The Fairness Foundation (fornierly The Persula Foundation) (A charitable company limited by guarantee) ANNUAL REPORT AND FtNANCIAL STATEMENTS for the year ended 30 April 2021 Chartty Registration No. 1044174 Company Registration No. 02912767 The Fairness Foundation (Limited by Guarantee) CONTEN'rs Page Legal and Atfrninistrative InfoTm*ion Trustees. R¢FOrt Ststement of Tntstees. Reswbilities Inde￿ndent Auditor's Rqxjrt lo the membeTS of The Fain￿ Foundatton Sia¢ement of Fiwiciai Activities (inc¢xporating the [r￿￿e and ExF¢nditure AcLX)unt) Balanc¢ Sheet 10 Cash flow Ststement A￿)UntIng Policies 12 Notes to the Finanoial Statements 14 The Fairness Foundation (Limited by Guarantee) LEGAL AND ADMtNISTRATIVE INFORMATION GOVERNtNG NSTRUMENT AND LEGAL STATUS The organisation is a private charitable comFofty limi*d by guamtr¢ and re￿thed in England and Wale incoTporated on 25 March 1994 and registered as a cFwity 14 Febnmry 1995. DLREcfoRsrrRUSTEES J Richer P Gladwell {Appoinied= 0911 IQ021) E D Revie (ApFM)inied.. 1211112021) F Crook (Appointed= 1511112021) REGISTERED & PRfNCIPAL OFFICE Rtcher House Hankev Place London SEI 4BB AUDITOR RSM UK Audit LLP Blettheim House Newtnarket Road Bury St Edmunds SufT(Trlk IP33 3SB BANKERS Barclays Bank pk 29 Borough High Sttret London SEI ILY COMPANY REGISTRATION NUMBER 02912707 CHARITY REGISTRATION NUMBER 1044174 The Fairness Foundation (Limited by Guarantee) TRUSTEES, REPORT The Tnjstees are pleased to present their aThnual tnjstees. report togtther with the financial stat￿nents of the charity for the year en(kd 30 April 2021. The financial ￿atemertts romply with the Charities Act 2011. the Cthnpanies Act 2006, and Accounting aT]d Reporting by Charities.. Stal¢ment of Recornmended Prnctice applicable to charilies preparttig their ac£ow)ts in accordkn¢e with the Financial R¢Forting Stsndard applicable in the UK and Republic of treland (FRS 102) (elTcctive l JanLW 2019). STRUCTURE. GOVERNANCE AND MANAGEMENT The Fairness Foundati￿ is a company limited by guara￿ goverrrd by the Memorandum and Articles of As￿latE0￿ dated 25 March 1994. 11 is also registered as a charity. 'The Fairness Foundation was established in 1994 as an independent grant-giving foundatioA It was initiated by the founder of Richtt SouThts Limi*& The Fairne&8 Foundation changed its name from Tr Pa5ula Foun(tition in Decanl>er 2020. ORGANISATION A Board of Trustees administers the charity with daY-l￿daY ma￿ement ofthe chartty ￿Ing ￿rIed out by Lee Nelson. TRUSTEES The following TTUStees have held office during theyearand to the date ofapw)val ofthe fina￿]81 statem¢nts: J Richer D Robinson (Resigned.. 1511112021) Mrs R Richer IResigned.. 1211111021) Mrs H Oppenheim {ReSI￿]ed. 1511112021) R Rosenthal (Resigned.. 1211 IQ021) D Ward (Resigned.- 1211112021) P Gladwell IAppoinÉed= 0911112021) E D Revie (Apwinied= 1211 In021) Crook {ApwTrinted= 1511112021) RECRUITMENT AND APPOINTMENf OF TRUSTEES As set out in the Arb¢l¢s of Associatio￿ there should ￿ a minimum of th￿e mant￿3 of the IM)ard The Board of Trt￿tees meet r¢gu]arly to thinist¢r the chatity. The Tnjstees ensure that they arc aware of deyelopnents to g0vana￿t practice and &veloprnents in the wider charity scetQT. OBJECTIVES AND ACTIVITIES The main objects of the FoU￿18￿On f(ff this period were to wiport charitable organisations and develop original charitable proj¢￿ by providing grJnt& PUBLIC BENEFIT The Trustees have had due regard to the guid8n¢e on public benefrt issued the Charity C4)mmission in exercising their wwtts and dutie5. The Fairness Foundation (Limited by Guarantee) TRUSTLES, REPORT (continued) ACHIF.VEMENTS AND PERf.ORMANCE Throughout the year Foundation contin￿d to be eonMnitted io knightforward donations however. wherever possible we a150 tried to add valu¢ to charittes M'e like and are able to work with. Being a small charity, we have the benefit of being able to work with very. low governance eost& As we are equipped with considerable organisational skills and eX￿rti¥ we have a preference lo manag¢ ow own original proj¢Xts direcd>' in areas of the Comrnl￿ity that we feel are in wticular n¢e(L S￿on(￿Y to support existing cknties wh¢re we get a measurable outcornc and we can sce that we make a differ¢n(% and lastly to give aid 10 other go(xl eaus¢s. The Truste¢'s made the d￿]51(￿ in Febn]ary 2021 to change the clwtty's n8me the Persula FouThJation to The Faimess Foundation. During the year the Cl]arity has continued io make gtwts available to maiD priorities it bas Identifi￿ 05 set out in note 2c GRANT-MAKING K)LICY t)uring the year the charity cortsiders applicatiOT]s fr￿n a Vdriety of charitable Iwnisations for fijnding. Applications were rEviewed and levels of grams payable are decided u￿n by the Trustees ill accordarKe with Éhe charity's objects. FINANCIAL REVtEW The results ofthe year to 30 April 2021 Are set out inthe Statement of Financial A(tivities on page 9. Th¢ position at the eT]d of th¢ yeaT is shown in the Bal¥￿t Sheet on ￿8t 10. The principal funding source of the chatity w&$ from dorotions fr(Kn Richer S￿￿¢￿ LTmited, which currently aims to give 15D/o of its w>fits edch year io charity. Due io ihe timing of pSedges by The Faimess Foundation the totAI grants given in a year may be more or less than the donations received from Richer Sound5. Th¢ Trustees are 5ati5fied with the results for the year H'hi¢h sknw a surplus of £455.270 (2020= £41,881) tX]e to the low level of operational expenses the Tru*eesarc5ati5fi¢d that fijtureexpendittwe on charitabl¢ a¢livities can be kept wrythin thc lev¢1 of its illcoTne. RESERVES POLICY The Foundation's policy wtth regard to ￿serVeS is to make suitable investment tn the ongoing development ofthe Foundatio￿ whilst maintaining adequate fi]nds to deal with CUTrtnt and medium terni needs. At the end of the current year, the unresiricted general fi￿d was in Surplus by £499.953 (2020.. £44,683). The level of Erants made is dictatcd by the income ond so there is no swific requirement as lo the level of balance shwt reserves. "fhe surplus in the year is a ￿$￿11 of the final donatiOTt from Richer Sound5 being received closc to the y¢ar-end and the coffesponding grants therefore falling into the following fi[w￿la] vear. tNVESTMENf POWERS I'here are Do Sp￿lfi¢ investment wjwers save the income and pr(yeTty of th¢ charity. from whatever sour derive¢ shall IK applied solely towdrds the promotion of its objects as #ated in the Memor&tKlum and Articles of Ass(Kiation. RISK MANAGEMENf AND ROLE OF IRUSTEES Tlie I'rustees have rnade am assessment of the risks to which the Foundation is extw( in particular busine op¢r8tiL)nal and fllwjcial. and procedures and retM)rtin8 are in plaix lo manage and redu￿ the ideniified risk Procedwes are ￿ place to review identified and new risk's on a regularb&is. The actions needed io be taken if a recognised poteTrtiai risk occur& or if a change in the likelliK￿ of a risk occurring is identificd, have also been considered and ￿e Tnonitored and fornierly reassessed by the Tr￿￿ee5 annuallv. The main bu5in¢s5 risk to the Found*ion is the reli#rRce on (kTrnations frffli The PeTsula Foundation. The Trustees of The Per5ula Foundatiotl made li clear th￿ they are committed to providing fijnding to The Paimess Foundation for the for¢seeable fuwre so that it can contitiue in oF¢raiio The Fairness Foundation (Limited by Guarantee) TRUSTEES: REPORT (contTnued) ruruRE DEVELOPMENTS From November 2021 onwards the foundation has ¢¢ascd to provide grants. Our plm5 for th¢ future are lo act as a publi¢-facing advocacy ¢harity, with a mission to change the deb* about fairn¢ss in the UK by talking to the public, to the media and to policy-makers about how to build a fairer society. We will be focusing in particular on the barri¢r5 that prevent ev¢ryone in the UK from enjoying equal opportunities to maximise th¢ir potential. We will be working towards this goal through acombination ofresearch. policy. advocacy and ¢ommvnications work. RELATED PARTtES The charity has a very close ￿latIonShIp with Richer Sounds Limited and Julian Richer, Fx>th of whom proN'ide significant funding to enable the charity to cany out its ¢haritsble aciivitic5. A summary of transactions with these parties is set out in note 9 to the financiat ststements. THIRD PARTY INDEMNITY PROVISION FOR TRUSTEES Qualifying third party indemnity prov15ion is in place for the benefit of all Trustees. AUDITOR RSM UK Au(bt LLP has indicated its willingness to continue in office. STA TEMENT AS TO DISCLOSURE OF ]NFORMATION TO THE AUDITOR The I rustees who were in O￿tCe on the date of approv￿ of these finan¢ial statements have confirnie& as far as they are aware. that there is no relevant audit inforniation of which the auditor is unaware. Each of the Trustees have confirnied that they have tak¢n all the steps that they ought to have taken as Trustees in order lo make themselves awa￿ of any ￿levant audit information and to establish that it has been ¢ommunicated to the auditor. This report has been prepared in accordance with the provisions applicable to companies entitled to the small cornpanies, exemption. By order of the board JuliaFJ Rtcher Trustee .24 February 2022 The Fairness Foundation (Limited by Guarantee) STATEMEKf OF TRUSTEES, RESPONSIBILITIF.S The T￿s[eeS {who are also dIr¢Ct￿ of The Fainless Foundation for￿ pww>se5 of company law) are reS￿￿]ble ror prcpartng T￿￿ee5. Rewt a￿A the financial In aCcOrda￿t with applicable ]aw and Uni*d Kingdom Accounting Standards (United Kingd(xn Generally Accq)t￿l Accounting Practi(Y). Covnpany law requiresthe TnL51￿% to PEeFoTe financial statrments foreach financial year which give a and fair view of the state of atfairs of the charitable ¢ompan)' and of the ineoming resoum and application of re9)urce& including the incorne and expeniliture. of the ch&itable company for that peri(¥l. In preFOring these financial sthtement4 the Trustees are ]wuired to". select suitable accounting ￿lie[eS aT]d tha) applv consi&¢ntty" observe the M￿hOdS and principles tn the Charili¢5 SORP. make Jud￿ents and estimates dllt are Teasonable and PTEKlentr state whether applrcable UK accounting standards have followal subie&t kn any material deWthEs disclosed and explauKd in the financial statemer]￿ and preparethe financial statementson thegolngco￿crnbasiSVnltss Tt i5Tr¥wopriatetOF(esLllnethat the ¢hwitable ¢i)mpany will ¢ontinue in ￿SIne The Tntstees are Ecsponsible for keq)iJJg proper &counling reetyds di*los¢ with reasonable a¢¢wacy at any time the financial ￿5Stion ofthe clwiiable company and enable them to ensure that the financial statementscomply with the Companies Act 2(Hkn. Tlw are also tEsponsJble for safeguarding the assets of the charitablc company and hence for tsking reasonable stcps forthe prev¢nlion and detection of fiaud and other irregularities. The Fairness Foundation (Limited by Guarantee) tNDEPENDF,NT AUDITOR'S REPORT TO THE MEfvIBERS OF THE FAIRNESS FOUNDATION OpiDjI> W'¢ have audited the fina￿7￿1 ststements of The Faimess FouDdatton (the 'charitabJe Company'l forthe year ended 30 April 2021 which Comprise of the Sta*ment of Finaneial Activities. the B￿ance Shee¢ the Cash Flow Statement and notes to lh¢ fiDancial ststements. in¢luding significan¢ a¢rounttng poli¢ic5. The financial reporting framewot* ihat has been applird in their pjypardtion is appli¢ablc law and L'nitrd Kingdom Awounting Stsndards, ITKluding l--RS 102"The rinan¢ial Reporting Sthdard applicabl¢ in the UK and Republic of Irelan￿ (United Kingdom Generally Accepted Accouthting Prn¢tice). In our opinson the linancial statements.. give atrueand fairviewofthe state of the ¢h8ritsbl¢compw's affairs as at30 April 2027 andof its incornin8 resources and application of resources. including its income and expenditure: for the year then ended: have been properly prepa￿d in accorthnce with United Kingdthn Generally A¢¢epted Accounting P￿Tice. have p￿partd in x¢orthn¢c with the requi￿￿ents of the Companie5 Act 2(X)6. Basis for opillion We Co￿[U¢led cur audit in a¢cOrdan￿ with Intrmational stand￿d$ on Auditing {UKI IISAS IL'KII and applicabl¢ law. Our responsibilitie5 under thos¢ slandar¢ls are further described in the Auditor's r¢sponsibilitFes for the attdit of the rinanciaS stateTnents section of ourrewrt. We are in(kpend¢nt of ihe ehariiable company in aceordance with the ethical requirements that are relevdnt to our audit of the financial ststcments in thr DK. inc1￿1]ftg the FRC'S Ethical Stand￿d and we have fijlfilled our other ethical reswmsibililies in accothce with th¢s¢ wuirements. We believe that the audtt evtd¢n¢e we have obtsin￿ is 5uifEcieni and appropriw¢ io wide a b&sis fortyjr opiniiJTh. ConelusioN5 relating to going coTrtertr Ln alldiiing the financial sthtements. we hav¢ ¢(mcluthd that the tsustee5' use of the going ¢OTKern basis of xcout)¢ing in the p￿paration of the financial slai¢m¢nts is appropriat¢. B&sed on the WOTk we have ￿rf0mle& we bave tlot identifKd ary matrrial un¢ertaintie5 relating io events orconditions that, Individ￿llY or colle¢iivety. rnay cast sigoificant doubt on the charitable company's ability to continue ￿ a going concern for a period of at Iwi n¥elve months from the financial strtements are authorised for issue. Our rtSPOTJsibiliti¢s and the re5poThsibilitie5 of the trustees with respect to going concern are d&%cribed in the ￿lt￿t se¢tion5 ofthis r¢poTL Other inforniatio The other infOrn￿lIOn ¢ompriscs the infomiaiion included in the Tnstees Re￿rt other ihan the financial stsiernents and our audiÉor s report therton. The trust¢es aTE WtLsible for the ￿her inform￿]0￿ ¢ontsined within the Tr￿t￿$. Report. Our opinion on th¢ financial 51atemcnts d. and include audit fees and costs linked to the strategic management of the charitv. C¢rtain exI￿ndIt￿e is directly atiributable io st¢cific activities and h&$ been included in those cost categories. Grantspoyable For grants. where the achievemenl of the grani co[￿ltiOnS is in the hands of the grantc¢, the entltE m is recogn15ed as expenditure in the ytar in which the grant is fomittly approved by the Trustees and has been communicated in MTiting io the reciptent. Where the Trnstees retain sufficient direction in determining whethcr future grant instalmeErts will ￿ pai￿ grants are recognised when all condition5 aTe satisfied. TAXATION No pn)vision hasbetn ma& forcoTporation tax as the charity's charitable rendtts it ¢xempt from UK direct taxation. FUNDS Unrestricted funds are donations and other income res(xrces receivable or8enerated for the objects of ihe charity without fijrther specifi¢d purFW)se and available as general fi￿d5. CREDITORS Creditors are recognised where the charity has a present obligation resulting from a p2St eveni that will probably result in the transfer of funds ￿ a third party and the a￿1]Unt thie io settle the obligalion can be measured or estitnated reliably. Creditors nortnally recognised at their Settleme￿ amount after allowing for anv trnde discowjts due. FINANC￿ tNSTRUMEKrs The tNst only has financial assets and financial liabilities of a kiThl that qualify 85 basic financial instnmients. Basic financial in5tnmients are initially recogDised at tr8ffjadion value and subsequently measU￿d at their settlement value. CRITICAL ACCOUNTING ESTIMATES AND Ju[￿EMENTs Estimates and judgements are contin￿*1]Y eval￿ted and are based on historiu] exFtriertt and irther factors, including t￿ctationS of f￿Ule events that are believed to be reasonable under the circiEmstanc¢5. Th¢ Trustees consider that ther¢ have been no criti(xl estimates and judgements in the year. 13 The Fairness Foundation (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENrs for the year ended 30 April 2021 COME FROM tX)NATIONS AND GIFTS 2021 2020 cOr￿rate donors Individuals Goven]m¢nt 8rants 1.416.876 1.850.000 7,605 4561 1.421.437 1.857,605 Ail income teceived in Ix*h years is unrestricted incLYn Government grdnt income relates entirely to the Coronavinjs Job Retention Scheme and has I￿en recognised alongside the cwreSp0t￿7￿g salary costs. EXPENDITURE ON CHARITABLE ACIIWTIES 2021 2020 Expenditure relating ÈO 5pecifi¢ projects Proje¢t ex￿nditure Governanc¢ ¢osts (see note 3) 942.750 18,673 1.773.494 25.870 961,423 1,799,364 2b SUPPORT COSTS 2021 2020 Salari¢s (see note 4) Other cO￿S Prrntin& postsge and 5Eati(xJery 4.744 11,708 4,579 73 4,744 16,360 TOTAL EXPENDITURE 966,167 1,815.724 PROJECT EXPENDTfuRE- st￿lficAnt gr8nts payable 2021 2020 EXPENDIIURE RELATING TO SPECIFIC PR0￿CrS Fair Society Hwnan Rights Animal Welfare Prisoner Supwrt Wornen Support Children Medic Migrant l Refvgees Disabilities M¢ntsl HeaIth Bullying Misccllaneous The Envir(Mmient LGBT The Elderly Domestic Ab￿e 449.564 137,729 98,869 81,500 50.231 41.562 30.000 24.075 20.000 688,959 183,424 187.855 164,422 41,000 159,862 133,824 57,0(10 30,094 12,050 3.000 5.987 46.000 30.446 19,071 10.500 3,000 220 942,750 1.773.494 14 The Fairness Foundation (Limited by Guarantee) NOTES TO THE FtNANCIAL STATE.MENfs (continued) for the year ended 30 April 2021 PROJECT EXPENDITURE- Significant grants payable (continued) The following significant grarts of moEe than £20,IXIO have been awarded in the yw. 2021 2020 ASB Help Amnesty International Article 39 140.( 40.000 20.000 35.000 Chjistians again￿ Poverty COM￿ssion in World Farniing Crisis Crossroads Women's Centre Guys and St Thomas. charity Good Bustness Foundatio Hope and Homes for Children Hicktnan and Rosc 25.000 20,000 30,520 40,000 50.000 i 00.000 50.000 35.0(K) 175.000 20.000 42,000 Just for Kids Law Just Like Us League against Cruel SFxwts 23,500 30.000 30,000 20,000 Liiyry London Mining Network New Economics Freedom Parallel Histories Prison Refom Trust Prisoners Advice SeThRce QS Jordans RSPCA Shclter Soil Ass(xiation Tax Watch Trussell TTUSt 20.000 50.0(M) 25,000 60,000 50,000 25,0(M) 38.554 25.000 50,000 50,430 40,000 i 00,000 50,000 25,(K)O 10,000 35.000 12,500 i 0,000 i 0.000 All grants rAyabl¢ in 21Y21 and 2020 have made to Institutio￿ All expenditure tn both years is unrestricted expenthtsjre. GOVERNANCE COSTS 2021 2020 Insurance Legal expenses Travel and subsimen Bank elwges Audit 816 10.597 679 12.820 5,207 121 7,043 60 7.200 18,673 25,870 15 The Fairness Foundation (Limited by Guarantee) NOTES TO THE FtNANCIAL STATEMENTS (continued) for the year ended 30 April 2021 EMPLOYEES 2021 No. 2020 No. The average monihly n￿nber of perso￿$ employed by the Foundktion during the year vas: Office and management 2021 2020 Staff c05ts of abov¢ person.. Wages and salaries Pension costs 4.697 47 11,546 162 4,744 11,708 No employee eamed more than £60,OCN) in 202112020.. r￿C). No T￿￿tee ￿ctly¢d any remujmtiun during the year (2020.. £nil). EX￿]seS r¢imbursed during the year in respe¢r of trdvelling and subsisteme costs to meetings aTnounted to £0 (2020-. £5.207). 111¢ Charity has paid a premhum of £816 {2020: £679) with r&5￿￿( to in(kmntty Insul￿¢t for its Trustees. The key managemenl E*rsoT]nel of the charii>' eOTnwse the trustee5. The total employee I￿efits of the key management personnel of the Foundati(x) were £nil (2020: £nil). NET EXPENDITURE FOR THE YEAR 2021 2020 The net ¢XFcnditu￿ for thE yfdr is ststed after elwging: Auditor's remuneration- ststulory audit 6.200 TAXATION No liabtlity to corporation taxation arises as The Fairne￿ FoUnd￿lOn ¢laims exempiion under the provisions of Section 505 Income atml Corrmtion Taxes Act 1988. CREDITORS.. Amounis falling due within one year 2021 2020 Amounts due to Richer Sounds Limitrd Accruals Taxation and social *curity 10230 40,000 3,933 169.183 313 50.230 173,429 16 The Fairness Foundation (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENfs (Continued) for the year ended 30 April 2021 UNRESTRtcrED FUNDS-GENERAL 2021 2020 Balance brought fonvard al l May Net movement in ffiJrKL% for the year 44.683 455270 2,802 41,881 BalanLt Carried forward at 30 April 499,953 44,683 RELATED PARTY TRANSACTIONS Descri￿10￿ Valut oftrAns*rtions in the year Balance gt )wr end Icreiliiorlldebtor 2021 2020 Name of prty Relationship traJMctiott 2020 Rictm Sout l.imtied Richer Sounds Litniled ASB Help by J 1.416.876 1,850.IXX (Trustre) (hvnd b). J Richu Purthas¢s {Ttust¢e) Common Tnjstee {J Richer) Dirtclor (J Richtrl C(bmmon Trusiee 1,899 {10.2301 (3.9331 140.IMM) Taxw¥tdJ tA).(W i(Kb.(MK) G(￿ Busin Foundatio 175.¢ {40,(K￿l 1100.O(D) (J Ridju) 17