QLD DART FOUNDATION THE OLD DART FOUNOATION A COMPANY UMITED BY GUARANTEE IRegist•r•d Charity No. 1153568 and Company No. 085653761 ANNUAL REPORT OF THE TRUSTEES (INCLUDING THE STFiATEGIC REPORT) AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 'AC(QK9Q2* Alo
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OMPANIÉS HOiISE
THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES IINCLUDING THE STRATEGIC REPORT) AND CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Page Annual Report of the Trustees {in¢luding the Strategic Report) 1-10 Independent Audilofs Report ConsolKlated Statement of Financial Actiwties (including the In¢ome and Expendrture Account) 15 Consolidated Balance Sheet 16 Company Balance Sheet 17 Consolidated Cash Flow Statement 18 Notes to the Finan¢i* Ststsments 19-35
Page 1 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Truslees. who afe also Oireclors for the purpose5 of crryjany law, present their report linclL*Jing the Strategic Report) and the audited eonsolidated financial statements of The Old Dart Foundation I'the Foundation" or'lhe Gharilable companyl. and rts sub5i(fi8ry undertakin9s. Fraserview Investment Limited {°FIL"l and FraserVW Investment (Camley Streetl Limrted I-FICSL-I Ibolh regisleTed in England and Wales) {collectNety Ihe group.). fLY the year ended 31 December 2023. The financyal stalements compty tth the Charities Act 2011 and whefe apphcable. Ihe Charlties Act 2022, the Companies Act 2006. the Memorandum and Artic$ ofAsso¢r4tion. and Accounting and Reporting by Charities". Slalement of Recommended Practi applicable to charities prepar4ng their accounts in accordance with the Finanual Reporting Standard applicable in the UK Repubh"c of l¥eland {FRS 1021 issued in October 2019 fcharilies SORP FRS 102.1. REFERENCE AND ADMINISTRATIVE DETAILS The Old Dart FoUndatn Iiegistered chafty number 1153568 and company number 08565375} is based and administered in the Unrted Kingdom. The regIsted address ss EKJhlh Floor, 6 New Strèel SqLrare. New Fetter Lane. Lon(kJn EC4A 140. Dir•ctots and Tnte¢S. The DITe¢tors and Trustees of the F¢yJndation who hekl offKe during the year were.. Luis Baerll {rnsW27 SE0tl1) 18J&rf20241 Geollrey Loudon Marie Rabbell Cha$ Lulyen5 Katherine O'Reilly Cèrdine Peiry The Directors dtd not hold any benef1¥1 interest li the Foundaiicffl at 31 December 2023 or al any tirne during the year. Kty Man•gernent: The Trustees consider themselves. as Directors, the key management FErsonnel of the Foundation who are in charge of directing and ¢onlrolling. running and operating the Foundation on a day lo day basis. Certain responsibilrttes are delegated to CEO and management team. Bankern". Coutts & Co 440 Strand, London. )hE2R OQS Solicitors: Wrthers LLP 16 Old Bailey, London. EC4M 7EG
Page 2 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES lconllnued) FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Icontinu•dl Indendnt Auditor. Rawlinson & Hunter Audil LLP, Statut*Xy Auditor and Chartered Accountants. Eighth F. 6 New Street Square. New Fetter Lane. London. EC4A 3AQ Investment Managers". Rothschild Bank ICI) Limited. St Julian's CDurt, St Peler Port. Guemsey. GY1 3BP. Ruffer LLP, 80 Vtloria Street. London. SWI SJL.
Pa98 3 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES {continu•d FOR THE YEAR ENDED 31 OECEM8ER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT The FourKJalion is a ccnpany limited by guarantee 9ovemed by rts Mernorandum and Articles of Asso¢otKJn and is regislered as a charity the Charity Commssion for England and Wales. The Foundation is slru¢tured with a tier parb'cipation management which includes members arKI directors. The members and directors of the Fndab"on are in effect the same persons, ¢ertain rtems of busines5 such 35 variation ol the artides may onty be undertaken by the members. and other matters such as the appro¥81 of the financ1 slatemenls may only be Lbndertaken by the directors. There are hyo classes of members. A members and B members. The A members $eNing al 31 December 2023 were Chafles Lutyens. Caroline PeTry and Katherine O'ReiMy. The B members serving al 31 December 2023 were Geoffrey Loudon and Mar RabbetL The Board of diieclors must crynprise of a minimum of three and a maximum of six direclors there are effectivety das5es of diTectors. in kne with the A and B membeTS detailed above. Pursuant lo the Foundation's Articles, the direclors musl hold at least three meetings each year. to discuss and develop the Foundat1n.$ goals and strategy and to review gwanl proposals and general grant fequests. Therefore hl may be approprie to meet more freqvenlty than this minimum. The range of skims represented on the Boafd w1 be kept urKler review as the Foundation develops over time. Trust•• Induction and Training As part ot their trainin9, Trustees are provthd with a comprehensive 'operabng' manual. which includes the Foundatton's Memorandum and Artde5 of Association and Charity Commrssion guidance on Irustee responsibilitres. 1 Trustees are aware of their legal duts and obligations in respect of the management of the FoundatKJn, including in relation lo the prolectKJn ol 11$ assets. Trustees are appointed 81 Twstee meeting5 requiring approval of all Tru51ees, followin9 a vetting process. Trusl•e$' Responslbilities Statement The Tiustees (who are also Directors of Ihe Foundation lor the purposes ol company law) aro responsible for preparing the Annual Report of the Trustee5 (including the Strategic Report) and the financial stslemenls In accordance with applb law and United Ftingdom Ac¢ounling Standards (United Kingdom Generalty Accepted Accounting Prac[1). Company Iw requires the Trustees lo prepafe financial 51alemenls for each financial year. Under company law. the Trustees must not approve the financial slalements unless they are satisfd that they give a true and lair vw of the stste ol affai ol the charitable Gornpany and of the incomin9 resource5 and application of resources, Including the income and expendilure. of the charitable company for that per1. In weparin9 these financial statemeTrls, the Trustees aT& iequiied lo..
Page 4 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (contsnuod> FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT (continued) Tru$t•es' Respofisibllltl SL*em•nt (continued) select suilable accounts.ng poliues and then appty them consistenlty", obserye the methods and principles in the Charrties SORP IFRS 1021". make judgements and eslimales that are reasonable and prudent", stsle whether applicable UKA¢¢ounts"ng Standards have been folbwed, subject to any material departures di5cb5ed and explained in the financial stslemenls,. and prepare the financial slalement5 on the g9 con¢em basis unless it is inappropriate lo presume Ihal the charitable company wil continue in operalic)n. The. Trustees are sponsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of Ihe charitable MpanY and enable them lo ensure that the financial stslements mplY with the Companies Act 2006. They are also responsible for safeguarding the assets of the chalilab company and hence for taking reasonable steps for the prevention and detection of fraud and olhec irregvlarilie$. The Trustees are resportsible for the MatenanCe and integrity of the COTporale and finaneial informalion included on the FoUndat'S website. LegisLation in the United Kingdom governing the preparatson and dissemination of financial statements may differ from legislation in other jurisdictions. In ad<fvtron, the Trustees have taken consideratK•n of Good Goveman¢e - A Code for Ihe Voluntsry and Communty Sector. ensuring that the seven main principles of Ihe Code are adhered lo. These are.. Organisalional purp05e' Leader5hip', Integrity DeciSionn¥kIng. risk and ntrol., Board effectiveness", Equalily. diver5ty and inclusion,. arKI Openness and accessibilty. The Trustees recognise that good goyemance plays an essential part in securing the future of the charity and confimi thal the said main prinuples of the Code arefolk)wed by them in leading, directing and rnanaging the charity. Pay policy for tsenlor staff All Trustees give their lime freely and TrLb5tee received remuneration in the year. Details of Trustees. expenses and rdaled party IransactKJns are disclosed in the notes lo the finanaal statements. The Foundation had on average 5 paid permanent staff members based in the UK and Peru during the year ended 31 DeCber 2023 (2022- 5).
Pèje 5 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES l¢ontinu¢dl FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND PIANAGEMENT {continued) Internal Contnjls The Tru$lees have overall responsibilty for ensurirvj that the Foundation has approprkqte syslerns of internal controls. They are responsib for keeping proper a¢¢ounting records which disd05e with reasonable ac¢uTa¢y at any time Ihe ftnancial position of the FoundalK)n and enable them lo ensure that Ihe financial statements follow best pra¢ts'¢e and all applicable law regulatK)n and guidan. The Tiustees are also responsible for the Foundation safeguarding Ils assets and for taking reasonable steps for the pVentIOn and delection of fraud and other irregulariltes. The system of inlemal ¢onlrols is desne1 to provide reasonable, bul not ab501ute. assurance against material mi8$tstement or bss. whether Ihrough fraud or erroT. Risk Management A risk a$ses$menl has been undertaken whi¢h Ccwnprises of.. An annual rev of the risks the Foundation may face", The estsblishment ol $ystems and PredUreS to mrtigate those risks," and The impkmentalion of procedures desigfied to minimise any potential llnpacl on the Foundatitin should those risks matefialise. This continuing process will idenknfy risk areas to whb the Foundation is vulnerable and highlight any necessary safeguards that will need to be pui in pla. The Foundation's mOr risk is in respect of the valuations of its assets, primarity its investment properties and share portfolio. The Foundation mikn"gates rts exposure to the risk of a decrease in the value of rts assets by drversily in the type and ktalion of rts investment Propertie5 and by holding a diverse investmenl portfolio in equits'es. The TTuslees do nol leel the FoundatK)n has malerial exposure to price. cretht. liqusdity and cash flow risks. The Trustees have srthed fft and proper declaratKJns in line wrth HMRC guidance. OBJECTIVES AND ACTIVITIES The c¥'ects of the Foundation are contained in the ArtleS and are as folb)ws'. The prevenlKJn or rel of poverty anywhe in the world. but especially Peru and Papua NeY4 Guinea but also induding BolNia. Br11. chi and the Philippines. by Providing grants, items and services to indiwduals in need, andlor charities. or other or9anisalions Working lo prevent or relieve poverty especiaNy those for women and ¢hildren. The promotion ot educatn of people anfftere in the workl bul especialty PeTU and Papua New Guinea bul also including 8olNkna, Braal. chr and the Philippines, in such ways as the directors think fiL The relf of sickness and the preservation of heatth among people anywhere in the workl, bul especially Peru and Pz¥Jua New Guinea but also including BolNia, Brazil, Chile and the Philippines.
Page 6 THE OLD DART FOUNOATION ANNUAL REPORT OF THE TRUSTEES {¢ontinued} FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES (¢onliThu•d} The promotion of such other purposes being exdusivety charitable according lo the laws of England and Wales as the Difeclors may from lime lo lime deleTmine. The Foundation operates as a granlmaking chaiity. supporting charitable projects and organisal)ns wrth gTanls ol varying sizes and durations wrthin the Foundation's objects. The Trustees ttave Pursued a strategy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subjeet lo appropriate tems and conditions. Public 8enefrt Statement The trustees are aware of the Charity Commission guKlance on Public Benefit and confimi that they have coMpld wrth Ihe duty in sect 4 of ihe Charthe5 Act 2011 to have due regard to it. They Consider the information which fdlows in this annual report. about the trust's aims, activities and achievements in the areas of interest that the tNst supports demonstrates the benefrt to ils beneficiaries and through them to the Fwblic. Grant Making Poli¢i•s The Trustees. grant making polw has been to generany consider making dctnations by way ol direct fundin9 and grants to charitable organisations, recognised as such in their respeclNe jurisdictions. The recipient projects must be seen as exclusNety charilable under English law. The Foundation has pul in place sound processes in re¥ecl of gwant making and the subsequent review of the funds committed and can therefore continue to Properly sect appropriate grantees and bmpose prudent tems on grants. Includin9, as appropriate. monitoring and evaluation of the way in which funds are applied by grantees. STRATEGIC REPO ACHIEVEMENT AND PERFORMANCE Charitable Activities Charitable activrties during Ihe year totdled £13,403,651 (2022- £6,299,367J ènd includes grants paid lo 51 12022 - 32) ¢hantatAe OrganisatnS based in Chi, Papua New Guinea. Peru and The Philippines. All grants were paKI in line with the policies sel out in seCtn 3 of this report. A fLtI1 list of grants made during the year is $hcMn on note 5. Over Ihe course of 2023. the Old Dart Foundation conb'nyed to be ccffiprised of fjve fUltime slafi. The Grants Ofticer and regn81 Programme Officer were both promoted lo Senior Officers from January 2023. Recrurtmenl Stsrted at the end of the year lo recruit a new South ArneTica Senior Programme OffKer and an ExecutNe Foundation Assistant. wrth t*sth rOS due to start in early 2024. The Peru-base<l SenioT Programmes Officei moved to a part-lime working arrangement in September 2023 whilst studying for a masler's in public policy at Ihe London School of Economics In the UK. The team operate a hybrid model ofworking, wth access to shared office space in London and Lima. In March 2023 the Latin America Annual W0shopS were once again held in person at the offices of one ol our partners. Universidad Marcelino de Champagnat, in central Lima. The Peru-based tearn was joined by the Foundatft Manager and Senioi Grants OffKer to organise the workshop and host representatives from each Peru and Chile-based partner.
Page 7 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES leontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE l¢ontinu¢dl Charitabl¢ Activllies {¢onllnued) This was a great opportun'ty for organisalions to leam from each olherfs expernces working in the third sector in Peiu. slf sessTrons were also held around chaInge$ in working on climate change. education. and genderased violence. For the first line. S of the 6 trustees came lo the workshop to sit down wrth partners and prowde 8 space for refieclTon and exchange around how the Foundation can best SUPFOrt Ofganisatsons and thw'i WOTk. Following the workshop. the team and trustees spent a week in Peru visiting several new and existing partners, as well as meeting prosFective grantee5. This marked the trustees, first intefnational fiekl trp since the beginning of the pandemic, and their first irwerson rneetings witti new partners in Peru. Apart from a daytrip to Hu8raz to wsrt one of the F¢)undation's long-standing partners, the trip was mostly confined lo Lima due lo poljtical demonslralions happening around the county dvring this me. Folowing the trip, a number ol rW partners were agreed in line wilh the Foundation's strategic focus in Peru". Ensena Peru. whose project aims to strengthen the educational offering in rural and remotè parts ol Peru." Srn Tabues. a partnership looking lo strengthen Ihe overall capacrty of a youth and volunteer-d ofganisalion rkIng on sexual heth and education for schools around the country", and CESAL, a new partneTship in the Amazon focusing on strengthening indigenous communilies, abilty lo strengthen their livelihoods. TnJslee5 also agreed an initial one-year pilot Project with the Open University. whose project aims to encL)UTage sustainable silvopasluTe cattle faTmiro in the Pewvian Amazon. These laller partnerships were of specifK spnrfunce as they represented the beginning of the Foundation's grantln9 in the climate chartge ¥iace. During the Board, trusteès also agreed lo sign a fnal exit grant wrth Cty Mts5ion, one of ihe Foundalion's longe51-$ianding partners. The Iruslees rerogntsed the important work of Cty PAission in Papua New Guinea and the need for Ihe organisation lo dNersfy thèir streams of inc(xne. The CEO, Foundatron Managef and Senior Grants Officer travelled to Papua New Guinea in July lo the first time since the pandemic. The trip the end of our learning journey with Tyr and thè start ol the implemenlalion ol the Foundation'$ slralegy in PNG. This was an opportunity to continue conversalrons durin9 the development of the Founaalion's new giving strategy in the region, as well as develop proposals for partnerships with various or9anisalions workir)g in health, Glimate change. and gendef-based violence. The team was also able to meet with many longstanding partner5 in person for the firsl lime and begin convewtK)n5 around the Foundation's exrt slralegy. The September board meeting saw the FOundatrt approve rts second climate grant through a partnership with Amazon Fronttines. an organisalion dedicated lo slrenglhening indigenous communilies, land rTghts and INelihoods. Trustees also agreed to continue our organisational development work with ANQAS. supporting 10 partner organisations 8$ they build their capaaty IOW8fds sustainabilty. The November board meeting was held aJong5th a strategy relreat which was attended by the Foundation's management staff 8nd four of the six trustees. This retreat was an opportunity lor the team anrj Board to discuss lessons leamed from the recent PNG learningjourney and giving strategy. The team presente(¢ initial proposal ideas for organi5ations and projects working at the local level in Ihe region, sharing leamings around how the Foundation can best support small ¢ommunity-based organisations.
Page 8 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES Icortinu•d FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Icontinued) Charitable AGtivities 1¢ontInu) Management and staff also reflected on the Process of b.n9 a spend4own foundation and ils implications lor our woth throughout the next decade. This was an opportunity lo revisit the OT9anisation's financial prcyeclions in light ol ¢losure. and potenlK41 plans lo exil key partnerships over the next few years_ Special emphasis was placed on the need for a local kgns when addressing Ihese topics- trustees noted the importance of the regional South American staff and the potential need for an in-country representative in Papua New Gurnea. Understandlng our Impacl As ever, the FOundatn is committed to organisational rning and understanding how we ¢an develop our role as a philanthropic actor. By the end of 2023. the Foundation had 36 partnerships aCT0$5 Peru. PNG. Chik and Ihe Philippines. Each of our partneT Ofganisalions Teport bi-annually, usualty in January arKI CEcember. In these reports, whith include a narralive and a financial element, alongside in Some cases Key Performance Indbcators, partners are able to share their aclivities 8nd outcomes, alongsKle some oflhe key learnings and challenges they are facing. Management vIewS these reports and shares summaries and infographics with the trustees in the board Neling. Throughoul the year. the management team work ctosePy with parlners to provide support and peer- leaTning opportunrties. The Iruslees have agreed a number of Multyea[ c(Mnmthents. bul all future year payments are contingent on the recipient ¢harty sisfying the ¢ondi(K)ns sel out in the grant confifmalion letters. As such, the trustees do not recognise future year ¢ommilments. until such lime as the terms set out Ihe grant confirniation letters have mel. The conb"ngent commthenls 8131 December 2023 are detailed in note 14 and totalled £10.893.042 (2022- £11.017.348). The accountin9 Ireatrnenl in respe¢l of grants is in line wrth that set out m the Charities SORP {FRS 102}. Key perforn1on¢• indl¢ato The key perfomiance indtalors are". grants payable £12.519,819 f2022- £5,534.903) and reali$e<l and unrealised losses on investments (including investsnent propertie51 of £3,287,148 (2022 98in - £3.023, 776). The principal risks and uncertaintie5 to the Foundalion reside wrthin the valuation of its investments and investment prorerties, wh¢ch are subject to external mafket conditions. The TFU$tees mitl9ale this by hokjing a thver5e range of investments. As a granl-making organisalK)n, the impact of the Foundats"on is closely lied to the perfoni)an¢e of its grantees who delwer prqects and services. The FoUndatn has developed ils reporting and monitoring sy$tems, including a greater focus on understanding the quantilalive and qualitative irnpact of gTanlees' w0_ The trustees recogni5ed the need for additional capacity lo ensure Ihe effective delivery ofthe Foundation's objectives and aGlivrties and dvring 2018. a newfull-lime Grants Officer wa5 appointed. based in London since 2018. In addition, the truslees made use ol external consulting and expewts.se to help refine the Foundation's strategic app¥oa¢h and develop rts granl-making portfolio and principles. In November 2023 the trustees held the fourth Stralegy Retreat to refine the 51rategic focus of the Foundation's work. Key areas of discussion included planning for the Found8lM)n's spendqlown strategy towards closure, as well as the newly implemented gNing strategy for Papua New Guinea arsd how best to support the Foundation in working in the reg#)n.
Page 9 THE OLO DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES Icontinu•d) FOR THE YEAR ENDEO 31 DECEMBER 2023 ACHIEVEMEMf AND PERFORMANCE IcoThtsnued) The trustees were inleTesled in a number ol polentral funding OPPortunitS in PNG which Ihe team had pre5enled, whieh rellecled the community focused approach of said strategy. 11 was agreed that the Foundation continue lo explore these, and other. new funding opportunities. Investment Assets To achieve the objectives sel oul in Sectk)n 3. on page 5 of this rewrt, and to reduce the Sevel of risk. the Iruslees belteve thal the FoundatK)n's asset base should be diversrfied. 11 is loo early lo commenl on the performance of the undetying investment assets but the Iruslees are content that the current asset a11ctsts.¢ summarised bekmf. offers rtsk adversty and a reliable 'lolal return.. Diversified investment porffolKJs with inveslmenls managers Rothschild Bank (Cll Limited and Ruffer LLP. At 31 December 2023. the lotal value of the portfolios was £12,835,451 (2022- £17.865.983). The investment sub-¢ommittee meet with representatives fr(Mn ea¢h invesbnenl manager al leasl twice a year, to discuss performance, assel alk)calion and wider economic issues. Two 100% owned propety companies, Fraserview Investment Limited I'FIL'I and FTa5erview Inve51ment Icamley Street) Limited fFICSL"I, both incorporated in England and Wales Results, and the assets and Ivabilrties of these Iwo companies are consolidated into these financial statements. inclusive of £52.195.000 (2022 - £63,410,000) of investment pTopert)"es. The Foundation's inveslment in those hwo subsidiaries are measured at thwr nel assets value al the yearend of £39.174,802 (2022- £46.012, 705). FINANCIAL REVIEW Incoming RKour¢•s & Resourus Expend•d Income for the group in the year tolalled £3,359,761 (2022- £3.323. 159). including property renlal income. investment income and interest fr(m cash depostts net of fun provisi)n against the accretion income aecrued on a debenture asset Ifefer to note5 3 and 101. Investrnenl income reflected gross ol tax credrts. Investment management costs are separately accounted for under resources expended and more specifi¢ally under costs of geneTalin9 funds. hen the fees are directty deducted frun an investment fund value. these are separalely detailed in note 4. No public fundraisiNJ activrties are Carr oul by the Foundalion. Re$etv¢s Policy The Trustees have examined the Foundation's requirement for rrS in light of the main risks lo the Foundation and have no outslanding commitments or cash demands which are not adequatety coveied by existing resources. The net assets of the Foundation are regarded as unreslricled and the funds ai 31 December 2023 will be retained to make grants in accordance with the Foundation'5 charitable obj.ecls and any poliues. The Trvstees consider that the freely expendable funds are appropriate and adequate taking into account pkins for grants to be awarded in future and have at PTesenl IherefoTe not designaled afty specffic reserves. However. the Trustees will keep this under onslant revw. In future years a specth¢ reselves policy may be required.
Page 10 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEIABER 2023 PLANS FOR THE FUTURE As we look forward to 2024. the priorities for the Foundali¢n will be around solidifyin9 its strategy for spending down, furthering its LSnderstanding of how to sustainabty exit our partners. and managing the anticipated closure of the Fovndalion. Our work wth ANOAS and our grassroots partners in Peru and Chile is a great aIning opporiunity lowards this. and trustees w1 look lo this work to foster lessons learned around this process. Trustees and management will ¢onlinue lo invest Fn our partner5. capacity and sustsinatslty and are eager to learn fri)m other spend4own foundations who may be abk lo provide guidance and advice. 2024 will also be Ihe firsl year where the FoundatK*n's new Papua New Guinea strategy is implemented, and as such the Foundation is excited lo formali5e the partnerships we have been building since OUT leaming joumey_ Trustees are hopeful lo make an pacI In the region through localised funding lo those organisalions whose work stems directly frcffl communrties. needs and enables them lo suslainabty improve their h'velihoods. AUDrroR Di$closur• of iThforn)ation to the audllovs We, the Trustees ofthe ¢hafitable ccrfnpany who held office at the dale of approval oflhese Financial Statements a$ set out above each confirm. so far as we are aware, Ihat.. there is no relevant audit infonnalion of which the charitable companys auditor is unaware,. and we have taken all the step5 that we ought to have taken as Trustees in order lo make ourselves aware of any relevant audit infom8tion and lo establish that the charitable company's auditor is aware of Ihal informatKJn. Approval In approving the Annual Report of the Twste8s. we also approve the Strategic Report included therein. in our capacity a5 company dirKtor$. 11 will be proposed at the nexl tnJslee5' meeling that Rawh'nson & Hunter ALFdit LLP be f&appoinled as auditor lo the Foundation for the ensuing year. Approved by the Trnstees ¥nd signed on their behalf by: Charles Liity•fis Director
Page11 REPORT OF THE INDEPENDENT AUDfTOR TO THE AIEMBERS OF THE OLD t)ART FOUNDATION Opinion We have audited the financial Statements of The Okl Dart Foundation I'lhe charitable companyl and ils subsidiaries ('Ihe group.) for the year ended 31 DernbEr 2023 which comprise the consolaated Slalement of Finan¢01 AclNities (including the Income and Expendrture Accounll. the Consolidated Balance Sheet, the Company Balance Sheel. the Consoljdaled Cash Flow Statement and notes to the financial statements. including a summary of signfficanl accounting policies. The financial reporting framework that has been applied in their preparati¢)n is appli(bk law and United Kingdom Accounting Standards, including Financol Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland Iunited Kirwdom Generdty Accepted Accounting Practs"ce}. In our opinion the financial slalemenls.. give a true and fair view of the stale of Ihe gfOUP'S and ch8rit8ble company's affairs as 8131 December 2023, and of the group's incoming resources and appliCatn of resources, in¢lud4Ag ils Income and expendrture. for the year then ended.. have been property prepared in accordance with United Kingdom Generally Attepted Accounting Pradice,. and have been prepared in ac¢ordanee wrth the requirements of the CoMpanS Act 20C6. Basis for op5nion We conducted our audit in accordance with InternatK)nal Standards on Audrting IUKI IISAS (UKII and applicable law. Our responsibilits.es under those standards are further described tn the Audilorfs responsibilrties for the audit of the financial statements sectKJn of our reFQrt. We are independent of the group and the charrtable ¢¢mpany in accordance with the ethical requirements that are relevant lo our audt of the linancial statements in the UK, in¢ludirtg the FRC'S Ethical Standard, and we have fuKilled our other ethical responsibrlities in a¢Gordan¢e wrfh these requirements. We telieve that the audit evidence we have obtsined is sufficient and approprole to provlde a basi5 for our ownbon. Con¢lusions relating to going ¢onc•rn In auditing the financial slalements, we have concluded that the Trustees. use of the going concefn basis of accounting in the preparatKJn of the financial statements is appropriate. Based on the wc¥k we have perfonned, we have not entI any malertal un¢ertainlie$ relating to evenl$ or condrtv)ns that, indwidualty or collectivety, may cast sKJnfftanl doubt on the group's and the ¢h8ritsble company's ability lo continue as a going concem for a per of al least e1ve months from ¥vhen the financial statements are authorised for issue. Our responsibilrties and the responsibilities of the Trustees with respect lo going ¢oncem a described in the Televanl sections of this report_
Page12 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION (Continu) Othef inforniation The Trustees are responsible for Ihe other infomiatK)n_ The other infomabtsn comprises the information tnclL¥ded in the Annual Report of the Trustees (including the Stralegic Report) and Consolidated Financial SlateFnenls, olher than the Consolidated Financial Ststemen15 and our audilor's report Ihereon. Our opinion on the firbancial stslemenls does not coverthe other information and. ex¢epl to the extent otherwise explicitly Staled in our report, we do not express any fom of assyran¢e ¢on¢lusion thereon. In connection with oijr audrt of Ibe financial slalemenls. our responsibilty is to read the other infonnalion and. in doing so. consKJer whether the other information is materialty inconsislent Mlh the financial slalemenls Of our knowledge obtained in the course of the audrt or otherwise appears lo be rnalerially misstated. Ilwe identtfy such malerial incorb51s1encres or apparent malerral misslatemenls. we are required to detwmine whelhei Ihis gives rise to a material misslalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fa¢L We have r1hing lo rewl in this regard. Oplnions on oth•r matter4 prescribed by the Compan¢•s Act 2006 In OUT opinn, based on the worf( undÈrt&ken in the course of the audit". the information given in the Annval Report of the Tnjstees {inclvding IhÈ Strategic Report) for the fhnancial year for which the financial ststements are prepaod is nsIstenI wlh the finan¢ial stalemenls,. and the Annval Report of Ihe Trustees (t119 the Slrale9i¢ Report) have been prepared in a¢coidan¢e wth applicable gaI requirements. Matters on which w• •rn reqUIr to report by exception In the Ih1 of our knowledge and understanding of the gr(wp and charilable ccnpany and its environment obtained in the course of the audit, we have not identifd material misstatements in the Annual Report ot the Trustees (including the Strategic Report). We have nothing to report in resFCt of the follNing matters in relation to whbch the Companies Act 2006 requires us to report to you rf. in our Opinn.. adequate accounling records have not been kept by the eharilable company. or returns adequate for our audrt have not been recer¥ed fmm bran¢hts not ¥isrted by us," or the charitable company's fmancièl statements are not in agreement wth the accovnting rec¢rds and returns,. or certain disclosures of directOfS' remuneration Specified by law are not made,. or we have not received am the inlomiation and explanations we reqvire for our audrt.
Page 13 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION l¢oThtinu•d) R•spon$ibiliti•$ of Trust•es As explained more fulty in the Trustees. ReSst$l[l11eS Statement sel out on pages 3 and 4. the TAJslees (who are also the Directors of the charrtable company for the purposes of company lawl are responsible for the preparation of the financial statements and loi being salisfied Ihat they give a true and lair view, and for such internal control as the Trustees detefmine 15 necessary to enable the preparation ol financial stslemenls that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements. the Truslees are responsible for assessing the gIOUP'$ 8nd the charitable company's ability to continue a$ a going concern. disclosin9. as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees either intend lo liquidate the group or Ihe charitable company or to cease operations. or have no realisti¢ alternative bul to tjo so. Auditor's responsibllS1ies forth• oudlt of th• finala1 sl•lements Our objectwes are to oblain reasonable assurance about whether the financial $talement$ as a whole are free from material misstatement. whether due lo fraud or error. and to issue an Auditor's Report that include5 our opinion. Reasonable assurance is a high level of assurance. but is nol a 9uafantee that an audit conducled in accofdance with ISAS (UK) will always detect a material misstotement when it exists. Mis5tatement5 can arise from fraud or error and are considered materk?l rf. indNidually or in the aggregate, they could reasonab be expected to influence the economTrc decisKJns of users iaken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance tmth and regulations. We design procedures in lit)e with our responsibilities. ouilined above. to detect rnaterial misstaternents in respect of irregularilie5, including fraud. The extent to whh our procedures are Capab of detecting irregularities, including fraud, is detsiled Our assessment of the susceptibility of ihe group's and the charitable company's TInarla1 slatemenls lo material misstatement. including how fraud mtht occur. is considered to be low. This conclusion was r&iched after the conSideratn ol the fc41cr*ing.' due lo the relatively simple business model and low number of transactions within the group and the eharrlable company there are comparativety few unexpected fluctuations in the reported results and balances and any such Unexpected rtems would be specffically enquired inlo by us,. and Ihere are a nurnber of individuals which comp(ise "management. and therefore Ihere no single in¢Jividual who is likety to be able to override controls to effect a fraud. We designed our audrt procedures lo SpOnd to Kjenlifred audrt risks. including DOn-mPlISnCe with laws and regulations (irregularities) that are malerial to the financial slalement> Some ol the specific procedures pertomied to delect irregUlare$. IludIng fraud. are detailed below". discussions wrth the management invohed in the risk and complrance functions in¢lu¢Jing consideration of known or suspected uistsnces of nOn¥MplI3nce wrth law5 and re9ulalw)ns and fraud". the review of the control accounts and pumal entries for large, unusual or unauthorised entrtes;
Page 14 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION IntinU Auditorfs r•sponsibilities for the audlt of the financlal statements lcontinuedl Ihe anaWical review of the detailed Slalemenl of Financial Act"eS for variances that are either unexpected or felt not lo be in accordance with our unde¥slanding of the Charitable company dijring the year., obtaining and reviewing for ¢omplelene5s a ltsl of enlities and persons conshjered lo be related parties las defined by Finanaal Reporting Standard 1021 and VIewIng the ledgers of the charilable company for previousty unfeported related paty Iransadions.. review of transactions and joumals for any indicatKn of fraud or management override. review of Truslees meetin9 rninutes for UnOrde(l Iransaclions. challenging assumplions made by management and Trustees in arrNing al accounting estimates and judgements, in particular in relatK)n to assets recognilion., arid design audtt procedures to ineorporate unpbIlty around the nature, timing or extent of our testing. Because of the inherent limitations of an audit. the is a risk that we will not detect all irregularities. including those leading to a rnaterial misslalement in the financial stslemenl$ or non•compliance with regulation. This risk in¢reases the more that compliance wrth a law or regulation is removed from Ihe events and Iran5aclK)ns rected in the financial statements. as we will be less likety lo become aware of insiances of nOnCOMplianCe. The risk is also 9ater regarding irregularities occurring due lo fra¢Jd rather than error, as fraud invofves intentjonal concealment. forgery. collusion, cthission or mBrepre$entslion. A further des¢rWion of our responsikn'lits for the audit of the financial slalemenls is located on the Financial Reporting Councifs websrte al.. wiThi.frc.org.ukJaudilorsresponSilIts.es. This descripti¢)n forms part of our audfiorfs reporl. V$e of our rwrt This report is made solely lo the charitable companys members, as a body, in accordance with Chapter 3 of Part 16 of the Compans Act 2006. Our aLJrt work has been undertaken so that we might slate lo the charrtable company's members those matters we are required lo state to them in an auditorfs report and for no other purpose. To the fullest extent pem)itted by k3w. we do not accept or assume responsibility lo anyone other than the charitabbe company and the charitsble c(npanY'S members as a body. for our audrt work. for this report, or the opinaons we have formed. ueling Wei (Senior Statutory Auditor) For and on behalf of Rawlinson & HunterAudit LLP Slalulory Audilof Chartered Accounlanls Ei9hlh Floor 6 New Street Squa New Fetter Lane London EC4A 3AQ Dale
Pe 15 THE OLD DART FOUNDATION CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES IINCLUDING THE INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unr•strict•d Fund$ 2023 Unr¢stri¢ted Funds 2022 Nole Income from: Other trading activities Inveslmenls 3.284,510 75,251 3,248,647 74,512 Total Income 3.359,761 3,323, 159 Expenditure on: Raising funds- other trading 8Ctwrties Raising funds- investments Charitable activities 1,827,414 43,894 13,403.651 1.502.577 49,494 6.299,367 Total Expenditurè 15,274,959 7.851,438 Net Expendlturè before Gains on Investrnents 111,915.198) 14.528,279} Nel105s on revalualKn of investment properties Nel gain on disposal of inveslmenl Properties Nel Ilossllgain on investrnenls- realised & unrealised 12,565,000) 120,000 (842,1481 11.670,0001 2,890.000 1,803,776 10 Not Los8 {15.202,346) {1.504.5031 Other R•¢ogni$ed Losses: Unrealised gain on foreign cwrency Iransactions 14.324 234,047 Net Movemenl in Funds (15.188.022) (1.270,4561 Reconciliation of Funds". Total funds brought forward 65,264,839 66,535,295 Total Funds Carried Forward £50,076.817 £65,264.839 All income and expenth.ture deri from continuing actryities. The StateFnent ol Finanual Ath"¥ities indudes all yns and losses reco9r)ised rIng the year. The Th)tes pa9e5 19 19 35 forrn part ollhe5e finawal statements.
Page 1 THE OLD DART FOUNDATION IRegister¢d Charity No. 1163568 and Company No. 08565375 CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2023 N¢Ae 31 O•umr 2023 31 Decemb•r 2022 Fixed Assots Investment PToperlies Investments and cash under management 52,195.000 63,410,¢)00 10 12.835.451 17,86S.983 65.030,451 81,275.983 Current Assets Deblors Cash at bank and in hand 977.470 2.465.971 1.210,571 4.101,953 Total cunent assets 3.443.441 5.312,524 Creditors - amounts faHing due wrthin one year 12 14.736,894) 11.734,487) N•t Curr•nt (Liabilities) l Au•ts 11.293,453) 3,578.037 Total As$•ts less Current Liabilities 63,736,998 84.854,020 CroditorB- amounts falling due after more than one year 13 113.660,181} 119,589,1811 Net As$•ts £SO,076.817 £65,264.839 Unrestricted Fund$ £50.076.817 £65.264.839 The financia] statements were approved and authorised for issue by the Tfustees and were signed on Iheir behalf by.. Charles Lutyens Dir8ctor Date 2 1141&$44 The note5 pages 19 to 35 form part ofthese financial stalements.
Page 17 THE OLO DART FOUNDATION {Re9i8t•r¢d Charity No. 1153568 and Company No. 08565375} COMPANY BALANCE SHEEr AT 31 DECEMBER 2023 Note 31 De¢ember 2023 31 De¢omber 2022 Fixed Assets Investments and cash under management 10 52.010,153 63,878,588 Current Assets Debtors Cash al bank 11 8,495 1.460,112 1.664,633 Total current assets 1,468.607 1.664,633 Creditors- amounts falling due within one year 12 {3.401,94SI {246. 110) Net Curr¢nt (Liabilitiesll Assets {1.933,338} 1.418,523 Total assots less curwent liabilities 50.076.815 65.297,111 Net Assots £50,076,815 £65,297,111 Unr•stri¢t•d Funds £50,076.815 £65,297,111 The financial statements were approved and aulhorised for Bsue by the TN5tees and were signed on their behall by: Charles Lutyens Director Date 210111•14 The rK•s on pages 19 to 35 forrn part of these financial statements.
Page 18 THE OLD DART FOUNDATION CONSOUDATED CASH FLOW STATEMENT FOR YEAR ENDED 31 DECEAIBER 2023 2023 2022 Note Cash Flow from Operating Activities 17 {9.897.2251 {5.864,8511 Cash Flow from InY•sting Activiti•s Payments lo acquire investments Receipts from sale of investment PToperty Receipts from saS of investments Receipts from investment irKome 10 11,159.9611 115,090, 1041 8,770,000 5,590.000 4.315,621 16.132.322 82,689 74,512 N¢1 Cash Flow frorn Inv•sting Activities 12,008,349 6.706.730 Cash FIIMI from FirnCing Actlvltles Repayment of long term loans Acquisition of loans Interest paKI (5,929.000) {1.200,000) 2,385,483 (1.239,321) (785, 130) N•t Cash Ouffiow from Financing Adivities {4,782.8381 11.965, 130) Net Docrease in Cash and Cash Equlvnts 12,668,714) 11.123,251} Cash and Cash Equivalents at 1 January 2023 5,346.014 6.469,257 Cash and Cash Equlvalents at 31 Do¢ember 2023 17 £2,677,300 £5.346,006 Cash and Cash Equlvalents Conslsts of: Cash at bank and in harKI Short lerm deposits 2.465.971 211.329 4.101,953 1.244,053 Cash and C$h Equlvolents at 31 De¢wib•r 2023 £2.677,300 £5.346,006 The ncles on pa9e$ 19 to 35 lom part ofthese finarri staternent5.
Page 19 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY OF SIGNIFICANT AccouNfiNG POLICIES Genefal lnf0mia0n and Basis of Prnparation The Foundation is a company limrted by guarantee. The mernters ol the FoundatKJn are the trustees. In the evenl of the Foundation being wound up. the liability in respect of Ihe guarantee is limited lo £1 per member of the Foundation. The address of Ihe registered office Ls given in the Foundolion information on page 1 of these financial statements_ The nature of the Foundation's operations and principal actwilies are stsled on pages 54. The financial statements have been Prepa in acwdance wth Accounting and Reporting by Charities". Statement of Recommended Practice applKable lo ¢h8rilTres yeparin9 their accounts in attordance wrth the Financial Reporting Standard applKable in the UK and Republic of Ireland {FRS 10211"Charities SORP FRS 102.1 issued in October 2019. the Financial Reporting Standard applicable in the Unrted Kingdom and Republic of Ireland IFRS 102). the Charities Acl 2011 and where applicable. the Charities Act 2022, the Companies Act 20[ and UK Generally Accepted Aceounling Practice. The Foundation constitutes a Publ benefft entity as defined by FRS 102. The financial statements are prepared on a Cern basis under the hi51oTical cost convention, modified to include certain ilem$ at fair value. The financral statements are prepared in sterling which is the fundional currency ol the charity. A summary of the commercial trajing operations of the subsidiary undertakin9s is shown in note 2. The results of the subs•Siaries are consolidaled on a line by line basis. No separate Statement of Financial Acliwties I"SoFA"I has been presented for the Foundats"on alone as permrtled by Section 408 01 the Compan5 Act 2006. Nel loss of the FOUndatn for the yeor was É15.220.296 (2022 - £1.270,456J The svJnificanl accounting policies apPld in Ihe preparation of these financi81 stslements are set oul below. These polic have teen consistentty applied to all years Presented unless otherwBe slated. Status of Funds The enlire resources of the funds are unrestricted and the Truslee$ have ¢omplete dBcretion for their Ltse in pursuance of rts objectives. Income recognitio Income is recognised once the Foundation has entrflement to the funds and it is probable that the funds will be received within the Foundabon or on behalf ol the Foundation and the monetsry value of Ihe income can be measured wth suffirient reliability. Donations received for the general purp)ses of the Foundation are crediéed to UnstrICted funds. Donalions for purposes reslricled by the wishes of the donor are taken to $t(ded funds. Investment income ol the Foundation is derived from dividend and interest receivable from investments and debentures and are accounted for in the year in which the Foundation is enlilsed to receipt. Inleresl from deposit accounts are accounted lor an acuuals basis.
Page 20 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES {continued) Income r•cognition l¢ontlnued) 1Thme from trading actmties includes rental income eamed from investment prcperties by Ihe subsidiary undertakings to raise funds for the Foundalv)n. All income is included in the SOFA when the Four•Yation is entit lo the income and Ihe amount can be quantif with Teasonable auracy. Exp•ndithr• rttognilion All expenditure is accounted for on an accruals basis and is C*>nISed when there is a legal or ¢onstTUCtive obligation to make paymenls to third parties. rt IS PTobable that the settlement will be required and the amount of the obligation can be rraSured reSiabty. 11 ts categorised under the followng headings". The ¢osl of raisKbg funds Irom other trading adp44tres - consists of interest payable and costs incUrlj in respect of the propertjes held by the subsKlk8ry undertskings. The cost of raising fvnds frrjn investments- ¢(sIsts of investment management and custodian lees. Charilable actNities- comprise of grants and donations made during the year and are expended through the SOFA when the offer is conveyed lo the recipient and there is a reasonable expect81ion that the repient will re1ve the grants. ere grants afe conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the chaTbty. The TFUStees have made the dectsion nol lo discount grants commilted for future years. Support costs allocation Support Costs arethose Ihal assi8lthe work of Ihe Foundation but do not direclfy repTesent charitable aclivrties and indude office c05t5, governance costs. and administrative payroll costs. They are incurred directly In supwrt of expendrture on the objects of the Foundation and inclLtde project management Carr out al headquarters. ffiere support costs cannot be directty allribuled lo particular headings they have been allocated to c051 of raisiThJ funds and expenrjilure on charitable activities on a basis consislent wilh use of the resources. Fixed Asset Investments Investments in quoled securilies held by the FoUndatn are recognised at closing mid-markel value al the balance sheet date. Subsequentty. they are measured at fair value with changes recognised in 'Nel110551 I gain on inveslmenls, in the SOFA rf the shares ore publicly traded or their fair value can otherwise be measured reliabty. Other investments are measured at cost 5S impairment. Cosh held for investment is induded withn the Fed Assets Investrnents. The Foundation's investments in subsKliary undertakings are ststed at their nel asset values at the year end.
Page 21 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 AccouKfiNG POLICIES lcontinu) Investment Properties Investment properties are held by the subsidiary companies for k)ng-lerm investrnent. Investment properties are measured at fair value al each reporting dale with changes in lair value recognised in 'Nel gain on revaluation of investment prOpeeS. in the SOF Debtors and creditors r•¢•ivabl• I payable within one year Debtors and ¢redilors receivable or payab wthin one year are measured al transaction price, les$ any impaim)enl. and a measured subsequenlty at amortised cost using the effective interest method. Any losses arising from impaimienl are reco3nised in expenditure. Loans and bofrowings Loans and borrowings are initialty recognised al the tranSaCtn price including transaction costs. Subsequenlty. they are measured at amortised cosl using the effecttve interest rate method, less. impairment. If an arrangement conslitules a finance transaction il is measured al present value. Provisions ProvishThs are recognised when the Foundation has an obligation at the balance sheet dale as a ull ofa past event. f( is probable that an OLrtfkA¥ ol economic benefrts will be reqUId in settlernenl and the amounl can be reIbty estimated. Foreign Currencies Assets and liabilitses dencffiinaled in foreign currews are translated al the rale of exchange ruling at the Balance Sheel date. Transactions dencxninaled in foreign ¢urrencts are converted al the rale of exchange ruling at the date of the transaction. All translation drfferen¢es are taken lo the SOFA as they arise. Fln•n¢lal Instruments The Fovndalion enters into financial instrument transactnS that result in the recognrtion of financial assets and lièbililies like trade and other debtors and crethtors_ Debl Instruments thal e payable or reeeivable within one year. typically trade deblots or creditors, are measured, initially and subsequentjy, at the undiscounle(l amount of the eash or other consideration. expected lo be paKI or received. However if the arrang8mants of a short-tem inslfumenl constitute a financirtg transaction, like the payment of a trade debt deferred beyond normal business terms or financed al a rate of interest that is not a market rate, the financial asset or liability is measured, inilialty, al the present value of the future cash fknv discounted al a market rate of Intere51 for a simiLar debt instrument and subsequently measured al amortised Cost using the effective inlefest rate melhod.
Page 22 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIES (¢onlinu•d> Taxatlon The Foundation is not subj'eel lo any taxes on rts Charitable activitS. Irrecoverable VAT is charged against the category of resourees expended for which rt was incurred. Going ¢on¢•rn hilst the Trustees a committed to spend down the resources of Foundation. cash Ilow forecasting exerc15es anlicipale this is planned lo happen in 2029. It is therefore considered that preparation of financial slalemenls on a going concern basis is appropriate a5 the Foundalion will Continue to operale for the foreseeab fLrture. The ongoing ge0polital conflids and economic IMPts thereof have created q)erational and financial pre5SL(res for many organisatn$. The Trustees have considered the contingency plans in pkce. the level of funds held, the expected level of income and expenditure and cash flow forSts for 12 monlhs from authorising these financi81 statements for signing and believe thal no material uncertainties exisl. The Truslees conshler the *1pOn ofthe going concem basis in preparing these financial 5talemenls is appr¢)priale. Judgemènts and key sources ol esllmation un¢grtalnty The following judgements and key area5 of eslirnalion uncertainty have been made in the process ol applying the above accounting pOlS have had the m051 significant effecl on amounls recognised in the financial statements". al Investment prcperty valuation5 are perfcxmed by propety ayents registered with RICS as at 31 December on an open market value for existing use basis. The valuation is inherently subjective with an underlying UnrtaInty as lo what price would be achieved were the properties made available for sale. bl Valuation of debenture assets prewousty irduded wlhin investments and cash under management was Tevthved by the Trustees in 2020 wrth assumptions made in respect of the liable measurement. probability of recoverability and the liming of eventual receipt. Following this review, the Truslees considered and continue to consider il reasonable to provide full impaimient to both the capital and aCCretn In these Financial Stslements.
Page 23 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER TRADING ACTIVITIES The Foundation owns 100% 01 Ihe equrty shareholding in Iwo propety investment companies, Fra5eNiew Investment Limrled I'FIL'I. company number 09837614 and Fraserview Investrnenl Icamley Street) Limited {"FICSL?, MpanY number 09837747, both registered in England and Wales_ They own a portfolio ol commerckHI properties in the United Kingdom for rental income and capital appreciation. A summary of the trading resufts of the subshliaries tor the year ended 31 December 2023 is shown below (after ¢onsolidalion adjuslmentsl. The financial statements of FIL and FICSL are audited and prepared in accordan¢e vrth applicable UK Accounting Standards and are consolidated for the year ended 31 L)ecember 2023. 2023 2022 Profit and Loss Account for FIL and FICSL Turnover Interest receivable 3,277,072 7,438 3.247,863 Total income 3.284,510 3.248.647 Cosl of sales Administration exFenses Interest payable 1277.0721 1355.8741 11,194.4681 (413.517} (323,930) (765,1301 Total •xpenses (1.827.414) 11,502,577) Exceplional item inveslment properties Exceptional item fealised gain w disposal of investment properties unrealised loss on revalualN)n of (2.565.000) 11,670,000) 120.000 2.890.000 Net loss Amoijnt donated lo the Foundabc 1987.9041 15.850,0001 2,966,070 17.000,000) Retained bss in subsNJiaries £16,837,904} £14.033,9301 Being.. Retained loss the year in FIL Retald loss for the year in FICSL 14.626.1491 12.211,7551 12,817,901) 11.216,0291 £16,637.904) £14,033,9301
Page 24 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER TRADING ACTMnES Icontinued Th• ass•ts and liabilities ol FIL and FICSL were: 31 December 2023 31 December 2022 Fixed assets Current assets Credilois due within 1 year Creditors due more than 1 year 52.195.100 63.410,100 3.177,S91 4,752.921 12.537.706) 12,561. 132) 113,660,181) (19.S89,181) Net assels £39,174,804 £46,012,708 Being.. Net assels of FIL Nel assels of FICSL 25.404,635 13.770, 169 30,030,784 15,981,924 £39.174,804 £46,012,708 INCOME FROM INVESTMENTS 2023 2022 Investment asse¢8 wlthln the United Kingdom: Quoted dividends - UK equrties Inleiest- UK ftxed interest securit5 and deposit interest 8,662 40.354 19.189 33,486 Inv•stment ass•ts outsid• lh• unit Klngdom: Dividends - Overseas equities 26.235 21,837 £75.251 £74,512
Pa9e 25 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 RAISING FUNDS - INVESTMENTS 2023 2022 Investrnent management fees Bank charges 41.560 2,334 47.192 2,302 43,894 49,494 Investment managemenl eosts a costs of managing the investment p)rffolio and payable lo the investment managers. The investment management fees do nol include Ruffer LLP management charges lor the Ruffer SICAV Total Relurn Fund which amounted lo £118.602 (2022 - £140,464) as they have been deducted directty frcAn the fund value. CHARITABLE ACTIVITES Allocation of grants p•yable and support c¢sts Grants payable Support costs 2023 2023 Total 2023 Relief of poverty Pr¢xnotion of education Relief of sickr$ OtheTS 3.910.900 5.987.407 1.708.648 912.864 276.089 422.679 120,621 64,443 4,186,989 6.410,086 1.829,269 977,307 £12,519.819 £883,832 £13.403,651 Allocation of grants ptyable and support ¢o$ts Grants payabbe Support Costs 2022 2022 Total 2022 Relief of povety Promotion of education Relief of sickness Others 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.$34.903 £764.464 £6.299.367
Page 26 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 CHARITABLE ACTlVtTES Icontinued) 2023 2022 Analysls ol grants pable Reliel of poverty International Care Minislries City Mission PNG Ltd Innovations lor Poverty Action Open University Amazon Fronlines Multipl Future ol Fish La Voz Amiga Sin T3bues Future ol Fish University of Oxford 1.854,026 1.289,998 188.907 183.667 167,586 87,881 82,458 48,148 8,229 958,482 1.244,550 365,237 56,064 337,150 238.010 3,910,900 3.199.493 Promotlon of odu¢ation UCSS - Chulucanas Dwai Pacific Vnviersity Las Fralemas Huaraz Futbol Mas DioEeses De ChUlUnas GFiADE- Conecla Ideas Ensena Pe UMCH Kallpa Cruz Blanca Amantsni Innovations for Poverty Action Casa De La Mujer- Chwnbote Children Casa De La Mujer- Huamachucho Corporation de Ayuda al nino Desnut ICANDESI Practical Act¢on 3.519,688 895.032 229,948 219,172 157,075 155,513 141,238 132,416 120,552 118.812 113,990 79,858 45,136 33,972 25,005 194.972 115.196 80.995 126.633 79,805 32.084 75,942 24,409 242.896 5,987,407 972,932
Page 27 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITES l¢ontinued} 2023 2022 Analysis ol grants p•yabh Icontinu•dl Relief of sickness GFiADE Australian Doctors InlematKffial Health Edu¢ation Clinic Fondazione L'alet*ro Delk Vrta Si Da Vida The Leprosy Mission Royal Botsnic Gardens Kew Hablemos Casa De La Mujer PNG SOcty for Rurnl Heallh Cetpro Betania 467,697 450,645 169,892 159.843 127.956 86.147 85,651 61,595 58,157 20,923 20.142 464,024 100,339 92,102 152.570 48,933 36.045 52,274 17,794 4.803 £1.708.648 £ 968,884 Gènder Based Vl¢)lence and Othws Santa Bernadetta Young Lives University of Oxford CESAL Sustainabilty Grants Global Fund for wen SOLID Wayka Casa De La Mujer- Chinbote Women PMC Esludio Grau Behavioural Inslqht Workshop speakers and expenses Others Payet Rey Cauvi Perez legal fee5 InVe 201,659 130,754 123,044 87.471 85.046 81.867 67,139 41,247 40,996 18,923 18,866 12.900 2,589 363 184,296 36,9B2 40,925 106,677 9,457 11,257 4,000 £912,864 £393.594 Total grants payab £12.519.819 £5,534,903
Page 28 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIA8ER 2023 CHARITABLE ACTIVITES (continued) 2023 2022 Total Grants brought forward 12.519.819 5,534,903 Analysts of support costs Gov&man costs (Note 6) Granl consultsncy and other supwl costs Staff costs (Note 71 Trustees travel and other expenses to grant projects 125,835 409,030 209,538 139,429 123.977 253.084 186.944 200.459 £883,832 £764,484 Total Charitable Activiti £13,403,651 £6,299.367 GOVERNANCE COSTS 2023 2022 Audit Fees counlancy Legal Fees Insurance 14.520 100,668 2,965 7,682 14.520 98.128 4,355 6.974 £125,835 £123,977 STAFF COSTS 2023 2022 Salaries Natr'on In5urwce Pension contritth'ons 173,336 20.459 15.743 153.614 19,200 14,130 £209,538 £186.944 The key management personnel of the Foundation comprise the Trustees who are also directors of the charrtable mpafiy and who receNed no remuneratK)n and the Foundation CEO. who receives salary. The Foundation had 5 Pa ernployees on average for Ihe year (2022- 5). One employee received lolal employee benerrts of bètsveen £90,000 and £I00.000 (2022- one between £70,000 and £80.OOOJ. 2 of the 5 emoYeeS are based overseas and are not included within the UK payroll costs outlined above. Rather the costs of these 2 employees are included within grant eonsLsltan¢y and othef supw1 costs above (Note 51 and lotal £133,63212022 - £119,491). The Foundation contributes lo Ihe defined contribution personal pension pU4n of Ihè employees and ¢ontribulions are charged in the Statement of Finanual Activitie5 as they become payable. The charge lor the year was £15,743 (2022 - £14. 130). There were pensK)n contributions of £1,355 oWg al 31 Oecemtr 2023 {2022- £1. 178).
Page 29 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 NET MOVEMENT IN FUNDS 2023 2022 This is $taled after charging.. Auditor's remuneration - audit Audilorfs remuneration - olher serYS £14,520 £100,668 £14,520 £98,128 The decrease in funds of £15.188,022 f2022- £1.270.456) in the year arose due to net oul90ing resources of £11,915, 198 (2022 - £4.528.279). Tealised losses on inveslmenls of £330.$42 (2022 gains £23.787). unrealised losses on revaluatiorb of investments of £511.606 (2022 gains £1, 779,989), net gain on foreign exchange of £14,324 (2022 - £234.047), unrealised loss on revaluation of investment properties of £2,565.000 (2022 - £1,670.OOOJ and realised gains on disposal of investment properties of £120.000 (2022- £2,890.000). INVESTMENT PROPERTIES Group Long Ternb Leasehold Investment Prop•rti•s 31 DeceMr 31 Decembèr 2023 2022 Valuation As at 1 January 2023 FIL FICSL 43.040.000 20.370,000 45,630,000 22,150.000 63,410.000 18.650.000) {2,565,0001 67,780,000 12,700,000) 11,670,000) Disposals Def11 surplus on reVUatIon As al 31 December 2023 52,195,000 63,410,OCIJ B8ing'. FIL FICSL 33,635,000 18.560.000 43.040,OC4) 20.370.000 As al 31 December 2023 52,19S,000 63,410.000 The 2023 valualions were ma¢Je by Jones Lan9 Lasa1 Limited, propety agents registered with RICS, as al 31 DecernbeT 2023, on an open markel value for existin9 use basis. The directors of FIL and FICSL consider that Ihe valuations were a fair fledtrn ol the investmenl properties as al 31 December 2023. The histor cost ofthe inve5trwt propert*$ 1$ £30,200.000 f2022- £37.850,000). During the year, FIL sold two investrnenl properties for a total amount of £8.770,000 Tesuming in a profit of£120.000 which is induded in the Consolthled Statement of Financial Aclivilyès. A deferred tax liability of £1,900.000 (2022 £2.074,000) in respect of the investment property revalualion surplus h85 not been recognised as it ts considered probab that a grft payment would be made by the subsidiary undertakings which would sel against Ihe profit for tax purposes, hence il is not considered Probable that the deferred tax liabikty will cry$tsllise. The charitable company does not have any investment properties in either reporting period.
Page 30 THE OLD DART FOUNDATION NOTES TO THE FINAIKIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. INVESTMENTS AND CASH UNDER MANAGEMENT Group Company 31 December 31 D•c¢mb¢r 31 December 31 O¢¢ember 2023 2022 2023 2022 Totsl Investments £12,835,451 £17.865.983 £52.010.153 £63.878,588 Unrealised Ibssllgain on investments.. Realised Ilossllgain investments= 1511.6C6) 1.779.979 17.349,510) {2.243.9411 (330.542} 23.787 1285.035) 23.787 Net Ilossygain on Investments {842,148} £1.803,766 £{7.634,5451 £(2.220.1541 1 January 2023 Disposal Impaimients Unrealised 31 Docember gainllloss) 2023 Group Addftion$ Other investmenls Quoled securities Cash held by custodians 100 100 16,621,830 1.244.053 1,159.961 14,646,163) 11.032.724) {511,6061 12.624,022 211,329 £17,865,983 £1.159,961 £15,678,887) £1511,6061 £12,835,451 1 January 2023 Disposatsl Impairments Unreallsed 31 D•¢èmber gainl(lossl 2023 Company Additions Investment in subsidiaries (Note 2) Quoted securities Cash held by uslodians 46.012.705 16.837,9041 39.174,801 16,621.830 1,244,053 1.159.961 {4.fA6.163} {1.032.724 {511,6(6) 12,624,022 211,329 £63.878.588 £1.159.961 £{5,678.8871 £17.349.510) £52,010,153
Page 31 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. INVESTMENTS AND CASH UNDER MANAGEMENT {continued) In 2020, the Trustees Yevwed the likelihood of recerving full repayment of a debenture, previousty included in other investments, and 115 related accretion income. which had been accrued since ownership of the debenture was passed lo the FoundalK)n. included within accrued income. Following this review, the Trustees believed it unlikety that the debenture would be repaid and therefore made a full provision against the debenture assel and its related accretion iome in 2020. The Trustees ¢ontsniJe to hold this view. DEBTORS Group Company 31 December 31 December 31 DK•mb•r 31 De¢ember 2023 2022 2023 2022 Trade deblors Prepayments ènd accrued Other debtors 18.754 31.537 927.179 27.129 98.276 1,085.166 8.495 £977.470 £1.210,571 £ 8.495 12. CREDITORS- amounts falling du• within one y•ar Group Company 31 D¢¢emb•r 31 D•c•mber 31 ernber 31 D•c•mb•r 2023 2022 2023 2022 Trade creditors Other taxes and s¢xial secuTity Accruals and deferred income Othef creditors Accruals for gT8nls payaNe Bank loans 44.116 130.335 305.791 931,605 939.564 2,385,483 25.333 162.186 319.816 1.111,287 115,865 6.089 57.846 12.963 939,564 2.385.483 9,825 110,443 9,977 115,865 £4,736.894 £1,734.487 £3.401,945 £246,110 Included within bank Igans is a loan faality wilh Rothschild wkn.ch is a fixed advance wrth a lerm of one month after the year end and Interest was payable al the rate of 7.125%. This facility. incbJdin9 xcrued interest. is secured by a registered first mortgage over FIL'S and FICSL'S inveslmenl proPe.eS and a registered charge over all the assets of the IJYO companies.
Page 32 THE OLD OART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. CREDITORS- amounts faling dug after more than one year Group Company 31 Dec•mber 31 December 31 D•¢*mb•r 31 Dècember 2023 2022 2023 2022 Bank loans Othef credrtors 13.655.783 4,398 19.584,783 4,398 £13,660.181 È19.589.181 The bilateral loan fa¢ilty with Rothschild is for a tefm of S years lo 14 December 2025. with Inte$1 payable al Ihe rale of2.3% above SONIA. Repayment of the loan fxilrty is not due until 14 December 2025. Mandatory wepayments a required on the occurrence of certain events. such as the company receivir¥J cash frcrfn selling any propety and other proceeds. During the current year, £S.929.000 was repaid as a resuli of property sales OCCLJrring12022- £1.200,0001. This facility, including.aecfued interest. ts secured by a registered fiTsI mortgage over FIL'S and FICSL'S investment propertie5 and 8 lixed and fkjats'ng charges.
Pagè 33 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. GRANT COMMITMENTS As mentK)ned in the Truslees Report. a number of charilable pledges have not been provided in these financ[ statements as they are subj'ecl lo a number of condrtions which are required lo be mel before further payments may be reteased. Al 31 December 2023, the totsl of these contingent liabilities was £10.893.042 (2022 - £11,017,348) as set out bekThY". Group and Company 31 December 31 De¢ember 2023 2022 Inleinalional Care Ministnes Crty MissK)n PNG Ensefia Peru Amazon Fionllines GRADE- CREER Divine World UnNeTsty Australia Doctors Intemational ucss CESAL UPNG Rural Health University of Oxford- Young Lives Futbd Mas Sl Bernadelle's Chihjren Centre Mults"plier- Future of Fish GRADE- Conecta Ideas Sin Tabues UMCH Royal Botanic Gardens Kew Amanlani Casa De La MuJer- Catalna MCAU Population Medra Centre IPA Leprosy Mission Intematk?nal CANDES Chimbole Women's House Asso¢ialion Fondazione L'alebero Della Vita Kallpa Global Fund for Women SOLID Wayka La Voz Amiga 1.808,370 1,139,166 1.036,981 1.018,380 911,099 864,033 837.623 622.786 504,430 484,179 321,488 211.755 196,717 167,531 147.420 125,677 110.575 89,732 78,651 56,134 50,S98 40.161 38.472 28.062 1.022 3,810,085 1,441,927 713,035 472.334 447,439 414,534 353,033 316,610 258,236 175,760 188,760 120.020 94,544 1,443,773 130,363 56,445 163,203 124,505 93,333 80.619 69,830 49,160 £10.893,042 £11,017,348
Page 34 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. TRANSACTIONS WThH TRUSTEES AND CONNECTED PERSONS AND RELATED PARTIES No Trustee received any remuneration during the year ended 31 December 2023 (2022- £NIL). There were no related paty transactions in the year. other than set out below. Trustees. expenses Dufing the year, the Foundation paid £139,426 (2022- £200,459) for travel and olheT expenses in relation lo projecl and other wsits in various countries Cad out by the Trustees on behaw of the Foundalion. The number of Trustees that had expenses reimbursed In Ihe year was 6 (2022- 6). The group has taken athanlage of the exempts'on not to disclose any transactions with group ccffiwies wheo 100% of the voting rights are controlled by the gTOUP. 16. ULTIMATE CONTROLUNG PARTY The ultimate controNing party is the Board of Trustees. There is no single controlling party. 17. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTMTIES 2023 2022 Net movement in fund5 Interest payable and paid Investment income and bank deposit interest Unrealised los19aIn) on investrnents Realised loss on investment Profit on disposal of investment property Decrease in debtors Increase in crediiors (15.188.022) 1.239.321 182,6891 3.076,606 330.542 1120.0001 233.101 616,916 11.270.456> 765.130 {74.5121 (109,9891 (23,7871 12.890.000> 127.171 12,388.4081 Net cash outllow used In op•ratlng a¢tivitios 19,894.225} 15.864.851) Analy$Fs of net funds Cash flow in the year 2.465,971 211,329 Cash flow in the year 4,101.953 1,244,053 Cash al bank Cash held by custodian (Note 10) At 31 DK•mber 2023 £2.677,300 £5,346,006
Pagè 35 THE OLD DART FOUNDATK)N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. FINANCIAL INSTRUMENTS The ¢arrying amounls of the financial instruments we as follows.. Gn)up Company 2023 2022 2023 2022 Finanual assets Debt in51rumenls measured at anorfised cost.. Trade debtors (Note 11) - A¢¢rued income (Note 111 Other (Jeblors INote 111 Equity instruments measured 81 cost less impairrnenl.. - Shares in subsidiary undertaking5 (Note 18,7S4 16,010 938.925 27.129 78.807 1,085.166 21 Equity instruments measured al fair value IhTough nel income l expenditu. - Cash and cash equivalents - Investmenls in quoted securit*s (Note 101 2,465.971 4.101,961 1.460.112 1,664,633 12.624.022 16,621.825 12.624,022 16,621.825 Financial liabilities Measured al amortised c£Jsl - Bank loan5 and overdraft (Notes 12 & 131 Trade Creditors {Nole 121 Accrnals {Nole 121 - Other credrtOTS (Notes 12 & 13) 16.041.266 19.584,781 44.116 25,333 247.945 250,888 936.003 1.115.685 2.385.483 14,520 12,963 226,308 9,977 The income, expenses. net gains and nel losses attributable the Chari$ financial instruments are summarised as Irjlows.. Group Company 2023 2022 2023 2022 Income and expense Nel gainsllb5ses) linduding changes in fair value) {3.287.1481 3.023.776 17.634,5451 11.986,1151