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*
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#24
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 FraserV￿W 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 FoUndat￿n Iiegistered chafty number 1153568 and company number 08565375} is
based and administered in the Unrted Kingdom. The regIste￿d address ss EKJhlh Floor, 6 New Strèel
SqLrare. New Fetter Lane. Lon(kJn EC4A 140.
Dir•ctots and Tn￿te¢S.
The DITe¢tors and Trustees of the F¢yJndation who hekl offKe during the year were..
Luis Baerll {rnsW27 SE0￿t￿l￿1) 18J&rf20241
Geollrey Loudon
Marie Rabbell
Cha￿$ Lulyen5
Katherine O'Reilly
Cèrdine Peiry
The Directors dtd not hold any benef￿1¥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
Inde￿nd￿nt 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 cc*npany 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 F￿ndab"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 financ*1 slatemenls may only be Lbndertaken by the
directors.
There are hyo classes of members. A members and B members. The A members $eNing al 31
December 2023 were Chafles Lutyens. Caroline PeTry and Katherine O'ReiMy. The B members
serving al 31 December 2023 were Geoffrey Loudon and Mar* RabbetL
The Board of diieclors must crynprise of a minimum of three and a maximum of six direclors
there are effectivety das5es of diTectors. in kne with the A and B membeTS detailed above.
Pursuant lo the Foundation's Articles, the direclors musl hold at least three meetings each year. to
discuss and develop the Foundat￿1n.$ goals and strategy and to review gwanl proposals and general
grant fequests. Therefore hl may be appropri*e to meet more freqvenlty than this minimum.
The range of skims represented on the Boafd w￿1 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 dut*s 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 appl￿b￿ 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 satisf*d 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 per￿1. 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$t•es' Respofisibllltl￿ SL*em•nt (continued)
select suilable accounts.ng poliues and then appty them consistenlty",
obserye the methods and principles in the Charrties SORP IFRS 1021".
make judgements and eslimales that are reasonable and prudent",
stsle whether applicable UKA¢¢ounts"ng Standards have been folbwed, subject to any material
departures di5cb5ed and explained in the financial stslemenls,. and
prepare the financial slalement5 on the g￿￿9 con¢em basis unless it is inappropriate lo
presume Ihal the charitable company wil continue in operalic)n.
The. Trustees are ￿sponsible for keeping adequate accounting records that disclose with
reasonable accuracy al any lime the financial position of Ihe charitable ￿MpanY and enable them
lo ensure that the financial stslements ￿mplY with the Companies Act 2006. They are also
responsible for safeguarding the assets of the chalilab￿ company and hence for taking reasonable
steps for the prevention and detection of fraud and olhec irregvlarilie$.
The Trustees are resportsible for the Ma￿tenanCe 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
DeciSion￿n¥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 DeC￿ber 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$lees have overall responsibilty for ensurirvj that the Foundation has approprkqte syslerns
of internal controls. They are responsib￿ for keeping proper a¢¢ounting records which disd05e with
reasonable ac¢uTa¢y at any time Ihe ftnancial position of the FoundalK)n and enable them lo ensure
that Ihe financial statements follow best pra¢ts'¢e and all applicable law regulatK)n and guidan￿. The
Tiustees are also responsible for the Foundation safeguarding Ils assets and for taking reasonable
steps for the p￿VentIOn and delection of fraud and other irregulariltes.
The system of inlemal ¢onlrols is des￿ne1 to provide reasonable, bul not ab501ute. assurance
against material mi8$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 Pr￿edUreS 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 wh￿b the Foundation is vulnerable and highlight
any necessary safeguards that will need to be pui in pla￿. The Foundation's m￿Or 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 s￿rthed fft and proper declaratKJns in line wrth HMRC guidance.
OBJECTIVES AND ACTIVITIES
The c¥'ects of the Foundation are contained in the Art￿leS 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. Br￿11. 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 educat￿n 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 rel￿f 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 granl*making 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 coMpl￿d 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 se￿ct 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 Organisat￿nS based in Chi￿, Papua New Guinea. Peru and The
Philippines. All grants were paKI in line with the policies sel out in seCt￿n 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 fUl￿time slafi.
The Grants Ofticer and reg￿n81 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 rO￿S 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 W0￿shopS 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 Foundat￿ft 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 exper*nces working in the
third sector in Peiu. s￿lf￿ sessTrons were also held around chaI￿nge$ in working on climate
change. education. and gender*ased 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 r￿W 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 he￿th 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 grant￿l￿n9 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 FOundat￿rt 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 FOundat￿n 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$5 Peru. PNG. Chik and Ihe Philippines. Each of our partneT Ofganisalions Teport bi-annually,
usualty in January arKI CEcember. In these reports, whith include a narralive and a financial element,
alongside in Some cases Key Performance Indbcators, partners are able to share their aclivities 8nd
outcomes, alongsKle some oflhe key learnings and challenges they are facing. Management ￿vIewS
these reports and shares summaries and infographics with the trustees in the board N*eling.
Throughoul the year. the management team work ctosePy with parlners to provide support and peer-
leaTning opportunrties.
The Iruslees have agreed a number of Mult￿yea[ c(Mnmthents. bul all future year payments are
contingent on the recipient ¢harty s*isfying the ¢ondi(K)ns sel out in the grant confifmalion letters.
As such, the trustees do not recognise future year ¢ommilments. until such lime as the terms set out
Ihe grant confirniation letters have mel. The conb"ngent commthenls 8131 December 2023
are detailed in note 14 and totalled £10.893.042 (2022- £11.017.348).
The accountin9 Ireatrnenl in respe¢l of grants is in line wrth that set out m the Charities SORP {FRS
102}.
Key perforn1on¢• indl¢ato
The key perfomiance indtalors are". grants payable £12.519,819 f2022- £5,534.903) and reali$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$tees mitl9ale
this by hokjing a thver5e range of investments.
As a granl-making organisalK)n, the impact of the Foundats"on is closely lied to the perfoni)an¢e of
its grantees who delwer prqects and services. The FoUndat￿n has developed ils reporting and
monitoring sy$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 OPPortunit￿S 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 r￿￿￿r￿S 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 w￿1 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 De￿rnbEr 2023 which comprise the consol￿aated
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 appliCat￿n 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 CoMpan￿S 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
aud*t 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 r￿1hing lo rewl in this regard.
Oplnions on oth•r matter4 prescribed by the Compan¢•s Act 2006
In OUT opin￿n, 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 (t￿1￿￿1￿9 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 I￿h1 of our knowledge and understanding of the gr(wp and charilable cc*npany and its environment
obtained in the course of the audit, we have not identif￿d material misstatements in the Annual Report ot
the Trustees (including the Strategic Report).
We have nothing to report in resF*Ct of the follNing matters in relation to whbch the Companies Act 2006
requires us to report to you rf. in our Opin￿n..
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. ReS￿st$l[l11eS Statement sel out on pages 3 and 4. the TAJslees
(who are also the Directors of the charrtable company for the purposes of company lawl are responsible
for the preparation of the financial statements and loi being salisfied Ihat they give a true and lair view,
and for such internal control as the Trustees detefmine 15 necessary to enable the preparation ol financial
stslemenls that are free from material misstalemenl, whether due to fraud or error.
In preparing the financial statements. the Truslees are responsible for assessing the gIOUP'$ 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• fina￿la1 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 wh￿h 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 TInar￿la1 slatemenls lo
material misstatement. including how fraud mtht occur. is considered to be low. This conclusion was
r&iched after the conSiderat￿n 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 irregUlar￿e$. I￿ludIng 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
I￿ntinU
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 indicatK*n of fraud or management override.
review of Truslees meetin9 rninutes for Un￿Orde(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 unp￿￿￿bIlty 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 re￿cted in the financial statements. as we will be less likety lo become aware of
insiances of nOn￿COMplianCe. The risk is also 9￿ater regarding irregularities occurring due lo fra¢Jd rather
than error, as fraud invofves intentjonal concealment. forgery. collusion, cthission or mBrepre$entslion.
A further des¢rWion of our responsikn'lit*s for the audit of the financial slalemenls is located on the
Financial Reporting Councifs websrte al.. wiThi.frc.org.ukJaudilorsresponS￿ilIts.es. This descripti¢)n forms
part of our audfiorfs reporl.
V$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 Compan*s Act 2006. Our aL*Jrt 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

P￿e 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•um￿r 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 2*10111•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 sa￿S 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 Fir￿nCing 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 Equlv*￿nts
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 lnf0mia￿0n 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 Compan￿5 Act 2006. Nel loss of the FOUndat￿n for the yeor was É15.220.296 (2022 -
£1.270,456J
The svJnificanl accounting policies apPl￿d 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 Un￿strICted 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)
1Th￿me 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 a￿uracy.
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 rr￿aSured reSiabty. 11 ts categorised under the
followng headings".
The ¢osl of raisKbg funds Irom other trading adp44tres - consists of interest payable and costs
incUr￿lj 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 re￿pient will re￿1ve 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 FoUndat￿n 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 F￿ed 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 prOpe￿eS. 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 tranSaCt￿n 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 reqUI￿d in settlernenl
and the amounl can be reI￿bty 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 transact￿nS 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 activit￿S.
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 ge0polit￿al conflids and economic IMP￿ts thereof have created q)erational and
financial pre5SL(res for many organisat￿n$. The Trustees have considered the contingency plans in
pkce. the level of funds held, the expected level of income and expenditure and cash flow for￿Sts
for 12 monlhs from authorising these financi81 statements for signing and believe thal no material
uncertainties exisl. The Truslees conshler the *1p￿On 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 pOl￿￿S 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 Un￿rtaInty 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 aCCret￿n 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
Retal￿d 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 securit￿5 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 p￿able
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 ChUlU￿nas
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 SOc￿ty 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 w￿en
SOLID
Wayka
Casa De La Mujer- Chinbote Women
PMC
Esludio Grau
Behavioural Inslqht
Workshop speakers and expenses
Others
Payet Rey Cauvi Perez legal fee5
In￿Ve
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 em￿oYeeS 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
oW￿g al 31 Oecemt*r 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 serY￿S
£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.$42 (2022
gains
£23.787). unrealised losses on revaluatiorb of investments of £511.606 (2022 gains
£1, 779,989), net gain on foreign exchange of £14,324 (2022 - £234.047), unrealised loss on
revaluation of investment properties of £2,565.000 (2022 - £1,670.OOOJ and realised gains on
disposal of investment properties of £120.000 (2022- £2,890.000).
INVESTMENT PROPERTIES
Group Long Ternb
Leasehold Investment
Prop•rti•s
31 DeceM￿r
31 Decembèr
2023
2022
Valuation
As at 1 January 2023
FIL
FICSL
43.040.000
20.370,000
45,630,000
22,150.000
63,410.000
18.650.000)
{2,565,0001
67,780,000
12,700,000)
11,670,000)
Disposals
Def￿11 surplus on reV￿UatIon
As al 31 December 2023
52,195,000
63,410,OCIJ
B8ing'.
FIL
FICSL
33,635,000
18.560.000
43.040,OC4)
20.370.000
As al 31 December 2023
52,19S,000
63,410.000
The 2023 valualions were ma¢Je by Jones Lan9 Lasa1￿ Limited, propety agents registered with
RICS, as al 31 DecernbeT 2023, on an open markel value for existin9 use basis. The directors of FIL
and FICSL consider that Ihe valuations were a fair ￿fled￿trn ol the investmenl properties as al 31
December 2023. The histor￿ cost ofthe inve5trwt propert*$ 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 i￿ome 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 Ca￿￿d 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 los￿19aIn) 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