Oocus&n Envelope ID.. FADBD62E-1C1541E3-A8F4-IC85B3608B19
Charity number: 1189216
HG FOUNDATION
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RPGCC
Chartered Accountants & Stattjtory Auditor
40 Grace¢hur¢h Slreel
London
EC3V OBT

Envelopfr ID.. FAD8062E_1C1541E>A8F4-1C8583608B19
HG FOUNDATION
CONTENTS
Page
R¢feren¢e and AdminlstratSve Dotalls of the Charlty, It$ Tru$tee$ and Advlsors
Trustees. Report
Independent Auditors. Report on the Flnandal Statements
statement of Flnancial kn￿¥1118$
2-13
14-16
17
Balance Sheot
18
Statement of Cash Flow5
19
Notès to the Financlal Statémgnts
20-30

D¢￿JS1gn Envolope ID.. FAOBD62E_1C1541E3-A8F4-tC85B3606B19
HG FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAJLS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024
Trustaas
Thomas Altwood
Matthew Brockman
Juan Antonio Campos Benitez
Robert Joseph Citrino IV
Sir Kevan Collins
Richa¥d Donner
Richard Earnshaw {resigned 9 April 2024)
Caroline Lofgren
Anna Martina Sanow
Genyi Zhao (resigned 23 April 2024}
Elona Mortimer Zhika lappoinled I l January 20241
Charlty registered
number
1189216
Prfnclpal offlce
2 More London Riverside
London
SE12AP
Chief exècutive offlcer
James Tumer
Inde￿ndent audltors
RPG Crouch Chapman LLP
40 Gracechurch Street
London
EC3V OBT
BankÈrs
RBS Intemalional
7th Floor
1 Princ9$ Street
London
EC2R 8BP
Nalwest
10 Southwark Street
London
SE1 1TJ
Solicitors
Charlas Russell Sp8echlyE LLP
5 Fleet Place
London
EC4M 7RD
Shoosmilhs LLP
The XYZ Building
2 Hardman Boulevard
Manch8St@r
M3 3P1
Tax and Legal
Deloitte LLP
Abbotts House
Abbgy Street
Reading
RGI 3BD
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Docuslw Env8lopè ID.. FAO8062E-IC1>41EM8F*1C65B3608819
HG FOUNDAlloN
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the aLEdiled financial statements of the CIO for the year
ended 31 March 2024.
Objectives and a¢tivities for the public benefit
The purpose of The Hg Foundation is to remove baffiers lo education and skills in the technology sector. Our
vlslon is that the technology workforce of the future harnesses the talent of everyone, regardless of background.
The Foundation has a parti¢ulaT focus on supporting those groups who are underreprgs&nled because of their
gender. so¢io-8Gonomic background or ethnicity.
The Truslees confirm that Ih&y have ieferred to the Charity Commission's guidance on pijblic benefit when
revlewing the Foundation's Sims and obleclives, in plannlng future partnerships and actiwlies and when settlng
its grant making policy. The Foundallon furthers ils charitable purpose5 for the public benefit through making
grants lo established charitable organisations that directly enhance the employment prospects of
yrKlerropresenled groups in the technology seclof or which support their aspirations and educational attainment
in qualifications relevant to the worfd of te¢hnology.
The Trustees carry out the Foundation's objective$ by partnerlng with charllable and non-profit organisalions
across the UK, Europe and North America, with a strong track reeord of delivery and which the Foundation will
typically look to work with over a numb¢r of yeafs.
The Hg Foundation is supported by the Hg Group, which provldos tho Founda￿an.8 funding and 8c¢ess to a
team with deep technological and oper8tional expeTt"se, as well as Ils wider porifolio of téchnology companies
wh￿h employ thousands of people across the globe. The Foundation r8¢ognlses that technology is high growth,
high polentlal yet disruptive. and through its work seeks lo harvest the benefits and mitigate the downsides of the
industy. Fvrtherrnore, by leveraging Flg's existing and future networks the Foundation aims to create a multiplier
effect lo enhance the scale and reach of its actsvilies.
Grant maklng pollcy
The Foundation ha5 established its grant making policy lo achieve its objects for the public benefit.
The Foundation prioritises partnerships that..
Su
ort Ihe develo
ment of education and skills. This includes both the technical and gen8ral 5ki11s
required to succeed in today's working environment Technical skills will include bul not be limited
to subjects s¥Jch as Malhemattcs and coding or other specific skills and qualifitrdlions needed for
careers within the technology industry, The Foundation also consider5 Sltpport to enhance wider
skills such as inlerviewlochniques, communicatlons skllSs, crealSng networks and giving those from
under represented backgrounds access to expeaences th81 are helpful forfulure employ3bilily
prospects
Are in areas relevant to Ihe wortd of lechnolo
employment prospects for the long-temi.
that contribute lo improved and sustainable
Use Clear metThcs to track and measure outcomes a￿d assess im
act. The TTuslees seek to gain
insight on how lo appropriately measure and evaluate impact, in order lo improve its own
underslandlng, that of Ils partners and the sector more widely, and lo womote improvement. By
working wlth eslabllshed non-profll organlsations 8nd experts, the Foundation Is able to support Its
partners in deflnlng..
quanlitstive and qualitative baseline measu￿5
KPI and perfomianee milestone framework Io assess the progress each project
a roule to a robust impact evaluation framework. including- where possible- 8 COUllter-
factual comparison.
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DLtu$lgn E*w?lope ID.. FADBD62E-IC1541E3-ABF4-1C8SB3608B19
HG FOUNDATION
TRUSTEES. REPORT ICONTINUEOI
FOR THE YEAR ENDED 31 MARCH 2024
Tar
et those who need il most. The Foundation focuses on individuals from underrepresented
backgrounds, where there is an access gap in education and training and subsequently
8mploymertt OPPC>rtunllies within the technology sèctor. Thls includes L*nderrepresentalion by
gender. SOCiO-econornic background and ethnicity, as well as specific groups in need such as Ihoso
from refugee and migrant communities.
Ar8 driven b
ex
record of delive
eri
dedicated and
ioven
rofessionals ex
ert5 and inslilulions with a track
Are strale
ic and scalable
artnershi
s for the lon
term. Each partnership typically runs for three
years, however, smaller, short-term commilmenls are also made,. either lo establish a new Iherne
or where there 15 not CUTrenlly a clear partner operating in a selected area of interest. The
Foundation then makes regrants lo those partnerships where there is evidence of promise and
Continued support would further ils mission.
The Foundation lakes a slraleglG and proactive approach to sourcing prospective partnershlps and eatrles out
thorough due diligence on any potential grant recipient lo ensure the funds will be applied in accordance with the
Foundation's charitable obj8Ctives. This proc8ss Includos the submission of written proposals and performance
data, nijmarous detailed Conversations wth leaders of the organ4sation and thBir team and, where appropriate,
due diligence visits and referen￿ checks. The Foundation may also commission third party res$ar¢h In spe¢ifi¢
areas of interest in Order to gain belter insights on the most effective forms of inteivenlion.
To miligale any risk to the Foundation, the Trustees may extend due diligence beyond the proposed grant
reclpienl lo include any other associated org8riisalion8. In cases Whe￿ the Foundation supports an organisation
for an extended period ot lime. due diligence will be re-run after the Ilrsl funding period as part of the ie-granling
process or if there is a material change of circumstances.
The Trustees require a written agregm6nl to bo entered into between the Foundallon and the grant reclplent
which will include, 88 a minSmum'.
The objective of the grant. and details of how the grant can be spent
The time period for the delivery of the activities that are being funded
Requirements for receiving reports from the recipient on how they have spent the grant. progress
againsl objectives. and achievements for the period covered
The records that the Trustees requiro lo see regarding the use of the grant
Monitorin9 arrangements, includin9 key metrics around dalivery and key outcomes. to enable the
Trustees to have Confiden￿ that the grant is used for the intended purpD5e
A plan for independent impact eva5uation or a route to il
What will h8ppen it the lÈrms and conditions of th@ grant are breached. or rf thè recipient Can no
longer carry oul the terms of the grant.
Once a grant agreemer)I has been signed. the Foundation holds regular monltoring meetingslvisils and will also
receive regLtlar monitoring reports lo include updates on progre55 against pre-determined Milest(￿e5.
financial bfeakdown of expendsturs for the proiecl is also reqvesled.
The grant m?king approa¢h is reviewed regularfy to ensure it reflects the chariws objects and advances tho
public benefit. The Foundation is planning in the 2024125 financial year its first open fundlng round in a spe¢ifi¢
area of interesl lo unearth a wider range of promising organisalions and determine these programmes with the
best fil to our o*'eclives.
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t)0cu￿9n Envdope ID.. FADBD62E-1C1541EM8F4.1Q8583608819
HG FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
A revl¢w of our achiav8monts and performance: How our grant programmes dellvered publk benefit
This report covers a¢livity that has taken ￿a¢8 between 1st April 2023 and 31st March 2024.
In total, the Foundation has now supported over 30 non-pmfit programmes in the UK, France, Germany.
Netherlands and the USA, which between them will provlde support for over 50,000 youn9 people and adults
from underrepresented homes. We hav¢ developed a new website which shows more clearly the rnngg and
focus of the partnership we support.. hllps:Ilwww.IhehgfoLtndation.comlpartnerships
In this poriod. the Foundation agreed funding for a number ol partnerships, inleNening al different points ori the
lalenl pipeline into the technology sector (in addition lo continuing lo support existing partnerships fundEd in
previous years). Some ol these were smaller scale pilots.. others new partnerships,. and some our first regrants
ID organisations showing Promising signs of ifnpact. In line with previous years. some partnerships span a
single year and others arg mulli-year reflecting 04Jr intention to support multiple ¢ohorts and more intensive
inleTventions. The figures below reflect the total potential grant rather than th8 portion committed in this financial
ye8r', payment is according to partners meeting milestones and key p¢rfoman¢& indicators.
FOR THE YEAR ENDED 31 MARCH 2024
Article 1- Dema1 n + STEM
Size of Grant; £697 700 over three
ears
Article 1 is a French non-profit workin9 to improve school guidance, success in education and career paths for
students from lower income homes. To date. Article 1 has been able to mobilise 31.000 volunteers, 200 partners
and supports more than 221,000 young people every year, induding almost 122,000 froin working-class
backgrounds. 52.ODO of Iheye young people have had access to wod(shDps, and mor& than 36,000 receive
individual support through mentoring.
With support from The Hg Foundation, Arttcle 1 has launchèd a new program I"t)ema1 n + STEM"} focused on
STEM and Tech pathways for 2,000 menlees. Over three years, the programme will provide workshops,
webir)ars, job discov¢ry eYoning5 and cornpany visits. mentoring, and teCh￿areer specifl¢ resources, particularfy
targeting women and those from lower-income families. The Hg Foundation grant will a150 fund the programme's
evaluation lo drive measurable. long.lemi. and scalable impact.
Fondatlon Florence
Size of Grant: £188 500 over three
ears
Le Fond de Dotation Florence Is a new French foundation, founded in 2023. Ils mission is lo support young
peoplo from 50cioeconomiGally disadvantaged backgrounds to succeed in higher education and then a￿e$S
professional jobs. Its highly tsllored and selective programme comprises lour pillars of a¢livity'. financial support..
personalised mentorship- internships,. and s￿l0-CUltUral suppgrt.
The Hg Foundation's É225,000 grant will enable Florence lo exiend its current fDCUS (business and finance} into
Tech and STEM. The initiative indudes a comprehensive prog¥am with financial support, mentorship, and
access to internships. lo apprtsxlmalely 120 students over three years. with the ambition to scale beyond. Hg will
nlribule its expertise and network to shape Florence's initiatives, wsth representalion on Florence's Executive
Committee.
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Docuslgn Envèlope ID.. FAD8D62E-1Cf541E&A8F41C85B3608B19
HG FOUNDATION
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
for Good-
for Social Actlon
Slzè of Grant.. £485 000 ovèr thrèe
Apps for Good, an organisation f(yJnded in 2010, provides free tech intK)valion courses to schools and gives
teachers r@ady-made education conlenl, $0 young people from all backgroun(fs can develop digital and essential
skills. Apps for G(iod and The Hg Foundaliori formed a three-year partnership to launch the App for Social Action
programme an innovative app-developfflenl course, mapped to the computing curriculums across the UK. 11 is
dellvered by teachers over seven sessions. with the OPPDrtunily lo interact with industy volunteers.
The programme wll reach up lo 24.000 state school students 8ged 11-14 in 600 schools across the UK - the
18rgo51 reach of any of the Foundation's partnerships lo dale. In &ddition, part of The Hg Foundation'5 grant will
support an evaluation of the programme, enabling furthor development and improvements for greater impact in
the fijlure.
Teachln
WlthChatGPT.o
.uk
Slx¢ of Grant.. £155 000 over one
ear
TeachlngWithChalGPT.org.uk is a free online ￿sOUrCe lo ernpower UK teachers and other edtjcalors to use
ChalGPT effectively lo enhance their day-to-day work. The development of the guide was supporled by The Hg
Foundation wrth Bain & Compony's Social Impact pracli¢e, and wtth irbput Irom a nurnber of s¢hools and
edu¢alional charities.
In ￿Search lo develop the guide it was found that, of Igachers who had already used ChalGPT and similar Al
tools. tho vast majority reported that il had saved Ihem lime, improved lessons and reduced their tim8 to prepare
for their dasses. Dospile Ihis expertence, in late 2023. 50Yo of teachers said that they had not y&1 used
generative Al.
In partriershlp with the Education Endowment Foundation. the Hg Foundotion is supportlng a randomised control
trial exploring how the Ltse of ChalGPT. supported by the free guide. can save STEM teachers lime in prEparing
lessons. and rnoniloring the quality of the lesson plans produced. If the trial Ss successful we hope Ihal it will pave
the way for Tnore work to see how generative Al tools can support Ihe work of STEM teachers in particular, who
are in short supply in global education syEtems.
Let's Get Road - STEM Pathwa
stz• of Grant: £421 200 over three
The Hg Foundation is working wllh Lets Get Ready ILGRI lo develop a new STEM Pathway programmè.
Research shows that individuals from low-income backgrounds. rural communities and those who are
BlacklAfri¢an American and HispaniclLatinx. have a higher college dropout r8le due to the firsan¢ial pressLrre5
arsd difficulties they experience when settling into college. Let's Gel Ready has 25 ye?rs' exporien¢e in improving
college relenlion,
The Foundalion-fvnded programme will focus on guiding LGR sludents through their college transition lo
successful careers in Ihe fields of Science, Technology. Engineering and Malhemalics. Over three years. the
partnership will support 6.900 STEM students. doubling ￿e current number of LGR students interested in STEM.
As a result of this support. the programme aims to lower college dropout rates and increase graduation rates
among these students, as well as fostering ?n interest in and progression to STEM careers. The Foundalion's
support will also enable Ihe creation of LGR'S first-ever career and alumni platlorfn. as well as a straleglcally
important Impact evaluation of LGR'S overall provision.
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Docu51gn Envel)p ID.. FADB062E-IC1541E&AeF4.IC85B3608819
HG FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
Brltlsh Com
uter Soclet
and Microsoft-TEALS
Slze of Grant- £40 200 over one
èar
The Hg Foundation has partnered wlh Mtcrosoft and BCS. The Chartered Inslitule for IT to help bring the
Microsoft TEALS Program lo Ihe UK. The TEALS Program has been running in the United States slnce 2009
and has helped over 100.ODO students receive Computer Science learnillg pathways. It is also available to pupils
in Canada, Mexico. Israel, Colombia, Kenya and India.
As part of the TEALS Piogram. volunteers mLtsl have a degree irs Compijter Science, or equivalent industry
experien¢e. They are brought into schools lo support teachers, partiCula￿Y non-specialisls. who leach
Cornputing at Key Stage 3 lages 11 to 14} and Computer Science GCSE al Key Slage 4. Volunteers can also
help boost pupils, employability skills by linking learning to the World of work and providin9 enrtchmenl sessions
such, inclduing conne¢lions with employers. The UK partnership will pilot the programme in a small number of
schools. primarily serving disadvantaged eommunilies. and gather feedback on its implemenlalion in a UK
Conlexl.
Blrkbe¢k- A¢¢ess to DI Ital Skllls and Careers
Size of Grant: £94 287.48 over one
ear
Birkbeck is the educational home lo a diverse communlty of learners., 40•/D are from households wllh an Income
below £25,000, 78% are combining studies wtth work and caring responsibilities, 48Vts of undergraduates are
from Black. Asian. and Minority Ethnic IBAMEI backgn)unds. and the average age of students 15 35 years old.
The partnership with the Foundation will support The Access lo Digital Skills and Careers Progfamme {ADSCP},
designgd to create pathways to digital and technology careers for Bl￿beck students, particulady for
ndèrreprèsenled groups.
The ADSCP consists of three key plllars.. a Career Accelerator tr¥JDlcamp, a Tech Skills certification scheme, and
an Acces5 Tech micro-placgmenl inilialive. The programme first launched with funding support from The Access
Foundation. In this pilot year. the programme supported 328 students lo improve their digital skills ond explore
areers in the technology sector, of which 90Yo of participants had at least one marker of socio-economic
disadvantage. The r)exl phase will see the programme IDughly double iri size With the combined support of The
Hg and The Access Foundations.
XTX Markets and Pu
oseful Ventures
Slzp of Grant- £2 000 000 over fivè
èars
A eollaboralion with XTX Markets anLI Purposeful Ventures. the £7m 'Malhs Excellenee Fund, will support
schools in England to Smprove attalnment and progTe5sion in Maths from 11-16 and 16-18 years of age,
increasing the number of students who are on track lo succeed in A-level Maths and beyond, with a focys on
those from disarjvantaged backgrounds.
The Fund draws on a rssoarch report published by XTX Marke15 and the University of Nottingham which
highlighted major inequalities in young people's chances of joinirwJ and leaving the 'Malhs ex￿llenCe pathw&y'_
a routes into high quality STEM degrees and ultimately tech careers.
The Fund is supporting four partnerships lo 8ddTess this challenge.. The Inspiration Trust, working with 12
schools in East Anglia; Malhemati¢s in Education and Industry IMEII, SUPPOTting 10 schools in Bimiingham- th¢
Co-op Academigs Trust and 12 01 ils schools in the North of England., and United Learning. which will support 14
of Ets schools In five clusters across England. After a so￿p year, the projects will be Implemented in the
2024125 academic year and Nn for five years In total. with a robust ev8luallon of Impact In the latter phase.
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DoGu¥w Envelope ID.. FADBD62E-1C1541E>A8F4-IC8583608B19
HG FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
Unlversl
of Manchester mA'thg
ro
ramrne
Slze of Grant.. £116 101 over one
ear
We are piloting with the University of Manchester the extension of the Imperial College mA"ths programme to thg
North Wesl of England.
The pilot is focussed on supporting students from lower income households lo attaln the highest grades in A
Level Malhemalics. opening up opportunilies and access to university in STEM subjects and onwards inlo tech
careers. The project will initially r8¢ruit up lo 50 target students from the Greater Manchester area embarkin9 on
the first year of their A level slltdies.
Informed by data frum the pitot and an evaluation of the ongoing work at Imperial, The Fourtd81ion is looking al
Ihe potents'al scalability of this progfamme in future years.
JINC- Vocatlonal tech and En
Ineerin Careers Pro
ramme
Size of Grant.. £502 600 over two
ears
Founded in 2003. JINC works collecltvely schools and employers lo in)prove students, social skills and
provide career guidance. boosting PTospec15 for young people ffom 50cioeconomic disadvantsged
neighbourhoods. JIMC finds that young people that grow up in pov¢ty are often missing ioje models and
guidance when it come5 to their education and future work. This hinders their ability to makg good ¢hoices for
their future.
Our partnership with JINC. which is th8 largest social mobilty-fo¢us8d charity in The Nelhorlandg. will support a
Iwo-year programme targeted al slydenls in vocational and pre4vocalional schools and exposing them to careers
in technology. Over the course of the programme students. typically aged 16 and above. will receive initiatives
such as flash intemshlps and career coaching. This will initially open up JINC'S programmes to around 1,500
a(tiJilional young people, across four citips in the Nglherlands.
SEO- Tech Develo
Size of Grant: £1
80 600 over three
eais
SEO Tech Doveloper was founded as a vtrtual inlensivg, freo immersion programmg lo propel firsl-year and
Sophomo￿ Black. Lalinx, and Native AmeriGan computer science and 50ftware engineering college students to
the next level, ensuring they are p￿pared lo effectively compete for inlemships In the tech worfd. The Hg
Foundation is the seed-funder of the programme and has been heavily involved in its developm@nt, which draws
on SEO'S fjQ+ years of experience of running programmes in education and other competillve professional
sertors, such as law and fir)ance. Teth Developer is centred around a six-week virtual summer residency, whlch
Includes 300+ hour5 of technical and soft-skllls training. Partlclpants also have exclusive access to tech
intemships through SEO'S partner omployers. The programrne focuses on experiential leaming, team and
projecl-based work. along with sustained exposure to teeh industry professionals and educators through
curiiculum delivery, seminars and mentorship.
The Foundation's second commitment to Tech Developer will enable the programme lo double in size. reaching
500 students Dver 8 Ihree-year period, as well as growing a new First Year Academy lo build the pipeline of
students interested in and equipped wlh the tech skills lo participate in the main programme. The grant will also
support an indopendenl impact evaluation of Tech Developer- the first time SEO has taken this approach.
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DON￿gn Envelope ID.. FADBD62&-1C1541E3-A8F4-1c85B3608B19
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TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 nftARCH 2024
wArdl Global- Em
owerln
R¢fu
e$ and Immi
rant Women for futUTe-read tech roles
Slze of Grant: £763 800 over three
ear
Upwardly Global supports over 2 million college-educaled ref4Jgees and immigrants faclng under- or un-
employ7nent. Since 2000, Upwardly Global has been helpin9 individuals occess professional careers in the US
and has placed nearly 11,000 people into skill-aligned roles. As a result of their support, average starting salaries
for those placing in tech Toles are $70k - representing a $55k average income gain to candidates who were
previously in luw-wage work or unemployed. often tor several years.
The Hg Foundation and Upwardly Global's $1 million partnership w411 reach 250 immigrant and refugee women
over three ￿ar$. The programme comprises industry-specifi¢ coa¢hing. re-and upskilling, networking,
mentorship ar>d job placernent support. The organisatton will also s¢ale its suite of tools for job seekers via ils
leaming management platfom), that hosts an eLeaming Ilbrary of job readiness training modules.
Generation Global- Em
er Coalitlon
Slze of Grant: £79 798 over one
ear
Th8 Hg Foundation fijnded a follow up piece of work lo a major research project we co funded lo give global
Insi9hl into hiring trends lo entry level jobs in the technology sector. Developed by Generation, the study
surveyed more than 4,000 employed and unemployed people and collected 1,325 responses from te¢h and non-
tech employers, spanning eight countries-. Brazil, Canada. France. Germany. India. Mexico. the UK and the US.
The res&arch explored critical i¥¥ues such as demand for entry level tslenl; how lob requifements are evolving.,
the drivgrs of successful applications,. ar￿ how employors screen Cvs and aim to increase diversity.
The overall aim was lo identify inlervenliofts that can be made to support under-repTeseTrted communities to
aC￿sS and thrive In entry-level tech jobs. and to inform the debate around solutiorks to increasing the SL*pply and
dlversity of talent. Following the research project, The Hg Foundallon also supported Generallon Global wth a
second grant lo help the organisation build a coalilion of employers lo test the most promising approaches at
scale. lo see whether they are suctsssful and cost effective in harnessing the talent of under-seTved groups.
U Reach- Tè
50
Size of Grant- £1511938 over two
of£1999 609 which $tsrtad In 2021
oaTS comméncln
ost
ear ènd followln
an Inltlal three
ear
rant
Research consistently shows that the UK tech workforce does not reflect the wider Population, with those from
lower socio-economlc backgrounds and stste schools signsficAntly underrepresented. UpRea¢h's Tech500
prograrnme, established in partnership with The Hg Foundalon, helps lalenltrd undergTrduales from less
advantsg&d backgrounds secure graduate roles In the teehnology sector. The programme supports 500
Associates at any one lime. 11 offfjrs partiGipants comprehensive and exclusive training, netwo¥klng and
development opportunities to boost their SLr¢cess rates in progressing to lop jobs. upReach also works with
leading te¢hndogy firms to influence hiiing behaviours and to support them in their commitment to SOCi81 mobility
and divorsity in the workplace.
After supporting the inception of the programme and its first three years of operation. The Hg Foundation made a
new £1.5m commitment lo upReach to sustain and develop the programme. extending the project into 2025 and
beyond. By thè end of this grant period, 1,000 students in total wlll have been able to access the programme.
The second grant will also support an indep&ndenl evaluation of impact, to determine a causal link be￿een
upReaeh's activittes and employment outcomès.
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TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
In addition to the above flagship programme grants. in the year the Foundation has also funded some sm811er
pilot projects lo explore new areas ol work, includiro=
A grant lo Sustainability First lo investigate the Green Tech Sector and the possibility of a
programme lo wlden access lo careers in this growing area
A projèct with the University of Exeter and Ihe South West So¢lal Moblllty CommissSon. looking al
work tsxpellence for school-aged students in the le¢h sector
A partnership with Tutor Trust lo support the extension of their tutoring model into Further
Education Colleges in England. focusing on those students who have failed lo achieve threshold
grades in their GCSE exams at age 16.
And we have contlnued funding for programmes supwrted in previ(￿$ years..
Generatlon France - Ton Emplol
The collaboration between The Hg Foundation and Generation France aims ID bridge Ihg gap betweeri Ihg
rnany employars who Struggle lo recruit entry level tslent and young people from disadvantaged
backgrounds who are not in any form ol training or work. The programme comprises specific technical.
behavioural. rnindsel and professional skills training, as well as menlorlng during and after the
programme.11 will rea¢h unemployed learners in France through expanding Generalion's existing
employability programmes 8nd developing new employment tracks in lech-relaled roles.
Technieal Unlversity of Munich- MINT4mpulse an der SGhule
MINT-Impuls8 8n der Schule, run by the Technical University of Munlch ITUMI, encourages girls lo study
thematics, Information Tèchnology, Natural Sciences and Technology {MINT> by providing inspirational
enrichment aclivittres, boosting confidenc8 and breaking down in￿raIned gender stereotypes. The project,
seed-funded by The Hg Foundation, reaches girfs aged 14-16 at select schools in rural Bavaria which
struggle to take part in exlraCurricL￿ar pro9rammes becaijse of a lack of resources and géographic
isolation.
MonltDrfn
achlevement
The Foundation has a major focus on impact measurement. both to understand Ihe exlenl lo which the
programmes il funds ￿￿tributeS to ils overdll mission. and to build capacity and understanding in our
partnerships and in the secloi more widely.
The Foundation defines dear intemi8diatè and end-point KPl$ for each grant, in collaboration with its partners.
For direct delivery granls, these typically relate to measures such as participation and engagement levels; 8¢tivity
outcomes such as improved knowledge, skills and confidence,. intermediate outcomes such as results and
attainm&nt'. and longer-lerrns outcomes. for example progresslon to hlgher education, Intemship and career
placements.
Alongslde quanlilative measurements, assessment often includes qualitstNo meth¢xts to expk)re particlpantS'
altil4Jdes and aspirations.
Our overall approach lo evaluation is captured in our published Evaluation Guide, which includes our overarching
theory of change and outcomes framework. The Foundation's partners have on going access to our
independent evalualion consultsnls lo help Ihem irnplemenl the recommendalh)ns in the guide and advise on
related issues. As part of the development of a partnership proposal, expert advice is taken froin our evaluation
consultants, and ￿mPaCt considerations incorporated Into the design and implemenlation of the programme put
forward lo the trustees.
Page 9

Docusrgn Env6bpe10.' FADBD62E-Ic1￿IEj-A￿F4-lC8sB36O88lg
HG FOUNDATION
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
AFI our major partners have been paired with an independent evaluator to 8xpk>re how best to measure
progr8mme Impa￿ and increase our understanding of efficacy. For Ihoso al an eadier stage in their evaluation
Journey. this includes work lo bulld data capabilities and refine the programme model. readying it for quanlitslive
ev21Ltation-, for others. we awe directly supporting a quantilalive evaluation of impacl. including through buil¢Jing an
understanding Df the counler-fadual - what would likely have happened to these learners anyway. without any
additional support for example through comparison groltps. quasi-gxperimentsl designs and randomised
control trials.
The Foundation also gathers comparable data from its partners on the costs of all the programmtss tt funds.
This is informing a cost effectiveness framework which will allow the Foundation lo make instructive
comparisons ecross the four principal segrNen15 of work in its portfolio.. atliludes and aspirations., education
attainment- entry level employability., and ernployability for highty skilled individuals.
Fundralslng
Hg Foundation does not undertake any hJndrai$ing activities from the genoral public. At pres&nt its sole sourcè of
income is from the Hg Group.
Related Partie5
In accordance with rts constilulion. the majority of the trustees are employees or partners of the Foundalion's
don¢X, Hg Group. There are four independent TTuslees.' Thomas Attwood, Sir Kevan Collins, Richard Donn9r
and Elona Mortimer Zhika. Thomas Attwood and Richard Donner were prevlously partners in Hgcapital LLP.
Elona Mortimer Zhika is the CEO of IRIS, a So￿are company in the Hg portfolio.
Flnan¢lal review
The charitys results for the peri￿￿ are sel out in the Statement of Financial AGtivlties.
The charity had net incomlng resources of £2.811.188 12023.. £3.789,451). comprising income of £6,849,591
12023.. £6,490.7991 and expenditure of £4,038,40312023.. £2,701,348). Funds brought forward from the previous
year amounted lo £6.943.21212023: £3,1 $3,761). Income was solely derived from donations of profit and carried
interest from the Hg Group. The charity only has unreslricled funds.
Invèstm¢nt pollcy and perfonnance
The ffinancial objective of the CIO Is io at least maintsin the real value of ils assets.
It wll have the abllity lo invest excess cash on a conservative basis lo protect cash b81an¢e$ prior to dtslribulion
and is aiming to provide a wBII-balanced portfolio of investments. 11 will adhere lo a reserves policy {as s8t out
below).
The CIO may also decide on a case by ¢ase basls lo m3ke 50rAal investments In supwrt of its missSon. A'social
investment" means a relevant acl of charity which is being carried out 'Wilh a vtew to both ¢Jireclly furthering the
charily's purposes and achieving a financial return for Ihe chariW. The CIO recognises these investments may
have a relatively higher risk reward profile, ar*d which should be considered in a broader portfolio constiuct¢onl
asset allocation strategy.
The Iruslees of the CIO have the final decision making power for any financial investment matters but have
delegated lo a Finance Commiitee {Ihe "Finance Committee'l to revigw and Fnake recommendations to the
tvuslees. The Finance Committee are charged with ag￿eIng a suitable asset alloealion strategy which is sol $0
as to achieve the overall CIO invesim@nt objective.
Page 10

DOw￿9n Envdryje ID.. FADBD62E_IC1541E3-A8F&1C85B3608B19
HG FOUNDATION
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Internal controls and risk management
Tho TNslees have responsibility for ensurtng that the Foundation has in place an appropriate system of controls,
financial or olhermse, to provide reasonable assurance that il is operating effectively and in line with Charity
Commission guidelines.
The systems of finanaal control are reviewed regularly and have been refined where necessary during tho
r¢porting period to provide reasonable assurance against material misstatement or loss.
The Trustees review the risks faced by the Foundation on a regular basts. The main risks iderstified al the last
review lie in the operational risks from ineffective grant making. the capacity of Ihe Foyndation lo make effectNe
grants and the challenges in a55essing the impact of programmes in a limely and prowrtion8te manner. Notable
financial risks identified include..
Risk of grant reclplents mismanaging or fraudulenuy usSng funds donated to them. To mitigate this,
there is a robust due diligence process ahead of allocation of any grants, all grant rèclpients a
expeoted to adhere to grant making policy stipulations. grant agreement is signed by both parties
and a grant monitOTing process is in place which includes regtJlarfinan¢ial reporting by the grant
reupienl.
Hg Group is the primary funder of The Hg Foundalion- the exact amounts donated are
subject to Hg Group's managed funds h￿ttIng targets and timelines. There is a risk that if Hg Group
funds do not hil expected targets and forecasted budgets the fundFng for the Foundation will be
reduced or delayed. To miligale this risk, the Foundation's forecasted budget is cautious and is
provided by the Hg Group finance team, who update it on a regular basis.
External I macro evonls pose a potential risk to Hg Group's business li.e. Hg Foundation's
primary funding source} due lo impact on the global economic and political environment. The
Hg Group finance team and Hg Foundation Trustees regularly monitor budgets and where
necessary will explore altgmalive funding sources.
Reserves pr>li¢y
The Finance Committee meets 8t least quarterly to review the slr&legy, budgets. operating plans and forecasts.
It considers conlracled cashflows and unrestricted reserves versus planned grant Commitments for the following
three years. On Ihis basis, the Finance Committee aims to ensure Ihal there will bo suffiaenl funds available lo
meet grant commitmènts for the following 36 months plus oper81ional costs. Contracted cashftows are based on
the Foundation's share of contracted profit from the Hg Group during the subsequent three financial years. The
Fountjalion's share of Carried InleTesl is only recognised on receipt. The Fir*ance Committee consrders this to be
a conservative approach and are satisfied that tho charity is meeting this policy satisfactorily.
Plans for the future
The Foundation has a number of key priorities for the period ahead-
Effectively monitoring and supporting our existing partnerships. Induding making regr8nls lo help the most
effective partnerships scale further
Idenlifytng new progr8mmes in areas where there are gaps in our portfolio. Including lunding more work in
Europe and North America
Developing further our approach lo impact, especially around making inslruclive comparisons across
programmes operating in similar areas and driving for similar outcomes
Making full use of the eco-system of expertise around the Foundation, Including fiom Hg Group and
its portfolio of software companies and other collaboialors who share our mission
Understanding more about the pipeline of lalenl into tech. and where there are the greatest opportunitlos
for effe￿5ve Intervention. both to inform the Foundation's own work and that of olheTS in the spaca
Building the Profile of the Foundation further lo encourage collaborglion and partnership
Page 11

Eknusign Envelope ID.. FADBD$2E-IC1541E>A8F4-1C85B3608B19
HG FOUNDATION
TRUSTEES. REPORT {CONTINUED}
FOR THE YEAR ENDED 31 MARCH 2024
Structurep goveTnance and managemont
Govornlng DoGument and Constitutlon
The Hg Foundation was illCOTporaled on 27th April 2020. The Foundation Is a Charitable Incorporated
Organisalion and a registered charity {number 1189216). 115 goveming dOCu￿ent is its Constilulion.
TrustEe¥- Appolntment, Induction and Tralning
New Trustees are appointed by a resolulion passed al 8 meeting of the existing Foundation Tiustees or by
written resolution. such a resolution sh811 be effective only if al least hav of the current Foundation Trustees have
voted in tts favour. The constitution allows for a minimum of 3 Trustees and a maximum of 10 Trustees. al any
given time at least 2 Trustees musl not be officers, partnors or employees of Hg Group or H9 Advisory GmbH &
Co. KG.
On appoinlménl. new Trustees sign a INstee declarallon stalemenl committlng them lo giving of their lime and
expertise. They ale made aware of their legal obligations under Charity Law, the decision making process of thè
Foundation, key policles and pracedures. its strategic aims and recent performance. New Trustees are provided
th a copy ol the current version of the Constilulion and a copy of the latest statement of acwunls, and are
given an opportunity to meet with team members and organisattrons support¢d by the Foundation.
Organbatlon
Al the quarterfy trustee meetings, the Trustees discuss areas of a￿5Vity such as grant making {following the
recommendations of the Partnerships Commilleel, performance against objectives, a high level review of the
budget and cashflow forecasts, following prior in depth consideration by the Finance Committee. Other topics
are discussed periodically and as needed for exampl8, approach lo scale up, impact evaluation. the pipeline
into the technology workforce.
Al annual Strategy meetings, the Twslees mgel to discuss over811 strategy. perfomiance, annual budget and to
dotermine how best to direct lis resour￿$ to meet its obje¢tNes.
Key managoment personnel remuneration
The Tnjstees consider the board of Trustees. and the CEO. as comprisin9 the key management personnel of
the Foundation in charge of dirgcling and controlling the Foundation and running and operating the Foundation
on a day to day basis. Al Twslees give of their time freely and llo trustee remuneration was paid in the period.
In accordance with the Foundation's Conflict of Interest Poliey, Trusl&es are required to declare and regislgr any
personal interests, business interests or other dlrecl or indirect int8rèsts that might potentially conflict wllh their
duties as a Trustee and absonl themselves from decisions where a conflict of inlèresl arises.
Page 12

ti)ciJsun Envelope ID.. FADBD62E-1c1541E&￿F4-IC65B3GoS81g
HG FOUNDATION
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Stat•ment of Trustee$. responslbllltles
The Trustees are responsible for preparing the Trustees, report and the fin8ncTr81 stalemènls in accordance wlth
applicable law and United Kingdom Accounlbng Standards (United Kingdom Generally Aceepled A¢¢ounling
Practice).
The law applicablo to charities in England & Wales requires the Tfuslees to prepare financial stslemenls for
each financial year which givo a true and fair view of the slate of aftairs of the CIO and of ils incoming resouTces
and application of fesources, including Ils income and expenditure. lor that period. In preparing thes@ financial
slalemenls. the Trustees are required to-.
Select suitable accounting policies and then appty them consislenlly,
observe the methods and principles of the Charibes SORP IFRS 102)..
make jLKlgments and accounting eslimales that are reasonable and prudentr
stsl& whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any
material departures disclosed anrs explained in the finandal statements..
prepare the financial statements on the Going concem basis unless il is InappropT101e lo presume
that the CIO will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain
the CIO'S transactions and disdose with reasonable accuracy al any lime the financial position of the CIO and
enable them to ensure that the financial slalements 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 CIO and hence for taking reasonable steps for the prevention and (feleclion of fraud and other
iffegularilies.
Disclosuro of infomiatlon to Iudltors
Each of the persons who are Trustees at the time when this Trustees. report is approved has ￿nfirffled that=
so far as that Trustee is aware, there is no relevant audit information of which the charivs auditors
are unaware. and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware
of any relevant audit inforrnalion and to establish thal the cherills auditors are aware of that
information.
Auditors
The auditr>rs. RPG Crouch Chapman LLP. have indicated their willingness lo continue in office. The designat&d
TNstees will proposè a motion reappointing the auditors at a meeting of the Trustees
Approved by ord&r of the members of the board of Trustees and slgned on thelr behalf b￿.
Rl¢hard Donner
Tru51ee
Dale.. 14-Jan-2025
Page 73

D￿s￿an Envelo￿ ID.. FAD6D62E-1C1541E>A8F4.1C8583608B19
HG FOUNDATION
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HG FOUNDATION
Oplnlon
We have audited the financial statements of Hg Foundation Ilhe 'eharitl) for the year ended 31 March 2024
which Comprise the Slalemenl of Financi81 Activities, the Balance Sheet. Ihe Slalemenl of Cash Flows and the
related notes. including a summary of significant accounting policies. The financial reporting framework that has
been applied in their prèpaialion is applicable law and United Kingdoffj Accounting Stsndards. including
FiTiancial Reporting Standard 102 The Financial Reporting Standard applicable in tho UK and Republic of
I￿land. (United Kingdom Generalty Acceptèd Accounting Pra¢ti¢el.
The firkandal stalernents have been prepared in aC￿rdanCe wlh Accountlng and Reporting by Ch8rFties
preparing their accounts In accordance with the Financlal Reporbng Standards applicable in the UK and Rèpublic
of Ireland (FRS 102) in preference to the Accounting and Reporting by Ch3rities'. Stalem&nl of Recommended
Practice issued on 1 April 2005 which is referred to in the extant fegulalions bul has been withdrawn.
This has been done in order for the accounts lo provide a true and fai¥ view in ac¢x)rdance with the Generally
Accepted Accounting Practice effective for reporting periods beginning on or aftef 1 January 2015.
In our opinion the financl81 statements..
giv8 a true and fair view of the Slate of the Cha￿ty$ affairs as at 31 March 2024 and of Its Incoming
resources and 8ppIic81ion of iesourGes for the year then end&d.'
have been properly prepaied in accordance with Unlted Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirem6nts of the Charities Ad 2011.
Basls for opinlon
We conducted our aLTdit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable
law. Our respon5ibililies under those standards are further described in the Auditors. responsibilities for the audit
of the financial statements section of our report. We are independ&nt of the charity in ac￿rdance with the ethical
requirements that are relevant to our audit of the financial statements in the United Kingdom, induding Ihe
Financial Reporting Council'5 Ethical Standard. and we have fulfilled our other ethical responsibilities in
accordance with Ih6se requirements. We believe that the audit ev¢dence we have obtsined is sufficient an
appropriate to providè a basis for our opinion.
Conclusions rÈlating to golng concern
In auditing the financial statements. w6 have ¢onduded that the TTUStees' use of the golng concern basis of
accounting In the preparation of fman¢i81 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 colltrdively. may cast significant doubl on the charity's ability lo continue as a going
concern for a period of al least ￿e1ve months from when the financial statements are aulhorised lur issue.
Our responsibilities and the responsibilities of the Trustees wllh respect to 90ing concern are described in the
relevant sectiorss of this report.
In our evaluation of the TTuslees' conclusions. we Considered the risks associated with the Charit￿$ business
mod81. including the effects arising from macro-economic unc8rtainles and analysed how those risks might
affect the charitys financial resources or ability lo eonlinue operations over the period of ￿1ve months from the
dale when the financial statements are aulhorised for issue. In accordance vrith the above. we have nothlng lo
report in these raspects. However, as we cannot piedicl all future events or conditions and as subsequent events
may result in outcomes that are inconsistent with judgements that were reasonable at the time Ihey were made,
the absence of reference lo a material uncertainty in Ihis audilorfs report is not a guarantee that the charity will
continue In operation.
Page 14

OocusYJn Env6lope10.. FADBD62E.1C1541E3-ABF4-1C858360BB19
HG FOUNDATION
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HG FOUNDATION (CONTINUED}
Other Informatlon
The other Infomialion comprises the infomialion included in the Annual Report other than the financial
statements and our Auditors, Report thereon. The Trustees are responsible for the Other information contained
within the Annual Report. Our opinion on the financial statements does not cover the other inform81ion and.
except to the eKtenl otherwise expli¢illy slated in our report, we (Jo not express any form of assurance conclusior*
Ihereon. Our responsibility is lo read the other information and, in doing so, Consider whether the other
information is materially inwnsistent with the financial statements or our knowledge obtained in the course of the
audll, or otherwise appears lo be materially misstsled. If we idenlify such mal¢rial inconsistencies or apparent
material misstslements. we are r&quired lo determine whether this gives rise to a material misstatement the
financial statements themselves. If, based on the work we have performed, we ￿nclUde Ihal there Is a material
misstalemenl of this other infornation. we are required lo report that fact.
We have nothing lo report in this regard.
Capability of th¢ audit to d8tact Irrogularities including fraud
We gained an understsndin9 of the legal and regulalory framework applicable to the charity 8nd the Industy in
which il operates. and con8ldere£l the llsk of acts by the charity which were contrary lo applicable laws and
regulations, induding fraud. Thes8 included, bul ware not limited to, wmpliance with the Charities Act 2011 and
FRS102.
We designed Judit proceduros lo respond to the rtsk, rgcognlslftg that the risk of not delecling a material
misstatement to fraud Is hlgher than the risk of not delecling one resulting from error, as Iraud may involve
(Jeliberale concealmant.
We focused on laws and regulations that could give rise to a material misslalemenl In the finanaal slatemenls.
OLtr tests included, but were not limited lo."
• agr&em&nt of the financial statement disclosures to underlwng supporting documenlalion.,
• enquiries of management-
review of minutes of board meetings throughout the period,. and
obtaining an undèr$landing of the control onvironmenl in monitoring compliance wilh laws and regulations.
There aw inherent limitations In the audit procedures described above and the fijrther removed noncompliance
with laws and regulations is froffl the events and transactions reflected in the financial statements, the less likely
we would become aware ol it. We also addressed the risk of management overrlde of Inteinal cor¢lrols. includlng
lesling joumals an¢J evaluating whether there was eviden￿ of bias by the Trustees that represented a risk of
material misstatement due to fraud
Matters on whlch we are r•qulred to report by gx¢eptlon
We have nothing to report In respect of the following matters where the Charities (Accounts and Reports)
Regvlalions 2008 requires us to report to if, in our opinion..
the infomialion glven In the Trustees, Report is inconsistent in any material respect Smth the financial
slalemenls., or
sufficient accounting records have not been kept,. or
the financial slalements are not in agreement with the accounting records and retums: or
we have not received all the infomiatlon and explanations we require for our audll.
Page 15

t)ocuskdn Envek)pe ID.. FADBt)62E-1C1841E3.A8F4-1C85B3608819
HG FOUNDATION
INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF NG FOUNDATION {CONTINUEDI
Responslblllties of tru$tees
As explained more fully in the Truslee$' Responsibilities Slalemenl. the Trustees are ￿sponsible for Ihe
preparation ol the financial stalemonts which give 8 true and fair view. and for such inlemal control as the
Trustees determine is n¢¢essary lo enable the PlBparalion of financial slalements that are free from material
misstalemenl, whether due to fraud or error.
In preparing the financlal statements, Ihe Trustees are responsible for 8Ssèsslng the charttys ability lo continu@
as a going concem, disclosing, as appli¢8ble, mallers related to going concern and using the going concorn
basis of 8ccounllng unless th@ Tiustees either intend to1Squidale the charty or to cease operations. or have no
realistic allemalive but lo do so.
Audltor$' responslbllltie$ for the audit of the financial statemgnts
We have been appointed as auditor under 58clion 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect the￿under.
Our objectives are lo obtain reasonable 8ssu¥an¢e about whether the financial stalemènls as a whole are free
from material misstatement, whether due to fraud or error, and lo issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit ¢onduded in
accordan¢e wlh ISAS IUKI will always delect a rnalerial misstatement when It exists. Misslalements can arise
from fraud or error and are considered material if, individually or in the aggregate. they coul¢J reasonably be
expected to intluence the ec(Inomic decislons of users taken on th& basis of these financial ststoments.
Irregularities. In¢ludir¥J fraltd, are instances of non-compllance with laws and regulations. We design procedures
in line wilh o¢Jr responsibilities, outlined above. to detect material misslalemenls in respect of irregularilitss,
ineluding fraud.
Th8 extent to which Our procedures ar8 capable of detecting irregularities, including fraud is detailed in the
relevant paragraph above.
A further description of our responslbllllles for the audit of the finan¢ial statements is located on the Financial
Reporting Cotjncil's website al: www.frc.o
.uklaudilorsre5
onsibililies. This description forms part of our
Auditors. Report.
U$¢ of our report
This report is made solely lo the ¢hariV$ Iruslees. as a body, in accordance with Part 4 of the Charities
IAccoun15 and Reports) Regulations 2008. Our audit work has betsn undertaken so Ihal we might stale lo the
charivs Iruslees those malte¥s we are required lo slalo lo them in an Auditors, Report and for no other purpose.
To the fullest exlenl permilled by law. we do not 8¢cepl or assume responsibility lo snyone other than the charity
and its trustees. as a body, for our audit work, for this report. or for the opinM)ns we have formed.
RPG Crou¢h Chapm
40 Gracechurch Sireel
London
EC3V 08T
LLP
Date:
RPG Crouch Chapman LLP are eligible to act as auditors in temis of section 1212 of the Companies Act 2006.
Page 16

)￿91g￿ EnvelLPe ID.. FAD8D6?￿-1Cl￿1E>A8F4-1c8SB36OS81g
HG FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted
tunds
2024
Total
lunds
2024
Tolal
funds
2023
Note
Income from:
Donations and legacles
Investmer¢ts
6,595,225
254,366
6,595,225
254,366
6,490,799
Total In¢ome
6.849.591
6,849.591
6,490, 799
Exp&ndlture on".
Charitsble activities
4.03B.403
4,038.403
2. TOI.348
Total expendlturo
4,038,403
4.03B,403
2.701.348
Net movement In funds
2.811.188
2.811,188
3,789.451
ReGonciliation of funds:
Totsl funds brought fomard
Nel movement in fvnds
6.943.212
2,811.188
6,943.212
2,811.188
3. 153,761
3, 789.451
Total funds carried ftsnyard
9.754,400
9,754.400
6,943,212
The Statement of Finaneial Activities includes all gains and losses recognisod in the year.
The notes on pages 20 to 30 form part of these financial slatemenls.
Page 17

DO￿1￿ Envelop8 ID-. FADB062E-1C1541E>ABF*1C65B3608B19
HG FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Note
Investments
11
912,756
450,277
912,756
450.277
Current assets
Debtors
Cash at bank anQ in hand
12
194.880
9.168.948
592,106
6,453, 719
17
9.363.828
7.045.825
Creditors.. amounts falling due wthin one
year
13
{522.1841
(552,890)
Net Current assets
8,841,644
6.492,935
Total net assets
9,754.400
6.943,212
Ch•rity funds
Unrestricted funds
9,754,400
6,943,212
Total fund$
9,754,400
6.943,212
The financial statements were approved and 4Lthorised lor Issue by the Twstees and signed on their behalf b￿.
fvJwl
Rl¢hard D¢nn¢r
Truslee
Dale.. 14-Jan-2025
The notes on pages 20 to 30 form part of these financial statements.
Page 18

t)owsign Envolope ID.. FADBO62E-1C1541E3.A8F4.1c￿836o8Blg
HG FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Cash flows from opeTatlng actlvitles
Net cash used in operating actlwtie5
3,177,708
3.976,314
Cash flows from investlng activities
Purchase of investments
(462,479} (450,277)
Net cash used In InvestEng actlvltltrs
(462.4791 {450.277)
Cash flows from financing activiti0$
Net cash provided by financing aetlvltles
Change in cash and ¢ash equivalents in the year
Cash and cash equivalents at th¢ beginnlng ofthe year
2.715.229
3.526.037
6.453,719
2,927.682
Ca$h and cash equivalenls at the end of the year
9.168,948
6,453, 719
Th6 riole5 on pages 20 10 30 form part of these financial statements
Page 19

Docusign Envebpe ID.. FADB062E-1C1541E3A6F4.IC85B3608B19
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
General Informatlon
The Charity is a CIO regISte￿d with the Charity Commission in England and Wales, charity number
1189216. Its registered address is 2 More London Riverside, London, SEI 2AP.
The principal activities of ihe CIO is to support skill development for the modem job market and contribute
lo improved. quality employment prospects for those who may otheMs¢ experitrnce barriers lo aGce55.
Accountlng poll¢ios
2.1 Basts of preparation of flnan¢lal statements
The financial slateTh8nts have been prepared in accordance with the Charities SORP (FRS 1021-
Accounting and Reptsrting by Charities.. Statement of Recommended PraGtiGe applicable to charities
preparing thelr accounts in accordanc& with the Financial Reportino Stsndard applicable in the UK
and R¢public of Ireland IFRS 102} {effe¢tlve l January 2019). the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The financial statements have been prepared to give a 'lrue and fairf wew and have departed frorn
the Charities {Accounts and Reportsl Regulations 2008 only to the extent Tequired lo provide a 'true
Bnd fairf view. This departure has involved following the Charities SORP IFRS 102) published in
October 2019 rather than the Accounting and Reporting by Charities.. Stalernent of Recommended
Pracli¢e effective from 1 April 2005 whith has since been wilhdrawn.
The trustees confirm their explicit and unreserved compliance with the above legislali(M.
Hg Foundation meets thè definition of a public benefit entity under FRS 102. Assets and liabilities are
Inllially recognised at histori¢al cost or transaction value unless othe￿ise stated in the ielevant
accounting policy.
The accounts have been prepared in Sterling and all amounts are rounded lo the nearest £.
2.2 Golng eoncern
Based on their assessment of the twelve months from the dale on whtch the balance sheet was
signed, the Trustees are of the opinion that the charity is a going concern as the charity holds
significant cash ieserves and the o¢¢ounts have Iherefore bean piepared on the going ¢oncem
basis.
2.3 Income
All income is recognised once the Charity has entyttement to Ihe income. 11 is probable Ihal the
income wll be ye￿1ved and the amount of income receivable can be measured reliably.
Grants are induded in the Slalement of Financial Ath'vilies on a receivable basis. The balance of
income received for specific purposes bul not expended during the period is shown in the Televanl
fijnds on the Balance Sheet. Wher¢ income is ieceived in 8dv8n¢e of entitlement of receipt, ils
recognition is deferred and included in Creditors as deferred income. Where enlivement occurs
before income is received, the Sn¢ome is acciued.
Page 20

DoCu￿9Th Env61c*e10.- FADBD62E.1C1541E&A8F4-1C85B3608819
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
A¢¢ountlng pollcles {continuedl
2.4 Expenditurè
Expenditure is reeognised once there Is a legal or construelive obligation to transfer e￿nOmiC benefit
lo a third party, il is probable Ihal a transfer of e¢onomic ben¢fils will be required in s¢lllemenl an
the amount of the obligation can be mèasured reliably. Expenditure is classified by activity. The costs
of each activity a￿ made up of the total of dirtscl costs and share(1 costs, including support costs
Invofved in undertaking each aclivlly. DiTecl costs altribulable lo a slngle a¢tivlly a￿ 8llo¢ated directly
to that activity. Shared costs which contribute lo more than one activity and support costs which are
not attribLTrtable to a slngle activity are apportioned between Ihose activities on a basis consistent with
the use of resources. Central staff costs are alloGaled on th8 basis of timo spent, and depreciatio
charges 8lloc8ted on the portion ofthe asset's tssè.
Expenditure on charitable aclivilie5 is incurred on directly undertakin9 the activities which further the
Charivs objectives. as well as any asso¢ialed support costs.
Granls payable are tharged in Ihe year when the offer is made excopl in ihos¢ cases where the offer
is conditional, su¢h grants being re¢ognised es expenditure when the Conditions attaching are
fulfilled. Grants offered subject lo conditions whi¢h have not been mel at the year end are noted as a
commitment, bul not accrued as expenditura.
All expenditure is indusive of irrecoverable VAT.
2.5 Interest recelvable
Intere51 on funds held on deposit is included ￿en Teceivable and the amount can be measured
reliably by the Charily.. this is normally upon notificalion of the interest paid or payable by the
institution with whom the funds are deposited.
2.6 TaxatSon
The Charity is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act
2010 and therefore il meets the definition of a Charitable company for UK corporatiDn tax purposes.
Accordingly. tho Charity is polantially exempl from tsxalion respacl of Income or capltal gains
received within calegorfes covered by Chaptèr 3 Part 11 of the Corporation Tax Act 2010 or Se¢Jon
256 of the Taxation of Chargeable Gains Act 1992. to the exlenl th81 such income or gains are
applied exclusively lo charitable purposes.
2.7 Investment$
Fixed asset inveslments are a forrn of financial instrument and are initially reeognised at their
transaction cost and subsequently measured al fair valije at the Balance Sheet dale, unless the value
C8nnol be measured reliabty in which case K is measured al Cost less impairment. Inveslrnent gains
and losses, whether realised or unrealis8d, ale combined 8nd presentèd as 'GainsllLossesl on
inveslmenls. In the Statement of Finaneial Activities.
2.8 Debtors
Trade and other debloTS are recognised at the 8ettlement aFT)ounl after any trade dlscounl offered.
Prepayments are valued al the amount prepaid nel of any trade discounts due.
Page 21

DoEusign Envelupe ID.. FAD8D62E-1C1S41E3-A8F4-1C85B%O6B19
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accountlng policies (contlnuedl
2.9 Cash at bank and In hand
Cash at bank and in hand includes cash and short-temi highly liquid investments with a short malurily
of three months or less from the d8te of acquisition or opening of the deposit or similar account.
2.10 LlabSllti•s and provislons
Liabllili88 are re¢ogni$ed when there is an obligation at the Balance Sheet date as a result of a past
event. it is probable that a transfer of economlc benefit will be required in settlement. and the amount
of the setttement can be estimated reliably.
Liabil¢ties are recognised al the amount that the Charity anticipates it w¢ll pay to settle the debt or the
amount it ha5 received as advanced payments foi the goods or services it must provide.
Provisions are measured al the best estimate of th8 amounts required lo settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts. discounted al the p￿-tsx discount rale that reflects the risks specific to the liabilily. The
unw(ndin9 of the discount is re¢ognised in the Statement of Financial Aclivilies as a financo wst.
2.11 Flnanclal Instruments
The Charity only has financial assets and financial liabilities of a kind that qualfy as basic financial
instruments. Baslc financial instruments are initially recognised al transaction value and subsequently
measure(l al their settlement value wth the exception of bank loans which ale subsequently
measured at amortised cost using the effective interest method.
2.12 Fund a¢¢ountlng
General funds are unrestricted funds which a￿ available for use al the discretion of Ihe Trustees in
furtherance of the general objectives ot the Charity and which have not been designated for other
purposes.
Investment income. galns and bsses are allocated to the appropriat8 fijné.
Critical accounting estimates and areas ¢f judgment
Éstimates and judgments are continually evaluated and are based on historical experience and other
factors, induding expectations of fvIU￿ events that are believed lo be reasonable under the
ctr¢yMst8n￿$.
Critical accounting eslimales and as$umptsons'.
The CharSty makes estSmates and aswmplions concerning the future. The resulting accounting estimates
and assumptions ￿1￿. by definition. seldom equal Ihe related actual results. The Irltstees are of the opinion
that none of the estimates made result in a significant risk of causing a material adjustmènt lo the carrylng
amounts of assets and liabilities within the next finandal yèar. however, they are of the oplnion that the
following esh'mates are sunifi¢ant accounting eslimales used in the financlal stalemenls..
Page 22

Ckncus￿n Envelope ID.. FADBD62E-IC1541E3-A8F4-1C8S83608619
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Critlcal a¢¢ounting estlmate$ and areas of Judgrnent {contlnuedl
Accruals
Material 8C¢m81s are included for prolecl fundlng for which an obligation lo pay exists. The amounts are
based on best eslimales of the amounts which will be due and payable in the future. A¢¢ruals of loweT
values comprise expected costs for expenditure to be invoiced in the ftjture and is based on best
estsmales or invoices received after the year end.
A¢tTued InGome
Provisions are made for in¢ome relating to the year which is expected lo be received after the year end.
The figure is bas6d on best eslimales or communication received after the year end.
Income from donations and 18ga¢le$
UnrestriGted
funds
2024
Total
funds
2024
Donations
6,595,225
6.595,225
Unrestri¢l8d
funds
2023
rotal
funds
2023
Donations
6.490.799
6,490.799
Investment income
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Investment Income
254.366
254.366
Page 23

Docusi9n &nvalop& ID.. FAOB062E-1C1541E3-A8F*1C65836088t9
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysls of grants
Grants to
Institutions
2024
Total
funds
2024
Project grants
3,601,289
3.601.289
Grents to
Inslilulions
2023
Tolol
fvnds
2023
Project grants
2,561,501
2,561.501
The Charity has made the followng material grants to in$lilutSons durlng the year=
2024
2023
Name ol institution
Partnership - SEO- Sponsoy for EducatlDnal Opportunity
Partnership- upReach Charitable Co.
Partnership- Assonat Finance Generation
Partnership - Apps for G¢x)d
Parbietship- Jlnc Grant
Partnership- Tèchnische Universitat Munchgn
Partnershlp - Purposeful Ventures
Partnership - Lets Get Ready, Inc
636.923
607.935
306.195
295.000
257,056
214,076
200.000
145,718
460,280
580,895
225,966
2,662,903
1,267, 141
Olhor grants lo institutions
938,386
1,294,360
3.601.289
2,561.501
2024
Individually material 9rants
Grants IndividtJally not material
2.662.902
938.387
3.601,289
Page 24

tjocusign Envek7pe FD: FADBD62e-1C1841E>A8F4-IC85B3608819
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysls of exp¢ndlture on charltable activities
Summary by fund type
Unre$triGt•d
funds
2024
Total
2024
Project grants
Adminislralion of the charity
3,601,289
437,114
3,601.289
437,114
4.038.403
4.038.403
Unreslrictpd
funds
2023
Total
2023
Prolect grants
Administration of the chaiity
2.561.501
139,847
2,561,501
139,847
2, 701,348
2.701,348
Page 25

t&)cusiqn Envelopp ID.. FAD8062E-fC1541E&A8F4-1¢8583608819
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysls of expenditure by actlvltles
Grant
lunding of
activities
2024
Support
costs
2024
Totsl
funds
2024
Project gr8nl$
Administration of the Charity
3,601.289
3,601,289
437,114
437,114
3.601,289
437,114
4.03B,403
Gr8nl
funding ol
activities
2023
Support
cosls
2023
Total
funds
2023
Project grants
Administration of the charity
2.561.501
2,561,501
139,847
139.847
2,561,501
139.847
2,70q.348
Page 26

DoEtssign Envdope ID-. fADBD62E.1C1M1E3-A8F4-1C8583608879
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analys15 of exp*ndlture by activitle$ (Contlnued)
Analy$l$ of support costs
Total
funds
2024
Total
funds
2023
Legal Fees
Audit Fees
Bank Charges
Other Cts5ts
Events
Insurance
General Adml
Marketing Irecruilmenl)
Travel & Entertainment
Analysis & Evaluation
Staff C051s
Digitsl Communlcatlons and Equipment
4,498
11.000
1.846
3,982
2.2QO
554
2.100
71.000
552
540
18,771
551
250
1, 783
1,229
5.500
97,631
20,432
7,081
36,125
305.239
44,157
437.114
139,847
Audltors, remuneratlon
2024
2023
Fees payable lo the Charills auditor for the audit of the Charilys annual
account5
11.000
11,000
10. Trustees. remunèrdtlon and expen$¢$
Durfng th8 year. no Trijslees received any remuneration or other beneffts (2023- £NIL).
Key management comprises the trustees and th8 charity CEO. Key rnanagemenl remuneration
amounted lo £145,00012023'. £97.6311. The chartty doe5 not operate ils own payroll and 811 staff costs
are ￿-Charged from Hg Group.
During the year erEded 31 March 2024. no TrLtsleo expensas have been incurred (2023- £NIL).
Page 27

IY0¢usLon Envelope ID.. FAOBD62E-1C1541E34BF4_1c858360881$
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.
Flxed asset Invo$tments
Unlisted
Investments
Cost or valuatlon
At 1 April 2023
Additions
Revaluations
450,277
462,479
At 31 March 2024
912,756
Net book value
At 31 March 2024
912.756
At 31 March 2023
450,277
12. Debtors
2024
2023
Due within one year
Prepaymenls and accrued inGome
194.880
592.106
194,880
592,t06
13. Croditors: Amounts falllng due wi.thin one year
2024
2023
Trade creditors
Accruals and deferred income
282,850
270,040
522,184
522,184
552.890
Page 28

9ocus￿jn env&lopè ID.. FAD8D62E-1C1541E3-A8F4-IC8583608B19
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14. Financlal Instruments
2024
2023
Financlal assets
Financial assets me88ured al fair valLte through income and expendltu
912,756
450,277
Financial assels measured at fair value through income and expenditure comprises the charivs
invéstment in Cornerstone l LP.
15. Funds
The charity only has unrestricted, general funds. Al amounts inlcuded In these accovnls thèrefore
repres¢nl unreslricled, general funds.
16. Reconciliation of net movement In funds to net cash flow from operating activities
2024
2023
Nel incoffle for the period las per Statement of Financial Aclivitiesl
2,811,188
3. T89,451
Adjustments lor..
Decrease in d8blors
Increaselldecreasel in Cr￿ltorS
397.226
130,706}
186,554
309
Net cash provided by operating activitles
3.177,708
3,9T6.314
17. Analysis of ¢a$h and cash equlval¢nts
2024
2023
Cash in hand
9.168,948
6.453.719
Total cash and cash •qulvalents
9,168.948
6.453,719
Page 29

Docvsign ErN6ltpe ID.. FADBD62E-1C1541E>A8F4-7C85B3608819
HG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18. Analysls of Changes In net debt
At 1 Aprll
2023 Cash flow$
At 31 March
2024
Cash at bank and in hand
6.453,719
2.715.229
9,168,948
6A53,719
2.715,229
9,168,948
19. Flnanclal commitments
During the year, the charity committed to make total future investments of £3,800.00012023= È3,500,0001.
During the year. £462,479 12023.. £450,277) was drawn down. faking the lotsl investment so far lo
£912,756, as dis¢losed in Note 11.
20. Related party tran$a¢tlons
During the year ended 31 March 2024, the charity received donations of £6.595,22512023.' £6,490,799)
from the Hg Gioup. The charity Is connected to Hg Group through ils trustees as follows..
Trustees Anna Martina Sanow, Richard Earnshaw. Robbie Crtrino, Juan Campos, Genli Zhao and
CarDling Lofgren are employees of Hg Group or its associated companies in Munich and New York.
During the year, the charity incurred expenditure of £305,23912023= £97,631) representin9 a re-ch8rge of
wages and salaries and assoclal8d staff casts from Hg Group.
Included in grants mad& are grants lo TEAK and The Education Endowmenl Foundallon. Sir Kevan
Collins serves on the board of Trustees of the latter, whereas Robert Citrino serves on the board of the
former. The trustees are satisfied that any polenlial conflicts of inlarèsts have been managed
satisfactorily.
Page 30