Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 The UK Online Giving Foundation Annual Report and Financial Statements 31 March 2025 Charity R89i8tration Numb8r 1164887
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Contents Reports Reference and administrative information Trustees, report Independent auditorfs report on the financial 14 statements Financial statgments Statement of financial activities 18 Balance sheet 19 Statement of cash flows 20 Principal accounting policies 21 Notes lo the financial slalements 24 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees, report Year to 31 March 2025 Trustees Johanna Tompsell (appointed.. 16 July 2015.. resigned 26 March, 20251 Maria-magdalena Duddridge (appointed.. 16 July 2015., resigned." 25 June 20241 Andrea Cuder (appointed.. 22 September 2016., resigned.. 25 June 20241 Richard Donner (appointed." 20 January 20231 Abigail Bulley lappoint8d.. 20 Janu8ry 20231 Simon H8slam lappoinled.. 19 October 20231 Karest Lewela lappoint8d.. 25 June 20241 Simon Politzer (appointed.. 25 June 20241 James Kliffen (appointed.. 26 March 20251 January 26, 2026 January 2026 Effectlve date Registered address clo Womble Bond Dickinson LLP 4 More London Riverside London SE1 2AU Charity Registration Number 1164887 Auditor Buzzacotl Audit LLP 130 Wood Street London EC2V 6DL Bankgrs HSBC Bank The Forum Madborough Road Old Town Swindon SN31QN Citibank 33 Canada Square London E14 5LB Solicitors Womble Bond Dickinson LLP 4 More London Riverside London SE1 2AU Webslte www.ukogf.org
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 The Trustees present their annual report and the audited financial statements of The UK Online Giving Foundation I'UKOGF" or'the Foundation'l for the year ended 31 March 2025. The financial statements have been prepared in aCrdan with accounting standards issued by the Fin8nci81 Reporting Council, including FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland "FRS 102.1 as modified by the Charity Stslement of R0MMended Practice. PRINCIPAL ACTIVITIES AND OBJECTIVES The UK Online Giving Foundation is a Chsrilable Incorporated Organisation registered in England and Wales on 16 Dember 2015 IRegislration No. 11648871 and became a registed charity on the same date. The Foundation is governed by ils conslilulion which was adopted on 16 September 2015 and amended on May 25, 2022. The Foundstion operates a donor-advised fund model to achieve its charitable objectives by retsining legal discli0n and control over all donations ceIVed whilst providing donors with the ability to advise on how their donations should be distributed to eligible recipient charitable organisations around the world. The Foundation's objective is lo promote the effectiveness and efficiency of charities and the effective use of resources by charitable and non-charitable bodies in any part of the world for purposes that are exclusively charitable in accordance with the laws of England and Wales. The UKOGF is also dedicated lo strengthening the connection between donors and charitable organisations. Since its creation, the Foundation has partnered with Benevity Inc 1'8enevily'l as its service provider. Benevity is a s0fbare-as-a-SerVi ISaaSI business providing technology solutions with global c4pabililies. Based in Calgary, Canada, with 17 years, experience in the global corporate phil8nlhropy and workplace giving spaces. Benevity is the leader in global purpose software. In partnering with Benevity, the Found81ion joined a group of independent global charitable foundations that Iwith Benevityl SUPFX)rts over 2.45 million charities worfdwide, and connects with a community of more than 18.7 million eligible donors and volunteers. Benevty has bLJiIt relationships with corporates all over the world which enable the corporates and their employees to decide on the level of donation they wish to make, and allows them lo recommend the charity or charikn'es that they wish lo receive funds from the relevant foundation. By leveraging Benevily's technology and specialized support, the Foundation enables recipient charitsble organisations lo drive down administrative costs of processing donations, while hamessing a greater online audience resulting in more awareness and greater donation volumes. UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 ACHIEVEMENTS AND PERFORMANCE During the financial year, the Foundation mel its mission, objectives and activities by achieving the following- In the financial year ended 31 March 2025, UKOGF had almost 453,000 beneficiary organisations in good standing with their applicable local charitable andlor tsx authorities in the charity database, all eligible to receive donor-advised contributions during the period The Foundation received £161 m in donations from 521 corporations and their employees. Of this total, £24.2m was received from individual donors via corporate giving programs During the financial year ended 31 March 2025, £159m was donated lo over 80,000 charities in over 150 different countries The UKOGF'S work towards ils mission of improving the connection between donors and charitable organisations is evident in these achievements. The donors have access lo a greater pcx)l of charities lo choose from, and in the majority of cases, individual donors receive a corporate match from their employer, thus increasing their charitable impad. With a single monthly payment, logetherwith data available via the Benevity portal, charities are no longer required lo perform manually intensive adminislralive tasks or deploy reSoUrS to cash cheques or verify donations in order to receive corporate malches or volunteer grants. The Foundation's model (working wth Benevilyl of aggregation and electronic payments reduces costs lo the recipient charities. thus allowing them more lime and resources lo focus on their own mission and impact. The Master Services Agreement IMSAI in pl8ce between UKOGF and Benevily slates that Benevily shall ensure ils agreements with donors who are provided aCSS to the Benevily Platform provide that UKOGF shall re1ve an unrestricted donation from donors at a specified percentage of all amounts that are contributed lo UKOGF via the Benevily Plaffom and that 811 merchant account fees and similar Iransaclional fees charged by secure payment providerlsl may be deducted by UKOGF from disbursements made to charities and nonprofits unless such fees are covered by a donor. In the financial year ended 31 March 2025, such amounts retained by UKOGF amounted to 2.740/0 of all donations in the year Iprior year was 1.730/.l. Direct govemance costs of £71 k represented 0.040/0 of donations in financial 2025 {prior year was £104k or 0.050/0}. 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 lo satisfy themselves that each donation made to a recipient 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 material private benefit may arise to any person or company as a result. Most of the Foundation's grant making is reactive and is measured against what individual charities are seeking lo achieve. In most cases, the Foundation is one of several funders and cannot therefore lake sole credit for the outcomes achieved. The Trustees aim to create impact by supporting work that changes people's lives for the belter and this is where public benefit is most directly achieved. To comply with ils obligation to lake 8$Onable steps lo confim) that recipient organisalions are using the funds for charitable purposes las defined by UK lawl, the Trustees require Benevity to carry out an annual 'Use of Funds, verification exercise. Given that the Foundation made donations lo over 80,000 recipient UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 organisations this year across more than 150 countries, the campaign focuses on those that have received over £100 in disbursements. Each organisation involved is asked lo attest that the funds have been used exclusively for charitable purposes in accordance with UK law. The annual Nonprofit Use of Funds outreach campaign is currently underway for financial year 2025, covering 980/0 of the Disbursed Value (DVI and involving over 24,000 nonprofit organisations and charities. Any nonprofit that does not respond lo the outreach and any nonprofit who responds by slating that some or all of the funds have not been Ljsed for charitable purposes will be deactivated from the platfomi and deemed ineligible to re1ve funds from UKOGF until il has confimed that all previously received funds were used for charitable purposes or (for those who stated that some or all of the funds reiVed had not been used for charitable purposes) that all future received funds will only be used exclusively for Charitable purposes .The final outcomes of this initiative will appear in next yearfs reports. Flnanclal 2024 Campalgn Outcome (Aprll 1, 2023- March 31, 2024): The financial 2024 campaign was aimed at all organisalions that received £8,000 or more in annual disbursements from the Foundation. This encompassed approximately 3,795 recipient organisations. The exercise accounted for 91°A of the total value of grants made by the Foundation lo foreign non-profit organisations during the financial year. By the conclusion of the campaign, a 95910 response rale was achieved. A lolal of 202 organisations remained unresponsive and, as a result, were deadivaled on the platform. These organisalions are no longer eligible to receive funds from UKOGF until they confirm that the funds previously received were used for charitable purposes. FUNDRAISING STATEMENT The Foundab"on works with Benevily and other partner organisations lo ensure that donors are aware of the work of the Foundation and the charities and non-profits Ihat it is willing lo make grants to. The Foundation ensures that donors are not placed under pressure or obligation lo donate to the Foundation and fundraising activities are monitored as part of the agreement in place with Benevity and partner organisations to ensure that a high standard is maintained. Benevily follows a Code of Conduct for how it promotes the Foundation and ils servIs, and the Foundation monitors fundraising work undertaken by others by managing the contracts. During the year, the Foundation received a total of zero complaints. Any complaints will be reviewed and appropriate resolution perfomed. RISK MANAGEMENT POLICY The Foundation has a Policy Manual, which includes a Risk Management Policy.. The UKOGF aims lo be effective and gfficient for the charity sector by maximizing donor contributions lo eligible charities through a Donor Advised Fund. With the prirnary aim of being a simple and efficient channel through which charitable donations can flow to registered charities, the UKOGF capries out ils mission. The UKOGF believes that effective risk management enables it to cary out its mission while proactively reviewing, understanding, miligaling, and a¢ptIng relative risks lo meet ils objectives. PLANS FOR THE FUTURE The Foundation will continue to promote its charitsble objects for the public benefit in the coming years, maintaining the lowest cost possible. UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 GOVERNANCE Trustees and key management Tho Trusteg Board The Trustees consider that they comprise the key management of the Foundstion in charge of directing and controlling the Foundation. The Trustees re1ve no remuneration for this work. In accordance with the Charity Commission's recommendation that Foundation Trustees who may have a personal interest in any maller before th8 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 wthdraw from decisions where a conflict of interest arises. The trustees endeavour to meet best govemance practices, and conduct a review of the Trustee Board's governing document from lime lo time, and seek professional external advi when appropriate. The Foundation is not expecting lo make any significant changes in the nature of ils activities in the near futur8. Appointment of new Trustees Al any lime, the Foundation has between three and six Trustees who meet regularly in person or via video conferencing. The idenlificalion of potential new Trustees is Carried out by the Board, Ihe aim being to appoint those with the appropriate expertise and experience for the Foundation's work. On agreeing lo become a Trustee of the Foundation, the new Trustee is thoroughly briefed by their co-Trustees on the background of the Foundation, day-ltrday management, responsibilities of the Trustees, current objectives and future plans. The Trustees are also encouraged lo allend appropriate external courses. Any Trustee can instigate processes lo 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 wll be advertised through agreed forums as approved by the board. The steps that are to be followed include.. Advertisement of Role bl Selection process las agreed by the Bo8rd} Selected candidate lo be elected and onboarded. UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 GOVERNANCE Icontinuedl Management and administration The Trustees of the Foundation have entered into a Master LinSe and Services Agreement {MLSAI with Benevity which allows the Trustees lo delegate most activities lo Benevily in line with keeping the Foundation's operating costs lo a minimum. This MLSA is periodically reviewed and renewed with the Trustees ensuring that the relationship with Benevily remains in the best interests of the Foundation. Benevily provides the following SeNiS to the Foundation.. Vetting and due diligence expertise on potential beneficiary causes around the world., Financial risk management- Financial operations lo facilitate monthly donations lo beneficiary causes in line with the Foundation's objects and the expressed wishes of donors., Supporting activities qUired by the Foundation for the maintenance of ils charitsble slalus, including supporting the Board of Trustees in ensuring good govemance and compliance with applicable laws in England and Wales. Providing input into regular Trustee meetings including providing relevant reports and other good governance support., Engaging with the Foundation's solicitors, acc()untanls, auditors and any other 3rd party agents andl or professional advisors as authorised by the Board of Trustees., and Assisting with the preparation of the Annual Statutory ReFX)rts. Buzzacott Audit LLP has been appointed by the Board to cary out the independent external audit of the statutory accounts. In order to gain fuller transparency and gain a deeper understanding of the processes delivered by Benevity under the Master servIs Agreement IMSAI, the UKOGF Board engaged an independent consultant to conduct a process mapping and risk assessment. This review was completed and a new revised MSA agreement executed in August 2025. The independent consultsnl will Continue working on dats agreements and the further risk mitigation through additional insurance reviews. UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 GOVERNANCE Icontinuedl Principal risks and uncertainties In line with the requirements for Trustees lo 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.. Governan and management Operational Financial Repulalional Laws, regulations, external and environmentsl Govemance and management 'GOVernan and management, is 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 Chair and the Board of Trustees wllectively, their advisers and their administrators, to be well qualified and with a sufficiently broad range of experience lo undertake their duties effectively and properly. The Trustees are well briefed and committed lo further the objectives of the Foundation and have in place effective controls, policies and procedures to ensure, as far as reasonably 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, lo make important decisions, and they review and approve ils grant giving activities every month. OpgraLronal 'Operational' is the risk inherent in the Foundation's activities including supporting unsuitable appeals from charities, continuity of staff, lack of a disaster recovery policy, fraud risk, financial crime risk, etc. Al grants, donations and disbursements are appropriately scrutinised and recommendations are submitted lo Trustees. The Trustees themselves are sufficiently qualified lo ensure that grants and donations are made in line wtth the aims and objectives of the Foundation. The risk of making inappropriate grants or donations is minimised by conducting appropriale due diligence checks. All incoming donations lo the Foundation are subject to anli-money laundering checks. Appropriate checks on the Sou$ of funding and on recipients are made on a monthly basis, prior lo disbursements. Benevily, as the Foundation's adminislralors, ulilises electronic monitoring of watch lists lo prevent fraud, money laundering or funding of terrorisl organisalions and the Trustees require these lo be audited regularfy. UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 GOVERNANCE Icontinuedl Principal risks and uncertainties Icontinuedl Financial 'Financial risks, include those arising as a result of poor budgetsry control, inappropriate spending, inaccurate awounling, and inappropriate investment policies. The Foundation has significant income and expenditure, and the Trustees have satisfied themselves that the ne$Sary accounting processes and banking authorities are in place in order lo proled lh8 Foundation, and the charities they serve. Management accounts are prepared by Benevily for Board meetings. The annual financial statements are subject to an independent external audit each year. Reputational 'Repulalional' is the risk of possible damage lo the Foundation's reputation, through association with unsuitable service providers or charities, or with inappropriate activity. The Trustees believe that the risk lo the reputstion of the Foundation through ils association with ils advisers, ils service providers and ils beneficiaries is adequately controlled. In particular, Benevily provides extensive vetting of all causes on ils platform both at inception and periodically thereafter, which include adverse media checks on an ongoing basis. Laws, regulatlons. external and envlronmental Laws, regulations, external and environmental is the risk created from 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 lo ils finances, the Trustees believe that they have established effective systems to mitigate those risks. 10 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 BUSINESS REVIEW AND FINANCIAL RESULTS Al the end of the Year, the Foundation had assets of £37.1 m12024.' £34.Oml and liabilities of £23.1m 12024.. £20.4ml- The net funds of the FoLJndation were £14.Om 12024.. £13.6ml these funds are considered lo be restricted funds. Donations received were £161m compared to £195m in the prior year, a decrease of 17.5V.. Grants to charities were also lower for the year at £160.5m, vs £195.5m in 2024. These decreases were due to a number of factors including timing dtfferences between receipt of donations and the issuance of grants, external economic factors that impacted donors and corporale donations. The Foundation continued lo expend the vast majority of ils income on grants lo charities. These amounts are as follows: 2025 {£'ooo} 160,946 160.501 2024 i£'oooi 195,008 195,482 Donation revenue Charitable activities The Trustees have reviewed publicly available data for three similar entities, and UKOGF notes that, generally, their operating cost ratios range between 3.3'/0 and 12.30/0. By comparison, UKOGF'S operating cost ratio is approximately 3.36 10. Over 99°h of these costs are paid to Benevity for service provision under the terms of a Master Services Agreement IMSAI. Reserves pollcy The Foundation has a Reserves and Investment Policy, which is as follows- The Foundation should endeavour to hold in reserve suffiryent funds to cover budgeted costs for the Current financial year and lo maintain an appropriale budget for future years to cover longer term commitments. Reserves at 31 March 2025 did not meet the set target, bLrt will be built up in over the next year. As the Foundation does not hold significant funds long term there is no current requirement for an investment poli¢y. Any funds held in reserves are deposited in an inlerest-bearing account. The Foundation utilises a portion of all donations received to pay for its administrative and operating expenses as a grant maker, of which 99010 is paid lo Benevity for services rendered as the Foundation's primary service provider., with some costs for other service providers. If the amount retsined by the Foundation for ils adminislralive and operating expenses is insufficient to pay forthe actual costs incurred, then under the MLSA, the Foundation invol$ Benevity for the shortFall lo ensure that the Foundation operates at no worse than breakeven. During the year, the Trustees have re-examined the financial model of the Foundation, and have identified a risk that the Foundation currently has minimal unrestricted funds allocated as a reserve fund lo cover op8ralional costs at the discretion of the Trustees. Most donations received by th8 Foundation are reslricled. The Trustees operate on the basis that donations lo the Foundation are granted to charities and nonprofits in accordance with the wishes expressed by the donors or allematively as selected by the Trustees. The TrLJslees have negotiated the fees payable to Benevity with a view to allow the Foundation to build unrestricted reserves to an appropriate level next year. 11 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 Going concern Given the financial model of the charity and funds held at year end, 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 conrn. 12 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Trustees. reF)Ort Year lo 31 March 2025 STATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustees are responsible for preparing the Report of the Trustees and the fiNanal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo 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 lo prepare financial statements for each financial year which give a true and fair view of Ihe slate 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 ststements, the Trustees are required to.. select suitable accounting policies and then apply them wnsistently., observe the methcS and principles in the Foundation SORP., make judgements and eslimales that are reasonable and prudent., prepare the financial statements on the going conr basis unless it is inappropriate lo presume that the Foundation will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime in the financial position of the Foundation and to enable them to ensure that the financial slalemenls 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 26 January 2026 and signed on its behalf by.. O¢cuS&n•dtsy'. Richard Donner, Chairperson Date.. January 2026 January 26, 2026 13 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Independent auditor's report on the financial statements 31 March 2025 Independent auditorfs report to the Trustses of The UK Online Giving Foundation Opinion We have audited the financial statements of The UK Online Giving Foundation {the 'charity'l for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial slalemenls, 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 ststements= • give a true and fair view of the state of the charity's affairs as al 31 March 2025 and of ils incom8 and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi,. and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditor's resFX)nsibililies for the audit of the financial statements section of our report. We are independent of the Charity in awrdanTr with the ethical requirements that are relevant lo our audit of the financial ststemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqLJirements. 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 accounts, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the accounts 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 doubl on the charity's ability to continue as a going concem for a period of al least twelve months from when the accounts 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.
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Independent auditor's report on the financial statements 31 March 2025 Other infomiation The other information comprises the information induded in the annual report, induding the trustees, report, other than the accounts and our auditor's report Ihereon. The trustees are responsible for the other information Contsined within the annual report. Our opinion on the accounts does not cover the other informalion and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or othenlSe appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise to a material misststement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understsnding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, FX)rt. We have nothing to report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion- • the information given in the trustees, report is inconsistent in any material respect with the accounts., or sufficient accounting records have not been kept., or the accounts are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responslbllltles of Trustees As explained more fully in the trustees, resF)onsibililies slalemenl set out on page 10, the Iruslees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees delemiine is necessary to enable the preparation of accounts that are free from material misstatement, whether due lo fraud or error. In preparing the accounts, the trustees are responsible for assessing the charity's ability to continue as a going concern, disdosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Iruslees either intend lo liquidate the charity or to cease operations, or have no realistic allemative bul to do so. 15 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Independent auditor's report on the financial statements 31 March 2025 Auditorfs responsibilities for the audit of the accounts Vve have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the accounts as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect materi81 misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures a Capable of detecting irregularities, including fraud, is detailed below.. • We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitsble company and detem)ined that the most significant are Charities Act 2011, Charities SORP IFRS 1021, and the Ch8rily's 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 ofthe charity's financial slalemenls lo material misstatement, including how fraud might occur by considering the risk of management override. We considered the controls that the charity has established lo address risks identified by the Trustees, or that otherwise seek lo prevent, deter or detect fraud and how management and those charged with governance monilor those controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the review of minutes of meetings of the Trustees, making inquiries of management., and performan of journal entry testing based on our risk assessment and understanding of the business, with a focus on non- standard journals. There are inherent limitstions in our audit procedures described above. The more MOVed that laws and regulations are from financial Iransaclions, the less likely it is that we would become aware of non-complian. Auditing standards also limit the audit prOdureS required to identify non-compliance wth laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misslatemenls that arise due lo fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website al www.frc.org.ukJaudilorsresponsibililies. This description forms part of our auditor's report. 16 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Independent auditor's report on the financial statements 31 March 2025 Use of our report This report is made solely lo the charity's trustees, as a body, in aordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the ch8rily's trustees those mallers we are qUired lo stste to them in an audilor's report and for no other purpose. To the fullest exlenl 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. 26 January 2026 Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Buzzacotl Audit LLP is eligible to act as an auditor under the terms of Section 1212 of the Companies Act 2006 17 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Statement of financial activities {in¢luding income and expenditure account} Year to 31 March 2025 (Expressed in thousands of British pound sterling) 2025 2025 Total Total restrlcted unrestrlct• funds d fund5 £'ooo £'ooo 2024 Total restricted funds £'ooo 2024 Total unrestricted 2024 funds Total funds £'ooo £'ooo 2025 Total funds £'ooo Notes Income Donations other income Interest 160,946 160.946 4.567 195,(K)8 195,008 4,177 4,567 828 4.177 430 828 430 Total 160,946 5,395 166,341 195.008 4.607 199.615 Expendlture Ch8ritable activit185 Cost of grant making Total 160,501 160.501 195,482 195,482 5,395 5,395 5.395 165.896 4,607 4,607 4,607 200,089 160,501 195,482 Net Income 445 14741 14741 Realised and unrealised exchange losses Net movement in funds 1971 1971 12261 12261 17001 17001 Reeoneiliati on of funds Total funds balaThs brought forward Total funds balances carried foard 13,639 13,639 14,339 14,339 13,987 13.987 13.639 13.639
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Balance sheet 31 M8r¢h 2025 {Expssed in thous8nds of British pound sterling) 2025 2025 2024 2024 Notes £'ooo £'ooo £'ooo £'ooo Current assets ash at b8nk and in hand 26,658 10,443 37,101 21,780 Debtors 12,225 34,005 Llabllltles Creditors.. amounts falling du8 within one year Net current as5etS 123,1141 120,3661 13.987 13,639 Funds Restricted funds 13,987 13.639 Total funds 13,987 13.639 The financial statements on page 15 to 24 were approved by the Trustees, and aulhorised for issue on 14 January 2026 and are signed on their behalf by.. DDttuS*n•d by.. Trustee I OOHJALY Richard Donner, Chairperson Janu8ry 26, 2026
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Statement of cash flows Year lo 31 March 2025 Statement of cash flows Year lo 31 March 2025 (Expressed in thousands of British pound sterling) 2025 £'ooo 2024 £'ooo Note Net cash flows from operatlng actlvltles Net cash provided by lusedl operating actiwties 4,975 111.7831 Re¢onclllatlon of net $h flow to movement In net funds: Change in cash and cash equivalents in the rep)rbng period Change in cash and cash 8quivalents du8 to 8xchang8 rat8 movements Cash equlvalents at the beglnnlng of the reportlng perlod Cash and cash equivalents at the end of the reporting perSod 4,975 111.7831 1971 21,780 26,658 12261 33,790 21,780 A. Reconciliation of income to net cash flow from operating activities 2025 £'ooo 2024 £'ooo Ineomèlléxnd1Iur•> for thè yèar las p•r th• ststèmènt of financial activities) Adjusted for: D8cr8ase in d8btor5 445 14741 1,782 2,748 2,041 113,3501 Increaselldecreasel in creditors Net cash (used inl provided by operating activities 4,975 111,7831 The Foundation does not hold any debt, and as such a separate rewnciliation of net debt slalemenl has not been included within the slalemenl of cash flows.
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Principal accountings policies Year to 31 March 2025 The UK Online Giving Foundation is a Charitable Incorporated Organisalion registered in England and Wales on 16 December 2015 Iregislration number 11648871. The principal accounting policies adopted, judgements and key sources of eslimalion uncertainly in the preparation of the financial statements are laid out below. Basis of preparation The Foundation constilules a public benefit entity as defined by FRS 102. These financial statements have been prepared for the year lo 31 March 2025. The financial slalemenls are presented in sleding and a rounded to the nearest Ihousands. The financial statements of the Foundation have been prepared in aordan with the Charities SORP IFRS 1021 'Ac¢ounling and Reporting by Charities.. Ststement of Recommended Practice applicable lo charities preparing their accounts in accordance with FRS102 and the Charities Act 2011. Critical accounting estimates and areas of judgement Preparation of the financial slalemenls requires the Trustees lo make significantjudgements and estimates. The Trustees do not consider that there are any sources of estimation UnrtaInty or any key judgements made in the preparation of the financial ststements. Assassment of going concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial stslemenls. The Trustees have made this assessment in respect lo a period of one year from the dale 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 lo continue as a going concem. The Trustees are of the opinion that the Foundation will have SuffIent resources to meet ils liabilities as they fall due. As part of the MSA with Benevity, the Foundation invol$ Benevity, 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 lo the income, the amount of income can be measured reliably, and il is probable that the income will be received. Income comprises donations, other income comprises transaction related fees due from donors. Donations are recognised when the Foundation has confirmation of both the amount and settlement dale. 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 lo Ihe funds, the income is deferred and not recognised until either those conditions are fully mel, 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 notrficalion of the interest paid or payable by the bank.
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Principal accounting policies Year to 31 March 2025 Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commilling the Foundation lo make a payment lo a third party, il is probable that a transfer of economic benefits will be required in setuemenl and the amount of the obligation can be measured reliably. l expenditure is accounted for on an accruals basis and includes atlribulable VAT which cannot be recovered. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated lo the applicable expenditure heading. Expenditure on charitsble activities comprises donations. Costs of grant making comprise the cost of management setvices provided through Ben8vily, Inc., bank service charges, merchant fees and allocated support costs. Allocation of support and govemance costs Support costs represent indirect charitable expenditure. In order lo carry out the primary purposes of the Foundation it is necessary lo provide support in the form of financial and governance procedures. Governan costs comprise all costs relating lo the public accountability of the Foundation and its compliance wth regulation and go practice. These costs include costs relating lo the independent examination of the financial slalemenls and legal fees. Support costs and governan costs are all allocated to the cost of grant making. Foreign exchange Receipts and payments which occur in foreign Currencies are included in the financial slalemenls al the amount into which they are converted in sterling, using the exchange rate on the day on which the transaction occurs. Debtors Debtors are recognised al their selllement amount, less any provision for non-recoverabilily. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments Ihal are available on demand or have a maturity of less than three months from the dale of acquisition. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balan sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in setuement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Foundation anticipates it will pay lo settle the debt. 22 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Principal accounting policies Year to 31 March 2025 Fund accounting The Foundation holds restricted and unrestricted funds. Unreslricled funds represent those monies that are freely available for applI110n towards achieving any charitable purpose that falls thin the Foundation's charitable objects. Restricted funds are funds received from donors on the understanding that they will be distributed in accordance with the donors, suggestions for onward donations to third party charitable organizalions. These a referred to below as DAFS (Donor Advised Funds). The wndilions of donation under which funds are gifted unto DAFS include that the donations are irVOCablY gifted to the UK Online Giving Foundation. This is indicative of the DAFS having the form of unreslricled funds, that is funds which may be spent or applied at the discretion of the Trustees of the UKOGF lo further any of ils ¢h8rilable purposes. However, the principal purpose of this condition of donation is lo provide protection, for example, where it is not possible for legal or regulatory constraints to fulfil a donor's suggestion to make an onward donation to a third paty charitable cause. In the ordinary course of aclivilies, there is no expectation that funds held in DAFS will be applied for any purpose other than onward gifting, and this expectation is affirmed by the practice of UKOGF since its inception. Should DAFS be used for general charitable purposes at the discretion of UKOGF'S Trustees las unreslricled funds), the Chsrily's operating model and reputation could be significanuy damaged. Consequently, the application of the DAFS, other than for onward donations, would only ever be contemplated in response to an exceptional rcumslance. Given the expectation that the DAF funds will be applied for onward donation, the classification as unrestricted funds does not appear to be appropriate for donations to DAF. The SORP recognises the inherent complexity of aOUntIng for income from donations, and therefore includes the provision that donations should be accounted for and presented in accordance with their substance, and not simply their legal form. Accordingly, the Trustees of the UKOGF consider that donations received into. and funds held within, DAFS by the Charity are better classified as restricted funds in UKOGF'S financial slalemenls. 23 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Notes to the Flnanclal Statements Year to 31 March 2025 (Expressed in thousands of British pound st&rling) 1 Other Income 2025 Total unrestricted funds £'ooo 2024 2025 Total Totsl unrestricted funds funds £'ooo £'ooo 2024 Total funds £'ooo Administration fees 3.544 3,544 3.777 3,777 Foreign currency grant rebates 1,023 4.567 1,023 4,567 4(K) 4,177 400 4,177 2 Expenditur8 Details of expenditure by fund.. 2025 2025 Total Total restricted unrestricted funds funds £'ooo £'ooo 2024 2024 Total Total reslrioted unrestricted funds funds £'ooo £'ooo 2025 Total funds £'ooo 2024 Total fund$ £'ooo Bank service charges Donations awarded to charities Adtnin15tration fees 257 257 160.501 4.500 71 497 70 16S,896 424 160,501 195,482 195,482 3,441 104 577 61 200,089 4,500 71 497 70 5,395 3,441 104 577 61 4,607 GoVernaTh costs Merchant fees other disbursement costs 160,501 195,482 Details of expenditure by activity.. For the year ended 31 March 2025 2025 Total funds £'ooo Cost of grant making £'ooo Charitable aotivities Governan Cost £'ooo £'ooo Bank Service charges Donations awarded to charities 257 257 160,501 160.501 4.500 71 497 70 165.896 Administrats"on fees GoVernarn costs Merchant fees other disbursement costs 4,500 71 497 70 5,324 160,501 71 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Notes to the Flnanclal Statements Year to 31 March 2025 For the year ended 31 March 2024 2024 Total funds £'ooo Cost of grant making £'(K)O Charitable activities £'(K)O Governance Cost £'ooo Bank service charges Donations awarded to charities 424 424 195,482 195,482 3,441 104 577 61 200,089 Administration fees 3.441 Gov8rnance costs Merchant fees other disbursement oosts 104 577 61 4,503 195,482 104 Costs are allocated direclly lo the activities to which they relate, where applicable. The Foundation allocates appropriate administration fees paid to Benevity Inc. in respect of transaction processing, bank costs, merchant fees and administration costs to the wst of grant making. 2025 £'ooo 2024 £'O(K) Acctued donations broLJght forward Donations paid to charities Accrued donations carried forward Donations awarded to charities 15.4901 149,111 15,$03 159,124 13,1701 191.650 5,490 193,970 2025 £'ooo 2024 £'ooo N8t Income Net income is stated after charging Icreditingl.. Auditorfs remuneration - Current year Prior year over accrual 30 25 25 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Notes to the Flnanclal Statements Year to 31 March 2025 3 Debtors 2025 £'ooo 2024 £'ooo Accounts receivable Funds in transit 10,472 1291 10,443 12,286 12,225 4 Creditors.. amounts falling due within one year 2025 £'ooo 2024 £'ooo Accounts payable Accrued donation liabilities 14,690 5,676 20,366 15,665 23,114 5 Trustees, remuneration No Trustee received any remuneration or benefit from the Charity for their services during the year or prior period. 6 Movement in funds 2025 Total restrlcted funds £'ooo 2024 Total restricted fund5 £'ooo Balance as at 1 April Incom8 Expenditure Realised and unrealis8d 8xchange1085eS Balance as at 31 March 13,639 160,946 1160,5011 1971 13,987 14.339 195,008 1195,4821 12261 13.639 26 UK Online Giving Foundation
Docusi9n Envelope ID.. 71 B91081473D4FFE-B7F24C6B077981E8 Notes to the Flnanclal Statements Year to 31 March 2025 7 Related party transactions The Foundation reimbursed one Board member for £235 of travel expenses for the year ended 31 March 202512024 - £761. During the year, the Foundation made donations of nil12024 - £8,450) lo Saracens Mulli- Academy Trust. The spouse of one of the Trustees of the Foundation Isimon Mark Haslaml is employed by Saracens Mulli-Academy Trust. This relalionship did not give rise to any preferential treatment in determining the use of funds, which were applied in line with the preferen of the donor. Key management personnel The Trustees consider that they comprise the key management of the Charity in charge of directing and controlling the charity on a day-lo-day basis. The Trustees re1ve no remuneration. 27 UK Online Giving Foundation