Company Reglstratlon Number: 04107837 Charity Registration Number". 1086404 Reportof the Trustees and Financial Statements for the Year Ended 31 December 2024 for the openTrust (A Company limited by guarantee) T￿￿1 Rep(Mt cl ts T￿￿tee3 2-5 1(k15 openTrust Charity Inforniatlon Registered Company Limfted by Guarantee Number In England and Wales 4107837 Registered Charity Number Registered Office 5 Madingley Road Cambridge CB3 OEE Sir Charles Edward Chadwyd(-Healey Bt: Chaimwn Anthony Harokl Bamett Dan* ElizatEth Anne Lucy Forgan DBE {reswJ￿l 23 (ktober 2024) Anne Shirley Lucas Lapping CBE Dr John Ftan(is Olivarius MG411ister Independent Examiner Reza Motszedi and Co. LLP 7 Bell Yard V¥C2A2JR Bankers The Cwratrie 8ank Box 101, 1 BalkK)n Street M60 4EP ¢4)•nTrust Rewt of th• TnMt•es for th• y••r ended 31 Decembw 2024 The Trust￿ who we also Threctors of the chanty for the purposes of the Companies Act 2(￿, preseni their reFx)rt with the finanaal st31enEnts of the charty for the year ended 31 t)ecern￿ 2024. The Trustees have adopted the provisions of the Stste￿nI of Praciice (SORP) 'AccountI￿ and Reporting by Chafrties, issued in March Statement of Trustees. Responslblltties c￿nY ￿ requires the Trustees to prepare ￿nIS for each financial year which give a true and faw v*w of the stale of affairs of the charity and of the surplus or deftit of Ihe charty for that perK#J. In prepanng those accA)unls. the TTUStees are reqUI￿d b.. Select suitable accounting rM)licies and apply them consistentty Make judgments and estimates thal are reasonable and prudent i) Prepare the accounts on tr￿ going (x>n￿rn basis unless it is inappropriate to p￿Urr that the charity wiu conlinue operating N) State wlEther the p)Ines adopted are in the CompanEs Ad 2C(E and wrth applKable accounts.ng slandards and ststerr*nts of recoM￿nded practice. subject to any material departures disdosed and explained in the accounts v) ObseNe the methods and principles of the Charities SORP The Trustees are ￿￿)sible for keepiNJ proper xcounling re¢(￿dS ¥Yhth disdose the financial posrtion of the oFEnTrust wrth reasonable accuracy al any ts'rTE ￿mI enable them to ensure that the accounts c¢xnply with the C(xnpanies Act 2LM)6. They are also responsible for safeguarding the assets of the chanty and hence for tsking reasonable steps for the prevention and dete(aJ'on of fraud and olher irregularities. Structure. Governance and Management Gov•rnlng Document The openTrust ts a company limrted by guarantee wth chanl8ble stslus whth is governed by a memcKandum and artides of associabon. Appolntment of Trustees New Trustees are app￿nted ty a mai￿lty of Trustees in office at that tin*. Tntstse Inductlon and Tralnlng The Twstees are Kwle of WKle experience in public lrfe. They are provthd with governan￿ dcKxm￿nlation and best pract￿ guKlance from the Chanty Commission via GOV.UK and the Chanty Govemance Ccmje and dOr￿ments relating spe¢JfKalty to the openTrust. They are fulty informed and kepl up to date ab(MJl the Trust's ￿tIVitieS. Page 2 openTrust Report of th• Tn￿tee$ for the year •Thd￿ 31 Decembef 2024 Organtsational Structure Because of the small size and limrted activities of the Trust, rt is nol c¢￿S￿lered that any fomial strudure is required. Issues to be decKJed by the Trustees are disajssed and agreed at formal minuted Ir￿tir￿JS (in person or online) or are circulated via email and consKkred further rf required. Reference and Administrative Details The Trustees delegate day-ti>day operational managemenl lo the Trust Administratof, Dr N￿￿)01a T(M)ke. The Trust Administrator manages the Tntsl's ffinan￿ and tKoduces monthly rnanage￿￿nt &{￿ntS. Arrangements for setting the remuneration of the Trust Administrator are the ressxx)sibility of the Trustees. Risk Alanagement The Trustees assess the risks of the projects they support at their rTE&ings or by circulation. Major risks have been reviewed and the Trustees do not feel that they need to have a m(Ke fulty fom)ulated polry on Tisk management than this at the F*eseni time. Related Parties openDeNww Ltd is the main recipient of the Trust's funds arKI has similar obJ"edives to the Trust. Its one Cc*nTTK￿ director. Mr Anthony Bamett resoned from the OD Board in Octoter 2023. The Trust also provides grant funding to Oth￿ organizatM)ns which realise its obJeth"ves. The Trustees regulaty review their relationship with openDerrwacy. They are satisfied that Open￿n￿M￿acY Ltd is an appropriate recipient of the Trust's funding. The Trustees are asked to approve fonnal proposals for fundiTrJ and closely monitor the application of funds un(ler the terTns of a MerrK)randum of Understsnding and forn￿1 gwt agreements which were revithyed and approved during the year. The Trustees are a4Yafe of the need to identfy and manage Wentsal risks so thal the charty fulfils its 014eds public benefrt. All the Trustees are awa￿ of the Charty C(xnmissKm guMJaTh2 on c(xfflth of interest. in the charitys best interests and working with a n(xvthanty and this gUmjan￿ is re￿%￿d regularty. The Trusfs operation remains entirety separate from openDwY¥yJw. (yenTnBt Report of thè Tn￿tee$ for the year ended 31 December 2024 Objectlves and Activitses The object of the tharty, as defined by rts Mel￿randurn and Artth of Assoaation dated 27 April 2(Y)l. is the adVan￿rnent of educatK)n, nationalty and internat￿nalty, in the gxial. environn￿ntaj, political and bK)logtsl sciences, economics. law. the arts and med COMMUn￿tion and other recognised scholarly subjects. The Trustees confffm that they have complied wrth their duty under the Chafrties Act 2011 to have due regard lo public benefft guidance issued by the Charlty CommissN)n, in particular guKlance ts tha￿t￿S with a connectDn to a norFcharty, guidan￿ on the adVan￿rnent of educalTh the wblic benefrt and restrLtions on polrtical campaigning. The achieve￿￿ of the charity's aims and oWINes further the advancerr£nt of eduCat￿n. The Trust realises this by providing funding through the awardlng of grants to openDemcxw and olher r￿ganiSat￿S ¥¥knich reakn'se its ottyectsves. Twstees ￿Easure success in the re[￿ing period by the increase of grants serving the obieGbve of afvancing global education. The rna￿ty of these go to OpenDe￿￿Xracy. but the Tnjstees do (x)nstt*r directff￿ grants lo dher recipEnts dotng similar wotk. The Trust has drawn up formal grant agreeirwrts with OpenDe￿M￿ ttEse include ting within the Charty Cornmission's guidance on pothal &aivity. None of the Trustees are remunerated ty the Tn￿1 and act on a voluntary basB. Achievements and Perfomiance In the year under revie￿, openTrust has receNed and distributed appfow￿tety the fvnds receNed by it in ￿)rdance with its objectives and responsibilrties. The charity remains cc¥nmrtted to Sup￿tIng openDemocw, the pioneering 4%rbsite dedrated to gk)bal educatKffi. Its aim ts to inuease rts funding to openDenYxw ar reby further its obJ"ectives. Flnanclal Review The chanty had net outgoirvJ resourc￿ for the year of £277,348 {2023 - £496.829). At 31 DeCernb￿ 2024, the charty had net assets of £60.224 (202> £337,572) LEing restricted furxls of £35.221 (2023 - £304,718) and unrestfKaed funds of £25,003 {2023 - £32.854). The Trustees we sattsfttl with the f￿ancIal posrtK)n of the chanty at the year ￿￿1. the perK)d. R•s•rye8 Polky The of the thwity is to ensure rts solvency by disbursing funds onty in acCxydar￿e wth any restrthTh on them or when they are hekj wrthout reStrth￿. The ch tKurs no unless Ilw are fulty funded. Page 4 appra￿d at ￿ TTusteos' MeetrYJ at Ihe eTrJ ofihe tiyJetrwwth two suFyxbrvJ Grant transfer ol funds. JAfvil openTnMt IT￿ependent Examln•rfs Report to the Trustees of openTrust I resxxl to the charity trU￿eeS nry examinatKm of the axounts of the chanty for the year ended 31 Dec￿ts 2024 whth are set (xrt on 7 to 15. Responslbllltles and basls of report As the charity trustees of the (￿panY (and also its directors for tr* purposes (rf L))mpary law> you are respon￿ble for the weparatK>n of the accwnts in a(xx)rdance wrth the requIren￿ts of Companies Act 2LK6 ('the 2￿6 Acl,). Havi￿ satisfEd myseff that the accounts of the CL￿nY ae rKrt required to a￿1rted under Part 16 of the 2006 Act and a￿ er￿Ible for irKlependenl examinatTh, I report . respEct of my examinatK)n of your ccKnpanYs acy))unts as carr￿d out urKkr section 145 of the CharrtEs Acl 2011 (Ihe 2011 A(X'). In carying Lxrt my examinatK)n I have folkwed the Directions given try the Charity Commission under sectK)n 145{5){b) of ￿ 2011 Act. Independent examinerfs stateme sin￿ the cc￿￿ary'S grcKss In(a)ff￿ exceeded £250.(K)O your examiner must be a nEmber of b(Mty listed in *￿10n 145 of the 2011 Ad. I cx)nfirm tt￿t l am qualrfEd to undertake the examinalKm because l am a member of the ICAEW which is (me of the ￿Sted t￿les. I have c(rykted my examinatK)n. l (x)nfinn that no matters have come to ry attent￿ ' connection vrith the examinatTh giving me cause lo believe that in any material respe( 1. aca)unting records were not kept in res[￿￿ of the ¢xryany as reqU￿￿j by sedK)n 386 of t￿￿ 20C6 Act: or 2. the ￿￿)unt5 do nol accord with those records. or 3. the acxounts do not conwly with the aco)unts'ng reqUIren￿nts of sedion 396 of the 2 Act other than ary reqUiren￿nt thal the ￿OuntS give a Irue and fair whKh is r#)t a matter considered as part of an independent exanunation; or 4. the accounts have not been prepared in a(Uffdar￿ with the methods ￿K1 principles of the Statement of RecomrTwded PraCt￿e for accounting and reporting by thant￿s applicable to charities preparing their accounts in accordan￿ wrth the Financial Reporting Standard applicth in the UK arKI RepublK of Ireland {FRS 102). examination to which attention sFK)uld be drawn in this rep(Yt in order to enable a rKoper understanding of the ￿(y)unts lo be rethd. Reza Mdazedi BA, BFP. FCA ,DChA Reza M(￿azed1 arKI Co LLP 7 Bell Y&d London VL2A 2JR openTnrnt Ststement of Flnanclal Actlvltles for the year ended 311)eCem￿r 2024 Unrestr￿ted ReStr￿ted funds Total 2(Y24 Totsl Incomlng resources Income from.. DOnat￿￿S a)d GTants 627 298.824 299,451 365.468 Total Incom• 627 298,824 299.451 365.468 Resources expended RaisirKJ funds 1,921 567.917 576.395 860.376 42 8.478 Totsl eXF￿ndIture 8.478 568,321 576.799 862,297 Nei rrthement in fijnts (7.851) (269.497) (277.348) (496.829) Reo)rKahatKm of funds: Total funds brought forward frcyn the prevThis financwl year (see note 9) 32.854 ￿.718 337,5n 834.401 Total funds carrl•d foThArd 25,(M)3 35.221 60224 337.572 Contlnulng operatlons op•nTnMt ChaTIty Number 1086404 CO Numb•r 4107837 Balanu Sh••t M at 31 D•c•mb•r 2024 Reslrrt8J Tcknl T¢* 2024 2023 158 158 35.1￿3 80,733 338.091 25.670 25.670 35221 60.891 338.144 25.IX)3 35221 60224 337.5n Total n•t asMt* 25,CM)3 35221 60224 337.572 Funds of the Charfty 25.IYJ3 32.854 35221 35.221 )4.718 Total lund• 25.CK13 35.221 60,224 337.572 J thvi12ts openTrust Statement of Cash Flows for the year ended 31 December 2024 2024 bekw Net cash frfxn operab.ng &*vrt*s (2TT.358) (371.49n Total increasel(reduction) in ￿sh in pe￿xI (277,358) (371.497) Reconclllatlon of net cash fl¢)w to movement In net d Totsl i￿ease1 {371.49n Not• B: Wsi8 01 charys in net fiHMIs 2024 2CQ3 Cash at bw 60,733 338.(B1 openTrust 1 Basls of preparing the flnanclal statements These aC￿)unt5 have been prepared under the hslorical cosl convent#)n ￿th rtefns recognised at (x)st ￿ transaction value unless otherwise S￿ed in the relevant n(rte(s) to these acwunts. The accounts have been prepared in accordarKe with. the CharIt￿S SORP (FRS 102) 'Accounting and Reporting by Charities". Ststemefrt of Recommended Practice applicable to chanties preparing their accounts in &cordance wrth the Financial Reporting Standard apph(3ble in the UK and Republic of Ireland (FRS 102) (effectNe 1 January 2019),. Financial Reporting Standard 102 The Financial Reporting Standard appI￿able in UK and RepublK of Ireland, and wrth Ihe Chan1￿ Act 2011. The chanty is a Company h'mrted by guarantee and consbtutes a public benefit entrty as defined by FRS 102. 2 Accounting Pollcles Income Income ￿ induded in the Slatement of Firkinoal Arlivil￿S (SOFA) when: the chanty becomes entrtled to the resources; rt B nK￿e likely than not that the T￿￿eeS receNe resejjrces: rr￿r• value can be [r￿aSured wrth sUf￿nI rel￿tsIty. Tax reclalms on donatlons and glfts Grft Abd receivable Is induded in income when ttr￿e is a valid dedarath)n from dornr. Any Grfi Aid an￿1n1 recovered on a donatKX) is cOn￿dered to be part of thal grft and is treated as an addrtion to the same fund as Ihe inrtwl donatK>n unless the dcxKX Ix ￿ terrr of the appeal have speaf*d otherwise. Expendlturn Expendrture is a(xounted fLY on an accJuaL8 ba&s has been claS￿rEd under headings that aggwate all cost related to the category. w￿re costs be attn￿thed to parbculai head￿￿s they have been alkxated to aCt￿rt￿ on a basis consthni wrth the use of resources. Governance and 8UPPOrt costs Support costs have been allocated between govemance costs and other supwt. Govemance costs compnse all costs involving publ￿ ￿nta￿thty of the chanty and its coMpl￿nce wrth TegulalM)n arKI good pract￿e. Supwl costs indude central functions and ￿ t)een dkKated lo actmty cosl categ on a tsas￿ ￿)ns￿tent wrth the use of resources. e.g. alk)cabng prom costs by fioor areas. or per caFMta, staff costs by the spent and other costs by their usage. Pay 10 ¢)penTrust Notes to the Flnanclal Statements for th• year •nded 31 DeCern￿r 2024 Tangible fixed assets These are caprtalised rf they c2n be used for rrmye than one year. and cost at Èast £2tXI. They are valued at cost. Depre￿￿ is provided at the folk)wing annual rates in ordef to wrrte off each asset over its estimated usefvl lrfe. Cory)uter Equiprrent - 25% Straighl Line Basis Taxation The charty registered as a charity on 14 Novemtw 2000 and sirKe that date has been exempt from c(XPMNation tsx on its chantable trading a(Ap4rties. Fund accounting the Trustees. Restr￿ted funds (xn onty be used for parti￿Tar restr¥Xed purrKEes within objeds of the tharty Restri(Xh)ns arise when spe￿f￿d by the d{￿K)r or when furnls are raEed for particular restricted purp)ses. Further explanatK)n of the nalure and purpose of eath fund is i￿*jded in the nfAes to the financial statements. Debtors Debtors (induding trade debtors and loans receivable) are nEasured on initial recognitK)n at settlement an￿Unt after any trade dIsC￿lnts c¥ adva￿ed by charity. Subsequenty. they are measured at the cash or other cOns￿ratK)n expeded to be Cash at bank and In hand Cash at bank and cash in harKI indudts cash arNJ slKXt tefm h￿hty INuid invesknts a short maturity of three nK)nths ￿ less from the date of wulsi1￿ or open¥vJ of the deposrt. sirn￿r a(xx)unt. Uab51ity recognition Lfjbilities are recognise(I where it is n￿e hkety than not that there is a W or c(X￿n be nEasured wrth reas(Mth L*rtainty. Pa90 11 openTnMt 1 I￿orne from Donalth and Grants 2024 1,105 36.no 1.642 1.105 36.no 1.642 20,3S2 3.676 1.316 3285 11 Core JustGivThJ Core PwrfPal Grfl Aid tax receiv Humanty Unrted 2,959 1959 1.960 96.C 98.(r24 1.170 57.330 58.5(KI 48.175 11KI s,[￿ 49,0 10.LIXI Potter Foundat Craignish Tnjst (4.￿X)) Network for Socia5 Change Partner5 for a New Economy 18.620 19.IX*) 20,605 1.100 19.6(X) ￿T&LB￿ 4.(K*) 20.OCM) 25.￿• 25.0(KJ 24.5CrfJ Share Gfft 120 120 31 Paypal Gmng Fund MarnK)t fcy Lucas 31 24.5(M) 15 25.CKXI 15 127.027 27.￿7 144 {383) T(rtal Donth and Grants 4.1 Ralslng funds 627 298.824 299,451 365.468 2024 1,921 1.921 Total •xperxl1￿1V on raSslng funds Ch•rllabl• actfvftl•• . •X￿￿ltUl• The obftect of the Trusl is the advancernent of ed￿alK)n. natK)nalty afKI intemat•. in the Commun￿ and other recogntsed scholarty subjects. Pffj• 12 openTl￿t rth 2(r24 2023 567,917 567.917 848.524 Grants Supwrt co￿. Bookkeeping software IT support ar￿ ￿lsuMatIeS 443 411 3,679 7.762 655 Total expendrtwe on Ch￿rtab￿ actiVi￿S 8.478 567,917 576.395 860.376 Support costs All support costs are allocated to the single charilth actNity of the (*wty and are induded above. 3 Governance costs Included above The objed of the Trust ￿ the advancement of ed￿alK)n. natKxwIty and intematM)nalty, in the sorial, environTr*ntsl. polrticxl and b￿log￿21 sciences. econcynics. kny. ts arts and n*dia 2024 2023 Independent examination Legal and Secxet&HI Costs Total govemance ¢0sts 7.762 4A Trustee r•mun•rnllon Stsff ¢￿ts There are staff directy enwk)yfJJ ty the cjwty. P•9• 13 openTn￿t Notes to the Flnanclal Statements for th• y•ar ended 31 D•c•mber 2024 T(tsl 2￿3 2024 Gift Aid Debt 158 158 Total debtors 158 158 6 Cash at bank and In h￿d 2024 25.670 32.743 58,413 287.973 50,118 GBP PayPal Total cash at bank and In hand 25.670 35.( 60.733 338.091 7 Creditors: amounts falllng due vfithin ¢)ne year 2024 667 5r2 Total creditorn due vhthin one y&v 667 5r2 8 Charity Funds Current Year gk>bal education. 2024 2tr24 304,718 298.824 304,718 298.824 627 568.321 568.321 8.478 576.799 35221 35,221 25.IY)3 Totsl Restricted funds Total funds 337.5T2 299.451 60,224 Pap 14 OP￿Tn￿t Not•s to th• Fln•nclal Stat•m•nts for th• y•ar •nd•d 31 DKfflnb•r 2023 9 Charity fund•- prev5ous year 2023 793.rnj ￿1.383 850.445 ￿.718 793.7￿ 361.383 850.445 304.718 40.621 11.852 Total fundj 834.401 365.468 P•p 15