IOD OLD DART FOUNDATION THE OLD DART FOUNDATION A COMPANY LIMITED BY GUARANTEE IRegisterod Charlty No. 1153568 and Company No. 08565375) ANNUAL REPORT OF THE TRUSTEES (INCLUDING THE STRATEGIC REPORT) AND CONSOLIDATED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 *AEC783WI* 3010912025 COMPANIES HOUSE #235 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (INCLUDING THE STRATEGIC REPORTI AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 CONTENTS Page Annual Report of the Trustees (including the Strategic Report) Independent Auditor's Report 12-15 Consolidated Slalemenl of Financial Activities (including the Income and Expenditure Account) 16 Consoltdaled Balance Sheet 17 Company Balance Sheel 18 Consolidated Cash Flow Statement 19 Notes lo the Financial Stalements 20-37 Page 1 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustee$, who are also Direclois for the purpo$es of company law, present Iheii report (including the Strategic Report) and the audited consolidated financial slalements ol The Old Dart Foundation ("the Foundation" or.the charrtable cornpany"}, and ils subsidiary undertakings, FraseNiew Investment Limiled {"FIL") and Fraserview Investment {Camley Street) Limited ("FICSL') (both registered in England and Wales) (collgclivety'lhe group"). f¢x the year ended 31 December 2024. The financial statements ¢ompSy with the Charities Act 2011 and where applicable, the Charities Act 2022. the Companies Act 2006, th8 Memor8ndum and Articles ofAssocialion, and Accounting and Reporting by Charilies. Slalemenl of Recommended Praclice applicable to Charities preparSng thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} issued in October 2019 ("Charities SORP FRS 102 J. REFERENCE AhlD ADMINISTRATIVE DETAILS The Old Dart Foundatbn (registered charity number 1153568 and company number 08S6S375) 18 bas8d and administered in the Uniled Kingdom. The registered address is Eighth Floor, 6 New Slreat Square, New Fetter Lane, London EC4A 3AQ. Dlrector8 and Trusteee: Thè Directors and Trustees of the Foundation who held office during the year were.. Luls Baertl IRwpc4nltd 1• July 20241 Geoffrey Loudon M8Tie Rabbelt Charles Lutyens (Ch•Srm•n Katherine O'Reilly Caroline Perry IRMigned 25 November20241 The Directors dld not hold any beneficial inleresl in the Foundalion at 31 D8cemb8r 2024 OT at any time during the year. Key Managomont: The Trustees consider themselves. as Directors. the key management personnel who are in charge of directing and controlling the Foundation. Thè running and operation the Foundation on a day to day basis is delegated to the CEO and management team. Bankers: Coutts & Co 440 Strand, London, VIC2R OQS Sollcltors: VWlher8 LLP 16 Old 8alley, London. EC4M 7EG Page 2 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (contlnued) (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRA TIVE DETAILS Icontinuèd) Independent Auditor: Rawlinson & Hunter Audit LLP, Slalutory Auditor and Chartered Accounlanls, Eohlh Floor. 6 New Street Square, New Fetter Lane, London. EC4A 3AQ Inv•8tm•nt Manaoer8: Rothschild Bank (Cl) Limiled, Sl Julian'5 Courl, St Peter Port, Guernsey, GYI 38P. Page 3 THE OLD DART FOUNDAfioN ANNUAL REPORT OF THE TRUSTEES {continued) (INCLUDING THE STRA TEGIC REPORT) FOR THE YEAR ENDED 310ECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Foundation is a company limited by guafanlee governed by its Memorandum and Articles of As8ociatlon 8nd18 registered as a charity with the Charlty Commission for England and Wales. The Foundation is structured with a trwo tier participation management which includes memb8rs and directors. The members and directors of the Foundation are In effect the same persons, c6rtain items of business such as variation of the articles may only be underiaken by the members, and other matters such as the approval of Ihe financial statements may only be undertaken by the direclors. There are classes of members, A members and B members. The A members serving at 31 December 2024 were Charles Lutyens, Kalherine O'Reily and Luis Baertl. Caroline Perry ceased to be an A member following her resignalion on 25 November 2024. The 8 members se￿Ing at 31 December 2024 were Geoffrey Loudon and Marie Rabbett. The Board of directors must comprise of a mlnirnum of three and a maximum of $lx dlrtsctors and there are effectively trwo classes of directors, in line wilh the A and B members detailed above. Pursuant lo the Foundation's Artlcles, the directors musl hold 8t least Ihreè meetings each year, lo discuss and develop the Foundation's goals and strategy and lo review grant proposals and general grant requests. Therefore11 m8y bè appropriate to meet more frequently than this mlnimum. The range of skills represented on Ihe Board will be kept under review as the F¢)undalion develops over lime. Trustee Inductlon and Tralnlng As part of their training, Trustees are provided with 8 comprehensive 'operakn'ng' manu81, which includes the Foundation's Memorandum and Articles ol Association and Charity Commission guidance on truste8 responsibilities. All Trustees are aware of their legal duties and obligallons in respect of the management of the Foundation, including in relation lo the proteclion of ils assets. Trustees are appointed 8t Trustee meetings requiring approval of all Trustees, following a vetting proc8SS. Trustees, Responsibilities Slalem•nt The Trustees (who are also Directors of the Foundation foT the purposes of company law> are responsible for preparing the Annual Report oflhe Trustees {includin9 the Strategic Report) and the financial statements in accordance wrth appiicabl8 law and United Kingdom AccDunlln9 Standards (United Kingdom Generally AC￿pIed A¢¢ounting Practice). Company law requires the Truslees lo prepare financlal slalemenls for each financial year. Under company law, the Trustees must not approve the financial st8lemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charilable Company for that period. In preparing these financial statemenls, the Trustees are required to.. Page 4 THE OLD OART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (contlnued) {INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continuad) Trustees, Responslblllties Statement (eontlnued) select suitable accounting policies and then apply them consistenlly. observe the methods and principles in the Charities SORP 2019 IFRS 102). makejudgemenls and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subjectto any material departures disclosed and explained in the flnanclal slalemenls: and prepare thè financial 5talernents on the going concern basis unless it is inappropriate to presume that the charltable company will continue in operation. The Trustee5 are responsible for keeping adequate accounting records that disclose wlth reasonable accuracy at any lime the finan¢ial position of the charitable company and enable them lo ensurè Ihal the financlal statements comply with the Companies Act 2006. They are also responsible for safeguardin9 the assets of the charitable company and hence for taking reasonable steps for the prevenllon and deleclion of fraud and other irrègularities. The Trustees are responsible for the maintenance and integrity of Ihe corpor81e and financial information included on the Foundation's wèbsite. Legislation in Ihe Uniled Kingdom goveming the preparation and dissemination of financial $tal8menl$ may differ from legislation in other jurisdictions. In addits'on, the Trustees have taken due conslderallon of Good Governance A Code lor the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are.. Org8nls81ional purpose; Leadership., Inlegrlty Decision-making, r(sk and control., Board effectiveness.. Equality, diversity and inclusion.. and Openness and accessibility. The Trustees re¢ognis& that good governance plays an essential part in seeuring the future of the charity and confirm that the said main principles of the Code are followed by Ihem in leading, directing and managing the charity. Pay polley for s•nlor staff All Trusteès give thèir time freely and no Trustee received remuneration in the year. Details of Trustees, expenses and relaled party transactions are disclosed in Ihe nates lo the financial slatemenls. The Foundation had on average 4 paid permanent staff members based in the UKdurin9 the year ended 31 December 2024 12023- 3). Page S THE OLD DART FOUNDA TION ANNUAL REPORT OF THE TRUSTEES (contlnued) {INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT {¢ontinued) Internal Contro18 Th8 Trustees have overall responsibility for ensuring that the Found8tion has appropriale systems of Internal controls. They are responsible for keeping propel accounting records which disclose with reasonable accuracy 8t any lime Ihe financial position of the Foundation and enable them lo ensure Ihal the financial Statements follow best practice and all applicable law regulation and guidance The Trustees are also responsible for the Foundation safeguarding ils assets and for taking reasonable steps for the prevention and detection ol fraud and other Irregularities. The system of internal controls is designed to provide reasonable, bul nol absolute, assurance against rnaterial misstalemenl or loss, whether through fraud or error. Rlsk Management A risk a558ssment has been undertaken whlch comprises of.. An annual review of the rlgks the Foundation may fa¢e; The e5tsblishment of systerns and procedures to mitigate those risks,. and The implemenlalion of procedures designed lo minirnise any potential impacl on the Foundation should Ihose risks materialise. This continuing proce$$ wlll identify risk areas to which Ihe FoLtndallon Is vulnerable and highlight any necessary safeguards Ihat will need to be pul in place. The Foundalion's major risk is in respect of the valuations of its assets, primarily its investment properties and share portfolio. The Foundalion miligales 115 exposure to the risk ol a decrease in the value ol ils assets by diversity in the type and location of its investment properties and by holding a diverse investment portfolio in equities. The Trustees do not feel the Foundation has material exposure to price. credit, liquidity and cash flow risks. The Tru81ees hove signed fil and proper declaralions in lina with HMRC guidan¢e. OBJECTIVES AND ACTIVITIES The objects of the Foundatson are contained in the Articles and are as lollows.. The prevenllon or reliel of poverty anywhere in the world. but especially Peru and Papua Néw Guinea but also including Bolivia, Brazil, Chile and the Phillppines. by providin9 grants, items and services to individuals in need, andlor ¢haritie5, or other organisalions working lo prevent or relieve poverty especially thosè for women and children. The promotion ofeducalion of people anywhere in Iheworld but especially Peru and Papua New Guinea bul also includlng Bolivia, Brazil, Chile and the Philippines, in such ways as the directors think fit. The relief of sickness and the preservation of heallh among people anywhere in the world, bul especially Peru and Papua New Guinea bul also including Bolivia, Brazil, Chile and the Philippln8S. Page 6 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES {eontlnued) (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES (contlnued) The promotion of such other purposes being exclusively charitable according to the laws of England and Wales as the Dlrectors may Irom lime to time determine. Th8 Foundation operates as a granl-making charity, supporting charitable projects and organisalions wjth grants of varying sizes and durations Wlthin the Foundalion's objeds. The Trustees have pursued a broad stralegy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate terms and Conditions. Publlc B•n•flt Statfrmenl The trustées are aware of the Charity Commission guidance on Public B•nefit and confinn that they have complied with the duty in S&clion 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in Ihls annual report, about the trust's aims, activities and achievements in the areas ol Inleiest that the trust supports demonstrates the benefit lo its beneficiaries and through them to the public. Grant Maklng Policies The Trustees. grant making policy ha$ been to generally consider maklng donations by way of direct funding and gran15 to charitable or9anisations, recognlsed 8$ such in their respective lurisdi¢lions. The recipient projects musl be seen as exclusively Charitable under English law. The Foundation has pul in place sound processes in respect of grant making and the subsequent review ofthe funds committed and can therefore continue to properly select appropriate grantees and impose prudent lenns on grants, including, as appropriale, monitoring and evaluation of the way In whlch fund5 are applied by grantees. ATEGI ACHIEVEMENT AND PERFORMANCE Charltabl• Acllvities Expenditure on charilable activities during thè year tolalled £13, 506,990 (2023 - £13,403. 651) and in¢ludes grants paid to 60 (2023- 51) charitable organisalions based in Chile, Papua New Guinea. Peru and The Philippines. All grants were paid in line with Ihe policies sel out in section 3 of this report. A full list of grants made during the year is shown on nota 5. Over the course of 2024. the Old Dart Foundation grow lo a slaff of eight, with an additional South America Senior Programme Officer and an Execvtive Foundation Assistant both starting at the beginning of the year. The Foundation Manager lefl her role in March. and the Grants Manager was subsequently prornoled to replace her. As such, a new Grants Manager was hired in April. The Foundalion hired ils first PNG staff this year, with a part-lime PNG Programme Manager starting in role in September and assisting Ihe London team with supporting the Foundation's partners in country. The Peru Senior Programmes Officer. who had previously moved lo a part-time working arrangemènt whilst studying for a masters In London, completed her studies and moved back to a full-time p0511ion with the Foundalion in Lima. The Executive Foundation Assistant entered a period of maternity leave in October, and as such a maternity cover was hired to cover Ihe role in November. The team operate a hybrKd model of working, wilh access to shared office space in London and Lima. Page 7 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES Icontlnugd) (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE {continued) Charltabl• Actlvltles {contlnu•d) After more than ten years of servi¢8 al the Foundalion, Caroline Perry stepped down from her role as trustee in November. The board and staff are gr8leful for Caroline's significant ¢ontributlon during this time. In March 2024 the Latin Amerlca Annual workshops were once again held in person ot the offices of one of our partners. Universidad Marcelino de Champagnal, in central Lima. The Peru-based team was joined by the Foundatson Manager and host represenlalives from each Peru and Chile-based partner. This was a great opportunity for organi$alions to learn from each otherfs experiences working in the third Secloi in Peru. Specific sessions were also held 8round community and collaborative work, alongside a panel on participatory Project design. The workshop also held a specific ne￿orkIng space where partners could learn aboul each otherfs projects. showcase their work and explore potential collaboration opportunities. Following Ihe workshop, Ihe board of trustees, alongside the CEO and Foundalion Manager, spenl a week Iravelling in Peru to meet with new and existing p8rtners, alongside meeting with potential new grantees. Following the travel reslriclions in recent years, the trustees and staff were eager lo travel to rural partners, implemenlalion siles to witness the progress made over Ihe past few years. The boaid travelled to Puerto Maldonado, Alalaya and Chulucanas before participating in meetings in Lima. Following the trip, Nopoki University in Atalaya was approved as a new p8rtnor in Ilne with the Foundation's slrategiG focus on rural education. The university focuses on teacher training for bilingual schools, especially locusing on indigenous languages and cuttures. FurthgTmore, after visiting the Open University project site, trustees agreed lo fund Years 2 and 3 of the prqect, which aims lo encourage suslainable sifvopasture cattle farming in the Peruvian Amazon. Finalty, the trustees, meeting wilh Pr8cll¢al Action led to the organisallon being approved for a final grant at the board, alongside a final giant being approved for Fundacion Arbol de La Vida, a longstanding partner whose work focuses on sexual and reproductive righls for girls in the Amazon. During the year, trustees also approved a string of nÈY partnerships in Papua New Guinea.. Haku Women's Collective. 8 grassroots safehouse and community cenlrè whos8 project aims lo strengthen Ihelr capacity ttj offer holistic family violence prevention in their community., Madang Forest Resource Owners Association, a community-based organisation working to empower communities lo safeguard their environment and live sustainably from it.. and the soc￿tY of Obslelries & Gynaecology whose work focuses on increasing the quality of pre and post-natal care in rural aid posts in the Highlands of Papua New Guinea. Page 8 THE OLO DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continuéd) (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE l¢ontinued) Charllable A¢tlvltles (continued) Following the trip, the new PNG Programme Manager's contract was approved al the July board meeting. The board meeting also saw a final grant with Future of Fish approved, and the Foundation's exil from our parlnership with IPA PNG following the proje¢l's failure to bè implemented successfully given the region's Challenges. The September board meeting saw the presenlalion of a strategic partnership with Advancing PNG omen Leaders Network. After almost years of conversations with the organisation. the trustees approved a 9rant enabling APNGWLN to act as inlerrnediaries and provide small one-off grants lo small community-ba5eé organlsalions. The board al80 approved a One￿ff granl to UPNG providing support for a vehi¢le purchase. Trustees and staff came together in November for a strategy relreal held alongside the board meeting. This retreat was an opportunity for the Peru and UK staff to Wofk on improving inleinal systems and processes, while the trustee specffic strategy retreat focused on the Foundation's financial projections, legacy. closure, and pollcles and procedures. The team a150 pr8sented concept proposals of organisations hoping to be considered lor funding in 2025, bolh in Peru and Papua New Guinea. Following the strategy retreal 8nd building on these eonversatlons, partn9rships w•re approved with.. Divine Word Unlversily in Papua new Guinea to build a dorrnilory for medical students in the Highlands,, Tulele Peisa, an organisalion working to provide support to comrnunilles impacted by climate change,. a final granl lo Futbol Mas to champion women and girls, salety and gender equality in Peru.. a final grant to Global Fund for Women to continue supporting their intemiediary work in the region,. a final grant to Amanlani lo provide scholarships and support lo young indigenous students and families.. a final granl lo GRADE'S Apprendemo8 programme {previou$ly Conecla Ideas) which works lo enhance rural studenls, mathematical sknlls. As the Foundalion's projected closure dale draws nearer, Management and slaft are Increasingly woiking on evolving the Foundation's internal systems to reflect thi5 change. Particular care has been laken to ensure partners can exil their partnership with the foundation in a responsible and sustainable way - in this sense, an emphasis on local capacity building, nelworking and fundraising will be nolable in years lo come. Undor8tandlng our Impact As ever, the Foundation 1$ commilled to organis8llon81 learning and understanding how we can develop our role as a philanthropic actor. By the end of 2024. the Foundation had 45 partnerships across Peru, PNG, Chile and the Philippines. Each of our partner organisations report bi.annually, usually in January and December. In these reports, which include a narrative and a finanGial element, alongside in som8 cases Key Performance Indicators, partners are able lo share Iheir activities and outcomes, alongside some ofthe key learnings and challenges they are facing. Management reviews thes• ieports and shares summaries and infographics with Ihe trustees in the board meeting. Throughovl the year. the managemenl leam work closely with partners to provide support and peer- le8rning opportunities. Page 9 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES {contInu￿ (INCLUDING THE STRATEGIC REPORTI FOR THE YEAR ENDED 31 DECEM8ER 2024 ACHIEVEMENT AND PERFORMANCE (contlnuod) Koy performance Indicators The key performance indicators are.. grants payable £12,422,946 (2023- £12, 519,819) and realised and unrealised gains on investments lin¢ludin9 investment prop¢rtie¥} of £4,063,821 (2023 Ioss £3,287. 148). The principal rlsks and uncertainties to the Foundation reside within the valuation ol ils investment$ and investment properties, which are subject to external market conditions. The Trustees miligale this by holding a diverse range of investments. As a grant-making organisation, the Impact of Ihe Foundation is closely tied to the perfonYJanGe of its grantees who deliver projecls and services. The Foundation has developed 115 reporting and monitoring syslems, including a greater focus on understanding the quanlilative and qualilalive impact of grantees, work. The trustees recognised the need for additional local capacity lo ensure the effective delivery of the Foundation's obj8clives and aclivilies and during 2024, a new part-lime PNG Programme Manager was hired to help deliver our work in country, In addition, the trustées made use of 8xlern81 Consulting and expertise to help reflne the Foundation's strategic approach and develop its grant-making porffolio and principles. In Novembei 2024 the trustees held the frfth Strategy Retreat to refine the slralegic focus of the Foundation's work. Key areas of discussion included planning for the Found81ion's 8pend-down strategy towards closure, the Foundation's legacy, and how besl lo support partners over the next decade. Inv•8lment A889ts To achieve Ihe objectives set oul in Section 3, on pages 5 and 6 of this re ort, and to reduce the level of risk, the Iruslees believe that the Foundation's asset base should be iversified. The Irustees are content that the current asset allocation surnrnarised below, offers risk adversity and a reliable 'tolal return,. Dlversifled investment portfolios wilh inveslments manager - Rothschild Bank (Cl) Llmited. At 31 December 2024, the lot81 value ol the portfolios was £8,338,927 (2023 - £12, 835,451 including a portrolio held with Ruff6r which was redeemed in 2024). The investment sub•committee meet with representatives from each investment manager at least twice a year, to discuss performance, asset allocation and wider economic issuss. Two 1000/0 owned property companies, Fraserview Investment Limited ("FIL") and Fraserview Inveslment (Camley Street) Limited ("FICSL"), both incorporatéd in England and Wales. Results, and the assets and liabilities of these ¢ompanles are consolidaled into these financial statements. inclusive of £34,935,100 (2023 - £52. 195, OOOJ of investment propertie8. The Foundation's investment in Ihose two subsidiaries are rneasured at their net assets value at the year end of £27,686,756 (2023- £39, 174, 802). Page 10 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES Icontinuedl (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Ineomlng RHourc•8 & Re$aurce8 Expendod Income for the group Sn the year totalled £2,694,128 (2023 - £3,359, 761), including propérty rental income, inveslmenl income and interest from cash deposits. Investment income is reflected gross of lax Cfedils. Investment management costs are separately ac¢ounled for under fesources expended and more specificall under costs of generating funds. When the fees are direclly deducted from an investment fund va ue, these are separately detailed in note 4. No public fundraising activities are carried out by the Foundalion. R¢8erv08 Pollcy The Trustees have examined the Foundation's requirement for resources in light of the main risks to the Foundation and have no oulslanding commitments or cash demands which are not adequately covered by exisllng resources. The nel assets of the Foundation are regarded as unrestricted and the fund5 at 31 December 2024 will be retained lo makè grants in accordance with the Foundation's charitable objects and any policio$. The Trustees conslder thal the freely exper)dable funds are appropriate and adequate laklng into account plans for grants lo be awarded in future and have at present therefore nol designated any specific reserves. However, Ihe Trustees will keep this under ¢onstanl review. PLANS FOR THE FUTURE AS we look forward lo 2025, trustees and staff are aiming to priorltlse the Foundation's exil strate9y as il relates to ils internal systems and external partnerships. Our existing wcrk to solidrfy our grassroots, partners capacities to capture further funding has been inspirational and 2025 will see an enh8nced focus on cap8city-building, especially as il relates to fundraising. We are also looking foMard to learning more about how the spend-down life¢ycle affects foundations like Old Dart, and what truslees and staff c8n do to prepare our partners for this transition. 2025 will also be the first year where the Foundation has local Staff in both Peru and Papua New Guinea, marking an important step in OUT journey towards localised direction and leadership. We know from our Peru staff that having local knowledge is Invaluable to the well running of an inlernalional foundation, and as such w• are excited to witness the impacl of furlher ground presence in Papua New Guinea. AUDITOR Di8clo$uro of inforni8tion to th• auditor• We, the Trustees ofthe charitable company who held office al the date of approval oftheso Financial Statements a5 set out above each Gonfimi, so far as we are aware, that.. there is no relevant audit information of which the charitable company's audilor 15 unaware.. and we have taken all the steps Ihal we ought lo have taken as Trustees in order to make ourselves aware of any relevant audit infofmatlon and to establish that the Charitable company's audilor is aware of Ihat information. Pa9e 11 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES {¢ontlnuad) (INCLUDING THE STRA TEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 AUDITOR Icontlnuod) Approval In approving the Annual Report ol the Trustees. we also 8pprove the Strategic Report included therein, in our capacity as company dir8cIcAs. It will be proposed al the next tfUStees' meeting that Rawllnson & Hunter Audit LLP be re-appointed as auditor to the Foundation for the ensuing year. Approved by the Trustee• and $19nèd on thdr behalf by.. Charl•J Lutyen8 Dlr•Gtor and Chalrman Dat•: 25 Sept•mb•r 2026 Page 12 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION Oplnion We have audited Ihe flnancial statements of The Old Dart Foundation ("Ihe charllable company ) and its subsidiaries {"the group") for the year ended 31 December 2024 which comprise the ConsolKlaled Slalement of Financial Aclivilies (including the Income and Expenditure A¢count), the Consolidated Balance Sheet. the Company BaL8nce Sheet, the Consolidated Cash Flow Statement and notes to the financial slatemenls, Including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8ncial Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), In our opinion Ihe financial statements., give a truè and fair wew of the stale of the group's and the charitable company's affalrs as al 31 December 2024, and of the group's incoming resources and application of resources, including its irb¢om8 and expenditura, foi the year then ended; have been properly prepared in accordance wilh United Kingdom Generaly Accepted Accounting Prackn'ce: and have been prepared in accordance with the requirements of Ihe Companies Act 2006. Basis for opinlon We conducted our audit in accordance wilh Inlernational Standards on Audiling {UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in Ihe Auditor. responsibilities for Ihe audit of the financial slalements seclion of our report. We are independent of the group and Ihe charitable company in accordance with the ethical requirements that are Televant to our audit of the financial sta18menls in the UK, including the FRC'B Elhical Standard. and we have fulfilled our other ethical responsibilities in a¢cordance with these requirements. W8 belleve that Ihe audit evidence we have obtained is Sufficient and appropriate to provide a basis for our opinion. Canclu$lon8 r•latlnq to going concern In auditing the financial Statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainli88 relallng to events or conditions Ihal, individually or collectively, may cast significant doubl on the group's and the charitable company's ability lo continue as a going concem for a period of at least ￿e1ve months from when the financial slalements are authorised for issue. Our respon5ibililies and the responsibilitie5 of the Trustees with respect to 90ing Concern are described in the relevant sections of Ihis report. Page 13 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION (contlnued) Other Informatlon The Trustees are responsible for the other information. The other infomation comprises the infomalion included in the Annual Report of the Trustees lincludlng the Strategic Report) and Con501idaled Flnancial Slalements, other than the Consolidated Financial Statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not 8xpress any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Ihe other information and, In doing $0, consider whether the other inlormalion is materially Inconsistent with Ihe financial statements or our knowledge obtained in the course of the audit or olherwise appears to be materially mlsslaled. If we identify such material inconsistencies or apparent material misslal8m8nts, we are required to determine whether this gives rise to 8 material misstatement in the financial slalements themselv8s. If, basèd on Ihe work we have performed. we conclude that there is a material misstatement of this other infomiatlon. we ar8 required to report that fact. We have nothing to report in this regard. Oplnlon8 on other mattors prescribed by th• Companlos A¢1 2006 In our opinion, based on the work undertaken in the course of the audit.. th? informalion given in the Annual Report of the Truslees (including the Strategic Report> for the Ilnancial year for which the flnancial slalements are prep8red is consistent with the financlal stalemenls; and the Annu81 Report of the Trustee5 {Includin9 the Strategic Report) have been prepared in aC￿rdanCe with applicable legal requirements. Matt•r8 on whl¢h we are requlred to rgport by oxceptlon In the light of our knowledge and understanding of the group and ¢harilable compÉny and ils environment obtained in the course of the audit, we have not identified malerial misstatements in the Annual Report of the Trustees {inGluding the Strategic Report). We have nothing lo report in respecl of the following matters In relation lo which the Companies Acl 2006 requir•s us lo report to you rf, in our opinion.. adequate accounting records have not been kept by the ¢harilable company, or returns adequate for our audit have not been received from branches nol visited by us., or the charitable company's financial statement5 are not in ag￿ement wrth the accour41ing records and returns., or Certain disclosures of dire¢tors' remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Page 14 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION (continued) Responsibilitl8s of Trusle8s As explalned more fully in the Trustees, Responsibilities Statement sel out on pages 3 and 4, the Trustees (who are also the Directors of Ihe charitable company for the purposes of company lawl are fesponsible for the preparalion of the financial slalements and for being satisfied that they glve a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparalion of financial statements that are free from material misstatement, whether due to fraud or error. In prèparing the financial statements, the Trustees are responsible for assessing the group's and the charilab18 company's ability to conlinue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the TTuslees either intend to liquidate the group or the charitable company or lo cease operations, or have no iealisllc allerngtive but to do so. Audltof's r•spon$lbllltl¢$ for th• audit of the flnan¢lal slatements Our obj8clives are to obtain reasonable assurance about whether the financial slalements as a whole are ffee from rnalerial misslatemenl, whether due lo fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslaternenl when it exists. Misslatemenls can arise from fraud or error and are considered material if, indiviéually or in th8 aggregatè, Ihey could (easonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compllance with laws and regulalions. We design procedur8s in line with our responsibilities, oullined above, lo delect material misslalemenls in respect of irregularitles. including fraud. The extent lo which our pro¢edures are capable of delecling irre9ularilies, including fraud, is detailed below. Our assessment of Ihe susceptibility of the group's and the charitable company's financial slalemenls lo material mi5slalement, including how fraud might occur, is considered to be low. This conclusion was réached aller the consideration of the following.. due lo the relatively simple business model and low number of Iransaclions within the group and the charitable company there afe comparaliv8ly few unexpected fluclualions in the reported results and balances and any such unexpècted items would be specifically enquired into by us., and there are a number of individuals which comprise -management~ and therefore there is no single individual who is likely lo be able to ovetride controls lo effect a fraud. We designed our audit Procedures to respond to identif*d audit risks, including non-compliance with laws and regulations (irregulariliesl that are material lo the financial statements. Some of the speciflc procedures performed lo delect irregulaflties, including fraud. are detailed below.. discussions with the management involved in the risk and compliance functions including consideration of known or suspected instances of non {1,239,321} N•t Cajh Flow from Flnan¢Sng A¢llvltle8 {9,204,981} (4,782.8381 N•t Incrg4*•l on investments, in the SOFA if the shares are publicly traded or their fair value can othe￿iSe be measured reliably. Othei investments are measured at cost less Impairment. Cash h81d for investment is included within the Fixed Assets Investments, The Foundation's inveslments in subsidiary undertakings are stated at their net asset values at the year end. Page 22 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 1706,761) (277,0721 1355,8741 {1.194,4681 Total expenses {1,640,131) (1,827,414) Ex¢eptlonal item unrealised gainl(loss} on revaluation of investment properties Exceptional Item realised gain on disposal of investment properties 2,140,000 (2,565.000} 1,150,000 120.000 Nel proflV(loss) Amount donated to the Foundation 4,211,952 (15.700,000> (987,9041 (5,850,000) Retained loss in subsidiaries £(11,488,048) £16.837,904) Being.. Retained loss for the year in FIL Retained profiulloss) for the year in FICSL (11,791,454) 303,406 (4,626.149) 12,211,755) £(11.488,048) £16,837,904) Page 25 THE OLD DART FOUNDATION NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 OTHER TRADING ACTIVITIES (continued Th• a88•ts and liabllltles ol FIL and FICSL w•r•: 31 Docernber 31 Decèmber 2024 2023 Fixed assets Current assets Creditors due within 1 year Creditors due more than 1 year 34,935,100 2,695,479 (9,943,823) 52,195,100 3,177,591 12,537.706) {13.660,181) Nel assels £27,686,756 £39,174,804 Being.. Nel assets of FIL Net asse1$ ol FICSL 13,613,181 14,073,575 25.404,63S 13,770,169 £27,686.756 £39,174,804 INCOME FROM INVESTMENTS 2024 2023 Inve$tmont assets withln th• Unlled Klngdom: Quoted divldends - VK equilies Interest- UK fixed interest securities and deposil interest 9,767 127,299 8,662 40,354 Inve8tm•nt as3•t8 outslde th• Unltod Klngdom; Dividends - Overseas equities 31,578 26,235 £168,644 £75,251 Page 26 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RAISING FUNDS - INVESTMENTS 2024 2023 Investment management fees Bank chaiges 46,232 2,529 41.560 2.334 48,761 43,894 Investment management costs are c031s of managing the investment porffollo and payable to the investment managers. The investment management fees do not include Ruffer LLP management charges for the Ruffer SICAV Total Relurn Fund which amounted to £9,997 (2023- £178, 602) as Ihey have been deducted directly from the fund value. CHARITABLE ACTIVITES Allocation of grants payable and 811PPOrt ¢0s18 Grants payable Support ¢o$t• 2024 2024 Total 2024 Relief of povety Promotion of education Relief of sickness Others 3,970,189 4,634,408 2,412,143 1,406,206 346,449 404,397 210,483 122,715 4,316,638 S,038,805 2,622,626 1,528,921 £12,422,946 £1.084,044 £13,506.990 Allocation of grants payable and support C08t8 Grnnt¢ poyabl• Support cost• 2023 2023 Total 2023 Relief of povety Promotion of education Relief of sithness Others 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 Pagè 27 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE ACTIVITES (¢ontlnued) 2024 2023 Analysls of grant8 payable Rèllef of poverty International Care Ministries Cty Mission PNG Ltd Young Lives, University of Oxford Amazon Frontlines Future of Fish Open University Multiplier La VozAmi98 Plant your future Sin Tabues Innovations for Poverty Actio 1,801,384 936,614 541,072 356,384 234,154 215,236 84,462 47,550 10,243 1,854,026 1,289,998 167,586 82,458 183,667 87,881 48,148 8,229 188,907 1256,910) 3,970,189 3,910,900 DL•ring the year, grants of £2S6,910 prevlously committed end paid by the Foundalion were relurned. Promollon of educallon Drwai Pacific Unviersity Enserla Peru uccs Las Fralernas Huaraz Practical Aclion Innovations for Povety Aclion Dioceses De Chulucanas Futbol Mas Amanlani Kallpa Conecla Ideas Cruz Blanca UMCH SOLID Casa De La Mujer- Chimbote Children Casa Oe La Mujer- Huamachucho CANDES Divine Word Unlversity MCR GRADE- Conecta Ideas Corporacion de Ayuda 81 nino Desnut {CANDES) 841.246 619.223 592,109 433,592 316,164 293,980 290,157 276,590 239,077 154,647 147,481 119,630 110,428 85,516 48,197 32,384 27,789 4,309 1,889 895,032 141,238 3,519,688 229,948 79,858 157,075 219,172 113,990 120,552 118,812 132,416 45,136 33.972 155,513 25,005 4.634.408 5,987.407 Page 28 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 CHARITABLE ACTIVITES (continued) 2024 2023 Analysls of grants payable (continued) Rolief of slckness GRADE Australian Doctors International Health Education Cllnic Fondazione L'alebero Della Vita Onlu Si Da Vida UPNG Solar Project Royal Botanic Gardens Kew Hablemos Ca5a De La Mujer ENGA Baplisl Heallh Services The Leprosy Mission Celpro Belania PNG Society 771,574 638,344 289,791 154,014 123,530 105,996 98,876 70.243 58,239 46,559 38,558 20,847 15.572 467.697 450,645 169,892 1 $9,843 127,956 85.6S1 61,595 58,157 86.147 20.142 20,923 £2,412,143 £1,708,648 Gender Based Vlolen¢e and Others CESAL Global fund for Women Santa Befnadella PMC W8yka MFROA Chimbole Women- Casa De La Mujer Bougainvllle Women PNG Obslelricians Mola Foundation Women Leaders Network Payel Rey Cauvi Pe￿2 legal f88S Workshop speakers and expenses Others Kallpa SOLID Esludio Grau Behavioural Insight Youn9 Lives University of Oxford Sustainabllity Grants 353.166 239,002 204,636 139,355 120.748 86,205 61,188 55,205 45,284 45,026 39,778 9,440 5,402 1,216 318 237 123,044 85,046 201,659 40.996 67,139 41.247 363 12,900 2,589 81.867 18,923 18,866 130,754 87,471 £1,406,206 £912,864 Tolal 9r4nts payabl• £12,422,946 £12,519,819 Pa9e 29 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITES {eontlnuod) 2024 2023 Total Grant8 broughl forward 12.422,946 12.519,819 Analysls of support ¢o$ts Governance ¢ostS (Note 61 Granl consultancy and other support costs Staff Costs (Note 7) Trustees travel and other expenses to grant projacls 185,350 538,151 234,075 126,468 125,835 409,030 209,538 139,429 £1,084,044 £883,832 Total Charitable Aetivities £13,506,990 £13,403,651 GOVERNANCE COSTS 2024 1023 Audil Fees Accountancy Legal Fees Insurance 14.520 142,830 20.911 7,089 14,520 100,668 2,965 7,882 £185,350 £125,835 Page 30 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS 2024 2023 S￿alle8 National Insurance Pension contributions 194,210 23,248 16.617 173.336 20,459 15,743 £234,075 £209,538 The key management personnel of the Foundation. comprise the Trustees who are a150 directors of the charitable company and who received no remuneration. The Foundalion had 7 paid employees on average for the year (2023 - 5). One employee received lolal employee benefits of between £100,000 and £110,000 (2023 - one bglw68n £90,000 8nd £100,000). 3 of the 7 employees ale based overseas and are not included wilhln the UK payroll costs oullined above. Ralher the cosls of these 3 employees are included within grant consultancy and other support costs above and total £146,408 (2023- £133.632). The Foundation conlrlbutes to the defined contribulion personal pension plan of the employees and contributions are charged in Ihe Statement of Financial Activities as they become payable The charge for the yearwas £16,617 (2023- £15.743). There werè £1,515 pension amounts owing at 31 December 2024 (2024 - £1.355), NET MOVEMENT IN FUNDS 2024 2023 This is staled after Charging.. Audito¢s remuneration - audit Audilo¢$ remuneration - other seNices 14,520 142.830 14,520 100,668 The decrease in funds of £8,459.210 (2023- £15,188,022) in the year arose due lo nel outgoing resources of £12,501,754 (2023- £11,915, 798). realised gains on investments of £277.995 (2023 losses £330,542), unrealised gains on revalualion of investments of £495,826 (2023 losses £511,606). net losses on foreign exchange of £21.277 12023 - £14,324), unrealised gains on revaluation of investment properties of £2, 140.000 (2023 losses- £2,565, 000) and realisèd gains on disposal of investment properties of £1,150,000 (2023- £120,000). Page31 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT PROPERTIES Group Long Term Leasehold Inve8tment Propertle6 31 Deeemb•r 31 December 2024 2023 Valuatlon As at 1 January 2024 FIL FICSL 33,635,000 18,560,000 43,040,000 20,370,000 52,195,000 (19,400,000) 2,140,000 63.410,000 {8.650,000) {2,565,000) Disposals Surplu51{Deficit) on revaluation As at 31 December 2024 34,935,000 52,195,000 Belng.. FIL FICSL 16,375,000 18,560,000 33,635,000 18,560.000 As at 31 December 2024 34,935,000 52.195,000 The 2024 valualions were made by Jones Lang Lasalle Limited, property agents registered with RICS, as at 31 Oecember 2024, on an open market value for exisllng Use basis. The directors of FIL and FICSL consider that the valuations were a lalr relleclion of the investment properties as al 31 December 2024. The historic cost of the inveslment properties is £19,700,000 (2023- £30,200, 000). During th8 year, FIL sold lour investment properties for a tolal amount of £20,550,000 resultln9 in a profil of £1,150,000 which is included in the Consolidated Stalemenl of Financial Activities. A deferred tax liability of £2,805,000 (2023 - £3,551,000) in fespecl of the investment propety revaluation surplus has not been recognised as it is considered probable that a glft aid payment would be made by the subsidiary undertakings which would sel against the profil for tsx purposes, hence it is not considored probable that the deferred lax liability will crystallise. The charitable company doe$ not have any investment properties in either reporting period. Page 32 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. INVESTMENTS AND CASH UNDER MANAGEMENT Group Company 31 Decombor 31 Docemb•r 31 December 31 December 2024 2023 2024 2023 Total Inv8slm8nls £8,338,927 £12,835,451 £36,025,581 £52.010.153 Unrealised 9ainl(lo$$) on investments.. Realised gainl(k)ss) ¢)n investments.. 49S,826 (511,606) (10,922,222) (7,349,510) 277,995 (330,542) {277,995) (285.035) Net galnl(1086) on lThve8tm•nts £773.821 £(842,148) £111,270,217) £17,634,545) 1 January 2024 D18posalsl Impalmiènts Unr•alls•d 31 DgGemb•r galnl(loss> 2024 Group Additions Other investments Quoted securities Cash h8ld by custodian$ 100 100 12,624,022 211.329 1,769,196 3,554.853 (10.316,399) 496,826 4,572.645 3.766,182 £12,835,451 £5,324.049 £110,316,399) £495,826 £8.338,927 1 January 2024 Disposalsl Impairments Unr•all8gd 31 December gainl(loss 2024 Company Addltions Investrnent in subsidiaries (Note 21 Quoted securlties Cash held by custodians 39.174,802 (11,488,048) 27,686,754 12,624,022 211,329 1.769,196 3,554,853 110,316,399) 495,826 4.572,645 3,766,182 £52,010,153 £5,324,049 £(10,316,399) £(10,992,222) £36,025.581 Page 33 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. INVESTMENTS AND CASH UNDER MANAGEMENT (continued) In 2020, the Trustees reviewed the likelihood of receiving full repayment ol a debenture. previously included in other inveslmenls, and its related accrelion income, which had been accrued since ownership of the debenture was passed lo the Foundation, included within accrued Income. Following this review, the Trustees believed il unlikely that the debenture would be repaid and therefore made a full provision against the debenture asset and its related accretion income in 2020. The Trustges conlinue to hold this view. DEBTORS Group Company 31 Dac•mber 31 Docèmber 31 December 31 Ooc•mber 2024 2023 2024 2023 Trad8 deblcrs Other deblors Prepayments and accrued income 18,754 927,179 31,537 642,972 8,231 22,558 8,495 £651,203 £977,470 £22,558 £ 8,495 12. CREDITORS - amount8 falllng due wlthln one y•ar Group Company 31 December 31 D•¢•mbgr 31 Do¢•mber 31 De¢emb?r 2024 2023 2024 2023 Trade credltors Other taxes and s¢xial security Other cr8dilors Accrvals and delerred Income Accruals for grants payable Bank loans 8.248 78,065 163,354 645.914 2,093,040 7,573,660 44,116 130,335 931,605 305.791 939,564 2,385.483 5,871 34.775 59,480 2,093,040 6,089 12.963 57,846 939.584 2,385,483 10,562,279 £4,736,894 2,193,166 £3,401,945 The bilateral loan facility with Rothschild is for a term of 5 years to 14 December 2025, with interest payeble at the rate 012.3°k above SONIA. Repayment of the loan facility is not due unlll 14 December 2025. Mandatory prepaymenls are required on the occurrence of certain events, $u¢h as the company receiving cash from selling any propety and other proceeds, During the current year, £6,082,123 was repaid as a result of property sales occurrtng (2023 - £5,929.000). Page 34 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. CREDITORS- amount$ falllng due within one year (continued) This facility, including accrued interest. is secured by a registered first mortgage over FIL'S and FICSL'S investment pioperties and by fixed and floating charges. Subsequent to the year end, the directors havè agreed terms with Rothschild to refinance the loan with a revised expiration dale of Jun8 2028. 13. CREDITORS- amount8 falllng duo after mor• than one year Group Company 31 December 31 December 31 Oecemb•r 31 December 2024 2023 2024 2023 Bank108ns Olher creditor8 13.655,783 4.398 £13,660,181 See Note 12 for details of bank loans. Page 35 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. GRANT COMMITMENTS As mentioned In the Trustees Report, a number of charitable pledges have not been provided in these financial statements as they are subject to a number of conditions which are required to be met before further payments may be released, Al 31 December 2024, the total of these contingent liabililies was £6,578.026 (2023 - £10, 893,042) as set out below.. Group and Company 31 Decombor 31 D•cgmb•r 2024 2023 Amazon Frontlines Multiplier - Futur8 of Fish ucss Enseha Peru Global Fund for Women IPA GRAOE- Conecla Ideas Divine World Universrty APNG- Womens Leaders Ne￿ork Futbol Mas Fondazione L'alebero Della Vita Clty Mission PNG GRADE- CREER Australia Doctors International UPNG Rural Health Sociely of Obstetricians & Gynaecologists of Papua New Guinea Mola Amantani Open University CESAL Madang FoTest Re$our¢e Owners Association Wayka Haku - Bourgainville Women SOLID- Empowering Adolescent rnothers Sin Tabues Inlernalional Care Ministries University of Oxford - Young Lives Sl Bernadette's Children Centre UMCH- Learning Communities Royal Botanic G8rdens Kew Cas8 De L8 Mujer- Catalina McAuley Population Media Cenlre Leprosy Mission Inlernational CANDES Chimbote Women's House Association 665,548 436,111 427.453 417,298 400.180 395.9S0 379,127 363,199 359,193 347.479 319,591 267,059 244,188 223.592 218.548 206,973 185.269 156,372 154,935 110.288 85,209 81,565 76,996 55,903 1,018,380 167,531 622,786 1,036,981 40,161 147,420 864,033 211,755 1,139,166 911.099 837,623 484,179 78,651 504.430 125.677 1,808,370 321.488 196,717 110,575 89,732 58,134 50,598 38,472 28,062 1,022 É6,578.026 £10,893,042 Page 36 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS AND RELATED PARTIES No Truslea received any remuneration during the year ended 31 December 2024 (2023 - £NIL). There were no relaled pgrty transactions in the yeaT, Other than Set out below. Tru8t••s' expenses During the year, the Foundation paid £126,468 (2023 - £139,426) for trav81 and other expenses in relalion to project and other visits in various countries carried out by the Trustees on behalf of the Foundation. The number of Trustees that had expenses reirnbursed in the year was 6 f2023- 6). The gfOUP has taken advantage of the exemption not lo disclose any Iransaclions with group companies where 1 Oooh of Ihe voting rights are controlled by the group. 16. ULTIMATE CONTROLLING PARTY The ultimate controlling party is the Board of Trustees. There bs no single controlling party. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movement in funds Interest payable and paid Investment income and bank deposit interesl Unrealised gain on investments Realised (gainllloss on investment Profil on disposal ol investment propety Decrease in debtors Incr8ag8 in creditors (8,459,210) {15.188.0221 737,375 1,239,321 (168,6441 (82,889) (2,635,826) 3,076,606 {277.9951 330,542 {1,150,000) (120,0001 326,267 233,101 632,810 616,916 Net cash outflow u8•d In oporatlng actlvltios (10.995,223) (9,894,225) Analysls of net fund8 Cash flow In the year 8,254,756 3,766,182 Cash flow in the year 2,465,971 211,329 Cash at bank Gash held by custodian INole 10) At 31 December 2024 12,020,938 £2,677,300 Page 37 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 18. HNANCIAL INSTRUMENTS The carrying amounts of the financial instruments are as lollows.. Group Company 2024 2023 2024 2023 Financial assefs Debt instruments measured at amortised cost.. Trade debtors (Note 11) Accrued income (Note 11} Other debtors (Note 11) Equily instruments measured al cost less impairmenL' Shares in subsidiary undertaklngs (Note 21 18,754 16,010 938.925 642.972 22,5S9 Equity instruments measured al fair value Ihrou9h nel income l expenditure.. Cash and cash equivalents Inveslmenls in quoted securitles (Note 10) 8,254,756 2,465,971 4.572.645 12,624,022 7.762,832 1,480,112 4,572.645 12,624,022 Financial liabililies Measured al amortised cost Bank loan5 and overdrafl {Notes 12 & 131 Trade Credrtors {Note 12) Accruals (Nole 12) Other creditors (Notes 12 & 13) 7,573,660 16,041,266 8.246 44,116 163.152 247,945 163.354 321,396 2,385.483 14.520 34,775 14,520 12,963 The income, expenses, nel gains and net108898 attrlbutable the charity's financial inslrumenls are SLunmarised as follows.. Group Company 2024 2023 2024 2023 Income and expense Nel gain￿(lO$Se$) {in¢luding changes in fair value) (1.902,544) {3,287.148) 10.735,502 (7,634,545)