O Good Things Foundation GOOD THINGS FOUNDATION Company Limited by Guarantee Consolidated Flnancial Statements For the Period ended 30 JUNE 2022
Good Things Foundation Company Llmited by Guarant•• Financial Statements Period from 1 August 2021 to 30 June 2022 Pages Trustees, annual report (incorporating the directors, report) 1to15 Independent auditorfs report to the members 16to20 Consolidated statement of financial activities (including income and expenditure account) 21 Consolidated statement of financial position 22 Company statement of financial position 23 Consolldated statement of cash flows 24 Notes to the financial statements 25to34
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) Perlod from q August 2021 to 30 June 2022 The trustees, who are also the directors for the purposes of company law, present thelr report and the financial gtslement8 of the charity for the period ended 30 June 2022. Reference and admlnlstratlve detallB Reglslered charfty name Good Thlngs Foundallon Charlty reglstratlon numb8r 1165209 Company r¢gl$tratlon numbor 05887661 Prlnclpal offlce and reglstgred Floor 3, Kollider offlce Castle House Castle Street Sheffield S3 8LN The trustees H L Mllner W J Perrin E A Williams RAGClare CPBond N A Wallace Dean N Khan H J Whel8n D Bernard J Hawker L O Branch V Ali T S Hillsdon S Mislry J C Clark Chlef Executive Chair (Appointed 25 M8rch 20221 (Appolnled 23 January 20231 (Appointed 23 January 20231 (Appolnled 23 January 20231 (Appointed 23 January 20231 (Appointed 23 January 20231 (Resigned 24 November 20221 IResign8d 20 October 20211 (Served from 20 October 2021 to 27 May 2022) L A Faulkner (Served from 25 March 2022 10 26 Aprtl 20221 A Barlow Cornpany secretsry A Barlow Audltor Hebblethwaites Chartered accountants & slatulory au¢Jilors 2 Westbrook Court Sharrow Vale Road Sheffield S118YZ Bankers The Cr>operalive Bank plG Virgin Money plc Cambridge & Counties Bank Limiled Sollcltors Stone King LLP
Good Things Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrectors, Report) (conNnu8dJ Period from 1 August 2021 to 30 June 2022 Good Things Foundation is a leading digital Inclusion charity, working in the UK. Australia and beyond. We want lo fix the digital divide for good. We worf(, in partnership, in cities. lowng, and communities to help peopl8 thrive in a digital world. Change ofyear end The financial year end of Good Things Foundation was changed from 31 July to 30 June, effeetive for flnanci81 periods beginning on or after 1 July 2021, so as lo better align with the financial year end of our m8lor funding partners. Accordingly. the ¢urrenl financial slatemenls are prepared lor 11 months from 1 August 202110 30 June 2022 and as a result, the comparallve figures slated in the $laternenl of fin8nclBI a¢livilies. sl8lemenl of finaneial position, $tslement of Cash flows. and the relate(J notes are not d1clIY comparable. wlth these covering the 12 months frorn 1 August 2020 10 31 July 2021. Our Alm8 and Objectives Purposes and Alms Our charity'8 purposes As Set out In the oblecls cont81ned in the company's Articles of Association ar8 for public benefit and are.. To develop the capaclly and skills of the members of the socially and eeonomieally dlsadvanlaged community in such a way that they are beller able lo idenlify and lo h81p meet Ihgir needs and lo participate more fully in 90ciety'. To advance education of the public in digital skllls and in inforrnalion technology., To promote soeial inclusion among those who Are excluded from society and who lack either access to online services Dr necessary skills in inforrnation technology or digi1818kills., and To advance citizenship by developing the information technology ski118 ol the public so Ihal they are better able to participate in society as active and responsible citizens. Ensurlng ouv work dellvers our alm• We review our aims, objectives, and activities each year. This review looks at what we have achievgd in the last 11 months, and the benefits this activity ha$ driven for both pgoplg and communiligs. This view also helps us lo ensure our aims, objectives and activities remain focused on our slated purposes. We have referred to the guidance contained in tho Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future aclivilies. In particular, the Iruslees consider how planned activities will contribute lo the aims and objectives they have sel. As a result of this review the way we operate as a charity and the way w¢ understand dlgital exclusion has shifted. The Covid 19 pandemic has significantly changed the way we all live and work. It led to an acceleration in the adoption and application ol digital technology which has bgen Iransformativo for both people and busingsses. This has been the dominant arnd familiar narrative that we've all heard, read and $9gn. The le55 familiar story is this.. the pandemic has deepened the digital divide, leaving the most vulnerable people lagging further behind. We have learned that Fixing The Digital Divide will take a different kind of response, because.. The current pace of progress will not fix the digital divide.. What works is a tailore(J and trusted approach lo supporting our rnost vulnerable,. and The UK needs a strong social infraslruclure for digital inclusion.
Good Things Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors. Report) rconlinued) Period from 1 August 2021 to 30 June 2022 And whilst our pury)ose and aims rna1n the same across the UK, Australia and globally. there are some differences in the strategy we are now pursuing in each territory. Our Strategy In the UK There are 2 million households that struggle to afford intemet access in the UK today, and 10 million adults lack the most basic digital skills. It is clear the UK faces a prolonged period of economic uncertainly, and poverty wlll continue to drive digi1818xclusion, alongsid8 age and education levels. Without action the digi181 divide in the UK will continue lo get bigger. In May 2022 we launched our new slr8tegy. it has one mission.. Fix the Digital Divide in the UK - For Good. Our new strategy sets out how we will lake forvlard OLtr mission. reflecting on what we learned during the pandemic and the urgent action that is needed lo fix the digital divide. Good Things Foundation IBunched an emergency response when the UK flrsl went into lockdown, provlding devices and data lo people cul off in their homes. Thls helped our community partners respond lo the needs ol digitally excluded people in their communitie5, as well as showing the commitment, crealivily and resilience that are the hallmarks of the UK'S voluntary and community sector. We are now scaling this mod81- bringing data and device8 into th8 heart of our action, alongside b8SIC digital ski118 and building confidence and motivation all delivered with and through our National Oyi181 Inclusion Nelwork of thousands of community partners Ilhe Online Centres Nelworkl. By the end of 2025. our amblllon18 10.. Engag8 1 mlllion people across the UK lo benefit from dig5181 incluslon.. and Grow and support 5,000 active digital inclusion hubs, across the nation lo respond to local needs Ilhis is the National Digital Inclusion Nelworkl. We have three slraleoic principles that underpin our slrolegy. These principles expl8iTr the core purpose of our organisalion and how we operate.. Everyone lo have the Snlernel access they need., Everyone lo have somewhere local lo go for help lo use the inlernel,, and Everyone lo feel able And Safe in Ihe online world. To achieve our mission, we have developed o new social infr8$lruclure which provides a ¢ompr¢hensive service for digitally excluded people. An offer which any local organisation anywhere in the UK - can use lo Fix Ihe Digital Divide in their communities. Comprising of.. The Nattonal Data Bank 'a food bank. bul for mobile connectivity dala" believed lo be the fi'rst of ils kind glob811y. 11 exists lo ensure those experiencing data poverty can slay connected wrth data donated by 02, Vodafone and Three.. The National Device Bank. a sustainable approach lo provide free access lo furbIsheI doilal devices, for those who cannot afford lo buy their own., and The National Digital Inelusion Nelwork. A network which we plan lo grow lo 5,000 digital inclusion hubs, where people can go lo gain digital skills and access the National Data and Device Banks.
Good Things Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Directors. Report) (coftllnuedj Period from 1 August 2021 to 30 June 2022 Our Strategy In Australla In Auslr81i8 our work continues lo focus predomin8nlly on providing support and coordination lo our nebNork partners lo deliver digilal skills programs lo people in their local communities. We do this by.. 8uilding capacity in community organisalions through digital mentor training and resources, grants 8nd program support., Designing and deliverfng digitsl Incluslon programs that Bre speciAlised and communily-led. creallng maximum social impact., and Raising awareness of the need to closg th6 diollal dlvlde And advocating for thosa who are digitally excluded. Our digital inclusion programs are built on a communlty-based model, with targeted digital skills support delivered locally by Irusled community organisalions, a network across Australia which now numbers over 3,800. We cre81e Impact locally and at 8cale. Good Things Australia's inili811v8s are deslgned lo reach those mogl al risk of being left behind in the online world including women, low Income families, people wllh low English literacy, refugees and migrants. First Nations people and people with élsabilily. Our current programs include: Be Connected.. Our nalional network of over 3,800 ¢ommunlly organisalions deliver the highly successful Be Conneclod digital skills program for Australians aged over SO. We upskill Digital Mentors, manage the multi-million dollar grant3 program and support seniors to find help n8ar them., Gel Online Week.. We run Australia'8 largest digital inclusion campaign, Get Online Wgek. Every year in October, hundreds of community organisalions nalionwide host digital skills evenls to support Australians lo fe81 more confidenl and capable online., Your Health In Your Hands.. We are delivering a digllal health literacy program in partnership with the Australian Digilal Health Agency lo increase people's skills and confidence using onllna health and wellbeing services., 8nd Bridging the digital divide for young people with intellectual disability.. W8 are partnering with Down Syndrome Australia Io co-design digital skills resources with and for young people with intellectual dis8bllity and their support nefvlorks. Our Strategy Globally Whilst our core focus is helping people in the UK and Auglralia, we continu8 to evaluale opportunitle9 in other countries where we can use our skills and experience to contrsbute to digital equality aeross the wodd. We are working direclly with NGOS in Romania and Poland to silPPOrt their mission5 to fix the digital divide by working with local community organisalions and national partners-, we have made a version of Learll My Way avallable lo them for local translation and conlextualisalion. Google.org supported our work in Romania and Poland, as well as helpin9 us lo develop a 'digilal inclusion in a box" set of assets in a reposS10ry for use by international partners.
Good Things Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (¢otttlnu¢d) Period from 1 August 2021 to 30 June 2022 Achievements and Performance How our actlvltles dellver publlc benefit All of Good Things Foundation's charitable activities focus on h85ping pgople to be happier, healthier and better off by being digitally able, equal and safe. Our main aclivilies and the peopl8 we have helped are described below. In the UK From July 2021 June 2022, we worked hard lo increase awareness of digital inclusion and provide Solutions lo fix the digital divide for good. We launched our Strategy 2022-2025 in May, which was brave slep forward for us in recognising and r8sponding lo the challenge5 of our populations and buildlng on solid evidence from our 10+ years, expenenc8. For modern Britain, being digital capabl8- accessing data. devices, and having digital skills, mollvallon, 8nd confidence - is of indisputsble importance. These pillars of digital linlequality remain acute across the nation.. On data- over 1 in 20 hou$8holds h8ve no internet aeeess, neither fixed line nor mobile (Ofcom's Adults, Media Use and Alliludes Report, 20221. Ofcom also reported that 50/0 of households are experiencing difficulty affording their fixed line broadband and 90k of hougaholds are having difficulty affording mobile phone services (Affordability of Communiealion$ SeNlces. 20221. Lloyds Consumer Digital Index ICDI) more recently found for Ihose offline, more than a Ihird134'kn) Could be persuaded lo use the internet Ir mobile dats was cheaper120221, Devlce affordability remains a barrier, os Lloyds CDI shows- of the half a million people with no int8m81 access, 32Qh do not own a device that enables them lo use the inlemet120221. 33°/0 of in18rnel non. users could be encouraged lo go online, if devices were cheaper (Lloyds CDI. 20221. Devices also represent issues beyond affordability, as earlier in the year 5.3 billion mobile phones were reported as becoming waste globalY by the end of 2022 - only a small fraclion will be disposed ol (WEEE Forum's IT)lernalion81 E-wasle D8y, 20221. During 2020 the UK was reported as the world's second biggest e- waste polluter, evidence which 15 yel lo be disproved (United Nations University et al.'s The Global E- Waste Monilorl. Finally, digital inclusion and skills remains a problem of great magnitude. 10 million UK adults do not have foundalion-level skills (Lloyds, UK Consumer Digital Index, 20221 and we know that motivational and material barriers such as income and 'interest" in using the inlemel is an issue for many (Good Things Foundation's FDI programme, 20191- The community sector of which our National Digital Inclusion Network is root8d providès an informal learning environment ripe for people facing these b8rrier5, yel often goes underfunded IFDI programme, 20191. A$ nine in ten businesses said a basic level of digital skills is impotlant for emplDyees just last year. the urgency lo tackle the problem has never been so apparent Ivvodd Skills UK, 2021). We understand the scale of equipping people with the right tools to live and work in the digital world. As do our strategic partners Virgin Media, 02 and Vodafone, who are trailblazers in the industry for their sense of collaboration and social conscience. Thanks to our new strategy and partnership working, we've been able to deliver a streamlined digital social infrastructure to communities across the UK. AII of Ihis is reflected in our operational achievements and performance over the past financial period.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) Iconlinuedj Period from 1 August 2021 to 30 June 2022 Data & Devlces Since ils inauguration in August 2021 until June 2022, we have seen over 52.000 SIMS dislributed through our National Databank.11 has become a brand within itsglf, and the end of July 2022 marked ils one year anniversary. The National Databank was established with Virgin Media 02, and is a true collaboration with mobile operators as it hosts 0.5 million SIM'S from 02, Vodafone and Three, 811 donated by the operators. Alongside community networf( members, we were involved in notable national and region81 media coverage surrounding the event with the likes of BBC News Online, GB News, STV, London Live, and This Is Money recognising our one year mark for the Nalional Databank. In p8rtner$hip with Nominel, the D8la Poverty Lab is continuing lo investigate emerging issues of data poverty and posslble solutions lo it. In February 2022, we 18unched our Fellowship scheme - offering three awards of {up lol £12.000 each to explore key themes which emerged from the Data Poverty Lab's year one research.. community solutions lo data pov8rty', language around dala povgty.. and internet 8cc955 as a human rlght or 8ss8nlial ulillly. Linked lo the Data Poverty Lab, the Minimum Digital Living Standards IMDLSI project aims lo find new approach to measuring digital inequalities, helping us benchmark the issu8 and lo know wilhoul underestimating the challenges faced by households how lo appropriately tackle it. We are co- investigating with the support of Nuffield Foundation and Nomlnel, and more specific work is UndeaY lo develop a Minimum Digital Living Standard for Wales supported by the Welsh Govemmenl. Our understsnding to dale has ampllfied the need for 8ccesg, 8rgu8bly alarger barrler for many on the wrong side of the digital divide. In March 2022, with support from Virgin Media 02. we launcheit our National Device Bank - providing free, refurbished devices lo people who need them across the U.K. in the hope to pair our data distribution with hardware lo use it. We're delighted lo be working with refurbishing partner Reconome lo make this happen and building on our new device pilot. we're continuing lo evolve the model's suslainabilily and ¢o$t effectiveness by distributing refurbished devices from 13rg8-sc8le employers. Dlgltal Incluslon & Sklll8 Learn My Way, our pivotal learning platform, conlinues lo host free courses for people lo learn digital skills lo slay safe 8nd connected. The vast majority of our National Digital Inclusion Network uses Learn My W8y and we have averaged at le8sI 5,000 users per month through the nelwork. In AprillM8y 2022. we were delighted lo launch Learn My W8y Romania and Le8m My W8y Poland - conlribuling lo our global reach. Our reglonal work has continued to 50ar,' we were granted funding from the UK Community Renewal Fund (UKCRF} to deliver three projects in Greater Manchester, the Wesl Midlands. and North Tynesid8. We piloted our Community Digi181 Skills Pathway model and worked closely with the Mayoral Combined Authorilles in all three areas to ensure its success. Based on learnings from the DfE funded progr8mme Future Digital Inclusion IFDI. 2014 20211, the Community Digital Skill3 Pathway model supports engagement, builds confldenee, and supports progress by positioning our communlly partners 8s the starting point. It targets those typically disengaged with education bul have a need for essential digital skills and connects them from the community setting to publicly-funded edtjcalion providers such as Further Educ81ion colleges and 8dull education services to support progression both lo Essential Digital Skills Qualification at Entry LevellLevel 1, and to other types of learning. This is providing th81 Informal, community level engagement is essentr'al if the digitsl divide is to be fixed - the formally provided Essent181 Digital Skills IEDSI entsllemenl is loo far removed from hard lo reach individuals and a pathway is required lo remove the barriers lo starting on EDS.
Good Things Foundation Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directors, Report) fconllnu•dJ Period from 1 August 2021 to 30 June 2022 Dlgltal Incluslon & Skllls Icontlnuedl Our work sought to overcome some of the core barriers to digital inclusion and through the funding we lesled models of engagement. delivery. and partnership WDrking to ensure the best chance of progression onto these serviees. Full evaluation of the Community Digitsl Skills Pathway will 18kg place lo help inform our local delivery model and figure regional support and funding approaches. Notable regional activity is the work we slarted in June 2022 with the London Offi'ce of Technology and Innovation ILOTII and the Mayor of London to create the capital's first ever digital inclusion service,. Gel Online London. We ran another successful Gel Online Week in October 2021. our annual digital inclusion campaign, which has been running for over a decade. We encouraged people lo "Try One Thing" online and saw Network members from across the country run local events in their communities that giv¢ everyone the ehance lo find the support they need to improve their digital capabilities. Last year we were thrilled lo reach over 30,000 people with the eampalgn. Oth•r Inltlatlvés We continued to deliver the Power Up programme, funded by J.P Morgan Chase Foundation, which is driving economic inclusion through digital in communities - powering up people, provision, and places. In April, we joined the NHS'S Health & Wellbeing Alliance. A8 the first digital inclusion charily lo loin the alliance, our membership gave us the opportunity lo build relationships with many other like-mind8d organisalions and forge connections into the health sector that we otherwis8 wouldn't. We deliver8d projects on accessibility guidance and designing digrtal services, with the needs of those wlth protected charaeleri81ics in mind, and supported many other VCSE organlsalions on their own digltal projeels. The Scheinberg R8lief Fund helped u9 in enabllns lesling of our model specifically to support older people, namaly of community engagement and p88r support within our network, in the form of project "Conn8el Up" The projeel piloted our approach lo management and onboarding, and evolved our measurement approach which has in turn shaped our future aclivilies. We continued lo deliver benefits advicg through our partnership with HMRC, delivered alongslde support for developing basic digi181 skills. AJI of our activllles wouldn't be posslble without our Strategic Partnershlps. whl¢h have $lgnlfic8nlly elevated our work and help us achieve our missitsn. We look forward lo Continuing our collaborative spirit Snlo 2022-2023 and beyond. as we continue to work in partnership lo fix the digital divide - for good.
Good Things Foundation Company Llmlted by Guarantee Trustees. Annual Report Ilncorporating the Directors, Report) (th>n•j Period from 1 August 2021 to 30 June 2022 In Australi Online conneclion was essential during extended lockdowns and in response lo natural disasters. However. the 2021 Australian Digital Inclusion Index Indicated that 1 In 4 people in Australia are missing out on the benefits of being online due lo a lack of 8ffordable access, skills or confidence. That's why in 2021122, one of our key priorities was on connecting decision makers lo the issues of digital exclusion and what can be done about it. We raised awareness through the release of our Digital Nation report in October 2021 and highlighted our solutions through the release of our first Blueprint lo Close Auslralla's Digilal Divide. We brought together community. government and corporate partners in our first Digital Nation conference And through a series of roundlables on digital health and on digital inclusion for people with intellectual disabilities. Our focus on how conne¢ling online can improve outcomes and equity of access s8w us create new resources and digital inclusion iniliallves lo support our 3.800 community partners through COVIO and natural disasters. Our support included creating tailored resources on using QR codes, a new digital health literacy program, Ihe Daybreak Digital Health Navigator Design Project, and gr8nls for communlly organisations lo loan digital devices lo learners. We expanded our partnerships and programs lo support even more people in need, like our work with Down Syndrome Australia lo build online learning resources for people with intellectual disability. This year also highlighted the incredible scale and impact of our Nelwork delivering digital inclusion programs locally. We reached the amazing milestones of having reached 1 million people and distributed $20 million in small grant funding lo our Nelwork lincluding $3.4m this ye8rl, through Be Connected, our communily-based digital skills program aimed al Auslraliang aged over 50. With the extension in program funding to 2024. new initiatives were implemented lo beller support older Australians. Dvring Gel Online Week in O¢lobgr 2021, we encouraged Australians to 'Gel onllng. Gel connected. so they can slay in touch with their loved ones, engage in school and work, and discover the pos$ibilitig¥ of the inlernel. We provided $458,000 of funding which enabled more than 1,000 events lo be helé nationwide, reaching 15,400 people, involving over 400 community organisalions.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (continvedl Period from 1 August 2021 to 30 June 2022 Flnanclal Revlew Prlnclpal Fundlng Sources This year, for the fir51 lime the majority of our UK funding came from the private sector. whereas hislorieally our pnncipal funders have been central Government Departments. The shift In funding mix, reflects the success of our new strategy, with funding secured from a number of corporate organisalions throughout the period, but also a reduction in Government funding opportunities following the devolution of the Adull Skills Budget and the Essential Digital Skills enlillemenl that came into place in 2020 in England, The diversification in funding has continued post the period end, with us being delighted lo announce slr8legic partnerships with our first 2 slralegic partners, Virgin Media 02 in August 2022 and Vodafone in December 2022. In addition lo fundin9 from our 81rat8gic partn8rs Viroin Medla 02 and Vodafone, funding was also received from a number of other private organlsallons and charitable trusts includino". Nominet, Google.org, Yorkshlre Building Society, Scheinberg. JP Morgan Chage Foundation, Nuffield Found81ion, Capila. Lloyds Banking Group, 8T, Accenture, Enterprise Blueprint, the co.op and MelhiKJs. Although no longer the domingnl source, Government funding continues lo be important with funding provided by the following local and centre Government enlilies in the period.. Department for Education, His Majesty's R8venue and Customs IHMRCI. His Majesty's Courts & Tribunal Service IHMCTSI, the Department lor Culture, Media and Sport IDCMSI, Greater Manchester Combined Aulhorily, Wesl Midlands Combined Aulhorily, Ncrth East Combined Aulhorily, National Health Service {NHSI, and the Welsh Government. Our principal funder in Australia is the Australian Government through the Department lor Soci81 Services IDSSI. We also received income fn)m the Offiee of the eSBfety Commi$$ioner and the Australian Digital Health Agency. Fln8n¢l•l R•vlew of the year In th8 11 month period 1 August 202110 30 June 2022, the Group had lolal income of £8,889.780 (Year to 31 July 2021.. £18,136,152), lolal expendllure of £9,678,688 12021.. £17,730.8591, resulting in nel expenclilure of £788,908 lor the period12021'. nel income of £405,293). The reduction in total Income and expenditure In the current period compared to the previous ye8r, is largely altribulable to three non- recurring Government projects undertaken in the prior year (for the Department of Education IDfEI, Department for CullLJre, ljedia and Sport IDCMSI, and the Office for National Slalistics IONSII, that ollectively provided over £9.000,000 of income. The net expenditure of £788.908 comprises a nel inflow of unre$tricted funds of £628,654 and 8 nel outflow ol reslricled lunds 01 £1,417,562. The nel incoming unreslricled resources of £628,654 in the period, is prtmarily as 8 result of receiving our first receipts of funding from our strategic partners. These have been 8dded lo our free SerVeS and become available for us lo spend on any activity that SLJPF)Orts our charitable objectives and delivery of our strategy. Any excess amount above the reserves that we need lo set aside to manage risk, will be invested in our charitable objectives. As of 30 June 2022, the Group is carrying forw8rd free or unrestricted reserves of £2,914,530. Of this total, £2,777,320 relates lo the UK charity and £137,210 relates lo the Australian charity.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) fcontinv8dJ Perlod from 1 August 2021 to 30 June 2022 Flnanclal Revlew of the yoar {contlnued) Restricted funds have to be ulilised on the projects 8greed with the funders who granted or donated these funds, Many of Ihe projects undertaken span more Ihan one linancial accounting year. In such cases, any reslricled funds received in the UK charity that have not been fully used in the year on the projects that they fund, musl be carried forward lo be expended in future years. Thus. the nel outflow of reslricled funds for the year is not a dglicil bul a liming difference between when we re1ve reslrieted funds for a prolecl and when we carry out that project. Al the ené of the year, we are Carrying fOard £690,850 of reslricled funds lo be ulilised in future years on the relevant projects. These reslricled funds relale lo the UK Charily only Cash and ¢a$h equivalents were £3,802,704 al 30 June 2022 131 July 2021.. £7,110,595). The £3.307,891 reduction in the cash balance in the 11 month period 1 August 2021 10 30 June 2022 includes the full and on-time repayment in December 2021 of a £1.1 million loan we received fmm the Government's Reslllence and Recovery Loan Fund In the prior year (January 20211. Investment pollcy Aside from retaining a prudent amount in r8serv8s each year lo cover risks and provide lor working Capital. the charity s funds are lo be sp8nl in Ihe short term 8s sel out in our funding conlracls, SD there are no funds for long term investment. Any funding received in advance is Invested in either an instant access or 8 90-day deposit account depending on our cash flow requir8menls. Group Re8••v•s pollcy Good Things Found81ion's reserves poliey focuses on the level of free reserves. Free reserves exclude reslrieled funds and designated funds. Our UK and Australian entities have independent reserves policies sel by their local management teams and Board of Trustees, which combine lo form the Group's reserve policy. The recommended free reserves level is calculated annually in advance ol the budget process, by each entity based on the specific risks and opportunities facing Good Things Foundation in each of these territories. The level of free reserves is monitored on an ongoing basis, with the policies reviewed annually by Good Things Foundation's Group and local Boards. Good Things Foundation seeks lo maintain free, unreslricled reserves lo manage the risks to which we are exposed in th8 course of our business, Includlng bul not limited to miligaling uncertainties in our funding and earned income, in our core operating countries of the UK and Australia. The reseNBs are 81s0 neèded lo meet the working capllal requirements of the charity which are becoming a hoher risk for us as w8 continue lo diversify our funding stream5, including into allracling unreslricled donations, and the longer term expenditure commitments we are making, arising from our strategic partnerships and (Jelivery of our new 3 year slr81egy. Any surplus on free reserves abovg the amount we need will be invested in our charitable objectives. Group Reserles sltuatlon The 8oard has deeided that In order lo meet these needs, and lo operate effetlively, G(IDd Things FoLJndalion needs unrestricted Group reserves of between £2,300,000 and £3,400,000 based on the currgnt analysis of risk. Currently our total unrestricted reserves are within thi5 range. 10
Good Things Foundation Company Limited by Guarantee Truslees. Annual Report (Incorporating the Directors, Report) (continuedl Period from 1 August 2021 to 30 June 2022 Plans for future perlods In the coming year, we will continue ID deliver activity that helps us lo fix the digital divide in both the UK and Australia. In the UK as sel out in our slralegy, our core focus will be on Investing in th8 National Digital Inclusion Nelwork, the National Databank and Device Bank, lo provide free access lo the digital world for Ihose currenlly excluded due lo affordability. Our fundraising efforts will concentrate on recruiting additional slrale9ic partners. lo provide us with the funding required to deliver our ambilic)u$ strategy through to 2025,, this includes income that we allocated lo local community partners through grant funding applications. As sel out In our strategy, we will conllnue to grow our ex151ing p8rtngrs, and develop new ones that will allow u5 to reach new audiences, test innovative approaches and grow our impact so we can achieve Dur aim of a world where everyone can benefit from digltal. This will porticularly focus on the impact we can have dislribuling data and devices lo those in need, In order lo overcome digi181 gxclusion. We will also look lo grow and dgvelop our collaboration with our community networks of digital inclusion hubs, in order lo continue lo help people lo benefit Irom the internel, working wilh both community and strategic partners lo address Ihe challenges of the posl-covid 18ndsc8pe. Supporting our communlly nelwotl(s in both the UK Ènd Au8tr81ia will conllnue lo be a central focus for us, and we wlll ensure their voices can be heard, as well as support them in Ihe vital work they are doing In communities lo support some of the most excluded people lo cross the dlgitsl dlvlde. AS alway$, we will be informed by re$e8r¢h and insight, and focused on delivering activity that meets the needs ol both our community network and those they 5UPPOrt, and we will continue lo showcase the benefits of research and evaluation. In Auslr81ia, we will continue lo support our national network of 3,800 local partner5, who help us lo deliver Communlty-led digital In¢lusion programs such as Be Connected, and we will build new partnerships and programmes so we con expand our impact. and the audience groups we can reach. Campaigning lo fix Ihe digllal divide for goad wlll remaln a core part of our work a5 we wlll continue to advocate for both our community partners and for ¢Jigilally excluded people, in both the UK and Australia, and beyond. We will continue lo be arnbitious about our impact to ensure that everyon8 Can thrive in 8 digital world.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectors, Report) (continu Perlod from 1 August 2021 to 30 June 2022 Slructure, Governance and Management Governlng Document and organlsatlonal structure Good Things Foundation's goveming document is ils Memorandum and Articles of Associ81ion which established the oblects of the ch8ritable company and is governed under its Articles of Association. We are a ch8ritable eompany limited by gu8ranlee sel up on mutual principles. with three staff members elected to Slt on our Board. together with our Chief Executive, We were incorporated on 26 July 2006. and we began Irading on 1 December 2011. On 19 January 2016, Good Things Foundatlon became a registered charlty,. one of the lirsl charities In the UK to retain ils mutual founding principles, after approval from the Charities Commission. This was a major achievement for the organisation and has helped lo ensure that we remain grounded in the needs ol those we support as we have gfown our impact. All st8ff of the UK Charity who have been in post for 81 least six months can become members of the company, together with the extemal non-execulive direclors. In the event of the company being wound up. members are required lo contribute £1 toward the selllement of 8ny comp8ny debts. In April 2017. we established Good Things Foundation Ltd, a chanly in Australia, of whom Good Things Foundation is the sole Member. This helps us lo éeliver our mission. export know-how. and reach more people. We run the two charities as a Group, with both charities sharing the same objeels and working closely together lo ensure suc¢•ss. A scheme of delegation 18 in place and day lo day respon8ibilily for the provision of the UK services rests wllh the Group Chief Executlve and the UK Senior Management Team. Through the Group Chlef Executive, the Group B08rd is responsible for ensuring that the Group is successful and leg81, 8nd that, in the UK, the charity delivers ils Ihree-year strategy and the key performance indicators are met. In Australia. the Chair of the Board and the CEO lor Good Things Foundation Australia have delegated responslbllity for the leadershlp 8nd operations of the charity in Australi8, 8s well 88 for compliance with Australian laws and good Govemance. A clear schedule of delegated responsibilities sets out the relallve accounlablllties to the respective Boards and Offlcers. In October 2019, we began regular bi-annual meetings of a Joint Committee fomied of TrusleeslDireclors from the GrouplUK and Australian Boards. 11 Is al this Commlttee that we approve Group level strategies and plans, as well as consider the Group-level risks. 12
Good Things Foundation Company Limited by Guarantee Truslees. Annual Report (Incorporatlng the Dlrectors, Report) fconlinu8dJ Period from 1 August 2021 to 30 June 2022 Recrultment and tvalnlng of Trustees The directors of Good Things Foundation n the UK are also charity Iruslees for the purpose of charity law. Under the requirements of the Articles of Association, the directors are elected lo serve for 8 period of three years after wtyich they can sland for re-election at the next Annual General Meeting. Our Board of Directors in the UK consi918 of elected and appointed éireclor9. The elected directors consist of three staff directors elected by our staff. The appointed directors. which musl be 8t least four and up lo ten in total, 8re appointed to flll relevant skllls gaps on our Board via open advertisernent and, where 8ppropri81e, by using a recruilmenl agency wllh experienee in recrulling ch8rily trustee$. The Group Chlef Execullv8 Is 8ppointed for the lerm of her employment as Group CEO al Good Things Foundation. Trustees arg provided with 8 buddy from the existing Bo8rcl 8nd given the opportunity lo allend events and visit prolecls lo increase their understanding of what we do. We tailor induction to meet their needs thi8 can include shadowing senior staff or briefing sessions with teams 8cross the organisalion. Rlsk management A Group Risk Register has been produced and is updated and r8view8d al each Board meeting in the UK and Auslr8lla, and the 8oards' Joint Committee. Systems and procedures are established lo miligale the risks the charities face. Procedures are in place lo ensure the health and safely of staff and visitors lo our premises. Tha prlnclpal rlsks and unc•rtalntl•s f•clng th• company The glob81 economic outlook is far less rosy and more volatile than a year ago. Growth projecllons for 2023 are w611 balow long run averages, wllh major economies including the UK and Australia, being Impacted by high and sustained inflation, rising interest rates, pollllcal uncertalnty and ongoing challenges ¢r&aled by the Covid-19 pandemic. Thero Is SnIficant pressure on public finances and 8 risk Ihal the declining tffjnd in Government funding for digital inclusion inilialives and charities in general continues as both Governments look for cost savings, creating funding challenges across the sector. In response lo the ineased risk and ehanging naturè of the funding 18ndscap&, in th8 UK we h8V8 diversified our funding gre311y in the past year and w8 are far less reli8nl on government lunding than we have been in the past. Most notably this has crystallised in securing our first 2 slralegic partners, Virgin Media 02 IAugus120221 and Vodafone Ioecember 20221. who have committed lo providing us funding in each of the next three years. We continue to advocate for Government funding and investment into digital indusion, and malntsin strong relationships 8cross a number of key government departments in the UK and Australia. Inflationary pressures are starting to feed through and we are starting lo see an impact on our cost base and our ability lo recruit staff. Strong cost managemenl and efliciency and ralionalisalion projects have helped manage these pressures lo date, but there is a risk that the current high iriflalion persists for a sustained period of lime, leading to a material rise in operating costs. We monitor our finances closely and have sufficient waming systems and reserves in place to allow us to lake action to address any cost challenges that may arise. albeit these actions may reduce the level of impacl we can hav8, 13
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) IntInued) Perlod from 1 August 2021 to 30 June 2022 The prlnclpal rl8k8 and uncertalntle$ faGlng the company Icontlnuedl Our new Strategy In the UK and the evolution of our operating model in Australia requires investment in our technology archileclure, so we can dellver our impact nationally and al scale. The labour market for soflwaie and leeh staff In the UK 1$ very light, there is a risk we will be unable lo sourc8 the skills required lo deliver our tech transformation,. to mitigate this risk we are 8xploring the use of contractors and prov bono le¢h support from partners, We are managing our Group Technology Roadmap c109ely wlth a move towards more off-the-shelf software for increased ease of integrallon aeross our Group architecture as well as Ireeing up current high oper81ional overheadg to be able lo focus higher vAlue tasks in the future. As this is a complex sel of inlerconnecling systems. proce9$es and software, this ri8k and th8 mitigalions are monitored by the B08rds Ihrough the risk register. While working inlernalionally provides ug with great opportunltles lo make 8 woddwide irnpacl and to raise income. this is by nature riskier than working in the UK, We have developed and mainlalned risk registers for each major project. High risk items are escalated lo the Group Risk Register when needed. Trustees. re8ponilbllltl•8 8tatem•nt The Iruslees. who are 8150 directors for the purposes of company18W, are responsible for preparing the Iruslees, report and the flnancial slalemenls in accordance wllh 8ppIic8ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Praclicel. Company law requires the charity truste88 lo prepa financlal slal&menls for aach year which give a true And fair view of the slate of affairs ol the charitable company and the incoming $OUrCeS 8nd application of re80urces, including the incom8 and expenditure, for that period. In pieparing these fin8nclal $18lemenls, the Iruslees 8re requi4 lo.. select suitable accounting policies and then apply them consiBlenlly', obseNe the methods 8nd principles in the applicable Chanlies SORP., make judgments and accounllng estimates that are reasonable and prudent.. slate whether app5icable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and pffjpare the firnancial slalemen15 on the golng conc8m basis unless il is Inappropriate lo presume that the charity will continue in business. The trustees 8re responsible for keeping adequate accounting records that are sufficlenl lo show and explain the charity's Iran$a¢llon$ and disclose with asOnable accuracy 81 8ny time the financial position of the charity and enable them lo ensure thai the financi81 stalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for laklng reasonable steps for the prevention and detection of fraud and other irregularilles. 14
Good Things Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (¢tsnllntsed) Period from 1 August 2021 to 30 June 2022 Audltor Each of the persons who is a trustee at the dale of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and they have taken all steps that they ought to have taken as a trustee to make Ihemselves aware of any relevant Audit information and to establish that the charity's Auditor is aware of that information. The auditor Is deemed to have been re-appointed In accordance wllh section 487 of the Companles Act 2006. The Iruslees. annual report and the strategic report were approved on on behalf ol the board of Iruslees by.. and signed H L Mllner A Barlow Trustee Charity Secretary 15
Good Things Foundation Company Limited by Guarantee Independent Audltorfs Report to the Members of Good Things Foundation Period from 1 August 2021 to 30 June 2022 Oplnion We have audited the financial slalemenls of Good Thing5 Foundation {Ihe'charily'l for the period ended 30 June 2022 which comprise the group consolidated slalemenl of financial activities (including income and expenditure accounll, the group and the company slalemen15 of financial position, the gr(NJp statement of cash flows and the related notes, irncluding a summary of significant accounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunlted Kingdom Generally Accepted Accounting Practice). In our oplnlon the financial stalemenls.. give a true and fair view of the stale of the group and the parent charity's affairs as al 30 June 2022 and of the group's incoming resources and application of resources, includlng ils income and expenditure, for Ihe perlod then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ounling Pra¢llce', have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Bas18 for oplnlon We conducted our audit in accordance with Inlernallonal Standards on Auditing IUKI IISAS IUK)} and appllcable law. Our r8sponsibililies under those standard5 are further described in the auditor's responsibilities for the audit of the financial slalernenls section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevanl lo our audit of the financial statements in the UK, including Ihe FRC'S Ethical Standard. and we have fulfilled our other elhitsl responslbllilies In accordance with Ihese requirements. We believe Ihal the audit evidence we have obtained Is suffi¢ienl and appropriate lo provlde a basis for our opinS0n. Conclusion8 rolating to going ¢onc•rn In auditing the flnancial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financlal slatemenls is appropriate. Based on the work we have performed. we have not idenlrfied any material uncerlainlies relating to events or conditions that, individually or collectively, may cast significanl doubl on the ¢harity's ability to ¢onlinue as a going concern lor a period of al least twelve months from the dale when the financial statements are aulhorised for Issue. Our responsibililigs and the respon5ibilitie$ of the Iruslees wilh respecl lo golng concern are described in the relevant sections of this report. 16
Good Things Foundation Company Limited by Guarantee Indepgndent Auditorfs Report to the Members of Good Things Foundation (contlnued) Period from 1 August 2021 to 30 June 2022 Oth¢r Infonnation Th8 olh8r information comprises the information Included in the annual report, other than the financial slalemenls and our auditor's reporl Ihereon. The Iruslees are responsible for the other informalion, Our opinion on th8 financial slalemenls does not Cover the other information and, except lo the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audll of the financial slalemenls, our r85ponsibilily Is lo read the other information and, in doing so, consider whether the othèr Information is materially inconsislenl with the financial slalements or our knowledge obtained in the audit or olhorwis8 appears lo be materially misslaled. If we idenlrfy su¢h material inconsisl8ncies or apparent material misslalemenls, Y48 are required lo determine whether the is a material misslalemenl in the flnancial slalemants or a material mi$$talemenl of the other information. If, based on the work we have performed, we Conclude that Ihere is a material misslalemenl of this other information, we are required lo raporl that fact. We have nothing lo report In this regard. Oplnlons on other matters prescrlbed by the CompanlOB Act 2008 In our oplnion, based on the work underiaken in the cwrse of the audit.. the information given In Ihe Irusloos, report for the financial period for which the flnancial statements 8re prepared is consislenl with the financial slalemenl$,' and the Iruslees, report h88 been prepared in accordance wlth applicable legal requirernenl8. Mattors on whlch wo aro requlred to r•port by •x¢oPtlon In the light of the knowledge and underslandlng of the charity and ils environment obtained in the course of the audit. we h8ve not identified material misstatements in the trustees, report. We have nothlng lo report in respect of the following mallers in relallon lo which the Companies Acl 2006 and the Charities Act 2011 requires u8 to report lo you If, In our opinion.. adequate accounllng records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement wlth the acccNJnllng records an¢J returns. or certain di$¢lo$ures of Irusloes, omuneralion specrfied by law are not mad8', or we have not received all the information and explanations we require for our auijil. 17
Good Things Foundation Company Limitsd by Guarantee Independent Auditor's Report to the Members of Good Thlngs Foundation f¢ontlftued) P•rlod from 1 August 2021 to 30 June 2022 Responslbilitios of trusto08 As explained more fully in the trustees, responsibilities slalemenl, the Iruslees {who are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view. and for such internal ¢ontrol as the trustees determine is necessary lo enable the preparation of financial $latemenls that are free from material mis51alemenl, whether due to fraud or error. In preparing the financial statemenls, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees eilher intend lo liquidate the charlty or lo cease operations, or have no realistic alternatlve but lo do so. Audlto¢8 rn8ponslbllltleB for the audlt of tho financial 8tatement8 Our obj8clives are lo obtain reasonable assurance about whether the financial slalemenl$ a$ a whole are free from material mis51alemenl, whether due lo fraud or error, and to Issue an auditor's report that include5 our opinion. Reasonable assurance 18 a high level of assurance bul is nol a guarantee that an dil conducted in accordance with ISAS {UKI will always delecl a material misstalemenl when it exist5. Mi$slatemenls can arise from fraud or error and are considered material if, indiviéually or in the aggregate, they could reasonably be expected lo influ8n¢e the economic decision8 of user8 taken on the basis of these financial slalemenl9. Irregularities, includlng fraud, are in$lan¢es of non-compllance with laws and regulations. We design procedures In Ilne wllh our responsibililies, outlined above, lo delecl material misslalemenls In respect of Irregularities, including fraud. The extent lo whlch our procedures are capable of detecting Irregularilies, Includlng fraué, Is detailed below.. We Identify and assess the risks of material mlsslalemenl of the financlal slalemenls. whether due lo fraud or error, and then design and perform audit procedures spOnSive lo those risks, including obtaining audit evidence that Is sufflcienl and approprlale lo provide a basis for our opinion. In id8nlifying and assesslng risks of material misslalemenl in respect of Irregularities, including fraud and non-compliance with laws and regulations, we consideféd the following.. the nature of the industry and sector, control environment and business parformance, including the idenlrficalion of related party Iransaclions. and matters whlch could potentially impact on the charity's conlinualion as 3 going concern,, results of our enquiries of management and assessment of the risks of irregularities.. any mallers we idenlrfied having obtained and reviewed the ¢harity'$ documentation of their policies and procedures relating lo.. idenlrfying, evaluating, and complying with laws and regulats'ons and whether they were aware of any instances of non-compliance., detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud., the internal controls established lo mitigate risks of fraud or non-compliance with law5 and regulations, the mallers discussed among the audit engagement team, including how and where fraud might occur in the financial statements and any polenlial indicators of fraud. 18
Good Things Foundation Company Limited by Guarantee Independent Audltor's Report to the Members of Good Thlngs Foundatlon Icontlnued) Period from 1 August 2021 to 30 June 2022 A5 a result of these procedures, we considered the opportunities and incentives that may exisl within the organisalion for fraud and identified the greatest potential for fraud in relation lo revenue recognition. In common with all audits under ISAS IUKI, we are also required lo perform specific procedures to respond to the risk of management override. We 8180 obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulation¥ that had a dlrecl effect on the delerminalion of material amounts and disclosures In the financlal 51atemen15. The key law5 and regulation5 we considered in thi5 context included the UK Companie5 Act, UK Corporate Governance Code, Chariligs SORP and local lax leglslalion. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financlal statements bul compliance with which may be fundamental lo the charily's ability lo oper81e or lo avoid a material penalty. We also communicated relevant identified laws and regulations and potential fraud Asks lo all engagement team members. and remained alert lo any indic81ions of fraud or non•compliance with laws and regulations throughout the audit. As parl of an audit in accordance wllh ISAS IUK}, we 8xer¢ise professional ludgmenl and maintain professional s¢epllci$m throughout the audit. We al80'. Identify and assess the risks of material misslalemenl of the financial 81alemenl8. whether due lo fraud or error, design and perform audit procedures responsive lo Ihose risks, and obtain audit evidence that is sufficient and appropfiale lo provide a basis for our opinn. The risk of not delecling a material misslalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misTepres8nialions, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effecliven8ss of the internal control. Evaluate the appropriateness of accounting policie5 used and the r8asonabl8n85s of accounting esliTllates and related disclosures made by the Iru51e85. Conclude on the approprlaleness of the Iruslees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainly exists related lo events or conditions that may cast significant doubl on the charity's ability lo continue as a going concern. If we conclLJde that a material uncertainly exis15, we are required lo draw 811enlion in our auditor's report lo the related disclosures in the financial 51alemenls or, if such disclosures are inadequate, lo modrfy our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure, and conlenl of the financial 51atemenls, including the di$¢lo$ure$, and whether the financial slalemenls represent the underlying transactions and everst8 in a manner that achieves fair presentation. 19
Good Things Foundation Company Limited by Guarantse Independent Auditor's Report to the Members of Good Thlngs Foundation (c&Ted) Poriod from 1 August 2021 to 30 June 2022 Obtain sufficient appropriate audit evidence regarding the financial informallon of the entities or activities within the group lo express an opinion on the consolidated finallcial slalemenls. We are rèsponsible for the directn, supervision. and performance of the group audit. We remain 5018ly responsible for our audit opinion. We communicate with those charged with governance regardlng, among other matters, the planned scope and liming of the audit and significant audit finding5. including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006 and in respect of the consolidated financial slalemenls, lo the charity's Irustees as 8 body. in accordance with section 144 of the Charities Act 2011 and r8gulalions made under section 1S4 of that Act. Our audit work has been undertaken so that we mlghl slate lo the ¢harily's members those mallers we are required lo slate lo them in an auditor's raport and for no olher purpose. To the fullest exlenl permille(J by law, we do not accept or assume regponsibility lo anyone other than the ¢harily and the charity's members as a body, for our audll work, for this report, or for the opinion5 we have formed. ANDREW THROSSELL FCA {Senlor Sl8tulory Audilorl For and on behalf of Hebblelhwaites Chartered Accounl8nts and Statutory Auditors 2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ 3 February 2023 20
Good Things Foundation Company Limited by Guarantee Consolidated Statement of Financial Activities (including income and expenditure account Period from 1 August 2021 to 30 June 2022 Perlod from 1Aug21to 30Jun 22 Year lo 31 Jul 2021 Unrestricted funds Reslricled funds Total funds Total funds Not• Income and endowments Investment income Other income - charitable activities 11.192 2,152.948 11,192 7.876 ,878,588 18.128.276 ,889,780 18,136.152 6.725.640 Total Income 2.164.140 6.725,640 Expendlture Other expenditure- charitable activiti88 Total expendlturn 1,535,486 8,143,202 9,678,688 17.730,859 ,678,688 17.730,859 1,535,486 8.143.202 Net Incornel(expendlturel and net movement In funds 628,654 11,417,562) (788,9081 405,293 Reconclllatlon of funds Total funds brought forward Total fund8 carrl•d loN•rd 2,285,676 2,914,530 2,108,412 4,394,288 690.850 3,605,380 3.988,99S 4,394,288 The statement of financial activities includes all galng and losses re¢ognlsed In the pedod. AJI income and expenditure derives from continuing activitie8. The notej on pag•s 25 to 34 fomi part of th•s• financial stat8rn•ni#. 21
Good Things Foundation Company Limited by Guarantee Consolidated Statement of Flnanclal Positlon 30 June 2022 30 Jun 22 31 Jul 21 Flxed assets Intsngible assets 13 173,187 57,212 Current assets Debtors Cash al bank and in hand 16 184,691 J,802,704 207,944 7,110,595 3,987.395 7,318,539 Cr•dltor8: 8mount8 f8lllng du• wlthln on• y•ar Net current assets 17 555,202 2,981,463 3,432.193 4,337,076 Total asset8 le81 current Ilabllltlos 3,605,380 3,605.380 4,394,288 4,394.288 Net a8set8 Funds of the charlty Reslricled funds Unreslricled fund8 690,850 2,914,530 18 3,605,380 2.108.412 2,285,876 4,394.288 Total charlty funds These firnancial statements were approved by the board of trustees and aulhorised for issue on . l#lbnd are signed on behalf of the board by.. H L Milner Trustee liams Trustee Company Tegislralion number.. 05887661 Tho notej on paggB 25 to 34 fomi part of the financlal Statements. 22
Good Things Foundation Company Limited by Guarantee Company Statement of Financial Position 30 June 2022 30 Jun 22 31 Jul 21 Not• Flxed •ssets Intangible assets 13 173.187 57,212 Current #isets Debtors Cash al bank and in hand 16 483,431 2,897,853 3,381,284 480.922 5,048,015 5,528.937 Credltors: amount• falllng due wlthln ona year Net current assets 17 86,301 3,294,983 3,468,170 3,468,170 1,386,480 4,142,457 4,199,669 4,199,669 Total assets leg8 curr•nt Ilabllltle8 CpStal #nd reserve Reslricled funds Unre8tricted funds 690,850 2,777,320 3,468,170 2.108,412 2.091,257 Totsl charlty funds 4.199,669 The nel expenditure for the financial perlod of Ihg parent company was £731,49912021.' £340,620 net income). These fln8ncl81 $1818monls were 8pproved by Ihe board of trustees and aulhorised for l$sue on t....2023..., and are Signed on behalf ol the board by: QI H L Milner Trustee lams Trustee Company regislr8ts.on number.. 05887661 The noto8 on pages 25 to 34 lorni part of th•so flnanelal 8tat•mèni8. 23
Good Things Foundation Company Limited by Guarantee Consolidated Statement of Cash Flows Period from 1 August 2021 to 30 June 2022 Perlod from 1Aug21to 30 Jun 22 Ycarlo 31 Jul 21 Cash flows from operatlng actlvltles Net lexpenditurellincome for the financial period {788,9081 405,293 Adjustm8nts for.. Amortisalion of intangible assets Other inler8sI reeeivable and similar income Accrued expenses and deferred in¢ome 50.105 3.708 111,1921 17,8761 11,122.9281 1249,8101 Changes in.. Trade and other debtors Trade and other creditors 158,1881 560.361 1121,892) 1143.5311 {2,053,003) 568.145 Cash generated from operations Interest received Tax pald Nel cash {used inllfrom opgr81ing activities 11,192 7.876 {2,041,8111 576,021 Cash flowi from Investlng actlYStlo• Purchase of Intangible assets {166.0801 160,9201 Nel cash used in Investing activities {166,0801 160,9201 C••h flow• from flnanelng •ctlvltles IR•p8ymentsllproceeds from borrowings 11,100,000) 1,100,000 Net cash (used inllfrom financing activities 11,100,000) 1.100,000 Net Idecreaseylncrease In caBh and cash •qulvalents Cash and cash equlvalentj at beglnning of perlod Cash and cash equlvalonts at and of perlod 13.307,8911 7,110,595 3.802,704 1,615,101 5,495,494 7.110.595 Th• noto8 on Pa9 25 to 34 fomi part ol th•sè financial 5t3t•rn•nts. 24
Good Things Foundation Company Limited by Guaranto0 Notes to the Financial Ststements Period from 1 August 2021 to 30 June 2022 Genoral Informatlon The charity is a public ben8fil enlrty and a private company limited by guarantee. registered in England and Wales and a registered charity in England and W81es. The address of the registgred office is Floor 3, Kollider, Castle House, Castle Street, Sheffi'eld, S3 8LN. Slatement of compllance These financial statements have been prepared In compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, Ihe Statement of Recommended Practice applicab18 to charities preparing their accounts in accordance with tha Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP IFRS 102)) and th8 Companies Act 2QO6. Accountlng pollcle¥ Bas1¥ of pr•paratlon The financial slalemenls hav8 been prepared on tha historical cost bayis and are prepared in sledlng, which is the functional currency of the entity. Golng concem The financial statements hav6 been prepared on a golng concern basis. The funding of the organisalion is gener811y agreed Annually for the year lo 30 June. Funding has been agreed In principal for the following ye8r and the charity has Bdequale reserves. The Iruslees consider that there is no m81erl81 uncert81nty about the tharily's ability to continue, hence they are Confident that the going Concem basis is appropriate. Con3olldatlon The financial statements consolidate the financi81 gt8temenls of Good Things Foundatlon and all its sub51diary undertakings. The parent company has applied the exemptlon cont81ned in seelion 408 of the Companies Act 2006 and has not presented ils individual profit and loss account. Judgèmènt8 and kèy soureés of estimatlon uncortalnty The preparÉtlon of the financial slalemenls requires management lo make judgemanls, eslimales and assumptions that affect the amounts reported. Thes& estimates and judgements are continually reviewed 8nd are based on experience and other factors, including expectations of future events that are believed lo be re88on8ble under the circumstances. In the opinion of the management and Iruslees, there are no judgements or key sources of estimation uncert8lnty that Mave a significant impact on the financial slalemenls. other than those highlighted below. Incorne tax The charity is ex8mpl from lax on income and gains. falling wlthin part 11 of the Corporation Tax Act 2010 or section 256 of Ihe Taxation of Charyeable Gains Act 1992, to the exlenl that these are applied lo ils charitable objects. No tax charges have arisen in the period. 25
Good Things Foundation Company Limited by Guarantse Notes to the Financial Statements (conlthued) Perlod from 1 August 2021 to 30 June 2022 Accountlng pollcles fcontinU8d) Fund accountlng Unreslricled funds are 8vailable for use 8t the discretion of the trustees to further any of the charity's purposes. Restricted funds 8re subjected to 8tClI0nS on their expènditure deClad by the donor or through the terms of an appeal, and fall Into one of Iwo sub-classes.. restricted income funds or endowment fund5. There were no endowment funds during the period. In¢omSng resourGe$ All income Is included in the slatement of financial activities when entitlement has passed lo the charity, il is probable that the economic benefits as50cialed with the transaction will flow lo the ch8rily and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. Income from donations or grants is fftcognlsed when there is evldence of enlltlement to the gift, receipl Is probable, and Ils amount can be measured reliably. income from contracts for the supply of services is recognised with the delivery of the ¢ontocled service. This is classified as unreslricled funds unless Ihere is a conlraclual requirement for il lo be spent on a particular purpose 8nd relurnad if unspent, in which case il may be regarded as restricted. In the Australian subsidiary certain grants receivable are subject to specified future conditions such that the grants are not r8cognised until there is reasonable assurance that the company will comply with the conditions. Where grants are received prior lo galisfying the revenue recognllion cdlerl8, they are included as a creditor for deferred ineome. Resource8 expended Expenditure is recognlsed on an aceruBls b8SiS as a liability is incurred. Expenditure Includes any VAT which cannot be fully recovered because of partial exernpllon, and is classifled under headlngs of the slalemenl of financial activities lo which il relates.. expenditure on charitsble acllvities includes all costs Incurred by a eharlty Sn undertaking activities that further Ils chanl8ble aims for the benefit ol its beneficiaries, including those support costs and costs relallng lo the governance of the ¢h8rfty apportioned lo charllable activities. grants payable are provided to community organisalions and centres lo deliver grass roots activities. These activities ar8 key elements of the contracts with funders and corporate partners, and include basic digital skills support, English language learning and other 8es8ion8. All costs 8re allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to 8 single activity are allocated directly lo that activity. Shared Costs are apportioned between the activities they Contribute lo on a reasonable. justifiable, and consisleni basis. Oporating1oa5e5 Lease payments are recognised as an expense over the le8se term on 8 slraight-line basis. The aggregate benefit of lease incentives is recognised as a reduction lo expense over the lease term. on a slraighl-line basis. 26
Good Things Foundation Company Limited by Guarantee Notes to the Financlal Statements (contimlI Period from 1 August 2021 to 30 June 2022 Accountlng pollcles fcontlnu•d) Intangible assets Intangible assets are init1811y recorded at cost and are subsequently slated al cost less any accumulated amortisalion and impairment losses. The policy for capitalising developmént expenditure is specific and capitalisation only occurs when certain criteria are mel, ineluding Ihal.. the intangible asset developed is technlcally feasible, will be avallable for use. and its use will generate future economic benefits there are adequate technical. financlal. and other resources available lo complete the development the expenditure specific to the intangible asset during ils development can be measured rellably Expenditure that does not meet the above criteria is expensed as Incurred. Amortl$atlon Amortisalion18 calculated so as lo write off the cost of an a55el, le8811s esllm8led r851dual value, Over the u8eful life of that 88set as follows.. Development c0818 33¥0 slralghl Ilne If there is an indlcatlon that there has bean a $ignlfic8nl change in amortlsalion rate, useful life or residual value of an intangible a$sel, the amortisalion is revised prospectively lo reffiecl the new esllmale5. ImpaSrrnent of flxed assets A review for indic81ors of impainment is carrfed out al each reporting dale, with the recoverable amount being estimated wheTe such indicators exist. Whore the carying value exceeds the recoverable amount, Ihe asset 18 impaired accordingly. Flnanclal Instrumènts Financial instruments are classified and accounted for, according lo th8 gubst8nc6 of the conlraclu81 arrangement. as either financial assets, financial liabilities. or equity instrument5. Any equity instrument is any contract that evidences a residual interest in tha assets of the company after deducting all of ils liabilities. 88sic financial instruments are initially recognSsed at the amount receivable or payable including any related transaction costs. Current assets and turrenl liabilities are subsequently measured 81 the cash or other conslderalion expected lo be paid or received and are not discounted. Financial assets that are measured at COSI or amortised cost are reviewed for objective evidence of impalmienl at the end of each reporting d81e. The exposure to price risk, credit risk, liquidity dsk and cash flow risk is not considered material for the assessment of the assets. liabilities, financial position and incom8 or expenditure of the charSty- Forelgn currencles Foreign currency transactions. monetary assets and liabilitie5 denominated in fOIgn currencies are translated at the exchange rale njling al the reporting date, with any gains or losses being taken to the statement of financial aclivilies. 27
Good Things Foundation Company Limitad by Guarantee Notes to the Flnanclal Statements (contlnved) Period from 1 August 2021 to 30 June 2022 Llmlted by guarantee The company is a private company lirniled by guarantee and consequently does not have share capital. Each of the members is liable lo contribute an amount not exc88ding £1 towards the assets of the company in the event of liquidation. Inve•tm¢nt Incomo Total Funds Perlod from Unreslricled 1 Aug 21 to Unrestricted Funds 30 Jun 22 Funds Total Funds Year lo 31 Jul 21 Bank interest receivable 11,192 11,192 7,876 7,876 Other Income- charitable actlvltl?8 Total Fund• P•rlod from Reslricled 1 Aug 21 to Fundg 30 Jun 22 Unrestricted Funds Government grants Other grants Other project income Grants and contracts - Australia 193,892 2,199.744 6,662 1.625,957 2,893,277 2,393,636 6.662 3,378.689 3,099,601 1,752,732 206,324 2,152,948 6,725,640 8.878,588 Totsl Funds Year lo 31 Jul 21 Unreslricled Fund8 Reslricled Funds Government oranls Other grants Other project income Grants and contracts - Australia 5,118,129 4.855.853 9.973,982 139.320 139,320 1,138.374 2,738,201 3,876,575 347,644 3,790,755 4,138,399 6,604,147 11,524,129 18,128,276 28
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements fcontlnuffd) Pariod from 1 August 2021 to 30 June 2022 other expendlture- charltable actlvltles Total Funds Perlod from Reslricled 1 Aug 21 to Funés 30 Jun 22 Unrestn'cted Funds Grants payable Staff and HR costs Network and development costs E51ablishrnent costs Motor and travel costs Office and other administration expenses 248.835 873,913 201,099 83.078 11.169 117.392 5,077,344 2,480,743 519,909 31,087 1,578 32,541 ,143,202 5.326,179 3.354,656 721,008 114,165 12,747 149,933 1,535,486 9,678,688 Total Funds Year lo 31 Jul 21 Unreslricled Funds R851ricted Funds Grants payable Staff and HR costs Network and development Gosts Establishment costs AAolor and travel costs Offica and olher adminislralion expenses 4,152.480 1,024.308 644.812 105,949 5,227 223.923 6,926,853 11,079,333 3,392,115 4,416.423 1,117,008 1,761.820 69,668 175.617 12,516 17,743 56.000 279,923 6.156,699 11,574,160 17,730,859 Offlce and other administration expenses include the following governance costs.. Perlod from 1Aug21to 30 Jun 22 Year lo 31 Jul 21 Audit f88s Legal 8nd consultancy fees Costs of Iruslees, meetings 21.158 3.268 17,885 11,888 40 24,426 29,813 Audltor8' remuneratlon Perlod from 1Aug21to 30 Jun 22 Year to 31 Jul 21 Audit of parent company Other non-audil seryice9 Audit of subsidiary- Saward Dawson Other non-audll services- Saward Dawson 12.000 2.335 9.158 12,447 35.940 10.250 2,220 7.635 13.928 34.033 29
Good Things Foundation Company Limited by Guarantee Notes to tho Financial Stataments f¢oniinu Period from 1 August 2021 to 30 June 2022 Nat (expendhurelllncome Nel lexpendilureyincome is stated after chargingl(crediting}'. Period from 1Aug21to 30 Jun 22 Year lo 31 Jul 21 Amortlsation of Intangible assets 50,105 3,708 Exchange differences recognised In Ihe accounts durlng the period amounted lo a gain of £27.161 (Year lo 31 July 2021 loss of £9,572). 10. Stsff costs The total staff costs and employee benefrts for the roporting period are an8lysed as follows.. Perlod from 1Aug21to 30 Jun 22 Year lo 31 Jul 21 Wages and salaries Soclal security costs PensSon contributions 2,791,561 342,721 190,046 3,324,328 3,739,635 425,300 264,558 4,429.493 The average head count of employees during the penod was 81 (Year lo 31 July 2021 105). The number ol employees whose remuneration for the period fell within the following bands, wer8.. Perlod from 1Aug21to 30 Jun 22 No. Year to 31 Jul 21 No. £60,000 10 £69,999 £70,000 to £79,999 £90,000 to £99,999 £130,000 10 £139,999 £140,000 to £149,999 Tho amunl attributable lo the highest paid diraclor for the period was remuneration of £136.335 (Year to 31 July 2021 £148,829) and pension contributions of £13,634 (Year lo 31 July 2021 £14,873). Key Management Personnel Key management personnel Include all persons that have authority and responsibility for planning, directing and conlrolllng the activities of the charity. The total compensation paid lo key m8nagemenl personnel for seNices provided to the charity for the period was £364,650 (Year to 31 July 2021 £384,843) 30
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements {continu•d) Perlod from 1 August 2021 to 30 June 2022 11. Trustee remuneratlon and expenses No remuneration is paid lo the trusle8sldirectors for their SeICe8 as Iru$lee$ldireclors. Trustees travel expenses paid during th8 period amounted to £441 12021 £Nill for 21202101 trustees. As staff mutual organisalion. Irust88s include staff members. H L Milner, S Mistry, and H J Whelan from 25 March 2022. Also serving during the period were J C Clark until 20 October 2021, L A Faulkner from 20 October 2021 until 27 May 2022, ané A Barlow from 25 March 2022 until 26 April 2022. Staff costs and expenses for the period include £219,91512021 £289,705) of remuner81ion. £21,99112021 £28,930) of pension contributions, with £5612021 £Nill of expenses for 1 1202101 member of staff who is a trusleeldireclor. The charity has insurance to indemnfy the IN$lees. other officers and the charity agalnsl the consequences of any neglecl or def8uIt on tho part of the trustees. employees and agents. 12. Net Incomelexpèndltura attrlbut•bl• to member• of the parnnt company ¢harlty The net expenditure dealt wllh In the financial slalemenls of the parent company charlly wa8 £731,499 12021 net income of £340,620>. This comprises nel ineome on unreslricled funds of £686,06312021 nel income of £390.6511 and nel expenditure on restrleled funds 01 £1,417,562 12021 nel expenditure of £50,031). Total income during the period amounted lo £5,897,17812021 £14,137,207) and total expendilure £6,628,67712021 £13,796.5871. 13. Intanglble assets Group Jnd company Dovelopmont ¢osts Cost Al 1 August 2021 Additions 60,920 166,080 At 30 Juna 2022 227,000 Amort154tlon At 1 August 2021 Charge for the period At 30 June 2022 3,708 50,105 53,813 Carrylng amount At 30 June 2022 173,187 57,212 Al 31 July2021 31
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements fcontinuod) Period from 1 August 2021 to 30 June 2022 15. Investments Good Things FoundaliDn Limited, a nol-for-profil company limited by guarantee and Incorporated in Australia, is controlled by Good Things Foundation, which is the sole member. Good Things Foundation Limited was incorporated on 4 April 2017 and is registered with the Australian Charities and Nol-for-prolils Commission. The registered office of the company is 223 Liverpool Street, Darfinghursl, NSW, 2010 and the Australian Business Number IABNI is 92618363974. The financial slalemenls for Good Things Founéalion Limited, which have been included within Ihe consolidated financial slalements for Good Things Foundation and translated al the period- end exchange rate, may be summarised as.. Stat•m8nt of Proflt or Lois and Other Comprehenslve Incom Perlod from 1Aug2110 30 Jun 22 Year to 31 Jul 21 Revenue Expenses {DefiGilysurplus for the perfod 3,100,995 4,138,501 {3,172,395) 14,073,828) 171,400) 64,673 Stat•m•nt of Flnan¢lo1 Po•ltlon 30 Jun 22 31 Jul 21 Curr•nt •8$•t1 Cash and cash equivalents Trade and other receivables Prepayments and 8ccrued income 904,852 108,423 6,807 2,062,579 6,759 627 Current Ilabllltle8 Trade and other payables Intercomp8ny current Bccounl Unearned income {177,4051 (218,8551 {413.9691 (280,3641 (291.498) 11.376,1271 137,210 194.619 Nel Asselg 16. Debtorn Group 31 Jul 21 Company 30 Jun 22 31 Jul 21 30 Jun 22 Trade debtors Amounts owed by group undertakings Prepayments and accrued income VATIGST éeblors Other debtors 88,047 23.581 13,260 413,969 54.543 23,581 280,364 142,163 61,349 28,745 6,550 142,790 41,573 1,659 483,431 34,814 480.922 184,691 207,944 Amounts owed by group undertakings are interegt free with no fixed repayment terms. 32
Good Things Foundation Company Limited by Guarantee Notes to the Financlal Statements fconÉthued) Period from 1 August 2021 to 30 June 2022 17. Credltors: amounts falllng due wlthln one year Group 30 Jun 22 Company 30 Jun 22 31 Jul 21 31 Jul 21 Bank loans and overdrafts Trade creditors Accru81s and deferred income Deferred income - Australia VATIGST creditors Pension conlributsons payable Other creditors 1,100,000 88,146 226,938 1,376,127 151,757 38,217 278 1,100.000 81.713 120,459 83,966 107,198 291,498 33.746 38,055 739 49,053 19,271 17,238 52,035 31,995 278 739 555,202 2.981,463 86,301 1,386,480 Included within creditors falling due within one year are loans and financlng arr8ngemenl$ In the sum of £Nil12021 £1,100,000) that are secured agalnsl the assets of the company. 18. AnalyB18 of charltable fvnds Unre•lrlcted fund8 Al 1 August 2021 At Income Expenditure 30 June 2022 General funds 2,285,876 2,164.140 11,535,486) 2.914.530 R••trlcted fvnds At 1 August 2021 At Income Expenditure 30 June 2022 Restricted Funds 2.108.412 6,725,640 18,143,202) 690,850 Re$lriclgd funds at the balance sheet dale reflect the fundlng profiles of major projects and are not actual surpluses carri8d forward. The company period•end falls in the middle of funding periods for major projects, hence these amounts are proflled lo be spent in line with the funding arrangements which go beyond the period end. 19. Analysls of n•t assets betw•en funds Unreslricled Funds Restricted Total Fund3 Total Funds Funds 30 Jun 22 31 Jul 21 Intangible assets Current assets Creditors less than 1 year Net asset5 173.187 3,033,375 954,020 {292,0321 1263,1701 2,914,530 690,850 173.187 57,212 3,987,395 7,318,539 1555,202) 12.981,4631 3,605,380 4,394,288 33
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements (1) Period from 1 August 2021 to 30 Jun• 2022 20. Analys18 of changes In net debl At 1 Aug 21 Cash flows At 30 Jun 21 Cash at bank and in hand Debt due wthin one year 7.110,595 13,307,891) 3,802,704 11,100,000) 1,100,000 6,010,595 (2,207.891) 3.802,704 21. Operatlng l¢•*• ¢ommltm•nts The total future minimum lease payments under nOnancelIable operaling18ases are 88 lollows.. Group 30 Jun 22 Company 30 Jun 22 31 Jul 21 31 Jul 21 Not later than 1 year 41,924 41,924 45,986 45,986 9,800 9,800 Lgase payments recognised ag an expense during the period amounted lo £74,570 (Yèar lo 31 July 2021 £116,602). 22. Related p•rtl•8 There have been no related party tr8n88Ctions during the reporting period, except Iran8action$ with the Good Things Foundatlon Limited, Australia. The financial ststements do not Include disclosures of all Irans8clion$ between the subsidiary and ils parent as the $ubsidiary'$ activit8 are 1 OOVO controlled by Good Things Foundation. 34
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