OpenCharities

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2023-03-31-accounts

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

UK Online Giving Foundation

Annual Report and Financial Statements

31 March 2023

Charity Registration Number 1164887

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Contents

Reports
Reference and administrative information 1
Trustees' report 2
Independent auditor's report on the 10
financial statements
Financial statements
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notes to the financial statements 19

UK Online Giving Foundation 2

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Reference and administrative information

Trustees Johanna Tompsett(appointed: 16 July 2015) Johanna Tompsett(appointed: 16 July 2015)
Maria-Magdalena Duddridge(appointed: 16 July 2015)
Andrea Cutler(appointed: 22 September 2016)
Richard Donner(appointed: 20 January 2023)
Abigail Bulley(appointed: 20 January 2023)
Simon Haslam(appointed: 19 October 2023)
Ben Jackson(appointed: 20 January 2023, and
resigned: 8 September 2023)
Effective date 29 January 2024
Registered address c/o Womble Bond Dickinson LLP
4 More London Riverside
London
SE1 2AU
Charity Registration Number 1164887
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank
The Forum
Marlborough Road
Old Town
Swindon
SN3 1QN
Citibank
33 Canada Square
London
E14 5LB
Solicitors c/o Womble Bond Dickinson LLP
4 More London Riverside
London
SE1 2AU

UK Online Giving Foundation 1

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Trustees’ report Year to 31 March 2023

The trustees present their annual report and the audited financial statements of the UK Online Giving Foundation (“UKOGF” or “the Foundation”) for the year ended 31 March 2023.

The financial statements have been prepared by the Foundation in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland “FRS 102”) as modified by the Charity Statement of Recommended Practice.

PRINCIPAL ACTIVITIES AND OBJECTIVES

The UK Online Giving Foundation is a Charitable Incorporated Organisation registered in England and Wales on 16 December 2015 (Registration No. 1164887) and became a registered charity on the same date. The Foundation 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 from the UKOGF in accordance with relevant regulations. The Foundation’s 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:

The UKOGF’s work towards its mission 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 cheques or verify donations in order to receive corporate matches or volunteer grants. The Foundation’s model of aggregation and electronic payments reduces costs to the recipient charities, thus allowing them more time and money to focus on their mission and impact.

MEASURING IMPACT AND PUBLIC BENEFIT

As a fundraising and grant making charity, providing public benefit is at the heart of the Foundation’s activities.

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.

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Trustees’ report Year to 31 March 2023

Most of the Foundation’s grant making is reactive and is measured against what individual charities are seeking to achieve. In most cases, the Foundation is one of several funders and cannot therefore take sole credit for the outcomes achieved. The trustees aim to create impact by supporting work that changes people’s lives for the better and this is where public benefit is most directly achieved.

In order to comply with its obligation to take reasonable steps to confirm that recipient charities are using the funds for charitable purposes (as defined by UK law), the trustees requested Benevity to conduct an annual ‘Use of Funds’ campaign. Recognising that the UKOGF made donations to over 77,000 recipients during the year across the world, the campaign was directed to all 2,519 organisations that received £10,000 or more in annual disbursements (in one or multiple donations) from UKOGF. The campaign represented 82% by value of the total donations made by the UKOGF in the year. The trustees concluded that this approach was reasonable – there were 74,481 charities excluded from the survey due to not reaching the size threshold, which on average received donations of £ 500 during the year. Each organisation in the campaign was asked to attest that they had used the funds exclusively for charitable purposes as defined by UK law. Positive responses were received from more than 90% of relevant organisations. Those recipient charities that remained unresponsive after multiple outreach attempts are deactivated on Benevity’s online giving platform, and will not be able to receive any further donations until the required Use of Funds forms has been completed by the organisation.

FUNDRAISING STATEMENT

The Foundation works with partner organisations to ensure that donors are aware of the work of the Foundation and the charities it works with. The UKOGF ensures that donors are not placed under pressure or obligation to donate to the Foundation and fundraising activities are monitored as part of the agreement in place with partner organisations to ensure that a high standard is maintained. The Foundation is particularly intent on ensuring that fundraising performed by it and/or its partners safeguards the needs of vulnerable groups. UKOGF partner organizations follow a Code of Conduct and the Foundation monitors fundraising work undertaken by others by managing the contracts.

During the year, the Foundation received a total of zero formal complaints. All complaints will be reviewed and appropriate resolution performed.

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 establishes 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.

Individuals and companies making donations to charities via Benevity’s online giving platform in fact make irrevocable gifts to the UKOGF.

PLANS FOR THE FUTURE

The Foundation will continue to promote its charitable objects for the public benefit in the coming years, maintaining the lowest cost base possible.

UK Online Giving Foundation 3

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Trustees’ report Year to 31 March 2023

GOVERNANCE

Trustees and key management

The Trustee Board

The trustees consider that they comprise the key management of the Foundation in charge of directing and controlling, running and operating the Foundation on a day-to-day basis. The trustees receive no remuneration for this work.

In accordance with the Charity Commission’s recommendation that Foundation trustees who may have a personal interest in any matter before the trustees should declare that interest and refrain from taking part in any discussion relating to it, a Register of Trustee’s interests is maintained and updated annually. Trustees are required to disclose all relevant interests in accordance with the Foundation’s policy and withdraw from decisions where a conflict of interest 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 Foundation has between three and six trustees who meet regularly electronically and/or 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 for the Foundation’s work. On agreeing to become a trustee of the Foundation, an individual is thoroughly briefed by their co-trustees on the background of the Foundation, 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:

UK Online Giving Foundation 4

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Trustees’ report Year to 31 March 2023

GOVERNANCE (continued)

Management and administration

In order to achieve its charitable mission, at the lowest possible costs, the Foundation in 2015, partnered with Benevity Inc. (“Benevity”) a Software-as-a-Service (SaaS) providing technology solutions with global capabilities as its service provider. Based in Calgary, Canada, with 15 years’ experience in the global corporate philanthropy and workplace giving spaces, Benevity is the leader in global 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 17.8 million donors and volunteers. Leveraging Benevity’s technology and specialized support enables the Foundation to drive down the administrative costs of processing funds and fulfill its charitable objectives.

The trustees of UKOGF have contractually agreed to a Master License and Services Agreement (MLSA) with Benevity which allows the trustees to delegate some operational responsibilities to Benevity in line with keeping the Foundation’s operating costs to a minimum. Benevity provides the following services to UKOGF in support of the activities of the Foundation:

Buzzacott LLP has been instructed by the Board to carry out the audit of the statutory accounts.

In order to gain fuller transparency and gain a deeper understanding of Benevity's processes as delivered under the MLSA, the Board of UKOGF has commissioned an independent consultant to map, and provide a risk assessment of Benevity's processes. This review is currently ongoing and has not currently highlighted any material matters that might give rise to concern. The project is scheduled to be finalized in 2024.

UK Online Giving Foundation 5

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Trustees’ report Year to 31 March 2023

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

‘Governance and management’ looks at the risk the Foundation might suffer from lack of 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 objectives 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 Foundation. They meet regularly to review developments with regard to the Foundation, to make important decisions, and they review and approve its grant giving activities every month.

Operational

‘Operational’ looks at the risk inherent in the Foundation’s activities including supporting unsuitable 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 Foundation. The risk of making inappropriate grants or donations is minimised by conducting appropriate due diligence checks. 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.

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DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Trustees’ report Year to 31 March 2023

GOVERNANCE (continued)

Principal risks and uncertainties (continued)

Financial

‘Financial risks’ include those arising as a result of poor budgetary control, inappropriate 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 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

‘Reputational’ looks at the possible damage to the Foundation’s reputation, 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.

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.

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DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Trustees’ report Year to 31 March 2023

BUSINESS REVIEW AND FINANCIAL RESULTS

At the end of the year the Foundation had assets of £48.1m (2022: £53.6m) and liabilities of £33.7m (2022: £42.0m). The net funds of the Foundation were £14.3m (2022: £11.6m). 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 £180.9m were significantly higher than the prior year (2022: £174.6m) 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:

2023 2022
(£’000) (£’000)
Donations to charities 176,982 167,807
Cost of generating funds 3,158 3,637

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 Foundation 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 Foundation'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 cheques 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 MLSA with Benevity, Inc. UKOGF will invoice Benevity Inc. for operational deficits, in order that the Foundation operates at breakeven.

The trustees of the Foundation have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern.

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

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).

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Trustees’ report Year to 31 March 2023

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 Foundation and of the incoming resources and application of resources, including the income and expenditure, of the Foundation for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time in the financial position of the Foundation 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 Foundation 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 29[th] January 2024 and signed on its behalf by:

Richard Donner Trustee _______

Chairperson

January 29, 2024 Date:

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Independent auditor’s report on the financial statements 31 March 2023

Independent auditor’s report to the Trustees of The UK Online Giving Foundation

Opinion

We have audited the financial statements of The UK Online Giving Foundation (the ‘charity’) for the year ended 31 March 2023 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:

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 the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and 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 trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from the date of these financial statements from when the financial statements are authorised for issue.

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’s ability to continue as a going concern.

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 auditor’s 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

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Independent auditor’s report on the financial statements 31 March 2023

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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are 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 assessing the charity’s 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.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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Independent auditor’s report on the financial statements 31 March 2023

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP 29 January 2024 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

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Statement of financial activities (including income and expenditure account) Year to 31 March 2023

(Expressed in thousands of British pound sterling)

ressed in thousands of British pound sterling)
2023 2022
Total Total
restricted restricted
funds funds
Notes £’000 £’000
Income
Donations 180,852 174,613
Other income 1,705 1,949
Interest 16 —
Total 182,573 176,562
Expenditure
1
Cost of generating funds 3,158 3,637
Charitable activities 176,982 167,807
Total 180,140 171,444
Net income 2,433 5,118
Realised and unrealised exchangegains 264 93
Net movement in funds 2,696 5,211
Reconciliation of funds
5
Total funds balances brought forward 11,643 6,431
Total funds balances carried forward 14,339 11,643

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DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Balance sheet 31 March 2023

(Expressed in thousands of British pound sterling)

Notes
2023
£’000		 2023
£’000
 2022
£’000
 2022
£’000

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

14,266
33,790



14,339		 33,029
20,600		 11,643
48,056


(33,717)		 53,629
(41,986)










14,339 11,643
14,339 11,643

The financial statements on page 13 to 24 were approved by the trustees, and authorised for issue on 29[th] January 2024 and are signed on their behalf by:

Richard Donner

Trustee ________

Chairperson

Date: January 29, 2024

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DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Statement of cash flows Year to 31 March 2023

Statement of cash flows Year to 31 March 2023

(Expressed in thousands of British pound sterling)

Statement of cash flowsYear to 31 March 2023
(Expressed in thousands of British pound sterling)
Note 2023
£’000		 2022
£’000
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
 12,927 14,550
12,927
264
20,600		 14,550
93
5,956
33,790 20,600

A. Reconciliation of income to net cash flow from operating activities

2023
£’000		 2022
£’000
Net income for the year (as per the statement of financial activities)

Adjusted for:

Decrease (increase) in debtors

(Decrease) increase in creditors

Net cashprovided by operating activities
 2,433

18,763
(8,269)		 5,118
(25,469)
34,901
12,927 14,550

The Foundation 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.

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Principal accountings policies Year to 31 March 2023

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 Foundation constitutes a public benefit entity as defined by FRS 102.

These financial statements have been prepared for the year to 31 March 2023. The financial statements are presented in sterling and are rounded to the nearest thousands.

The financial statements of the Foundation, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011.

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 Foundation have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. The trustees are of the opinion that the Foundation will have sufficient resources to meet its liabilities as they fall due.

As part of the MLSA 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 Foundation 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, other income comprises transaction related fees due from donors.

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Principal accounting policies Year to 31 March 2023

Income recognition (continued)

Donations are recognised when the Foundation 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 Foundation 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 Foundation 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 Foundation; 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 Foundation 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 Foundation 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 Foundation 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.

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

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Principal accounting policies Year to 31 March 2023

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 Foundation 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 within the Foundation’s charitable objects.

Restricted funds relate to monies received from donors where either specific donor instruction has been received, or for which the Foundation is awaiting donor instruction.

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 18

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Notes to the Financial Statements Year to 31 March 2023

(Expressed in thousands of British pound sterling)

1 Expenditure

enditure
Cost of
generating
funds
£’000
Charitable
activities
£’000
Governance
costs
£’000
2023
Total
restricted
funds
£’000		 2022
Total
restricted
funds
£’000
Bank service charges
Donations awarded to
harities
Administration fees
Year end accounts and audit
Merchant fees
Other disbursement costs		 282
—
2,181

—
530
134
—

176,982

—

—

—

—
—

—

—

32

—

—
282

176,982

2,181

32

530

134
229
167,807

2,539

18

804

46
3,126
176,982
32
180,140
171,444

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		 2023
£’000
 2022
£’000
(4,575)

178,387

3,170
 (1,311)
164,543
4,575
176,982
 167,807
2023
£’000		 2022
£’000
Net resources are stated after charging (crediting):
Auditor’s remuneration
. Current year
. Other
. Prioryear under accrual

19
13
**(1) **		 18
—
—

UK Online Giving Foundation 19

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Notes to the Financial Statements Year to 31 March 2023

2 Debtors

tors
2023
£’000		 2022
£’000
Accounts receivable
Due from Charitable Giving
Funds in transit		 14,216
—
50		 32,989
40
—
14,266 33,029

3 Creditors: amounts falling due within one year

ditors: amounts falling due within one year
2023
£’000		 2022
£’000
Accounts payable
Accrued donation liabilities
Funds in transit		 30,509
3,208
—		 37,126
4,827
33
33,717 41,986

4 Trustees’ remuneration and expenses

No trustee received any remuneration from the Charity for their services during the year or prior period.

5 Movement in funds

vement in funds
2023
Total
restricted
funds
£’000		 2022
Total
restricted
funds
£’000
Balance as at 1 April
Income
Expenditure
Realised and unrealised exchange gains
Balance as at 31 March		 11,643
182,573
(180,140)
264		 6,431
176,562
(171,444)
93
14,339 11,643

6 Related party transactions

The Foundation undertook no transactions with related parties in either the year ended 31 March 2023 or the year ended 31 March 2022.

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 20

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Appendix 1 Year to 31 March 2023 – For risk processes, refer to page 6-7 of the Trustees’ Report. Donations were made during the period to the following countries:

Country 2023 2023 2022 2022
No. of
donations		 Value of
donations
£		 No. of
donations
Value of
donations
£
Afghanistan
Albania
Antigua and Barbuda
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Bulgaria
Burkino Faso
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Chile
Colombia
Congo, Democratic Republic
Costa Rica
Croatia
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji		 19
7
3
722
221
6,947
633
1
24
44
15
—
957
2
4
13
—
21
111
7
1,805
970
7
2
109
59
17,740
15
11
142
431
23
352
223
33
1,076
535
18
11
284
6
133
69
10		 12
12
—
552
99
7,318
486
12
19
44
12
65
787
2
3
3
2
14
88
4
1,551
743
3
—
114
46
16,248
17
11
107
364
9
226
195
6
721
347
15
9
254
4
99
40
10
13,316

3,784

—

315,207

81,507

2,678,376

1,849,036

10,638

3,285

52,235

3,086

22,798

795,709

66

4,070

3,869

2,188

4,024

24,570

765

3,034,036

238,456

832

—

61,049

51,407

9,113,009

705

1,156

115,781

390,334

8,357

94,245

63,186

993

845,822

227,648

5,888

6,365

422,329

316

14,076

32,960

2,948
30,639
1,438
1,775
342,475
389,214
3,596,397
600,081
178
93
265,256
1,733
—
856,365
114
3,728
16,676
—
25,454
36,020
69
2,761,775
361,128
15,643
25
73,207
53,868
11,855,522
426
10,516
244,833
530,139
24,412
177,967
86,536
40,473
1,109,353
445,392
4,269
14,342
510,770
277
34,050
44,395
1,965

UK Online Giving Foundation 21

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Notes to the Financial Statements Year to 31 March 2023

Country 2023 2023 2022 2022
No. of
donations		 Value of No. of
donations
Value of
donations
£
donations
£
Finland
France
French Polynesia
Gabon
Gambia
Georgia
Germany
Ghana
Gibraltar
Greece
Guatemala
Guernsey
Guinea
Guyana
Haiti
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Iraq
Ireland
Israel
Italy
Ivory Coast
Jamaica
Japan
Jersey
Jordan
Kazakhstan
Kenya
Kuwait
Kyrgyzstan
Latvia
Lebanon
Liberia
Lithuania
Luxembourg
Macao
Macedonia
Madagascar
Malawi
Malaysia		 415
5,703
13
—
4
68
7,731
134
1
405
19
49
5
1
11
1
1,064
1,086
38
8,106
442
—
3,798
3,520
4,615
6
23
2,125
122
8
81
334
5
25
92
257
—
244
126
62
41
9
21
1,233		 350
6,100
7
2
2
51
8,147
99
—
377
16
68
2
—
—
17
1,045
967
40
7,695
498
1
3,219
3,289
4,245
3
13
1,748
116
24
84
205
4
23
81
322
3
187
98
58
20
—
13
909
247,304

3,440,905

874

209

314

17,731

6,271,844

71,472

—

281,678

38,962

10,422

64

—

—

28,651

880,492

649,084

15,946

24,091,888

392,359

23

4,547,950

2,112,972

2,005,993

449

12,436

1,683,183

40,162

12,976

62,979

344,075

4,115

33,056

162,661

512,088

1,496

63,583

115,725

14,068

8,492

—

2,560

744,215
235,379
4,519,859
2,822
—
1,557
25,689
4,978,356
65,727
5
400,012
23,911
31,244
801
1,170
10,239
147
1,091,395
739,800
10,786
8,818,932
347,581
—
4,214,244
3,060,023
2,883,589
359
7,472
1,938,519
52,446
7,852
46,096
547,093
869
38,856
145,937
360,150
—
129,510
68,891
11,635
14,799
15,040
94,326
1,129,759

UK Online Giving Foundation 22

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Notes to the Financial Statements Year to 31 March 2023

2023 2023 2022 2022
No. of
donations		 Value of No. of
donations
Value of
donations
£
donations
£
Mali
Malta
Mauritius
Mexico
Moldova, Republic of
Monaco
Mogolia
Montenegro
Monserrat
Morocco
Mozambique
Myanmar
Namibia
Nepal
Netherlands
New Zealand
Nicaragua
Niger
Nigeria
Norway
Pakistan
Palau
Palestine
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Romania
Russian Federation
Rwanda
Saudi Arabia
Saint Lucia
Saint Vincent And The Grenedines
Senegal
Serbia
Sierra Leone
Singapore
Slovakia
Slovenia
South Africa
South Korea		 15
15
39
2,029
31
2
8
1
1
105
13
16
4
61
2,611
915
—
18
348
247
74
1
101
41
1
10
111
1,151
3,965
714
2,533
—
20
—
5
1
42
650
3
3,316
885
187
1,071
573		 11
11
31
1,474
26
1
—
—
4
92
—
6
—
32
2,191
728
4
—
319
138
219
—
110
18
1
3
82
1,011
2,806
436
1,917
1,015
9
1
—
—
43
390
2
2,922
496
47
833
429
23,342

4,777

3,687

946,972

37,624

310

—

—

928

44,974

—

714

—

66,037

2,223,518

299,699

520

—

561,649

117,500

254,444

—

279,607

13,168

280

1,343

107,809

687,216

7,645,082

266,888

1,123,799

431,449

1,417

18

—

—

956,770

163,140

374

2,759,452

390,163

12,789

1,185,851

608,914
18,632
4,939
9,691
2,128,809
8,963
177
55,440
41
251
281,499
17,379
38,896
541
76,380
2,700,602
605,143
—
48,647
322,162
303,745
133,522
68
80,561
76,771
92
2,925
121,563
520,153
7,374,833
316,980
2,502,717
—
7,495
—
2,502
156
231,141
367,680
1,460
4,050,098
834,729
87,526
1,263,290
1,270,627

UK Online Giving Foundation 23

DocuSign Envelope ID: A888AAEC-18FD-4213-8A9D-100523C05355

Notes to the Financial Statements Year to 31 March 2023

2023 2023 2022 2022
No. of
donations		 Value of No. of
donations
Value of
donations
£
donations
£
Spain
Sri Lanka
Swaziland
Sweden
Switzerland
Taiwan
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Venezuela
Vietnam
Yemen
Zambia
Zimbabwe		 5,199
161
5
1,004
2,863
2,004
12
50
492
2
5
123
48
1,108
2
155
1,556
15
23,031
200,784
3
11
26
225
—
31
10		 4,730
46
1
895
2,212
1,817
22
54
415
2
2
105
44
854
4
124
786
7
23,829
190,815
18
5
29
156
21
18
7
2,088,762

14,038

800

790,316

6,078,316

2,060,147

24,521

11,331

415,488

319

386

34,495

16,630

733,834

152

79,530

2,425,297

937

12,787,751

49,198,584

77,069

5,952

63,346

104,469

10,563

14,887

21,020
2,382,422
115,792
485
1,044,099
6,015,155
2,579,544
8,884
37,490
446,165
1,833
914
27,690
36,534
4,471,919
16
121,516
5,323,137
27,758
13,988,240
53,322,459
250,492
12,267
54,602
135,672
—
43,064
22,759
336,617 176,981,595 315,697 167,807,041

UK Online Giving Foundation 24