Company Number: 4531222 Charity Number: 1093927 The Institute for Philanthropy TIA The Philanthropy Workshop UK Annual Report and Financial statements For the year ended 31 December 2023
The Institute for Philanthropy Reference and administrative details Trustees Elliott Donnelley Traci Maddock Senior Management Renee Kaplan- CEO (US) Rachel Simon- COO (US) Company number 4531222 Charity number 1093927 Registered Office & Principal place of business The West Wing Somerset House Strand London WC2R 1LA Accountants Sterling Partners Limited 2nd Floor, Grove House 774-780 Wilmslow Road Didsbury Manchester M20 2DR Bankers HSBC 165 Fleet Street London EC4A 2DY Solicitors Wansbroughs Northgate House Devizes Wiltshire SN10 1JX
The Institute for Philanthropy Trustees, report for the year to 31 December 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006 are pleased to present their report together with the financial statements of the charity for the year to 31 December 2023. The accounts have been prepared in accordan with the accounting policies set out in note 1 to the accounts and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice 'Accounting and Reporting by Charities, {SORP 2019). Structure, Governance and Management Legal status The Institute for Philanthropy was established as a company, limited by guarantee on 10 September 2002 and registered with the Charity Commission as charity number 1093927 on 25 September 2002. In 2014 the charity amended its Memorandum and Articles of Association to confirm The Philanthropy Workshop (a Delaware non-profit non-stock company) as the only member of the charity. The liability of the member in the event of the company being wound up is limited to a sum not exceeding £10. Governing Document The Institute for Philanthropy is govemed by its Memorandum and Artides of Association. Trustees The directors of the charitable company are its trustees for the purpose of charity law and the members of the company limited by guarantee. Throughout this report they are collectively referred to as the trustees. The following individuals served as trustees during the period and to the date of this report: Elliott Donnelley Traci Maddock All trustees served for the full year unless otherwise indicated above. The Trustees meet approximately 4 times a year to review the activities and direction of the charity. The day to day running of the charity is delegated to the team in London who work closely with the CEO of The Philanlhropy Workshop in the US. Individual Trustees maintain an active interest and participation in many of the charity's courses and events, which is an imporlanl part of ensuring the direction and spirit of Ihe charity stays true to its original vision. aims and objectives. None of the Trustees has any beneficial interest in the company. Recruitment and appointment of new trustees Trustees are appointed by an ordinary resolution. Whenever the Trustees are less than three, new Trustees must be appointed to bring the number up to three, but (unless otherwise determined by ordinary resolution) the number shall not be subjected to any maximum. Existing Truslees and the Chair make recommendations for new Trustees, which are then put before the board. Board members are invited to serve for three years with the possibility of serving an additional two terms of three years each. The Board Chair will be invited to serve in that role for an initial five-year term renewable for three subsequent years. Trustees, induction and training New trustees are given guidance on their responsibilities, through reading guidelines issued by the UK Charity Commission and other organisational papers. They also meet with the group chair, the relevant committee chairs, and staff as appropriate to the role. Ongoing training also occurs to ensure the Board are current on legislation and other issues that impact govemance. International Advisory Board Given the close operating relationship with The Philanthropy Workshop in the USA since March 2014, there is an International Advisory Board [IABI, which comprises all Trustees from both organisations. The purpose of this board is to provide advice on global strategy. As with any advisory body, the IAB does not have the technical legal authority to mandate their recommendations upon either organisation and the independent boards retain the legal right to ratify (or reject if they see fit) any recommendation made by the advisory board. Risk Management The trustees regulady review the risks the charity faces and are satisfied that systems are in Pla to mitigate their exposure to the major risks.
The Institute for Philanthropy Trustees, report for the year to 31 December 2023 Public Benefit The Trustees confirm that they have complied with their duty under Section 1715) of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. The Institute for Philanthropy carries out a wide range of activities in furtherance of its charitable objectives, as detailed under Activities and Achievements below. Objectives and principal activities The objective of the Institute for Philanthropy is to increase and catalyse positive social change by mobilising philanthropic resources, through providing education and thought leadership in strategic philanthropy to philanthropists and social entrepreneurs. The Trustees confirm that they referred to the guidan contained in the Charity Commission's general guidance on the public benefit by reviewing the Trust's aims and objectives and in planning future activities. Activities and Achievements The Institute for Philanthropy, in collaboration and partnership with The Philanthropy Workshop. is a global community of social investors committed to leveraging their time. talent, treasure, and ties to crFcreate a better world alongside social sector leaders, govemment actors. academic thought-leaders, and others. The organisation's mission is to accelerate social impact by mobilising a global network of strategic investors united by their commitment to unlock resources, lifelong leaming. collaboration, and entrepreneurial approaches. Our organization engages community members through three pillars: 1) Peer collaboration- providing a trusted network of like-minded philanthropists and social investors- 2) Leaming environment - year-round programming both in-person and virtual that dives deep on issues and helps build strategy- and 3} Action oriented - opportunities to work individually or with peers to deploy greater resources for greater impact. Future plans In the year ahead the charity plans to continue to facilitate coursework alongside opportunities for connection and collaboration promoting best praCtIS in the area of strategic philanthropy. The trustees plan to expand the organization's impact through increased community membership. Financial review During the period covered by these accounts the charity's income came in at £394k (2022.. £422k) while expenditure for the period was £392k (2022= £421k) resulting in an overall surplus of £2k for the period (2022.. £1k). Management fees from the US parent account for £358k {2022: £405k) of the income which cover the charity's costs of running programs locally and intemationally, as well as supporting the membership in Europe. Reserves policy The Trustees, policy is to hold reserves in order to provide short term financial stability and allow time to secure alternative sources of funding, in the event of a significant drop in income. At the end of the year reserves stood at £285k (2022: £284k) which the Trustees believe is in line with the overall organisational policy. Investment policy The Trustees, investment powers are govemed by the Memorandum and Artides of Association, which permit the Charity's funds to be invested in a wide range of securities and assets.
The Institute for Philanthropy Trustees, report for the year to 31 December 2023 Statement of Trustees Responsibilities The trustees (who are also the directors of The Institute for Philanthropy for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PraCti)- Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. In so far as the trustees are aware there is no relevant audit information of which the charitable company's auditors are unaware the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Small company provisions This report has been prepared in accordan with the special provisions for small companies under Part 15 of the Companies Act 2006. This report was approved by the Board of Trustees on and signed on its behalf by: // Elliott Donnelley11 (Sep 26, 2024 11= 8 EDTI Elliott Donnelley Trustee Date.. 0912612024
Independent Examiner's report to the trustees of The Institute for Philanthropy for the year ended 31 December 2023 I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 Dember 2023. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Acl,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examinerfs statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a registered member of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act" or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act otherthan any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Narges Cyroos FCA Chartered Accountant Sterling Partners Limited Chartered Accountants & Statutory Auditors 2nd Floor, Grove House 774-780 Wilmslow Road Didsbury, Manchester M20 2DR Date.. 27th September 2024
The Institute for Philanthropy Statement of Financial Activities (incorporating the Income and Expenditure Account) to 31 December 2023 Unreicted Funds Reicted Funds Totsl Funds Totsl Funds 2023 2023 2023 2022 Note Income Donations Income f rom charitable artivities Investment income 35.224 358.435 35,224 358,435 17,CKM) 405,CMXI Other income Total income 393.659 393,659 422,CKM) Expenditure Fundraisi ng Charitable activities 35,141 356,658 35,141 356,658 35,780 385,542 Total expenditure 391.799 391,799 421,322 Net income l (expenditure) before exchange ga 678 Exchange gain(losses) Gainglllosses) on investments Net movement in funds 1,8E(I 678 Reconciliation of funds Total funds brought forward 283.556 283,556 282,878 Total funds carried forward 14 285,416 285,416 283,556 The notes on pages 8 to 13 fomi part of these financial statements.
The Institute for Philanthropy Balance Sheet as at 31 December 2023 2023 2022 Note FIXED ASSErs Tangible Assets 10 416 416 CURRENT ASss Deblors Cash at bank and in hand 314.136 2,225 294,869 3,424 316.361 298,293 CREDITORS: Amountsfalling due within one year 12 (30.945) (15,153) NEf CURRENT ASSErs 285,416 283,140 TOTAL ASSEfs LESS CURRENT LIABILITIES 285.416 283,556 CAPITAL AND RESERVES Restricted fvnds Unrestricted fvnds 285,416 283,556 13 285,416 283,556 For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members ha required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors a¢knOedge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts ha* been prepared in accordance with the promsions applicable to companies subject to the small companies, regime. The financial statements were approved by the Board of Trustees and signed on its behalf by.. // Elliott Donnelley11 (Sep 26, 2024 11= 8 EDTI Elliott Donnelley Trustee Date.. 26109124
The Institute for Philanthropy Notes to the accounts for the period to 31 December 2023 1 Principal accounting policies The principal accounting policies adopted in the preparion of the financial statements are set out below. (al Basis of accounting These financial statements ha been prepar&l under the historical cost conntion in accordance with the stalemenl of Recommended Practice 'Accounting and Rewrting by Charities, effecti January 2019 (the Charities SORP IFRS 102}I. UK accounting standards. including 'Financial Reporting Standard 102 The Financial Reporting Standard aptjicable in the UK and Reputjic of Iland, (FRS 102) and the Companies Act 2006. The Inslilute For Philanthropy meets the definition of a public benefit enttty under FRS 102. A55ets and liabilities are initially recognised at historical cost or transaction lue unless othewse stated in the relent accounling policy nolelsl. The Functional and presentation currency of the Charity are wund stetling. (bl Fund accounting {il Unreslricted ftjnds are alIatre for use at the discretion of the trustees in furtherance of the general objecliKes of the charity. (ill Restricted fvnds are subject to specific conditions IMSed by the donor as to how they may be used. The puy)ses and uses of the tEstricted fijnds are set out in the notes to the accounts. Transfers between funds are made to cOr deficits on indimdual restricted funds and to rec(¥Jnise fixed assets, including those acquired with restricted income. separately Vrfithin restricted funds. (c) Income All income is included in the statement of financial acti4ilies when the charity is entitled to the income and the amount can be quantified wth reasonable accuracy. The fdlowng specific policies are applied to particular categories of income. (il Income reCeId by way of granls. donations and gifts is included in fvll in the Stalemenl of Financial Aclimlies when receivable. (ill Grants eltle are recojnised vthen the charity becomes unconditionally entitled to the grant. {iii} Donated professional senices and donated facilities are rec(MJnised as income when the receipt of economic benefit from the use by the charity of the item is probable and that economic benefil can be measured reliably" a corre5txinding amount IS then recognised as expenditure in the same period. (iv) The value of seNces promded by UnteerS has not been included in these accounts. (v) Income from charitable actilities is accounted fr)r en eamed. If reCeId in adnCe. management fees from running courses and projects are deferred until the relent actimty has taken place. {IAI InStment income is included when reCeIble. (Mil Income recei%Ed in adnce is deferred until the criteria for income reccgnition are met. (dl Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. (il Fundraising incorporates the salaries. direct expenditure and olerhead costs of the staff who undertake fvndraising work. {iil Charitable expenditu comprises those costs incurred on projects urKlertaken in pursuance of the charilable aims of the company. {iii} G0ManCe costs are those costs incurre(l in the management of the charity's assets, organisation and compliance functions. {ivl Support cos15 are those cosls incurred by the company in support of 115 main charitable actimties and projects. Where costs cannot be directly attribLrted. they ha been allocated to actlmties on a basis consislent wth Ihe use of resources. (v) The alue of seTrices promded by lUnteerS has not teen included in these accounts. {e) Tangible fixed assets and depreciation Tangible fixed assets costing 0r £1,000 (including any incidental exFenses of acquisition) are capitalized. Depreciation is promded at rates calculat&J to lte off the cost on a straight line basis 0r their expected usefijl economic life. The rate of depreciation is 33 13 % Fer annum for all assets.
The Institute for Philanthropy Notes to the accounts for the period to 31 December 2023 {fj Investsnents InstMentS are stated at market Nelue at the balance sheet date. The Statement of Financial Actimties includes Ihe net gains and losses arising on relUationS and any dispy)sals IhroughoLrt Ihe period. {g) Foreign currency Transactions in foreign currencies are initially recorded in the entity's fijnctional currency, which is pound sterting, by applying the spot exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheel date. All differences are taken to the statement of ffinancial actiKities. 2 Donations 2023 2022 Donations 35,224 17,000 35,224 17.000 Donations represents the monetary lue of donations actually recei1 during the period. A total of £35.223 12022: £17,000) was reCeId in the year of 1¢h £35,223 {2022.. £7,000) We unrestricted and £nil (2022.. £10.000) were restricled. 3 Income from charitable activities 2023 2022 Management fee income 358,435 405.000 358,435 405.000 The charity runs courses and seminars on behalf of The Philanthropy Workshop. its parent and ultimate controlling party. The income from these courses accrues to The Philanthropy Workshop and the charity is paid a management fee for organising them. 4 Investment income 2023 2022 Interest 5 Fundraising 2023 2022 Staff costs Other direct costs Support costs 20,987 8,061 6,093 21.631 7,632 6,517 35,141 35,780
The Institute for Philanthropy Notes to the accounts for the period to 31 December 2023 6 Charitable activities 2023 2022 Staff costs Consultants Donations to participating charities Tra1 Course & ent expenses Support costs 244,480 283.752 6,534 6,441 28,221 70,982 600 2,644 13,055 85,491 356.658 385.542 7 Support costs Goveman¢e function General support Total 2023 Total 2022 Staff costs Consultants Premises Tra1 & subsistence Legal & professional Insurdnce Depreciation & Telecoms Other 10,494 2.525 24,748 1,311 28,399 10,494 2,525 24,748 1,311 30,884 12,480 5.Tt2 23,874 10,838 30,197 2,780 416 4,127 1,524 416 416 3,6CKI 1,616 1,616 2.486 74,589 77.075 92,008 Fundraising {note 5) Charitable acliiities (rle 6) 6,093 70,982 6,517 85,491 77.075 92,008 8 Staff costs 2023 2022 Gross wages and salaries Redundancy Employerfs national insurance Pension Other benefits 235,196 271,130 23,128 13,383 4,254 28.701 14,977 3,055 275,961 317.863 The arage number of employees during the period The number of staff whose annual emoluments (excluding employer pension costs) were in excess of £60.000 during the period were as fcdlows.. £60,001 - £70,000 £70,001 - £80,000
£80,IK)O The total compensation to key management rsonnel in the year to December 2023 (see page 1 of these accounts) was £nil12022.. £nil). All key management thonnel are based at the parenl organisation in the United States.
The Institute for Philanthropy Notes to the accounts for the period to 31 December 2023 Staff costs have been analysed a& 2023 2022 Direct charitable experKliture Fundraising Go*mance Support 244,480 20,987 283,752 21,631 10,494 12,480 275,961 317,863 9 Net income {expenditure) for the period 2023 2022 This is ststed after charging: Depreciation Independent Examination fees 416 2,065 416 1,876 10 Tangible fixed assets Office Equipment Cost At 1 January 2023 Additions in period Disposals in period 2,788 At 31 December 2023 2,788 Depre¢iation Al 1 January 2023 Charge for the peric#J Disposals in period 2,372 416 At 31 December 2023 2,788 Net Book Value At 31 December 2023 At 37 December 2022 476 There was a no gain or loss on the disposal of fixed assets in 2023 {2022:£nil). 11 Debtors: amounts falling due within one year 2023 2022 Prepayments and other debtors Amount owed by group entilies 16,748 297,388 16,022 278,847 314,136 294,869
The Institute for Philanthropy Notes to the accounts for the period to 31 December 2023 12 Creditors: amounts falling due wthin one year 2023 2022 Trade creditors Accruals and deferred income PAYEINI Pension 19,135 2,065 6,494 3,251 8,942 3.705 2,506 30,945 15.153 13 Movements in funds At1 January 2023 At31 December 2023 In¢oming Resources Outgoing Resources Tranthrs in l (out) Restricted Fund& Open Philanthropy Action Lab Total rericted funds Total unrestricted funds 283.556 393.659 (391.799) 285.416 TOTAL FUNDS 283,556 393,659 (391.799) 285.416 14 Analysis of net assets between funds Unreicted funds Restricted funds Total funds Tangible fixed assets Current assets Current liabililies 316.361 (30,9451 316,361 {30,945} Net assets at 31 Decernber 2023 285,416 285,416 15 Trustees. remuneration and expenses The charity did not pay to its tnjstees any remuneration during the period {2022.' £nil) and did not reimburse any lrnjstee expenses {2022.. £nil). 16 Related parties During the period the charity charged management fees of £358,435 (2022.. £405.0001 to its controlling party The Philanthropy Workshop ITrW}. a not for profit organization registered in the Uniled States of America. At the balance sheet date the charity was owed £297.388 by TPW {2022: £278,847 owed by TPWI. 12
The Institute for Philanthropy Notes to the accounts for the period to 31 December 2023 17 Pension commitments The charity operates an autiFenrdment pension scheme with Smart Pension. All staff are eligible once they hake passed their probation period, and the charity pays a 5°h employerfs contribution which is matched by a 5 /. employees contribution Ma salary sacrifice. The charity also allows staff who ha "opted out" of the aul enrolmenl scheme to nominate a personal pension plan to receile their pension contribLrtion. Pension cosls stated in note 8 arKI charged in the statement of Financial Actiiities represent Ihe total contributions payable in the period. 18 Corporation Taxation The charity is exempt from tax on income arKI gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of chargea1e Gains Act 1992 to the extent that these are applied to its charitable objects. 19 Operating lease commitments The Company has operating lease commitments in respecl of its premises as follows.. 2023 2022 Due in less than one year 26.609 25,248 26.609 25.248 20 Ultimate parent undertaking and controlling party In the opinion of the Truslees the ultimale controlling paty is The Philanthropy Workshop. a not for profil organization registered in the United States of America and domiciled at Neue House. 110 East 25th Street. New York, NY 1Tr)10, United States. The Charity relies on the supp(xt of its parent 1¢h is rellected as income in these statements. The Charily is also in receipl of a letter from ils parent to confirn their continuing SUprt of the Charity for at least twel months from the date of appro1 of these financial statements. 13