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2021-03-31-accounts

statements

For the year ended 31 March 2021

Registered Charity Number (England & Wales): 1132411 Registered Charity Number (Scotland): SC047395

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Contents Page
1. Trustees’ report 2 – 8
2. Report of the independent auditors 9 – 11
3. Consolidated statement of fnancial activities 12
4. Charity statement of fnancial activities 13
5. Consolidated balance sheet 14
6. Charity balance sheet 15
7. Consolidated statement of cash fows 16
8. Notes to the fnancial statements 17 - 31

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1. Trustees’ Report

The trustees present their report with the financial statements of the Charity and its wholly-owned subsidiary for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Trust Deed, the Charities Act 2011 and “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) (2nd Edition, effective January 2019) ("Charities SORP").

Reference and administrative details

Charity name

Localgiving Foundation

Registered charity number

England & Wales: 1132411 Scotland: SC047395

Principal address

Shurland Hall High Street Eastchurch Sheerness ME12 4BN

Trustees

Tom Latchford (Chairman) Gillian Mead David Langer Maria Chavez (appointed 15th December)

Auditors

Blick Rothenberg Audit LLP Chartered Accountants & Statutory Auditors Palladium House 1-4 Argyll Street London W1F 7LD

Bankers

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Solicitors

Withers LLP 20 Old Bailey London EC4M 7AN

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Structure, governance and management

Governing document

The Charity is constituted and managed in accordance with the trust deed of 20 October 2009 as amended on 16 April 2013 as amended by deed dated 20 March 2017.

Trustee appointments and training

New trustees of the Charity are appointed by the existing trustees. Trustees have the power to appoint new trustees at any time by passing an ordinary resolution at a trustee meeting or by written resolution. The minimum number of trustees is 3 and there is no maximum.

The Trustees a wide range of skills and experience essential for good governance of the Charity. New trustees are given an induction pack containing key information on the Charity and its subsidiary. Organisational structure and decision making The Charity is governed by the Board of Trustees composed of a chairman and two other trustees as at the date of approval of the Trustees’ Report. The Trustees are ultimately responsible for the Charity’s strategic direction, upholding the Charity’s values, and ensuring that it achieves its objectives. Trustees are involved in and approve key strategic decisions, including major funder projects and activities affecting the Charity’s reputation, finances or ability to support local charities and community organisations. The Trustees hold meetings quarterly. In addition, they also take part in ad hoc consultations on stewardship issues and act as ambassadors for the Charity in public.

The subsidiary, Localgiving Ltd, has a separate board of directors, which is responsible for the planning and major operational decision making of the organisation. This includes reviewing risk management, key activities or projects and performance against objectives. The Board meets regularly (4 times per year) and is responsible for reporting back to the Charity regularly on its financial position and progress against business plan.

The of the subsidiary, overseen by the director, are responsible for the day-to-day management of the subsidiary and implementing plans and activities. The Senior Management Team has regular 1:1 meetings with the Chairman at which they have the opportunity to raise any immediate issues that require strategic guidance. The Senior Management Team maintains regular weekly meetings to track performance, manage issues and assess new opportunities. The staff team is structured around 3 key functions: Technology Development, Business Development and Finance & Operations. The staff also work in

new technology projects, regional development programmes and match-fund campaigns.

Consulting with local charities and community groups is core to the Charity’s approach. Along with surveys of our beneficiaries and donors, which are shared throughout the group, feedback from visits by members of staff, managers, directors and trustees inform decisions about the strategic objectives and activities of the group.

The group looks to collaborate and build partnerships with other organisations in the sector through joint funding programmes, cross-member benefits, advocacy, shared services and research. Remuneration of key management personnel

The Charity has no employees and none of the Trustees receive any remuneration (see Note 9). The subsidiary, Localgiving Ltd, employs staff.

Salaries for permanent per year in March by the remuneration committee with new salaries taking effect in April. The committee is made up of the Trustees of Localgiving Foundation and the Managing Director of Localgiving Ltd. Localgiving Ltd aims to pay staff as fairly as possible and is a Living Wage employer. Staff on contracts for Regional Development programmes have their pay set according to costing in the funding proposal for the respective programme. Localgiving Ltd aims to recover full cost on funding bids for these programmes, unless the member of staff contributes to core operations as well.

Members of the Senior Management Team have their salary based on a number of factors: London Living wage increases, performance of the organisation against predetermined targets, individual performance and financial constraints of the organisation.

Related parties

As at 31[st] March 2021, the Charity owns 100% of the called-up share capital in Localgiving Ltd (the subsidiary). Localgiving Ltd became a wholly owned subsidiary of the Charity on 28[th] October 2015.

The Chairman of the Charity, Tom Latchford, is also the director of the subsidiary. The subsidiary acts as an agent for the Charity to receive online donations and match grants, claim Gift Aid and pay grants to local charities. The transaction costs of this income and expenditure are recharged to the charity by the subsidiary.

The charity also makes grants to the subsidiary from funding it has received to cover the costs of running various programmes.

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Objectives and activities

Localgiving Foundation is dedicated to providing funding opportunities and advocacy for local charities and community groups in the UK. Its mission is to safeguard the sustainability of the local voluntary sector by empowering charitable organisations to connect with supporters, fundraise online and take control of their future.

Long term:

Short term:

Activities

and community organisations in the UK

Donations made on the Localgiving fundraising platform are forwarded on to member charities and community groups along with any match funding to the online donations.

These online donations represent voluntary income and, along with allocated match funding, are designated by the Trustees for grant-making. These micro-grants are paid out automatically to the member charities and community organisations that have fund-raised the donations.

(2) Activities directly undertaken by Localgiving which fall into four core areas:

online donations, whether or as a recurring monthly Direct Debit. It provides automated Gift Aid processing and enables smaller unregistered charities to benefit from Gift Aided donations. It provides access to dashboards of donation reporting and enables charities to send messages to supporters.

The Trustees that they have referred to the Charity Commission guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting policies.

The Charity seeks to promote the local voluntary sector, efficiency and effectiveness of charities and the effective use of charitable resources. Its beneficiaries are local charities and community groups. The methods it uses to achieve its charitable purposes include:

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Achievements and performance

Community Match Challenge

Localgiving Foundation secured £1m in funding from DCMS (The Department for Digital, Culture, Media & Sport) in October 2020. A match funding campaign was run on the Localgiving website in November and engaged over 8,000 donors to support the campaign. This resulted in 400 small and medium sized local charitable organisations in England receiving grants of £1,957,000 to help them support communities impacted by COVID-19. It is estimated that the funding will support nearly 240,000 beneficiaries; reaching one beneficiary for every 24p provided by DCMS.

Organisations supporting a wide-range of beneficiaries across every region of England were supported through the fund. Key beneficiary groups were supported in-line with demographics of the English population:

Bath & North East Somerset Third Sector Support Group (BANES 3SG) received a grant of £50,873 through the fund. The grant enabled them to manage, support and sustain their Emergency Volunteer Response Service during the pandemic. Through this work 1,249 local residents were supported at times where they were in need of food, medication or assistance. This ensured that isolated members of the community were able to receive groceries and medication when they needed it and volunteers were able to check in on their mental wellbeing.

In addition, 6,000 support packs were distributed to 800 individuals who were struggling severely due to the impact of COVID-19. Of these individuals, currently 162 are still receiving continued support. The 638 that have stopped receiving support were provided with assistance throughout their period of crisis.

Magic Little Grants

This year has seen us continue our Magic Little Grants programme, funded by the Postcode Community Trust.

The programme provides small grants through a simple online application process.

In the year to 31 March 2021, we distributed £469,000 in grants to 938 local charities and community groups. These groups were funded to deliver projects to increase physical activity in their local community. A total of 426 new organisations were funded. Funding was distributed across 112 postcode areas across Great Britain.

The map below shows the distribution of funding.

Future plans

Following the success of this programme and the feedback that we have received; we plan to expand our work through Magic Little Grants and have secured the funding to distribute over double the number of grants in the coming year.

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Achievements and performance

Shurland Hall

The Covid-19 pandemic shone a spotlight on the vital role of local voluntary organisations as first-responders, but it also revealed the threats posed to small charities. Many charities cited a lack of access to the resources, facilities and partnerships needed to operate efficiently and make it through the pandemic. Learning from this experience, the Board saw a need and opportunity to diversify Localgiving's work and extend its mission by operating offline in physical localities. A new dimension of the Foundation's long-term vision is to harness the potential of heritage properties to deliver social, economic and environmental regeneration in deprived localities.

With this in mind, Localgiving Foundation has acquired Shurland Hall: a Grade II* Listed Tudor castle on the Isle of Sheppey (one of the top 2% most deprived areas in the UK). In the coming months and years, Localgiving will partner with a range of stakeholders to deliver programmes and resources in support of Sheppey's local charities and community groups. Acting as a proto-type for Localgiving's creation of regenerative community hubs, we will mobilise Shurland Hall to:

Covid-19 Response

This year has provided a set of challenges never previously experienced. The Localgiving team has risen to the challenge and delivered significant growth in income generation to help meet the increasing needs of grassroots charitable organisations and the issues that

We have seen an increase of 121% in online donations received through the Localgiving platform and a 277% increase in restricted income generated through grants. This has enabled the team to scale up its activities to support charitable organisations, whilst navigating the issues COVID-19 created for the organisation itself.

Throughout the year, 2,735 charitable organisations across the UK have been supported through the work of Localgiving Foundation.

  1. increase the sustainability of the local voluntary sector by coalescing cross-sector partnerships

  2. improve public heritage access for social regeneration

  3. boost the local economy

  4. enhance the mental and physical wellbeing of the local community

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Financial review

Localgiving Foundation is grateful to every one of its supporters. Without such vision and continued involvement it would not be possible to provide these valuable services to charities and community organisations across the UK.

The group received £10,610,400 in voluntary income during the year. This was made up of donations of £8,418,079 and grants of £2,192,321.

Donations and grants were received from the following sources:

Donor / Funder
DCMS
Postcode Society Trust
Postcode Neighbourhood Trust
Postcode Community Trust
People’s Postcode Trust
Postcode Places Trust
Postcode Local Trust
Garfeld Weston Foundation
The Waterloo Foundation
National Lottery Community Fund
Online donors
Individuals		 £
1,000,000
227,506
227,506
170,630
170,630
170,630
170,630
25,000
15,000
14,789
8,355,970
62,109
10,610,400

From this income, grants of £9,096,311 were awarded. The group had support costs related to grant payments of £94,623.

Reserves policy

The Trustees maintain a reserves policy to build up the Charity’s unrestricted reserves to a level that will provide appropriate protection against normal and economic risks and which will also provide a stable financial foundation to meet current financial commitments, planned activities, and to invest for future growth. Reserves of £1,218,895 were carried forward by the Charity at the end of the year, represented by £1,072,980 restricted funds for future grant awards, £110,851 designated funds for future grants awards and £35,064 in general funds.

Voluntary income via online donations are designated to fund local charities represented on Localgiving’s online fundraising platform. These amounts are paid out on a weekly basis to designated grantees.

The charity’s own balance sheet shows a surplus on unrestricted funds of £1,780,121 compared to a surplus of £35,064 in group unrestricted funds caused by accumulated trading losses in the subsidiary. As the group expands, the subsidiary is expected to become profitable so reducing its level of retained losses and ensuring group unrestricted are

no fall in the level of accumulated losses in the subsidiary which the Trustees expect to continue.

Localgiving Foundation’s level of free reserves is under continuous review.

Risk management

The Trustees have assessed the major risks to which the Charity is exposed and have in place systems to mitigate its exposure to major risks.

The Charity depends on the subsidiary’s technology to receive donations and to operate grant programmes. The subsidiary provides quarterly operational risk reviews related to the processing of grants to local charities and community groups; the validation of these groups to be able to receive funds and the website infrastructure to deliver the fundraising platform. The subsidiary is required to have an independent website security audit once per year.

Financial performance and cash forecasts of the subsidiary are reviewed monthly by the Chairman to ensure the subsidiary remains on track with its business plan. The Charity has provided against the loan to the subsidiary in its Statement of Financial Activities.

Results for the year

Income increased from £4,695,303 to £10,975,216 and expenditure from £4,821,753 to £10,436,990 leading to a surplus for the year of £538,226 against a deficit of £126,450 in 2019/20. This major rise in donations received and grants made was due to increased activity due to the effects of the COVID pandemic as detailed elsewhere in this report.

COVID-19 impact moving forward

The Trustees feel that the group has navigated the COVID-19 pandemic well and has improved its financial position during this period. The group has continued to secure additional income through grants and donations based on its experience delivering similar programmes outlined in this report. The Trustees believe that this rise in income will be maintained and that the income of the group will continue to grow moving forward.

Fundraising

The Trustees ensure that our fundraising activity is delivered to a high standard:

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Funds as agent

The Charity also receives funds on behalf of other foundations through its online platform. These donations are held on behalf of and remain under the control of these other foundations.

As a result, the Charity does not include these funds

At the balance sheet date, an amount of £432,856 (2020: £133,227) was held on behalf of other foundations.

Trustees’ responsibilities statement

The Trustees are responsible for preparing the Report of the Trustees and the statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed requires the Trustees to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing those financial statements, the Trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.

Disclosure of information to auditors

On behalf of the board:

T Latchford Chair of Trustees

Date: 21st December 2021

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2. Independent Auditor’s Report to the Trustees of Localgiving Foundation for the year ended 31 March 2021

Opinion

We have audited the which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, 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).

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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Independent Auditor’s Report to the Trustees of Localgiving Foundation for the year ended 31 March 2021(continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees 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 statements, the trustees are responsible for assessing the charity’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 charity or cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of statements

We have been appointed as auditors 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 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

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:

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We assessed the susceptibility of the understanding of how fraud might occur by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Russell Tenzer FCA (Senior Statutory Auditor) For and on behalf of Blick Rothenberg Audit LLP

22.12.2021 ..............................................................

Chartered Accountants

Statutory Auditor

Palladium House 1-4 Argyll Street London W1F 7LD

Blick Rothenberg Audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006

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3. Consolidated statement of fnancial activities

Incorporating income and expenditure

Total funds

Notes
Income from:
Donations
3
Donations
Grants
Trading activities
Other income
4
Total
Expenditure on:
Raising funds
6
Charitable activities
7
Awarding grants
Localgiving website
Other expenditure
Total
Net Income
Transfers between funds
16
Net movements in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
16		 General
Funds
£
62,109
-
364,815
-
426,924
679,771
-
566,284
-
1,246,055
(819,131)
998,137
179,006
(143,942)
35,064		 Designated
Funds
£
8,355,970
-
-
-
8,355,970
-
7,754,354
-
-
7,754,354
601,616
(769,955)
(168,339)
279,190
110,851		 Restricted
Funds
£
-
2,192,321
-
-
2,192,321
-
1,436,580
-
-
1,436,580
755,741
(228,182)
527,559
545,421
1,072,980		 Year
ended
31/03/21
£
8,418,079
2,192,321
364,815
-
10,975,215
679,711
9,190,934
566,284
-
10,436,989
538,226
-
538,226
680,669
1,218,895		 Year
ended
31/03/20
£
3,801,571
581,182
311,825
725
4,695,303
180,954
4,128,225
508,104
4,470
4,821,753
(126,450)
-
(126,450)
807,119
680,669

.

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4. Charity statement of fnancial activities Incorporating income and expenditure

Total funds

Notes
Income from:
Donation
3
Donations
Grants
Investments
5
Other income
Total
Expenditure on:
Raising funds
6
Charitable activities
7
Awarding grants
Other expenditure
Total
Net Income
Transfers between funds
16
Net movements in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
16		 General
Funds
£
62,109
-
40,517
-
102,626
678,202
-
-
678,202
(575,576)
168,788
(406,788)
2,186,909
1,780,121		 Designated
Funds
£
8,355,970
-
-
-
8,355,970
-
8,355,521
-
8,355,521
449
(168,788)
(168,339)
279,190
110,851		 Restricted
Funds
£
-
2,192,321
-
-
2,192,321
-
1,664,762
-
1,664,762
527,559
-
527,559
545,421
1,072,980		 Year
ended
31/03/21
£
8,418,079
2,192,321
40,517
-
10,650,917
678,202
10,020,283
-
10,698,485
(47,568)
-
(47,568)
3,011,520
2,963,952		 Year
ended
31/03/20
£
3,801,571
581,182
44,277
-
4,427,030
180,954
4,449,872
4,470
4,635,296
(208,266)
-
(208,266)
3,219,786
3,011,520

.

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5. Consolidated balance sheet

5. Consolidated balance sheet
Notes
Fixed Assets:
Tangible fxed assets
11
Total fxed assets
Current assets:
Debtors
13
Cash at bank and in hand
Total current assets
Liabilities:
Creditors:
amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors:
amounts falling due after more than one year
15
Total net assets
Funds:
16
General funds
Designated funds
Restricted funds
Total funds		 Total funds
Year
Year
ended
ended
31/03/21
31/03/20
£
£
2,745,760
2,507,502
2,745,760
2,507,502
916,751
418,492
1,185,037
838,875
2,101,788
1,257,367
(1,570,729)
(973,078)
531,059
284,289
3,276,820
2,791,791
(2,057,924)
(2,111,122)
1,218,895
680,669
35,064
(143,942)
110,851
279,190
1,072,980
545,421
1,218,895
680,669
Year
ended
31/03/21
£
2,745,760
2,745,760
916,751
1,185,037
2,101,788
(1,570,729)
531,059
3,276,820
(2,057,924)
1,218,895
35,064
110,851
1,072,980
1,218,895

behalf by:

Date: 21st December 2021

.

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6. Charity balance sheet

6. Charity balance sheet
Notes
Fixed Assets:
Tangible fxed assets
Investments
11
12
Total fxed assets
Current assets:
Debtors
13
Cash at bank and in hand
Total current assets
Liabilities:
Creditors:
amounts falling due within one year
14
Net Current Assets
Total assets less current liabilities
Creditor:
amounts falling due after more than one year
15
Net assets
Funds:
16
General funds
Designated funds
Restricted funds
Total funds		 Total funds
Year
Year
Ended
Ended
31/03/21
31/03/20
£
£
2,743,236
5
2,505,153
5
2,743,241
2,505,158
2,710,082
2,938,432
545,988
337,016
3,256,070
3,275,448
(977,435)
(657,964)
2,278,635
2,617,484
5,021,876
5,122,642
(2,057,924)
(2,111,122)
2,963,952
3,011,520
1,780,121
2,186,909
110,851
279,190
1,072,980
545,421
2,963,952
3,011,520
Year
Ended
31/03/21
£
2,743,236
5
2,743,241
2,710,082
545,988
3,256,070
(977,435)
2,278,635
5,021,876
(2,057,924)
2,963,952
1,780,121
110,851
1,072,980
2,963,952

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

T Latchford

Chair of Trustees

Date: 21st December 2021

.

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7. Consolidated cash fow statement

Notes
Cash fows from operating activities
Net cash from/(used by) by operating activities
18
Cash fows from investing activities
Purchase of tangible fxed assets
Net cash used in investing activities
Cash fows from fnancing activities
(Loans repaid)/loan advances
(Net cash used in)/net cash from fnancing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
19		 Year
Ended
31/03/21
£
737,408
(273,464)
(273,464)
(117,782)
(117,782)
346,162
838,875
1,185,037		 Year
Ended
31/03/20
£
(108,003)
(2,520,151)
(2,520,151)
2,700,273
2,700,273
72,119
766,756
838,875

.

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8. Notes to the fnancial statements

1 General Information

Localgiving Foundation is an unincorporated charity registered at the Charities Commission with charity number 1132411 (England and Wales) and SC047395 (Scotland) which is governed by its Trust Deed dated 20 March 2017.

2 Accounting Policies

The statements have been prepared in accordance with 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) (2nd Edition, effective 1 January 2019) (“Charities SORP”).

The statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Localgiving Foundation meets the of a public 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 statements are prepared in sterling, which is the functional currency of the Charity. Monetary

Basis of consolidation

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

Going concern

The Charity is reliant upon voluntary income, in the form of donations from individuals, membership fees, and grant funding for specific programmes. Income across all of these streams has grown over the last 5 years. The Trustees are confident based on performance since the balance sheet date that there will be further increases in income over the next twelve months.

The trustees do not consider that the Charity has been pandemic and the various lockdowns during the year. The pandemic has actually led to an increase in donations received through the Localgiving website. Technical and other staff within the Charity’s subsidiary continue to maintain the website platform from home.

After reviewing expected expenditure, expected income, and the future plans of the Charity, the Trustees consider that the Charity is a going concern.

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.

Grant income is recognised once the above criteria have been met, together with any performance conditions attached to the grant. Grant income received is deferred only when the Charity has yet to fulfill the performance conditions.

Donation income from the platform is recognised once the above criteria have been met, together with the donor successfully completing the online donation process via the Localgiving website.

Membership subscription income is recognised in the period in which the services are provided on an accruals basis with amounts received in advance being shown in deferred income.

Commission income is recognised upon completion of the grant payments to the designated charities

17

,

Accounting policies (continued)

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

Expenditure

Expenditure is accounted for on an accruals basis and has been under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the period end date are noted as a commitment but not accrued as expenditure.

Support costs are those costs incurred directly in support of expenditure and allocated across the key objects of the Charity and include overall management of the Charity. Governance costs are those associated with the governing of the Charity not relating to fundraising, charitable activities or day to day management.

Governance costs comprise the management and administration cost for the running of the Charity.

All resources expended are inclusive of irrecoverable VAT.

Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities incorporating Income and Expenditure Account on a straight line basis over the lease term .

Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have made, the useful life shall not exceed ten years.

Amortisation is provided on the following basis:

Website development 20% straight-line

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings 20% straight-line Land & Buildings 2% straight-line

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Freehold land is not depreciated. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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.

18

,

Accounting policies (continued)

Financial instruments

Financial assets and liabilities are recognised when the group becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset,

If an asset is impaired, the impairment loss is the between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Financial assets are derecognised only when the contractual rights to the cash from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic Financial Liabilities

Basic liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

19

,

Accounting policies (continued)

Financial instruments (continued)

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 advance 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 within interest payable and similar charges .

Pensions

The Charity’s subsidiary operates a contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

The contributions are recognised as an expense in the statement of activities when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial activities. The assets of the plan are held separately from the charity in independently administered funds.

Taxation

The Charity is exempt from Income Tax and Capital Gains Tax on its charitable activities however the subsidiary’s activities fall within the scope of Corporation Tax.

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.

Designated funds are held by the Charity for a purpose designated by the Trustees. The designated funds represent online donations that have been set aside to pay out as grants to local charities and the costs associated with carrying out this service.

Restricted funds are funds which are to be used in 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

Investment income, gains and losses are allocated to the general fund.

20

,

3. Income from donations

Income from donations
Donations
Grants		 Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
8,418,079
3,801,571
2,192,321
581,182
10,610,400
4,382,753		 Charity
Year
Year
ended
ended
31/03/21
31/03/20
£
£
8,418,079
3,801,571
2,192,321
581,182
10,610,400
4,382,753
Year
ended
31/03/21
£
8,418,079
2,192,321
10,610,400		 Year
ended
31/03/21
£
8,418,079
2,192,321
10,610,400

In 2021, income from donations and legacies related to the following funds:

Group: £62,109 was to general funds, £8,355,970 was to designated funds and £2,192,321 was to restricted funds.

Charity : £62,109 was to general funds, £8,355,970 was to designated funds and £2,192,321 was to restricted funds.

4. Income from trading activities

Income from trading activities
Localgiving website income Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
364,815
311,825
364,815
311,825		 Charity
Year
Year
ended
ended
31/03/21
31/03/20
£
£
-
-
-
-
Year
ended
31/03/21
£
364,815
364,815		 Year
ended
31/03/21
£
-
-

In 2021, income from charitable activities related to the following funds: Group : £364,816 was to general funds. (2020: £311,825) Charity: £nil (2020: £nil)

5. Investment income

Investment income
Deposit account interest
Interest on loan to subsidiary		 Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
-
-
-
-
-
-		 Charity
Year
Year
ended
ended
31/03/21
31/03/20
£
£
-
-
40,517
44,277
40,517
44,277
Year
ended
31/03/21
£
-
-
-		 Year
ended
31/03/21
£
-
40,517
40,517

In 2021, investment income related to the following funds: Group : £nil (2020: £nil) Charity : £40,517 was to general funds (2020: £44,277)

21

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6. Raising funds

Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
679,771
180,954
679,771
180,954
Group		 Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
679,771
180,954
679,771
180,954
Group		 Charity
Year
Year
ended
ended
31/03/21
31/03/20
£
£
678,202
180,954
678,202
180,954
Total
Total
Year
Year
ended
ended
31/03/21
31/03/20
£
£
9,190,934
4,128,225
566,284
508,104
9,757,218
4,636,329
Total
Total
Year
Year
ended
ended
31/03/21
31/03/20
£
£
10,020,283
4,449,872
10,020,283
4,449,872		 Charity
Year
Year
ended
ended
31/03/21
31/03/20
£
£
678,202
180,954
678,202
180,954
Total
Total
Year
Year
ended
ended
31/03/21
31/03/20
£
£
9,190,934
4,128,225
566,284
508,104
9,757,218
4,636,329
Total
Total
Year
Year
ended
ended
31/03/21
31/03/20
£
£
10,020,283
4,449,872
10,020,283
4,449,872
Year
ended
31/03/21
£
679,771
679,771		 Year
ended
31/03/21
£
Support costs 678,202
Charitable activities
Grants awarded to organisations
Localgiving website
Grants awarded to organisations		 678,202
Activites
undertaken
directly
31/03/21
£
-
566,284
566,284		 Grant
funding of
activities
31/03/21
£
9,096,311
-
9,096,311		 Support
costs
31/03/21
£
94,623
-
94,623
Charity		 Total
Year
ended
31/03/21
£
9,190,934
566,284
9,757,218
Localgiving
website
31/03/21
£
-
-		 Grant
funding of
activities
31/03/21
£
9,096,311
9,096,311		 Support
costs
31/03/21
£
923,972
923,972		 Total
Year
ended
31/03/21
£
10,020,283
10,020,283

7. Charitable activities

Grants were awarded to a total of 2,735 (2020 - 2,305) organisations. The average grant made during the year was £3,319 (2020 - £1,744). A full list of grants awarded in the year is available from the Foundation’s registered office.

22

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8. Support costs

Support costs
Depreciation and amortisation
Governance
Legal and professional fees
Bank charges
Payment provider fees
Loan interest
Books
General expense
Cleaning
Insurance
Repairs & maintenance
IT consumables
Postage & stationery
Other consumables
Subscriptions
Advertising & marketing
Travel & subsistence
Staf training
Charitable & political donations
Utility		 Group Total
Year
ended
31/03/20
£
14,165
32,396
56,637
60
37,232
106,846
203
2,217
2,554
813
-
22,284
588
21,335
1,471
-
5,553
98
-
699
305,151
Raising
funds
31/03/21
£
35,612
23,016
70,117
104
-
272,050
1,542
11,855
4,036
5,577
100,548
7,315
2,846
29,667
4,298
7,200
15,176
104
77,941
10,767
679,771		 Charitable
activities
31/03/21
£
-
-
-
-
94,623
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
94,623		 Total
Year
ended
31/03/21
£
35,612
23,016
70,117
104
94,623
272,050
1,542
11,855
4,036
5,577
100,548
7,315
2,845
29,667
4,298
7,200
15,176
104
77,941
10,767
774,334
Depreciation and amortisation
Governance
Legal and professional fees
Bank charges
Payment provider fees
Commissions
Management fees
Books
Loan interest
General expense
Cleaning
Repairs & maintenance
Insurance
IT consumables
Postage & stationery
Other consumables
Subscriptions
Advertising & marketing
Travel & subsistence
Staf training
Charitable & political donations
Utility		 Charity Charity Total
Year
ended
31/03/20
£
14,165
32,396
56,637
60
43,963
182,590
115,076
203
106,846
2,217
2,554
-
813
22,284
588
21,335
1,471
-
5,553
98
-
699
609,548
Raising
funds
31/03/21
£
34,043
23,016
70,117
104
-
-
-
1,542
272,050
11,855
4,036
100,548
5,577
7,315
2,846
29,667
4,298
7,200
15,176
104
77,941
10,767
678,202		 Charitable
activities
31/03/21
£
-
-
-
-
103,290
592,500
228,182
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
923,972		 Total
Year
ended
31/03/21
£
34,043
23,016
70,117
104
103,290
592,500
228,182
1,542
272,050
11,855
4,036
100,548
5,577
7,315
2,845
29,667
4,298
7,200
15,176
104
77,941
10,767
1,602,174

Included in governance is Auditors’ remuneration of £21,000 (2020 - £15,750).

23

,

9.

Staf costs
Wages & salaries
Social security costs
Pension costs
Number of employees
Charitable activities		 Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
356,151
301,508
33,937
7,073
27,188
5,508
397,161
334,204
10
9
10
9		 Charity Charity
Year
ended
31/03/21
£
356,151
33,937
7,073
397,161
10
10		 Year
ended
31/03/21
£
-
-
-
-
-
-		 Year
ended
31/03/20
£
-
-
-
-
-
-

There were no employees who received total employee (excluding employer pension costs) of more than £60,000 in the year (2020 - none).

Trustees’ remuneration and expenses

There was no trustees’ remuneration for the year ended 31 March 2021, nor for the year ended 31 March 2020. In addition, there were no trustees’ expenses paid for the year ended 31 March 2021, nor for the year ended 31 March 2020.

10.

Intangible fxed assets
Cost
At 01/04/2020
At 31/03/2021
Amortisation
At 01/04/2020
At 31/03/2021
Net book value
At 31/03/2021
At 31/03/2020		 Group
Website
Development
£
727,431
727,431
727,431
727,431
-
-		 Goodwill
£
283,624
283,624
283,624
283,624
-
-		 Total
£
1,011,055
1,011,055
1,011,055
1,011,055
-
-

Goodwill arising on the acquisition in previous years of the share capital of Localgiving Ltd has been fully written off in the year of acquisition following an impairment review in that year.

24

,

11.

Tangible fxed assets
Cost
At 31/03/2020
Additions
Disposals
At 31/03/2021
Depreciation
At 31/03/2020
Charge for year
Depreciation on Disposal
At 31/03/2021
Net book value
At 31/03/2021
At 31/03/2020		 Group
Ofce
equipment
£
15,696
18,403
(667)
33,432
13,347
1,569
(407)
14,509
18,923
2,349		 Land &
Building
£
2,252,851
48,522
-
2,301,373
-
-
-
2,301,373
2,252,851		 Furniture &
artwork
£
266,467
65,421
-
331,888
14,165
15,553
29,718
302,170
252,302		 Plant &
Machinery
Total
£
£
-
2,535,014
141,784
-
274,130
(667)
141,784
2,808,477
-
27,512
18,490
35,612
(407)
18,490
62,717
123,294
2,745,760
-
2,507,502		 Total
£
Cost
At 31/03/2020
Additions
At 31/03/2021
Depreciation
At 31/03/2020
Charge for year
At 31/03/2021
Net book value
At 31/03/2021
At 31/03/2020		 Charity Charity
Ofce
equipment
£
-
16,399
16,399
-
-
-
16,399
-		 Land &
Building
£
2,252,851
48,522
2,301,373
-
-
-
2,301,373
2,252,851		 Furniture &
artwork
£
266,467
65,421
331,888
14,165
15,553
29,718
302,170
252,302		 Plant &
Machinery
£
-
141,784
141,784
-
18,490
18,490
123,294
-		 Total
£
2,519,318
272,126
2,791,444
14,165
34,043
48,208
2,743,236
2,505,153

25

,

12. Fixed Asset investments

Localgiving Foundation owns 100% of the issued ordinary share capital of Localgiving Ltd, a company registered in England and Wales (company number 07111208). Localgiving Ltd operates a website which allows donors to make charitable donations to small charities and community groups.

The results of the subsidiary are included in the consolidated accounts.

13. Debtors: amounts falling due within one year

Trade debtors
Other debtors
Amount due from Localgiving Ltd
Prepayments and accrued income		 Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
215,754
152,547
101,821
240,593
-
-
599,176
25,352
916,751
418,492		 Charity
Year
Year
ended
ended
31/03/21
31/03/20
£
£
149,629
99,219
396
200,000
1,972,525
2,639,213
587,532
-
2,710,082
2,938,432
Year
ended
31/03/21
£
215,754
101,821
-
599,176
916,751		 Year
ended
31/03/21
£
149,629
396
1,972,525
587,532
2,710,082

14. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
VAT payable
Trade creditors
Social Security and other taxes
Other creditors
Loans and overdrafts
Accruals and deferred income		 Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
20,236
6,641
103,954
64,985
8,733
8,821
424,330
158,618
796,616
589,151
216,860
144,862
1,570,729
973,078		 Charity
Year
Year
ended
ended
31/03/21
31/03/20
£
£
-
-
163,568
51,563
-
-
-
-
796,616
589,151
17,251
17,250
977,435
657,964
Year
ended
31/03/21
£
20,236
103,954
8,733
424,330
796,616
216,860
1,570,729		 Year
ended
31/03/21
£
-
163,568
-
-
796,616
17,251
977,435

15. Creditors: amounts falling due after more than one year

Loans Group
Year
Year
ended
ended
31/03/21
31/03/20
£
£
2,057,924
2,111,122
2,057,924
2,111,122		 Charity
Year
Year
ended
ended
31/03/21
31/03/20
£
£
2,057,924
2,111,122
2,057,924
2,111,122
Year
ended
31/03/21
£
2,057,924
2,057,924		 Year
ended
31/03/21
£
2,057,924
2,057,924

26

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16. Statement of funds

Group statement of funds

Unrestricted funds
General fund
Designated fund – online donations
Restricted funds
Wales Development
Magic Little Grants
Community Match Challenge
Subtotal restricted
Total funds		 At
01/04/20
£
(143,942)
279,190
21,624
523,797
-
545,421
680,669		 Incoming
resources /
other
gains/losses
£
426,924
8,355,970
54,789
1,137,532
1,000,000
2,192,321
10,975,215		 Resources
expended
£
(1,246,055)
(7,754,354)
(768)
(485,812)
(950,000)
(1,436,580)
(10,436,989)		 Transfers
At 31/03/21
£
£
998,137
35,064
(769,955)
110,851
(36,612)
39,033
(141,570)
1,033,947
(50,000)
-
(228,182)
1,072,980
-
1,218,895		 Transfers
At 31/03/21
£
£
998,137
35,064
(769,955)
110,851
(36,612)
39,033
(141,570)
1,033,947
(50,000)
-
(228,182)
1,072,980
-
1,218,895
£
35,064
110,851
39,033
1,033,947
-
1,072,980
1,218,895

Charity statement of funds

Unrestricted funds
General fund
Designated fund – online donations
Restricted funds
Wales Development
Magic Little Grants
Community Match Challenge
Subtotal restricted
Total funds		 At
01/04/20
£
2,186,909
279,190
21,624
523,797
-
545,421
3,011,520		 Incoming
resources /
other
gains/losses
£
102,626
8,355,970
54,789
1,137,532
1,000,000
2,192,321
10,650,917		 Resources
expended
£
(678,202)
(8,355,521)
(37,380)
(627,382)
(1,000,000)
(1,664,762)
(10,698,485)		 Transfers
At 31/03/21
£
£
168,788
1,780,121
(168,788)
110,851
-
39,033
-
1,033,947
-
-
-
1,072,980
-
2,963,952		 Transfers
At 31/03/21
£
£
168,788
1,780,121
(168,788)
110,851
-
39,033
-
1,033,947
-
-
-
1,072,980
-
2,963,952
£
1,780,121
110,851
39,033
1,033,947
-
1,072,980
2,963,952

27

,

16. Statement of funds (continued)

General fund (unrestricted) represents the general operating funds of the Charity.

Online donations fund (designated) represents online donations that have been set aside to pay out as grants to local charities and community groups.

London Development (restricted) represents funding for a regional development programme in London and remaining funds are due to be spent on capacity building for local charities in that region.

Wales Development (restricted ) represents funding for a regional development programme in Wales and remaining funds are due to be spent on capacity building for local charities in that region.

South West Development (restricted) represents funding for a regional development programme in the South West of England and remaining funds are due to be spent on capacity building for local charities in that region. This programme is an extension of our West of England Development Programme.

Magic Little Grants (restricted) represents monies received to deliver a small grant programme. This programme has been supported by six different trusts: Postcode Society Trust, Postcode Neighbourhood Trust, Postcode Community Trust, People’s Postcode Trust, Postcode Places Trust and Postcode Local Trust.

Grow Your Tenner (restricted) represents monies received for the Grow Your Tenner campaign.

Local Hero (restricted) represents monies received for the Local Hero campaign.

Community Match Challenge (restricted) represents monies received from DCMS to provide grants to charities in England in response to Covid-19.

17. Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under a non-cancellable operating lease which expires in March 2021.

Not later than 1 year
Later than 1 year and not later than 5 years
Total commitment		 Year
ended
31/03/21
£
-
-
-		 Year
ended
31/03/20
£
59,293
-
59,293

28

,

18. activities


activities
Net income for the year (as per Statement of Financial Activities)
Adjustment for:
Depreciation charges
Loan interest
Loss on sale of fxed assets
(Increase)decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities		 Year
ended
31/03/21
£
538,226
35,612
272,050
-
(408,474)
299,994
737,408		 Year
ended
31/03/20
£
(126,450)
15,609
-
(206)
33,808
(30,764)
(108,003)

19. Analysis of cash and cash equivalents

Cash in hand
Total		 Year
ended
31/03/21
£
1,185,037
1,185,037		 Year
ended
31/03/20
£
838,875
838,875

29

,

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Fund balances at 31 March 2021 are represented
by:
Fixed assets
Current assets
Creditors due within one year
Creditors due after more than on year		 General
Funds
£
2,745,760
917,957
(1,570,729)
(2,057,924)
35,064		 Designated
Funds
£
-
110,851
-
-
110,851		 Restricted
Funds
£
-
1,072,980
-
-
1,072,980		 Total
£
2,745,760
2,101,788
(1,570,729)
(2,057,924)
1,218,895

Analysis of net assets between funds - prior period

Fund balances at 31 March 2020 are represented
by:
Fixed assets
Current assets
Creditors due within one year
Creditors due after more than one year		 General
Funds
£
2,507,502
432,756
(973,078)
(2,111,122)
(143,942)		 Designated
Funds
£
-
279,190
-
-
279,190		 Restricted
Funds
£
-
545,421
-
-
545,421		 Total
£
2,507,502
1,257,367
(973,078)
(2,111,122)
680,669

21. Related party disclosures

The Localgiving Foundation owns 100% of the called-up share capital of Localgiving Ltd. The Chairman of the Localgiving Foundation, Tom Latchford, is also a director of Localgiving Ltd.

Localgiving Ltd acts as an agent for the Localgiving Foundation to receive online donations and grant funding, and to pay grants to local charities on behalf of the Localgiving Foundation. The transaction costs of this income and expenditure are recharged to the Localgiving Foundation by Localgiving Ltd.

During the year, £8,355,970 (2020 - £3,800,827) in online donations and £2,192,321 (2020 - £581,182) in grant funding was received by Localgiving Ltd on behalf of Localgiving Foundation. Localgiving Ltd delivered projects funded through restricted funding on behalf of the charity and recharged £228,182 (2020 - £67,114) in management fees. Localgiving Ltd paid out £7,657,116 (2020 - £3,437,998) in grants to local charities and recharged £601,167 (2020 - £189,321) in transaction fees, which are eliminated upon consolidation. At 31 March 2021 Localgiving Ltd owed £184,048 (2020 - £227,360) to the Localgiving Foundation, representing online donations and grants received not yet awarded as grants to local charities.

Localgiving Foundation has also advanced a loan to Localgiving Ltd. At the balance sheet date included within debtors an amount totalling £1,517,252 (2020 - £2,181,248) owed to Localgiving Foundation plus accrued interest of £271,122 (2020 - £230,605).

At the year end, Localgiving Foundation owed a total of £2,854,540 (2020 - £2,700,273) to a Trustee that was provided as a social loan given other financing options were not available to the Localgiving Foundation at the time. Interest is payable at 9.75% per annum and £378,896 (2020 - £106,848) of cumulative interest has been accrued. The loan is secured by way of a legal charge and repayable on flexible terms without penalty in 43 months from the year end date.

During the year, no donations were received from former trustees (2020: £0).

30

,

22. Subsidiary company

The wholly owned subsidiary, Localgiving Limited (company number 07111208), maintains and operates the donations platform through which the Foundation receives donations and disburses grants. The database is run on a commercial basis for which the company receives commissions and other related income from the Foundation and other member charities. The results of the subsidiary are summarized below:

Proft and Loss Account
Turnover
Cost of sales
Gross proft
Administration expenses
Other operating income
Operating proft
Interest receivable
Interest payable
Proft before tax
Taxation
Proft after tax
Balance Sheet
Fixed assets
Debtors
Bank
Creditors less than 1 year
Net current assets
Creditors greater than 1 year
Net liabilities
Share capital
Proft and loss account		 Total funds
Year
Year
ended
ended
31/03/21
31/03/20
£
£
1,055,375
(32,868)
490,775
(28,418)
1,022,507
462,357
(534,726)
(479,547)
98,020
142,902
585,871
125,712
3,795
(40,517)
381
(44,277)
549,149
81,816
35,645
-
585,794
81,816
2,525
181,094
639,267
(779,563
40,798
(1,783,374)
(1,745,051)
5
(1,745,056)
2,349
128,500
501,859
(551,701)
76,658
(2,411,853)
(2,339,846)
5
(2,330,851)
(1,745,051)
(2,330,846)
Year
ended
31/03/21
£
1,055,375
(32,868)
1,022,507
(534,726)
98,020
585,871
3,795
(40,517)
549,149
35,645
585,794
2,525
181,094
639,267
(779,563
40,798
(1,783,374)
(1,745,051)
5
(1,745,056)
(1,745,051)

31

Localgiving 32