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2020-12-31-accounts

GiveDirectly UK Charity Registration No. 1167938

Trustees’ Annual Report and Audited Financial Statements For the Year ended 31 December 2020

Charity registration no: 1167938

GiveDirectly UK

Table of Contents

Page
Legal and administrative details 1
Trustees’ Report 2 – 7
Auditor’s Report 8 – 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes 14 - 20

Charity registration no: 1167938

GiveDirectly UK

REFERENCE AND ADMINISTRATIVE DETAILS

Charity registration 1167938 number:

Registered Office:

9 Love Lane Kings Langley Hertfordshire WD4 9HW

Trustees:

Joshua Freedman Robin Linacre Paul Frederick Niehaus

Bankers:

Barclays Bank PLC 120 Moorgate Finsbury London EC2M 6UR

Auditors:

Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD

Page 1 of 19

Charity registration no: 1167938

GiveDirectly UK

Trustees’ Report for the year ended 31 December 2020

The Trustees have pleasure in presenting their Annual Report and Financial Statements for the year ended 31 December 2020.

Reference and Administrative Details

GiveDirectly UK (“the Charity”) is a charity, registered in England and governed by a Trust Deed dated 4th December 2014.

The Charity is registered with the Charity Commission for England and Wales under registered number 1167938.

The registered address of the Charity is 9 Love Lane, Kings Langley, Hertfordshire, WD4 9HW.

Statement on Public Benefit

The objectives and activities, and achievement and performance sections of this report clearly set out the activities which the charity undertakes for the public benefit. The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the charity.

Objectives and Activities

The object of the Charity as defined in the Trust Deed is the prevention or relief of poverty anywhere in the world by providing: grants, items and services to individuals in need and/or charities or other organisations working to prevent or relieve poverty.

In order to advance its objects the Charity makes grants to other non-profit organisations that provide financial assistance in the form of direct, unconditional, cash to extremely poor households and refugees. The ultimate beneficiaries are extremely poor households and refugees and their host households in East Africa.

Rigorous, experimental evaluation of the positive impact of interventions to relieve poverty is unfortunately very rare in the charitable sector. The Trustees believe rigorous evidence is vital to ensure the Charity is effectively furthering its object.

The Charity focuses its activities on unconditional cash transfers. A growing number of studies provide rigorous evidence for the effectiveness of cash transfers to reduce poverty. The independent Overseas Development Institute (charity registration number: 228248), for example, published in 2016 a large meta-analysis of 165 studies covering 56 cash transfer programmes, concluding that “there is strong evidence that cash transfers are associated with reductions in monetary poverty” as well as other associated significant positive impacts to education, health and nutrition and economic autonomy. (See: https://www.odi.org/publications/10505-cash-transfers-what-does-evidence-say-rigorousreview-impacts-and-role-design-and-implementation).

Page 2 of 20

Charity registration no: 1167938

GiveDirectly UK

Trustees’ Report for the year ended 31 December 2020 (continued)

To assess GiveDirectly UK’s success in achieving is objectives, the trustees take confidence from this evidence, which is some of the most rigorous evidence that exists on the most effective ways to alleviate poverty. The trustees also take confidence from the evaluation of GiveDirectly US conducted by independent charity evaluators GiveWell (https://www.givewell.org/), whereby GiveDirectly US has been recommended as a top rated charity for a number of years. Finally, the trustees also have regard to the low operational costs of GiveDirectly US, who estimate that $0.88 per dollar donated has been delivered to recipients of standard campaigns.

Structure, Governance and Management

In accordance with the governing document, the Charity has not less than three Trustees at any time. Trustees are appointed by the Appointing Trustee (Paul Frederick Niehaus), having regard to the skills, knowledge and experience needed for the effective administration of the Charity. A Trustee shall cease to hold office if removed by a written decision of the Appointing Trustee.

The Board meets at least four times per year. All Trustees give their time voluntarily and none of them receive remuneration or benefits from GiveDirectly UK.

Day to day management of the charity is performed by the trustees.

Induction and training of any new trustees is conducted via discussion and advice from existing trustees, with reference to a variety of documentation that exists that outlines the charity’s processes and protocols.

Partnership with GiveDirectly, Inc.

The Charity has, since inception, partnered with a sister organisation GiveDirectly, Inc. (“GDUS”). The partnership is governed by a Memorandum of Understanding.

GDUS is a not-for-profit organisation incorporated on September 1, 2009 in the State of Massachusetts, USA. GDUS’s mission is to reduce poverty by providing financial assistance directly to those in need. GDUS offers a service that enables others to send cash transfers directly to people in need.

GDUS operates primarily in Kenya, Uganda, Rwanda, Liberia, Malawi, and the Democratic Republic of the Congo (DRC). With a focus on efficiency and using the latest available technology, GDUS identifies poor households and informs them that they are eligible for a transfer, helps them register for a digital payments system, sends funds, and follows up with recipients post-transfer. Transfer sizes vary by project. GDUS exclusively focuses on unconditional cash transfers; therefore, recipients are free to spend on what they need without restriction. Many of GiveDirectly's transfers are made as part of research projects designed to better understand how to optimize the use of cash transfers and answer questions posed by the policy world.

The partnership between GiveDirectly UK and GDUS allows GiveDirectly UK to keep total operating costs as low as possible by using GDUS’s established, large scale, financial assistance programs to distribute cash directly to extremely poor households.

The trustees draw confidence in the effectiveness of GDUS’s programmes from rigorous independent studies commissioned by GDUS (all publicly available at https://www.givedirectly.org/research-at-give-directly).

Page 3 of 20

Charity registration no: 1167938

GiveDirectly UK

Trustees’ Report for the year ended 31 December 2020 (continued)

The trustees draw confidence in the financial, operational and risk-mitigation activities of GDUS both from: favourable evaluation by independent organisations such as GiveWell, where GDUS is one of only a handful of “recommended charities”; and from the vetting done by major governmental and charitable bodies that have given funding to GDUS. GDUS has received funding, and is on the “supplier framework”, of the UK government’s Department for International Development. GDUS has also received funding from USAID, UNHCR and Comic Relief.

Sources of funds

The Trust benefits from the fundraising activities carried out by GiveDirectly US. The UK Trust does not carry out fundraising activities on its own. The vast majority of funds received by the Trust are received via payroll giving platforms, through which individuals make donations from their earnings. The largest of these is Charities Aid Foundation (CAF) and the Trust also receives money from Benevity, UK Online Giving, Charitable Giving and Charities Trust, amongst others.

Grant Making Policy

The Trustees make grants when they believe that doing so will advance the mission of the organisation.

The Trustees maintain a schedule of charitable organisations with a demonstrated track record of providing direct cash transfers securely to low-income households, and the ability to clearly calculate the efficiency with which they do so. The Trustees consider changes to this schedule on an annual basis, taking into account the performance of various organisations and their assessment by credible independent reviewers (e.g. GiveWell). The current schedule of organisations includes GiveDirectly, Inc.

GiveDirectly UK’s trustees decide which specific financial assistance programs the trust’s funds will be used in. The effectiveness of the partnership is reviewed by the trustees annually.

Achievements and Performance

The Charity made grants totalling £2,149,546 in value (2019: £2,047,000). All grants were made to specific projects operated by the Charity’s partner organisation GDUS:

As governments imposed lockdowns to limit the spread of COVID-19, many extremely poor families across East Africa were suddenly unable to continue earning a living. Direct cash transfers are a fast and efficient response for such emergencies. GDUS partnered with community-based organizations, health providers, governments, and cell network carriers to identify vulnerable populations in need. The enrolment process was moved to a 100% contactless model, with remote call centre staff conducting enrolment surveys via phone calls or text messages. GDUS used mobile money to send transfers that cover recipients’ basic needs for two to six months, depending on the country and program.

Page 4 of 20

Charity registration no: 1167938

GiveDirectly UK

Trustees’ Report for the year ended 31 December 2020 (continued)

In the ‘one-time lump sum’ projects, poor households living in rural areas were enrolled to receive ~$1,000 each, receiving their unconditional payments within the next nine months or so.

The Charity also made a smaller grant to ‘cash for refugees’ projects in Uganda. The ambitious projects delivered large cash grants to needy people living in refugee settlements and surrounding areas as well as providing test data on the effectiveness of these newer projects specifically targeting refugees.

GiveDirectly UK employs no staff and is administered entirely by its unremunerated trustees. It therefore achieves low operational costs: in 2020 its primary costs were the fees associated with receiving donations and payment processing.

Financial Review

During the year the Trust received income totalling £2,077,926 (2019: £2,485,494). Resources expended totalled £2,176,241 (2019: £2,062,872). The net deficit for the year was £98,315 (2019: a surplus of £422,644).

Reserves policy

GiveDirectly UK will at all times hold in reserve sufficient funds to cover the costs of meeting its statutory reporting requirements for one year (and specifically, the cost of preparing and filing its annual audited financial statements). This reserve will be spent down only if no other funds are available to cover said costs. GiveDirectly UK will disburse all other funds promptly in the form of grants which result in direct cash transfers to low-income households. The Trustees will review this policy each year at their annual meeting and set it out in their annual report.

Total general reserves at 31 December 2020 are £530,305 (2019: £628,620) which the Trustees consider to be adequate for the Trust’s on-going activities as there are no committed regular liabilities.

Principal Risks and Uncertainties

A risk assessment is carried out annually by the trustees. They consider the major risks to which the charity is exposed in all areas, including governance, operations, finances, environmental and external factors, and compliance with law or regulation. The trustees review those risks, assessing the impact and the likelihood of each.

The trustees maintain a risk register and have established systems and procedures to manage those risks appropriately in light of the annual assessment.

Financial Risks

The most significant financial risk faced by the Charity is fraud or error which could result in financial loss, reputational loss and regulatory action. The Charity implements controls and procedures to mitigate this risk of which the most significant is that the Charity’s only bank account requires dual-authorisation for all expenditures.

Page 5 of 20

Charity registration no: 1167938

GiveDirectly UK

Trustees’ Report for the year ended 31 December 2020 (continued)

Non-financial Risks

The most significant non-financial risk faced by the Charity is the potential of a conflict of interest between the Charity and its trustees. The Charity mitigates this risk by requiring, as per the Trust deed, trustees declare potential conflicts and absent themselves from relevant decisions as necessary.

Given the relatively simple nature of its operations, the Charity does not face meaningful risk from the following sources:

In their assessment of risk, the trustees have had regard to the impact of the ongoing COVID-19 pandemic. The pandemic has had no effect thus far on GiveDirectly UK’s ability to operate, and the risks it poses to GiveDirectly UK in future are therefore assessed to be low.

Plans for Future Periods

GiveDirectly UK expects to continue to use its income for the purpose of making grants to specific unconditional cash transfer projects conducted by its partner GiveDirectly, Inc.

Statement of Trustees' Responsibilities

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

a) select suitable accounting policies and apply them consistently;

b) observe the methods and principles in the Charities SORP;

c) make judgments and accounting estimates that are reasonable and prudent;

d) state whether applicable UK accounting standards have been followed, subject to any material

departures disclosed and explained in the financial statements;

e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6 of 20

Charity registration no- 1167938 GiveDirectly UK Trustees, Report for the year ended 31 December 2020 {contlnuod) The trustees are responsible for the maintenan¢e and integrity of the corporation and financial information included on the Trust's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In so far as the Trustees are aware-. There is no relevant audit information of which the charity's auditor is unaware,. and The Trustees have taken all steps that they ought to have taken lo make themselves aware of any re18vant audit information and to 8stsblish that the auditor is aware of that information. This report was approved by the Trustees on 16/oy Izo% I and sign8d on their behalf by.. Signed (Trustee) Name ROBI￿ UNlui'= Page 7 of 20

Charity registration no: 1167938

GiveDirectly UK

Independent Auditor’s Report to the Trustees of GiveDirectly UK

Opinion

We have audited the financial statements of GiveDirectly UK (the ‘trust’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 8 of 20

Charity registration no: 1167938

GiveDirectly UK

Independent Auditor’s Report to the Trustees of GiveDirectly UK (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement in trustees’ report, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the trust or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

Page 9 of 20

Charity registration no: 1167938

GiveDirectly UK

Independent Auditor’s Report to the Trustees of GiveDirectly UK (continued)

Use of our report

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

Knox Cropper LLP Chartered Accountants and Registered Auditor 65 Leadenhall Street London EC3A 2AD

Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 10 of 20

Charity registration no: 1167938

GiveDirectly UK Statement of Financial Activities

For the year ended 31 December 2020

Note
Income and endowments
from:
Donations and legacies
2
Investments (bank interest)
Total income
Expenditure on:
Raising funds
3
Charitable activities
Grant making
3
Total expenditure
Net income for the year
Net movement in funds
10
Reconciliation of funds:
Total funds brought forward
Total funds carried
forward		 2020
Unrestricted
Restricted
Total
Unrestricted
Restricted
£
£
£
£
£
2,077,925
-
2,077,925
2,447,306
38,188
1
-
1
22
-		 2019
Total
£
2,485,494
22
2,077,926
-
2,077,926
2,447,328
38,188		 2,485,516
21,047
-
21,047
10,319
-
2,117,006
38,188
2,155,194
2,052,553
-		 10,319
2,052,553
2,138,053
38,188
2,176,241
2,062,872
-		 2,062,872
(60,127)
(38,188)
(98,315)
384,456
38,188		 422,644
(60,127)
(38,188)
(98,315)
384,456
38,188
590,432
38,188
628,620
205,976
-		 422,644
205,976
628,620
530,305
-
530,305
590,432
38,188

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 10 to the financial statements.

Page 11 of 19

Charity registration no: 1167938 GiveDirectly UK Balance Sheet As at 31 December 2020 2020 2019 Note Current A88et• Debtors Cash al bank and in hand 160.246 374 459 126,552 507.468 634,020 534,705 Llabllltlo8 Creditors.. amounts falling dlte within one year Not currnnt a8•0ts 530 305 628 620 Totsl n•t a•80ts 530 305 628 620 Tho lund8 of th• charlty: Restricted income funds Unr8slricted income fund$ General funds 38,188 530 306 590 432 Total unreslricled funds Total charlty fund8 530 305 590 432 530,305 628,620 The financial statements were approved and aulhorised for issue by the Board on . Signed on behalf of the board of Truste&s'. Signature A) LioJnLftL- Name Trustee Page 12 of20

Charity registration no: 1167938

GiveDirectly UK Statement of cash flows

For the year ended 31 December 2020

Note
Cash flows from operating activities
11
Net cash provided by / (used in) operating
activities
Change in the year
Cash at the beginning of the year
Cash at the end of the year
12
Analysis of Changes in Net Debt
At 31
December
2019
£
Cash at bank and in hand
507,468
Total
507,468		 Note
Cash flows from operating activities
11
Net cash provided by / (used in) operating
activities
Change in the year
Cash at the beginning of the year
Cash at the end of the year
12
Analysis of Changes in Net Debt
At 31
December
2019
£
Cash at bank and in hand
507,468
Total
507,468		 2020
(133,009)
(133,009)
507,468
374,459		 2019
325,777
325,777
181,691
507,468
Cashflows
£
(133,009)
(133,009)		 At 31
December
2020
£
374,459
374,459
507,468

Page 13 of 20

Charity registration no: 1167938

GiveDirectly UK Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2015), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) applicable to smaller entities and the Charities Act 2011. The presentational currency of the financial statements is Pound Sterling (£).

The charity is a Trust registered with Charity Commission. The registered office address is given in the charity information page.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Public benefit entity

The Trust meets the definition of a public entity under FRS 102.

c) Going concern

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. Further details are provided in the Trustees’ report under reserve policy and assessment of risks due to Covid-19.

Key judgements that the trust has made which have a significant effect on the accounts include estimating accrued income for gift aid claims.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustments to the carrying amounts of assets and liabilities within the next reporting period.

d) Income

Income is received by way of grants and donations and is included in full in the Statement of Financial Activities, recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probably that the income will be received and that the amount can be measured reliably.

Income tax recoverable in relation to Gift Aid donations is recognised at the time the relevant income is receivable.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity on an accrual basis.

e) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes and are available for use at the discretion of the Trustees in futherance of the general objects of the Trust.

Page 14 of 20

Charity registration no: 1167938

GiveDirectly UK Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies (continued)

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

g) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity is apportioned to Grant Making activity in full.

h) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

i) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

j) Creditors and provision

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

h) Financial Instruments

The Trust has only basic financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 15 of 20

Charity registration no: 1167938

GiveDirectly UK Notes to the financial statements

For the year ended 31 December 2020

2 Income from donations and legacies

Donations receivable
Gift aid receivable		 2020
2019
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
2,070,548
-
2,070,548
2,382,909
38,188
2,421,097
7,377
-
7,377
64,397
64,397
2,077,925
-
2,077,925
2,447,306
38,188
2,485,494

3 Analysis of expenditure

Unrestricted

Grants payable
GiveDirectly Inc
Auditors remuneration
Charges
Support costs
Total expenditure 2020
Total expenditure 2019
Restricted
Grants payable
GiveDirectly Inc
Total expenditure 2020
Total expenditure 2019		 Cost of
Raising
funding
£
-
-
21,047
-
21,047
10,319
Cost of
Raising
funding
£
-
-
-		 Charitable
Activity
Grant
Making
£
2,111,358
-
-
5,648
2,117,006
2,052,553
Grant
Making
£
38,188
38,188
-		 Support
costs
£
-
3,420
2,228
(5,648)
-
-
Support
costs
£
-
-
-		 2020
Total
£
2,111,358
3,420
23,275
-
2,138,053
2,062,872
2020
Total
£
38,188
-
38,188
-

Page 16 of 20

Charity registration no: 1167938

GiveDirectly UK

Notes to the financial statements

For the year ended 31 December 2020

3 Analysis of expenditure (continued)

Unrestricted

Grants payable
GiveDirectly Inc
Auditors remuneration
Charges
Support costs
Total expenditure 2019		 Cost of
Raising
funding
£
-
-
10,319
-
10,319		 Charitable
Activity
Grant
Making
£
2,047,000
-
-
5,553
2,052,553		 Support
costs
£
-
5,460
93
(5,553)
-		 2019
Total
£
2,047,000
5,460
10,412
-
2,062,872

4 Grant making

GiveDirectly Inc. (“GiveDirectly”) is a US-based non-profit organisation that operates direct cashtransfer programmes using mobile-payment technology. It is a related party as explained in Note 5.

The Trust provides ongoing financial assistance by making grants towards extremely poor households located in Kenya, Uganda, Rwanda and Malawi. This financial assistance programme is operated by GiveDirectly.

Projects funded by grants to GiveDirectly

Cost
Kenya (standard campaign)
Rwanda (standard campaign)
Uganda (standard campaign)
Malawi (standard campaign)
Rwanda refugees project
Uganda refugees project
Kenya COVID Response
Malawi COVID Response
Rwanda COVID Response
At the end of the year		 2020
£
560,000
-
-
330,000
-
38,188
170,000
610,679
440,679
2,149,547		 2019
£
614,167
419,166
419,167
136,000
458,500
-
-
-
2,047,000

Page 17 of 20

Charity registration no: 1167938

GiveDirectly UK

Notes to the financial statements

For the year ended 31 December 2020

4 Grant making (continued)

Kenya (Standard Campaign): Distributing direct cash transfers via mobile payment technology to households in Kenya.

Malawi (Standard Campaign): Distributing direct cash transfers via mobile payment technology to households in Malawi.

Uganda Refugees Project: Distributing direct cash transfers via mobile payment technology to refugees in the Kiryandongo settlement in Uganda.

Kenya COVID Response: Reaching recipients in urban settlements through a partnership with SHOFC, as part of GiveDirectly US’s remote payments program that is responding to the pandemic.

Malawi COVID Response: Working with Concern Worldwide to target vulnerable households in Lilongwe, as part of GiveDirectly US’s remote payments program that is responding to the pandemic.

Rwanda COVID Response: Working with the Government of Rwanda to distribute funds to families who have lost income/jobs, as part of GiveDirectly US’s remote payments program that is responding to the pandemic.

5 Related party transactions

GiveDirectly UK is the official UK partner of GiveDirectly, a US based charity. Donations to GiveDirectly UK (less transaction fees) are granted to GiveDirectly for cash transfer programs in Africa. Paul Friderichk Niehaus is a Trustee of GiveDirectly UK and is the Chairman of GiveDirectly.

In the year ended 31 December 2020, total payments of £2,149,547 were made to GiveDirectly (2019: £2,047,000).

6 Taxation

The Trust is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

7 Debtors

Other debtors
Accrued income		 2020
£
-
160,243
160,243		 2019
£
7,708
118,844
126,552

Page 18 of 20

Charity registration no: 1167938

GiveDirectly UK

Notes to the financial statements

For the year ended 31 December 2020

8 Creditors: amounts falling due within one year

Accruals 2020
£
4,400
4,400		 2019
£
5,400
5,400

9 Analysis of net assets between funds

Net current assets
Net assets at the end of the year
Net current assets
Net assets at the end of the year		 General
Unrestricted
£
530,305
530,305
General
Unrestricted
£
590,432
590,432		 2020
Restricted
£
-
-
2019
Restricted
£
38,188
38,188		 Total funds
£
530,305
530,305
Total funds
£
628,620
628,620

10 Movements in funds

Restricted funds:
Refugees project
Total restricted funds
Unrestricted
funds:
General funds
Total unrestricted funds		 At 1 January
2020
£
38,188
38,188
590,432
590,432		 Incoming
resources
& gains
£
-
-
2,077,926
2,077,926		 Outgoing
resources
& losses
£
(38,188)
(38,188)
(2,138,053)
(2,138,053)		 Transfers
£
-
-
-
-		 At 31
December
2020
£
-
-
530,305
530,305

Page 19 of 20

Charity registration no: 1167938

GiveDirectly UK

Total funds

Notes to the financial statements

For the year ended 31 December 2020

10 Movements in funds (continued)

Restricted funds:
Refugees project
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted
funds
Total funds		 At 1 January
2019
£
-
-
205,976
205,976
205,976		 Incoming
resources
& gains
£
38,188
38,188
2,447,328
2,447,328
2,485,516		 Outgoing
resources
& losses
£
-
-
(2,062,872)
(2,062,872)
(2,062,872)		 Transfers
£
-
-
-
-
-		 At 31
December
2019
£
38,188
38,188
590,432
590,432
628,620

Purposes of restricted funds

Donations received for the refugees project are to be used for grant payments for distributing direct cash transfers via mobile payment technology to households in Africa.

11 Reconciliation of net income / (expenditure) to net cash flow from operating

activities

Net income / (expenditure) for the reporting period
(increase)/ decrease in debtors
Increase / (decrease) in creditors
Net case provided by /used in operating activities
2 Analysis of cash and cash equivalents
At 1
January
Cash flows
2020
£
£		 2020
(98,315)
(33,694)
(1,000)
(133,009)
Other
Changes
£		 2019
422,644
(100,887)
4,020
325,777
At 31
December
2020
£

12 Analysis of cash and cash equivalents

Page 20 of 20

Charity registration no: 1167938

GiveDirectly UK
Cash in hand
Total cash and cash equivalents		 507,468
507,468		 (133,009)
(133,009)		 -
374,459
-
374,459

Page 21 of 20