## **UK Online Giving Foundation**
## **Annual Report and Financial Statements**
31 March 2021
Charity Registration Number 1164887
## **Contents**
## **Reports**
|**Reports**||
|---|---|
|Reference and administrative information|1|
|Trustees
report|2|
|Independent
s report on the||
|financial statements|10|
|**Financial statements**||
|Statement of financial activities|14|
|Balance sheet|15|
|Statement of cash flows|16|
|Principal accounting policies|17|
|Notes to the financial statements|20|
UK Online Giving Foundation
**Reference and administrative information**
**Trustees** Johanna Tompsett Maria-Magdalena Duddridge Andrea Cutler **Registered address** Unit 9, Cirencester Office Park Suite C&D, Tetbury Road Cirencester Gloucestershire GL7 6JJ **Charity registration number** 1164887 **Auditor** Buzzacott LLP 130 Wood Street London EC2V 6DL **Bankers** HSBC Bank The Forum Malborough Road Old Town Swindon SN3 1QN **Solicitors** Charles Russell Speechlys Compass House Lypiatt Road Cheltenham GL50 2QJ
UK Online Giving Foundation **1**
Year to 31 March 2021
**Trustees**
The Trustees present their annual report and the audited financial statements of the UK Online
The financial statements have been prepared by the Foundation in accordance with modified by the Charity Statement of Recommended Practice.
## **PRINCIPAL ACTIVITES AND OBJECTIVES**
The UK Online Giving Foundation is a Charitable Incorporated Organisation registered in England and Wales on 16 December 2015 (Registration No. 1164887) on 16 December 2015 and became a registered charity on the same date. The charity is governed by its present constitution which was adopted on 16 December 2015.
The Foundation utilizes a donor-advised fund model to achieve its charitable objectives by retaining legal discretion and control over all donation funds received whilst providing donors with advisory privileges in respect of the eligible recipient charitable organisations that receive donations objective is to advance the charitable landscape by reducing the costs and overhead of donation processing through aggregation, automation, and outsourcing. The UKOGF is also dedicated to strengthening the connection between donors and charitable organisations.
## **ACHIEVEMENTS AND PERFORMANCE**
During the fiscal year, the Foundation met its mission, objectives and activities by achieving the following:
- In 2021, UKOGF added 56,056 new legitimate organisations in good standing with their local regulators, to the charity database, thereby facilitating their eligibility to access donors contributions during the period. The total legitimate organisations available for donor contributions in 2021 was 411,500.
During 2021, £111.5m was pledged to 31,945 charities globally.
- The Foundation received £116.0m funding, pledged by 288 corporations and by their employees. Of this total, the Foundation received £17.2m from individual donors via corporate giving programs.
n of improving the connection between donors and charitable organisations is evident in these achievements. The donors have access to a greater pool of charities to choose from, and in many cases receive a corporate match, thus increasing their charitable impact.
With a single monthly payment and the constituent management services provided through Benevity Inc., charities are no longer required to perform manually intensive administrative tasks or deploy resources to cash checks or verify donations in order to receive corporate matches or volunteer grants.
UK Online Giving Foundation **2**
Year to 31 March 2021
**Trustees**
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
recipient charities, thus allowing them more time and money to focus on their mission and impact.
Our donors contributed £116,058,182 (2020: £71,018,481) to The UK Online Giving Foundation in the financial period 2020/21. The Foundation committed donations to over 31,000 organisations totalling £111,551,489 (2020: £70,382,031) in the same period.
## **MEASURING IMPACT AND PUBLIC BENEFIT**
As a fundraising and grant making charity, providing public benefit is at the heart of the
The trustees seek to satisfy themselves that each donation made is in furtherance of a charitable purpose, and offers an identifiable benefit to the public or a significant section of the public and that no private benefit may arise to any person or company as a result.
nst what individual charities are seeking to achieve. In most cases, the charity is one of several funders and cannot therefore take sole credit for the outcomes achieved. The trustees aim to create impact by the better and this is where public benefit is most directly achieved.
## **GRANT MAKING POLICY**
The Foundation has an International Grant Making Policy, which is as follows:
_The Foundation acts as a donor-advised fund which allows donors to make charitable contributions efficiently and in support of legitimate and recognised charitable entities elsewhere . The policy sets out the ways in which the trustees of the UKOGF make decisions on which charities they can and cannot support in countries outside the United Kingdom, and establish the requirements of UKOGF for any third party supplier which the trustees engage to manage giving processes on their behalf, taking into account the need for efficiency in the making of grants, whilst ensuring that trustees exercise their responsibility for grants made._
_in fact make irrevocable gifts to the UKOGF._
## **PLANS FOR THE FUTURE**
We will continue to promote our charitable objects for the public benefit in the coming years, maintaining the lowest cost base possible.
UK Online Giving Foundation **3**
Year to 31 March 2021
**Trustees**
## **GOVERNANCE**
## **TRUSTEES AND KEY MANAGEMENT**
## **The Trustee Board**
The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. The trustees receive no remuneration for this work.
In accordance with the Charity Commis trustees who may have a personal interest in any matter before the trustees should declare that interest and maintained and updated annually. Trustees are required to disclose all relevant interests in arises.
The trustees endeavour to meet best governing practises, thus conducting a review of its governing document, and seeking professional external advice, as required from time to time. Further than this, the Foundation is not expecting to make any significant changes in the nature of its activities in the near future.
## **Appointment of new trustees**
At any time, the charity has between three and six trustees who meet regularly in person. The identification of potential new trustees is carried out by the Board, the aim being to appoint those with the appropriate expertise and experience fo become a trustee of the charity, an individual is thoroughly briefed by their co-trustees on the background of the charity, day-to-day management, responsibilities of the trustees, current objectives and future plans. The trustees are also encouraged to attend training and update courses.
Any trustee can instigate processes to recruit new members. In some instances, this will be preceded by a skills audit and integrity due diligence so that individuals with the appropriate skills can be targeted and recruited.
Vacancies on the board will be advertised through agreed forums as approved by the board. The steps that are to be followed include:
- a) Advertisement of Role (for example, via Linkedin)
- b) Selection process (as agreed by the board and recorded in minutes)
- c) Selected candidate to be elected and onboarded.
UK Online Giving Foundation **4**
Year to 31 March 2021
**Trustees**
## **GOVERNANCE** (continued)
## **Management and administration**
In order to achieve its charitable mission, at the lowest possible costs, the Foundation in 2015, partnered -as-a-Service (SaaS) providing technology solutions with global capabilities as its service provider. Based in Calgary, spaces, Benevity continues to be one of the fastest growing companies in Canada.
By selecting Benevity, the Foundation joined an established group of independent global charitable foundations that, in working with Benevity, supports more than 1.9 million charities worldwide, and connects with a community of more than 1.6 million donors and volunteers. down the administrative costs of processing funds and fulfill its charitable objectives.
The trustees of UKOGF have contractually agreed to a Master Service and License Agreement with Benevity which allows the trustees to delegate some operational to a minimum. Benevity provides the following services to UKOGF in support of the activities of the Foundation:
Financial risk management and vetting expertise;
- Financial operation to facilitate monthly donations to registered charities in line with the F
- To support activities required by the Foundation for the maintenance of its charitable status, including, supporting the Board of Trustees to ensure good governance and compliance with applicable laws in England and Wales.
- To provide input into regular trustee meetings including as invited guests to provide reports and other good governance support;
- To engage
- agents and/ or professional advisors as authorised by the Board of Trustees; and
- To assist with the preparation of the Annual Statutory Reports as per the Charities Regulatory Authority guidelines.
Buzzacott LLP was appointed by the Board to carry out the audit of the statutory financial statements in October 2021.
UK Online Giving Foundation **5**
**Trustees** Year to 31 March 2021
## **GOVERNANCE** (continued)
## **Principal risks and uncertainties**
In line with the requirements for trustees to undertake a risk assessment exercise and report on the same in their annual report, the Trustees have identified five fundamental areas where risks may occur:
Governance and management
- Operational
- Financial
- Reputational
Laws, regulations, external and environmental
## _**Governance and management**_
f direction, skills and training of the trustees and good use of its funds.
The trustees consider their Chairperson and the Board of Trustees, their advisers and their administrators, to be well qualified and with a sufficiently broad range of experience to undertake their duties effectively and properly. The trustees are well briefed and committed to further the objects of the Foundation and have in place effective controls, policies and procedures to ensure, as far as possible, that the business of the Foundation is run properly, economically and safely.
The trustees are ultimately responsible for the policies, activities, and assets of the charity, They meet regularly to review developments with regard to the charity, to make important decisions, and the
## _**Operational**_
appeals from charities, continuity of staff, lack of a disaster recovery policy, etc.
All grants, donations and disbursements are scrutinised and recommendations are submitted to trustees. The trustees themselves are sufficiently qualified to ensure that grants and donations are made in line with the aims and objectives of the Charity. The risk of making inappropriate grants or donations is minimised by conducting appropriate due diligence checks. Where appropriate, all donations to the Foundations are subject to anti-money laundering checks.
Appropriate checks on the sources of funding and recipients are made on a monthly basis, prior to disbursements. Our administrators utilise electronic monitoring of watch lists to prevent fraud, money laundering or funding of terrorist organisations and the trustees require these to be audited regularly.
UK Online Giving Foundation **6**
Year to 31 March 2021
**Trustees**
## **GOVERNANCE (** continued)
## **Principal risks and uncertainties** (continued)
## _**Financial**_
spending, inaccurate accounting, and inappropriate investment policies.
The Foundation has significant income and expenditure, and the trustees have confidence that all of the necessary accounting processes and banking authorities are in place in order to protect the Foundation, and the charities they serve. Budgets and management accounts are prepared by Benevity for Board meetings and the audit. The trustees believe that the reports they receive, and the scrutiny of their advisers leave little risk of misinterpretation or mismanagement.
## _**Reputational**_
with unsuitable charities, or with inappropriate activity.
The trustees believe that there is little risk to the reputation of the Foundation through its association with its advisers or with its beneficiaries.
with unsuitable charities or with inappropriate activity.
## _**Laws, regulations, external and environmental**_
Laws, regulations, external and environmental looks at the effects of government policies and the consequences of non-compliance with applicable laws and regulations.
Having assessed the major risks to which the Foundation is exposed, in particular those relating to its finances, the trustees believe that by ensuring that controls exist over key financial systems and by examining the operational and business risks faced by the Foundation, they have established effective systems to mitigate those risks.
UK Online Giving Foundation **7**
Year to 31 March 2021
**Trustees**
## **BUSINESS REVIEW AND FINANCIAL RESULTS**
At the end of the year the Foundation had assets of £15,012,099 (2020: £13,548,802) and liabilities of £8,580,614 (2020: £10,965,319). The net funds of the Foundation were £6,431,485 (2020: £2,583,483). It is not the intent of the Foundation to retain funds at the end of the year, all funds are considered to be restricted funds.
Donations received of £116,058,182 were significantly higher than the prior year (2020: £71,018,481) due to increased donation volume. Donations to charities and administrative expenses were also higher for the year compared to the prior for the same reason. These amounts are as follows:
||**2021 (£)**|2020 (£)|
|---|---|---|
|Donations to charities|**111,551,489**|70,382,031|
|Cost of generating funds|**2,081,364**|1,326,851|
## **Reserves policy**
The Foundation has a Reserves and Investment Policy, which is as follows:
_The Foundation should endeavour to hold in reserve sufficient funds to cover budgeted costs for the current financial year and to maintain an appropriate budget for future years to cover longer term commitments._
_While the charity does not hold significant funds there is no real requirement for an investment policy. Any funds held in reserves can be deposited in an interest-bearing account._
Trustees are under a duty to keep under review the arrangements by which management of the charity's investments is delegated. In particular, the trustees are required specifically to consider whether there is any need to create, revise or replace the policy statement. If the trustees consider that there is a need to create, revise or replace the policy statement, they are duty bound to do so.
UKOGF receives an administrative fee of 1% of donation volume, intended to pay certain operating expenses (bank account fees, bank or payment processor costs with grant checks or electronic payments, mailing costs, insurance costs, audit and tax preparation costs and legal fees). If administrative fees are insufficient to pay for the operating costs, UKOGF invoices Benevity, Inc for the shortfall.
## **Going concern**
Despite many clients being affected by the global pandemic, the Foundation has seen an increase in donation volume and revenue since the global pandemic started due to clients running COVID-19 campaigns. As part of the Master Service Agreement with Benevity International Ltd, UKOGF will invoice Benevity International Ltd for operational deficits, in order that the Foundation operates at breakeven.
The trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern.
UK Online Giving Foundation **8**
Year to 31 March 2021
**Trustees**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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:
select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent; and
- 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 proper accounting records which disclose with reasonable accuracy at any time in the financial position of the charity and to 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 Board of Trustees on and signed on its behalf by:
Trustee Date:
UK Online Giving Foundation **9**
**on the financial statements** 31 March 2021
## **Trustees of The UK Online Giving Foundation**
## **Opinion**
We have audited the for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet and 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity March 2021 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 are independent of the charity in accordance with the ethical requirements that are relevant to 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**
In auditing the financial statements, we have concluded that the trust concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as continue as a going concern.
UK Online Giving Foundation **10**
**on the financial statements** 31 March 2021
## **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 report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial 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.
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more responsible for the preparation of the financial statements which 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 financial statements, the trustees are responsib 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 to cease operations, or have no realistic alternative but to do so.
UK Online Giving Foundation **11**
**on the financial statements** 31 March 2021
## **Our responsibilities for the audit of the financial statements**
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are Charities Act 2011, Charities SORP (FRS 102), Trust Deed. We understood how the UK Online Giving Foundation is complying with those frameworks by making enquiries of management and reviewing minutes of the meetings of the trustees.
- We assessed the susceptibility of the charity misstatement, including how fraud might occur by considering the risk of management override. We considered the controls that the charity has established to address risks identified by the trustees, or that otherwise seek to prevent, deter or detect fraud and how management and those charged with governance monitor those controls.
- Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved the review of minutes of meetings of the trustees, making inquiries of management; and performance of journal entry testing based on our risk assessment and understanding of the business, with a focus on non-standard journals.
A further description of our responsibilities for the audit of the financial statements is located www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
UK Online Giving Foundation **12**
## **on the financial statements** 31 March 2021
## **Use of our report**
the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken quired to state to them as a body, for our audit work, for this report, or for the opinions we have formed.
Buzzacott LLP 130 Wood Street London EC2V 6DL
Buzzacott LLP is eligible to act as an auditor under the terms of Section 1212 of the Companies Act 2006
Dated: 25 January 2022
UK Online Giving Foundation **13**
## **Statement of financial activities (including income and expenditure account)** Year to 31 March 2021
|Notes|Restricted
funds
£|**2021**
**Total**
**restricted**
**funds**
**£**|2020
Total
restricted
funds
(as restated)
£|
|---|---|---|---|
|**Income**
Donations
Other income
Interest
**Total**
**Expenditure**
1
Cost of generating funds
Charitable activities
**Total**
**Net income**
Realised and unrealised exchange gains
**Net movement in funds**
**Reconciliation of funds**
5
Total fund balances brought forward (as
restated)
**Total fund balances carried forward**|116,058,182
1,176,577|**116,058,182**
**1,176,577**|71,018,481
1,517,221
200|
||117,234,759|**117,234,759**|72,535,902|
||2,081,364
111,551,489|**2,081,364**
**111,551,489**|1,326,851
70,382,031|
||113,632,853|**113,632,853**|71,708,882|
||3,601,906
246,096|**3,601,906**
**246,096**|827,020
103,936|
||3,848,002
2,583,483|**3,848,002**
**2,583,483**|930,956
1,652,527|
||6,431,485|**6,431,485**|2,583,483|
UK Online Giving Foundation **14**
**Balance sheet** 31 March 2021
|Notes|**2021**
**£**|**2021**
**£**|As restated
2020
£|As restated
2020
£|
|---|---|---|---|---|
|**Current assets**
Debtors
2
Cash at bank and in hand
**Liabilities**
Creditors: amounts falling due
within one year
3
**Net current assets**
**Funds**
5
Restricted funds
**Total funds**|**7,559,763**
**5,956,440**|**6,431,485**|9,887,095
3,661,707|2,583,483|
||**13,516,203**
**(7,084,718)**||13,548,802
(10,965,319)||
||||||
|||**6,431,485**||2,583,483|
|||**6,431,485**||2,583,483|
The financial statements on page 14 to 22 were approved by the trustees, and authorised for issue on and are signed on their behalf by:
Trustee
UK Online Giving Foundation **15**
## **Statement of cash flows** Year to 31 March 2021
|Note|**2021**
**£**
2020
£|
|---|---|
|**Net cash flows from operating activities**
Net cash provided by operating activities
A
**Reconciliation of net cash flow to movement in net**
**funds:**
Change in cash and cash equivalents in the reporting
period
Change in cash and cash equivalents due to exchange rate
movements
**Cash equivalents at the beginning of the reporting**
**period**
**Cash and cash equivalents at the end of the reporting**
**period**|**2,048,637**
1,807,066|
||**2,048,637**
1,807,066
**246,096**
103,936
**3,661,707**
1,750,705|
||**5,956,440**
3,661,707|
## **A Reconciliation of income to net cash flow from operating activities**
|**Net income for the year (as per the statement of financial**
**activities)**
**Adjusted for:**
Decrease (increase) in debtors
(Decrease) increase in creditors
**Net cash provided by operating activities**|**2021**
**£**|As restated
2020
£|
|---|---|---|
||**3,601,906**
**2,327,332**
**(3,880,601)**
**2,048,637**|827,020
(2,570,743)
3,550,789
1,807,066|
The charity does not hold any debt, and as such a separate reconciliation of net debt statement has not been included within the statement of cash flows.
UK Online Giving Foundation **16**
**Principal accounting policies** 31 March 2021
The UK Online Giving Foundation is a Charitable Incorporated Organisation registered in England and Wales on 16 December 2015 (registration number 1164887).
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.
## **Basis of preparation**
The charity constitutes a public benefit entity as defined by FRS 102.
These financial statements have been prepared for the year to 31 March 2021. The financial statements are presented in sterling and are rounded to the nearest pound.
The financial statements of the charity, which is a public benefit entity under FRS 102, have Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in of
## **Critical accounting estimates and areas of judgement**
Preparation of the financial statements requires the trustees to make significant judgements and estimates. The trustees do not consider that there are any sources of estimation uncertainty or any key judgements made in the preparation of the financial statements.
## **Assessment of going concern**
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
As part of the MSA with Benevity International Ltd, UKOGF will invoice Benevity International Ltd for any operational deficits, in order that the Foundation operates at breakeven.
## **Income recognition**
Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.
Income comprises donations and fees from donors.
UK Online Giving Foundation **17**
**Principal accounting policies** 31 March 2021
## **Income recognition** (continued)
Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
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 recognition**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.
All expenditure is accounted for on an accruals basis and includes attributable VAT which cannot be recovered. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated to the applicable expenditure heading.
Expenditure on charitable activities comprises donations.
Costs of generating funds comprise the cost management services provided through Benevity Inc., bank service charges, merchant fees and allocated support costs.
## **Allocation of support and governance costs**
Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial and governance procedures.
Governance costs comprise all costs relating to the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to the independent examination of the financial statements and legal fees.
Support costs and governance costs are all allocated to the cost of generating funds.
## **Foreign exchange**
Receipts and payments which occur in foreign currencies are included in the financial statements at the amount into which they are converted in sterling, using the exchange rate on the day in which the transaction occurs.
UK Online Giving Foundation **18**
**Principal accounting policies** 31 March 2021
## **Debtors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
## **Creditors and provisions**
Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
## **Fund accounting**
Unrestricted funds represent those monies that are freely available for application towards achieving any charitable purpose that falls
Restricted funds relate to monies received from donors where either specific donor instruction has been received, or for which the charity is awaiting donor instruction.
## **Restatement of prior period comparatives**
Following review of income received by the charity against the income recognition criteria of the Charity SORP, it was determined that funding received in advance of donor instruction, previously recognised at the point donor instruction was received and held as credit balances within debtors at the end of each financial period, was probable at the point the donation had been paid the charity and should therefore have been recognised as inyear income. In addition, the charity has considered the terms of donations and recategorised donations received as restricted on the basis of donor advice imposed on the donations.
The impact of these adjustments is as follows:
||As originally
stated 2020
£|Impact of
restatement
£
1,364,646
2,802,617
2,802,617
1,437,971|As restated
2020
£|
|---|---|---|---|
|Income for the period
Debtors
Funds (at 31 March 2020)
Funds (at 1 April 2019)|71,171,256
7,084,478
(219,134)
214,556||72,535,902
9,887,095
2,583,483
1,652,527|
UK Online Giving Foundation **19**
**Notes to the Financial Statements** Year to 31 March 2021
## **1 Expenditure**
|**Expenditure**|||||
|---|---|---|---|---|
||Cost of
generating
funds
£
Charitable
activities
£|Governance
costs
£|**2021**
**Total**
**restricted**
**funds**
**£**|2020
Total
restricted
funds
£|
|Bank service charges
Donations awarded to
charities
Administration fees
Year end accounts
and audit
Merchant fees
Other disbursement
costs|116,670
111,551,489
1,620,065
294,423
34,673
2,065,831
111,551,489|15,533
15,533|**116,670**
**111,551,489**
**1,620,065**
**15,533**
**294,423**
**34,673**
**113,632,853**|65,812
70,382,031
1,106,217
3,250
124,659
26,913
71,708,882|
|_Comparative information (as restated)_|_Cost of_
_generating_
_funds_
_£_|_Charitable_
_activities_
_£_|_Governance_
_costs_
_£_
_3,250_
_1,070_
_4,320_|_2020_
_Total_
_restricted_
_funds_
_£_|
|---|---|---|---|---|
|_Bank service charges_
_Donations awarded to charities_
_Administration fee_
_Year end accounts and audit_
_Merchant fee_
_Other disbursement costs_|_65,812_
_1,106,217_
_124,659_
_25,843_
_1,322,531_|_70,382,031_
_70,382,031_||_65,812_
_70,382,031_
_1,106,217_
_3,250_
_124,659_
_26,913_
_71,708,882_|
Costs are allocated directly to the activities to which they relate, where applicable. Costs for 2020 have been reanalysed to allocate appropriate administration fees paid to Benevity Inc. in respect of transaction processing, bank costs, merchant fees and administration costs to the cost of generating funds.
|Accrued donations brought forward
Donations paid to charities
Accrued donations carried forward
Donations awarded to charities|**2021**
**£**
**(4,330,149)**
**114,570,384**
**1,311,254**
**111,551,489**|2020
£
(4,881,044)
70,932,926
4,330,149
70,382,031|
|---|---|---|
|**Net income**
Net resources are stated after charging (crediting):
. Current year
. Prior year under accrual|**2021**
**£**
**15,533**
**254**|2020
£|
|---|---|---|
|||3,250|
UK Online Giving Foundation **20**
**Notes to the Financial Statements** Year to 31 March 2021
## **2 Debtors**
|**Debtors**|||
|---|---|---|
||**2021**
**£**|As restated
2020
£|
|Accounts receivable
Due from Charitable Giving
Funds in transit|**7,512,484**
**40,000**
**7,479**
**7,559,763**|9,846,162
40,933
9,887,095|
## **3 Creditors: amounts falling due within one year**
**----- Start of picture text -----**
2021 2020
£ £
Accounts payable 5,773,464 4,174,497
Accrued donation liabilities 1,311,254 4,330,149
Due to Benevity, Inc. 1,286,095
Due to Online Giving Foundations 31,370
Funds in transit 1,143,208
7,084,718 10,965,319
**----- End of picture text -----**
## **4 expenses**
No trustee received any remuneration from the Charity for their services during the year or prior period.
## **5 Movement in funds**
|**Movement in funds**|||
|---|---|---|
||**2021**
**Total**
**restricted**
**funds**
**£**|2020
Total
restricted
funds
£|
|Balance as at 1 April (as restated)
Income (as restated)
Expenditure
Realised and unrealised exchange gains
Balance as at 31 March (as restated)|**2,583,483**
**117,234,759**
**(113,632,853)**
**246,096**
**6,431,485**|1,652,527
72,535,902
(71,708,882)
103,936
2,583,483|
Restricted funds comprise funds held for the purpose of making donations and programme related investments. There are no individually material categories of restriction, and restrictions may relate to geographical area, purpose of donation or nature of the work of the intended donation recipient.
UK Online Giving Foundation **21**
**Notes to the Financial Statements** Year to 31 March 2021
## **6 Related party transactions**
The Trust Partnership Ltd is a group company with two subsidiaries as at 31 March 2021: Trust Accounting Ltd and The Trust Partnership (Foundations) Ltd.
The Trust Partnership Ltd provides pro bono administration services to the UK Online Giving Foundation. Andrea Cutler is Office Manager for the group company, while Johanna Tompsett and Maria-Magdalena Duddridge worked for The Trust Partnership (Foundations) Ltd during the year. Johanna Tompsett left employment with The Trust Partnership (Foundations) Ltd in August 2021.
Trust Accounting Ltd provided year end accounts preparation services to the UK Online Giving Foundation for the previous year, ended 31 March 2020. No trustees worked for Trust Accounting Ltd during the year or the prior period.
## _**Key management personnel**_
The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. The trustees receive no remuneration.
The Trustees were all employees of the Trust Partnership Ltd, during the years ended 31 March 2021 and 31 March 2020.
UK Online Giving Foundation **22**
**Appendix 1** Year to 31 March 2021
Donations were made during the period to the following countries:
**----- Start of picture text -----**
2021 2020
Value of Value of
No. of donations No. of donations
Country donations £ donations £
**----- End of picture text -----**
|Afghanistan|**21**|**33,986**|5|12,979|
|---|---|---|---|---|
|Albania|**2**|**212**|||
|Argentina|**580**|**355,620**|162|258,791|
|Armenia|**147**|**1,357,438**|7|2,080|
|Australia|**5,478**|**2,769,382**|2,136|7,307,516|
|Austria|**436**|**581,801**|150|130,308|
|Bahamas|**18**|**4,962**|10|29,383|
|Bangladesh|**32**|**49,712**|2|1,803|
|Belarus|**181**|**101,943**|47|31,596|
|Belgium|**784**|**809,304**|187|127,604|
|Bermuda|**5**|**1,157**|||
|Bhutan|**1**|**1**|||
|Bolivia|**19**|**12,519**|5|11,727|
|Bosnia and Herzegovina|**22**|**12,079**|7|9,800|
|Botswana|**6**|**2,630**|1|7,803|
|Brazil|**2,306**|**2,017,361**|383|872,023|
|Bulgaria|**667**|**227,605**|245|98,617|
|Burkino Faso|**2**|**8,909**|||
|Cambodia|**89**|**69,678**|58|69,208|
|Cameroon|**62**|**33,529**|15|18,629|
|Canada|**10,108**|**6,090,027**|3,194|3,611,407|
|Cape Verde|**5**|**734**|1|269|
|Cayman Islands|**4**|**7,468**|||
|Chile|**140**|**129,951**|46|136,637|
|China|||1|201|
|Colombia|**509**|**288,591**|61|113,443|
|Congo, Democratic Republic|**6**|**35,292**|||
|Costa Rica|**186**|**127,449**|23|15,686|
|Croatia|**191**|**92,806**|38|28,569|
|Cyprus|**10**|**1,374**|||
|Czech Republic|**603**|**368,034**|165|197,300|
|Denmark|**203**|**113,476**|67|31,725|
|Dominican Republic|**6**|**1,095**|||
|Ecuador|**27**|**14,451**|||
|Egypt|**240**|**241,499**|14|6,710|
|El Salvador|**2**|**106**|||
|Estonia|**59**|**33,485**|13|5,289|
|Ethiopia|**34**|**24,924**|14|10,509|
|Fiji|**6**|**756**|10|16,158|
|Finland|**280**|**287,524**|105|53,532|
|France|**4,954**|**3,451,051**|1,519|2,343,363|
|Gambia|**4**|**358**|1|1,029|
|Georgia|**46**|**17,839**|11|10,874|
|Germany|**4,362**|**4,128,414**|1,705|2,023,252|
|Ghana|**50**|**53,819**|20|5,932|
|Greece|**392**|**478,268**|95|222,056|
|Guatemala|**17**|**17,600**|7|20,382|
UK Online Giving Foundation **23**
**Appendix 1** Year to 31 March 2021
**----- Start of picture text -----**
2021 2020
Value of Value of
No. of donations No. of donations
Country donations £ donations £
Guernsey 55 9,732 13 2,692
**----- End of picture text -----**
|Guernsey|**55**|**9,732**|13|2,692|
|---|---|---|---|---|
|Guinea|**2**|**175**|||
|Honduras|**20**|**34,313**|3|677|
|Hong Kong|**1,213**|**1,100,676**|460|817,031|
|Hungary|**878**|**339,536**|331|146,678|
|Iceland|**43**|**16,695**|4|3,050|
|India|**11,578**|**8,443,672**|2,157|3,227,280|
|Indonesia|**398**|**207,858**|105|233,698|
|Iraq|**2**|**75**|||
|Ireland|**4,843**|**4,161,607**|1,696|1,755,801|
|Israel|**3,695**|**2,893,686**|836|1,159,995|
|Italy|**2,508**|**2,540,775**|915|1,106,104|
|Ivory Coast|**5**|**17,029**|||
|Jamaica|**6**|**1,278**|||
|Japan|**1,811**|**1,413,838**|587|1,136,548|
|Jersey|**79**|**23,953**|12|7,774|
|Jordan|**26**|**25,592**|||
|Kazakhstan|**24**|**27,114**|4|11,713|
|Kenya|**221**|**412,696**|59|123,934|
|Kuwait|**4**|**116**|||
|Kyrgyzstan|**6**|**968**|||
|Latvia|**75**|**25,161**|8|4,036|
|Lebanon|**1,350**|**5,192,326**|33|45,093|
|Lithuania|**87**|**28,917**|16|5,232|
|Luxembourg|**64**|**27,607**|18|17,238|
|Macao|**45**|**8,624**|29|9,517|
|Macedonia|**6**|**5,581**|2|4,838|
|Malawi|**6**|**16,535**|2|1,324|
|Malaysia|**744**|**951,645**|198|223,806|
|Mali|**7**|**25,532**|||
|Malta|**4**|**389**|3|355|
|Mauritius|**27**|**6,473**|||
|Mexico|**1,600**|**1,522,381**|404|595,536|
|Moldova, Republic of|**19**|**32,802**|5|10,546|
|Morocco|**46**|**27,869**|13|19,901|
|Myanmar|**2**|**69**|||
|Nepal|**37**|**52,715**|29|31,355|
|Netherlands|**2,066**|**1,698,803**|623|531,017|
|New Zealand|**488**|**224,148**|215|442,631|
|Nigeria|**207**|**429,888**|40|209,273|
|North Macedonia|**2**|**2,433**|||
|Norway|**110**|**44,705**|53|46,337|
|Pakistan|**270**|**206,386**|45|63,856|
|Palestine|**37**|**59,767**|1|35|
|Panama|**10**|**4,545**|1|385|
|Paraguay|**11**|**4,785**|2|2,076|
UK Online Giving Foundation **24**
**Appendix 1** Year to 31 March 2021
**----- Start of picture text -----**
2021 2020
Value of Value of
No. of donations No. of donations
Country donations £ donations £
Peru 68 77,373 7 12,699
Philippines 1,356 1,060,436 367 394,291
Poland 2,143 1,096,460 683 704,420
Portugal 401 179,285 109 50,475
Qatar 2 107
Romania 1,669 923,334 557 491,678
Russian Federation 1,234 565,031 190 235,795
Saudi Arabia 1 20 1 164
Senegal 26 62,752 10 380,132
Serbia 229 104,279 33 21,579
Singapore 5,683 4,351,914 1,655 1,604,878
Slovakia 348 162,965 128 83,209
Slovenia 60 33,432 6 4,353
South Africa 823 1,254,692 283 548,707
South Korea 457 729,070 211 416,755
Spain 3,258 1,933,811 916 815,987
Sri Lanka 29 21,511 25 333,864
Swaziland 1 192 3 272
Sweden 688 539,155 225 188,093
Switzerland 2,047 2,312,135 663 1,225,447
Taiwan 1,908 2,047,791 599 923,264
Tanzania 36 20,665 6 7,771
Thailand 542 226,141 93 143,242
Togo 1 166
Trinidad and Tobago 65 26,123 3 7,854
Tunisia 30 10,124 5 2,268
Turkey 908 901,627 242 705,915
Turks and Caicos Islands 2 316 3 1,787
Uganda 92 80,483 23 43,937
Ukraine 465 120,323 54 73,051
United Arab Emirates 13 12,099
United Kingdom 15,201 8,248,507 5,330 6,131,928
United States 39,287 27,635,015 4,986 24,926,763
Uruguay 7 16,342 3 505
Venezuela 5 1,201 3 1,355
Vietnam 142 67,676 34 44,478
Yemen 14 2,422
Zambia 13 5,387
Zimbabwe 10 5,537 5 1,458
147,285 111,551,489 36,925 70,382,031
**----- End of picture text -----**
UK Online Giving Foundation **25**
UKOFG Financial Statements 2021
Final Audit Report
2022-01-20
Created..
2022-01-20
By..
Yae Walli5 lywalli5@benevity.c¢Knl
Sl8lus'.
SigrEd
Tr8nsaclion ID..
CBJCHBCNABWSzEqSqxia_Oiowrw9UDlyKIUuzRPu7z
"UKOFG Financial Statements 2021" History
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