Ch•rrty rnql•tr•Oon nurnb•r 11•1J47 THE DWF FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2023
THE DWF FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION &r D Nlchol CBE Ms L Ogunyeml M5 Z Bennett Mr P HolLgnd Mr R Binns Mf E Ollver Mr M S18nbury Mr J Dames M6 J Chamberf•ln M5 C Ftrber MT S Monks IAppolnl•d 7 Jur 20221 (Appointed 7 Jung 20221 Fwft41qlk4Th MAn•g•r Ms C Boavon Chrlty numb•¥ 1191347 Prfn¢lp•l #ddr• DWF Foundallon 5 Sl Paul's Squar• Old HAII stre81 Liverpool L3 gAE Ind•p•nd•nt Ex4mln•r Tony Stanley ACA BWM Temp88t Suitè 5.1 12 fithebam Slraet Liverpc4Jl L2 2DT Bnk•rn Royal Bank of Scolland pk I Spinningfiel(ts SqLtara 2nd Floor Mpnchtslw M3 3AP 8ollgltorn DWF Group plc PLC 5 Sl Paul's 8qu•r Old HAII Str••t Llverpcol L3 9AE Ralhbonts Inv0ment M8nthgem1 Lknltod Port of Liverpool Buildlng Pier Head Ltverpry)I L3 1NW
THE DWF FOUNDATION CONTENTS P*9• 1-12 stAt8ment of Tntee$, rnsponsibilrftes 13 Ind•pendenl exarnln•rfs rnp)rt 14 Statement of flnanryal athttes 15 Bglanc6 shoet 16 Note8 to the trln8naal st8tom•nts 17-30
THE DWF FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Tho tru••8 pr•o•ft1 thelr 8nnual report and finenclal stal8menl$ ol Ihe ehority for the yoar ended 31 March 2023 Th• flnenc4al statements have bft prepar8d in a¢¢or¢lan¢è wilh tho oc£ounling polictes sel oul In nole 1 to lh8 financial stalem8ntS 8nd compty wrth the charity5 governlng documènl. the Charities Acl 2011 and 'Accounling And Repts9 by ChAdlies'. Stalemènl of Rèeommend8d Praclice applicable lo ehariligs preparing their ac(x)unls In 8¢eord4n¢è wrth the Financial Reporting Standard applicable In lh UK and Republic ol Ireland IFRS 1021" 19ffecti 1 J¢nu4ry 2019). A gr•nt gmno foundallon fo¢uslng Its r¥Wu¥ on Ihe themeB ol.. Homelossness H8•lth & thlIbe1n9 Employability Ed[atn Enmronmenl and sustainability. Th• InMIS conllrm that th•y havè rgf8rre<l lo tho Charfty Commlsslon'l guldonce on public bgnèfil when rewewing tho Trusl's aims and obiecliws, in p18nning lulure aetivillas, and setting the granl making policy for the year. Th¢ foundatn furth&r$ 11$ charitable purposes for the public benèfit Ihrou9h its 9f8nt-m8ng poliry which aims al 8upportiryJ Ihe thom¢s at4)ve. Wlhin thesè the Foundation has been set up lo particulafly help wrth Initialiv6s Ihal and improvo local communlties by.. Tackling 8p•ofic LX•mmunily Issuas. Iping voluntary and ¢ornmtsnty grotp8 b8eorn• more effective and efficient. Eneouraging Ihe involvoment in thè community of Ih05e loo often excluded. Enabling young Féoplo lo d8velop skills for Ihe benefil ol Ihe community. Our Msion Is lo encourage people within DWF PLC lo work log¢lh•r as a calalysl for change. DblF Fndll0n was launthed on 181 Decombef 2015, tha origln#l strudurè was an unincorporated foundation. In 2019 th• mado the doclslon lo thango the slructur6 ol Ihe foundallon lo a CIO and this entity wa5 <Wbflmwd In Seplembor 2020. The assets of the DWF Charitable Foundallon 1115722gi w8r6 transferred to th& Foundalion 11191347) on 31 March 2021. The DWF Charitable Foundalion 111S72291 was dosad on 31 Mwch 2(Y22. Th• Dvffi Fourbdalion has iargeled Ils fvnds lo $upport our •stablished community themes. Charitabl8 donations arn agroed by tho FourKlallon 808rd of Twsl8e$ #nd supported by DWF Group plc local CSR Groups who are Ivolved in th• leedba( for grent applications recalved, shoring local knowledge lo help granl rnaking dÈdsion. d•liberatsly arch out applications which awo distinctive, Impacttul and align with the Community themes whi¢h •&Jr•M tha mèin cs)nc•ms of local cKJmmunS1I0$.
THE DWF FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 IAARCH 2023 Thg Foundation's incr)me o)mes from a v81ièty of soure•$ through GfOUP plc The bulk of irlcom? 18 g•rated through thé fundrthising efforts of people wilhin DIAF Gtoup pk. with a modest incomè stream comin9 from payroll gmng. dormant accounl lunds {re61duel ba1ceS) and ad ttoc thThations from DWF GroLtp plc dkW)1s 8nd sU18r5. On 13 Morth 2019 thè Charitable FoundatKJn re 8 donaJon 011.8 milllon shars as part ofth8 IloatatKJn of the Lthy PLC busin+. Thi$ gnl was lo supporl th8 loundauon grant gwing. These shares weie translefred lo (W FoundaliM on 31 March 2021. OWF PLC (xmnty pays all the oVertad$, indudlng s14ff 51$ lor th• loundation. The I$t app(xnled Rathbones k support them In m•n8glng Ihe shares and maximi6ing th• relum on The trustees have estabhshed an I15tent comrnitte8 88 part of their governan structure To manage any clmflxl of Interests this (x)mmiUee indudes 3 of the independent truslees who wll ad on any d"SIonS regarding shares rdab.ng to DWF GToup pk. Qrnnt MIn9 pollcy The Frtt has èstsblish&J ts grant maklng )lIcY to achieve it5 oblethes for the bertefft ol the public. The DVF Foursdalion prowde lunds, resourtss and SUPF)rt to help mmune$ aChIe their full Wontial. The benefic4anès ol tyjr grant making programme are Ite éxpertènng disadvanlage. The FoUnda1n InteS 8pWlc4trons for grants registered ch8rfties ApplIntS submrt an sp1¢0n via our onllne OPon process. Details ol hcrty lo apply for grants tooether with the relevant forms are avaiLqbl8 on the DV•F wgbsrt" • IwKw.¢4vf.L4wlat4Jui.uslthl.fourthtT'onl ) Tnrnt• been redts1 al the monvrf th8f be r%Jmmrtied lo good causes. focusing on small but effedive Ihll make a 98nuln• vnpad. Thwo ar• man8pm#nt sysiems In plac8 Ihal Ofè dèlrvenng slrategK. Iht• to lyJJ on tN• frsmffwolk to •nsvre thal the Foundallon Is indepondant trrt fomis an intagral part
THE DWF FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A elw ond transparent approath lo ovalualbn 1$ en Importonl objectsvo for us Ihal the Foundation has been bedded dtywn. As a first slep. already rnview the projects supportod to ensure Ih•y meet tho slalefl aims ol Ihe F(01)rt arHS eomply the themes In addition, we collato and feedback fri)m a cr0$5 section ol th4nb•s to updersland the fftipact of the fun¢Jlng received Thos• who rwved fiJndirb3 from the foundation are asked tts compkte an evalualn reFQrt 12 months after they h8ve Ihe grdnl. do encourage our projects to send picture5 but apprecth by the nature ol the prqgets we wpport saleguardlng can make this dtffi¢ult. 1fAYA of through fundraislng and inv•slrnents 11 gfven in grants IMF Foundth operatsrwj gjsts are covered by Group plc. To date it has boen the dectsion of th? tnjstees to spend the lunds available at èach grants meeting SIre the impact of COVID and th* pw)lenbal drDP Inci)m• frs)m both fundraising and investments the iwstees are carelulty thg(r granl funds cashll(yw W1$1 sorne recovery has been seen in Irwrne has nol returned to the lovels soen pre COVID and the tntstees witrnue to camfulty manage thelr cashflow.
THE DWF FOUNDATION TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Th• prlnup•l nsky f•¢ed by the Foundetion Il• In th• Frform•n ol ftjndrain9 •Ctfft, m•rwin•nl of Inv•6lm•ni tsp•rnlion41 rlskl. Irom Inoll•ctiv• gr#nl m•king and poor fvndfai•ing •ciivlty nA •m•nt of Rb• he wrntlon•l Irom grAnts Jw?rd h•t ar• Ineff•ctw In supporting Iho •r• dId¥An1¥9•d h• pfwjis ol i•porting •nd r•th¥ I#•t8 ui, nd Iho upport. In ko•ping ol th• Imp•cl our yrbnl giwng h•1 h•d lo r•NknV proc•• rel•ln• our locu• tyi th• publk b•rnrn d•r m oui fvnding ol Ih•ir work rtsk ol a laek of lo •ff•cliwJl 4nage lh• oranls programme 19 18 mttigal•d by #upporf ITOM DWF Group plc In pdI laning and olh•r rg•ourc08 lo h•lp In Ihe opor•lKJn•l nwng•m•n I th• Found•llon. omm•nt In pJar• wllh group pl¢ outlknth9 th• wpport an ow th18 wlll be giv•n •l•lning IrLs$te•s ol SufficnI $klll •n Xperll lo chair and poo who w vpport • board appolnt•d 3 Ind•pJnd•nl INSI$ lo •ssl•l anagern•nl of lh• eh•nty, as Ih•y brought n•w •ll• •uth nv•Jlment knowledgè lo 01 holped m•naae any ronfliel ol Inl•r•$li Ib•t mbhl rt r•8ult ol the Bhar•3 T1Vod from D sleblishlng a ODv•rnanc• group lo molnl•ln o¥•r8&hl ov•rnonc• r•qulr•m•nlJ •due•d Incom• Irom hJndr•islng an nlIMent •dlvty ppointlng Inv•8lm•nt m•n•g•rs lo lh• bo•rd ttnd m nsIm•nI8. Bnaging e48h now cfjrofvlly to plan lor lutur• mlIng• •nQ m•k uro fund$ •v•il4b l up lundrnislng commlttee 10 41811V •nuJurag• •nd •uppo orking wllh •mplOy1 •niJ Ih•ir lundraljlng •ffo mowng lo lh• CIO 8tructur• thfr buil hawi •lw r•vw•d th• R•••N•J Poll¢y and Incroas•d Ihls frDm £6k to £10K Th• In• •lrn lo mthtnialn ffw r•fj•rv•6 In unM•trlci•d fundi al £10k Thls IMI pmld• •u111 fund• lo rwnd to •morg•nry •ppllc•tlon• lor urnnl• •nd •n•urn Ih•l gowm•nc• Th• Iru•tM• thot 1$ tAffldonl th# Illy1lIty allorded by Ihe Support givon lo Ctsr njnnlno cosls by DWF PLC For •x•mpl• th• Foun<Jalton M•nag•r is &Y•d by DWF and •0trJnd•d lo OWF Foundaljon, any LNXt• •wei•d lo thi$ •mpknym•nl or •ntt9 of Ihll •mploym•nl •r• lh• r•sFy)n•lbilily ol PLC.
THE DWF FOUNDATION TRU8TEE3' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 In Ntyveml)•r 2020 Ihe Foundalbn addllk)n•l Ihwn• cl Enbonm•tt and Su•l•inJbMty ts rts for w•as 11•111 had 14Jthd•d •nwrt)ftm•nl•l o(livity Ihiwh Ill olh•r Ihemo• •OLu1 8nd health ory1 bwy, In io 10gdb#ck tho IwBtkn• w•ntod • ¢l••r•r m•sw• rt $h•3 to $UpF •nMrrAYMnt•l rAtInu• to look It th• way w• aranl gN• to •mbtyJ Ilw prfncylei •nd In F•b 2021 odded tm qu•slth lo ( •pphCa1k form ' H¢>w do you ton8id8r your Impacl on ts •nvityim•nt wn yow Ihw will h•lp Inlorm oui granl giving lurthw The seal• ol lh• dimalo Ihrvjal. and the scah of lh• •olutbn• n••d•J. m••ns Ih•t thls i• •n wu• for d p•rt• OIL And for all ch•rtlable foural8 Clim41• chan99 IB J h•plth 15w•. an •qu81ty i•w•. •n •d[lal •n nrn Imue. a ¢ullur81 Issue. a scaenliflc IULb•. a rity Issue and a local cornmuriity issu•. as • K •nrOnMan1•l i88U• Ther• i• a SPOU01 ro8ponsiblllty on ftyJndallon•, whos• M8•ts •rtr h•ld lor lh• pubk kNhxf, to u•e r••ourc•• and Indo[mI0c• lo rl6• lo Iho ch&lleng8 Through addlng our dd1 pill8r of MilIt and suthn8blrf w• roe4n18•d thal Ihe grfming cJimal• •merygney ix 8 s•r1<8 •nd we Ihrough OUT 914nt gMNJ e•n pl•y p•rt In addreswng lh• ¢auses of dlmat• ¢h•ng• Thè Fund•rs Commllment on Climato Chany Is h081od by the Assoryalbn ol chjnl0b FLdatA)n8 IACFI Th Jmmilmonl ouUin•s 8 prtnraples lor lundors lo wgn up lo, lo demon51rale thèir commrtment and they ar• vwwj Ih•lr r8SOtii¢es to brtng aboLrt chong• This Include(I how we educale our own ppIt on enviffonm•nl lo our granl mOA9. lThf WO C4)mmit ow rerCaS and even how we manag¥ our Inv•slmonts Found8lb)n INe up to the commrtmenl on O J(tn• 2021 lollmng Its l¥un( ol rts SD ol and •UBl•inablllty In Novemb•r 21Y20 On 25 F•b 223 w• gw• our ••¢onfl upda1• a8 part of our Tr Fundorn Commllm•nt on CKmal• CharvJ•
THE DWF FOUNDATION TRUSTEES, REPORT (CONTINUED FOR ThIE YEAR ENDED 31 MARCH 2023 •mmltlm•nl DuTE AND LÉARN tln th1• ¢ommllm•nt Updalvs Iru310e meeling Found8lion Managef has 4Mend8d & numb• ol Inlomialion session and dlscussion evenl to engaga with olhers, shJr• 188ming an leam ITOM olh8¥F+ Additional queslion on Ihe •ppllcqlion lo ajking aboul 8usl#inabilily wh•n plonnln Iho prol8cI. Inforrnolion gathered will Infoi oui ranl in act oin lorw8rds Plllar ol Environmenl and su818in8bility I focus retyovrces In Ihij bma In 2023 w• plan to tlelivor rk•hoP/1 cOnderIng sultolnabillty wh#n plannlng y0 prol•cl wlll mak• OWOTlunitios frm our tru$t••S. staff an tak•h¢Yd•rs lo mor& aboul tho koy e•u$•3 ttn ol ehmJl• chonge OMMIT RÉSOLIRCES 11 txxnmtt r•sourc•8 lo acleTle work th4 thjrnsses th? caus•s Ind lrnpacls of climal ngo 111 our govgrnino docum•nl or Ih•r lrtors mAke It dimcull to dli•clly fund lu w• will find olhgr ways lo contribule, o nsider how such barrt8r8 ml ht b& oveftome NTEGRATE Our applleallon procoss Is onllne Continue 85king quesllon wilhln th• gran fomi relating lo eonsidoration of th •nvlronm8nl whan planning prol•cl8 Ihln o¢Jr "Making an applicetion se8810 we now Includ•, Congid8nn9 SLislainability' Paperl8ss syslems Grants nolificallons all lectronic Evalualion online roees5 Imlhin invtrstmtrnl policy r•gording fulsjr Invèstm&nls os w$ div&ryity ond stll do th8 holding In D¥ffi PLC lo •ducts r+sk ke this a slending reporling 11gm R8lhbon•s thln all our •xtstlng programmes, prlorfties. An roc•sse$. we will sggk opportunilies to contrtbule I lair and lasting transition lo 0 posl carbon society, nd lo Support ad•plalw lo climfjte change Impacts TEWARD OUR INVESTMENTS FOR A POST -ARBON FUTURE 11 rnwgniso dimale eh•nge 85 a hlgh-l•v•l ns o our Invtsslmènls. and Ih•ffjfore to our mission I proactively addr8$5 Ihe r15k5 and opporlunlll85 0 lrnnsllhm lo 4 post carbon enOmY In ou nw•lmoxl slr•t•gy and 118 Implemenlation. nising Ihal our dectwons ¢an conlribule to Ihi r8nsilion bein achwved ECAR80NISE OUR OPERATIONS M8iorlty of Iruste• mevlings now onlin We hovo a Irav61 vrtlh purp058 pollcy mi• to meetings and project visits Use of public Iransport encourng• lor an travel Onllne licallon and roviow Update lo Funders mmItMent lo Climal Change Sedlon in our DF Foundallon Annug R&pM)rt lo Chorfty Commi681on lo updale o •h(M progre¥$. will l•k• ambilkw5 •Ctlon lo mlnlmlBe the lx Ipnni ol our own OForatKsn$ EPORT ON PR¢XIRESS annualty on our wogross againsl go•ls ts#l•d wll conknnu8 lo d•wl r y•dic•. to 18•m from otheTS. and lo shar• ou
THE DWF FOUNDATION TRUSTEE3' REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Th• DWF Foundalion IB dèllvefing on Ils 14rgvl8 ond 11 tntInue lo do •0 Ils r&mil 18 wdl de919r and eomplements the OWF PLC 8lr81•uic approarh lo CSR M h•8 trn•pthrEnl and robust managem¢nl woc•sse8 In p18co Énd Ihe TNsle•s partldpale #pproprtJt8ly In 18mi8 of govomonce. 5etllng prlotilies, setting gronl levels, monitorlng ovlpuls and pl8nnlng lo maxlmlze the Imp8ds and •llecllvgne5s of th• Foundallon and gn3ure its indgpendence from DWF PLC. Fo¢u$ for 2022rd3. th lh$ ro¢gipl of th• donatlon ol shorelsl from DWF Law PLC the IruBlee$ wllh tho 6UPPOrt ol Ralhbones th•lr In¥e#lment adw3er8 rèviewod the Investment Pollcy and conllnu• lo monllor Ihe plans and progr8sB for the selling down of 50% of Ihe 6hares to enobl• a more dlv¢rs8 Investrnenl portrolio and mBn8ge k To en8ur• Indepènden and mgnage any eonnlds they ho #ppoinled Ihree independent trLtst8e8 Inol as8oaat8d DWF Low PLCI to loin lh• tjoard 0r819h1 of the Investmgn13 is done by our Inv8strnenl Committee who mlet on a quarledy besls Focus Is rrently diversffl¢otion of tho investmèni portfolio and Income generation to support grant 9iwng The n•w CIO was 8ureed by the Chafity Commlssion on 18 Septernber 2020 and the trusta•s ho ¢omplo1gd the PTreSS 01 Iransfemng to Ihe new slruelurè The old charity11157229} has now been doset1. regularly our granl gng to streamllne th8 Process and ènsure wo are doing our due diligenea. One of our ch8lbnge$ is 6UPPOrting Intamotional proiecls During Ilie coming year we wlll be r&viewing our pr¢xes5 for int•maiional glmng #nd leamlng from olh¢r fovndalions lo holp us have a robust, Ir8nsp8rent And a$s1b1& proc•88 Improv+ng th• quallty ol Ihe applJc811ons we rec85v• Is 8 thallenge and dudng Ihe ¢omlng year we will c£Inlin lo n o seriès of onlin4 workshops on "Making an Applic81ion" to offèr Support and guidance lo those who wish to mak• an applic8lion particulady laTgeling Ihe smoller organi5alions lo help ¢J•volop their skills and undeTslanding about making applicaknon IhAI will nol only Increese their chanc6 ol ecelving our funding bul wrth oth•r fvnd•rn too Th $s1on hav• bon w•ll rs¢•lv&d by choriUes and feèdba¢k has been pos11$. ca)6•ty wlth the bu•iMss. we elm lo Idanufy opportuntti•$ lo ra16e more money In 8 way that Is benefidal lo OUT brnThl Klth polfjn15al lo 9890 oJlobor81g wilh DWF PLC dienls. In •ddth¢)n. w• cx)nllnue lo WO the business lo Njenlfy opportunities Ihrough fvnds Irn DWF domianl •¢(unlJ To acc•sB furthor fund• al a higher level wè arè worklng with the business lo design a procgss lo ensure w• lir• ab lo b•n0frt from fvrth•r domianl dienl monlfrs now have In pla(x o lelter ol ggreement regaTding dwnanl 4¢xnI fvnds 4nd h•v• provthd the necessory indemnlty lo receive Ihg fvnds. To promdè thi$ Indemnlty w• ¥• •qfeed a pr(Ke in who the lunds vrill tse managèd And idgntlfied 89 part of our der investment strategy. T1 no•d3 to b• mnaq•d c4r•futty and w• wll conlinu• lo proceed wllh c4ullon. In th• Ukne w• Twork•d DWF •mpSoy••s lo r8lse funds lo support the r•lid &ffort•. Thi• w• fvrthw Sup>•d by DlhF match I4n9 01 £50K r•¢•ived In May 2022. Th¥s• fvnd# w•rn W •xpd* in y••r g• In nol8 17
THE DWF FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2023 th• r•mN 15 to bentrfft gront gmng. w• we al thJng wlh a numtJ•f (rf cl5 hab bxfthd fr(xn th¢ Foundatw lo d•lfv•r 181s11r•j ntO• wgect• Y•lMht OV•F can b(th 9T and re¢eNe funds Intematwalty Ihe thahng• comès lh• thx in¢entrk ct••bbe e•¢h (wilry In ¢yd•r lo acc• and m4miS incA)m• may n••d to con••Jer Ih nJ lo hm 8 Chon body m c411w local$. To support ihls expans¢rys th• OWF FOundatn ehlnged ¥lnyAw• tr> • CIO wyj tho c¥MnirvJ y•ai b• eKpknrtng Ihe pol8nts•l I neod for thanlabkn entrtl olhor tXThg Iho post y•w tA hrn be•n •xpknThJ lh8 ttsn9 up 8 ¢antabl• entsty m Auitralw. Jt preo•nt w• . • n11 01 £2[% pw annum lo suppNt Try1ster rtnI gkaNy . S•nxY18aO•rs lo thomwon the FouThJat*x and rts awns and Incwso th•ff Mwble partvpatw . 1rAyA ol ehanlat4e donotK>ns gkjbaty to b• dlroct•d thr¢xyh th• Fod81. . IbstrtAthI (Artsth the UK l¢urr•nty l0%1. . rwiis•d thrd as a valuabl8 sourt• ol IOF dwnl
THE DWF FOUNDATION TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 MARCH 2023 .Coftttnu• lo a pioyrammtr of partn•rihi Iwn9 •¥•nt• ¥Ath DWF GfOUP plc d•nt•. onlinue to dev•lop pl8n• lo lurthor engage Proup pk Inl•melional offlce8 In DWF Found811 c¢ivillgJ Dov•lop pl•ns to lurth•r •ngJg0 Group piq nl•maiional ollk•s In DWF Foundation •ctivrti• Further dev•lop lh• Jyilem8 8nd govemance lo hol an&ge our grant githng .Furlh•f d•wèlop th• syst•ms and gov•m•nu lo hol n•gtt our grant givlnu To I• our progreis again¥1 our environment mmiim¢nl•. ol our Dorm•nl Aco)unt$ fundB an marK• pr(8•$ to •nobla ui lo b•rt?r rK•i nd m•ntyo to ma¥imLz• Iho u•9 frjnds To further d•v8lop an onllng 011orino of lundr8t51n ctlvrtleb lo h•lp bellar engoge the changing workin nwronm•nl .Furth•¥ develop our onlln• workshop6 lo do1• pport lo chants•s r•l4ling considerin ustslmbllity vth•n plannln9 your proiecl" in line wrth T c4mmrtrnnt to Fund•r Commrtment to Climal har .To ntinUe lo d&velop a pL9n of natson81 on undraljing chall8ngeJ Furthèr ongayo DWF Grotsp ple International office n Foundalion activl188 .To lurth•r devasop an onlino off•nng ol frJndr8i$in lo halp beit•r •ngage the thanglng working Grtyw our gr8nt giving and fvt1hèr devèlop y$t¥ms nd gov¢M9n lo help m8nage thjs giwng. .DoIP plons to lurth•r engag• Group pl n1•rn•tKll offltxg In OWF FtyJndatK)n #cbvlti•s .To reM$ll the opllons of dIarrtab OWF Foundatio ntty In 8nolher jurisdictlon to support our fvndr¥isin nd grant giwng. To de an onhn• off•rirMJ of fundraising aelivititri I p better ongoge t oanglrtg working gnvironm6nl. TO furth•r devolop the onlin? off•nng ol a¢tIvtt5 I elp bètter •ngggè thè ¢han9in9 worklng enwronment. .To c4)nlK)u• lo wtth omploy••s to g untotirtng engagonI wrth DWF Foundatio Pptxtod pfoJocl3 .To ntinU0 to work wilh DWF eM0YeeS lo g olunteenng engagement with DWF Foundatso upported prolact8 DI Foundelion InJal•o bogrd membership t •ny sktlls And dmirwly g•ps #nd rncrurt
THE DWF FOUNDATION TRUSTEES, REPORT (CONTINUED FOR fHE YEAR ENDED 31 MARCH 2023 The DWF Foundat40n 15 a r&g1$1gred CIO, numbèr 1191347 twst was Inlty sot up by OWF LLP and thè launch of lh& OWF Chanlable Found8tlon markod a snt11c•nl slep In their Joijmey lo develop a culture of ¢onlribulion The Found8tlon builds on the axisling eommunity acllwty ol DWF PLC in a focuse(l and strategic way and dèmonstratos Ihal wh•n wg 811 work logelh8r w• con mako signiknnt, posli8 Impaet on Ihe communities in which we live and work Th• DF FoundAIK)n has an Independent board ol Iwslees Ihal ale rè$ponsSble fow Iho ovei8118cllvN185 of lh• foundathon Ntrw tJ8t$ aTe 8ppointed by tho ex15ts.ng tru5t8e5 bnd s8No for three years after whth they MAY pul Ih•m#8fvo8 forward lor wppointment The Trust Deed pro¥Nles lor a mlnimum ol Ihreo ¢ruslee&. no m8xlmum numb•r of Irust••5 At tt quartglty trusiees, m•etings. Ihè trust•ès &groo tho broad stratègy And aroas ol actfvrty for lh8 Tw81. thduding consKleratson of grant making. investment. res8Tve5 bnd nsk management polic4es Bnd performance The day to day administTabon of grants and thè proeessing and handlin9 01 appIltIonS pnor to consKleralton ty tho relevant Subcommittee is delegated to th8 Fo4Jnd8llon Manager. The twstaés Seek to follow the good Wadi 'ChxFty Trust8es Guide, issued by ICSA. We 1VeO thg Govemance SLFb Commrtleè on a règulsr b8$1s lo keep the Skills Bnd composrtion ol the trustee body arKI succession planning urKler rèwiaw and, whem neoded. to r8cruil new Irusteal51 lor their expen8n. empathy and knuwkdge of the charty. The trusIe ha a150 dev8lop8d A coda of ujnduct for 1rustS Including forn1 slatements of role and reSponbilItIeS and provision for trustee lrnining. On Appoirrtment. new truslges a m&d81 Iwste• dadaration stalemenl commming Ihem to gNing of thelr lime 8nd wAp•rb"s#. Induckn inf0mtioft Indudes: .A hlstory of the DWF Foundation Twstee bwd and SLFbcommrtt¢• minutes, .CofistrtLrt .Chanty Commi55#)n's guidance'The Essenllal Trus18e'. What You Neod to KnovK IOF Ge to Fundrarng for TnJst$. .Chwrty Commi5yion's guklance on CThpore Foundolion$. To suppyt th¥ $4)v•marth of Ihe ch8rty wo hav• ¢$blISh sub group8, wmh torm8 of r•I0nCe whtch report ¢0 io.
THE DWF FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Th• tNslees consider the board of trustees ond Ihg FoUnda1n Manager us comprising the key rnanagemènl personn81 ol the chanty In charge ol directing and ntrOlling Ihg chanty and tunning 8nd operating the charfty on day to d8y basts In Sepl•mber 2021 Ihe Fovndation Manager Wks joined by CSR Apprèntice lo support the day to day wnning of the charity AH Irust8es give of their time freely and no trustae remuneralion was ppid in Ihe year. Details of Injsletr &xp8ns•s 8nd reialed party transathons ar& disclosed in nolg 2 lo Ihe aeeounts. Trustees are réquired to disdose all relevant InleTesls ond registor Ihem wrth th• Foundation Manager ond in ardare wtth the Trust's policy withdraw from derJ5H)n5 Wre a conflict of interest arises Th• FnatM Managè¥ Is èmployed by DWF GTOUP plc and seconded to th¥ DWF Fo¢Jndation 3 days A we•k. Th5 M shown in Iho accounts as an In-klnd CA)nlnbutlon towafds Ihe operational ¢osls of OWF Foundation. &r Duncan Nicol {Chair from September 20201 Jim Dawes OBE I Chair lo Seplernber 2020) Jewe's Chambertain Lindsay Ogunyemi Stanbury Roberi 8inns l apwnted Sèptember 20211 Oliver { appoinled Seplèmbtr 20211 Peter Holland l appoinled March 20221 n Monks (8ppoinled March 20221 Carotyn Ferber l appointed June 20221 Zolinda Bennett l apk'nted September 20221 Poundatl¢)n MMg•r. Clarg 8èavan prtn•lp•l omm: DI PLC, S St Paul's Squqig ad Hall Strnat LI001 L3 9AE Charlty Numb•r. 1191347 Ind•PWfit Ex•mln•r¥: BW CharteredAccounlants, Suite 5 1. 12 filhèb8m Str•¢l, Liverpool L2 2DT B•nk•r•: Royal Bank ol So)Mand plc. 1 Spinnin9fields Squ8ro. 2nd Fhjor, Manthesler, M3 3AP Solloltorn: DVF PLC. 5 Sl Paul's Squaro Old Hall Stwt LMarFwl L3 9AE M•wi¢•-Tumor. Ganlner LLP, 15th Flcx)r, Milton Hw. Milton Str¥ot. Lt)ndon, EC2Y 9BH DAC BEACHCROFT, PortaN Pe. Portwall Lane, Brtslol 8S1 gHS In¥•• Il•nAg•rn.' R4thbon• Inw$bMnt Managem•nl Limrt•d. Earl Gr•y Hout•, 7M5 Gr•y 8tr•01. 14•wc•¥ll• Trn•. NEI 8EF 11
THE DWF FOUNDATION TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 202J Th• TnJthi' rnport •ppffjv•d by lh• ao•nl ol Tw•lM•. Slr Dunun NleKol CBE TN81•• ICh•lrl O•hd. ..S.*.l.Is.i..,v J I
THE DWF FOUNDATION STATEIAENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 IIARCH 2023 13-
THE DWF FOUNDATION INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF THE DWF FOUNDATION I report to th• trustee8 on •xthnation ol the fin•n¢ial 8talem¢ni8 ol Th• DF F¢)undatlon (th• chjfity) for Ihe y¢•r •nded 31 March 2023. Th1• rew m•d• to the chrW• tN8lee8. 40 • boty, In o¢¢ordanc Seclm 145 of th• Charttkls Ad 2011. My •xknnallon hao beèn undertaken so that I mbjht stale lo the GIO'S tru$lees Ihose matttrn l im roqulred to •t•l• to th•m in In Independent Ex8mlnerf8 report for no olher purpose. To the fv118$18xlMt p•rnrtted by l•w, I do not accapt or aSBum? rnspon%bility to anyone olher Ihan the CIO 4nd th• CIO'8 tru¥t•es •s • body. lor my •tythatlon. for Ihkn report, orlor lh• nIonS I h•v• ltyrn•d. RMpon•lb51WM and b•¥l• of r•port As th& INitees of th• th8rtty you rttsponslble lor the prtparallon ol th& flnanclal st#t•ments th •ccord#nc• vAth the roqulro¢Twnts of the Charlllea Acl 2011 Ith• 2011 Adl. l r•yct of ry of th• ¢h•thl• flnond•l 8tatem•nts under s•don 145 of the 2011 Ad. In carying out my examination I have Nowed all thé 8pp1kb Thredions gtv8D by the Chwlty ComnlMI under ••clKffi 14q5)Ib} ol th• 2011 A Ind•p•nd•n¢ ••# •t•l•m•nt Your altenilon L8 drwn lo the fad that the th¥rfty ha8 prnpornd flnandel statements In aLrordanc4 7Ath Ioun119 •nd Roponino by Cha#bes prnp•rfng thtlr •CvnI In accordan wth the Flnan¢ial R¢pO.n9 Stand•fd Op¢abl In lhe UK anil Republt of Ireland (FRS Iir21 in preference lo the Accountlng #nd Reporbng by Ch8riti•$.. Slotemenl al R8comm•nd¢d Pi•Le ijiued on 1 Aprtl 2005 whlch li refewred to th the ext•nt ngutIOnS bul now been l und•rst8nd that thls h•¥ been dono In order for flnandal 5tatement$ lo probrfde 8 tN• and fatr In •ccord•nc• thlth Ger¥I1 A¢e•pted Accounting Prndlce èffective lor reportlng perlod8 beginnlng on or aft•r 1 January 2015. I h•w e4MTyletsd ry •xankn•tlon. l LyJnthm th•¢ no mattern hw cs)m• to my •tt•nUon kn C¥JM•ckn wllh th •xamkn•th7n glvkng cou8e to beU8v• that In any m&lerio1 r$p•cL •ccounOny recofdi wern not kept kn r•$p•ct oftho charlty ag rnqulr•d by M¢llM 130 of lh• 2011 A<. or the fMdo1 •taten&nts do not e¢o)rd wllh thosa recordi." or Ihe ftn•ndl 8la¢em•nts do not compty 4¥llh the k•blo rtyulrement• c4Jnc¢mlng the fonn Ind ront•nl ol •ccounts sel out ui ¢he CharlUe• (Accounts and Rtport8} Re9ulalk)n5 2LTh)8 other then any r0quirwnI that th• •¢o)unl• gtr4 i tn and f•lr *ow whlth l• not a m•tter conild¢r•d •1 port of •n kndepend•nt natIOn. I h•w no cAxK•m• •nd h•ve ¢cffl• •c¥o•• no olh•r matt•rn kn C•(10n the exwnln•lkni to wNth ¥tt•nll¢)n Jhj b• On repNI In order to •n•bl• a proper understsndlng olthe statemts to be r••cfftl. T•)ry 8tsnl•y ACA 5.1 L2 2DT 14-
THE DWF FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unr••trbet•d R••trlct•d lund• fund• 2023 2023 Total Unr••lrf¢t•d R••trfct•d tund• fund• 2022 2022 Tot•1 2023 2022 Not Don•iions and legaaes InvMlmenl 121,782 88.428 121,782 88.428 81,386 88,846 80,319 121.68S rotal Incom• 190,210 190.210 130,012 60,319 190,331 Ralslng fiJnd6 12,436 12.438 13.182 13,182 Ch&rrtBble *ctlvit1•8 244.698 57,818 302.517 255.$91 258.091 Tot•1 exndIture 257.134 57,819 314.963 288,773 2,500 27f,273 Net galnsllloss•81 on Investrnents 11 1599.1361 1599.136} 510.779 510.719 Net mov•m•nt In lund• 1666.C601 157.8191 1723.879) 372.018 57,819 429,837 Fund balan¢os at 1 Apr 2022 2,060,876 S7.819 2,118.895 1.888.858 1,888,858 FurHI balan¢ •t 31 March 2023 I,3,819 1,394,816 2,0.876 57.819 2.118,895 Th• 8t#temenl ol flnandal acli¥ltse$ Indude5 al galn8 and losses reo)gnised In the year. AJI Income and tsxpendlturn d•rhe from ClIn1n9 acllvllè•8. 16-
THE DWF FOUNDATION BALANCE SHEET AS AfJ1 MARCH 2023 2023 2022 Not•• bnmtrn•rti 1,3ao,558 2,031,308 13 10 50.000 91.406 C•Jh •t tnk •nd In h•nd 56.280 55,280 141,465 Crndltorn., •fflounts falllry du• Tlthln yr IY,0561 {41.0001 14.260 87.399 Tp¢•l a•••t• IM• currnnt Il•blll¢l•• 1.394.816 2,t18,895 Incl¥ fund• Re•trti•d frJnd• Unre•trid•d fiJnd• 67.819 2.060.878 17 1,394,818 1,394,818 2.118.696 Th• fI)and w•rn •pprg¥•d by lh• Tru•tw on .... SDN C8E
THE DWF POUNDAfioN NOTP.I ro THQ PINANCIAL 8TATQMIINT• POR THa YEAR INDdO J I MARCH 2OaJ Chlrtly In1tsffi411on Iliw I) I'oiind•iion l• • UK r•uiii•rnd diirfly Tli• priniip•l •ddr•i• q•n b• bjuiid on 11)• l.•g•l •nd 1.1 A•••uniini •on¥•nllan o¥•inlno d¢iuiimnl, Ili• Ilwii•lll l.iillty •• I1•fili• by l.mll lu¥ rh• niiinTh•l •til•m•iil• Ii•vi ¥l•yrt•d fmni lh• r,Ii•i11114 (Aoooiinli inil Il•poil•l Il•giil•iioii• Yl)(lfi nnly I I'li• Iln•nri•l 4ll•m•fii4 Ir• Iii•p•rnd In •l•iling, wlilol) l• th• nall0•1 ourr•nay ol lh• th•rtly MDn•l•ry rh• nn•ntl•l l•l•m•iil• hi¥• b••n pr•p•r•d und•r Ili• lililorto•l eoii uonv•niion Th• phhalrfr•l •ryeouniing polloi•• •r• ••¢ uiil b#liiw nfi lh• Illh ••pl•mb•i iDaO. PoiNirtlll¢in WA• i•ul•lif•O •• • Ch•rllwJlil• Ina011• Oru•nl•Nllon r• 1111 Ili• n•w GIQ lu l•1• lo1 Ili• Ll)•llly'i wgik of ID• •1• now tsnd•rtik•n by lh• Clo, whlali l)•d • Dll op•nlftg poilllon. Ih• Ir•n•l•i ol lh• nkiiblll•bl• •oll¥lll•• Dr•¥ittii•ly o•rrt•d on by nwF fiiiill•lil• foiindilloii h• b••n Th• prlor yui nn•n•L•I 1lll•m•nli pr•p•r•d ••11 P•und•llan IQIOI h•d l)••n In •xl•l•no• lor lh• 7hthol• pl pll(y P•1 •nd Il• o(iTripii•llW Y••I. 1.1 Oolnq Mno•rn Al lh Iiin• ol •Dpvowno lh• fin•nnlal •l•t•m•ni•. th• Iniil••i h•¥• • r•••on•bl• •xp•e.t•llon Ih•i lh• oh•dty oonllliu• io •dopt lh• 0119 oono•m b•ii• ol •uuouiilliig prnp•ilng Ili• flii¥iiui41 il#lwii•nl•. 1,1 Ch•rll•bl• fvnd• Unli•1•4 •rn •v•ilitsl• l•r •1 th• dl•er•llon ol th• IN•l••• In Airth•r•no• ol Ih•ii rJ)•rtl•bl• l••irt•d fvndl w• •iihl•fit •p•¢fv 40ndiiioni •• io him Ih•y ffl•y b• v••d. Th• wiw• and uim 01 lh• •liir',l•d 1¥]• •1• 11 iiul In Ib• nolm N) lh• •o]ounl•. 1,1 In••m• In¥+ f• p•¢oqhi••d wh•n lh• ¢'.Mrtty i• •lty •niiii•d lo 11 •ft•i •iiy p•iloim•no• ogndllbM• • b••n m•1,
THE DWF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2023 Cash (k)rwtths are le(wSed on r¢¢oipt other donalions are fKogni8ed LY• th• drty Pb•S be•n rKrtMod of the donalwi. unl•ss pwlom8ne8 eondthns r•quK• def•Tr81 of lh8 amount Inctsn• tax I•t• 1 1rt4me Is reojrthd gross WKI Indudos lax deducted onty In rt u r•pwt4• Bank mtorost L8 in stat•m8nl olflnancl on r. 1.6 Exp•ndltstr• ExFndrture ts rne on an acuu81s b•sis, i e #s scon ty a l•gd N lstr Ot4pAikvi (nitg The DV4F Ch4nt4bkn FouThJation lo th¢ expendtturn. pr P0bIe. each rt•m of •xpeTrJsture recr4nised 15 alkncated to thntab ac¥es cff o)vJrr•rKx o)sls io ts purFrf)se If this Is rK)t tM)SSit4e the ccst Is a r•asonatA• pJsirfobl• 1.• Flx•d ••••t InTrf•Btm•nts FLxed assel mestments arg Snilially red at trans10 pre exduthr4J tr8ns•Xw casts. bseqLwty measured al tsir ¥8lug al each reFthJ"ng dale Changes In law vAbJ• are lexwndrturel for tha year Transaction costs are 8ypensed 8$ Irld. 1.7 Ca•h And cA•h •qulvl•nts Cash and cash equNaJ•nts mdude cash In hand, dèposits hèld el cam vthh banks, short.term 1A Fknn¢&l In•frum•nts Th6 charty bas de¢Xed to appty the provision5 01 Section 11 'Bax Financ481 12 '(Xher FJnaThJal Instruments Issues. of FRS 102 to all of ts finana81 Instruments assds aNI lthlrtjes 8re offsat. wlh th• nel amounts plnted in the finarml SlatefflI$. • legaty enfNce8bl• nghl to sel off the reCognd amounts and there 1$ an Intenn to seN on 8 rt baw tr to roatse th Asset 8nd 58ttto the ymuharteousty. fmInl assets. whth wlJe debtots ar cash and bank balances, are initialty measiKed at prt• iransas*n rmts •nd are Subsequ1 G#med at 8moth.sed cDsl Ihe eff¢cb ernl mtlxxl unless the arrangemènt Lxr)strtutÈs 8 finanang Iransadign. where thè trnnsac1n me•xrnl al th• wes•nt ¥•& the futurn rocewts djscounled •1 a m8th8t r8t• ol tntwesl. Finanud 8ss4ts
THE DWF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢#ountlng poll¢l loonllnu•dl ffn•ncl•l Il•bllltl•• BasK financjal 14abililie$, Induding creditors and bank loans are inrtially reuJgni¥èd al Iransadkjn pnce unless the 8rrangemenl CDn5tilutes a financing Iransaclion, whère Ihè débt nslrum8nl Is m•asured al the w•senl valve of the future payments discounled at 8 rnorkel rale ol Inteiesl Finandal Iiabiljlies classrfied 8$ peyabk thin one year are not 8mortised. Dobl Instrumanls are $ubsequ•ntly ¢arriod al amortised co$t. v#ing the •1[.¥& int•r•sl rAt• metlKKI Trnde crethlors are obllg81ions to p#y for goods or services that have b•6n •equirot1 In Ihe ordinary Urse ol opeFations from suppliers Amounts payable #Fè classlfled as current Iiabililies 11 payment Is due wthln one year or kss. 11 nol. they arè presented as non-current Iiabllilies Tr8de (xedrtgrs are recognised initgally at Iransacbon prtce and subsequently measured al amorti8ed (yJst using Ihg ¢lfectiv? Intere31 rnelhod. 0•(nItIOn of Iln•n¢l•l Il•blllll•x Financi&l Iiabilittes are derecognised when the charity's conlrnctual obSlg8lions expKe are diltharged oi cancelled. 1.• Taxatlon The ch8rty beneffts from various exemplTrons from lax8n afforded by tax legis18ts1)n 8nd is nol liae to c<)rpoiatlon tax on income or gains lalling vnthin those vxemptsons Recovery is made ol tax deduded fro inc¥)me and IrDm Teceipt5 undef Gfft Aid. Th• th4nty is nol able to fecover Value Added Tax. Expendilure is recorded In Ihe 8coiunls IndusNe ol VAT 1.fo Empl¢)y•• b•n•ftts The cx)sl ol any unused ttlay enb"lJemenl reeognised In the ptriod In whh thè •mploye6'S s•nrtC85 are reced. reminan tenefts a TecognFsad Immediately as trxpense when the eharity Is demonstrably ty)mmMed twminate the ernploymènl of an employee or to Pfowde tem)ination benefrts CrlOc•l a¢eountlnq Mtlm•t•• #nd Judg•m•nts In the applKabon ol the chafrtys accDuntsng poltues. thtr Irusleos are required to make iudgemenls. eslirnates and usumplknis at>out thtr carying amount ol assets and liab11.es Ihal are not readity apparent ITOM other sources The eslimales and assoaated assurnplions are bèsed on hisloncal tKpèrierto and olher laciors that o conwdèrod lo be ret8vant. Adual r•sults may dfflèr from these estsmates. The 9stm1 and UndeFIng assumplths are revwed on an ongoing basis Revisions io acix)unling •8tsmaW are r¢¢t¥nised In Ihe penod In which the eslim&l8 is r8wsèd wheie the ievisDn affects only that perKxl. or Ihe of the rW8n and lulur• pen'ods where the revision affecls both cuffenl and future No LYrtK •(rwrrtirNJ estimates Ixludgmerrt5 re used in tho prèparat ol thèse flnanci818talemgnts. 19-
THE DWF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2023 fvhd• fvnd• 2023 2022 22 121.n2 81 ,319 121,885 fund• 2023 e8.428 ee.813 68.428 fund• 2023 12.436 13.182 12,4 13.182
THE DWF FOUNDATION NOTES TO THE FINANCIAL STATEMENT8 ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 chrt¢•bl• •ollvl¥•• 2023 St•ff ¢0¢18 Bank charges Pnzo winnws 79 102 38245 37.128 Grant fundin9 of 4cl1vil% I0 nol• n Sh•r• ol govamanc• costs Is•• not• 81 2.523 217.483 3.750 3rd.517 258 C61 An•ly•h ty fund Unr•$tncled lunds R•sthci•d tunds 244.098 57.819 255.591 302.517 258 (Pal 21