DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Charity number: 1184592 THE OPENWORK FOUNDATION Trustees, Report and Financial Ststements For the year ended 31 December 2024
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Contents Page Ref8rence and AdministratlV8 Information Tiustees, Report Statement of Trustees, Responsibilities Independent Auditors, Report 12 Statement of Financial Activities Balance Sheet 16 Cash Flow Slalement Notes lo the Financial Statements 18 Charity number.. 1184592 The Opemvork Foundation
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Reference and Administrative Infomiation Trustees Jennifer Close Clifford Gray Michael Jukes Tasnim Khalid lan Lovett Erica Mandryko Gautam Mehra Paul Milchener (Chairl Adarn Roberts John Roberts Head of the Openwork Foundation Alex Davie5 Registered Charity Number 1184592 Prineipal offie• Auckland Hous8 Lydiard Fields Great Western Way Swindon SN5 8UB Independent Audltors Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Bankers Lloyds Bank plc Lewisham Branch13090891 120 Lewisham High Street Lewisham SE13 6JG Charity number.. 1184592 The Openwoth Foundation
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Trustees, Report (continued) For the year ended 31 December 2024 The Trustees present their report and the audited financial statements ofthe charity forthe year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practi ISORPI applicable lo charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. 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 lo help improve the lives of thousands of vulnerable people through ils grant programme. Throughout 2024 people frorn across The Openwork Partnership came together lo support our mission through volunteering and fundraising. We are immensely proud lo have supported over 70,000 di58dv8iilaged people through 84 Charities with over £800,000 in funding lowaids vital pioiects. In 2024 we confinned two slialegic Partneiships, with two charities whose values and mission align closety with our own. We extended our partnership with Dernentia UK and were pleased to 8nnounce a new partnership with Young Enterprise at the start of the year. 2024 brought som8 exciting developments foi The Foundation. In June 2024 w8 welcomed Alex Davies as Head of Sustainability and the Openwotk Foundation, biinging a wealth of experience frorn pievious roles at other corporate foundations and national charities. We also created two new Ides within the back-office team enhancing our communications and fundraising capabilities. In parallel with the Foundation's fundraising and engagement aspiiations for the coming years, the Tiustees approved funding these ioles for the fitst time from the Foundation. The Trustees will maintain stringent oversight on the delivery of the strategy to ensure appropriate return of investment in these rdes. Across The Openwork Partnership we were pleased to see partner, adviser and employee individual fundraising continue to thrive. Highlights induded.. Widely supported cycling events in both London and Sri Lanka Northern Ireland's first Gala Dinner and Auction bringing to life the impact of the Foundation's work in that area of our community Individual events, fundraising in memory and honour of much-loved, departed colleagues We are delighted to be recognised in The Openwork Partnership strategy and as a prominent element of the business Sustainability strategy. The Openwork Foundation Board of Trustees are supported by the Foundation team and many volunteers from across the Partnership who form part ol our Fundraising Committee, Grant Committee and wider ambassador group. Our Purpose and actlvltles Summary The Openwork Foundation I"Charity"l obtained its own registered charitable status on 25 July 2019, having previously been a designated fund in Zurich Community Trust IUKI Limited (charity number 2669831. It fomially separated frorn ZCT on 31 Decernber 2019. The Openwork Foundation has been proud lo change lives and through the contributions made by its supporters, rnake a difference to vulnerable communities. The Charity is a public benefit entity. and the Trustees consider all Charity Commission guidan 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 programrnes 8ieas,' National Charity Parthership5. Sponsored Grants and Discretionary Gi8n15. Advisers and ernployees across The Openwoik Partnership can nomin8te charitie5 they WOLJld like to support for a sponsored or di5cretion8ry g18nl. Charity number.. 1184592 The Openwoth Foundation
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Trustees, Report (continued) For the year ended 31 December 2024 National Charity Partners At the end of 2023 the Openwork Foundation Board of Trustees agreed to extend its Partnership with Dementia UK for another 3 years. At the start of 2024 The Openwork Foundation Trustees made the decision, not to extend the previous 3-year partnership with Cruse Bereavement Support and a new partnership with the charity Young Enterprise was agreed. Our national charity partners receive £50,000 a year for the three years of the partnership. which also establishing volunteering and cross organisation support. Dementia UK In 2024 Our partner grant of £50.000 funded a full-lime Admir81 Nurse on their Dementia Helpline. proving specialist dementia SUPPOrt and guidance lo families f8oing dernenlia. Dernentia UK'S National Dementia Helpline is the only dernentia support helpline in the UK staffed by dementia specialist nurses with expert medical knowledge of dementia and it5 impact on families. During 2024 their helpline and virtual dinics SLJPPOrted more people than ever before. The charity responded to 41,763 calls on their helpline b81w88n April 2024 and March 2025. 2024 Partnèrship Highlights. The Openwork Partnership Swindon Office Time ft)r A Cuppa, coffee morning in May. Detnentia UK Admiral Nurse Pam Kehoe delivered sessions about dementia to colleagues, responding to questions they had about topics such as symptoms and how to get support. Additional funds were raised for the charity selling cakes at the event. Virtual Radio Show lor colleagues. Our Partnership Relationship Manager Lucy, form the charity, was delighted to join the team for their weeY radio show ahead of their Time for a Cuppa, which was themed around nostalgic songs. Town Hall Meeting - In August, Lucy was pleased to join a weekly Town Hall meeting at the Openworf( Partnership London Office, delivering a session to raise aWanesS of dementia and its symptoms, alongside introducing the work ol Dementia UK, and our partnership Dementia Masterclass - Dementia UK Admiral Nurse Gary Bumham-Jones held a pilot masterclass for Openwoik's nelwoik of finanaal advisor5 for the Openwotk Business Schod. The session touched on dernentia, the syrnptoms and iisk factois, along with ways to support people living with dementia. It also induded informatitsn on finances, induding lasting power of attomey and wills which will help equip advisors with more knowledge and confidence when talking to families diredy. The session was a huge success with 113 attendees. Young Enterprlse At the start of 2024, The Trustees agreed a new partnership with the charity Young Enterprise. Young Enterprise is a national charity who motivate young people to succeed in the changing worfd of work by equipping them with the work skills and knovAedge 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 ol Young Enterprise prograrnmes focused on providing young people experienang some of the greatest barriers to social mobility with the tools and skills to achieve in the world of work. 2024 Partnership Highlights Funding four Launch Pad Days. Launch Pad is a day long, high irnpact engaging enterprise challenge. Students work alongside inspiring business volunteers who support students to discover more about themselves and develop key skills which are valued in the workpla. Funding directly enabled 13 schools to offer Inspiring Futures opportunities bringing the total number of schools reached by Young Enterprise to 158 across the UK. In October two young people from Eden Girfs school presented with their teacher al the Openwork Partnership Inspiring Women in Financial Services conference. The students really brought to life the irnpact Young Enterprise programrnes have had on their confidence and business skills. Members of the Openwork Partnership supported by volunteering al Launchpad days and ernploy8bility masterclasses. supporting the students by offering guidance and sharing their caieerjourneys. Members of the Trustee board attended the Young Enterprise trade fair at Old Spilalfields Market, London, engaging with students who have sel up their own business and brought their proxluct to market as part of the YE company Piogramme. Charity number.. 1184592 The Openwoth Foundation
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Trustees, Report (continued) For the year ended 31 December 2024 Sponsored Grants The Trustees have delegated the review and deasion-rnaking 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 rrent and retired advisers and employees within The Openwork Partnership, and they meet on a quarterfy basis. Discretionary Grants are reviewed and agreed by the Openwork Foundation team. haritable activities The Charity generates income from a range of activities induding.. an annual donation from The Openwoik Partnership, as part of an agreed funding contribution. regular donations from lee and bank accounts from The Openwork Partnership self-employed financial advisers and employees. regular voluntary donations through payrdl giving from The Openwork Partnership employees. operating 8 monthty society lottery. fundraising activity such as raffles and bingo larger scale fundraising events such as m8r8thon$. cycle event and charity evening. The Trustees receive regular progress reports and financial management inlomiation 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 lor the Charity. Achievements and perfomiance 2024 was a year of change for the Openwork Foundation team. Samantha Tesch retired in Dec 2023 after 14 years with the charity and Alex Davies was appointed in June 2024, joining from Cancer Research UK and having previously overseen the St. James's Place Charitable Foundation. Abigail Hart joined the team in January 2024 as Foundation Executive. Two new roles were also cre8led in the autumn, in Fundraising and Events and Cornrnunication and Engagernent roles to help grow the reach and income of the charity in line with our existing strategy. In this year of change growth was still maintained in fundraising income. A total of £778,7531£269,457 2024 uplift + £509.296 income) was raised of which £302,217k was through regular giving. We saw in increase in players to our lottery and an increase in regular giving. The six rnonths while the tearn was 33/¢ down on capacity limited the growth of the charity against the 2026 strategy. The Trustees recognise the hard work of the smaller team in rnainlaining the growth achieved in 2023 and supporting new growth in the second half of 2024. The charity airns to relum lo ils 2026 strategy growth targets in 2025 with the new staff growing the capacity of the charty. 2024 Strategic Outsomes £591.630 gloss inwme was generated against 8 taigel of £655,0(K) £799,518 was awarded in granls12023'. £890,889) to 86 charities. NSPCC, Young Enterprise, Prospect Hospice, STEP Swindon were d)arities supported by Openwork Partnership volunteers 4 new Foundation Team members recruited 3 new Trustees appointed January 2024 Income from donations £259,222 charitable donation from The Openwork Partnership for the 2024 Uplift,12023.' £241,704) was received and the Charity benefitled from £204.297 of donated services12023'. £181,483). £591,630 was raised via advisers and employees wthin The Openwork Partnership 12023.. £548,556). This was achieved through regular giving. specific charity appeals, and various fundraising activities as shown in the table on the following page.. Charity number.. 1184592 The Openwoth Foundation
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Trustees, Report (continued) For the year ended 31 December 2024 Income from donations Icontinuedl 2024 2023 Regular Giving Advisoi and colleague fundraising and donations £302,217 £263,590 £146,815 £91.656 Key Events. Cycle & Running Events Restricted Fundraising appeals £112,046 £125,020 £361 £18,933 Charity Lottery Other £12,299 £10.706 £17,892 £38,651 £548.556 Total £591,630 Fundraising The Charity does not engage professional fundraisers and raises funds from The Openwork Partnership business, advisers and employees. Fundraising trom mernbers of the public is very limited and mainly owrs through sponsorship donab'ons 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 siles. Occasionally external fn"8nd5 and family mernber5 of The Op8nwork Partnership advisers and 8mploye85 join key fundraising events such as the London M8rathon if plaTrs are not taken up by the advisers and employees. The h81ity I1Ved no wmplaints on Ils fundraising piactlCe5. Fundiaising activities in 2024 included the annual overseas cycle challenge, London marathon, Ride London, and several events oigani5ed by mernbers of the Partnership, including a multi-day walk and a gala dinner in Northein Ireland Impact The Charity measures the impact ol its grant programmes through feedback surveys from sponsored grant recipients. For all nab.onal partnerships, a condition of future years funding, is the receipt of 8 satisfactory itnpact and progress report. Of the giants awarded to charities in 2024 the social issues supported were". 2024 2023 22° 13% 16.10 5.1 15¢ 12°/0 10.10 2022 11°/0 6Q 2021 11 /0 Health Impaiment EnOmicallY Disadvantaged Mental Health Physical DisabilitylLearning Difficulties Vulnerable Young People Life Limiting Conditions Other Bereavement Older People Emergency Relief 10% 13°/0 5/ 22/0 17/¢ 21 Q/¢ 7Y. 100A 12/ 8Y 10V. 110/0 14/0 10/0 3Y. 40 impact surveys were returned in 2024 (2023.. 431 from recipients of a Sponsored Grant and they show us that our grants have.. 2024 58/¢ 2023 53.1 30V 14°/ 2022 47/¢ 40'h 1Q/. 3/¢ 2021 51°1¢ Helped keep 8n existing service going Helped expand 8 setvi Enabled a new setvi Helped the charity become more sustainable Other 18/ 4°/0 10Q/¢ 5VD 2V. Charity number.. 1184592 The Openwoth Foundation
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Trustees, Report (continued) For the year ended 31 December 2024 Financial review The Charity fundraising income £591,63012023'. £548,556) up 8°/D on 2023. Funding requests from charitable organisalions focussed on generating funds to meet their operational costs and expand existing services continue increased again in 2024 with funds distributed by the end of the third quarter for the second year running. The Charity was able to respond to the increase in requests through increasing its grant programme budgets from existing reserves. £302.217 of income was from The Openwork Partnership adviserand employee regulardonations12023'. £263,590) 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 charitable donation. Re¥erve¥ Poli As al 31 December 2024 the totsl funds were £1.054.09412023'. £1.081,8591. Unrestricted funds ale needed to enable the Charrty to cover its core fLJnding to manage it5 commitments should the curient funding arrangement wrth The Openwoik Partnership change 01 cease. The Trustees require that a general reserve equating to approxitnately 12 month5 operating and grant budget (to support new application5 and partner grants) and fundraising expense5 should be maintained to achieve this. This will enable the Charity b.tne to support its grant programme, ahead of receiving income from forthcoming fundraising activities, or either source abternative funding or to manage any commitments to condusion. Restricted funds can only be expended in accordance with specific restrictions, either by the wshes of the donor or by the nature of the appeal. The Charity funds are held in an instant a$$ Current1£408,8821 account and an instant access savings account 1£352,0871. The reseNes policy is annually reviewed by the Head of The Openwork Foundation and Board of Trustees and monitored regulatly. At the end of 2024 the Trustees reviewed the reserves policy and will move to a 12-month operational and committed grants policy with additional flexible funds held which can be used for fundraising. Details of this will be set out in the 2025 Trustees, Report. Golng Concem 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 2025 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 Charitys ability to continue lo operate. Plans for future periods The Trustee Board contiNues the Ihree-year strategic vision until 2026, with these key objectives.. 1. The Foundation is embedded within all busines5 areas of The Operork Partnership with increased donors 2. £1 rn income per annum (including uplift from The Openwork Partnership) 3. £1.1 m per annum awarded in grants to 8 wider r8nge of charities Last year the Trustees agreed lo develop rnore diversity within the Board and invited Tnembeis from within The Openwork Partnership to apply. Three new trustee5 were formally 3PPOlnted by th8 Board in January 2024, 8ach brining broader skills. expeiienoe and diversity to the existing Board. Focu5 aieas for the charity in 2025 are.. Maintaining the growth in incotne and donations as set out in the 2026 strategy including a review (rf our grants pdicy and pioce55es. Documenting charity piocess8S to support great efficiency and 8ffective succession planning. Increasing the activity, engagetnent and ILJn around the foundation across the group to grow participation in events. Increase the 18nge ol fundiaising events across The Openwork P3rtneiship lo raise money frorn a wider range of supportets. Working with The Openwoik Partnership to develop a new volunteering policy to support deeper onnections to the th81ilies we support. Charity number.. 1184592 The Openwoth Foundation
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Trustees, Report (continued) For the year ended 31 December 2024 Plans for future periods Icontinuedl Increasing the reach of the charity message through a new website, annual impact report, video and photographic collateral, newsletters, social media content and lace to face meetings through the management structures in The Openwork Partnership. Structure, Governance and Management Constitution The Openwork Foundation is a Charitable Incorporated Organisation ICIOI and was first registered with the Charities Cornmission on 25 July 2019. The Charity is governed by a foundation constitution. A Board Ch8rter exists which should be ad 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 Stru¢ture The Openwork Foundation is not affiliated with any umbrella groups. The Foundation's major donor is The Openwork Partnership 8nd as such has a very close working relationship with its managernent team. 8dvise15 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 Comtnittee, and the Head of the Openwotk Foundation with the Foundation Team. 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 Chaiity. 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 Tiustees. The Charity has an ongoing Memorandum of Undersknding 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 activits'es. The Openwork Partnership wll empk)y staff (the Openwork Foundation teaml 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 Finan Team, telephony and postal services and nomal level of professional and legal services to the Foundation at no cost. At least 12 months, noti must be given in writing rf The Openwork Partnership should decide to terminatethis support to the Charity. The Charity has a commitment from The Openwork Partnership from the start of 2025 to maintain its financial and other support until the end of 2028. 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 Memorandurn 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 discietion of power. A new Trustee may be appointed al any lirne. either as 8 replacement or as an additional Trustee. Three new Trustees were appointed al the start of 2024. At the end of 2024 there were ten active Trustees. including two independent Trustees. The iecruitrnent of Trustees extem81 to The Openwoik Partnership is through 8 refeiral basis and a selection piocess. The Trustee5 who are part of The Openwoik Partnership are selected based on their ability to be eflective Trustees and to piovide the required level of influence wthin The Openwork Partnership to enable the Charity lo chieve its obiective5. All Trustee appointments are pioposed and approved by the Board of Trustee5. New Trustees are given a fomal induction, wth the opportunity to meet members of the wider Openwork Foundation teatn. They receive an induction pack with relevant materials such a5 copie5 01 previous ieports, 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 Dedaration. 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. Charity number.. 1184592 The Openwoth Foundation
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Trustees, Report (continued) For the year ended 31 December 2024 Risk Management The Trustees assess the major risks to which the Charity is exposed and are satisfied that syslerns are in place to mitigate the exposure to the major risks. The Charity has adopted the risk framewod( used within The Openwork Partnership to monitor its risks on a quarterly basis. The Charity is exposed to business operating and financial risk. The speafic financial risks are limited to liquidity risk and credit risk. Business o eratin risk The Trustees recognise the continued risks from the economic climate,. increasing inflation and interest rates and have considered the operation81 impact ON the Charity and its supporters and their ability lo maint8in their support. The Charity has adopted The Openwork Partnership framework for business oonlinuity plans and as such the Trustees believe that the Charity is positioned to cope with the impact of any changes in circumstances as they rnay arise. Another business risk is the Charity's reliance on The Openwork Partnership for support in IT, HR, Facilities and Finance. The TIu5tees hav8 represent8b.on on Th8 Openwoik Partnership Executive manag8ment teatn to help rnitigale this risk. As a funder of other organi5ations, the Ch8rities Cotntnission have imposed a responsibility on the Charity to undertake due diligence on the oiganisation it is funding to check its safeguaiding policies and practices. There is risk the Charity could be involved In financially sUPPOrting an organisation where there is 8 safeguarding breach with the potential consequent reputational damage. The Charity has a 5epaiate risk ielating to a safeguarding and the Openwork Foundation Team has attended specific safeguarding tiaining for funder organisations. The chaiity also recognises the reliance on older IT systems and prosseS while it, and The Openwork Partnership is growing. The charity is taking active steps to mitigate and reduce this risk by documenting systems and processes, streamlining and looking for efficiencies, removing single points of failure and sole owners of knowledge, and growing the team and numbers of volunteer supporters. Liquidity risk is the risk that cash may not be available to pay obligatr'ons 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, redUd 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 suffiaent funds are available to rneet liabilities as they fall due. The Trustees are of the opinion that any liquidity risk that the Charity faces is mitigated. Charity number.. 1184592 The Openwoth Foundation 10
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.925&DA8461B9AC5F Statement of Trustees. Responsibilities To the Trustees of The Openwork Foundation Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Financial Reporting Standard 1021. 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.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Gharilies SORP.. make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial st8temenls', prepare the Iin8ncial st8lemenls on the going ¢oncern basis unless il is inappropriate to presume that this basis applies. The Trustees are responsible for keeping accounting rewrds which disdose with reasonable accuiacy the financial position of the Chaiity and which enable them to ensure that the accounts cornpty with the Charitie5 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also spOnSible for safeguarding the assets ol the Charity and henc8 for taking r88son8ble 5t8ps for th8 prev8ntion and d8t8Ction of fiaud and other Itregulaiitie5. They are also responsible for identifying the major risks to which the Charity is exposed, reviewing those risks and establishing systems to mrtigate them. The financial statements accompanying this report comply with current statutory requirements and the constitution of the charitable incorporated organisation ICIOI. Approved by order of the Board of Trustees on 1 October 2025 and signed on its behalf by.. rtttdiLW Paul Mitchener Trustee Charity number.. 1184592 The Openwoth Foundation 11
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Independent Auditors, Report To the Trustees of The Openwork Foundation Opinion We have audited the finanaal stalernents of The Openwork Foundation I'the Charity'l for the year ended 2024 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 and United Kingdom Accounting Standards. including FRS 102 The Financi81 Reporting Sl8ndarrl appliGable in the UK and RepubliG of Ireland (Unrted Kingdom Generalty Accepted Accounting Pr8Cticel. In our opinion, the financial statetnents". give a true and fair view of the state of the Charity's affairs as at 31, December 2024 and of ils incoming resources and application of resources for the year then ended.. have been properly prepared in aordan with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in aCrdan with the requirernents of the Charities Act 2011. Basis for opinion We conducted our audit in 8ccoidan¢e with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities forthe audNt of the fNnoncial slalen7ents 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 Standaid and we have fulfilled our other ethi1 re5ponsibilitie5 in accordance with these requiiements. We believe that the audit evidence we have obtained is sufficient and 8ppropriale to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements. we have ¢oncJuded that the Trustee's use of the going concem basis of 8ocDunting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties ielating to events or conditions that, Individual or collectively, may cast significant doubt on The Openwork Foundation's ability to continue as a going conrn for a period of at least 12 months from when the finanaal statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wrfch respect lo going concern are described in the relevant sections of this report. Other information The olhei information comprises the information included in the annual report. including the Tru5tees' report. other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other infonnation contained within the annual report. Our opinion on the financial slalernents does not cover the other infonnation and. except to the extent olhenfifise explicitly ststed in our report. we do not express any foim of 85surance conclusion Ihereon. 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 ol the audit, or otherwise appears to be materially misstated.11 we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the fi'nanaal 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 tnaterial misstaternents In the Ttustees. 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 suflicient accounting records have not been kept", or the finanaal statements are not in agreement with the accounting records," or we have not reiVed all the Infoirnation and explanations we iequiie foi our audit. Charity number.. 1184592 The Openwoth Foundation 12
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Independent Auditors, Report (continued) To the Trustees of The Openwork Foundation Rèsponsibilitiès of Trustèas As explained rnore fully in the Trustees, responsibilities statement (set out on page 101, 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 detemine is necessary to enable the preparation of financial staternents that are free from material misstatement, whether due to fraud or error. In preparing the finanaal statemènts, the Trustees are responsible foi assessing the Charity's ability to continue as a going concem, disckjsing, as applicable, mattels related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the Charity or to cease operatitsns, or have no realistic aernatIVe but to do so. Auditor's responsibilities for the audit of the financial ststements 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 stalernents as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditorfs report that indudes our opinion. Re850nable assurance is a high level of 8ssurance. but is not a guarantee that an audit conducted in 8wrd8nce with ISAS IUKI will always delect 8 rn8leiial misstatement when it exists. Misststements 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, capabilrties and skills to idents'fy or recognise non-compliance with applicable laws and regulations., we identilied the laws and iegu18tions applicable to the Ch8rity through discussions with Trustees and other managernenl. and from our knowledge and experience.. we focused on specific laws and regulations which we considered may have a d1ct material effect on the finanaal statements or the operations of the Charity. we assessed the extent of Complian 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 regularfy and the learn remained alert to instances of non-compliance throughout the 8udil. We assessed the susceptibility of the Charity's financial statements to material misstatement, induding obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility lo fraud. their knowledge of actual, suspected and alleged fraud., onsidering the inlein81 conliols in pl8ce lo rniligale risks of fraud and non-wmpliance with laws and regulations, and To address the risk of fraud through management bias and override of controls, we.. performed analytiC81 produreS to identify 8ny unusual or unexpected relationships.. tested journal entries to identify unusual transactions., assessed whetherjudgments and assumptions made in determining the accounting estimates were indicative of potential bias,. and investigated the rationale behind significant or unusual Irans8Ctions. Charity number.. 1184592 The Openwoth Foundation 13
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.925&DA8461B9AC5F 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.. 8greeing financial stslemenl disclosures lo underfying sUPPOrting docutnenl*ion'. reading the minutes of meeb.ngs of those charged with govemance., enquiring of management as to actual and potential lituation and claims,. and reviewing ielev8nl ooriespondence. There are inheient 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 correswndence, if any. M8lerial rnisslalernenls th818rise due lo fi8ud can be harder to dete than those that arise from errol as they rnay involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the finanaal statements is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditorfs report. Critchleys Audit LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appoiNbnent as auditor of 8 company under section 1212 of the Companies Act 20(. Use of our report This report is made SOlY to the Charity's Trustees, as a body, in accord8rTrce with P8rt 4 of the Charities (Accounts and Reportsl Regu18tions 2008. Our 8udit work h8s 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 foi no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibilty to anyone other than the Charity's Trustees as a for our audit work, for this report, or for the opinions we have fr)med. Katherine.lIkeS loenioi Statutory Auditoil For and on beham of Gravita Audit Oxford LLP First Floor. Park Cenlial 4041 Park End Street Oxford OX1 1JD 7 October 2025 Charity number.. 1184592 The Openwork Foundation 14
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Statement of Financial Activities For the year ended 31 December 2024 Unrestricted funds 2024 Restricted funds 2024 Total 2024 Total 2023 Note Income from.. Donations 783,718 361 784.079 725,280 Charitable a¢tivilie5 271,161 271,161 2,086 246.463 Interest r1Ved 2,086 Total income 1,056,965 361 1,057,326 971,743 Expènditur• on-. Charitable activities 799,516 799,516 890,869 Raising funds Support costs 81,278 81,278 51,522 181,483 204,297 204.297 Total expenditur8 1,085,091 1,085,091 1,123,874 Net movement in funds 128,1261 361 127.7651 1152,1311 Reconciliation of funds: Total funds brought forward 1,081,859 1,081,859 1,233,990 Total funds carried fornard 1.053.733 361 1,054.094 1,081,859 Charity number.. 1184592 The Openwoth Foundation 16
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.925&DA8461B9AC5F Balance Sheet As at 31 December 2024 Note 2024 2023 Assets Currenl assets Debtors 311.993 343.392 Cash at bank 10 760,969 739,927 Total assets 1,072,962 1,083,319 Liabiliti8S Grt liabilities Creditors 18,868 1,460 Total liabilities 18,868 1,460 Total net assets 1,OS4,094 1,081.859 Thè funds of thè charity Restricted funds 12 361 Unrestricted funds 1,053.733 1,081,859 Total charity funds 1,054,094 1,081,859 pdn Paul Mrtchener Trustee Charity number.. 1184592 The Openwoth Foundation 16
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Cash Flow Statement For the year ended 31 December 2024 2024 2023 Note Cash flows from operating activities Net movement in funds {27,7651 31.399 1152,1311 146.3901 11,8451 Decrease I Ilncreasel in debtors Increase I (Decrease) in creditors 17,408 Net cash generated I lusedl from operating activities 21,042 1200,3661 N•t Idaerèasèl l incrèasè in eash at bank Cash al bank at stsrt of year 21.042 1200.3661 940.293 739.927 Cash at bank at end of year 760.969 739,927 Charity number.. 1184592 The Openwoth Foundation 17
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Notes to the Financial Statements for the year ended 31 December 2024 General inforniation The Openwork Found8tion is 8 Chaiit8ble Incorpoiated Organisation. registered In England and Wales. charity numbei 1184592. The address of the principal office 15 Auckland House, Lydiard Fields, Swindon, SN5 8U8. The Openwoik Foundation provides support to vulnerable peopl8 to improv8 their quality ol life through giant piogrammes. National and local piogramrne5 are selected from a nornination prOs8 and not open to application. 2. Accountlng pollcles Basis of praparation of financial ststamènts The ffinancial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance wrth the Charities SORP'Accounting and Reporting by Charrties." 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 IFRS 1021 leflective 1 January 20191,, the Chaiitie5 Act 2011 and the charities goveming document. The financial statements have been prepared under the historical cost convention. The presentation and functional currency of these financial statements is Pounds Sterling. Ineomè All income is recognised in the Statement of Financial Activities once the charity has entrfement to the funds, it is probable that the income will be reived, 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 1.12023.. 50°Al of all income including regular donations, fundraising activities Iless associated costsl and donations. In the event of income pledged but not received, the amount is accrued forwhere 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 lulfilment of those conditions is wholly within the control of the charity and it is probable that those condrtions will be fulfilled in the reporting year. Donated Services Employee and other administration support costs are donated services received from Openwork Services Limited I'OSL"). They are accounted for as Donated services within Note 3 and as Support costs within Note e. 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 2024. 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 regnised once there is a legal or constructive obligation to transfer econornic benefit to a third party. it is probable that a transfer of econornic benefits will be required in settlement and the amount of the oblig8lion Gan be measured reliably. Grants payable are Charged in the yearwhen the offer is made exp1 in those cases where the offer 15 conditional. suth grants being iecognised a5 expendituie when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as 8 cieditor, but not accrued as expenditure. Taxation The Foundation is a registered charity and thereft)re is not liable for income tax oreotpoiation tax on Ineome deiived from its charitable activrties, as it falls within the various exemptions available to registered charities. Dèbtors Debtois 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. Charity number.. 1184592 The Openwoth Foundation 18
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Notes to the Financial Statements {continued) for the year ended 31 December 2024 2. Accounting policie¥ Icontinuedl Creditors Creditors are recognised where the charity has a present obligab.on resulting from a past event that will probably result in the transfei of funds to 8 third party 8nd the amount due to settle the oblig8tion can be me8suied or e5tim8ted ieliabty. Creditors are norm811y r8cogni5ed at th81r settlement amount 8ft81 allowing for any tr8de discounts due. Flnanclal Instruments The Charity only has financial assets and finanaal liabilities of a kind that qualify as basic finanaal Instruments. Basic financial instruments are initially iecognised at transaction value and subsequendy measured at their settlement value. Income from donatlons 2024 2023 Company matching Regular Giving Tax recoveiable on gift aided donations Donated services 259,222 241.704 302,217 263,590 17,982 38,503 204.297 181,483 783,718 725,280 The Openwork Partnership provides company matching to the Charity each year based on 50Q/o 12023.. 50QAI of income generated by the advisers and employees in The Openwork Partnership, after fundraising expenses. 4. Income from charltable actlvltles 2024 2023 Adviser and cdleagues ftJndr8ising Key Events, Cycle, Treks, Running Events Lottery Other 146,815 110.589 112,047 125,020 12,299 10,706 148 271,161 246,463 Fundraising activities indude a rnonthly bingo. individual fundraising activities. the annual charity evening and the relum of the 8nnual cycle challenge and £361 was received from The OperNfork Partnership advisers and employees on 8 restricted basis which will be used to support specific charities through the grant programme. Charity number.. 1184592 The Openwoth Foundation 19
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Notes to the Financial Statements {continued) for the year ended 31 December 2024 Expenditure on grants 2024 2023 Restricted 18,933 Sponsored National Partner 689,996 752,513 100.000 100,000 19,423 Discretionary 9,520 799,516 890.869 All grants in 2024 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 reiVed £50,000 to fund a fulktime Admiral Nurse on their Dementia Helpline. Young Enterprise received £50,000 to contribute to the Young Enterprise Inspiring Futures programme. 19 charities each received a sponsored grant of £15,000, 19 received between £10,000 and £15,000 and a further22 charities received a sponsored grant lor less than £10,000. (ln 2023 Dementia UK received £50,000, and Cruse Bereavement Support reTrived £50,000. 23 charities each received a sponsored grant of £15,000, 31 received beeen £10,000 and £15,000 and a further 7 charities reTrived a sponsored grant for less than £10,000). In 2024 Restricted donations from The Openwork Partnership advisers and employees, donations generated income of £361 for the Macmillan Cancer Support coffee rnorning. There were no further material grants provided to other institutions. National Partner Grants 2024 2023 Cruse Bereavement Support Dementia UK Young Enterprise 50,000 50,000 50,000 50,000 100,000 100,000 onsored Grants 2024 2023 Abby's Heros Accuro Acorrn Action Action for Children Armed Forces Para-snowsport Team Alex the Leukodys Allsorts Aurora Breast Cancer Autism Angels Back on Track Birmingham Gare Bloomin, Arts Blue Smile Cavendish G8ncer Care Challengers Challenging MND Children 1st Child Bere8v8Tnent Children First Uganda Children with Cancer Croydon Youth Zone Daisy s Dream Dingley's Promise Disability Challenge Dorothy House Dressability Educate a Child Edward's Trust Enable Scotland 15,000 15,0(X) 5,000 7.500 14,000 15.000 14.000 7,500 15.000 10,000 15.000 14.292 11.440 9.000 5.000 15.000 12.713 15,0 14,942 8,365 10,000 14,674 15,OtK) 5,000 15,0 10,412 15,OiXI 15,000 10,000 10,000 10,627 14,984 9,000 Charity number.. 1184592 The Openwoth Foundation 20
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Notes to the Financial Statements {continued) for the year ended 31 December 2024 Falcon Support Service F8rncDrnbe Community Fields of Life 10.000 10.0(K) 15,0(X) First Steps Wom8n Focus Charity Fore Cancer Charity Free to be Kids Futures Unlocked Gloucestetshire Ixl Havens Hospice Havering Women's Assoaation Hectors House Hearing Dogs for Deaf Holding On Letting Go Homelink Famity Homestart Oxford Homestart Wellington It's in the Bag Jengana Association Lifespa Trust Longfield Cornrnunity Hospice Care Mellon Educate UK Molty Olly's Wishes Momington Community NevAife Charity Nomad Detached Youth Norwich City Communty Over The W811 Purple Community Piecious Sight Found81ion P105pect Hospice React Disastei Rescue Relate Riverside Counsdling Revive MS Support Roald D8hl's Marvellous Children's Charity Rockinghorse Children's Charity Rowan Humbeistone Safe Families Samson Centie Shining Stars Snaap SoLrth Central Ambulance Springboard Chippenham St Augustines Comrnunity ST Columba's Hospice Stoke on Trent & D Sue Ryder Swindon Therapy Centre Sycamore Trust The David Shepherd The Eikon Charity The Felix Project The Frank Bruno Project The Ickle Pickle Project The Ideas Partners The Lewis Foundation The Maggie Keswick The Marlborough Brandt Group The Money Charity The Nelson Trust The PDA Society The Warehouse Ghrislian Trust TinyLife Tuppenny Barn Turning Tides Home 15,OtK) 7,500 14,400 14,000 10,OtK) 15,000 15,000 15,0 12,324 15,000 15,000 10,000 9,000 9,000 7,500 11,700 10.000 15,000 10,000 5,000 7,500 15.000 14.983 9,000 10.250 15.000 10.0(K) 10.000 8.294 5.495 15,0 14,OtK) 10.0(K) 7.500 15.000 14.709 15.000 15.WO 15,0(X) 14,555 7,500 11,otK) 14,487 12,254 10,000 15,000 10,000 15,000 15,000 15,0(K) 9,992 15,000 11,408 15,0 15,000 14,796 9,100 10,5(X) 10,000 4,000 15.000 15,000 14.964 8.000 12.500 15.000 14.661 Charity number.. 1184592 The Openwoth Foundation 21
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Notes to the Financial Statements {continued) for the year ended 31 December 2024 Uplands Enterprise Unique-Rare Chromosome Disorder Support Group Variety The Children 14.396 15.000 15.000 2024 nsored Grants continued 2023 Villieis Park Educational Trust We Are Bearns Whirlow Hall Farm Trust Wiltshiie Ali Ambulance Wiltshire Tree House Woking & Sarn Beare Hospice Wood Street Mission Young People & Chi Youth@Heart Youth Adventure TIu5t Zinthiya Ganeshpan 15,0(M) 10,0(KI 5.000 15.000 8,534 13,837 15.000 15.000 13,221 6,000 10,000 9.000 14,7(K) 7,500 689,996 7S2,S13 Expenditure on charitable activities 2024 2023 Lottery General fundi8ising Support costs 4,825 3,800 76,653 47,722 204.297 181,483 285,575 233.005 Employees During the year the Charity had nil employees12023'. nill. 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. St8ff working on behalf of the Gharity are employed by Openwork Services Limited which funds their remuneration package. During 2024, 2 new employees, costs were covered by the Charity. which have been recognised as general fundraising costs in note 6. In previous years, all employees were at no cost to the Charity. Debtors 2024 2023 Accrued income, from donations and fundraising activities Company m8lching accrued income 52,471 101,688 259,522 241,704 311,993 343,392 10. Cash at bank 2024 2023 The Openwork Foundation Lloyds business account The Openwoik Foundation Lloyds savings aCCOUnt 408,882 739,927 352,087 Charity number.. 1184592 The Openwoth Foundation 22
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Notes to the Financial Statements {continued) for the year ended 31 December 2024 760,969 739,927 11. Cr8ditors 2024 2023 Discretionary grant accrued expenditure Lottery accrued expenditure Staff costs 1,000 375 325 18.329 General fundraising expenditure 214 85 18,868 1,460 12. Analysis of net assets between funds Restricted Unrestricted funds funds 2024 2024 Total 2024 Current assets 361 1.072.601 1.072,962 Current liabilities 118,8681 1,053.733 118.8681 1,054.094 Total funds 361 Restricted Unrestricted funds funds 2023 2023 Total 2023 Current assets 1,083,319 11,4601 1,081,859 1,083,319 11,4601 1,081,859 Current liabilities Total funds 13. The fun(ts of the charity Restricted funds 2024 Unrestricted funds 2024 Balance at 1 January 2024 Total income 1,081,859 1,056,965 361 Total expenditure 11,085.0911 1,053,733 Balance at 31 December 2024 361 Restricted funds 2023 UnrtrIcted funds 2023 B8lance 811 January 2023 Total income 1.233,990 18,933 771,327 Total expenditure Balance 8131 December 2023 118,9331 1923,4581 1,081,859 Charity number.. 1184592 The Openwoth Foundation 23
DoGUSign Envebpe ID". 52ACB727.A46F4C4E.9256-DA8461B9AC5F Notes to the Financial Statements {continued) for the year ended 31 December 2024 14. Related party and other tran¥a¢tion¥ Five trustee512023." Seven trustees) made donations to the Charity during the year and the aggregated total amount was £64212023". £19,941). Two tiustees12023." Three trustees) nominated one or more charities for a grant and the grants were awarded in line with the current g0Veman arrangements and delegated authoritiesfor approval of grants made by the Charity. Charity number.. 1184592 The Openwoth Foundation 24