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← Givingworks

2024-07-31-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 2024

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 2024

Trustees Neil Sandy, Chair of Trustees
Peter Spencer
Ritchie MacDonald
Peter West (Resigned 23/1/25)
Company registered
number 03816852
Charity registered
number 1078770
Registered office 1st Floor
65 Leadenhall Street
London
EC3A 2AD
Company secretary Neil Sandy
Independent auditor Levicks Audit Services Limited
61 London Road
Maidstone
Kent
ME16 8TX
Solicitors Wellers Law Group LLP
1st Floor
65 Leadenhall Street
London
EC3A 2AD

Page 1

(A Company Limited by Guarantee)

GIVINGWORKS

TRUSTEES'REPORT FOR THE YEAR ENDED 31 JULY 2024

Report of the trustees for the year ended 31st July 2024

The trustees present their annual report and audited financial statements of the Charity for the year ended 31st July 2024. 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 12 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 2024

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. Overall, the charity has a diverse range of micro-trusts and good reserves so the trustees consider GivingWorks well placed to weather the levels of uncertainty that have prevailed and have been providing and sharing support and advice to micro-trust holders to help them adjust to tougher fundraising circumstances. The trustees are thankful to a group of volunteers for assisting the charity through the year.

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 promote such exclusively charitable purposes in any part of the world as the trustees may from time to time decide. 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 grantmaking 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 2024 the Charity

Page 3

(A Company Limited by Guarantee)

GIVINGWORKS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Financial review

The Charity’s work is reliant on donations raised by Micro-trust account holders.

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 31 July 2024 was £63,797 against a 3 month spend of £10,580.

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 25th 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 2024 are encouraging. GivingWorks has made significant progress on all fronts during the last 12 months.

Support and governance costs remain tightly controlled at just over £47,147 which includes audit fees and activity undertaken to promote GivingWorks to new audiences.

Grants were made to 170 different organisations.

Page 4

GIVINGWORKS

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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

GIVINGWORKS

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 24 April 2025 and signed on their behalf by:

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 2024 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

GIVINGWORKS

(A Company Limited by Guarantee)

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.

Mrs Julie Griggs FCA Senior Statutory Auditor For and on behalf of Levicks Audit Services Limited

25 April 2025

West Hill 61 London Road Maidstone Kent ME16 8TX

Page 10

(A Company Limited by Guarantee)

GIVINGWORKS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

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
2024
£
1,845,745
-
9,353
1,855,098
55,952
1,646,774
1,702,726
152,372
-
152,372
1,110,193
152,372
1,262,565		 Unrestricted
funds
2024
£
-
70,798
-
70,798
-
47,147
47,147
23,651
-
23,651
40,146
23,651
63,797		 Total
funds
2024
£
1,845,745

70,798

9,353
1,925,896
55,952
1,693,921

1,749,873

176,023

-

176,023
1,150,339

176,023

1,326,362		 Total
funds
2023
£
1,943,771
61,215
4,159
2,009,145
51,103
1,929,645
1,980,748
28,397
-
28,397
1,121,942
28,397
1,150,339

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 2024

Note
Fixed Assets
Tangible assets

14
Current assets

Debtors
15
Cash at bank and in hand
Total Current assets
Creditors: amounts falling due within one
year
16
Net current assets/(liabilities)
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 2024
£
104,989
1,336,677
1,441,666
(116,525)		 2024
£
1,221


1,325,141
1,326,362
1,326,362
1,262,565
63,797
1,326,362		 2023
£
74,258
1,188,924
1,263,182
(112,843)		 2023
£
-
1,150,339
1,150,339
1,150,339
1,110,193
40,146
1,150,339

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:

24 April 2025 Neil Sandy Chair of Trustees Date:

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 2024
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		 2024
£
147,753
147,753
1,188,924
1,336,677		 2023
£
190,847
190,847
998,077
1,188,924

Page 13

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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 2024

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 Fixed Assets

Fixed assets are recognised at cost and depreciated over their useful economic lives.

2.6 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.

2.7 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 2024

2. Accounting policies (continued)

2.8 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.

2.9 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.

2.10 Operating leases

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

2.11 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

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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 2023		 Restricted
funds 2024
£
1,845,745
1,943,771		 Unrestricted
funds 2024
£
-
-		 Total funds
2024
£
1,845,745
1,943,771		 Totalfunds
2023
£
1,943,771

Page 17

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

5. Income from charitable activities

Start up fees
Admin fees receivable
Total 2024
Total 2023
6. Investments
Bank interest received		 Unrestricted
funds2024
£
9,250
61,548
70,798
61,215
Restricted
funds2024
£
9,353		 Totalfunds
2024
£
9,250
61,548
70,798
61,215
Totalfunds
2024
£
9,353		 Totalfunds
2023
£
7,500
53,715
61,215
Totalfunds
2023
£
4,159

7. Expenditure on raising funds

Restricted Totalfunds Totalfunds
funds2024 2024 2023
£ £ £
Charity admin and set up fees 55,952
55,952
51,103

Page 18

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. Analysis of expenditure on charitable activities - by fund

Charitable activities
Total 2023		 Restricted
funds

2024
£
1,646,774
1,887,572		 Unrestricted
funds
2024
£
47,147
42,073		 Total
2024
£
1,693,921
1,929,645		 Total
2023
£
1,929,645

9. Analysis of expenditure on charitable activities - by type

Charitable activities
Total 2023		 Direct costs
2024
£
421,099
493,634		 Grants paid
2024
£
1,225,675
1,393,938		 Support
costs
2024
£
47,147
42,073		 Total funds
2024
£
1,693,921
1,929,645		 Totalfunds
2023
£
1,929,645

Analysis of direct costs

Fundraising expenses
Bank charges
Total 2024
Total 2023		 Charitable
activities
2024
£
417,255
3,844
421,099
493,634		 Total funds
2024
£
417,255
3,844
421,099
493,634		 Totalfunds
2023
£
490,368
3,266
493,634

Page 19

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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

Analysis of grants

Charitable activities
Total 2023		 Grants to
Institutions
2024
£
1,225,675
1,393,938		 Total
funds
2024
£
1,225,675
1,393,938		 Total
funds
2023
£
1,393,938

Analysis of support costs

Website page expenses
Bank charges
Office expenses
Insurance
Consultancy fees
Legal and professional fees
Travel and accommodation
Wages and salaries
Governance costs
Depreciation
Total 2024
Total 2023		 Charitable
activities
2024
£
4,686
295
2,978
3,577
14,136
316
31
7,234
13,487
407
47,147
42,073		 Total funds
2024
£
4,686
295
2,978
3,577
14,136
316
31
7,234
13,487
407
47,147
42,073		 Totalfunds
2023
£
5,406
395
3,855
2,661
17,237
1,307
48
-
11,164
-
42,073

Page 20

(A Company Limited by Guarantee)

GIVINGWORKS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

10. Governance costs

Auditor's remuneration - Audit of the financial statements
Auditor's remuneration - Other services
Meeting costs		 2024
£
7,440
5,526
521
13,487		 2023
£
7,080
3,712
372
11,164

11. Auditor's remuneration

The auditor's remuneration amounts to an audit fee of £7,440 (2023 - £7,080), and fees for the preparation of the accounts of £5,040 (2023 - £4,680). Auditor’s remuneration – other services for 2024 in note 10 includes an adjustment for an under accrual of £486 in the previous year (2023 includes an over accrual of £968 from 2022).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 July 2024, expenses totalling £260 were paid to 1 trustee for office expenses (2023 - £48 to 1 trustee for travel expenses).

13. Staff costs

During the year, staff costs of £7,234 were paid to one employee for admin services. There were no employee costs in 2023.

Page 21

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

14. Tangible Fixed Assets

Cost
Office
Equipment
£
As at 1 August 2023
-
Additions
1,628
At 31 July 2024
1,628
Depreciation
At 1 August 2023
-
Charge for year
407
At 31 July 2024
407
Net book value
At 31 July 2024
1,221
At 31 July 2023
-
Assets are depreciated at 25% of cost on straight line basis.
btors
Due within one year
2024
£
Trade debtors
14,391
Prepayments and accrued income
90,598
104,989

Totals
£
-
1,628
1,628
-
407
407
1,221
-
2023
£
17,117
57,141
74,258







15. Debtors

16. Creditors: Amounts falling due within one year

Trade creditors
Accruals and other creditors		 2024
£
44,562
71,963
116,525		 2023
£
66,865
45,978
112,843

Page 22

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

17. Statement of funds

Statement of funds – current year

Balance at 1 Transfers Balance at Balance at
August 2023 Income Expenditure 31 July 2024
£ £ £ £ £
Unrestricted funds
General funds 40,146
70,798
(47,147)		 - 63,797
Restricted funds
Restricted funds 1,110,193
1,855,098		 (1,702,726) - 1,262,565
Total of funds 1,150,339
1,925,896
(1,749,873)		 . - 1,326,362
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 years
Balance at
1 August Balance at
2022 Income Expenditure Transfer 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

Page 23

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2024

£
-
1,360,173
(97,608)
1,262,565		 Unrestricted
funds 2024
£
1,221
81,493
(18,917)
63,797		 Total funds
2024
£
1,221
1,441,666
(116,525)
1,326,362

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		 Unrestricted
funds
2023
£
57,819
(17,673)
40,146		 Total
Funds
2023
£
1,263,182
(112,843)
1,150,339

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:
Fixed asset additions
Movement in debtors
Movement in creditors
Depreciation
Net cash provided by operating activities		 2024
£
176,023
(1,628)
(30,731)
3,682
407
147,753		 2023
£
28,397

-
92,364
70,086
-
190,847

Page 24

GIVINGWORKS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

20. Analysis of changes in net debt

Cash at bank and in hand At 1 August
2023
£
1,188,924
1,188,924		 Cash flows
£
147,753
147,753		 At 31 July
2024
£
1,336,677
1,336,677

21. Related party transactions

Heather Sandy, the wife of Neil Sandy, a Trustee of the charity, was paid £14,136 in the year for consultancy, administration and accounting services (2023 - £17,094). As at 31 July 2024, £4,712 was outstanding (2023 - £3,534).

During the year, £nil (2023 - £3,000) was paid to Entity Social Ltd for research and communications work provided to the Charity. The directors of Entity Social Ltd are William Sandy, son of Neil Sandy, a trustee of the charity and Charlotte MacDonald, daughter of Ritchie Macdonald, a trustee of the charity. As at 31 July 2024, £nil was outstanding (2023 - £nil).

During the year £600 (2023: nil) was paid to William Sandy for marketing consultancy services. William Sandy is the son of Neil Sandy, a trustee of the charity.

Givingworks paid £nil (2023 - £1,200) to the Wellers Law Group during the year in respect of the provision of a registered office. The provision of a registered office is now offered free of charge. Wellers Law group also provide Givingworks with meeting rooms, free of charge, when required. Givingworks’ trustee’s, Neil Sandy and Peter Spencer are employees of Wellers Law Group.

During the year, Givingworks made a grant of £nil (2023 - £1,000) on behalf of one of its micro-trusts to a Charity of which Neil Sandy, a Trustee of Givingworks, is also a Trustee.

The sole employee of Givingworks, Amy Britain, had remuneration in the year of £7,234 (2023: nil). Amy Britain is the partner of William Sandy. William Sandy is the son of Neil Sandy, a trustee of the charity. Amy Sandy is also an employee of Wellers Law Group, of which Neil Sandy is the CEO.

During the year Ritchie Macdonald was paid £nil (2023 - £1,320) for marketing services. Ritchie Macdonald is a trustee of Givingworks.

22. Transfer from restricted funds to unrestricted funds

The trustees have approved a transfer from restricted funds to unrestricted funds of £nil (2023 - £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 2024

Balance at Balance at
1 August 31 July
2023 Income Expenditure Transfers 2024
£ £ £ £ £
196 Marathon 7,940 40,072 (26,478) 21,534
Action for Burns & Children 26,939 - - 26,939
Adventure with Autism (16) - - (16)
Amazoni Alerton UK - 12,500 (310) 12,190
Azimayi Aku Malawi 275 5 (277) 3
Back to the Track (12) - - (12)
Before this Day - - (5) (5)
Black British Academics 215 104 (319) -
Boardmasters 59,294 124,688 (179,828) 4,154
Born for Art - 1,066 (77) 989
Brain Builders Pilot 5,359 - - 5,359
Building Together 14,951 32,928 (35,988) 11,891
Citywall Charitable Foundation - - (5) (5)
Cottman Charitable Foundation 30,713 49,157 (35,752) 44,118
Critical Care International - - (5) (5)
Cronfa Cegin y Bobl Fund - 26,040 (1,143) 24,897
Cycle Croatia 4,391 (1,000) (35) 3,356
Cycle Thailand 2,656 30 (1) (24) 2,661
David Wheaton Memorial Foundation 7,294 127 (1,757) 5,664
Delifresh Community Foundation 6,998 39,378 (28,960) 17,416
Eric Liddell 24 - - (5) (5)
Exeter Dementia Action Alliance - 27,506 (10,252) 17,254
Firth Family 9,916 12,591 (8,255) 14,252
Fountain House 5,743 8,125 (7,989) 5,879
Frankie & Neeves Road Safety Academy - 3,378 (683) 2,695
Friends of Nairoshi 2,249 6,512 (1,499) 7,262
Givingplus 805 - - 805
Glencar Foundation - 9,395 (5,633) 3,762
Goodsport Foundation - - - -
Grael Foundation - - - -
Grit & Rock 2,377 - - 2,377
Harah Giving (170) 6,833 (7,016) (353)
Hogchester Conservation 4,969 5,000 (1,871) 8,098
I Am Billy Foundation - 44 (47) (3)
Impact Marathon Foundation 34,374 73,136 (61,781) 45,729
Incisive Media Foundation 12,699 228 (476) 12,451
lnfopro (132) - - (132)
Jerry Harriott Foundation - 785 (60) 725
Jordans Retreat - 25,546 (14,440) 11,106
Jorja Foundation 95 5 (93) 7
Judy Machin Educational Trust 1,523 - - 1,523
K2 Foundation 15,173 61,755 (6,053) 70,875
Kids Farm Trust 719 - - 719
Leeds Properties Foundation 3,062 845 (108) 3,799
Legacy (3,802) 695 (482) (3,589)
Legions Rugby 7’s - 7,793 (5,716) 2,077
M Foundation 248,572 4,431 (18,060) 234,943
Manchester Remembers 200 3,300 (85) 3,415

Page 26

GIVINGWORKS

(A Company Limited by Guarantee)

Mark Allen Foundation 24,681 11,537 (26,858) 9,360
Meers Global Foundation 1,702 1,200 (3,534) (632)
Mr Alex Hairdressing Foundation 2,532 131 (180) 2,483
NASS Community 4,037 - (4,037) -
Open Hands 632 1,752 (2,549) (165)
Oscar Foundation 711 185 (604) 292
Purle Heart Foundation - 1,311 (495) 816
Rainforest Fund UK - 400,077 (81,196) 318,881
Redwheel Foundation 365 11,200 (370) 11,195
Richard & Hilary Grey Foundation 29,222 456 (6,300) 23,378
Rock Oyster Foundation - - (31) (31)
RPP Foundation 4,092 68 - 4,160
Run 2 72,574 110,123 (73,767) 108,930
Score a Bed 202 1,420 (341) 1,281
Seasons of Wealth - - - -
Shaping Futures 13,892 326 (10,790) 3,428
Shine On - 12,761 (10,469) 2,292
SMO Foundation - 250 (18) 232
Springboard 14,231 602 (1,061) 13,772
Spoonful Bursaries 4,080 6,000 (3,110) 6,970
Sporting Futures 1,778 3,854 (4,190) 1,442
StemTubing Foundation - - - -
Street Animals In Distress 1,316 2,050 (3,174) 192
Support Kharkiv Foundation 10,465 3,637 (12,830) 1,272
Taking Pictures Changing Lives 8,584 10,392 (13,166) 5,810
Tellus Conservation - 13,805 (13,810) (5)
The Future Found - - (5) (5)
The Mason Foundation 9,207 1,800 (146) 10,861
The REK Foundation - 44,209 (44,114) 95
The Stevens Foundation - 2,988 (1,732) 1,256
The Thomas Kirkham Foundation 842 - (3) 839
The Tramlines Trust 1,051 62,006 (62,289) 768
Truck Festival Trust 916 43,428 (40,110) 4,234
Ventilate Africa (208) - - (208)
Voice - - - -
Waleswood Foundation 197,784 2,427 (195,910) 4,301
Wirral Sports Forum 1,447 2,900 (3,793) 554
Woman_v_Cancer 1 (12,674) 250 (20) (4,488) (16.932)
Women_v_Cancer 2 760 - (15) (1,063) (318)
Women_v_Cancer 3 42,177 3,262 (18,303) (26,653) 483
Women_v_Cancer 4 12,345 56,799 (3,815) 65,329
Women_v_Cancer 5 36,091 90,108 (130,624) 1,667 (2,758)
Women_v_Cancer 6 15,286 2,511 (5,741) (4,317) 7,739
Women_v_Cancer 7 1,767 90 (32) (454) 1,371
World Boxing Home - - (5) (5)
Worldwide Action 2,196 150 (71) 2,275
WvC-CI (12) - - (12)
WvC-OC 30,288 19,896 (71,663) 40,282 18,803
WvC- Ride the Night Edinburgh 2,694 - - (2,669) 25
_WvC-_RTN 78,412 343,310 (361,929) 2,000 61,793
_WvC_Cycle Milan to Venice (93) 2,829 (27,982) (4,281) (29,527)
Transfer to unrestricted funds (10,548) - - - (10,548)
Total of Restricted Funds 1,110,193 1,855,098 (1,702,726) - 1,262,565

Page 27