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 ne￿orkS. 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 dist￿tIOn 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 p￿parIng 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". &