2021-04-05-accounts

Charity number: 1140855

THE ORP FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE ORP FOUNDATION

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Chairman's Statement	2 - 3
Trustees' Report	4 - 5
Independent Examiner's Report	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Financial Statements	9 - 17

THE ORP FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021

Trustees	Miss H Newman
	Mrs S Oppenheimer
	Mrs S C Oppenheimer
	Mr J Caluori
	Dr A Sanitt
Charity registered number 1140855 Principal address PO Box 67685 London NW11 1LP Accountants Berg Kaprow Lewis LLP Chartered Accountants 35 Ballards Lane London N3 1XW Bankers Tridos Bank Deanery Road Bristol BS1 5AS Bristol Solicitors Bates Wells & Braithwaite London LLP 2-6 Cannon Street London EC4M 6YH

Page 1

THE ORP FOUNDATION

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 5 APRIL 2021

The chairman presents his statement for the year.

Priorities

The Charity’s present priorities are:

1.Children and education - with an emphasis on disadvantaged children;

2.Refugees, asylum seekers and human rights; and

3.The environment - action to address and reduce climate change and the ecological crisis.

These priorities are reviewed on an annual basis by the Trustees and may change.

Grant Decision Process

To meet these priorities, Trustees consult with their families to identify appropriate charities and undertake research on those charities before presenting their suggestions to the Board of Trustees for decision. The Trustees do not accept unsolicited grant applications.

When identifying charities to fund, the Trustees consider the following:

• How closely does the organisation meet one or more of the priorities?

• Is the organisation a registered charity or can the work be funded via a registered charity as accountable body?

• What impact will the funding have? The Trustees look at projected outcomes. The Trustees generally fund small to medium charities where a relatively small contribution will make a difference. The Trustees like to fund charities that are often less popular with mainstream funders or the public, and where support can therefore have more of an impact. The Trustees like to fund organisations that have a broader or national impact, for instance in influencing policy.

• Is the funding for a specific project or towards core running costs? The Trustees are happy to fund both, but recognise that it is very hard for charities to obtain unrestricted core funding from mainstream grant-giving bodies and therefore are happy to see the contribution used in this way.

• How sustainable is the organisation? The Trustees usually fund established organisations that have a proven wide and sustainable funding base. In exceptional cases, for instance when an organisation is just starting up, the Trustees will ask them to match fund the grant before releasing any funding.

• Due diligence. The Trustees check annual accounts, annual reports, impact reports and other documents to ensure that the charity is following good governance processes.

Grants

The grants are usually £10,000 per annum, though they can be less if the need is less. As a general rule, the Trustees fund organisations for a period of three years, but each year they ask for an update of work undertaken and review the grant in the light of the considerations above before agreeing the renewed funding. The Trustees keep a light touch, not wanting to overburden organisations with too much bureaucratic paperwork. On occasion, funding will be extended beyond three years if the organisation’s aims and work are very much in line with the priorities and where continued funding will make a difference.

Page 2

THE ORP FOUNDATION

CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Organisations funded in 2020/21

1. Chem Trust - works to prevent hazardous chemicals from causing long-term damage to wildlife or humans. 2. Greenpeace Environmental Trust – focuses on scientific research, investigations and education, all of which address the urgent environmental problems we face

2. Action Tutoring - supports pupils from disadvantaged backgrounds to achieve a meaningful level of academic attainment through the support of volunteer tutors.

3. Hope for the Future - Works with young people in schools helping to equip them to understand and communicate about the climate crisis.

4. Refuaid - supports refugees to access language tuition, education, finance and meaningful employment.

5. Ecology Trust/UKWIN - UK Without Incinerators Network campaigns against waste incineration and for a circular resource economy.

Sue Oppenheimer

Mrs S Oppenheimer Chairman Date: 27/01/2022

Page 3

THE ORP FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

The Trustees present their annual report together with the financial statements of the charity for the 6 April 2020 to 5 April 2021.

Objectives and activities

a. Policies and objectives

The objectives of the charity are to maintain the investment holdings of the charity, whilst generating income to donate to charities at the discretion of the trustees.

The trustees have taken note of the public benefit guidance issued by the Charity Commission.

b. Grant-making policies

During the year, the charity donated £60,500 (2020 - £128,000) to various charities.

Achievements and performance

Financial review

a. Going concern

The Charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy net asset postion, mostly consisting of cash and liquid investments. The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts the operations of the charity are not likely to be affected in a material manner by the current Coronavirus outbreak.

b. Reserves policy

It is the policy of the Charity to maintain unrestricted funds which are the free reserves of the Charity at a level which allows the Charity to raise sufficient income to pay annual charitable donations at the discretion of the Trustees from time to time. This policy was met at the year end. The Trustees have signed the Divest-Invest pledge and are working to exclude income generated from fossil fuels.

c. Financial risk management objectives and policies

The Trust’s work is entirely reliant on donation income and investment returns from its endowments. There is an Investment Committee that looks after the investments. The trustees have asked the investment committee to seek a balance between capital preservation and income growth and to pursue a relatively low risk investment strategy.

d. Risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular, those related to the operations and finances of the Trust and are satisfied that systems are in place to mitigate their exposure to the major risks.

Structure, governance and management

a. Constitution

The charity is an unincorporated trust, formed under a Trust Deed dated 2 March 2011, and is registered with the Charity Commission.

The principal object of the charity is to hold the Trust Fund and its income upon trust to apply them for all objects which are regarded as exclusively charitable under the law of England and Wales.

Page 4

THE ORP FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The Orp Foundation has five Trustees who will each serve for an initial term of three years, renewable by reappointment for two further terms. Each trustee can nominate charities that they wish to receive grants in relation to their family’s share of the original endowment. The trustees meet on a quarterly basis and discuss their broad strategy and priorities for the year. The Investment Committee produce a written financial report for trustees prior to all trustee meetings.

New trustees are given training as seen appropriate.

Statement of Trustees' responsibilities

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Sue Oppenheimer

Mrs S Oppenheimer Trustee Date 27/01/2022

Page 5

THE ORP FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021

Independent Examiner's Report to the Trustees of The Orp Foundation ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2021.

Responsibilities and Basis of Report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that 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.

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 that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

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.

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. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Ian Saunderson

28/01/2022

Signed:

Dated:

Ian Saunderson FCA

BERG KAPROW LEWIS LLP Chartered Accountants London

Page 6

THE ORP FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Note Income from: Investments 2 Total income Expenditure on: Raising funds 3 Charitable activities 5 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 68,565 68,565 3,251 64,942 68,193 372 792,663 793,035 5,646,693 793,035 6,439,728	Total funds 2021 £ 68,565 68,565 3,251 64,942 68,193 372 792,663 793,035 5,646,693 793,035 6,439,728	Total funds 2020 £ 89,644 89,644 3,215 132,773 135,988 (46,344) (144,437) (190,781) 5,837,474 (190,781) 5,646,693

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 17 form part of these financial statements.

Page 7

THE ORP FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2021

Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current liabilities / assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 10 Total funds	- 1,009 1,009 (54,385)	2021 £ 6,493,104 6,493,104 (53,376) 6,439,728 6,439,728 6,439,728 6,439,728	6,250 109,928 116,178 (114,325)	2020 £ 5,644,840
				5,644,840 1,853
				5,646,693
				5,646,693
				5,646,693
				5,646,693

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

Sue Oppenheimer

Mrs S Oppenheimer Trustee

Date 27/01/2022

The notes on pages 9 to 17 form part of these financial statements.

Page 8

THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial 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.

The Orp Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The Charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy net asset postion, mostly consisting of cash and liquid investments. The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts the operations of the charity are not likely to be affected in a material manner by the current Coronavirus outbreak.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

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THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies (continued)

1.4 Expenditure (continued)

All expenditure is inclusive of irrecoverable VAT.

1.5 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 institution with whom the funds are deposited.

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Social investments held as fixed assets are shown at cost less provision for impairment.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 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.

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies (continued)

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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

2. Investment income

Unrestricted funds 2021 £ Investment income from investment portfolio 62,592 Rental income from social investments 5,956 Bank interest 17 68,565 Total 2020 89,644	Total funds 2021 £ 62,592 5,956 17 68,565 89,644	Total funds 2020 £ 82,354 5,956 1,334
		89,644

3. Investment management costs

Unrestricted funds 2021 £ Investment management fees 3,251 Total 2020 3,215	Total funds 2021 £ 3,251 3,215	Total funds 2020 £ 3,215

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THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

4. Analysis of grants

Grants to Institutions 2021 Total funds 2021 £ £ Grant making activities 60,500 60,500 Total 2020 128,000 128,000 The charity has made the following material grants to institutions during the year: 2021 £ Name of institution Chem Trust 10,000 Columbia UK Fund - Safe Passage - Greenpeace Environmental Trust 10,000 Stop Climate Chaos - Action Tutoring 10,000 Garden Classroom - Hope for the Future 10,000 Star Bereavement - Blue Thread - Buglife - Refuaid 10,000 Ecology Trust 10,000 Other grants of less than £1,000 500 60,500	Total funds 2020 £ 128,000
	2020 £ 10,000 10,000 10,000 - 10,000 10,000 10,000 10,000 20,000 8,000 10,000 10,000 10,000 -
	128,000

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THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Analysis of Charitable Expenditure

Environment Community Refugees Children and Education	2021 £ 30,500 - 10,000 20,000 60,500	2020 £ 30,000 8,000 30,000 60,000
		128,000

5. Analysis of expenditure by activities

Grant making activity Total 2020	Grant funding of activities 2021 £ 60,500 128,000	Support costs 2021 £ 4,442 4,773	Total funds 2021 £ 64,942 132,773	Total funds 2020 £ 132,773

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THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

5. Analysis of expenditure by activities (continued)

Analysis of support costs

Independent Examination and accounting fees Subscriptions Bank fees	Total funds 2021 £ 4,440 - 2 4,442	Total funds 2020 £ 4,380 342 51 4,773

6. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year, no Trustee expenses have been incurred (2020 - £NIL) .

7. Fixed asset investments

Cost or valuation At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 Net book value At 5 April 2021 At 5 April 2020	Listed investments £ 2,941,098 626,264 (893,070) 792,663 3,466,955 3,466,955 2,941,098	Other fixed asset investments £ 2,603,742 1,009,860 (687,453) - 2,926,149 2,926,149 2,603,742	Social investments £ 100,000 - - - 100,000 100,000 100,000	Total £ 5,644,840 1,636,124 (1,580,523) 792,663
				6,493,104
				6,493,104
				5,644,840

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THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Investments comprise of:

Listed investments and common investment funds Social investments Cash held as part of investment portfolio Total market value	2021 £ 3,466,955 100,000 2,926,149 6,493,104	2020 £ 2,941,098 100,000 2,603,742
		5,644,840

8. Debtors

Due within one year Tax recoverable	2021 £ - -	2020 £ 6,250
		6,250

9. Creditors: Amounts falling due within one year

Bank overdrafts Accruals and deferred income Grants accrued	2021 £ 5 4,380 50,000 54,385	2020 £ 5 4,320 110,000
		114,325

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THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

10. Statement of funds

Statement of funds - current year

	Balance at 6			Gains/	Balance at 5
	April 2020	Income	Expenditure	(Losses)	April 2021
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	5,646,693	68,565	(68,193)	792,663	6,439,728
Statement of funds - prior	year
	Balance at			Gains/	Balance at
	6 April 2019	Income	Expenditure	(Losses)	5 April 2020
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	5,837,474	89,644	(135,988)	(144,437)	5,646,693

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THE ORP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

11. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2021 £ Fixed asset investments 6,393,104 Trade investments 100,000 Current assets 1,009 Creditors due within one year (54,385) Total 6,439,728	Total funds 2021 £ 6,393,104 100,000 1,009 (54,385) 6,439,728

Analysis of net assets between funds - prior year

Fixed asset investments Trade investments Current assets Creditors due within one year Total	Unrestricted funds 2020 £ 5,544,840 100,000 116,178 (114,325) 5,646,693	Total funds 2020 £ 5,544,840 100,000 116,178 (114,325) 5,646,693

12. Related party transactions

There were no related party transactions in the current or the prior year.

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