**Charity number: 1184592** 

## **THE OPENWORK FOUNDATION** 

**Trustees’ Report and Financial Statements For the year ended 31 December 2022** 



## **Reference and Administrative Information** 

## **Trustees** 

_resigned September 2022_ 

Zoe Bassett _resigned September 2022_ Clifford Gray Nicholas Hayes _reappointed September 2022_ Michael Jukes _reappointed September 2022_ Tasnim Khalid Ian Lovett _reappointed September 2022_ Erica Mandryko _appointed September 2022_ Paul Mitchener (Chair) _reappointed September 2022_ John Roberts _reappointed September 2022_ 

**Head of the Openwork Foundation** Samantha Tesch 

**Registered Charity Number** 1184592 

## **Principal office** 

Auckland House Lydiard Fields Swindon SN5 8UB 

## **Independent Auditors** 

Critchleys Audit LLP Beaver House 23 - 38 Hythe Bridge Street Oxford OX1 2EP 

## **Bankers** 

Lloyds Bank plc Lewisham Branch (309089) 120 Lewisham High Street Lewisham SE13 6JG 

The Openwork Foundation 

Charity number: 1184592 

**3** 



## **Trustees’ Report (continued)** For the year ended 31 December 2022 

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **Chair’s report – Paul Mitchener** 

It is my honour in my first year as Chair of the Openwork Foundation to thank Ian Lovett, the outgoing Chair of Trustees, for his leadership of the Foundation in its transition to a regulated charity and his knowledge and wisdom of the Foundation’s heritage. I am also delighted that Ian will continue to sit on the Board, as an independent trustee on the Board. 

I also welcome Erica Mandryko as a new trustee, representing The Openwork Partnership Executive and employees, and acknowledge Zoe Bassett’s resignation as a trustee and her valued contribution to the Board meetings and support at fundraising events and in identifying and building relationships with the national charity partners. 

We are very grateful to The Openwork Partnership, advisers and employees for their support of The Openwork Foundation, which has always been at the heart of the business. Through the continued fundraising, donations and charity nominations of The Openwork Partnership and its advisers and employees, The Openwork Foundation has been able to help improve the lives of thousands of vulnerable people through its grant programme. 

We were encouraged to see adviser and employee regular giving income increase and individual fundraising income continue in line with 2021. Maintaining the necessary critical mass to underwrite our grant programme has been a positive characteristic of the year in review which continued to be impacted by economic and Covid-19 dynamics. As pandemic restrictions eased, employees completed team volunteering challenges with 11 local charities; activities included Easter and Festive appeals, gardening and painting. The Openwork Foundation team organised teams for two national running events, the annual charity evening at the Lord’s Cricket Ground and the return of the annual overseas cycle challenge.  The cycle challenge took place in Albania involving 22 advisers and employees from across all businesses within The Openwork Partnership. 

Appropriate corporate alignment can be validated by continuation of the 50% company donation matching, recognition within The Openwork Partnership strategy and a prominence within the business’ Community Corporate Social Responsibility (CSR) pillar. 

. 

. 

## **Our Purpose and activities** 

## **Summary** 

The Openwork Foundation (“Charity”) obtained its own registered charitable status on 25 July 2019, having previously been a designated fund in Zurich Community Trust (UK) Limited (charity number 266983).  It formally separated from ZCT on 31 December 2019. 

The Openwork Foundation has been proud to change lives and through the contributions made by its supporters, make a difference to vulnerable communities. 

The Charity is a public benefit entity, and the Trustees consider all Charity Commission guidance on public benefit. It fulfils its objectives to deliver public benefit through charity partnerships and its grant programmes. 

## **Grant Making policy and programmes** 

The annual budget available for grants is approved by the Trustees and is allocated across three programmes areas; National Charity Partnerships, Sponsored Grants and Discretionary Grants. Advisers and employees across The Openwork Partnership can nominate charities they would like to support for a sponsored or discretionary grant. 

## **National Charity Partners** 

The national charity partnerships with Dementia UK and Cruse Bereavement Support continued in to their second year with each charity receiving an annual grant of £50,000. 

Each charity attended The Openwork Partnership financial adviser business conference in June 2022, to build knowledge and awareness of the services they provide. They also attended the Openwork Foundation annual charity evening, meeting guests including Openwork Partnership advisers and directors who heard directly from two beneficiaries. The evening also provided the opportunity for the guests to donate to the charities. 

The Openwork Foundation 

Charity number: 1184592 

**4** 



## **Trustees’ Report (continued)** 

## For the year ended 31 December 2022 

## **Dementia UK** 

Our partner grant of £50,000 funded a full-time Admiral Nurse on their Dementia Helpline, proving specialist dementia support and guidance to families facing dementia. During 2022, the Helpline received 33,417 contacts, an average of 2,784 a month, and calls of a complex nature have increased since the pandemic.  This is especially in relation to safeguarding concerns with carers and persons with dementia, where this is an increasing sense of desperation in the themes of enquiries to the Helpline and Clinics services. 

The primary reasons for the calls to the helpline were: 

- Accessing support; 

- Understanding and support for Dementia; 

- Getting a diagnosis; 

- Behaviour; and 

- Care options. 

## **Cruse Bereavement Support** 

Our partner grant of £50,000 funded a dedicated Children and Young Person (CYP) Manager and the training of volunteers and volunteer supervisors to expand the charity’s services and support for grieving children and young people across England, Wales and Northern Ireland. 

Since the previous reporting period, Cruse has trained 30 CYP volunteers, giving a total of 60 volunteers and 33 supervisors now supporting children and young people. A ‘National Strategic Lead’ has been recruited to recognise the level of skill and commitment required to further develop its CYP services and Cruse has secured additional funding from Mind to complement CYP work funded by the Openwork Foundation, including strategy development. 

## **Sponsored Grants** 

The Trustees have delegated the review and decision-making process for the sponsored grants to the Grant Committee which reviews each application before making a final decision. They recognised that the maximum sponsored funding of £10,000 has been in place for over 15 years and given the continued financial pressures on service provider charities they have increased the maximum sponsored grant to £15,000. The Grant Committee comprises of a Board Trustee and current and retired advisers and employees within The Openwork Partnership and they meet on a quarterly basis. 

Discretionary Grants are reviewed and agreed by the Openwork Foundation team. 

## **Raising funds** 

The Charity generates income from a range of activities: 

- an annual donation from The Openwork Partnership, as part of an agreed funding contribution; 

- regular donations from fee and bank accounts from The Openwork Partnership self employed financial advisers and employees; 

- regular voluntary donations through payroll giving from The Openwork Partnership employees; 

- operating a monthly society lottery; 

- fundraising activity such as raffles and bingo; and 

- larger scale fundraising events such as marathons, cycle event and a charity evening. 

The Trustees receive regular progress reports and financial management information which includes information on fundraising income and expenditure. The Charity follows the Code of Fundraising Practice. 

The Trustees have a continuing focus to ensure that the ratio of resources applied to generating income is appropriate for the Charity. 

## **Achievements and performance** 

The Trustees completed an annual planning exercise with the Openwork Foundation team and chairs of the Fundraising and Grant Committees which is approved by the Trustees. These plans include targets and a range of activities to achieve the targets. Following a relaxation of overseas travel restrictions the annual cycle challenge returned, taking place in Albania.  Flexible working arrangements continue to impact on office-based fundraising, and employees reengaged with volunteering challenges, supporting local charities. Adviser and employee individual fundraising income was similar to 2021 and regular giving income continues to increase.  The advisers and employees supported the DEC Ukraine appeal and a discretionary grant was awarded by the Charity. 

The Openwork Foundation 

Charity number: 1184592 

**5** 



**Trustees’ Report (continued)** For the year ended 31 December 2022 

## **2022 Objectives** 

- £506,617 gross income was generated against a target of £470,000. 

- £686,243 was awarded in grants (2021: £548,600) to 66 charities including restricted funding to support the DEC Ukraine appeal. 

- 11 charities were supported through team challenges. 

- Trustee succession planning in place. 

- Gift Aid campaign supported by Foundation Ambassadors and collected 48 new declarations. 

## **Income from donations** 

In addition to the £229,829 charitable donation from The Openwork Partnership (2021: £322,248) and £191,510 of donated services (2021: £183,968), a further £23,022 was received from Zurich Community Trust representing income generated by advisers in The Openwork Partnership. £532,625 was raised via advisers and employees within The Openwork Partnership (2021: £460,304). This was achieved through regular giving, specific charity appeals and various fundraising activities as shown in the table below: 

|Regular Giving|£231,013|
|---|---|
|Advisor and colleague fundraising and donations|£101,218|
|Key Events, Cycle & Running Events|£130,319|
|Restricted Fundraising appeals|£26,008|
|Charity Lottery|£9,688|
|Other|£34,379|
|**Total**|**£532,625**|



## **Fundraising** 

The Charity does not engage professional fundraisers and raises funds from The Openwork Partnership business, advisers and employees. Fundraising from members of the public is very limited and mainly occurs through sponsorship donations advisers and employees of The Openwork Partnership may seek when they are taking part in fundraising events, most of which is received through the online giving sites. 

Occasionally external friends and family members of The Openwork Partnership advisers and employees join key fundraising events such as the London Marathon if places are not taken up by the advisers and employees. The Charity received no complaints on its fundraising practices. 

Fundraising activities in 2022, included the annual charity evening, the return of the annual overseas cycle challenge a range of individual fundraising events. 

## **Impact** 

The Charity measures the impact of its grant programmes through feedback surveys from sponsored grant recipients. For all national partnerships, a condition of future years funding, is the receipt of a satisfactory impact and progress report. 

Of the grants were awarded to charities in 2022 the social issues supported were: 

||**2022**|**2021**|
|---|---|---|
|Vulnerable Young People|20%|15%|
|Physical Disability/Learning Difficulties|13%|22%|
|Health Impairment|11%|11%|
|Older People|11%|10%|
|Bereavement|10%|14%|
|Mental Health|10%|5%|
|Life Limiting Conditions|7%|7%|
|Emergency Relief|6%|-|
|Economically Disadvantage|6%|6%|
|Other|7%|5%|



The Openwork Foundation 

Charity number: 1184592 

**6** 



## **Trustees’ Report (continued)** For the year ended 31 December 2022 

30 impact surveys were returned in 2022 (2021: 45) from recipients of a Sponsored Grant and they  show us that our grants have: 

|<br>ur grants have:|||
|---|---|---|
||**2022**|**2021**|
|Helped keep an existing service going|47%|51%|
|Helped expand a service|40%|27%|
|Enabled a new service|10%|18%|
|The organisation has become more sustainable|3%|4%|



## **Financial review** 

The Charity fundraising income has increased and is 94% of income generated prior to the pandemic. Funding requests from charitable organisations focussed on generating funds to meet their operational costs and expand existing services following the pandemic. The Charity was able to respond to the increase in requests through adapting its grant programme, whilst remaining within its annual budgets. 

£231,013 of income was from The Openwork Partnership adviser and employee regular donations (2021: £223,185). All income, after fundraising expenses, is uplifted by 50% by The Openwork Partnership, as a charitable donation. 

## **Reserves Policy** 

As at 31 December 2022 the total funds were £1,233,990 (2021: £1,210,370). 

Unrestricted funds are needed to enable the Charity to cover its core funding to manage its commitments should the current funding arrangement with The Openwork Partnership change or cease. The Trustees require that a general reserve equating to approximately twelve months grant budget (to support new applications and partner grants) and fundraising expenses should be maintained to achieve this. This will enable the Charity time to support its grant programme, ahead of receiving income from forthcoming fundraising activities, or either source alternative funding or to manage any commitments to conclusion. 

Restricted funds can only be expended in accordance with specific restrictions, either by the wishes of the donor or by the nature of the appeal. 

The Charity’s general funds are £1,233,990 with no restricted funds. The Charity funds are held in an instant access current account. The reserves policy is annually reviewed by the Head of The Openwork Foundation and Board of Trustees and monitored regularly. 

At the end of 2022, the level of reserves exceeded the policy and the Trustees agreed to further increase funding available through the sponsored grant programme, to ensure the excess reserves benefit vulnerable people. 

## **Going Concern** 

The Trustees are satisfied that the Charity has access to adequate resources to enable it to continue to operate for the foreseeable future. The Trustees also recognise the impact of the challenging economic climate, which has continued into 2023 and will continue to monitor the level of reserves. There is no indication that the Charity would have insufficient funds to fulfil its obligations and pay its liabilities and the Trustees agree there are no material uncertainties about the Charity’s ability to continue to operate. 

## **Plans for future periods** 

In 2022, the Trustees increased the sponsored grant programme budget to allocate free reserves and has agreed its strategic vision for 2023 – 2026, to: 

1. The Foundation is embedded within all business areas of The Openwork Partnership with increased donors 

2. £1m income per annum (including uplift from The Openwork Partnership) 

3. £1.1m per annum awarded in grants to a wider range of charities 

The Trustees agreed to develop more diversity with the Board, with the intention to appoint two new trustees. Succession planning for the Foundation Team will be a priority in 2023, following the departure of a member of the team and the charity’s strategic vision which will increase engagement and require collaborative working with business areas in The Openwork Partnership. 

The Openwork Foundation 

Charity number: 1184592 

**7** 



**Trustees’ Report (continued)** For the year ended 31 December 2022 

## **Structure, Governance and Management** 

## **Constitution** 

The Openwork Foundation is a charitable incorporated organisation (CIO) and was first registered with the Charities Commission on 25 July 2019. The Charity is governed by a foundation constitution. 

A Board Charter exists which should be read in conjunction with the constitution and, sets out the Board’s responsibilities, Matters Reserved, Board Composition, Board proceedings, Review of Board Effectiveness and Board authorities. 

## **Organisation Structure** 

The Openwork Foundation is not affiliated with any umbrella groups. The Foundation’s major donor is The Openwork Partnership and as such has a very close working relationship with its management team, advisers and employees. The Charity’s Board of Trustees operate independently in the best interests of the Charity and is supported, by a Fundraising Committee, Grant Committee, and the Head of the Openwork Foundation. Each Committee has a ‘Terms of Reference’ with delegated responsibilities and the Head of the Openwork Foundation has delegated responsibilities for the day to day running of the Charity. 

The Openwork Partnership advisers and employees are involved in supporting the delivery of the grant giving, fundraising, volunteering programmes under the guidance and responsibility of the Openwork Foundation Team, in line with the delegation document from the Board of Trustees. 

The Charity has an ongoing Memorandum of Understanding with The Openwork Partnership which sets out the framework by which both parties will operate and that The Openwork Partnership will contribute financial and other support to the Charity to pursue charitable activities. The Openwork Partnership will employ staff (the Openwork Foundation team) through Openwork Services Limited to manage the operational activity of the Charity. The operational costs of running the Foundation will be met by The Openwork Partnership on an ongoing basis. The Openwork Partnership will also provide fully maintained premises, IT infrastructure, support from its Finance Team, telephony and postal services and normal level of professional and legal services to the Foundation at no cost.  At least 12 months notice must be given in writing if The Openwork Partnership should decide to terminate this support to the Charity. 

The Charity has a commitment from The Openwork Partnership to maintain its financial and other support until the end of 2024. 

The Charity works in collaboration with its national charity partners and helps support them in achieving their respective agreed objectives. These objectives are mutually agreed at the outset of any partnership and supported by a Memorandum of Understanding which is reviewed annually and supported by regular reviews and progress reports. 

## **Trustee Recruitment, Induction and Training** 

The Charity’s constitution states that a minimum of three Trustees are required to exercise any discretion of power. A new Trustee may be appointed at any time, either as a replacement or as an additional Trustee. At the end of 2022 there were eight active Trustees, including two independent Trustees. 

The recruitment of Trustees external to The Openwork Partnership is through a referral basis and a selection process. The Trustees who are part of The Openwork Partnership are selected based on their ability to be effective Trustees and to provide the required level of influence within The Openwork Partnership to enable the Charity to achieve its objectives. All Trustee appointments are proposed and approved by the Board of Trustees. 

New Trustees are given a formal induction, with the opportunity to meet members of the wider Openwork Foundation team. They receive an induction pack with relevant materials such as copies of previous reports, financial reports, minutes of Trustee and committee meetings, a copy of the Charity Commission's guidance “Welcome – you’re a charity trustee” and are required to read and sign a Code of Conduct Declaration. 

The Trustees receive any relevant updates and guidance on their role as Trustees and the effectiveness of the current Trust Board is reviewed by the Chair in consultation with the Trustees. 

## **Risk Management** 

The Trustees assess the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate the exposure to the major risks. The Charity has adopted the risk framework used within The Openwork Partnership to monitor its risks on a quarterly basis. The Charity is exposed to business operating and financial risk. The specific financial risks are limited to liquidity risk and credit risk. 

The Openwork Foundation 

Charity number: 1184592 

**8** 



## **Trustees’ Report (continued)** 

For the year ended 31 December 2022 

## Business operating risk 

The Trustees recognise the continued risks from the economic climate; increasing inflation and interest rates and have considered the operational impact on the Charity and its supporters and their ability to maintain their support. The Charity has adopted The Openwork Partnership framework for business continuity plans and as such the Trustees believe that the Charity is positioned to cope with the impact of any changes in circumstances as they may arise. 

Another business risk is the Charity’s reliance on The Openwork Partnership for support in IT, HR, Facilities and Finance. The Trustees have representation on The Openwork Partnership Executive management team to help mitigate this risk. 

As a funder of other organisations, the Charities Commission have imposed a responsibility on the Charity to undertake due diligence on the organisation it is funding to check its safeguarding policies and practices. There is a risk the Charity could be involved in financially supporting an organisation where there is a safeguarding breach with the potential consequent reputational damage. The Charity has a separate risk relating to a safeguarding and the Openwork Foundation Team has attended specific safeguarding training for funder organisations. 

## Liquidity risk 

Liquidity risk is the risk that cash may not be available to pay obligations due to the potential loss of donation income and engagement from The Openwork Partnership where there are competing demands on The Openwork Partnership advisers and employees time, reduced disposable income, limited profile at Openwork Partnership business events and flexible working arrangements. 

The Charity’s finances are actively managed and monitored to ensure that sufficient funds are available to meet liabilities as they fall due. The Trustees are of the opinion that any liquidity risk that the Charity faces is mitigated. 

The Openwork Foundation 

Charity number: 1184592 

**9** 



Statement of Trustees, Responsibilities
To the Trustees of The Openwork Foundatson
Ststsment of TnBtees' responsibilities
The Trustees are responsible for preparing the TnJsle&s' Annual Report and the financial statements in arLordan
with applicable law and UnilÈd lfjngdom Accounting Standards (Final￿181 Reporting Slandafd 1021.
Chawty law rgquires the Tiustees to prepare accounts for each finanrial year which g￿e a tRJe and fair view of the
stsle of affairs of the Charity at the year end and of its income and eXpendi￿re durFng that year. In prepadng the
financial statements, the Trustees are required to..
select suitable accounting poliaes and then apply Ihern consistentty:
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and pwdeTrt.,
stste whether applicable accounting standards have been followed, 8ubje¢t to any malerfal Llepartures
disclosed and explained in the financjal statements.,
prepare the finanaal statements on the going COr￿EM basis unless it is inapprDpriale to presume Ih8t this
basis applies.
The Trustees are Tesponsible for keeping accounting records which disdose with reasonable a￿UraCY the financial
PO8thon of the Charity and which en8ble them to ensure that the accwnts comply wth the Charities Act 2011, the
Charity (Accounts and Reports) Regulations 2008 and the provision$ of the Trust Deed. They are also responsib
for safeguarding the assets of the Charity and hence for taking reasonable steps for the preven*ion and dete(*ion
of fraud and other irregularities.
They are also ￿$t￿)n￿ble for Klentrfying the major risks to which the Charty is exposed, reviewing those risks arKI
establishing systems to mitigate them.
The financial stslements a(xompanying this report Comply wth ojrrent stat￿Ory requirements and the constitution
of the charitable incorporaled organisation ICIO}.
proved by order of the Board of Tnjstees on 26 September 2023 and signed on ((s behalf by..
ener
Tru8ts9
Charrty number. 1184592
The O￿nwork Foundation
10

## **Independent Auditors’ Report** 

To the Trustees of The Openwork Foundation 

## **Opinion** 

We have audited the financial statements of The Openwork Foundation (‘the Charity’) for the year ended 31 December 2022 which comprise Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting 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_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the Charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

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

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustee’s 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 Openwork Foundation’s ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, including the Trustees’ report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report. 

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: 

- the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

The Openwork Foundation 

Charity number: 1184592 

**11** 



**Independent Auditors’ Report (continued)** To the Trustees of The Openwork Foundation 

## **Responsibilities of Trustees** 

As explained more fully in the Trustees’ responsibilities statement (set out on page 10), the Trustees 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 control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

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

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the Charity through discussions with Trustees and other management, and from our knowledge and experience; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity. 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 

To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgments and assumptions made in determining the accounting estimates were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

The Openwork Foundation 

Charity number: 1184592 

**12** 



## **Independent Auditors’ Report (continued)** To the Trustees of The Openwork Foundation 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; and 

- reviewing relevant correspondence. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the 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. 

Critchleys Audit 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. 

## **Use of our report** 

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the 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 Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Katherine Wilkes For and on behalf of Critchleys Audit LLP (Statutory Auditor) 

Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP 

2 October 2023 

The Openwork Foundation 

Charity number: 1184592 

**13** 



## **Statement of Financial Activities** 

For the year ended 31 December 2022 

|For the year ended 31 December|2022|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total**|**Total**|
|||2022|2022|**2022**|**2021**|
||Note|£|£|**£**|**£**|
|**Income from:**||||||
|Donations|3|707,895|-|**707,895**|764,765|
|Charitable activities|4|243,083|26,008|**269,091**|217,856|
|**Total income**||950,978|26,008|**976,986**|982,621|
|**Expenditure on:**||||||
|Charitable activities|5|660,235|26,008|**686,243**|548,600|
|Raising funds|6|75,613|-|**75,613**|51,421|
|Support costs|8|191,510|-|**191,510**|183,968|
|**Total expenditure**||927,358|26,008|**953,366**|783,989|
|||||||
|**Net movement in funds**||**23,620**|-|**23,620**|198,632|
|**Reconciliation of funds:**||||||
|Total funds brought forward||1,210,370|-|**1,210,370**|1,011,738|
|**Total funds carried forward**||**1,233,990**|-|**1,233,990**|1,210,370|



The Openwork Foundation 

Charity number: 1184592 

**14** 



Balance Sheet
As at 31 December 2022
Note
2022
2021
A88ets
Current assets
Debtors
297,1)02
356,088
Cash 81 bank
10
940,293
863,165
Total assets
1,237,29S
1,219,253
Uabllltles
ltiabilifres
Creditors
3.30S
8.883
Totsl liabilitie
3,305
8,883
Total net assets
1,233,990
1,210.370
The funds of the charity
Rest￿Cted funds
12
Unrestricted funds
1.233,990
1,210,370
Totsl charity funds
1,233,990
1,210.370
Paul Mitchener
Trustee
26 September 2023
Charity nLvnber. 1184592
OkEnwcrk Foundation
16

## **Cash Flow Statement** 

For the year ended 31 December 2022 

|**Cash Flow Statement**<br>For the year ended 31 December 2022||||
|---|---|---|---|
|||**2022**|**2021**|
||Note|**£**|**£**|
|**Cash flows from operating activities**||||
|Net movement in funds||23,620|198,632|
|Decrease / (Increase) in debtors||59,086|(166,052)|
|(Decrease) / Increase in creditors||(5,578)|2,348|
|**Net cash generated from operating activities**||**77,128**|**34,928**|
|**Net increase in cash at bank**||**77,128**|**34,928**|
|Cash at bank at start of year|10|**863,165**|**828,237**|
|**Cash at bank at end of year**|10|**940,293**|**863,165**|



The Openwork Foundation 

Charity number: 1184592 

**16** 



**Notes to the Financial Statements** 

for the year ended 31 December 2022 

## **1. General information** 

The Openwork Foundation is a Charitable Incorporated Organisation, registered in England and Wales, charity number 1184592. The address of the principal office is Auckland House, Lydiard Fields, Swindon, SN5 8UB. 

The Openwork Foundation provides support to vulnerable people to improve their quality of life through grant programmes. National and local programmes are selected from a nomination process and not open to application. 

## **2. Accounting policies** 

## **Basis of preparation of financial statements** 

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

The financial statements have been prepared under the historical cost convention. 

The presentation and functional currency of these financial statements is Pounds Sterling. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

Income received from Regular Giving represents regular donations from advisers and staff. Company matching represents income from Openwork Holdings Limited which matches 50% (2021: 75%) of all income including regular donations, fundraising activities (less associated costs) and donations. 

In the event of income pledged but not received, the amount is accrued for where the receipt is considered probable. In the event income pledged is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting year. 

## **Donated Services** 

Employee and other administration support costs are donated services received from Openwork Services Limited (“OSL”). They are accounted for as Donated services within Note 3 and as Support costs within Note 6. The valuation basis is the actual costs that are incurred by OSL. 

## **Audit Remuneration** 

Auditors’ remuneration in respect of services provided to the Charity was settled by OSL in the year to 31 December 2022. This auditor remuneration was not recharged to the Charity by OSL. No fees were received by the Charity’s auditors in respect of other services. 

## **Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a creditor, but not accrued as expenditure. 

## **Taxation** 

The Foundation is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 

## **Debtors** 

Debtors are recognised at the settlement amount, less any provision for non-recoverability. They have been discounted to the present value of the future cash receipt where such discounting is material. 

## **Cash at bank** 

Cash at bank 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. 

The Openwork Foundation 

Charity number: 1184592 

**17** 



**Notes to the Financial Statements (continued)** for the year ended 31 December 2022 

## **2.   Accounting policies (continued)** 

## **Creditors** 

Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **Financial instruments** 

The Charity only has 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. 

## **Critical accounting estimates and judgements** 

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revising affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

In the view of the Trustees, in applying the accounting policies adopted, no critical judgements were required that have a significant effect on the amounts recognised in the financial statements. 

## **3. Income from donations** 

|Donation from Zurich Community Trust (UK) Ltd<br>Company matching<br>Regular Giving<br>Tax recoverable on gift aided donations<br>Donated services|**2022**<br>**£**<br>**2021**<br>**£**<br>23,022<br>16,101<br>229,829<br>322,248<br>231,013<br>223,185<br>32,521<br>19,263<br>191,510<br>183,968|
|---|---|
||**707,895**<br>**764,765**|



The Openwork Partnership provides company matching to the Charity each year based on 50% (2021: 75%) of income generated by the advisers and employees in The Openwork Partnership, after fundraising expenses. 

The Openwork Foundation 

Charity number: 1184592 

**18** 



**Notes to the Financial Statements (continued)** for the year ended 31 December 2022 

## **4. Income from charitable activities** 

|**.**<br>**Income from charitable activities**||
|---|---|
|Adviser and colleagues fundraising<br>Key Events, Cycle, Treks, Running Events<br>Lottery<br>Other|**2022**<br>**£**<br>**2021**<br>**£**<br>127,226<br>99,631<br>130,319<br>107,212<br>9,688<br>9,299<br>1,858<br>1,714|
||**269,091**<br>**217,856**|



Fundraising activities include a monthly bingo, individual fundraising activities, the annual charity evening and the return of the annual cycle challenge and £26,008 was received from The Openwork Partnership advisers and employees on a restricted basis which will be used to support specific charities through the grant programme. 

## **5. Expenditure on charitable activities** 

All grants paid in 2022 were made to charitable institutions in line with the current governance arrangements and delegated authorities for approval of grants made by the Charity. 

|Restricted<br>Sponsored<br>National Partner<br>Discretionary|**2022**<br>**£**<br>**2021**<br>**£**<br>26,008<br>5,040<br>533,058<br>433,834<br>100,000<br>100,000<br>27,177<br>9,726|
|---|---|
||**686,243**<br>**548,600**|



Dementia UK received £50,000 to fund an Admiral Nurse on their Dementia Helpline. Cruse Bereavement Support received £50,000 to develop their services and support for grieving children and young people.  In 2022, as reported in the last reporting period the Trustees increased the maximum sponsored grant from £10,000 to £15,000, given the continued financial pressures on service provider charities.  16 charities each received a sponsored grant of £15,000, 16 received between £10,000 and £15,000 and a further 14 charities received a sponsored grant for less than £10,000. 

Restricted donations from The Openwork Partnership advisers and employees’ donations generated income of £25,055 for the DEC Ukraine appeal and a further £18,000 was donated by the Charity as a discretionary grant. 

There were no further material grants provided to other institutions. 

|National Partner Grants<br>Cruse Bereavement Support<br>Dementia UK<br>Sponsored Grants<br>Accuro<br>Aching Arms<br>Bloomin' Arts<br>Blue Smile<br>Carlisle Youth Zone<br>Challengers<br>Children 1st<br>Daisy Chain Project Teesside<br>David Shepherd Wildlife Foundation|**2022**<br>**£**<br>**2021**<br>**£**<br>50,000<br>50,000<br>50,000<br>50,000|
|---|---|
||**100,000**<br>**100,000**|
||**2022**<br>**£**<br>**2021**<br>**£**<br>-<br>10,000<br>-<br>10,000<br>15,000<br>-<br>15,000<br>10,000<br>10,000<br>-<br>15,000<br>-<br>15,000<br>-<br>12,360<br>-<br>15,000<br>-|



The Openwork Foundation 

Charity number: 1184592 

**19** 



## **Notes to the Financial Statements (continued)** 

for the year ended 31 December 2022 

|Focus Charity<br>Forget Me Not Children's Hospice<br>Goals Beyond Grass<br>Holding On Letting Go<br>Home-Start Kettering<br>Home-Start Wellingborough & District<br>Hope and Homes for Children<br>Hull Homeless Community Project<br>Ickle Pickles Children's Charity<br>Inner Flame<br>Leonard Cheshire<br>Longfield Community Hospice Care<br>Love146<br>Maggie's<br>Molly Olly's Wishes<br>Mosaic 1898<br>North London Hospice<br>Northampton Saints Foundation<br>Over The Wall<br>Pimlico Musical Foundation<br>Prospect Hospice<br>Purple Community Fund<br>Riverside Counselling Services<br>Roald Dahl’s Marvellous Children’s Charity<br>Rockinghorse Children's Charity<br>Romsey Young Carers<br>Rowan Humberstone<br>St Barnabas Hospices (Sussex)<br>St Nicholas World Development Group<br>St Peter's Hospice<br>Stoke City Community Trust<br>Swindon MS & Neuro Therapy Centre<br>Swindon Women's Aid<br>Swings and Smiles<br>The Change Foundation<br>The Grace Eyre Foundation<br>The Open Door Centre (Swindon & District) Ltd<br>The Steve Sinnott Foundation<br>TinyLife<br>Touchstones Child Bereavement Support<br>Transitions UK<br>Unique - Rare Chromosome Disorder Support Group<br>Villiers Park Educational Trust<br>Visyon<br>Wallace & Gromit’s Children’s Foundation<br>Whirlow Hall Farm Trust<br>Wiltshire Search and Rescue<br>Woking & Sam Beare Hospice<br>Wood Street Mission<br>Youth Adventure Trust<br>14 (2021: 17) other sponsored grants below £10,000<br>Sponsored Grants (continued)|15,000<br>10,000<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>10,000<br>-<br>10,000<br>-<br>15,000<br>-<br>10,500<br>-<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>15,000<br>-<br>-<br>10,000<br>10,000<br>-<br>15,000<br>-<br>-<br>10,000<br>-<br>10,000<br>10,000<br>10,000<br>10,000<br>-<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>15,000<br>-<br>10,000<br>-<br>-<br>10,000<br>13,735<br>10,000<br>-<br>10,000<br>15,000<br>-<br>10,000<br>-<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>14,300<br>-<br>-<br>10,000<br>10,000<br>-<br>15,000<br>-<br>14,700<br>-<br>-<br>10,000<br>15,000<br>-<br>15,000<br>-<br>15,000<br>10,000<br>-<br>10,000<br>-<br>10,000<br>15,000<br>-<br>10,000<br>-<br>13,821<br>-<br>113,642<br>113,834<br>**2022**<br>**£**<br>**2021**<br>**£**|
|---|---|
||**533,058**<br>**433,834**|



The Openwork Foundation 

Charity number: 1184592 

**20** 



## **Notes to the Financial Statements (continued)** for the year ended 31 December 2022 

## **6. Expenditure on raising funds and support costs** 

|**.**<br>**Expenditure on raising funds and support costs**||
|---|---|
|Lottery<br>General fundraising<br>Support costs|**2022**<br>**£**<br>**2021**<br>**£**<br>3,280<br>3,180<br>72,333<br>48,241<br>191,510<br>183,968|
||**267,123**<br>**235,389**|



## **7. Employees** 

During the year the Charity had no employees (2021: nil). 

## **8. Remuneration of Trustees and key management personnel** 

During the year, no Trustee was paid in respect of services provided to the Charity and no Trustee claimed travel and training expenses. 

Staff working on behalf of the Charity are employed by Openwork Services Limited which funds their remuneration package, at no cost to the Charity. Donated services (Note 3) and Support costs (Note 6) represents the total value of the remuneration package. 

## **9. Debtors** 

|Accrued income, from donations and fundraising activities<br>Company matching accrued income<br>**10. Cash at bank**<br>The Openwork Foundation Lloyds business account<br>**11. Creditors**<br>Restricted grant accrued expenditure<br>Discretionary grant accrued expenditure<br>Lottery accrued expenditure<br>General fundraising expenditure|**2022**<br>**£**<br>**2021**<br>**£**<br>67,173<br>33,840<br>229,829<br>322,248|
|---|---|
||**297,002**<br>**356,088**|
||**2022**<br>**£**<br>**2021**<br>**£**<br>940,293<br>863,165|
||**940,293**<br>**863,165**|
||**2022**<br>**£**<br>**2021**<br>**£**<br>2,130<br>7,165<br>250<br>500<br>340<br>480<br>585<br>738|
||**3,305**<br>**8,883**|



The Openwork Foundation 

Charity number: 1184592 

**21** 



## **Notes to the Financial Statements (continued)** 

## for the year ended 31 December 2022 

## **12. Analysis of net assets between funds** 

||**Restricted**|**Unrestricted**|**Total**|
|---|---|---|---|
||**funds**|**funds**||
||**2022**|**2022**|**2022**|
||**£**|**£**|**£**|
|Current assets|2,130|1,235,165|1,237,295|
|Current liabilities|(2,130)|(1,175)|(3,305)|
|Total funds|**-**|**1,233,990**|**1,233,990**|
||**Restricted**|**Unrestricted**|**Total**|
||**funds**|**funds**||
||**2021**|**2021**|**2021**|
||**£**|**£**|**£**|
|Current assets|7,165|1,212,088|1,219,253|
|Current liabilities|(7,165)|(1,718)|(8,883)|
|Total funds|**-**|**1,210,370**|**1,210,370**|



## **13. The funds of the charity** 

||**Restricted funds**|**Unrestricted funds**|
|---|---|---|
||**2022**|**2022**|
||**£**|**£**|
|Balance at 1 January 2022|**-**|1,210,370|
|Total income|26,008|759,468|
|Total expenditure|(26,008)|(735,848)|
|Balance at 31 December 2022|**-**|**1,233,990**|
||**Restricted funds**|**Unrestricted funds**|
||**2021**|**2021**|
||**£**|**£**|
|Balance at 1 January 2021|**-**|1,011,738|
|Total income|5,040|793,613|
|Total expenditure|(5,040)|(594,981)|
|Balance at 31 December 2021|**-**|**1,210,370**|



## **14. Related party and other transactions** 

Eight trustees made donations to the Charity during the year and the aggregated total amount was £15,367. This total includes donations of £235 from one trustee’s family related parties. 

Three trustees nominated a charity for a grant and the grants were awarded in line with the current governance arrangements and delegated authorities for approval of grants made by the Charity. 

The Openwork Foundation 

Charity number: 1184592 

**22**