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2023-07-31-accounts

Company Registered Number: 03816852 Charity Registered Number: 1078770

GIVINGWORKS

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

GIVINGWORKS

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2-6
Independent Auditor's Report on the Financial Statements 7-10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14-25
The following page does not form part of the audited financial statements:
Appendix 1: Detailed Statement of Restricted Funds 26-27

GIVINGWORKS

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Trustees Neil Sandy, Chair of Trustees Peter Spencer Ritchie MacDonald Peter West Company registered number 03816852 Charity registered number 1078770 Registered office 1st Floor 65 Leadenhall Street London EC3A2AD Company secretary Neil Sandy Independent auditor Levicks Chartered Accountants 61 London Road Maidstone Kent ME16 8TX Solicitors Wellers Law Group LLP 1st Floor 65 Leadenhall Street London EC3A2AD

Page 1

GIVINGWORKS

(A Company Limited by Guarantee)

TRUSTEES'REPORT FOR THE YEAR ENDED 31 JULY 2023

Report of the trustees for the year ended 31st July 2023

The trustees present their annual report and audited financial statements of the Charity for the year ended 31st July 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity’s Articles of Association, the Charities Act 2011 and the Statement of Recommended Practice: Charities SORP (FRS 102) second edition.

Structure, governance and management

The Charity is a registered charity, number 1078770, and is constituted under a Memorandum and Articles of Association dated 30th July 1999 as amended by a written resolution dated 18[th] July 2003. The charity was established to enable the making of grants to charities and charitable projects worldwide and does so by encouraging others to be philanthropic by recognising the cost and time it takes to establish and undertake the administrative burden of running a charity and that this burden precludes many people from undertaking charitable activities. GivingWorks through its work and expertise removes much of this barrier.

New trustees are appointed by the existing trustees after which they may put themselves forward for re-appointment. The Articles of Association provide for a minimum of 3 trustees.

At the quarterly trustees’ meetings, the trustees agree the broad strategy and areas of activity for the Charity, including consideration of grant making, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the relevant committee is delegated to the Administrator/Book-keeper team with appropriate levels of authority and discretion.

Assisting the management of the Charity is ongoing advice from the Wellers Law Group, an award-winning legal firm with extensive charity experience who can assist in considering new grant applications, ensuring they fulfil the relevant criteria. The Trustees consider the monitoring of information concerning the performance of grants to date, extensions, cessation or suspension of existing grant approvals as working well.

The trustees are particularly grateful to Heather Sandy for overseeing the growth in the Charity over recent years.

The trustees formally approved arrangements complying with the ICSA guide ‘Recruitment, Appointment and Induction of Charity Trustees ’on a regular basis both to recruit new trustee(s) for their experience, empathy and knowledge of the Charity and to keep the skills and composition of the trustee body and succession planning under review.

The induction process applies good practice guidelines with a formal induction programme for any newly appointed trustee which includes an initial meeting with the Chair and the trustees, followed by a series of meetings with Administrator/Bookkeeper on the grant making process and powers and responsibilities of the trustee board. Copies of the trustee board minutes, a copy of the last three years' of annual reports and accounts, a copy of the governing trust deed and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know ’and ‘Charities and Public Benefit’ are shared.

All trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in notes 13 and 21 to the accounts. Trustees are required to disclose all relevant interests and register them and in accordance with the Charity’s policy to withdraw from decisions where a conflict of interest arises.

Page 2

(A Company Limited by Guarantee)

GIVINGWORKS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Risk management

The trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The aftermath of the Covid-19 pandemic affected the financial year in question. Those micro-trusts that relied on group gatherings and travel adjusted to working on-line but the resulting inflationary pressures have suppressed fundraising in some sectors. Overall, the charity has a diverse range of micro-trusts and good reserves. The charity has operated remotely for many years, so it is wellprepared operationally.

The trustees consider maintaining evidence of grant money being used for its intended charitable purposes to constitute the Charity’s major risk. Fundraising is undertaken by ‘in aid of Volunteers’ and we have been reviewing ways we can help fundraisers keep a strong awareness of best practices in this regard.

A mechanism of reporting and reviewing assists us and those we support in keeping track of how grants contribute to the public benefit derived from our funding of their work.

Objectives and activities for the public benefit

The objects of the Charity are to support and encourage those that want to be philanthropic. The trustees discharge this responsibility through establishing Micro-trusts which provide donors with the ability to fundraise around charitable purposes and projects and direct our grant-making towards approved objectives.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the policies for the year.

The Charity carries out these objects by:

During the year ending 31st July 2023 the Charity

Page 3

(A Company Limited by Guarantee)

GIVINGWORKS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Financial review

The Charity’s work is reliant on donations raised by Micro-trust account holders. During the year the Trustees have focused on developing a marketing and communications strategy that would build on the sectors that have been growing, in particular festivals who give back to the local communities and attract a large number of young people and companies who want to encourage employee engagement.

Reserves policy

The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure.

The balance held as unrestricted funds at 31st July 2023 was £40,146.

Plans for the future

The Board are encouraged by the numbers of businesses and individuals wanting to pursue their passions to be philanthropic. With little time available to set-up and undertake the administration and governance required to run a charity, the need to demonstrate true independence to stakeholders and have ready access to information, accounting and legal charity expertise, GivingWorks is more popular than ever. The Charity was established in 1999 and has celebrated its 24th anniversary.

GivingWorks provided encouragement to our community of philanthropists by providing ongoing administrative support, assisting our clients with running their charitable micro-trust accounts by taking care of most of the administration required letting philanthropists focus more of their time and efforts on their charitable cause.

The GivingWorks website continues to attract an ever-growing number of potential private and corporate philanthropists seeking a smart and efficient way to establish and run their own charitable foundation. Expenditure on expert marketing and communications is helping to improve the charity’s reach.

The accounts for the year ending July 2023 are encouraging. GivingWorks has made significant progress on all fronts during the last 12 months when compared to the previous year.

Support and governance costs remain tightly controlled at just over £42,073 which includes audit fees.

Grants were made to 184 different organisations, up from 125 in the previous year.

Page 4

GIVINGWORKS

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Plans for the future Continued

The progress made during the year can be primarily put down to a series of important developments such as:-

Trustees ’responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees ’Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

Page 5

(A Company Limited by Guarantee)

GIVINGWORKS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, Charities Act 2011 and the provisions of the Articles of Association. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.

Approved by the trustees on 29 April 2024 and signed on their behalf by:

Neil Sandy

N SANDY CHAIR of TRUSTEES

Page 6

(A Company Limited by Guarantee)

GIVINGWORKS

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIVINGWORKS

Opinion

We have audited the financial statements of GivingWorks (the 'charitable company') for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 7

GIVINGWORKS (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIVINGWORKS (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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 express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

GIVINGWORKS (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIVINGWORKS (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 9

(A Company Limited by Guarantee)

GIVINGWORKS

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIVINGWORKS (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with section 144 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

J A GRIGGS FCA LEVICKS Chartered Accountants, Business Advisers and Statutory Auditors 61 London Road Maidstone Kent ME16 8TX

29 April 2024

Page 10

GIVINGWORKS

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds
before transfers
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
**Total funds carried forward **		 Restricted
funds
2023
£
1,943,771
-
4,159
1,947,930
51,103
1,887,572
1,938,675		 Unrestricted
funds
2023
£
-
61,215
-
61,215
-
42,073
42,073		 Total
funds
2023
£
1,943,771
61,215
4,159
2,009,145
51,103

1,929,645
1,980,748		 Total
funds
2022
£
1,648,794
40,193
76
1,689,063
31,780
1,400,142
1,431,922
9,255
(10,548)
(1,293)
1,111,486
(1,293)
1,110,193		 19,142
10,548
29,690
10,456
29,690
40,146		 28,397
-
28,397
1,121,942

28,397
1,150,339		 257,141
-
257,141
864,801
257,141
1,121,942

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 14 to 25 form part of these financial statements.

Page 11

GIVINGWORKS (A Company Limited by Guarantee) REGISTERED NUMBER: 03816852

BALANCE SHEET AS AT 31 JULY 2023

Note
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 2023
£
74,258
1,188,924
1,263,182
(112,843)		 2023
£


1,150,339
1,150,339
1,110,193
40,146
1,150,339		 2022
£
166,622
998,077
1,164,699
(42,757)		 2022
£
1,121,942
1,121,942
1,111,486
10,456
1,121,942

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Neil Sandy Chair of Trustees Date: 29 April 2024

The notes on pages 14 to 25 form part of these financial statements.

Page 12

GIVINGWORKS

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
Cash flows from operating activities
Net cash used in operating activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 14 to 25 form part of these financial statements		 2023
£
190,847
190,847

998,077
1,188,924		 2022
£
137,844
137,844
860,233
998,077

Page 13

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. General information

Givingworks is a charitable company limited by guarantee and is registered with the Charity Commission (Charity Registered Number: 1078770) and Registrar of Companies (Company Registration Number: 03816852) in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

The address of the registered office is 1st Floor, 65 Leadenhall Street, London, EC3A 2AD.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

GivingWorks meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in pound sterling which is the functional currency of the Charity and are rounded to the nearest pound.

2.2 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for a period of at least one year from the date of the approval of these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Page 14

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 15

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.8 Financial instruments

The Charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement bases are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 15. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in Note 16. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

2.9 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 16

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There were no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from donations

Donations
Total 2022		 Restricted
funds 2023
£
1,943,771
1,598,024		 Unrestricted
funds 2023
£
-
50,770		 Total funds
2023
£
1,943,771
_1,648,794 _		 Totalfunds
2022
£
1,648,794

Page 17

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

5. Income from charitable activities

Start up fees
Admin fees receivable
Total 2023
Total 2022
6. Investments
Bank interest received
7.
Expenditure on raising funds
Direct costs		 Unrestricted
funds2023
£
7,500
53,715
61,215
40,193
Restricted
funds2023
£
4,159
Restricted
funds2023
£
51,103		 Totalfunds
2023
£
7,500
53,715
61,215
40,193


Totalfunds
2023
£
4,159
Totalfunds
2023
£

51,103		 Totalfunds
2022
£
4,000
36,193
40,193
Totalfunds
2022
£
76
Totalfunds
2022
£

31,780

Page 18

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8. Analysis of expenditure on charitable activities - by fund

Charitable activities
Total 2022		 Restricted
funds
2023
£
1,887,572
1,284,397		 Unrestricted
funds
2023
£
42,073
115,745		 Total
2023
£
1,929,645
1,400,142		 Total
2022
£
1,400,142

9. Analysis of expenditure on charitable activities - by type

Charitable activities
Total 2022
Analysis of direct costs
Fundraising expenses
Bank charges
Total 2023
Total 2022		 Activities
undertaken
directly
2023
£
493,634
463,901		 Grant
funding of
activities
2023
£
1,393,938

902,652		 Support
costs
2023
£
42,073

33,589
Charitable
activities
2023
£
490,368
3,266
493,634
463,901		 Total funds
2023
£
1,929,645

1,400,142
Total funds
2023
£
490,368
3,266
493,634
463,901		 Totalfunds
2022
£
1,400,142
Totalfunds
2022
£
461,539
2,362
463,901

Page 19

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. Analysis of expenditure on charitable activities - by type (continued)

Analysis of support costs

Website page expenses
Bank charges
Office expenses
Insurance
Consultancy fees
Legal and professional fees
Travel and accommodation
Entertainment
Motor vehicle expenses
Governance costs
Total 2023
Total 2022		 Charitable
activities
2023
£
5,406
395
3,855
2,661
17,237
1,307
48
372
-
10,792
42,073
33,589		 Total funds
2023
£
5,406
395
3,855
2,661
17,237
1,307
48
372
-
10,792
42,073
33,589		 Totalfunds
2022
£
330
1,368
2,988
3,116
12,000
736
-
131
3,456
9,464
33,589

Page 20

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

10. Analysis of grants

Charitable activities
Total 2022		 Grants to
Institutions
2023
£
1,393,938
902,652		 Total
funds
2023
£
1,393,938
_902,652 _		 Total
funds
2022
£
902,652

11. Governance costs

Auditor's remuneration - Audit of the financial statements
Auditor's remuneration - Other services		 2023
£
7,080
3,712
10,792		 2022
£
6,209
3,255
9,464

12. Auditor's remuneration

The auditor's remuneration amounts to an audit fee of £7,080 (2022 - £6,209), and fees for the preparation of the accounts of £4,680 (2022 - £3,255). Auditor’s remuneration – other services for 2023 in note 11 includes an adjustment for an over accrual of £968 in the previous year.

13. Trustees' remuneration and expenses

In both the current and previous accounting periods the Charity had no staff costs.

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 July 2023, expenses totalling £1,740 were paid to 2 Trustees for meeting expenses and promotional expenses (2022 - £1,124 to 3 Trustees for legal advice and promotional expenses).

14. Staff costs

In both the current and previous accounting periods the Charity had no employees.

Page 21

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

15. Debtors

Due within one year
Trade debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
Accruals		 2023
£
17,117
57,141
74,258
2023
£
66,865
45,978
112,843		 2022
£
22,512
144,110
166,622
2022
£
31,450
11,307
42,757		 2022
£
22,512
144,110

16. Creditors: Amounts falling due within one year

Page 22

GIVINGWORKS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

17. Statement of funds

Statement of funds – current year

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balance at 1|Transfers|Balance at| |August 2022|Income|Expenditure|31 July 2023| |£|£|£|£|£| |Unrestricted funds| |General funds|10,456|61,215|(42,073)|10,548|40,146| |Restricted funds| |Restricted funds|1,111,486|1,947,930|(1,938,675)|(10,548)|1,110,193| |Total of funds|1,121,942|2,009,145|(1,980,748)|-|1,150,339|

----- End of picture text -----

The general funds represents start up and administration fees received by the Charity for their administration of micro-trust funds, less any support and governance costs incurred in the general activities of the Charity.

The restricted funds comprise a number of micro-trusts. Each micro-trust is set up and administered by the Charity, with the specific donations receivable, grants payable as well as other fees incurred attributable to each fund. A more detailed analysis can be found in Appendix 1 to these accounts.

Statement of funds - prior year

----- Start of picture text -----
|||||| |---|---|---|---|---| |Balance at| |1 August|Balance at| |2021|Income|Expenditure|31 July 2022| |£|£|£|£| |Unrestricted funds| |General funds|35,162|91,039|(115,745)|10,456| |Restricted funds| |Restricted funds|829,639|1,598,024|(1,316,177)|1,111,486| |Total of funds|864,801|1,689,063|(1,431,922)|1,121,942|

----- End of picture text -----

Page 23

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Current assets
Creditors due within one year
Total
Analysis of net assets between funds-prior year
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
£
1,205,363
(95,170)
1,110,193
Restricted
funds
2022
£
1,111,486
-
1,111,486		 Unrestricted
funds 2023
£
57,819
(17,673)
40,146
Unrestricted
funds
2022
£
53,213
(42,757)
10,456		 Total funds
2022
£
1,263,182
(112,843)
1,150,339
Total
funds
2022
£
1,164,699
(42,757)
1,121,942

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Increase in debtors
Increase in creditors
Net cash provided by operating activities		 2023
£
28,397
92,364
70,086
190,847		 2022
£
257,141
(140,829)
21,532
137,844

Page 24

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

20. Analysis of changes in net debt

Cash at bank and in hand At 1 August
2022
£
998,077
998,077		 Cash flows
£
190,847
190,847		 At 31 July
2023
£
1,188,924
1,188,924

21. Related party transactions

Heather Sandy, the wife of Neil Sandy (a Trustee), was paid £17,094 in the year for consultancy, administration and accounting services (2022 - £12,000). At the 31 July 2023, £3,534 was outstanding (2022 - £5,350).

During the year, £3,000 (2022 - £160) was paid to Entity Social Ltd for research and communications work provided to the Charity. The directors of Entity Social Ltd are Ritchie MacDonald’s daughter and Neil Sandy’s son. At the year end, no amounts were outstanding.

Givingworks paid £1,200 (2022 - £663) to the Wellers Law Group during the year in respect of professional services. Givingworks Chair, Neil Sandy, is CEO of Wellers Law Group and a Givingworks Trustee, Peter Spencer and Ritchie Macdonald are employees of the Wells Law Group and Givingworks Trustee’s.

During the year, Givingworks made a grant of £1,000 (2022 - £500) on behalf of one of its micro-trusts to a Charity of which Neil Sandy, a Trustee of Givingworks, is also a Trustee.

22. Transfer from restricted funds to unrestricted funds

The trustees have approved a transfer from restricted funds to unrestricted funds of £10,548 relating to the historical misallocation of expenses treated as unrestricted expenditure that should have been treated as restricted expenditure.

Page 25

GIVINGWORKS (A Company Limited by Guarantee)

APPENDIX 1: DETAILED STATEMENT OF RESTRICTED FUNDS FOR THE YEAR ENDED 31 JULY 2023

Balance at Balance at
1 August 31 July
2022 Income Expenditure 2023
£ £ £ £
196 Marathon 19,526 44,073 (55,659) 7,940
Action for Burns & Children 26,993 - (54) 26,939
Adventure with Autism (16) - - (16)
Azimayi Aku Malawi 2,632 7,123 (9,480) 275
Back to the Track (12) - - (12)
Black British Academics 1,014 121 (920) 215
Boardmasters 20,056 103,250 (64,012) 59,294
Brain Builders Pilot 14,792 - (9,433) 5,359
Building Together 16,826 22,555 (24,430) 14,951
Cottman Charitable Foundation 23,890 22,847 (16,024) 30,713
Cycle Croatia 9,066 23,369 (28,044) 4,391
Cycle Thailand 16,883 (10,378) (3,849) 2,656
David Wheaton Memorial Foundation 8,230 43 (979) 7,294
Delifresh Community Foundation - 7,520 (522) 6,998
Firth Family 4,251 16,284 (10,619) 9,916
Fountain House 5,245 10,400 (9,902) 5,743
Friends of Nairoshi - 2,304 (55) 2,249
Givingplus 805 - - 805
Goodsport Foundation 8 (8) - -
Grit & Rock 2,432 - (55) 2,377
Harah Giving (160) - (10) (170)
Hogchester Conservation 8,061 50 (3,142) 4,969
Impact Marathon Foundation 6,425 60,219 (32,270) 34,374
Incisive Media Foundation 32,715 260 (20,276) 12,699
lnfopro (132) - - (132)
Jorja Foundation 351 20 (276) 95
Judy Machin Educational Trust 1,578 - (55) 1,523
K2 Foundation - 15,880 (707) 15,173
Kids Farm Trust 774 - (55) 719
Leeds Properties Foundation 2,117 1,130 (185) 3,062
Legacy 2,386 (1,476) (4,712) (3,802)
M Foundation - 250,592 (2,020) 248,572
Manchester Remembers - 200 - 200
Mark Allen Foundation 24,106 24,885 (24,310) 24,681
Meers Global Foundation 10,874 5,559 (14,731) 1,702
Mr Alex Hairdressing Foundation 2,991 12 (471) 2,532
NASS Community 4,037 16,000 (16,000) 4,037
Open Hands 2,642 1,868 (3,878) 632
Oscar Foundation 930 60 (279) 711
Redwheel Foundation - 365 - 365
Richard & Hilary Grey Foundation 34,010 172 (4,960) 29,222
RPP Foundation 4,072 25 (5) 4,092
Run 2 34,019 106,725 (68,170) 72,574
Score a Bed 234 256 (288) 202
Shaping Futures 7,382 7,404 (894) 13,892
Springboard 21,737 135 (7,641) 14,231

Page 26

GIVINGWORKS (A Company Limited by Guarantee)

APPENDIX 1: DETAILED STATEMENT OF RESTRICTED FUNDS FOR THE YEAR ENDED 31 JULY 2023

Spoonful Bursaries - 7,500 (3,420) 4,080
Sporting Futures - 6,278 (4,500) 1,778
Street Animals In Distress - 1,352 (36) 1,316
Support Kharkiv Foundation 7,998 31,281 (28,814) 10,465
Taking Pictures Changing Lives 4,668 11,965 (8,049) 8,584
The Mason Foundation 6,289 3,170 (252) 9,207
The Thomas Kirkham Foundation 842 - - 842
The Tramlines Trust (133) 32,675 (31,491) 1,051
Truck Festival Trust 709 14,203 (13,996) 916
Ventilate Africa (208) - - (208)
Waleswood Foundation - 501,804 (304,020) 197,784
Wirral Sports Forum - 2,607 (1,160) 1,447
Woman_v_Cancer 1 206,871 47,912 (267,457) (12,674)
Women_v_Cancer 2 21,091 (19,203) (1,128) 760
Women_v_Cancer 3 109,458 (34,555) (32,726) 42,177
Women_v_Cancer 4 12,684 17,978 (18,317) 12,345
Women_v_Cancer 5 954 36,461 (1,324) 36,091
Women_v_Cancer 6 0 16,540 (1,254) 15,286
Women_v_Cancer 7 48 2,310 (591) 1,767
Worldwide Action 3,264 (1,102) 34 2,196
WvC-CI (12) - - (12)
WvC-OC 114,872 73,727 (158,311) 30,288
WvC- Ride the Night Edinburgh 2,754 - (60) 2,694
_WvC-_RTN 118,594 418,747 (458,929) 78,412
_WvC_Cycle Milan to Venice 126,973 36,436 (163,502) (93)
Transfer to unrestricted funds - - - (10,548)
Total of Restricted Funds 1,111,486 1,947,930 (1,938,675) 1,110,193

Page 27