Cc¥npany Registrati(￿ NUrnL￿r. 4107837 Charity Registrathjn Number. 1088404 Reportofthe Trustses and Financial Statements forthe Year Ended 31 December2022 forthe openTrust (A Company limited by guarantee) o￿nTruSt Contents Charity Infomiatk Report of the Trustees Indepèndent Audltorfs Roport ststenient of Financial Activities Balance Sheet 10 statement of Cash Flows 11 Not85 to the Financial Statgmonts 12-17 0p8nTn￿t Charty Inforiiiation Registered Company Limited by Guarantee Number in England and Wales 4107837 Registered Charity Number 1086404 Reglstered Office 5 Madingley Road Cambridge CB3 OEE Trustees Sir Charles Ethvard Chathck-Healey Bt: Chairman Anthony Harold Barnett Dame Elizabeth Anne Lucy Forgan DBE Anr Shirtey Lucas Lapping CBE Dr Jthn Francis Olivarius McAllstsr Independent Audltors Reza Motaz8di and Co.LLP 7 Bell Yard London WCZ4 2JR Bankers The Cowopérative Bank p Box 101. 18altoon Street Manchester M60 4EP Page 1 of 17 openTrust Report of tho Trustees for the year endod 31 December 2022 The Trustees who are 81$0 Dir&tors of ￿ charity for the wrpx of th8 Companies Act 2006, pyesent their report wtth the financial statements of the chartty for ts year ended 31 DecemL*r 2022. The Trustees have adopted the wovisions of the Statement ot RecC*mMend￿ Practice (SORPI 'Accounting and Reporbng by Chartties, ISSU￿ in March 2Crf)5. Statement of Trustees, Responsiblllties Company requires Ihe Trustees to prepare acc￿nts for each financial year which giv8 a true and fair view of the state of affairs of the charity aThJ of the su￿uS or defictt of the charity for that pericxl. In preparing those acC￿nts, the Trustees are required to: il Sdect suitable accountiro tK*cies appty them ccThstenty ii) Make jL*Jgments and estimates that are reag)natAe and prudent iiil Prepare the accounts on the gotng concem basis urtess it inapwopriate to presume that the charity will continue oK￿rating iv) State whether the pollcies adopted are in accordance wf(h the Companies Act 21)06 and with apFlicable accountrng stsndards and statemenls of ￿ornMended practice. subject to any material departures disclosed aTrJ explained in the accounts vl ObseNe the methcxls and FxincI￿ of the Charities SORP The Trustees are responsible for keeping prw accountir¥J reGcKts whtch disck)se the financia position of the openTrust with reasonable accuracy at any time aTrJ enatde them to ensure that th8 accounts Comp￿ wrth the COmp￿￿S Act 20￿. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventK)n and detection of fraud and other irregularities. Structure, Govemanca and Management Governing Document openTrust is a company limited by guarantee wilh charitth status wh￿h ts ￿verned by a memorandum and articles of ass(KIatiL￿. Appointmgnt of Trustees N8w Trustees are apwnt8d by a rna￿)nty of Tru*es in office at that ts'me. Trustee Inductlon and Tralning The Trustees are of wide ex[e￿e in frfe. TW ar8 provMtsJ with goverrtance documentatw and test practtce guidance from the Charity CommissM)n via GOV.UK and the Charity Governance Cc*Je and dccuments relating specrfically to thè openTrust. They are fully infom1￿1 and kept up to date aLKxJt the Tnjsfs actwities. Page 2 of 17 openTrust Report of the Trustees for the year ended 31 December 2022 Organlsational Structure Becaus8 of the ￿all size and limtl•J actTrithes of Trust. tt is rKX considered that any fomal structure is required. Issues to be decKled by the Trustees are dk8CUSSed and agreed at formal minuted meetings (in ￿r$0￿ or on￿ne) or are circutated via email and consKlered further rf uired. Reference and Admlnlstralive Detalls The Trustses delegate day-trrday 0[erat￿Mal management to the Trust Administrator. Dr Ntchola Try)ke who was recruit￿1 at the end of 2021. The Trusvs Administratc1l•sWW2025 Page5 of 17 openTrust kndopendent Audltorfs Report to the Membors of openTrnst Oplnlon We have audtted the financial ststements of openTrust (the 'charitable company ) for the year erthd 31.12.2022 wh￿h comprise the Slatement of Financi81 Activty, Balance Sheet . Statement of Cash Flows 8nd notes to the financial statements. ￿cKKIlng sgnrftcant accountsng policies. The financial r8porting framework Ihat has been applied in th￿r preparation applicable law United Kingdom Accounting Starnlards. including Financial ReporbNJ Standard 102 Thg Financ￿1 Repo￿ng Standard applicable in the UK and RepublK of Ireland (Untted Killgjc￿ G￿ty Accepted Accounting Practice). In our opin*)n the financia Sta￿ents. give a true and fair vmv of ts state of the charitaNe company's affairs as at 31.12.2022, and of its incorning resources and applcab.on of rescwrces, includiro its income and expenditure, for the year then ended" have properfy prepared in aCC￿ce with United Kingd￿￿ Generaly Accepted Accounting Practice" and have Ixn prepared in acccrdance with the requirements of the Cc>mpanies Act 2006. Basis for opinion We conducted our audti in accordance with Internat￿JnaI Sta￿rds on ALwJiting {UK} (ISAS (UK)) and aprAicable law. Our resp)nsibditi8s under those standards are further d￿ritEd in the auditor responsibilities for the audit of the financial statements sects'on of our reFN)rL We are independent of the charitable company in accordance with the ethical requirements that are rthvant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and wè have fulfilled our other ethical responsitxlitEs in acc¢)rdance wilh these ￿UIrements. We believe that the audit evidence we have obtained is sufficient and aFpropriale to provide a basis our Oklnion. Conclusions relating to Golng Concern In auditsng the fina[￿la1 slatements. we have conckmled that the Tnth, use of Ihe gcirYJ concem basis of accounting in th8 weparatwi of the financial Stst￿n￿ts is apwwiate. Based on the work we have performed, we have mt identified any material u￿ertaIntieS relaling to events or cond[ti￿$ that. It￿Ni￿U￿￿ or collectively. may cast Sb3nificant doubt cm the charilable company's ability to continue as a going concem for a pericKI of at least bNefve M(￿thS from when the financial statements are authori￿ for issue. Our responsitilitEs and tha reswnsibiltties of the Trustees wrEh resw to going concem are described In the relevant sectKJns of thks reFKyL Other inf0m￿tIOn The other information comprÈses the informatx)n includ8d in the Trustees, Annual R8Wrt, other than the financia statements armj our audrtorfs rewrt ther￿n. The Trustees are responsible for the other infomialion contained within the Annual RetNrt Our cpinion on the financial statements d(￿ not cover the other irrfomation and, except to th6 8Xtenl otlwwise eXp￿¢ty stat&J in our rep(Kt, we do r¥)t express any form of assurance Gondusion thereon. Our respJnsibi&ty is to re￿1 the other information ar￿, in doing so, consider whethef the other infomiation is materially inconsistent with the financial statements cff our knowtedge (A)tained in the course of aLKlit or oiherwise appears to ts rnaterially misststed. If we idenlrfy such material inconsistencies or apparent material misststements, we are uired to determine whather this gives rise to a material misstatement in ts financkgl statements themselves. If, based on ￿ Work we have tErformèd, we C(y￿l￿de that there is a material misstatement of this other information, we are required to reFrf)rt that f￿l We have rK)thir¥3 to repyt in this regard. Page 6 of 17 openTrust pondent Auditorfs Report to the Meths of ¢)pwTnist Opinions on other matters prescrlbed by the C(xnpanles Act 2006 In our opinK)n, based on the work undertaken in the course of the auctit The financial statements reeEived an IndeFWKlent ExamKBlion f(x the year ended 31.12.2021, and as such, all comparatNe fvJures are unaudited. the infomiat*Jn given in the Trustees, Report for the financral year for which the financial statements are prepar&J is con￿stent wtth the financial statements. and it has been prepared in acc￿da￿e with awlicat4e legal requirements. Matters on whlch we are required to raport by exceptlon In the light of knowledge and undérstaThJirwJ of the Charitab￿ company and tts environment obtained in the c￿r5e of Ihe audiL we have not identtfied materk3E misstatements in the Directors. Report. We hav9 rolhir¥J to rep￿ in ￿pect of the f(knvlrvJ matters n rektim to which the Companies Act 2006 requires us to rewrt to yw rf. in cur opinion.. adequate acC￿nting records have not been kept or r8tums *]u*e for our audit have not been received frorn brarohes not visitgj by us,. cx Ihe financial statements are not in agreernent with Ihe accounting rec(￿ and retuwts: C8rtain di%bsures of Directors, remuneratKY* sFecified by law are not made. or we have not received all the infomiatmm and QXF4anations we rwiNe for our aud*", or the Trustees were not entitled to prepare the financial statements in accordance wtih the smal companies, regime and tske advantag8 of the ynal companies. exempt￿5 in pr8paring th8 Directors, ReF#yt and from Ihe requirement to preparo a Strateg￿ report Responsibllities of Trustees As explain8J more fLdty in the T￿￿tees. r8sFmN￿blI1les statement, the Trustees (who are also the Directors of Ihe charitable company for the purposes of company law) are resFonsit4e for the preparation of the financial statements aThJ for beiro satisfwl that Ihey give a true fair view, and for SUGh intemal control as the Trustees deteTmirE is necessary to enable the preparation of fInar￿la1 statsments that are free from matersal misstat8ment. ￿￿ther due to fraud or error. In preparing the financial statements. the Trustees are res￿nsIble for assessing the charitable company's ability to continue as a goirKJ concem, disclosing. as app5icable, matters relat￿ to concern and using the strjing conc8m basis of acc￿ntir@ unl8ss the Trustees either intend to liquidate the cnantsts￿ company CY to cease OKEratK￿. ￿ have no realistic akemative but to do so. Audltor regponsibllltles for the audit of the flnanclal statements Our objectNes are to i)btain reasonable assurance aL￿rt whetrEr trE financial *atements as a whole are free from materBI misslatement. whether due to fraud ￿ error, and to issue an auditor's repKsrt that includes our opinion. Reasonable assurance is 8 hNJh level of assurance, t)ut is not a guarantee that an audit ¢OndUct￿ in ac¢cYdance with ISAS {UK} ahvays detect a materiaF misststement when it exists. Misstatements can arise frcffl fraud or error and are consdered material rf, indtvilually or in the aggregate, they could reasonabty be eX￿ted to infKEnce the ￿(K￿miC decisi(Th of users taken on the basis of these fir￿nCIal statements. IrreguFarFties, including fraud, are instsnces of ncTrcompliance with laws and regulations. We design procedures in Ine with our responsibdities. ouuined aLKive. to detect material misstatements in respect of irregLAaritias, including fraud. Page 7 of 17 openTrust Ind8p8ndent Audknfs Report lo tho Men*)ers of oponTrust Because of the inherent thmitatK)ns of an aLwJrL there is 8 risk that we wil not detect all irwularities. including those leading to a material misstatement in the financ￿1 statements or n0n-c0mpliar￿e with regulatKin. This risk increases the mcffe that compliance with a law or regulatton is removed from the events and transactions reflected in the financial &atements, as we wtlE be le￿ likely to lECc￿e aware of in*ances of nOn￿oM￿lIanCe. The rtsk is also greater regarding irregulartlies ￿Curring due to fraud rather than error, as fraLKI invcAves intentional C(￿Cea￿&t forgery. colusion, fjmission or misrepresentation. A further descrFpkn'on of our resFxxisibilibe5 is available tre FRC'S website at.. htt s:Ilwww.frc.o .uklaudf(orslaudf(-assurancelaudttor-s-r "bIl￿es-fOr-th￿8Udt￿-0f-Ihe- f￿de￿rI tion-of-thwuditor%E20A80%99s-r rKsibiIities-for-the-a￿1L This description forms part of our avdttorfs reFXMt. We communiGate wth those charged wtth govemance regarding, amorvJ other matters. the planned scope and timing of the audit and ￿gnrf1Cant audit firHdings. inC￿ding any ￿gnrflcanI deficiencies in intemal conlrd that we klentrfy during our Use of our report This report is made sc4dy to the charttable company's members. as a tKMJy. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our auth't work has been Und￿tsken so that W8 might state to the chatitable c(ynpany's memters those matt6Ys we are required to stste to them in an aLKlitorfs report and for m other purtKJse. To the fullest extent Femiitted by law. we do not accept or assume responsbilty to anyone other than the charitatrAe company and the charitaNe ccxnpany's memters as a bc*ty. for wr audit work, for this r8F#Jt, or for th8 opinions we have form8J. Reza MotaTrdi (Senior Statutory A[￿jItOr) For and on behalf of Reza Motazedi arKJ Co.LLP Statutory Auditor Date-. P8ge 8 of 17 OponTrust Statem•nt ofFknancs31 A¢livli8s forthe yw ondod 31 De¢8n*)w 2022 Unaudited Totsl 2021 Restiicted Totsl 2022 fU￿ts Incoming resour￿$ Income from: Donations and Grants 32.￿7 1.180,7f￿1 1.213,727 905.430 Total Income 32.967 1,180,760 1213.727 905,430 Re￿f¢eS ex￿Trded Expenditure on: Raising funds Charitable activities - eX￿a￿lIUra 491 787.111 491 3,691 522 916,756 42 16, Total expenditure 16,580 787.602 804,182 917278 Net movement tn funds 16,387 393.158 409,545 111N81 Rec¢Mcillatbn of funds: Total funds brought f(Mward frixn previous financra y8ar (see rL)te 10) T¢*1 funds carried fcKward io 24234 4C(),622 424,856 436,704 40,621 793,780 834,401 424,856 Continulng operations Al income and exFErhJiiuro has arisen fri¥n continuiNJ *ivib8S. Page 9 of 17 OpenTn￿t cha￿ lknbor 11W404 Balance Sheet as * 31 Dec￿ 2022 CO Numbèr 4107837 Unavdited Total 2021 lthrE*rictsd Resb7Cted 2022 Note Flxed assets Tangible assets 705 Totsl fixed assets 705 Current a55ets Debtors Cash at bank and in harKI 201,CQ4 662.340 201,004 7￿568 47.248 429571 Total current assets 47.248 910,592 429,719 CreditDfs: amunts fallirvJ vAlhin yaar 6.627 69,564 76.191 s,￿8 Net current a55ets 40.621 793.780 834.401 424,151 Total not assets 40,621 793.780 834.401 424,856 Funds of the Charity Unrestricted furKIs 40,621 40,621 24,234 Restrcbj income fuThJs 10 793,7eii 793.7 400.622 Total funds 40.621 793,780 834.401 424,856 These fin￿18[ *t8merrts have been wepared in accordance ￿lIh the provi9cffls apFdicable to charitatle companles Subl￿t to the smal CoMpan￿S regime. The financial thments were appn)ved by the Boatd of Trustees aThJ auh)tised foT issue on and were signed on its behaff by: Sir Char18s CWck-Heaky Bt: ChaMan (rf Trustees Page 10 of 17 OpenTrust Statemgnt of Cash Flows forthe yw ended 31 Do￿￿1￿ 2022 Unaudited 2021 2022 Cash flows from operatlng actfvttles Net cash from operatirwJ activities 280,017 167,463} Totaf lncreasel(reductic￿) in cash in PWKM 280,017 (67.463) R•conclIa￿n ofnetcash llow to movemmt kn net debt Totsl increasel(reduC￿n} n cash in 280,017 167,4&3} Cath and cath equNal8nts brought foThvard 429.571 497,034 Cash and cash ￿U￿alents carri&J fcKward 709.588 429,571 Notes to tre Cash Fkw Statement Note A: Reconcilaticm of net [￿jt9oIThj)l1ncl￿nirwj res(xffces to net cash infkw frcyn operating activities 2022 2021 Net movement in funds {Increaseydecrease in Debtor5 (Decreagè)lincrease in Croditors Depreciation Purchase of fixed ass&ts 409,545 (200,856) 70.623 705 {11,8481 1521 154,858) 235 19401 Net cash from opwaing activiti8S 280,017 167,463) Note B: Anatysis of chang8s in net funds Cath at bank 709588 429,571 Page 11 of 17 OpenTrust Notss tr• the Fh)an¢ial Statements forthe ended 31 Dq¢embor 2022 Basis of preparing the financial statements Th8se accounts have tEen ￿epa￿l under the histor￿81 cost convention with items r8cognised at cosi or transaction value urkn otherwise stated wi the relevant nole{s) to these accounts. The accounts have been pr8par&J in ￿dance wiih: the Charities SORP (FRS 1021 'AGcounting aThl Repyting by Charities: Statement of Recommanded Practs"ce applicable to char￿eS preparir¥J ther accounts in accordance with Financial Repcrting Standard aFplicable in the UK and Republic of Ireland (FRS 1021 (effectwe 1 January 20191,. Financial Rewrting Standard 102 The Financol Repmyting Standard apFlicatAe in the UK and Republic of Ireland and with the Charitss Act 2011. The charity is a Compeny limited by guarantee and constFtules a public benefit entity as d￿ined by FRS 102. Accounting Pollcles Incoffle Income 15 includ&J in the Statem&rt of Financiql ActivÉlies (SOFA) when: the charity t￿oMeS entitled to the rewce li is more likely than not that the Trustees w￿1 receive the resour thè monetsry valu8 can be measured wilh &rfficient rehab￿ty. Tax reclaims on donations and glfts Grft Aid receivab18 is i￿luded in income Wh￿ ttwe is a valid declaration from the donor. Any Gtft Ald amount recovered on a donation is considwed to be of that grft and is treated as an additson to the same fund as initia (k)natti￿ the dor#x or the terms of the ap￿[ have 4wrfied 0￿r￿lSe. Expandlture Expenditure is accounted for accnjals basis and has been ckssrfi&J under headings that ajgregate all cost related to the category. Where costs canrN)t be di￿ty attributed to particular headings thèy have *cated to aclylities on a basis consistent with the use of resources. Govemanee and support costs Support costs have been allocated i￿tt¥een ￿V￿nCe costs and other supp¢rt GovemaKe costs c(%nprise al costs invclving accountatqlty of charity and its complianc8 with reguL3tion and prac￿e. Support costs include central functions and have b*n allocated to actNty cost cat8gorw on a basis cor6istent wsth the use of resources. e.g. afncating property costs by flcL)r areas, or p*r capita, staff costs by the time spent and other costs by thoir Page 12 of 17 OpenTrugt Notss to the Flnanclal Statements forthe yoar end￿ 31 Docombor 2022 Tanglble fixed assets These are capitalised rf can be for mcre tsn c￿e year, and cost at ￿ast £200. Th8y are va￿e￿j at ¢osL Deprsciat￿￿ is provmjed at the fokning annual rates in order to write off each asset over ils estimat￿1 useful ￿e. Comput8r Equryxnent - 25% Straght Lino Bass Taxatlon The charity WISter￿ as a chanty on 14 N(N￿mber 2CW and since that date has been exempt from cortxyakn tax (M its charitale trathng activities. Fund accounting Unrestricied funds can be US￿ in accordan￿ with the charFtable otyectNes at the diScreb.￿ of tFk Trustees. Restricted fuTrJs can 0￿Y be used for particular restricted wrFoses within the cbjects of the charity. Restrictions arise when specrfied by the don￿ or when funds are raised for particular restrict￿ purpose& Further explanation of the nature and wrpose of fuThJ is included in the notes to the financial statements. Debtors Debtors (including trade debtors and klans r￿￿1¥a￿e) are measured on initial rec(yJnit¥)n at settlement amount after any tsde dlscc￿nts or am¢JJnt advanced by the charity. Subsequenty, they are measured al the cash rx other consderation expected to be Cash at bank and In hand Cash at bank and cash in hand inC￿deS cash and thort term hMJhly Itquvj investments with short maturity of three mLxths or less from the date of acquisitsM or openiro of the deposil or similar accounL Uability recognltl*>n Liabilrties ar8 recogni￿1 wh8re tt is rn￿e Id