible for the Foundation safeguarding its assets and for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The system of intemal controls is desKJned to provide Teasonable. but not absolute. assurance
against material misstalement or loss. vthether through fraud or error.
Risk Management
A risk assessment has been undertaken vthich comprises of".
An annual review of the risks the Foundation may face..
The establishment of systems and procedures to mits'gate those risks.. and
The implementation of procedures designed lo minimise any potential impact on the Foundation
should those risks materialise.
This continuing wocess will identify risk areas to Nlthich ihe Foundation is vulnerable and highlight
any necessary safeguards Ihal will need to be put in place. The Foundalion's major risk is in fespect
of the valuations of rts assets, primarily r(s investment properties and share portfolio. The Foundalion
mitigates ils exposure to the risk of a decrease in the value of its assels by diversity in the lype and
location of its investment properties and by holding a diverse investment portfolio in equities. The
Trustees do not feel the Foundation has matenal exposure lo price. Credit, liquidity and cash flow
risks.
The Trustees have signed fit and proper declarations in line *ryth HMRC guidance.
OBJECTIVES AND ACTIVITIES
The objects of the Foundation are contained in the Articles and a￿ as follows-
The prevention or relief of poverty anywhere in the v￿r1d. but especially Peru and Papua New
Guinea but also including Bolivia, Brazil. Chile and the Philippines. by providing grants. items
and services to individuals in need, andlor charities. or other organisations working to prevent or
relieve poverty especially those for women and children.
The promotion of education of people anywhere in the world bul especially Peru and Papua New
Guinea but also including Bolivia. Brazil. Chile and Ihe Philippines. in such ways as the directors
think fil.
The relief of sickness and the pre5erv8tion of health among people anywhere in the worfd, blrt
especially Peru and Papua New Guinea but also including Boltvia, Brazil, Chile and the
Philippines.

Page 6
THE OU) DART FOUNDATION
ANNUAL REPORT OF THE TRUSTEES (continued}
FOR THE YEAR ENDED 31 DECEMBER 2022
OBJECTIVES AND ACTIVITIES (continued)
The promotion of such other purposes being exclusively Char[lab￿ according lo the laws of
England and Wales as the D1￿clor$ may from lime lo time determine.
The Foundation operates as a grant-making charity, supporting charf(able projects and organisations
th grants of varying sizes and durations wrthin the Foundation's objects.
The Trustees have putsued a broad strategy of ensuring proper due diligence in the assessment of
potential grants and ensuring that grants are made subject to appropriate lerms and conditions.
Public Benefit Statement
The trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they
have complied with the duty in Seclion 4 of the Chaflties Act 2011 to have due regard lo it. They
consider the information which follows in this annual report. about the trust's aims. activities and
achievements in the areas of interest that the trust supports demonstrates the benefit to its
beneficiaries and through them to the public.
Grant Making Policies
The Trustees, grant making policy has been to generalty Consider making donations by way of direct
funding and grants to charitable organisalions, recognised as such in their respective jurisdictions.
The recipient projects must be seen as exclusively Charitable under English law. The Foundation
has pul in place sound processes in resFect of granl making and the subsequent review of the funds
committed and can therefore conlinue to properly select appropriate grantees and impose prudent
terms on granls, including, as appropriate, monitoring and evalualion of the v￿Y in which funds are
applied by grantees.
STRATEGIC REPORT
ACHIEVEMENT AND PERFORMANCE
Charitable Activities
Charitable activities during the year totalled £6.299.367 (2021 £10,326.812) and includes grants
paid to 32 (2021 - 45) charitable organisations based in Chile, Papua New Guinea, Peru and The
Philippines. All grants were paid in line with the policies set oul in seclion 3 of this report. A full list
of grants made during the year is shown on note 5.
Over the course of 2022, the Old Dart Foundation executive team conlinued lo be comprised of five
full-time staff, with the CEO, Foundation Manager and Grants Officer based in the UK office and the
Regional Programme Manager and Regional Programme Officer based in Lima. Peru. The Grants
Officer completed Level 2 and 3 Safeguarding Training and became the Foundation's Designated
Safeguarding Lead, working closely wilh the Safeguarding Trustee. The team operate a hybrid model
of working. with access lo shared office space in London and Lima. For the first time since before
the pandemic, all four quarlerly board meetings were held in person, ¥￿th three in London and one
in Sydney in September 2022.

Page 7
THE OLD DART FOUNDATION
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENT AND PERFORMANCE {continued}
Charitable Activities (continued)
In March 2022 the Latin America Annual workshops We￿ held in person having been held remotely
in the previous year due lo the pandemic lockdowns. The Foundation Manager and Grants Officer
joined the Peru-based team and the V￿rkShopS were held over 2 days at the offices of one of our
partners, GRADE, in ¢enlral Lima. Attended by up to 2 representatives from each of the Latin
America partners, these workshops presented an opportunity for organisations lo share experience.
learn from each other and connect, alongside specific sessions which explored topics relevant lo all
partners such as fundraising and safeguarding as ￿￿11 as guest speakers discussing the issues of
gender, education and climate in Peru.
The field trip gave management the opportunity to visit several new and long-standing grantees as
well as hold meetings with prospective partners. It also provided a key opportunity for the team lo
work collectively and focus on aligning grant management praclices. review the application and
reporting processes and tools, redrafting them to ensure they were ac￿$$1b1e whilst providing
sufficient detail for consideration. The management also worked lo develop and refine the Due
tl'ligence process. V￿th a new in-house checklist to be completed in the lead up lo proposal
presentation_
In June. the management team came together wrth five of the six trustees in London for a strategy
retreat which had been long delayed by the pandemic. The retreat was an opportunrty for the Board
and management team to discuss the climate crisis and ils disproportionate impact on the
populations the Foundation seeks to support. It was unanimously agreed that environmental and
climate-focused projects should be included for consideration for future funding, especially where
Ihe work intersects wrth the Foundation's existing strategic priorities, including education and gender-
based violence. A selection of climate-related concept proposals were later presented at the
September and November board meetings. with a view to funding commencing in early 2023.
OOF'S spend-down planning remains a strategic priorily for the Irustees and CEO_ Al Ihe 2022
retreat. it was agreed that mana9ement should plan for closure by 2030 and should seek to identrfy
external expertise lo support the most dependant partners, such as those within the so-called
'Grassroots Portfolio, in Peru and Chile. wth tailored organisational development support lo help
them transrtion away from ODF funding. It was agreed that for some of these 11 partners, the foad
to sustainabilily would be more challenging than for others, and the approach should be holistic and
go beyond solely fundraising. In November 2022. ANQAS were appoinled as consullants to conduct
an initial diagnostic of partners, with road maps and proposals for longer temi support to be
presented in mid-2023. Exit grants were agreed for some of our more robust partners, with strong
fundraising capabilities and a dNerse fundraising base. In 2022. we signed final three-year grant
agreements with Australian Doctors International (ADII and Intemational Care Ministries (ICMI,
where there ￿ mutual confidence theii work vall continue to thrive.
September saw the board and CEO travel to Sydney. Australia to have the opportunity to meet in
person with ODF'S founder whose travel plans had been curtailed by Covid restriclions over the last
few years. The meetings provided a valuable opportunity to review the spend out planning and
slrategic apwoach as well as to connect v￿h Australia-based partners and advisors.
Renewal grants were signed with a number of existing partners. and three new partnerships were
established.

Page 8
THE OLD DART FOUNDATION
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENT AND PERFORMANCE (continued)
Charitable Activities Icontinuedl
In Peru, the Foundation began supporting the Centre for Educalional Transformation at Ihe
Universidad Marcelino Champagnat (UMCHI through a three-year partnership where they will work
in partnership ￿th the Unidad de Geslion Educativa Local in Cusco to establish the 'Alipasunchis
Network,, a project which aims to increase reading comprehension through the implementation of
'Dialogic Literary Gatherings. in 10 schools in Paruro. In Papua New Guinea, Ihe Foundation
established a thfee-year partnership with the Royal Botanical Gardens of Kew to lake four
antimicrobial plant saps through to clinical trials, with the long-tem goal of reducing the incidence of
infected cutaneous ulcers in remote communities. Finaltyi. the Foundation enlered into a four-year
partnership with existing partner Innovations for Poverly Action IIPAI to establish an office in Papua
New Guinea lo work with governments. NGOS and donors, lo coThJuct rigorous program evaluations
across development priority sectors so they can identrfy and scale the mosl cost-effective
interventions.
Additionally in PNG. in early 2022 the Foundation contracted inHive. an organisation which
specialises in the building of nehyorks. to work with Divine Word Universrty to explore what an alumni
network for the ODF-funded scholarship programme might look like. The University are now well-
placed to take this work foThvard.
The Papua New Guinea strategy work in partnership wth Ten Years, Time vthich was paused in
March 2020 due lo the pandemic. resumed in earnest in the Spring of2022 and ran over a six month
period to the end of the year. Over a series of learning sessions. some held remotely and others in-
person. the management, often accompanied by the Chairnan, heard from more than 50 experts
who either worked within social justice in PNG. or are leaders in a relevant field. This was an
incredibly enriching leaming journey which will inform a new grant making strategy which responds
to the realities of the context and centres the voices of Papua New Guinean people and their roht to
self-delerminalion. The management team worked towards a field trip to Papua New Guinea in July
2023 to provide an opportunity to continue conversations and begin lo develop proposals and
partnerships for consideration later in the 2023, both with individual organisation5 and potentially
through a locally-led intemiediary which wll act as a mechanism for ODF funds to reach the most
overlooked and underfunded community-based organisations in PNG. with a focus on climate.
violence and rural health.
Understandlng our Impact
As ever, the Foundation 15 committed to organisational leaming and understanding how we can
develop our role as a philanthropic actor. By the end of 2022. the Foundation has 36 partnerships
across Peru, PNG. Chile and the Philippines. Each of our partner organisations report bi-annually,
usually in January and December. In Ihese reports. which include a narrative and a financial element.
alongside in some cases Key Perfonnance Indicators, partners are able to share their activities and
outcomes, alongside some of the key learnings and challenges they are facing Management reviews
these reports and shares summaries and infographics with the Truslees in the board meeting.
Throughout the year. the management team work closely wtth partners to provrde support and peer-
learning opportunities.
The trustees have agreed a number of multi-year commrtments. but all future year payments are
contingent on the Tecipient charity satisfying the conditions set out in the grant confirmation letters.
As such. the trustees do not recognise future year commrtments. until such time as the temis sel out
in the grant confimiation letters have been mel. The contingenl commttmenls at 31 December 2022
are detailed in note 14 and tolalled £11.017,348 (2021 £3,405,635). The accounting treatment in
respect of grants is in line wth thal set out in the Charities SORP (FRS 102).

Pa9e 9
THE OLD DART FOUNDATION
ANNUAL REPORT OF THE TrUSTEES (continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENT AND PERFORMANCE (continued)
Key performance indlulors
The key perfomiance indicators are-. granls payable £5,534.903 (2021 £9. 937, 791) and realised
and unrealised {losses) and gains on investments (including inve5tmenl properties) of £3,023,776
(2021- £7,202,212).
The principal risks and uncertainties to the Foundation reside wthin the valuation of its investments
and investment properties. which are subject to external mar*et condrtions. The Trustees mitigate
this by holding a diverse range of investments.
As a grant-making organisalion, the impact of the Foundation is closely tied to the performance of
ils grantees who deliver projects and services. The Foundation has developed its reporting and
monitoring systems, including a greater focus on understandin9 the quanlitative and qualitative
impact of grantees, work. The Trustees recognised the need for addttional capacity to ensure the
effective delivery of the Foundation's objectives and activities and during 2018, a new full-time
Grants Officer was appointed. based in London.
In addition, the Trustees made use of exlefnal consulting and expertise lo help refine the
Foundation's strategic approach and develop r(s granl-making portfolio and principles. In September
2019. the Trustees held the second Sirategy Retreat to refine the strategic focus of the Foundation's
work. Key areas of discussion included planning for and supporting Ihe Foundation's growth and
maturity as well as a review of a strategic mapping project conducted in Peru with an external
consultancy. The Trustees were interested in a number of wtential funding opportunrties which the
project had highlighted.. these were projects taking a systems-level approach to poverty reduction
and social change in education and gender-based violence. It was agreed that the Foundation would
conlinue lo explore these, and other, new funding opportunities.
Investment Assets
To achieve the objectives set out in Section 3. on page 5 of this reF)Ort, and to reduce the level of
risk, the trustees believe that the Foundation's a55et base shouhl be diversified. It is too early to
comment on the performance of the underlying investment assets bul the trustees are content Ihat
the current asset allocation summarised below. offers risk adversrty and a reliable 'lolal return,.
Diversified investment portfolios with two investments managers - Rothschild Bank {Cll
Limrted and Ruffer LLP. At 31 December 2022, the total value of the portfolios was
£17,865,983 (2021- £16.004.648).
The investment sub-committee meet with represenlattves from each investment manager at
least Iwice a year. to discuss performance, asset allocation and wider economic issues.
Two 100/0 owned property Companies, FraseNiew Investment Limited ("FIL") and
Fraserview Investmenl {Camley Street) Limited {"FICSL"I, both incorporated in England and
Wales. Results. and Ihe assets and liabiifiies of these Iwo companies are consolidated into
these financial stalemenls, inclusive of £63,410,000 (2021 £67, 780,000) of investment
properties.
The Foundation's investment in thosetwo subsidiaries are rrEasured at their net assets value
al the year-end of £46,012.708 (2021- £50.036.635)-
In the year to 31 December 2020. the Tfustees reviewed Ihe likelihood of receiving full repayment of
a debenture. previously included in other investments. and its related accretion income, which had
been accrued since ownership of the debenture was passed lo the Foundation, included within
accrued income. The Trustees concluded that rt was unlikely that the debenture will be repaid and
therefore look the decision to impair the investment of £5,044,302 and income accrued of £588,385.
There has been no changes in the oullook of this debenture during the current year.

Page 10
THE OLD DART FOUNDATION
ANNUAL REPORT OF THE TRUSTEES {¢ontinuedl
FOR THE YEAR ENDED 31 DECÉMBER 2022
FINANCIAL REVIEW
Incoming Resour¢es & Resour¢es Expended
Income for the group in the year totalled £3,323,159 (2021 £3. 541, 184), including property rental
income, investment income and interest from cash deposits (refer to notes 3 and 10).
Investment income is reflected gross of tax credits. Investment management Costs are separately
accounted for under resources expended and more specifically under cost5 of generating funds.
When the fee5 are directly deducted from an inve5tmenl fund value, Ihese are separately detailed in
note 4.
No public fundraising activities are carrie(J oul by the Foundation_
Resewves Poll¢y
The Trustees have examined the Found*ion's requirement for resources in light of the main risks to
the Foundation and have no oulstanding commrtments or cash demands which are not adequately
covered by existing resources. The net assets of the Foundation are regarded as unrestricted and
the funds at 31 December 2022 will be retained to make grants in accordance with the Foundation's
charitable objects and any polic￿S. The Trustees consider that the freely expendable funds are
appropriate and adequate laking into account plans for grants to be awarded in future and have at
present therefore not designated any specrfic reserves. However. the Trustees will keep this under
constant review. In future years a specrfic reserves policy may be required.
PLANS FOR THE FUTURE
As we look forward to 2023, the priorities for the Foundation will be around the inclusion of climate
and environmental work within our portfolio. deepening our understanding of this complex reality,
how il interacts wilh the work of our current partners and where we can partner with new
organisations to contribute to the fKJht against Climate change. The Foundation made some of our
first grants in this space in March 2023. and the Trustees travelled to Peru to meet some of Ihe
partners in person.
In Papua New Guinea, the Foundation is excited lo lake forward the learning from the work with Ten
Years. Time and the vision and commitment to sem-determination in our grant making. The visit lo
PNG in July 2023 was a critical moment to put all that we have learnt into action, as well as an
opportunity lo meet with our existing partners - many of whom became partners of the Foundation
during the pandemic period, where we were unable to meet or visrt projects in-person.
The fact that we are rapKlly approaching 2030 and the closure of the Foundation underpins all of
our work and there are increasingly difficult decisions lo be made, as well as exciting opportunities
lo consider the legacy of the Foundation in our focus geograph￿S. We will continue lo invest in our
learning, and lo learn from other 'sunset' Foundations may be able to provide guidance and
advice. The work with ANQAS and our grassroots partners in Peru and Chile will be ￿ntral lo this
and a great learning opportunity, alongside conversations with all existing and potential new partners
around the evolution of our partnership over the Coming years.
The Trustees do not propose to deviate from the currenl objectives and actNities of the Foundation,
as detailed in section 3 of this report on page S. The Trustees have forecasted their charitable activity
and have pul in place plans to continue in the manner set out in section 3 for a period of 8-10 years.
Over time the Trustees will further develop and refine their strategies. policies and procedures.

Page11
'THE OLD DART FOUNDATION
ANNUAL REPORT OF ThE TRUSTEES Icontinued)
FOR THE YEAR ENDED 31 DECEMBER 2022
AUDITOR
Disclosure of infonnation to the auditors
We, the Trustees of the charitable company who held Off￿ al Ihe dale of approval of these Financial
statements as set out above each confim. so far as we are aware, that:
there is no relevant audit information of thich the charitable company s auditor is unaware..
and
we have taken all the steps thal we ought to have taken as Trustees in order to make
ourselves aware of any relevant audrt infomation and to establish that the charitable
company's audrtor is aware of that infomiation.
Approval
In approving the Annual Report of the Truslees. Y￿ also approve the Strategic Report included
therein. in our capacty as company directors.
It will be proposed al the nexl trustees. meeting that RavAinson & Hunter Audit LLP be re-appoinled
as audrtor to the Foundation for the ensuing year.
Approved by the Trustees
and signed on their behalf by-
Charles Lutyens
Director
Date
Z7 /G9J2023

Page 12
REPORT OF THE INDEPENDENT AUDITOR
TO THE MEMBERS OF
THE OLD DART FOUNDATION
Opinion
We have audited the financial statements of The Old Dart Foundation ('Ihe charitable company") and its
subsidiaries Ilhe group") for the year ended 31 December 2022 which comprise the Consolidated
Statement of Financial Activities (including the Income and Expenditure Account). the Con501idated
Balance Sheet, the Company Balance Sheet. the Consolidated Cash Flow Statement and notes lo the
financial statements, including a summary of signrficant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Atcournting
Standards, including Financial Reporting Standard 102 The Financial Reporting Siandard applicable in the
UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi￿).
In our opinion the financial stalements..
give a true and fair view of the state of the group's and the ¢harilable company's affairs as at 31
De￿mber 2022, and of the group's incoming resources and application of resources. including its
income and expenditure. for the year then ended:
have been properfy prepared in accordance with United Kingdom Generally AC￿pIed Accounting
Practi￿,. and
have been prepared in accordance wth the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Audtling {UKI (ISAS (UK)) and
applicable law. Our responsibilrties under those standards are further described in the Auditor's
responsibilities for the audrt of the financial stalements section of our report. We are independent of the
group and the charitable company in accordance with the ethical requirements that are relevant lo our
audrt of the financial statements in the UK. including the FRC'S Elhical Standard. and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence
we have obtained is sufficient and appropfiate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis
of accounting in the preparation of the financial statements is appropriale.
Based on the work we have performed, we have not idenlified any material uncertainties relating to events
or conditions that, individually or collectrwely. may cast Signifi￿nI doubt on the gfOUP'S and the charitable
company's ability lo conts.nue as a going concem for a period of at least hvelve months from when the
financial statements are aulhonsed for issue.
Our responsibilrties and the responsibilities of the Trustees with resFe¢t to going concern are described in
the relevant sections of this report.

Page 13
REPORT OF THE INDEPENDENT AUDITOR
TO THE MEMBERS OF
THE OLD DART FOUNDATION
{continued
Other Infomiation
The Trustees are responsible for the other information. The other infomation comprises the infomiation
included in the Annual Report of the Trustees {including the Slralegic Report) and Consolidated Financial
Slalements, other than the Consolidated Financial Statements and our auditor's report thereon. Our
opinion on the financial statements does not cover the other infomiation and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements. our responsibilty is to read the other information
and, in doing so, consider whether the other information is materially inconsislenl vthh the financial
statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially
misstated. If we identify such material inconsistencies or apparent material misstatements. we are required
to determine whether there is a material misstatement in the financial statements themselves. If. based on
the work we have performed. we Conclude that there is a material misstatement of Ihis other information,
we are requifed lo report thal fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies A¢1 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Annual Report of the Trustees (including the Stralegic Report prepared
for the purposes of company law) for the financial year for which the financial statements are
prepared is consistent in all material aspects V•ryth the Financial Stalemenls; and
the Annual Report of the Trustees (including the Strategic Report) have been prepared in
accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and charitable company and its environment
obtained in the course of the audit. V￿ have nol identified material misslalements in the Annu81 Report of
the Trustees (including Ihe Strategic ReF)Ort)-
We have nothing to report in respecl of the following matters in ￿latiOn to vthich the Companies Act 20C6
requires us to ieport to you if. in our opinion..
sufficient accounting records have not been kept by the Charrtab￿ company. or returns adequate
for our audit have not been received from branches not visited by us,. or
the charrtable company's financial statements are not in agreement wtlh the accounting records-
or
certain disclosures of directors, remuneration specifi.ed by law are not made.. or
we have not received all the information and explanations we require for our audit.

Page 14
REPORT OF THE INDEPENDENT AUDITOR
TO THE MEMBERS OF
THE OLD DART FOUNDATION
(Continued)
Responsibilities of Trustees
As explained more fully in the Trustees, Responsith'lities Staternent set out on pages 3 and 4, Ihe Trustees
(who are also the Directors of the charitable company for the purposes of company law) are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view.
and for such internal control as the Trustees delermine is necessary to enable the preparation of financial
slatements thal are free from material misstatement. whether due to fraud or error.
In preparing the financial statements. the Trustees are responsible for assessing the group's and the
charitable company's ability lo continue as a going concern, disclosing, as applicable. matters related to
going concein and using the going con￿rn basis of accounting unless the Trustees either intend to
liquidate the group or the charitable company or to cease operations, or have no realislic alternats've but
to do so.
Audilor's responsibilities lor tho audit of the financial statements
Our objectives are to obtain ieasonable assuran￿ about whether the financial statements as a whole are
free from material misstatemenl. vthether due to fraud or error. and to issue an Auditor's Report that
includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an
audit conducted in accordance with ISAS (UK) will aNvays detect a material misstatement when il exists.
Misstatements can arise from fraud or eTror and are considered material rf. indivtdually or in the aggregale.
they could reasonably be expected to influen¢e Ihe econombc decisM)ns of users tsken on the basis of
Ihese financial statements.
Irregularities, including fraud. are instances of non-compliance bwth laws and regulations. We design
procedures in line with our responsibilities, outlined above. to detect material misstatements iri respect of
irregularities, includin9 fraud. The extent to vthich our prO￿dureS are Capable of detecting irregularities,
including fraud, is detailed below.
Our assessment of the susceptibilty of Ihe group's and the charitable company's financial statements to
material misslalement, including how fraud might o¢¢ur, is considered to be low. This conclusion was
reached after the considerats'on of the followng=
due to the relalNely simple business model and low number of transactions wrthin the group and the
charilable company there are comparatively few unexpected fluctuations in the reported results and
balan￿$ and any such unexpected items would be specifically enquired into by us.. and
there are a number of individuals which comprise "management" and therefore there is no single
individual who is likely to be able to override controls to effect a fraud.
We designed our audr( procedures to respond lo identrfied audit risks. including non-compliance with laws
and regulations lirregularitiesl that are material to the financial statements. Some of the specifi¢
procedures performed to detect irregularities. including fraud. are detailed below..
discussions with the management involved in the risk and compliance functions including
consideration of known or suspected instances of non-compliance with laws and regulations and
fraud..
the review of the control accounts and journal entries for large. unusual or unauthorised enlries.,

Page15
REPORT OF THE INDEPENDENT AUDITOR
TO THE MEMBERS OF
THE OLD DART FOUNDATION
(contlnuedl
Audilor's responsibilities foi the audit of the financial $latements (continued)
the analytical review of the detailed Statement of Financial Activities for variances that are either
unexpected or fell nol to be in accordance with our understanding of the charitable company during
the year-
obtaining and reviewing for completeness a list of entitses and persons considered to be related
parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of the
charitable company for previously unreported related paty tfansaclions..
review of transactions and journals for any indication of fraud or management override..
review of Trustees. meeting minutes for unrecorded transa¢lions-
challenging assumptions made by management and Trustees in arriving at accounting estimates
and judgements, in particular in relation lo assets recognrtion." and
design audit procedures to incorporate unpredictability around the nature. timing or exlent ol our
tesling.
Because of the inherent limitations of an audit. Ihere is a risk Ihat we will not detect all irregularities,
including those leading to a material misstatement in the financial statements or non-compliance wtlh
regulation. This risk increase5 the mole that compliance with a law or regulation is removed from the
events and transactions reflected in the financial statements. as V*e will be less likely to become aware of
instances of non4ompliance. The risk is also greater regarding irregularities occurring due to fraud rather
than error, as fraud involves intentional Concealment. forgery. collusion, omission or misrepresentation.
A further description of our responsibilrties for the audit of the financial statements is located on the
Financial Reporting Council's website al.. www.frc.org.uklaudrtorsresponsibililies. This description foms
part of our audito¢s report.
Use of our report
This report is made solety to the Charitable company's members, as a body, in accordan￿ wlh Chapter
3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
the charitable company's members those matters we are required to stale to Ihem in an auditor's report
and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility
to anyone other than the charitable company. the charilable company's members as a body, for our audit
work, for this report. or for the opinions y￿ have fom)ed.
Yueling Wei {Senior Slatutory Auditor)
For and on behalf of Rawlinson & Hunter Audlt LLP
Slalutory Auditor
Chartered Accountants
Eighth Floor
6 New Street Squa
New Fetter Lane
London
EC4A 3AQ
Date

Pa9e 16
THE OLD DART FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING THE INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2022
Unrestricted
Funds
2022
Unrestricted
Funds
2021
Note
Income from:
other trading activrties
Investments
3.248,647
74,512
3,493,128
48,056
Total Income
3,323,159
3,541,184
Expendlture on:
Raising funds- other trading actNits'es
Raising funds- investments
Charitable activrties
1,502.577
49,494
6,299,367
1.245.280
62,499
10.326,812
Total Expenditure
7.851,438
11.634,591
Net Expenditure before Gains on Investments
(4,528.279)
18.093,4071
Net {loss)Igain on revaluab.on of investment properties
Net gain on disposal of investment properties
Nel gain on investments- realised & unrealised
(1.670.000)
2.890,000
1.803,776
4.680,000
311,000
2.211,212
10
Net Loss
(1.504.503)
(891,1951
Other Recognised Losses:
Realised gain on foreign currency transactions
Unrealised gainl{loss) on foreign currency Iransactions
39,860
{63,0481
234,047
Net Movement in Funds
(1.270.456)
1914,3831
Reconciliation of Funds:
Total funds brought forward
66.535,295
67,449,678
Total Fund$ Carrled Forward
£65.264,839
£66,535,295
All income and expenditure derive from continuing acliwties.
The Statement of Financial Activities includes all gains and losses recognised during the year.
The notes on pages 20 to 37 form p8rt of these financial ststements.

Page 17
THE OLD DART FOUNDATION
{Registered Charlty No. 11 $3568 and Company No. 085653761
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2022
Note
31 December 2022
31 December 2021
Fixed Assets
Investment properties
Investments and cash under
management
63,410,000
67,780.000
io
17.865,983
16.004.648
81,275.983
83.748.648
Current Assets
Debtors
Cash at bank and in hand
1.210.571
4.101.953
1,337,739
6.324,984
Total current assets
5.312.524
7,662.723
Creditors - amounts falling due
within one year
12
(1.734.487)
(4,122,895)
Nel Current Assets
3,578,037
3.539.828
Total Assets less Current
Liabilities
84,854,020
87.324,476
Creditors- amounts falling due
after more than one year
13
(19,589.181)
(20,789,181)
Nel Assets
£65,264,839
£66,535,295
Unrestricted Funds
£65.264.839
£66,535,295
The financial statements V￿re approved and authorised for issue by the Trustees and were signed on
their behalf by..
Charles Lutyens
Director
Jv]
Date
?Trlol1?023
The notes on pages 20 to 37 fom) part of these financial statements.

Page 18
THE OLD DART FOUNDAnoN
(Registered Charlty No. 1153568 and Company No. 08565375}
COMPANY BALANCE SHEET
AT 31 DECEMBER 2022
Note
31 December 2022
31 December 2021
Fixed Assets
Investments and cash undei
management
10
63,878,588
66,041.187
Current Assets
Debtors
Cash at bank
11
577
3.156.411
1.664.633
Total Cu￿ent assels
1.664.633
3,156,988
Creditors - amounts falling due
within one year
12
{246.110)
(2.640,602)
Net Current Assets
1.418,523
516,386
Total
assets less
liabilities
current
65,297,111
66.557.573
Net Assets
£65,297,111
£66.557.573
Unrestricted Funds
£65.297,111
£66,557,573
The financial slatemenls were approved and authorised for issue by the Tiustees and were signed on their
behalf by..
Charles Lutyens
Director
eAM
Date
271D*1tr23
The notes on pages 20 to 37 fomi part of these financial S&￿eMentS.

Page 19
THE OLD DART FOUNDAMON
CONSOUDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Note
Cash Flow from Operatlng Actlvities
17
{5.864.851) (5,136,773)
Cash Flow from Investing Activities
Payments to acquire investments
Receipts from sale of investment property
Receipts from sales of investments
Receipts from investment income
10
{15.090, 104) (15,827,701 }
5,590,000
2,211,000
16,132,322
22,136,219
74,512
48.056
Net Cash Flow from Investing Activities
6.706.730
8.567.574
Cash Flow from Financing Actlvlties
Repayment of long term loans
Interest paid
(1.200,000)
1765, 130)
(965,217)
1512,680)
Net Cash Flow from Financing Activities
(1,965,130) (1,477.897)
Net Id•¢reaseVincrease in Cash and Cash Equivalents
(1.123.251)
1,952.904
Cash and Cash Equivalents at 1 January 2022
6,469.257
4,516,353
Cash and Cash Equivalents at 31 December 2022
17
£5,346.006
£6,469,257
Cash and Cash Equivalents Consists of:
Cash at bank and in harKI
Short term deposits
4.101.953
1.244.053
6,324.984
144,273
Cash and Cash Eqvivalents at 31 Oecember 2022
£5,346,006
£6,469.257
The notes on pages 20 10 37 forn part of these financial slatemenls.

Page 20
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General Infofmation and Basis of Preparation
The Foundation 15 a company limited by guarantee. The members of the Foundation are the trustees.
In the event of the Foundation being wound up, the liability in respect of the guarantee is limited to
£1 per member of the Foundation. The address of the registered office is grven in the Foundalion
information on page 1 of these financial statements. The nature of the Foundalion's operations and
principal activities are stated on pages 5-6.
The financial statements have been p￿Pared in accordance wf(h Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to Charrlies preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
102) I"Charrties SORP FRS 102") issued in October 2019. the Financial Reporting Slandard
applicable in the United Kingdom and RepublTrc of Ireland (FRS 102), the Charities Act 2011 and
where applicable, the Charities Act 2022. Ihe Companies Act 2006 and UK Generally Accepted
Accounting Practice.
The Foundation constitutes a public benefrt entity as defined by FRS 102.
The financial statements are prepared on a going concem basis under the historical cost convention,
modified to include certain items al fair value_ The financial statements are prepared in sterling which
is the functional currency of the charty-
A summary of the commercial trading operalions of the subsmliary undertakings 15 shown in note 2.
The results of the subsKliaries are consolidated on a line by line basis. No separate Statement of
Financial A¢tivities ('SoFA") has been presented for the Foundation alone as permitted by Section
408 of the Companies Act 2006. Net loss of the Foundation for the year was £1.260,462 (2021- Net
loss of £924,377)-
The significant accounting policies applied in the preparation of these financial slalemenls are set
out below. These policies have been Consistent￿ applied lo all years presented unless othewse
stated.
Status of Funds
The entire resources of the funds are unrestricted and the Trustees have complete discretion for
their use in pursuance of rts objectives.
Income recognition
Income is recognised once the FoUndat￿n has ents"tlernenl lo the funds and it is probable that Ihe funds
wll be received within the Foundation or on behalf of the Foundation and the monetsry value of the
income can be measured with sufficienl reliability.
Donations received for the general purposes of the Foundation are credited to unreslricled funds.
Donations for purposes ￿$tricted by the wishes of the donor are taken to restricled funds.
Investment income of the Foundation is derived from dNidend and interest receivable from
investments and debentures and are accounted for in the year in which the Foundation is enlilled to
receipt. Interest from deposit accounts are accounled for an accruals basis.

Page 21
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
ACCOUNTING POLICIES (continued)
Income recognition (continued)
Income from trading activilies includes rental income eamed from inveslmenl properties by the
subsidiary undertakings to raise fvnds for the Foundation.
All income is included in the SOFA vthen the Foundalion is entilled to the income and the amount
can be quanlffied with reasonable accuracy.
Expenditure recognition
All expenditure is accounted for on an accruals basis and is recognised when there is a legal or
construclive obligation to make payments to third parties. rt is probable that the settlement will be
required and the amount of Ihe obl*3alion can be measured ieliably. It is categorised under the
following headings..
The cost of raising funds from other trading activities - consists of interest payable and Costs
incurred in respect of the properties held by the subsidiary undertakings.
The cost of raising funds from investments- consists of investment management and custodian
fees.
Charitable activrties- comprise of grants and donat￿n$ made during the year and are expended
through the SOFA when the offer is conveyed to the recipient and there is a reasonable
expectation that the recipient receive the grants. Where grants are conditional relating to
performance then Ihe grant is only accrued when any unfulfilled conditions are outside of the
Control of the charity. The Trustees have made the decision not lo discount grants committed
for future years.
Support costs allocalion
Support costs are those that assist the work of the Foundation but do not directly represent charitable
activities and include office costs. governan￿ costs. and administrative payroll Costs. They are
incurred directly in support of expendrture on the objects of the Foundation and include project
management carried out al headquarters. Where support costs cannot be directly attributed lo
particular headings they have been allocated to cost of raising funds and expenditure on charitable
activities on a basis consistent with use of the resources.
Fixed Asset Investments
Investments in quoted securities held by the Foundation are recognised at closing mid-market value
at the balance sheel date. Subsequenlly, they are measured at fair value with changes recognised
in 'Net (loss) I gain on inveslmenls, in Ihe SOFA if Ihe shares are publicly traded or their fair value
can olherwise be measured reliabty. Olher investments are measured at cost less impairmenl.
Cash held for investment is included wrthin the Fixed Assets Investments.
The Foundalion's investments in subsidiary undertakings are stated at their nel asset values at the
year end.

Page 22
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
ACCOUNTING POLICIES {continued)
Investment Properties
Investmenl properties are held by the subsidiary companies for long-lerm investment. Investment
properties are measured at fair value at each reporting date wth changes in fair value recognised in
'Nel Ilossllgain on revaluation of investment propertie5' in the SOFA.
Debtors and Creditors receivable I payable within one year
Debtors and creditors receivable or payable within one year are measured at transaction pnce, less
any impairment, and are measured subsequently at amortised cost using the effective interest
method. Any losses arising from impainnent are recognised in expenditure.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction pri￿ including transaction costs.
Subsequently, they are measured at amortised cost using the effective inlerest rate method. less
impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the Foundation has an obligation at the balance sheet date as
result of a past event. il 15 probable that an oufflow of economic beneffts will be required in settlement
and the amount can be reliably eslimaled.
Foreign Curren¢ies
Assets and liabilities denominated in foreign currencies are translated al the rale of exchange ruling
at the Balance Sheet date. Transactions denominated in foreign currencies are converted al the rate
of exchange ruling at the date of the transaction. All translation drfferences are taken to the SOFA as
they artse.
Financial instruments
The Foundation enters into financial instrument transactions that resutt in the recognition ol financial
assets and liabilities like trade and other debtors and credf(ors.
Debt instruments Ihat are payable or receivable bwthin one year. typically trade deblors or creditors,
are measured, initially and subsequentty. at the undiscounted amounl of the cash or other
consideration. expected to be paid or received. However if the arrangements of a short-term
instrument constitute a financing transaction. like the payment of a trade debt deferred beyond
normal business lems or financed at a rate of interest that is not a market rate, the fi'nancial asset
or liability is measured, initially, at the present value of the future cash flow discounted at a market
rate of interest for a similar debt instrument and subsequently measured al amortised cost using the
effedive interest rate method.

Page 23
THE OLD DART FOUNDAnoN
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
ACCOUNTING POLICIES (continued)
Taxation
The Foundation is not subject to any taxes on tts chartlabk activities.
Irrecoverable VAT is charged against the category of resour￿$ expended for which it was incurred.
Going concern
Whilst the Trustees are committed to spending down the resources of the Foundation. cash flow
forecasting exercises anticipale this is planned to happen in 2029. It is therefore considered that
preparation of financial statements on a going concern basis is appropriate as the Foundation will
continue to operate for the foreseeable future.
The ongoing Ukraine conflict and its resulting increased energy costs and other costs of living have
created operational and financial pressures for many organisalions. The Trustees have considered
the contingency plans in place, the level of funds held. the expecled level of income and expenditure
and cash flow forecasts for 12 months from authorising these financial slatemenls and believe that
no material uncertainties exist. The Trustees consider the adoption of the goiThJ concern basis in
preparing these finanual statements is appropriate.
Judgements and key sources of estimation uncertainty
The following judgements and key areas of estimation uncertainty have been made in the process
of applying the above accounting policies have had Ihe most significant effect on amounts
recognised in the financial slalements-
al Valualion of debenture assets previously included within investmenls and cash undef
management was reviewed by the Trustees in 2020 bwth assumptions made in respect of the
reliable measurement. probability of recoverability and the timing of eventual receipl.
Following this review, the Trustees considered and continue to consider il reasonable to
provide full impairment to both the caprtal and accretion in these Financial Slatements.
b) Investment property valuation5 are performed by propety agents regi8lered with RICS as al
31 December on an open market value for existing use basis. The valualion is inherently
subjective with an underlying uncertainty as to whal price would be achieved were the
properties made available for sale.

Page 24
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
OTHER TRADING ACTIVITIES
The Foundation owns 100% of the equity shareholding in Iwo propety investment companies,
Fraserview Investment Limited I"FIL'). company number 09837614 and Fraserview Investment
(Camley Street} Limited {"FICSL"), company number 09837747. both registered in England and
Wales. They own a portfolio of commercial properlies in the Unrted Kingdom for rental income and
capital appreciation. A summary of the Irading results of the two subsidiaries for the year ended 31
December 2022 is shown below (after consolidation adjuslmentsl. The financial statements of FIL
and FICSL are audited and prepared in accordance with applicable UK Accounting Standards and
are consolidated for the year ended 31 De￿rnber 2022.
2022
2021
Profit and Loss Account for FIL and FICSL
Tumover
Interest receivable
3,247,863
784
3,493.101
27
Total income
3.248.647
3,493.128
Cost of sales
Administration expenses
Interest payable
(413.517)
(323.930)
(765.130)
(528.747)
(203.853)
(512.680)
Total expenses
(1,502,577)
11,245,280)
Unrealised Iloss)Igain on revalualion of investment properties
(note 9}
Realised gain on disposal of investmenl properties (nole 9)
(1,670,000)
4.680,000
2,890,000
311.0¢)0
Nel profit
Amount donated to the Foundation
2.966,070
(7,000.000)
7,238.848
{4,000,000)
Relained Iloss)Iprofrt in subsidiaries
£(4,033,930)
£3,238,848
Being..
Retained {loss)Iprofrt for the year in FIL
Retained Iloss)Iprofit for the year in FICSL
(2,817,901}
(1.216.029)
2,751,204
487,644
£(4,033,9301
£3,238,848

Page 25
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
OTHER TRADING ACTIVITIES (Continued)
The assets and liabilities of FIL and FICSL were:
31 December 31 December
2022
2021
Fixed assets
Current assets
Creditors due ￿￿thin 1 year
Creditors due more than 1 year
63,410.100
67,780,100
4,752.921
5,261,875
(2,561,132)
(2.216.156)
(19.589,181) (20.789,181)
Nel assets
£46.012,708
£50,036,638
Being-.
Nel assets of FIL
Net assets of FICSL
30.030,784
15,981.924
32.818.178
17.218,460
£46.012.708
£50.036,638
INCOME FROM INVESTMENTS
2022
2021
Investment assets within the United Kingdom:
Quoted dividends - UK equrties
Interest- UK fixed interest securities and deposrt interest
19,189
33,486
20,996
171
Investment assets outside the United Kingdom".
Dividends - Overseas equities
21,837
26,889
£74,512
£48.056

Page 26
THE OLD DART FOUNDATION
NOTES TO ThE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
RAISING FUNDS - INVESTMENTS
2022
2021
Inveslment Managerr￿nt fees
Bank charges
47.192
2.302
60,976
1,523
49.494
£62,499
Investment managernent costs are costs of managing the investment portfolio and payable to the
inveslment managers.
The investmerst management fees do not include Ruffer LLP management charges for the Ruffer
SICAV Total Return Fund which amounted to £140.464 (2021 - £134.539) a5 they have been
deducted directly from the fund value.
CHARITABLE ACTIVITES
Allocation of grants payable and
support costs
Grants payable Support Costs
2022
2022
Total
2022
Relief of poverty
Promotion of education
Relief of sickness
Otheis
3,199.493
947.497
994,319
393.594
441.921
130,870
137.338
54,335
3,641,414
1,078,367
1,131,657
447,929
£5,534.903
£754,493
£6.299,367
Allocation of grants payable and
support costs
Grants payable Support costs
2021
2021
Total
2021
Relief of poverty
Promotion of education
Relief of sicknes5
Others
2.754.313
4.083.189
2,207.008
887.281
109.548
162,402
87.781
35.290
2,863,861
4,245,591
2.294,789
922,571
£9.931,791
£395.021
£10,326,812

Page 27
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CHARITABLE ACTIVITES (continued)
2022
2021
Analysis of grants payable
Relief of poverty
City Mission PNG Ltd- Project grant
Inlernalional Care Ministnes
Innovations for Poverty Adion
Future of Fish - Multiplier
University of Oxford
La Voz Amiga
1.244,550
958,482
365,237
337.150
238.010
56.064
941.640
1.150,748
332,079
290,592
39,254
3.199,493
2.754,313
Prornotion of education
Practical Adion
Asociacion de Educacion Integral
Universidad Marcelino Champa
Asociacion FLrtbol
Oiocesus De Chulucanas
Kallpa
Innovations for Poverty Action
Corporacion de Ayuda al nino l)esnut (CANDES)
Cetrpo Bentania
Asociacion Casa de la Mujer Catalina
Diwai Pacific
Marian Community Reconciliation- Las Fraternas Huarez
IPA
GRADE
St Bernadette's
Futbol Mas
Amantani
Catalina MacAuley
Centro Betania YoLrth
Chimbote Children's Project
242,896
194,972
126,633
115,196
80,995
79,805
75,942
24,409
4,803
1.846
554,049
100,325
47,218
113,911
24,869
1,231,312
653,472
438,174
362,046
180,732
164,827
115,262
44,835
31,131
21,026
947,497
4.083,189

Page 28
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CHARITABLE ACTIVITES (continued)
2022
2021
Analysis of grants payable (continued)
Relief of sickness
GRADE
Fondazione Lalbero Della vr(a Onlu
Australian Doctors International
Heallh Education
Casa De La Mujer
The Leprosy Mission
Royal Bolanic Gardens Kew
Asociacion Cruz Blanca
PNG Society
Si Oa Vida
Chimbote Children
FADV
Catalina MacAuley
Samusocial
Centro de Formacion Capacf(acion
Cetro Bentania
464,024
152,570
100,339
92.102
50,428
48,933
36.045
32,084
17.794
296,896
302,704
519,511
49,080
100,399
161,077
242,032
174,519
146,374
73,248
59,643
9,473
72,052
£994.319
£2,207,008
Others
Santa Bernadetta
PMC
Wayka
Solid- Desarrollo Integral
Estudio Grau
Others
Inhive
Global Fund for WorrEn
Behavioural Insights
Assoication Lalinoamericana de Desar
Chimbote
184,296
106.677
40.925
36.982
9.457
11.257
4,000
31,092
70,651
15,933
3,705
594,000
117,870
30.514
23,516
£393.594
887,281
Total grants payable
£5,534,903
£9,931,791

Page 29
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CHARITABLE ACTIVITES {continued)
2022
2021
Analysis of support costs
Governance costs (Nole 6)
Grant consullancy and other support costs
Staff costs (Note 7)
Trustee5 travel and other expenses to grant projects
123.977
253.084
186.944
200.459
97,662
124,367
164,589
8,403
£764.464
£395,021
Total Charitable Activities
£6,299.367
£10,326.812
GOVERNANCE COSTS
2022
2021
Audit fees
Accountancy
Legal Fees
Insurance
14.520
98.128
4.355
6.974
13,800
76,026
7.836
£123.977
£97,662
STAFF COSTS
2022
2021
Sala￿$
National Insurance
Pension contributions
153.614
19.200
14.130
135,640
16,079
12,870
£186.944
£164,589
The key management personnel of the Foundation, comprise the Trustees who are also directors of the
charitable company and who received no remuneration and the CEO who reeeives a salary from the
Foundation. The Foundation had 5 paid employees on average for the year (2021- 5). One employee
reeeived total employee benefits of betfften £70.000 and £80,OCN) (2021- one between £70.000 and
£80.(￿)). 2 of the 5 employees are based overseas and are not Included within the UK payroll costs
outlined above. Rather the costs of these 2 employees are induded within grant consultancy and other
support costs above and totsl £119,491 12021 £85.2081.
The Foundation coftlributes lo the defined contribution personal pension plan of the employees and
contributions are charged in the Statement of Financial Activities as they become payable. The charge
for the year was £14,130 (2021- £12,870). There V•Ere £1,178 pension amounts owing 3131 December
20221202 1- £2.2221.

Page 30
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
NET MOVEMENT IN FUNDS
2022
2021
This is Stated after charging..
ALtditor's remuneration audit
Auditor's remuneration - other services
£14.520
£98.128
£13,800
£76,026
The decrease in funds of £1.270.456 (2021 £914.383) in the year arose" due to net outgoing
resources of £4,528,279 (2021 £8.093.407). realised gains on investments of £23,787 (2021
gains of £426.601J. unrealised gains on revalualion of inveslments of £1,779,989 12021
£1, 784. 611), net gains on foreign exchange of £234.047 (2021- losses of £23, 188). unrealised loss
on revaluation of inveslment properties of £1,670.000 (2021- gains of £4, 680. 000) and realised
gains on disposal of investrnent properties of £2.890,000 (2021- £311,000).
INVESTMENT PROPERTIES
Group Long Term
Leasehold Investment
Properties
31 December
31 December
2022
2021
Valuation
As at 1 January 2022
FIL
FICSL
45.630,000
22.150.000
44.350.000
20.650,000
67.780,000
{2.700,0001
(1.670,0001
65.000,000
11.900,000)
4.680.000
Disposals
IDeficit}Isurplus on ￿valUation
As at 31 December 2022
63.410.000
67,780.000
Being".
FIL
FICSL
43,040,000
20,370,000
45,630,000
22.150,000
As at 31 December 2022
63.410,000
67,780,000
With the exception of one property in FIL which was based on the directors, estimate, Ihe 2022
valuations were made by Jones Lang Lasalle Limited, property agents fegistered with RICS. as al
10 January 2023. on an open market value for existing use basis. The direclors of FIL and FICSL
consider Ihal the valuations were a fair reflection of Ihe investment properties as at 31 December
2022. The historic cost of the investment propertEs is £37, 850.000 (2021- £42. 750.000)

Page 31
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
INVESTMENT PROPERTIES {continued)
During the year, FIL sold tsvo investment prOpert￿S for a total amount of £S.590.000 resulting in a
profrt of £2,890,000 which is included in the Consolidated Slatement of Financial Activities.
deferred tax liability of £2.074,000 (2021 £3.021.000) in respect of the investmenl property
revaluation surplus has not been recognised as it is considered probable Ihat a gift aid payment
would be made by the subsidiary undertakings which would set against the profrt for tax purposes,
hence it is not considered probable that the deferred tax liabilty will cryslallise.
The charitable company does not have any investment properties in erther ￿pOrtiftg period.

Page 32
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10. INVESTMENTS AND CASH UNDER MANAGEMENT
Group
Company
31 December 31 December 31 December 31 December
2022
2021
2022
2021
Total Investments
£17.865.983 £16,004.648 £63.878,588 £66,041,187
Unrealised gainl(loss) on
investments..
1.779.989
1,784,611
(2,243,941)
5,013.465
Realised gain on investments..
23.787
426.604
23,787
426.601
Net gairnl(lossl on investments
£1.803,766
£2.211.212 £(2.220,154)
£5.440,066
1 January
2022
Disposal$l
Impairments
Unrealised 31 December
gainl{loss}
2022
Group
Addltions
Other
investments
Quoted securilies
Cash held by
custodians
100
15,860,275
144,273
15.090,104
1.099.780
(16.108,538)
1.779.989
16.621.830
1,244,053
£16,004.648 £16.189.884 £(16,108.538)
£1.779,989 £17,865,983
1 January
2022
Disposalsl
Impairnients
Unrealised 31 Oecember
gainl{lossl
2022
Company
Additions
Investment in
subsidiaries
(Note 2)
Quoted securrties
Cash held by
custodians
50.036,635
(4,023,930)
46,012,705
15,860,279
144.273
15,090,104
1,099.780
(16J08.5421
1,779,989
16,621,830
1.244,053
£66.041.187 £16.189.884 £(16.132.342} £(2.243,941) £63,878.588

Page 33
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.
INVESTMENTS AND CASH UNDER MANAGEMENT {¢ontinuedl
In 2020. the Trustees reviewed the likelihood of receiving full repayment of a debenlure. previously
included in other irbvestmenls. and its related accretion income, which had been accfued since
ownership of the debenture was passed lo the Foundation, included within accrued income.
Following Ihis review, the Trustees telieved it unlikely that the debenture would be repaid and
therefore made a full provision against the debenture asset and its related accretion income in
2020. The Trustees contsnue to hold this view.
DEBTORS
Group
Company
31 De¢ember 31 December 31 December 31 December
2022
2021
2022
2021
Trade debtors
Other debtors
Prepayments and a¢¢rued income
27.129
1,085,166
98.276
73.371
1,179.892
84.476
577
£1.210.571
£1.337.739
£577

Page 34
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12.
CREDITORS - amounts falling due within one year
Group
Company
31 De¢ember 31 December 311)ecember 31 December
2022
2021
2022
2021
Trade creditors
Other taxes and social securtty
Other creditors
Accruals and deferred income
Accruals for grants payable
25.333
162,186
1,111,287
319,816
115,865
65,894
144.395
546.525
773,818
2.592,263
9,825
9,977
110,443
115,865
3,599
44,740
2.592,263
£1,734,487
£4.122.895
£246,110
£2,640,602
13. CREOITORS - amounts falling due after more than one year
Group
Company
31 December 31 December 31 December 31 December
2022
2021
2022
2021
Bank loans
Other Creditors
19.584,783
4.398
20.784,783
4.398
£19,589,181 £20.789.181
The bilateral loan facility wtth Rothschild is for a term of S years to 14 December 2025, with interest
payable at the rate of 2.3°/o above SONIA. Repaymenl of the loan facility is nol due until 14
December 2025. Mandatory prepaymenls are required on the occurrence of certain events, such
as the company receiving cash from selling any propety and other proceeds. During the current
year, £1.200.000 was repaid as a resull of property sales occurring {2021- £965,217)-
This facilty, incluiying accrued interest, is secured by a registered first mortgage over FIL'S and
FICSL'S investment Pfoperties an(J a fixed and floating charges_

Page 35
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14.
GRANT COMMITMENTS
As menlioned in the Trustees Report. a number of charitable pledges have not been provided in
these financial statements as they are subject to a number of conditions ￿&ch are required to be
mel before further payments may be released. At 31 December 2022, Ihe loial of these contingent
liabilities was £11,017,348 (2027 - £3.405.635) as set out I￿low,
Group and Company
31 December 31 December
2022
2021
Royal Botanic Gardens - Kew
Fondazione L'alebero Della Vita
Kallpa
Fulbol Mas - Playing Safely
Chimbote Women's House Association
Chimbote Children's Project
Wayka
Casa De La Mujer- Calalina MG4uley
Population Media Centre
St Bernadette's Children Centre
CANOES
Australia Doclors International
Global Fund for Women
IPA
GRADE- CREER
GRADE- Conecta Ideas
Practical Action
Fondazione L'alebero Della Vita
La Voz Amiga
Leprosy Mission International
Multiplier - Future of Fish
SOLID- Empowering Adolescent mothers
University of Oxford - Young Lives
UMCH- Learning Communrties
International Care Ministries- Moving from Fragilty to Resilience
Amanlani - Transitions Project
UPNG Rural Health
175,760
163,203
124.505
447.439
24.424
21.837
98.566
69.630
120.020
94.544
414.534
56.445
104,286
165,742
93.333
1,443.773
1.441,927
316,610
91,410
292.638
86.927
159.915
615.033
104.498
729.350
49.160
130,363
353,033
80,619
472.334
258.236
3.810.085
188,760
713.035
911,009
£11,017,348
£3,405,635

Page 36
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
15.
TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS AND RELATED PARTIES
No Trustee receNed any remuneration during the year ended 31 December 2022 (2021 £NILJ.
There were no related party Iransaclions in the year. other than set out below.
Trustees. expenses
During the year. the Foundation paid £200.459 12021 £8.4031 for travel and other expenses on
behalf of the Trustees incurred in the course of carrying out their duties. The number of Truslees
that had expenses reimbursed in the year was 6 {2021- 3).
As Covid-19 Iravel restrictions eased, the Trustees visited a number of overseas grant recipients
in Chile, Peru and Papua New Guinea, as well as hosting many existing partners at a strategy and
training retreat in London. The meetings allowed the Trustees to ensure thal Foundation grants
had been utilised appropriately and in line with the original grant agreements_ The meetings also
provided an opportunty for partners to share ideas. therefore maximising benefit to the partners
and Foundation.
The group has taken advantage of the exemption not to disclose any transactKins with group
companies where 100% of the vots'ng rights are controlled by the group.
16.
ULTIMATE CONTROLLING PART
The ultimate controlling body is the Board of Truslee5. There is no single controlling party.
17.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2022
2021
Net movement in funds
Interest payable and pa￿ (Note 2)
Investment income and bank deposit interest (Note 3)
Unrealised gain on listed investments and investment
properties
Realised loss on investment
{Profil}ILoss on disposal of investment properties
IDecrease)lincrease in debtors
(Oecreasevincrease in credrtors
(1,270,456)
765.130
{74,512)
(109.989)
{914.383)
512.680
148,0561
(6.464,611)
(23,787)
(2.890.000)
127.171
(2.388.408)
{466,451)
(311,000)
145,485
2.409,563
Net cash oufflow used in operating activilies
(5,864.851)
15.136,773)
Analysis of net funds
Cash flow in
the year
4,101,953
1.244.053
Cash Ilow in
the year
6,324,984
144,273
Cash al bank
Cash held by custodian (Note 10)
At 31 December 2022
£5.346,006
£6,469,257

Page 37
THE OLD DART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
18. FINANCIAL INSTRUMENTS
The carying amounts of the financial instruments are as follows".
Group
Company
2022
2021
2022
2021
Financial assefs
Debt instruments measured at amortised
cost".
Trade debtors (Note 11)
Accrued income {Note 11)
Other debtors (Note 11)
Equity instrumenls measured at cost less
impairment."
Shares in subsidiary undertakings (Note
2)
Equty instrumenls measured at fair
value Ihrough net income l expenditure..
Cash and cash equivalents
Investments in quoted securities (Note
10)
27.129
78.807
1.085.166
73,371
84,476
1,179,892
577
4.101,961
6,469,257
1,664,633
3.300,684
16.621,825 15,860,275 16,621,825 15,860,279
Financial liabilities
Measured at amortised c05t
Bank loans and oveidraft (Note 131
Trade Cfedilors {Note 12)
Accruals (Note 121
Other creditors {Notes 12 & 13)
19.584,781 20,784,783
25.333
65,894
250.888
773,818
1.115.685
550,923
226.308
9.977
44,740
3.599
The incorne, expenses, net gains and net losses attributab￿ the chartys financial instruments are
summarised as follovts..
Group
Company
2022
2021
2022
2021
Income and expense
Net gains (including ch8nges in fair
value)
3.023.776
7.202.212
1.986,115
5,440,066