Charity number: 1140855 THE ORP FOUNDATION Unaudited TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE ORP FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Chairman's Statement Trustees. Report Independent Examiner's Report Statomont of Financial Activities Balance Sheet Notes to the Flnanclal Ststements 10-19
THE ORP FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2024 Trustees Ms J Edmonds (appointed 12 June 20241 Mr R Oppenheimer Ms A Hodge Ms S Oppenheimer, Chair Dr A Sanill (Resigned 11 June 20241 Mr Z Newman Charity registered number 1140855 Principal Office PO Box 67685 London NW11 1LP Independent Examiner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Triodos Bank Deanery Road Bristol BS1 SAS Solicitors Bales 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 2024 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, 3. The environment - action lo address and reduce climate change and the ecological crisis. These priorities are reviewed on an annual basis by the Trustees and may be subject to change. Priorities Trustees consult with their families lo 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 lo fund, the Trustees consider the following.. How closely does the organisalion meet one or more of the priorities? Is the organisation a registered charity or can the work be funded via 8 registered charity as account8ble What impact will the funding have? The Trustees look al projected outcomes. The Trustees generally fund small lo medium ch8rilies where relatively small contribution will make a difference. Princi les for Fundin The Trustees like lo fund charities that are often less popular with m8instre8m funders or the public, and where SUPFX)rt can therefore have more of an impact. The Trustees like to fund organisalions that have a broader or national impact, for instance in influencing policy. Grant Pro mme Framework Is the funding for 8 specific project or towards core running costs? The Trustees are happy to fund k)olh but recognise that it is very hard for charities lo obtain unrestricted core funding from mainstream granl-giving bodies and therefore are happy to see the contribution used in this way. Beneficia Vi8bili How sustainable is the oryanisation? The Trustees usually fund established organisations that have a proven wide and sustainable funding base. In exceptional cases, for ins18nce when an organis8tion is just starting up, the Trustees will ask them lo match fund the grant before releasing any funding. Due dili ence The Trustees check annu81 accounts, annu81 reports, impact reports and other documents lo ensure that the charity is following good govemance processes. Page 2
THE ORP FOUNDATION CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Grants Values The grants are a maximum of £25,000 per annum, though they can be less if the need is less. Generally, the Trustees fund organisalions for a period of three years, bul 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. Monitorin and Evaluation 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 organisalion's aims and work are very much in line with the priorities and where continued funding will make a difference. Investment l Bankin All Trustees agreed this year lo continue with the decision to invest with Cazenove Charities, part of Cazenove Capital, lo reduce the workload of Trustees and family associates and lo ensure ethical investment. This was the lowest cost in terms of charges and Cazenove have demonslraled a strong track record of delivering returns. The Orp Foundation continues to partner with Tridos Bank. staffin su ort The Grants Manager, appointed in April 2023 has been responsible for managing grants at every stage of the grant giving prO$s, including identifying potential grant partners, undertaking due diligence, building relationships with new and existing grantees, monitoring, evaluating, and reporting on the impact of grants. Governance This role also provides the secretarial function to the Board of Trustees, including circulating Agendas and Minutes and scheduling quarterly meetings. The Orp Foundation website has been developed, IT systems and governance frameworks including required policies and procedures are in place. Brand identity and reporting mechanisms have been embedded into practice. Trustee Roles Trustee roles have been established within areas of personal expertise. Family liaison has taken place with the production of a Family Newsleller. Princi les for Wider En emenl Following the Trustee Strategy Away Day in June 2023 the following principles were agreed.. Collaborate with relevant neorkS. Collaborate with relevant Trusts and Foundations. Co-creation approach. Matched fvnding. Mrs S Oppenheimer Chair of Trustees Dale.. 1710112025 Page 3
THE ORP FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present their annual report together with the financial statements of the charity for the 6 April 2023 lo S April 2024. Objectives and activities a. Polieies and objectives The objectives of the charity as per irs governing document are '. The Trustees shall hold the trust fund and ils income upon trust to apply them for all objects which are regarded as exclusively charitable under the law of England and Wales. In selling objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit." running 8 charity IPB21'. b. Activities undertaken to achieve objectives The Trustees undertake lo give grants to other charitable bodies in order lo achieve it's objectives. Grants given are al the full disttIOn of the Trustees, who hold regular meeb'ngs lo discuss potential grant giving opportunities. c. Main activities undertaken to further the charity's purposes for the public benefit The charity undertakes to further it's purposes for the public benefit through the giving of grants to other charitable bodies as it sees fil. Achievements and performance a. Main achievements of the charity The Charity has continued with it's grant giving programme during the year, giving a total of 14 grants {2023'. 131 10 14 organisations12023.' 81 tolalling £234,18012023.' £130,000}. 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 al the discretion of the Trustees. Furthermore, the Charity had a healthy net asset poslion, mostly consisting of cash and liquid investments. b. Reserrfes policy 11 is the policy of the Charity to maintain unreslricled funds which are the free reserves of the Charity at a level which allows the Charity lo raise sufficient income to pay annual ch8ri18ble donations al the discretion of the Trustees from time to time. This policy was met at the year end. The Trustees have signed the Divesl-lnvest pledge and are working lo 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 ils 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 latiVelY low risk investment strategy. d. Risk management The Trustees have assessed the major risks to which the Charity is exposed, in particu18r, 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. Page 4
THE ORP FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED S APRIL 2024 e. Review of the Year During the year the Charity had lolal income of £199,00912023'. £49,193) from investments. Expenditure tolalled £266,221 12023. £138,909) being £7,593 12023. £3,281) of investment management fees, £234,180 12023. £130,0001 of grant expenditure and £24,448 12023.. £5,628) on support costs. There was a gain on investment revaluation of £227,24412023'. Loss of £166,5021. All income, expenditure and investment gains I losses for both years were entirely unrestricted. Funds carried forward at the year end lotalled £6,608,456 12023.. £6,448,424}, being entirely unreslrcled in nature. Structure, govemance and management Constitution The charity is an unincorporated trust, formed under a Trust Deed dated 2 March 2011, and is registered with the Charity Commission. 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 eharilies that they wish to receive grants in lalion 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 a given tmining as seen 8ppropriale. statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustèes, Report and the financi81 statements in accordance with applicable law and United Kingdom Accounting Standards Iunited 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 slate of affairs of the charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In pparIng 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 IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., 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 lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
THE ORP FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED S APRIL 2024 Approved by order of the members of the board of Trustees and signed on their behalf by". &<e gppenheiw81 Mrs S Oppenheimer Chair of Ttustees Dale." 1710112025 Page 6
THE ORP FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent Examinerfs Report to the Trustees of The Orp Foundation I'the charity'l I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2024. 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 I'lhe 2011 ACVI. 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 14515llbl of the 2011 Act. Independent Examiner's Statement 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". accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act", or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conmIng the form and content of accounts set out in the Charities (Accounts and Reports) Regu18tions 2008 other than any requirement that the accounts give a 'true and f81¢ view which is not a matter considered as p8rt of an independent examination. I have no concerns and have come across no other mallers 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 stale lo the charity's Trustees those mallers l am required lo slate to them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permitted by law, I do not a¢p1 or assume responsibility lo anyone other than the charity and the charity's Trustees as a body, for my work or for this report. Signed.. /A*& Dated. 1710112025 lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Page 7
THE ORP FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 199,009 199,009 49,393 Total income 199,009 199,009 49,193 Expendlture on: Raising funds Charitable activities 7,593 258.628 7,593 258.628 3,281 135,628 Total expendlture 266,221 266,221 138,909 Net expenditure before net gainsl{losses) on investments Nel gainslllossesl on investments 167.2121 227,244 167.2121 227,244 (89, 716) (166,052) Net movement in funds 160,032 160,032 (255, 768) Reeoneiliation of funds.. Total funds brought forward Nel movement in funds 6,448,424 160,032 6,448,424 160,032 6, 704, 192 (255, 768) Total funds carried forward 6,608,456 6,608,456 6,448,424 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 19 form part of these financial statements. Page 8
THE ORP FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Fixed assets Investments 10 6,359,537 6,445, 743 6.359.537 6,445, 743 Current assets Cash al bank and in hand 253,919 13,437 253.919 13,437 Creditors." amounts falling due within one year 11 15,000) {10, 756) Net current assets 248,919 2,681 Total net assets 6.608,456 6,448,424 Charity funds Unrestricted funds 12 6,608.456 6,448,424 Totsl funds 6.608,456 6,448,424 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Slle Dppehk81iYet Ms S Oppenheimer Chair of Trustees Dale. 1710112025 The notes on pages 10 to 19 form part of these fin8nci81 statements. Page 9
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The ORP Foundation meets the definition of a public benefit entity Ljnder FRS 102. Assets and liabilities are initially recognised at historical cost or transaction valLJe unless olhenNise slated 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 nel asset postion, moslly consisting of cash and liquid investments. The Trustees therefore consider that based on the circumstances existing at the dale of signature of the accounts the operations of the charity are not likely lo be affected in a material manner by the current Coronavirus outbreak. 1.3 Income All income is recognised once the charity has entitlement lo the income, it Is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax 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 paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. ExpenditLJre is classified by activity. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direcUy 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 mel at the year end are noted as a commitment, bul not accrLJed as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 10
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Icontinuedl 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 al their transaction cost and subsequently measured al fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on inveslmenls, in the Slalement of Financial Activities. Social investments held as fixed assets are shown at cost less provision for impairment. 1.7 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 dale of acquisition or opening of the deposit or similar account. 1.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised al the amount that the charity anlicipales it will pay lo settle the debt or the amount il has reiVed as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale 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. 1.9 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 al their selllemenl value with the exptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.10 Fund accounting General fvnds are unreslricled fvnds 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 fvnd. Page11
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Investment income Unrestricted funds 2024 Total funds 2024 Investment income from investment portfolio Rental income from soci81 investments 186,074 8,700 4,235 186,074 8,700 4.235 Bank interest 199,009 199,009 Unrestricted funds 2023 Total funds 2023 Investment income from investment portffolio Rental income from social investments 37,053 5,956 6,184 37,053 5,956 6,184 Bank interest 49,193 49,193 Investment Management costs Unrestrlcted funds 2024 Total funds 2024 Investment management fees 7,593 7,593 Unrestricted funds 2023 Total funds 2023 Investment management fees 3,281 3,281 Page 12
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of grants Grants to Institutions 2024 Total funds 2024 Grants, Supporting good causes 234,180 234,180 Grants to Institutions 2023 Total funds 2023 Grants, Supporting good causes 130,000 130,000 The charity has made the following material grants to institutions during the year.. 2024 2023 Name of institution Chem Trust 10,000 The Garden Classroom National oanographY Centre Safe Passage Inlemational Circularity Rewilding Britain Anna Freud Centre Prism The Gift Fund Trees for Life School Food Matters Marine Conservation Society Action Tutoring SOS-UK 25.000 25.000 10,000 10,000 10.000 20,000 30,000 20,000 5,000 10.000 10.000 10,000 25,000 25.000 20,000 5,000 24.000 12.500 23,454 24,226 10.000 Chess In schools and communities JAC Trust Govan Community Project Energise South Downs The Big Give 234.180 130,000 Page 13
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of Grants by Purpose 2024 2023 Environment Refugees Children and Education 104.226 35,954 94,000 50,000 30,000 50,000 234.180 130.000 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Supporting good causes 258,628 258,628 Unrestrict8d funds 2023 Total 2023 Supporting good causes 135,628 135,628 Analysis of expenditure by activities Activitios undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Supporting good causes 16,978 234,180 7,470 258,628 Page 14
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of expenditure by activities Icontinuedl Grant funding ol activities 2023 Support Gosts 2023 Total funds 2023 Supporting good causes 130,000 5,628 135,628 Analysis of support costs Supporting good causes 2024 Total funds 2024 IT costs Insurance Employee expenses Governance costs 1,151 367 766 5,186 1,151 367 766 5,186 7,470 7,470 Governance costs comprise entirely of fees paid lo the Independent Examiner for the preparation and Independent Examination of the accounts. Supporting g(d causes 2023 Total funds 2023 Subscriptions Bank fees Recruitment costs Governance costs 500 500 324 324 4,800 4,800 5,628 5,628 Page 15
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Independent examiner's remuneration 2024 2023 Fees payable to the charity's independent examiner for the preparation and independent examination of the charity's annual accounts 5,000 4,800 Staff costs 2024 2023 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 14,489 1.668 821 16,978 The average number of persons employed by the charity during the year was as follows.. 2024 No. 2023 No. Employees No employee reiVed remuneration amounting lo more than £60,000 in either year. Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2023- £NIL). During the year, no Trustee expenses have been incurred (2023- £NIL). Page 16
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10. Fixed asset investments Listed investments Cash on Social portfolio investments Total Cost or valuatlon At 6 April 2023 Additions Disposals Revaluations 6,240,935 124,808 6.001,056 12.354.869 {6.160,0681 112.429.307} 227,244 80,000 6,445,743 18,355,925 180.000) {18.669.3751 227,244 At 5 April 2024 6,309,167 50,370 6,359,537 Net book value At 5 April 2024 6,309,167 50,370 6,359,537 At 5 April 2023 6.240, 935 724.808 80.000 6,445. 743 11. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 5.000 10,756 Page 17
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12. Statement of funds statement of funds - current year Balance at 6 April 2023 Gainsl Balance at 5 (Losses) April 2024 Income Expenditure Unrestricted funds General Funds - all funds .448,424 199.009 {266.2211 227.244 6.608,456 Statement of funds - prior year Balan at 6 Apnl 2022 Gains/ Balan at (Losses) 5 Apnl 2023 Income Expenditure Unrestricted funds General Funds - all fvnds 6, 704, 792 49.193 {138.909) (166,052) 6.448.424 Page 18
THE ORP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 13. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments 6,359,537 253,919 15,0001 6.359,537 253,919 15,0001 Current assets Creditors due within one year Total 6,608,456 6.608,456 Anatysls of net assets between funds - prlor perlod Unrestricted funds 2023 Total funds 2023 Fixed asset investments Trade investments Current assets Creditors due within one year 6,365, 743 80,(X)O 13,437 (10, 756) 6,365, 743 80.000 13,437 (10, 756) Totsl 6,448,424 6,448,424 14. Related party transactions There are no related paty transactions for the year ended 2024 or 2023. Page 19