Charity number: 1184592
THE OPENWORK FOUNDATION
Trustees For the year ended 31 December 2023
Contents
| Page | ||||||
|---|---|---|---|---|---|---|
| Reference and Administrative Information | 3 | |||||
| Trustees | 4 | |||||
| Statement of Trustees | 10 | |||||
| 11 | ||||||
| Statement of Financial Activities | 14 | |||||
| Balance Sheet | 15 | |||||
| Cash Flow Statement | 16 | |||||
| Notes to the Financial Statements | 17 |
The Openwork Foundation
2
Charity number: 1184592
Reference and Administrative Information
Trustees
Jennifer Close Appointed 27 February 2024 Clifford Gray Nicholas Hayes Resigned 22 June 2023 Michael Jukes Tasnim Khalid Ian Lovett Erica Mandryko Gautam Mehra Appointed 27 February 2024 Paul Mitchener (Chair) John Roberts Adam Roberts Appointed 27 February 2024
Head of the Openwork Foundation Samantha Tesch Alexander Davies
Resigned 26 December 2023 Appointed 27 May 2024
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
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Charity number: 1184592
Reference and Administrative Information
The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2023. 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
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.
I would like to thank The Openwork Partnership for its support to the Foundation at its National Conference and Gala Dinner. The Dinner allowed us to showcase the work of the Foundation through charity speeches and presentations and an opportunity to successfully engage new donors and existing donors, generating over £100,000 of new regular giving each year.
We were encouraged to see adviser and employee individual fundraising continue and employees completed team volunteering challenges with 8 local charities. The Openwork Foundation team organised the structure and content for the Gala Dinner and attended adviser peer groups and employee team meetings to boost engagement for the Charity. The team also recruited and supported participants for the London marathon, Ride London cycle event and annual overseas cycle challenge. The cycle challenge took place in Morocco involving 29 advisers and employees from across all businesses within The Openwork Partnership.
We are delighted to be recognised in The Openwork Partnership strategy and a prominent element of the business Sustainability strategy.
Our Purpose and activities
Summary
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 third year with each charity receiving an annual grant of £50,000.
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. Between January and November 2023, they received 27,677 contacts on their helpline, an average of 2,767 a month.
UK staffed by dementia
specialist nurses with expert medical knowledge of dementia and its impact on families. 62 Admiral Nurses work on the Helpline in shifts through the week, providing specialist support from 9am to 9pm every weekday and from 9am to 5pm at weekends, so people can get in touch when other services are not available.
The Openwork Foundation
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Charity number: 1184592
Trustees (continued)
For the year ended 31 December 2023
The primary reasons for the calls to the helpline were:
Accessing support;
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Understanding and support for Dementia;
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Getting a diagnosis;
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Behaviour; and
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Care options.
At the end of 2023 the Openwork Foundation Board of Trustees agreed to extend the Partnership with Dementia UK for another 3 years, continuing to fund a full-time Admiral Nurse who will support on their Helpline and Virtual Clinic Service.
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 people across England, Wales and Northern Ireland.
Over the three-year partnership Cruse and the Openwork Foundation have trained 90 bereavement volunteers and 21 supervisors to support children and young people, in desperate need of help.
Some further achievements during the partnership include:
Improved data collection and analysis by Cruse, allowing tailored support by region. Renewed policies, processes and practices to ensure high quality, and safe delivery of the right support at the right time.
Successful ways of working developed and implemented, improving the interventions for CYP.
Toolkits and practical guides produced and disseminated to bereavement volunteers supporting CYP. The pathway (onboarding) process for CYP bereavement volunteers revised to encourage greater engagement. As part of the above, the training and development programme has been reviewed and refreshed.
New training developed for the Helpline team, to enable them to field calls from CYP something they were unable to do prior to this funding.
The development of a training course designed to help those in positions of support for CYP leveraging a further, sustainable income stream.
An increased awareness of Cruse and the services, resulting in a16% increase in vi specifically designed for CYP.
terrorist attack) to develop co-produced resources for schools following a sudden and traumatic death or incident in a school.
The partnership was also fundamental in the leveraging of further funding from Mind, which has given the means required to begin the development of a revolutionary CYP strategy, as designed by young people themselves.
At the start of 2024 the decision was made by The Openwork Foundation Trustees, not to extend the partnership with Cruse and a new partnership with the charity Young Enterprise was agreed.
Young Enterprise are a national charity who motivate young people to succeed in the changing world of work by equipping them with the work skills, knowledge and confidence they need through real world learning activities. The Openwork Foundation partner grant of £50,000 will contribute to the Young Enterprise Inspiring Futures Programme.
Inspiring Futures is a package of Young Enterprise programmes focused on providing young people experiencing some of the greatest barriers to social mobility with the tools and skills to achieve in the world of work.
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. 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.
Charitable activities
The Charity generates income from a range of activities:
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an annual donation from The Openwork Partnership, as part of an agreed funding contribution;
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regular donations from fee and bank accounts from The Openwork Partnership self employed financial advisers and employees;
The Openwork Foundation
Charity number: 1184592
5
Trustees (continued)
For the year ended 31 December 2023
regular voluntary donations through payroll giving from The Openwork Partnership employees;
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operating a monthly society lottery;
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fundraising activity such as raffles and bingo; and
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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
Adviser engagement and flexible working arrangements continues to impact on fundraising, and volunteering challenges to support local charities. Adviser and employee individual fundraising income was lower in 2023 compared to 2022, whereas and regular giving income continues to increase through focussed charity activity at business meetings. The advisers and employees supported the DEC Turkey/Syria appeal and a further discretionary grant was awarded by the Charity to the appeal.
2023 Objectives
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£548,556 gross income was generated against a target of £560,000.
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£890,869 was awarded in grants (2022: £686,243) to 93 charities including restricted funding to support the DEC Turkey/Syria appeal.
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8 charities were supported through team challenges.
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Foundation Team and Trustee succession plans and recruitment in place.
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Regular Giving campaigns at adviser and employee meetings and the Openwork Partnership business gala dinner generated 117 new donors and increases from 113 existing donors.
Income from donations and charitable activities
£241,704 charitable donation from The Openwork Partnership (2022: £229,829) was received and the Charity benefitted from £181,483 of donated services (2022: £191,510). £548,556 was raised via advisers and employees within The Openwork Partnership (2022: £532,625). This was achieved through regular giving, specific charity appeals and various fundraising activities as shown in the table below:
----- Start of picture text -----
2023 2022
Regular Giving £263,590 £231,013
Advisor and colleague fundraising and donations £91,656 £101,218
Key Events, Cycle & Running Events £125,020 £130,319
Restricted Fundraising appeals £18,933 £26,008
Charity Lottery £10,706 £9,688
Other £38,651 £34,379
Total £548,556 £532,625
----- End of picture text -----
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 2023 included an Openwork Partnership business gala dinner with specific focus on the Charity, the annual overseas cycle challenge, London marathon a range of individual fundraising events.
The Openwork Foundation
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Charity number: 1184592
Trustees (continued)
For the year ended 31 December 2023
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 2023 the social issues supported were:
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Physical Disability/Learning Difficulties | 21% | 13% | 22% |
| Vulnerable Young People | 17% | 20% | 15% |
| Bereavement | 13% | 10% | 14% |
| Health Impairment | 12% | 11% | 11% |
| Other | 10% | 7% | 5% |
| Older People | 8% | 11% | 10% |
| Mental Health | 6% | 10% | 5% |
| Economically Disadvantage | 8% | 6% | 6% |
| Emergency Relief | 5% | 6% | - |
| Life Limiting Conditions | - | 7% | 7% |
43 impact surveys were returned in 2023 (2022: 30) from recipients of a Sponsored Grant and they show us that our grants have:
| ur grants have: | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Helped keep an existing service going | 53% | 47% | 51% |
| Helped expand a service | 30% | 40% | 27% |
| Enabled a new service | 14% | 10% | 18% |
| The organisation has become more sustainable | - | 3% | 4% |
| Other | 2% | - | - |
Financial review
The Charity fundraising income £548,556 (2022: £555,647) has fallen by 1% and remains lower than income generated prior to the pandemic. Funding requests from charitable organisations focussed on generating funds to meet their operational costs and expand existing services continue to increase. The Charity was able to respond to the increase in requests through increasing its grant programme budgets, from existing reserves.
£263,590 of income was from The Openwork Partnership adviser and employee regular donations (2022: £231,013) and it is expected to increase following activity in Q4 2023 to build new regular donor income. This has also continued into 2024. All income, after fundraising expenses, is uplifted by 50% by The Openwork Partnership, as a charitable donation.
Reserves Policy
As at 31 December 2023 the total funds were £1,081,859 (2022: £1,233,990).
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.
1,081,859 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 2023 the level of reserves will maintain the grant programme budget and support the vision to fund £1.1m per year in grants by 2026.
The Openwork Foundation
Charity number: 1184592
7
Trustees
(continued)
For the year ended 31 December 2023
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 2024 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
Plans for future periods
The Trustee Board is structuring i
strategic vision for 2024 2026, with these key objectives:
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The Foundation is embedded within all business areas of The Openwork Partnership with increased donors
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£1m income per annum (including uplift from The Openwork Partnership)
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£1.1m per annum awarded in grants to a wider range of charities
Last year the Trustees agreed to develop more diversity within the Board and invited members from within The Openwork Partnership to apply. Three new trustees were formally appointed by the Board in January 2024, each brining broader skills, experience and diversity to the existing Board.
Succession planning for the Foundation Team will continue as a priority in 2024. Two new members, including a new Head of Foundation have been appointed and two further positions have been approved for Fundraising and Engagement, and the recruitment process is underway.
The Charity has opened a second instant access bank account to hold a proportion of general funds and benefit from interest payments.
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 Bo responsibilities, Matters Reserved, Board Composition, Board proceedings, Review of Board Effectiveness and Board authorities.
Organisation Structure
Openwork Partnership and as such has a very close working relationship with its management team, advisers and 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 e 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.
The Openwork Foundation
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Charity number: 1184592
Trustees (continued)
For the year ended 31 December 2023
Trustee Recruitment, Induction and Training
A new Trustee may be appointed at any time, either as a replacement or as an additional Trustee. At the end of 2023 there were seven 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 invited to apply and selected based on their ability to be effective Trustees, brings diversity to the Board 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
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.
Business operating risk
The Trustees recognise the continued risks from the economic climate; high 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.
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.
liabilities as they fall due. The Trustees are of the opinion that any liquidity risk that the Charity faces is mitigated.
The Openwork Foundation
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Charity number: 1184592
To the Trustees of The Openwork Foundation
Statement of Trustees' responsibilities
with applicable law and United Kingdom Accounting Standards (Financial Reporting Standard 102).
Charity law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity at the year end and of its income and expenditure during that year. In preparing the financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that this basis applies.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the accounts 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
They are also responsible for identifying the major risks to which the Charity is exposed, reviewing those risks and establishing systems to mitigate them.
The financial statements accompanying this report comply with current statutory requirements and the constitution of the charitable incorporated organisation (CIO).
Approved by order of the Board of Trustees on 3 September 2024 and signed on its behalf by:
Paul Mitchener Trustee
The Openwork Foundation
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Charity number: 1184592
To the Trustees of The Openwork Foundation
Opinion
December 2023 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:
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3 and of its incoming
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resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 of the financial statements section of our report. We are independent of the Charity in accordance with the 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
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 Foundat 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
ble 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
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:
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statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
The Openwork Foundation
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Charity number: 1184592
To the Trustees of The Openwork Foundation
Responsibilities of Trustees
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
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.
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
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:
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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;
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we identified the laws and regulations applicable to the Charity through discussions with Trustees and other management, and from our knowledge and experience;
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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.
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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
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
ment, including obtaining
an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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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:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgments and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
The Openwork Foundation
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Charity number: 1184592
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:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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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 www.frc.org.uk/auditorsresponsibilities.
This d
Critchleys Audit LLP is eligible to act as an auditor of the Charity in terms of section 1212 of the Companies Act 2006.
Use of our report
cordance 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 as a body, for our audit work, for this report, or for the opinions we have formed.
Critchleys Audit LLP
Chartered Accountants Statutory Auditor
Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP
93 September 2024
The Openwork Foundation
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Charity number: 1184592
Statement of Financial Activities
For the year ended 31 December 2023
| Unrestricted | Restricted | ||||
|---|---|---|---|---|---|
| funds | funds | Total | Total | ||
| 2023 | 2023 | 2023 | 2022 | ||
| Note | £ | £ | £ | £ | |
| Income from: | |||||
| Donations | 3 | 725,280 | - | 725,280 | 707,895 |
| Charitable activities | 4 | 227,530 | 18,933 | 246,463 | 269,091 |
| Total income | 952,810 | 18,933 | 971,743 | 976,986 | |
| Expenditure on: | |||||
| Charitable activities | 5 | 871,936 | 18,933 | 890,869 | 686,243 |
| Raising funds | 6 | 51,522 | - | 51,522 | 75,613 |
| Support costs | 8 | 181,483 | - | 181,483 | 191,510 |
| Total expenditure | 1,104,941 | 18,933 | 1,123,874 | 953,366 | |
| Net movement in funds | (152,131) | - | (152,131) | 23,620 | |
| Reconciliation of funds: | |||||
| Total funds brought forward | 1,233,990 | - | 1,233,990 | 1,210,370 | |
| Total funds carried forward | 1,081,859 | - | 1,081,859 | 1,233,990 |
The Openwork Foundation
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Charity number: 1184592
Balance Sheet
As at 31 December 2023
| Note | 2023 £ |
2022 £ |
|
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Debtors | 9 | 343,392 | 297,002 |
| Cash at bank | 10 | 739,927 | 940,293 |
| Total assets | 1,083,319 | 1,237,295 | |
| Liabilities | |||
| Current liabilities | |||
| Creditors | 11 | 1,460 | 3,305 |
| Total liabilities | 1,460 | 3,305 | |
| Total net assets | 1,081,859 | 1,233,990 | |
| The funds of the charity | 12 | ||
| Restricted funds | - | - | |
| Unrestricted funds | 1,081,859 | 1,233,990 | |
| Total charity funds | 1,081,859 | 1,233,990 |
Paul Mitchener Trustee
3 September 2024
The Openwork Foundation
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Charity number: 1184592
Cash Flow Statement
For the year ended 31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash flows from operating activities | |||
| Net movement in funds | (152,131) | 23,620 | |
| (Increase) / Decrease in debtors | (46,390) | 59,086 | |
| (Decrease) in creditors | (1,845) | (5,578) | |
| Net cash (used) / generated from operating | (200,366) | 77,128 | |
| activities | |||
| Net (decrease) / increase in cash at bank | (200,366) | 77,128 | |
| Cash at bank at start of year | 10 | 940,293 | 863,165 |
| Cash at bank at end of year | 10 | 739,927 | 940,293 |
The Openwork Foundation
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Charity number: 1184592
Notes to the Financial Statements
for the year ended 31 December 2023
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% 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, other administration support and audit 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
OSL in the year to 31 December
- This auditor remuneration was not recharged to the Charity by OSL 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
17
Charity number: 1184592
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
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
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.
Critical judgements
The following critical judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Donated services, representing the value of employee and other administration support is recognised by the Trustees as having a significant effect. The provision of these services is outlined in a Memorandum of Understanding with The Openwork Partnership, which will employ staff to manage the operational activity of the Charity.
3. Income from donations
| Donation from Zurich Community Trust (UK) Ltd Company matching Regular Giving Tax recoverable on gift aided donations Donated services |
2023 £ 2022 £ - 23,022 241,704 229,829 263,590 231,013 38,503 32,521 181,483 191,510 725,280 707,895 |
|---|---|
The Openwork Partnership provides company matching to the Charity each year based on 50% of income generated by the advisers and employees in The Openwork Partnership, after fundraising expenses.
4. Income from charitable activities
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Adviser and colleagues fundraising | 110,589 | 127,226 |
| Key Events, Cycle, Treks, Running Events | 125,020 | 130,319 |
| Lottery | 10,706 | 9,688 |
The Openwork Foundation 18
Charity number: 1184592
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
| Other | 148 1,858 246,463 269,091 |
|---|---|
Fundraising activities include an Openwork Partnership business gala dinner, the annual overseas cycle challenge, London marathon a range of individual fundraising events and £18,933 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.
The Openwork Foundation
19
Charity number: 1184592
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
5. Expenditure on grants
| Restricted Sponsored National Partner Discretionary |
2023 £ 2022 £ 18,933 26,008 752,513 533,058 100,000 100,000 19,423 27,177 890,869 686,243 |
|---|---|
All grants in 2023 were made to charitable institutions in line with the current governance arrangements and delegated authorities for approval of grants made by the Charity. 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. 23 charities each received a sponsored grant of £15,000, 31 received between £10,000 and £15,000 and a further 7 charities received a sponsored grant for less than £10,000.
£18,184 for the DEC Turkey/Syria appeal and a further £8,582 was donated by the Charity as a discretionary grant.
There were no further material grants provided to other institutions.
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2023 2022
National Partner Grants
£ £
Cruse Bereavement Support 50,000 50,000
Dementia UK 50,000 50,000
100,000 100,000
2023 2022
Sponsored Grants
£ £
Accuro 15,000 -
-
Armed Forces Para-Snowsport Team 14,000
Allsorts 15,000 -
-
Autism Angels 10,000
Bloomin' Arts - 15,000
Blue Smile 15,000 15,000
Carlisle Youth Zone - 10,000
Cavendish Cancer Care 12,713 -
-
Challengers 15,000
Children 1st 14,942 15,000
-
Children First Uganda 10,000
Children with Cancer 14,674 -
-
Croydon Youth Zone 15,000
-
Daisy Chain Project Teesside 12,360
-
David Shepherd Wildlife Foundation 15,000
-
10,412
-
Disability Challenge 15,000
-
Dressability 10,000
Educate a Child 10,000 -
-
10,627
Enable Scotland 14,984 -
-
Falcon Support Service 10,000
-
Farncombe Community 10,000
Fields of Life 15,000 -
First Steps Women s Centre 15,000 -
-
Focus Charity 15,000
Futures Unlocked 10,000 -
Association 15,000 -
-
Hearing Dogs for Deaf 15,000
-
Holding On Letting Go 15,000
-
Homelink Family Support 10,000
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The Openwork Foundation
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Charity number: 1184592
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
| Sponsored Grants (continued) Home-Start Kettering Home-Start Wellingborough & District Hope and Homes for Children Hull Homeless Community Project Lifespace Trust Longfield Community Hospice Care Maggie's Molly Olly's Wishes Nomad Detached Youth Northampton Saints Foundation Norwich City Community Over The Wall Prospect Hospice React Disaster Rescue Rockinghorse Children's Charity Romsey Young Carers Rowan Humberstone Shining Stars South Central Ambulance Springboard Chippenham St Augustines Community St Barnabas Hospices (Sussex) St Peter's Hospice Stoke City Community Trust Stoke on Trent & District Gingerbread Centre Sue Ryder Swindon Therapy Centre The Felix Project The Ickle Pickle Project The Lewis Foundation The Maggie Keswick The Open Door Centre (Swindon & District) Ltd The PDA Society TinyLife Touchstones Child Bereavement Support Transitions UK Uplands Enterprise Villiers Park Educational Trust Visyon Whirlow Hall Farm Trust Wiltshire Tree House Woking & Sam Beare Hospice Wood Street Mission Young People & Children First Youth Adventure Trust 6 (2022: 14) other sponsored grants below £10,000 |
2023 £ 2022 £ - 10,000 - 10,000 - 15,000 - 10,500 15,000 - 10,000 15,000 - 10,000 15,000 15,000 15,000 - - 10,000 10,000 - - 10,000 14,000 - 10,000 - 15,000 - - 15,000 - 10,000 15,000 - 11,000 - 12,254 - 10,000 - 15,000 - - 13,735 10,000 - - 15,000 - 10,000 15,000 - 15,000 - 15,000 - 15,000 - 14,796 - 10,500 - 10,000 - - 14,300 14,964 - - 10,000 - 15,000 - 14,700 14,396 - - 15,000 - 15,000 - 15,000 15,000 - 13,837 - 15,000 15,000 15,000 10,000 13,221 - 10,000 13,821 46,193 113,642 752,513 533,058 |
|---|---|
6. Expenditure on charitable activities
| Lottery General fundraising Support costs |
2023 £ 2022 £ 3,800 3,280 47,722 72,333 181,483 191,510 233,005 267,123 |
|---|---|
The Openwork Foundation 21
Charity number: 1184592
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
7. Employees
During the year the Charity had no employees (2022: 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 Company matching accrued income 10. Cash at bank The Openwork Foundation Lloyds business account 11. Creditors Restricted grant accrued expenditure Discretionary grant accrued expenditure Lottery accrued expenditure General fundraising expenditure |
2023 £ 2022 £ 101,688 67,173 241,704 229,829 343,392 297,002 |
|---|---|
| 2023 £ 2022 £ 739,927 940,293 739,927 940,293 |
|
| 2023 £ 2022 £ - 2,130 1,000 250 375 340 85 585 1,460 3,305 |
The Openwork Foundation 22
Charity number: 1184592
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
12. Analysis of net assets between funds
| Restricted | Unrestricted | Total | |
|---|---|---|---|
| funds | funds | ||
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Current assets | - | 1,083,319 | 1,083,319 |
| Current liabilities | - | (1,460) | (1,460) |
| Total funds | - | 1,081,859 | 1,081,859 |
| 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 |
13. The funds of the charity
| Restricted funds | Unrestricted funds | |
|---|---|---|
| 2023 | 2023 | |
| £ | £ | |
| Balance at 1 January 2023 | - | 1,233,990 |
| Total income | 18,933 | 771,327 |
| Total expenditure | (18,933) | (923,458) |
| Balance at 31 December 2023 | - | 1,081,859 |
| 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 |
14. Related party and other transactions
Seven trustees made donations to the Charity during the year and the aggregated total amount was £19,941 (2022: £15,367). This total includes donations of £120 (2022: £235)
Three trustees nominated one or more charities 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
23
Charity number: 1184592