## **UK Online Giving Foundation**
## **Annual Report and Financial Statements**
31 March 2022
Charity Registration Number 1164887
## **Contents**
## **Reports**
|**Reports**||
|---|---|
|Reference and administrative information|1|
|Trustees
report|2|
|Independent
report on the||
|financial statements|11|
|**Financial statements**||
|Statement of financial activities|15|
|Balance sheet|16|
|Statement of cash flows|17|
|Principal accounting policies|18|
|Notes to the financial statements|21|
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 2022
**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 accounting standards issued by the Financial Reporting Co 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 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 2022, UKOGF added 51,114 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 2022 was 405,500.
During 2022, £169.9m was pledged to 53,843 charities globally.
- The Foundation received £174.6m funding, pledged by 386 corporations and by their employees. Of this total, the Foundation received £40.5m from individual donors via corporate giving programs.
UK
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**
**Trustees** Year to 31 March 2022
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
recipient charities, thus allowing them more time and money to focus on their mission and impact.
Our donors contributed £174.6m (2021: £116.1m) to The UK Online Giving Foundation in the financial period 2021/22. The Foundation committed donations to over 53,000 organisations totalling £167.8m (2021: £111.6m) 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.
asured against 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 s lives for the better and this is where public benefit is most directly achieved.
## **FUNDRAISING STATEMENT**
The Foundation works with partner organisations to ensure that donors are aware of the work of the Foundation and charities we work with. We ensure that donors are not placed under pressure or obligation to donate to the Foundation. Our fundraising activities are monitored as part of the agreement in place with partner organisations to ensure that a high standard is maintained. We are particularly mindful of ensuring that fundraising performed by the Foundation and our partners ensures that vulnerable groups are protected. Our partner organizations follow a Code of Conduct and the Foundation montiors fundraising work undertaken by others by managing the contracts.
During the year, the Foundation received a total of zero formal complaints. All compliants will be reviewed and appropriate resolution performed.
UK Online Giving Foundation **3**
Year to 31 March 2022
**Trustees**
## **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 **4**
**Trustees** Year to 31 March 2022
## **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.
that charity 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 On agreeing to 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 **5**
**Trustees** Year to 31 March 2022
## **GOVERNANCE** (continued)
## **Management and administration**
In order to achieve its charitable mission, at the lowest possible costs, the Foundation in 2015, a Software-as-a-Service (SaaS) providing technology solutions with global capabilities as its service provider. Based in Calgary, spaces, Benevity is the leader in global corporate purpose software.
By selecting Benevity, the Foundation joined an established group of independent global charitable foundations that, in working with Benevity, support over 2 million charities worldwide, and connects with a community of more than 21 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 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
- 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;
- 3[rd] party 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 has been appointed by the Board to perform the audit of the statutory accounts.
UK Online Giving Foundation **6**
## **Trustees**
Year to 31 March 2022
## **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**_
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 they review and approve its grant giving activities every month.
## _**Operational**_
le 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.
UK Online Giving Foundation **7**
Year to 31 March 2022
**Trustees**
## **GOVERNANCE** (continued)
## **Principal risks and uncertainties** (continued)
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.
## _**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. Management accounts are reviewed at Board meetings and subject to annual audit. The trustees believe that the reports they receive, and the scrutiny of their advisers leave little risk of misinterpretation or mismanagement.
## _**Reputational**_
putation, through association 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 **8**
Year to 31 March 2022
**Trustees**
## **BUSINESS REVIEW AND FINANCIAL RESULTS**
At the end of the year the Foundation had assets of £53.6m (2021: £13.5m) and liabilities of £42.0m (2021: £7.0m). The net funds of the Foundation were £11.6m (2021: £6.4m). 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 £174.6m were significantly higher than the prior year (2021: £116.1m) due to increased donation volume. Donations to charities and administrative expenses were also higher for the year compared to the prior year for the same reason. These amounts are as follows:
||**2022 (£)**|2021 (£)|
|---|---|---|
|Donations to charities|**167,807,041**|111,551,489|
|Cost of generating funds|**3,636,752**|2,081,364|
## _**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**
As part of the Master Service Agreement with Benevity, Inc. UKOGF will invoice Benevity Inc. 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 **9**
Year to 31 March 2022
**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;
- 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 (Date/ Month/ Year) and signed on its behalf
Trustee Jo Tompsett
Date: (Date/ Month/ Year)
UK Online Giving Foundation **10**
**on the financial statements** 31 March 2022
## **Trustees of The UK Online Giving Foundation**
## **Opinion**
We have audited the
for the year ended 31 March 2022 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 2022 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 port. We are independent of the charity in accordance with the ethical requirements that are relevant 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 to the trustee continue as a going concern.
UK Online Giving Foundation **11**
**on the financial statements** 31 March 2022
## **Other information**
The trustees are responsible for the other information. The other information comprises the 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 responsible for asses 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 **12**
**on the financial statements** 31 March 2022
## **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 **13**
## **on the financial statements** 31 March 2022
## **Use of our report**
in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken purpose. To the fullest extent permitted by law, we do 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 Date: 24 January 2023
Buzzacott LLP is eligible to act as an auditor under the terms of Section 1212 of the Companies Act 2006
UK Online Giving Foundation **14**
## **Statement of financial activities (including income and expenditure account)** Year to 31 March 2022
||**2022**
**Total**
**restricted**
**funds**
**£**|2021
Total
restricted
funds
£|
|---|---|---|
|**Income**
Donations
Other income
**Total**
**Expenditure**
1
Cost of generating funds
Charitable activities
**Total**
**Net income**
Realised and unrealised exchange gains
**Net movement in funds**
**Reconciliation of funds**
Total fund balances brought forward
**Total fund balances carried forward**|**174,612,943**
**1,948,840**|116,058,182
1,176,577|
||**176,561,784**|117,234,759|
||**3,636,752**
**167,807,041**|2,081,364
111,551,489|
||**171,443,793**|113,632,853|
||**5,117,990**
**93,459**|3,601,906
246,096|
||**5,211,449**
**6,431,485**|3,848,002
2,583,483|
||**11,642,934**|6,431,485|
UK Online Giving Foundation **15**
**Balance sheet** 31 March 2022
|Notes|**2022**
**£**|**2022**
**£**|2021
£|2021
£|
|---|---|---|---|---|
|**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**|**33,028,913**
**20,599,550**|**11,642,934**|7,559,763
5,956,440|6,431,485|
||**53,628,463**
**(41,985,529)**||13,516,203
(7,084,718)||
||||||
|||**11,642,934**||6,431,485|
|||**11,642,934**||6,431,485|
The financial statements on page 15 to 23 were approved by the trustees, and authorised for issue on and are signed on their behalf by:
Trustee Chairperson
UK Online Giving Foundation **16**
## **Statement of cash flows** Year to 31 March 2022
|Note|**2022**
**£**|2021
£|
|---|---|---|
|**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**|**14,549,651**|2,048,637|
||**14,549,651**
**93,459**
**5,956,440**|2,048,637
246,096
3,661,707|
||**20,599,550**|5,956,440|
## **A Reconciliation of income to net cash flow from operating activities**
**----- Start of picture text -----**
2022 2021
£ £
Net income for the year (as per the statement of financial
activities) 5,117,990 3,601,906
Adjusted for:
(Increase) decrease in debtors (25,469,150) 2,327,332
Increase (decrease) in creditors 34,900,811 (3,880,601)
Net cash provided by operating activities 14,549,651 2,048,637
**----- End of picture text -----**
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 **17**
**Principal accounting policies** 31 March 2022
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 2022. 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
## **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 Inc., UKOGF will invoice Benevity Inc. 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 **18**
**Principal accounting policies** 31 March 2022
## **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 **19**
**Principal accounting policies** 31 March 2022
## **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.
UK Online Giving Foundation **20**
**Notes to the Financial Statements** Year to 31 March 2022
## **1 Expenditure**
||Cost of
generating
funds
£|Charitable
activities
£
167,807,041
167,807,041|Governance
costs
£
18,200
18,200|**2022**
**Total**
**restricted**
**funds**
**£**
**229,220**
**167,807,041**
**2,538,763**
**18,200**
**804,077**
**46,492**
**171,443,793**|2021
Total
restricted
funds
£
116,670
111,551,489
1,620,065
15,533
294,423
34,673
113,632,853|
|---|---|---|---|---|---|
|Bank service charges
Donations awarded to
charities
Administration fees
Year end accounts and audit
Merchant fees
Other disbursement costs|229,220
2,538,763
804,077
46,492
3,618,552|||||
|_Comparative information_|_Cost of_
_generating_
_funds_
_£_
_116,670_
_1,620,065_
_294,423_
_34,673_
_2,065,831 _|_Charitable_
_activities_
_£_
_111,551,489_
_111,551,489_|_Governance_
_costs_
_£_
_15,533_
_15,533_|_2021_
_Total_
_restricted_
_funds_
_£_|
|---|---|---|---|---|
|_Bank service charges_
_Donations awarded to charities_
_Administration fee_
_Year end accounts and audit_
_Merchant fee_
_Other disbursement costs_||||_116,670_
_111,551,489_
_1,620,065_
_15,533_
_294,423_
_34,673_
_113,632,853_|
Costs are allocated directly to the activities to which they relate, where applicable. The Foundation 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
**Net income**
Net resources are stated after charging (crediting):
. Current year
. Prior year under accrual|**2022**
**£**
**(1,311,254)**
**164,543,116**
**4,575,179**
**167,807,041**
**2022**
**£**
**18,200**|2021
£
(4,330,149)
114,570,384
1,311,254
111,551,489
2021
£
15,533
254|
|---|---|---|
UK Online Giving Foundation **21**
## **Notes to the Financial Statements** Year to 31 March 2022
## **2 Debtors**
|**Debtors**|||
|---|---|---|
||**2022**
**£**|2021
£|
|Accounts receivable
Due from Charitable Giving
Funds in transit|**32,988,913**
**40,000**
**33,028,913**|7,512,484
40,000
7,479
7,559,763|
## **3 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2022**
**£**|2021
£|
|Accounts payable
Accrued donation liabilities
Funds in transit|**37,125,589**
**4,826,698**
**33,242**
**41,985,529**|5,773,464
1,311,254
7,084,718|
## **4**
No trustee received any remuneration from the Charity for their services during the year or prior period.
## **5 Movement in funds**
|**Movement in funds**|||
|---|---|---|
||**2022**
**Total**
**restricted**
**funds**
**£**|2021
Total
restricted
funds
£|
|Balance as at 1 April
Income
Expenditure
Realised and unrealised exchange gains
Balance as at 31 March|**6,431,485**
**176,561,784**
**(171,443,793)**
**93,459**
**11,642,934**|2,583,483
117,234,759
(113,632,853)
246,096
6,431,485|
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 **22**
**Notes to the Financial Statements** Year to 31 March 2022
## **6 Related party transactions**
The Foundation undertook no transactions with related parties in either the year ended 31 March 2022 or the year ended 31 March 2021.
## _**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.
UK Online Giving Foundation **23**
**Appendix 1** Year to 31 March 2022
Donations were made during the period to the following countries:
**----- Start of picture text -----**
2022 2021
Value of Value of
No. of donations No. of donations
Country donations £ donations £
Afghanistan 12 13,316 21 33,986
Albania 12 3,784 2 212
Argentina 552 315,207 580 355,620
Armenia 99 81,507 147 1,357,438
Australia 7,318 2,678,376 5,478 2,769,382
Austria 486 1,849,036 436 581,801
Azerbaijan 12 10,638
Bahamas 19 3,285 18 4,962
Bangladesh 44 52,235 32 49,712
Barbados 12 3,086
Belarus 65 22,798 181 101,943
Belgium 787 795,709 784 809,304
Belize 2 66
Benin 3 4,070
Bermuda 3 3,869 5 1,157
Bhutan 2 2,188 1 1
Bolivia 14 4,024 19 12,519
Bosnia and Herzegovina 88 24,570 22 12,079
Botswana 4 765 6 2,630
Brazil 1,551 3,034,036 2,306 2,017,361
Bulgaria 743 238,456 667 227,605
Burkino Faso 3 832 2 8,909
Cambodia 114 61,049 89 69,678
Cameroon 46 51,407 62 33,529
Canada 16,248 9,113,009 10,108 6,090,027
Cape Verde 17 705 5 734
Cayman Islands 11 1,156 4 7,468
Chile 107 115,781 140 129,951
Colombia 364 390,334 509 288,591
Congo, Democratic Republic 9 8,357 6 35,292
Costa Rica 226 94,245 186 127,449
Croatia 195 63,186 191 92,806
Cyprus 6 993 10 1,374
Czech Republic 721 845,822 603 368,034
Denmark 347 227,648 203 113,476
Dominican Republic 15 5,888 6 1,095
Ecuador 9 6,365 27 14,451
Egypt 254 422,329 240 241,499
El Salvador 4 316 2 106
Estonia 99 14,076 59 33,485
Ethiopia 40 32,960 34 24,924
Fiji 10 2,948 6 756
Finland 350 247,304 280 287,524
France 6,100 3,440,905 4,954 3,451,051
French Polynesia 7 874
Gabon 2 209
Gambia 2 314 4 358
Georgia 51 17,731 46 17,839
**----- End of picture text -----**
UK Online Giving Foundation **24**
**Appendix 1** Year to 31 March 2022
**----- Start of picture text -----**
2022 2021
Value of Value of
No. of donations No. of donations
Country donations £ donations £
Germany 8,147 6,271,844 4,362 4,128,414
Ghana 99 71,472 50 53,819
Greece 377 281,678 392 478,268
Guatemala 16 38,962 17 17,600
Guernsey 68 10,422 55 9,732
Guinea 2 64 2 175
Honduras 17 28,651 20 34,313
Hong Kong 1,045 880,492 1,213 1,100,676
Hungary 967 649,084 878 339,536
Iceland 40 15,946 43 16,695
India 7,695 24,091,888 11,578 8,443,672
Indonesia 498 392,359 398 207,858
Iraq 1 23 2 75
Ireland 3,219 4,547,950 4,843 4,161,607
Israel 3,289 2,112,972 3,695 2,893,686
Italy 4,245 2,005,993 2,508 2,540,775
Ivory Coast 3 449 5 17,029
Jamaica 13 12,436 6 1,278
Japan 1,748 1,683,183 1,811 1,413,838
Jersey 116 40,162 79 23,953
Jordan 24 12,976 26 25,592
Kazakhstan 84 62,979 24 27,114
Kenya 205 344,075 221 412,696
Kuwait 4 4,115 4 116
Kyrgyzstan 23 33,056 6 968
Latvia 81 162,661 75 25,161
Lebanon 322 512,088 1,350 5,192,326
Liberia 3 1,496
Lithuania 187 63,583 87 28,917
Luxembourg 98 115,725 64 27,607
Macao 58 14,068 45 8,624
Macedonia 20 8,492 6 5,581
Malawi 13 2,560 6 16,535
Malaysia 909 744,215 744 951,645
Mali 11 23,342 7 25,532
Malta 11 4,777 4 389
Mauritius 31 3,687 27 6,473
Mexico 1,474 946,972 1,600 1,522,381
Moldova, Republic of 26 37,624 19 32,802
Monaco 1 310
Monserrat 4 928
Morocco 92 44,974 46 27,869
Myanmar 6 714 2 69
Nepal 32 66,037 37 52,715
Netherlands 2,191 2,223,518 2,066 1,698,803
New Zealand 728 299,699 488 224,148
**----- End of picture text -----**
UK Online Giving Foundation **25**
**Appendix 1** Year to 31 March 2022
**----- Start of picture text -----**
2022 2021
Value of Value of
No. of donations No. of donations
Country donations £ donations £
Nicaragua 4 520
Nigeria 319 561,649 207 429,888
North Macedonia 2 2,433
Norway 138 117,500 110 44,705
Pakistan 219 254,444 270 206,386
Palestine 110 279,607 37 59,767
Panama 18 13,168 10 4,545
Papua New Guinea 1 280
Paraguay 3 1,343 11 4,785
Peru 82 107,809 68 77,373
Philippines 1,011 687,216 1,356 1,060,436
Poland 2,806 7,645,082 2,143 1,096,460
Portugal 436 266,888 401 179,285
Qatar 2 107
Romania 1,917 1,123,799 1,669 923,334
Russian Federation 1,015 431,449 1,234 565,031
Rwanda 9 1,417
Saudi Arabia 1 18 1 20
Senegal 43 956,770 26 62,752
Serbia 390 163,140 229 104,279
Sierra Leone 2 374
Singapore 2,922 2,759,452 5,683 4,351,914
Slovakia 496 390,163 348 162,965
Slovenia 47 12,789 60 33,432
South Africa 833 1,185,851 823 1,254,692
South Korea 429 608,914 457 729,070
Spain 4,730 2,088,762 3,258 1,933,811
Sri Lanka 46 14,038 29 21,511
Swaziland 1 800 1 192
Sweden 895 790,316 688 539,155
Switzerland 2,212 6,078,316 2,047 2,312,135
Taiwan 1,817 2,060,147 1,908 2,047,791
Tajikistan 22 24,521
Tanzania 54 11,331 36 20,665
Thailand 415 415,488 542 226,141
Timor-Leste 2 319
Togo 2 386 1 166
Trinidad and Tobago 105 34,495 65 26,123
Tunisia 44 16,630 30 10,124
Turkey 854 733,834 908 901,627
Turks and Caicos Islands 4 152 2 316
Uganda 124 79,530 92 80,483
Ukraine 786 2,425,297 465 120,323
United Arab Emirates 7 937
United Kingdom 23,829 12,787,751 15,201 8,248,507
United States 190,815 49,198,584 39,287 27,635,015
**----- End of picture text -----**
UK Online Giving Foundation **26**
**Appendix 1** Year to 31 March 2022
|**Country**||**2022**||2021|
|---|---|---|---|---|
||**No. of**
**donations**|**Value of**
**donations**
**£**|No. of
donations|Value of
donations
£|
|Uruguay
Uzbekistan
Venezuela
Vietnam
Yemen
Zambia
Zimbabwe|**18**
**5**
**29**
**156**
**21**
**18**
**7**
**315,697**|**77,069**|7
5
142
14
13
10
147,285|16,342
1,201
67,676
2,422
5,387
5,537
111,551,489|
|||**5,952**|||
|||**63,346**|||
|||**104,469**|||
|||**10,563**|||
|||**14,887**|||
|||**21,020**
**167,807,041**|||
UK Online Giving Foundation **27**