SHAREDINTEREST FOUNDATION TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Shared Interest Foundation is a charitable company limited by guarantee Registered Company Number: 4833073 Registered Charity Number: 1102375
SHARED INTEREST FOUNDATION ANNUAL REPORT 2024 Contents L al and Administrative Information Trustees, Re ort Inde endent Auditors, Re ort Statement of Financial Activities 10 Balance Sheet 12 Notes to thé Financial Statements 13 Shared Interest Foundation Trustees. Report and Financial Sialemenls for the year ended 30 September 2024 page 2
LEGAL & ADMINISTRATIVE INFORMATION LEGAL STATUS The organlsatlon Is a charitabl8 company limited by guarantee (registered company number 48330731, incorporated on 15 Juty 2003 and reglstered as a charity on 27 February 2004 (registered charity number 11023751. The company was established under a Memorandum of Association {15 July 20031 which sets out th8 objectives and powers of the charitable company and is governed und&r ils Articles of Association115 July 2003}. DIRECTORS AND ADVISERS for the year ended 30 Septemb8r 2024 The Directors of the company, vtho are also the Trustees of the charily. who were in offlce during the year were.. Year appolntod 2006 DP Alexander Y Gale (Chalr) C Talens 2019 2019 R Anderson 2020 MJF Duncan 2021 JCP Valentln 2021 J Miller 2022 Company Secretsry TD Morgan Independent Audltors Amstrong Watson LLP One Strawberry Lane N&wcaslle upon Tyne NE1 4BX Principal and Regi8t•red Offic• Pearl Assurance House 7 New Bridge Stre8t West Newcastle upon Tyne NE1 8AQ Shared Interest Foundation - Truslees, Report and Financial Statements for the year ènded 30 September 2024 page 3
TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present their report and audited financial statements for the year. Thls report has been prepared In accordance with the special provisions relating to small companles wfthln the Companles Act 2006. GOVERNING DOCUMENT AND ORGANISATION para Alexander~ Sl Oswald's Primary School, South Shields Ichalr of Governors), Newcastlè 8uslnèss School Advisory Board The company is governed by It$ Memorandum and Articl89 of Assoclatlon. It Is also 8 registered charity. The day-to-day running of the company is overseen by the Board of Truste&8. Tim Morgan ' Northem Danc Yvonn& Galè PRINCIPAL AIMS AND OBJECTIVES NEL Fund Managers Ltd, Dlreclor (Thè appointments below In Italics are dormant or semi-dormant entiti&s linkod lo the above appointm8nt}. NE Growth (ERDFJ G8neral Partner Ltd, Director NE Growth (ERDF) Cerried Interest Partner Ltd,NE Debt Fund Carrled Interest Partner Llmlted. Dlreclor NE Debt Fund General Partner Llmiled, Dlrector NE Sm811er Loans Fund Carrted inteTrst Partner Lirnlted, DIrIor NE Smaller Loans Fund General Partn Limited, Director Dir8clor NE Sm811 Loan (EADF) General Partner Ltd. DireclorNorthem Enterpnse Llmlled, Dlrector, Instrtul8 ol Chartèred Accountants in England and Wales, Membgrs and Commerclal Board, Northern Socialy of Chart8red Accounlanls, Trust90 Mlllfleld House Foundation, Trustee and Chalr ol Investment Committe8, North East England Chamber of Commerce, Dlrector and Chair of Invaslment Committee, Offlce ol the Small Business Commissioner, Chair Creatlve UK, Credll Commlttee Member St Chad's College Durham, Director Innovate UK Loans Llmltod, Audlt and Risk Cornmiltee mamber The oblectives of the Foundatlon ar8 to: advance educatlon and Iralnlng: and to relieve poverty. sickness and distress In all parts of the world in all respects for the benefit of the public In a¢¢ordance with the law of charty in England and Wales. In order lo deliver Ihese objectives, we aim to improve livelihoods through the development of sustalnabl8 businesses and income generation initlalives a¢ross Africa and Latin America. Our projects provlde buslness support to smallhold8r produc8r groups wlth a specific locus on empowering women and youth, and building climate resilience in remote Communilies. We believe that strong and w811-managed businesses create employment opportunities and Increase the incom8 of producers and workers, resulting In an Improvement In thelr quallty of Ille. Shared Inlerest Foundallon Is the legal subsidiary of Shared Interest Soclety la registered socléty with r8gislratlon number 27093RI and the organi$ations have a jolnt Theory of Change which describes how we aim to build resilient businesses that In tum provlde benefits to local communities. This Is explained in mor8 detail in our social accounts available on the webslte tli We have referred to th6 guldanca from the Charlty Commisslon on public benefit when roviewing our aims and objectives and in planning our luture activities and believe that we compty with this. A summary rèport of lh8 proj8Cts demonstrating this is given on page 5. The principal and registered oth'ce of the Foundation is shown on pa98 3. Gristlna Tan8 Source Sustainable Supply Chalns Ltd, Leèk Gears Llmiled, Dlrector ol Buslnesg Flisk Assessmgnts at the Wilberforce Institute IUnSversity of Hulll Mar51on Legal ServS¢0$ Llmited. Engage Servlcos IESL) Limited APPOINTMENT OF DIRECTORS Th• Directors of the company who served durlng the finan¢lal year are listed on page 3. They are appointed to the Board by resolutlon of the member - that is, Shared Interest Soci8ty Ltd I"SIS"}. Following elgction they receive inductlon tralning including review of documents and policies, meeting slaff and receiving briefing5 from k8y personnel. As permitted by the Articles of Association, the Directors have the benefit ol an Indemnity which is a qualifying ihlrd-party Indemnily provlslon as defined by Seclion 234 of the Companies Act 2006. The ndemnity was in force throughout the last financial year and 18 Currently in force. Alchard Andorson Melissa Duncan Farade International, Executlve Director Tallulah Love Limited, Director Bondsto01 Limited, Diroclo Paul Valgntin Nono Jamie Miller Chair, Board of Governors Sidcol School, Partnar Konsortlum LLC and Kon80rt1um Partners LLP OTHER EXTERNAL APPOINTMENTS Below are shown the exteinal direGtorships/trusteeships of the members of the Board of Directors and Senior Management Team. All below are Director5 of Shared Interest Society Limited. Tim Morgan is the Company Secretary of the Foundation l)ut is not a director. Kerrey Bak8r and Jo Pow811 are also onty directors of the Society but not the Foundation. Kerrey 88ker' Jo Powell. Mlllin Trust None ' Member of Sanior Management Tearn, FoundalbTh Board and Soci&ly Board Member of Munagemenl Toam and Sotixety Board Shared Inieresl Foundation Trustees, Fleport and Financial Statements foi the year ended 30 September 2024 page 4
TRUSTEES, REPORT CORPORATE GOVERNANCE organisation whlch deslgns management dev8lopm8nt programmes in the agricutture and lood industry. In Latin Amerfca we are working wllh a Peiuvian based consultant with extensive experience of supporting co-operatives. Two "Bees for 8uslness" projects were Inltlated in Uganda. supporting coffee farmers in diversifying into beekeeping. The Kabwohe project. launched in February 2024, assists 210 coffee fanners, while the Rwenzori project. launched in March 2024. supports 141 farmers. Both projects provide trainlng in beekeeping and honey haNesting skills. as well as equipment such as modern b8ehSves. In Ihe Kabwohe project, farmers also received tralning In agroforestry skllls and agroforeslry trees to increase climate resilience. In Peru in July 2024 we launched a 12-month project "Improvlng th8 rèsili8nc8 of young coflee farmers through the productlon and sale of dehydrated coffee pulp" whlch Is helping 58 young coffee farmers produce and sell dehydrated coffee pulp. Thls project Includes establishlng a qualty control centre al CACVI la local coffee co-operatlve} and building their capacity for independent exporting. August 2024 saw the start of a Sollless Farmlng proS6ct Sn Burkina Fago. $UPPOrting 75 economically vulnerabl8 women wlth dlsabllltles In sustalnable, organlc vegetable productlon using modern farming methods. An Innovatlve 18-month project whlch commenced in August 2024. entltled "Improvlng cocoa production in Ivory Coast through blological control of pests and dlseases" began in Ivory Coast, developln9 a c05t-8ffeclive blopesticld8 to protect cocoa Irees from pesls and dlseasas. This projéct. In partnershlp wlth Féllx Houphouet-Boigny University and the Ivorlan Falr Trad8 Nehvork RICE, wlll traln 200 farmers from four cocoa co-operatives In post identlficatlon and blopestlclde applicatlon. In November 2023, we produc8d the énd of project evaluatlons for three projects: Growlng Falror Futures Rwanda (Expansion), Solar Panel prO1t 8UPPQrtlng our Bees for Busin8ss project in Burkina Faso and the Passlon fruit project In Uganda. As these prolects were dellvered In the prevlous flnanclal year you can read more about them In Ihe 22123 Trusleés Rèport. Two further projects concluded in tho year. In Rwanda, a two- year project strengthened 625 coff88 farmers, reslllence to clSmate change through training in good agricuttural practice8. organlc compost making, and climate-smart agrlculture. It also establlshed two nurserles for coll88 seadllng productlon. In Uganda. a one-year agroforestry project supported 300 coffee farmers, provlding trainin9 in eco-friendly farming practlces and dlstrlbutlng 12.000 ¢offee seedllngs and 4,300 agrolorestry Irees. These diverse project8 demonslrate Shared Interest Foundation's commitment to sustainable agriculture and Improv8d livélihoods across Afrlca and Latin America. Through partnershlps wlth local organisations and innovative approaches, we continue to make p081tive Impacls In the Ilvas of farmers and artisans. As noted above. th8 Board of Shared Interest Foundation has a large overlap wlth that of thé m8mb8r organisatlon, Shared Interest Society. Due to this fact a number of the commlttees of the Society Board are common to both organisations - notably the Audlt, Nomlnatlon and Remuneration commltteas. The statutory accounts of the Society contain a detailed report of these cornmittee5 and this has not been replicat8d here but Is availabb In those accounts from the Publications section of the website Alongside those there is also a report assessing compliance wlth tho Charlty Corporate Govemance Code and this simirY applies to the Boards of both organisations. REVIEW OF THE YEAR AND FUTURE DEVELOPMENTS The Foundation works with a joint mission with Shared Interèst Society to provide financial services and business support to mak6 livellhoods and living standards béttèr for people as they trade their way out of poverty. The Soclety is a social lender and the Foundation und8rtakes a range of actlvltles, all focused on th8 end goal of supportlng and developlng producer organlsatlons. We prSmarlly support businesses wlthln the fair-trade movement. 8eeking to en8ure Ihat our actlvlty leads to both financlal and soclal beneflts withln communitles. The outcomes of the projects delalled below demonstrate that we have contlnued to dellver on on8 of our key alms, to support mor8 resS118nt busln8SSéS providing both a social and a flnanclal return In theSr local communlties. Further detall of our Impact is contained in our lolnt soclal accounts avallable from tho webslte (see Ilnk above). This year, Shared Interest Foundation w¢Yked on 14 prolecls focused on improvlng the livelihoods of farmers and artisans through enterprlse dev8lopm?nt. women and youth empowerment. and bullding climate resilience. Three were brought fotward from last year and 11 are new. Two existing prolects continued In the year. The SEED Prolecl: Sustalnable Empow8mient through Ent8rprisè Development (Brlan's Legacy), launched In September 2023, is an 18-month initiative supportlng 200 female groundnut farmers in westèm Uganda. It aims to enhance thelr productlon capabllltles and add value to crops by processing them Into products Ilke p&anut bLtttar, boosting incom8 and strengthening household r85ili8nce. The Growing Falrer Futures Ivory Coast project, now In St5 fourth year, Is a partnershlp with cocoa co-operatlve CAYAT and conllnues to support 50 young famiers in 85tablishing new cocoa fam18 or expandlng exlsting ones. These farrn8r5 receive on90ing support wilh farm maintenance actSvSties, IncludSng fertSllsor provision and additional labour for weeding and harvesting. Seven new wolects were launched thls year. In Burkina Faso, we extended "Improving livelihoods through agro-processlng" to support a total of 90 female sh8a nut collectors, providing training and equipmenl for shea butter production. The extension. funded by Evan Comish Foundatlon. began In March 2024. A 12-month project entitled "Increasing the profitabll and sustainability of producer group5 through Technical Assistance" was launched In February 2024, focusing on building capacity for 21 co-operatives and producer gTOUPS across Africa and Latin America. This project aims to strenglhen thelr govemance slructures, managem8nt systems, and financlal capacity. To deliver the tralnlng in Africa we have partnered with COLEAD, a Belgian Shared Interest Foundation - Trustees, Report and Flnanclal Statements for the year ended 30 September 2024 page 5
TRUSTEES, REPORT LIVELIHOOD SECURrrY FUND net of amounts designated for specrfi¢ projects, presents about 6.5 months of forecast unrestricted expenditure, which is appropriate in th8 current very challenging operatlonal and funding environment. Based on the financial position at the 30th September and the Business Plan for the 2024125 year and beyond, the Trusteès believe that Shared Interest Foundation is a going concern and Ihese financial statements have been prepared on that basis. The Livelihood SecLtrity Fund was relaunched in 2020 to raisé restricted funds to help produc8rs in Africa and Lalin America who are severely impacted by events outside of their control. A restricted fund sum of £7,80612023: £7,806} and a deslgnated fund sum of £12,11212023.' £12.1121 was held in this fund at the financial year-end. This fund is héld ready to deploy in appropriate emergencie5 and with no claims on it in the past year, has not charvJed in value. RESTRICTED INCOME FUNDS STATEMENT OF TRUSTEES, RESPONSIBILITIES We acknowledge tha receipt of restricted funds totalling £172k12023: £143kl in our financlal statements and det&ls are provided at notes 2 and 3. We are grateful to all the donors who have supported our work In the past year. The Trust88s (who are also directors of Shared Inte$1 Foundation for the purposes of company lawl are responsibl8 for proparing the Trustees, Annual Report and the financial stat8ments in accordance wlth applicable law and r8gulations. Company law requiY8S the Trust88S to prepare financlal statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with Unlted Kingdom Generally Accepted A¢¢ountlng Pra¢tlce (United Kingdom Accounting Standards and applicable lawl. Under cornpany law the Truyte8s must not approva the flnan¢S8l statemgnts unless they arè satisfied thal they give a true and fair vi8w of the slate of the affairs of the charllable Company and of the incoming resources and applicatlon of resources, Includlng th8 income and expenditure, of Ihe charitable company for that period. In preparing these financial statemenls. the Truslees are requlred to.. select sultable accountlng polici8s and th8n apply them conslstently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent: state whether applicabl8 UK Accountlng Slandards have begn followed. subject to any material departures disc1058d and éxplained in the financial slatemenls: and prepare th8 financlal statements on the 90ing concern basis unless it is Inappropriate to presume that the charitable company wlll contlnue in business. The Trustees are responslble for keeplng adequate accountlng records that are sufficient to show and éxplain the charitable company's transactions and disclose with reasonable accuracy at any tlme the linanclal position of the charitable company and 8nabl8 them to ensure that the flnancial gtatements comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the charitable company and hence for taking reasonable sleps for the prevention and d8t&ction of fraud and other Irregularities. Th8 Trustees are responsible for the malntenanc8 and integrlty of lh8 ¢harltable Company's website. Legislation in the United Kingdom goveming thg preparatlon and dlssemlnatlon of financlal statements may differ from legislation In other jurisdictlons. UNRESTRICTED INCOME FUNDS Unrestrfcted incom8 for the year was £350k, down from £393k In the previous year. but £73k higher than our budget for the year. Much of this funding is provided by donations and legacies from member5 of th& Shar8d Interest Society, for which the Twstees are very grateful. A number of tho sums donated again came from accounls Whe we are aware, sadly, that the member of Shared Int8rest Society has died. We would Ilke to extend our dgopgst sympathy to the families in question and assure you that we wlll seek to do the very bèst lo honour your r&lativ& by putting their generous donatbn to good use In the Foundation. The Foundallon contlnues to hold a number of legacy nominations from the members of Ihe Society and the Truste85 of the Foundation are thankful to Soclety members who have Indicated that they Intend to support the charity by leaving a legacy in this manner. Divèrsfying unrestricted income sources has contlnued to be chall8nglng and we continue to seek new avenues to grow our Income, recognising that we cannot only rely on donations from Society, members. Fundraising costs in the financlal statements represent proportion of staff time, small fe8S to sites such as JustGlvlng and, when thèse occur Inll Ihls yearl. som& small costs of fund-raising events. We are grateful to all those who support our work, individuals. trusts and grant making bodies. Management costs as a pèrcentage of charitable expenditure were 23.3%12023: 31.6%); wlth the decrease as a result of simllar management costs year-on-year against mu¢h higher expenditure on Charitable activltles of E464,48312023'. £336.143}. Fundralslng costs as a percentage of Income wérè slightly higher at 3.4%12023-2.8%1. RISK ASSESSMENT The Trustees consider thal the maln rlsks laclng the charity are as below. A VaelY of tools, Systems and procedures ara used to mitigate these risks where possible. Dependence on key personnel, absence, loss or failure to recruit: 2. Major incident during staff travel- and 3. Political Instability creating operational and/or security Issues ovarseas, impactlng income and/or staff safety: RESERVES AND GOING CONCERN STATUS The Trustees have agreed that the reserves policy should be to keep, normally, Ihe equivalent of three to six months unreslricted expenditure as free reseNes to cover périods of uneven Income or unexpected Income shortfalls. The balance on the Unrestricted income fund at Ihe year-end, Shared Interest Foundation Trustees. Report and Financial Siatemenls lor the year ended 30 September 2024 page 6
STATEMENT OF DISCLOSURE OF INFORMATION TO THE AUDITORS The Trustees who were in office on the date of approval ol these financial statements have conflmed. as far as they aré aware. that there is no relevant audit information of which the auditors a unaware. Each of the Trustees have confirmed that they have taken all Ihe steps thal they ought to have taken as Trustees in order to make themselves aware of any relevant audlt Information and to establish that it has been communicated to the auditors. INDEPENDENT AUDITORS The charlty only has one member. Shared Inter8St Society, and there Ss a hlgh degree of overlap b8tween the Boards of both organisatlons. The charity does not therefore hold an Annual General Meeting but the 8oard of the Soclely wlll re-appolnt Armstrong Watson as auditors for the year which began on 1 Oct 2024. Slgned on behalf of th• Board Y Qale Chalr of Tru•to•# 18 D•c•mbor 2024 Shared Interest Foundation Trustees, Report and Financial Statements for the year ended 30 September 2024 page 7
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SHARED INTEREST FOUNDATION REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Oplnlon We have audited the financlal stat8m8nts of Shared Interest Foundation (the 'charitable company'l for Ihe year ended 30 S8Ptefflber 2024 which comprise the Statement of Financial Activities. the Balance Sheet, and the related notes, including a Summary of significant accounting poll¢ies. The financial reporting framework that has been applled in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Klngdom Generally Accepted Accounting Practice). In our opinlon the flnanclal statements.. glve a true and talr view of the State of the charltable company's affalrs as at 30 September 2024 and its incoming resources and application of reSoUaS, Includlng Its Income and 8xpendlturè for the year then endgd., have been properly prepared in accordance wlth unt&d Kingdom Generally Accepted Accountlng Practlce,. and have been prepared in accordance with the requir8menls of the Companies Act 2006. Basls for op5nlon We conducted our audit in accordance with Int&rnational Standards on Auditing IUKI IISAS IUKII and applicabl8 law. Our responsibilities under those standards are further des¢ribod in the Audltor'8 responsibilities lor the audit of the financial statémènts seclion of our report. We are Independent of the charllable company In accordance wlth the ethical requirements that are relevant to our audit ol the financial stat8ments In the United Kingdom, including the Flnanclal Reporting Councll's Ethlcal Standard, and we have fulfilled our other ethical responsibilitles In accordance with th6se requlrements. We believe that the audit evidence w• have oblalned Is sufflcienl and appropriate lo provlde a basis for our opinion. Conclusions relatlng to going concern In audlting the flnancial statements, we have concluded that the Trustèos, use of the going concern basis ol accounting in the preparat4on ol the ftnancial statements is appropriate. Based on Ihe work we have performed. wè have not identified any material uncertainties relaling to 8V8nts or condlllons that, individually or collectively, may Cast significant doubt on the charitable company'5 ability to continue as a going concem for a period of al least twelve months from when the rinanclal statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The other information comprises the Information included in the Trustees, Report other than the financial slatemenls and OUT Auditor s Report Ihereon. The Trustees are responsible lor the other inlormation contained within the Truslees, Report. Our opinion on the fi'nancial slalements does not cover the other Infomiation and, except to the extent othèrwis8 explicitly staled in our report, we do not express any form of a8suran¢e Conclusion thereon. Our responslbility is lo read the other information and, In doing so. conslder whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to b8 malerially misstated. If w• identify such material Inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material mlsstatement in the financial Statements themselves.11, based on the work we have performed, we conclude that there is a material misstatement of this other Information, we are requlred lo report that fact. We have nothlng to report In thi8 regard. Oplnion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in tha Trustees, Report for the financial year for which the financial stal8m8nts are prepared is conslslent with the linanclal statements. the Trustees, Aeport has boen prepared In accordance with appll¢able legal requlrements Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and its 8nvironmenl obtained in the course of the audit, We have not Identlfled materlal misstatements in the Trustees, Report. We have nothing to report in r&specl of the followlng matt&rs In relation to whlch Companies Acl 21))6 requires us to report to you if, In our opinlon: lh& charitable company has Dot kept adéquatè and $uffi¢ient accounting récords, or rèturns adequate for our audit have not been received from tsranch not vlslled by us; or the charltable company financial statements are not In agreement with the accounting records and returns: or certain disclosures of Trustees, rernunerallon specified by law ar8 not made., or we have not received all th8 information and explanations w8 requlre for our audlt., or the Truste8s' were not anlitl8d to prepare the financial statements In accordance with the small companies regime and take advantage of Ihe small companies, exemptlons In prepgrlng the Trustees. Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees. Flesponslbiliti85 statement set out on on page 7, the Trustees (who ar• also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial stat8menls and for being satlsfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary lo enable the preparation of financlal statements that are free from malerlal mlsslatement. whether due to fraud or error. In preparing the linancial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable, matters related to going concern and usin9 the going concern basis of accounting unless the Truslees either intend to liquidate the charitable company or to Cease op8rations, or have no realistic alternative but lo do so. Shared Interest Foundation - Trustees, Report and Financial Statemen15 lor the year anded 30 S8Ptember 2024 page 8
INDEPENDENT AUDITORS, REPORT Auditor* responslblllti88 for the audit of the financial statements Our objectives are to obtain r8asonablè assurance about whether the financial statemenls as a whole are fr89 from materSal mlsstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arlse from fraud or eOr and ar8 considered material if, individually or in the aggregale, they could reasonably be expected lo influénce the economlc decisions of users taken on the basis of these financlal statements. in accordance wSlh audltlng standards. For example. as with any audlt. there remained a hlgher rlsk of non-detection of irregularitles, as thése may involve collusion, forgery, intentional omissions, misrepresentalions. or the override of Internal controls. We are not responsible for preventlng fraud or non-compliance wilh laws and regulations and cannot be expected to delect all fraud and non-compliance with laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websile at-. www.frc.org.ukJaudittysresponsibilities. This description forms part of our Audltor's Report. Use of our report This rèport is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companles Act 21x16. Our audit work has been undertaken so that we might slate to the Charilabl company's members thosè matters wè are required to state to them In an Auditor's Report and for no othèr purpose, To tha fullest extent permitted by law, we do not accept or assume responsiblllty to anyone other than th8 charitable company and Its members, as a body, for our audbt woth, for thls report, or for the oplnlons we have fomied. Irregularities, includlng fraud, are instances of non- compllance wlth laws and r8gulalions. We design procedure8 in line with our responsibllltles. outlln6d above, to dètect material misstatemènts Sn respect of irregularllles, In¢ludlng fraud. The extenl to whlch our procedures are capable of detecting irregularltles, Includlng fraud Is dètailed bèlow.. Our approach to Idontlfylng and a5S8ssing the rigks ol material misstatement in respect of Srregularities, in¢luding fraud and nonoMplI8nce wllh laws and regulatlons. was as follows: the engagement partner ensured that Ihe 8ngag8ment team collectlvely had the appropriate competence, capabililies and skllls lo identify or recognlse non- compllance wlth appllcable laws and r8gulatlons and In particular. adhérence to th8 Charities Act,. we identified the laws and regulations applicable to the charitabl8 company through d18cussions wlth Trustees and olher management and r8vlew of approprlata Industry knowledge., we assessed the extent of ¢ompliancg with the laws and regulallons Idenllfied al)ove Ihrough maklng enquiri98 of management; and identified laws and regulations wore communlcated wlthln the audlt team regularly and tho team remalned alert to instances of non-compliance throughout the audit. We assessed the susceptSbility of the charitable company flnanclal statements to materlal mlsstatement, Includlng obtaining an understanding of how fraud might occur. by: maklng enqulries of management as to where thay consldered there was susc8Ptibillty to fraud. théir knowledge of actual, suspected and alleged fraud: and ¢onslderlng the Intemal controls In place to mltigate rlsks of fraud and non-compllance wilh laws and regulations. To address the rlsk of fraud through manag8m8nt bias and override of controls. we.. p8rfonned analytical wocedure8 as 8 risk assessment tool to Identlfy any unusual or unéxpècted relatlonships., Slmon Turner {Senlor statutory auditor) Arn18trong W8t8on Audlt Llmltsd Chartered Accountants Statutory Audltors Newcastlo upon Tyne Date: U)ecember 2024 tested journal entrles to id8ntify unusual transactions. In résponse to th8 risk of irregularitl8$ and non-¢ompllance with laws and regulations. we designèd procèdures which included, but were not limited to.. agreelng flnancial statement disclosures to underfylng supporting documentation: and enquiring of management as to actual and potential litigation and claims. Due to the inherent limitations of an audit, there Is an unavoidable rlsk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfomied our audlt Shared Interest Foundation - Trustees, Report and Financlal Statements for Ihe year ended 30 September 2024 page 9
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Note Unrestricted funds Restricted funds Total funds Total funds 2024 2024 2024 2023 Income Irom: Donations and legacies Charitabl& activities 334,660 334,660 172,414 15,821 387.672 172,414 142,451 5.869 Investmént incorne 15.821 Total Ineom• 350.481 172,414 522095 535,992 Expendlture on: Ralslng funds Chariiable actlvlties 17,680 255,018 17.680 14,939 336,143 209,465 Total oxpondltur• 272,698 209,465 482,163 351,082 Not Income I (eXndItUr•I beforo tran81er8 77,783 137,0511 40,732 184,910 Transfers between funds Not Income I I•xpondltur•) 77,783 {37,0511 40,732 184,910 Net movemont In lund8 77,783 137,051} 40,732 184,910 Roconcillation of funds: Total funds at 1 October 417,471 127,558 90,507 545,029 585,761 360,119 545,029 Total fundg 81 30 Soptsmber 495,254 All activities relate to continulng operations. The notes on pages 13 to 20 form part of these financial statements. Shared Inlerest Fo(Jndalion Trustees, Rèport and Financial Slalemenls lor the year ended 30 September 2024 pag8 10
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Prevlous Flnanclal Year Unrestricted funds Restricted funds Total funds 2023 2023 2023 Incom• fn)m: Donation8 and legacies Charitable activities 387.202 470 387,672 142,451 6069 142,451 Investment incom9 5,869 Total Incom• 393,071 142.921 535,992 Expendlture on: Raising funds Charltablo actlvltl&s 14,939 216,921 14,939 &36,143 119,222 Tolal expondlturo 231,860 119,222 351,082 N•1 Incom•l(•xpondlturnl b•for• tran8f•rn 161,211 23,699 184,910 Transfers bètwegn funds Net Incomel(expendltur•l 161,211 23.699 184,910 Not movemwt In fund8 161,211 29.826 184910 R•conclllatlon of funds: Total funds at 1 October 256.280 417.471 103,859 127,558 380.119 544029 Total funds at 30 September Shared Interest Foundatlon - Trnstees. Report and Financial Statements for the year ended 30 September 2024 page 11
BALANCE SHEET AT 30 SEPTEMBER 2024 Note 2024 2023 Current a88e18 Debtors and prepayments Cash at bank and In hand 11 5,247 211,887 2,877 12 195,876 Deposlts wlth cr8dlt Instltutlons 13 384,746 369.076 T¢)tal curr•nt a88•ts 601,880 567,829 Credltor•: amountB falllng due wlthln ono y•ar 14 116,119 122,800) Net curr•nt asse18 $85,761 545,029 Not a88els 585,761 545,029 Charlty fund8 Restricted fund$ Unre8trlcted deslgnaled funds Unrestrlcted funds 15. 16. 17 15. 17 15. 17 90,507 387,264 107,990 127,558 322,153 95,318 Total lunds 585,761 545,029 These financial statèments have been prepared in accordance with the provlsions applicable to Gompanies subject lo the small companles, regime and In accordancé wlth the provlsions of FRS 102 Sèction 1A- small entitles. The financial statements were approved and authorised lor issue by the Board on 18 December 2024. Signed on behall of the Board of Trustees Y. Gale Chalr of Trusl••g The notes on pages 13 to 20 form part ol those flnancial statement8. Company registration number.. 4833073 Shared Inlerest Foundation - Trustees, Fleport and Financial Statements lor the year ended 30 September 2024 page 12
NOTES TO THE FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (1.1) Basis of preparation of financial statements Th& financial statements have been prepared in accordanc wlth Accounting and R8POrting by Charities.. Statement of Recommended Practice appllcable to charities preparing their financial stat&ments In a¢cordance wilh Ihe Flnancial Reporting Standard applicable in the UK and Republic of Iraland IFRS 1021 leffoctive l January 20151- (Charities SORP IFRS 10211, the Financial R8POrting Standard appllcable Sn the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The linanclal slat8m8nts are prepared In 8terling which is the functional currency of tho charity and rounded to the nearest £1. The financial Statements are prepared on a going concern basls as the charity has suffici8nt funding and activity to take it through 2025. Shared Interest Foundatlon moets Ihe definltion of a publlc benefit entity under FRS 102. Assets and Ilabllltlès are Initially recogniséd at historical cost or transaction value unless otherwise statad In tho relevant accounting policy. {1.21 Company status The company is limited by guarantee and has no shar capital. In th8 event of a windlng up every member undertakes to contrlbute such amount 8s may be requlred not exceedlng the total of £1. There was one member at 30 S8ptember 2024. Shared Interest Soclely Ltd. (1.3) Fund accounting Restrlcted funds ar8 funds whl¢h are to be used In accordancè with speclfic restrlctlons Imposed by donors or which have been raised by Ihe company for particular purposes. The cost8 of ralslng and admlnlsterlng such funds are charged agalnst the speclfic fund. The aim and use ol each restricted fund is set oul Sn the notes lo th8 financial statemènts. Invéstment Income, galns and losses are allocated to the appropriate lund. (1.4) Income All income is recognised once the company has èntitlement to the Income. it is probable that the Income will b8 received and the amount ol income receSvable can be m&asuTed r81iably. For legacieg, entitlement is laken as Ihe earfier of th8 dat8 on which either: the company Is aware that probate has been granted, the estate has been finalised and notilication ha8 been made by the executorls) lo tho Trust Ihat a dlslrlbution will be made, or when a distrlbutlon is received from the eslate. Re¢elpt ot a legacy. in whole or in part, is onty considered probable when the amount can be measured reliably and the company has been notlfied of Ihe executor's intention to make a distribution. Where18gacie8 have been notilied to the company, or Ihe company is aware of th8 granting of probate. and the criteria for income recognltlon have not been mèl, thén th8 legacy is treated as a contingent asset and disclosed if material. Charltable exwnditure includes those costs incurred by the Charity in Ihe delSvery of Its actlvlties and SeICe5 for its beneficiaries. It includes costs that can be allocatad directty to such actsvlties and those costs of an indirect nature necessary to support them. Governance costs include those costs associaled wlth meeting tha constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strai8gtc managem8nt of the Charlty. (1.61 Interest recelvable Inleresl on fvnds h81d on deposit18 Included when recelvable and the amount can be measured reliably by the company: this is normally upon notification of the inlerest paid or payable by the bank. (1.7) Debtors Trade and other d&btors are recognlsed at the settlement amount after any trade discount offered. Prepayments are valued at th& amount répaid net of any trade discounts du8. (1.8) Cash at bank and In hand Cash at bank and Sn hand includes cash and short-term hhlY liquid investments wlth a short maturlty ol thré8 month8 or less from thé daté of a¢qulsltlon or openlng of the dapos6t or simllar account. (1.9) Credltor8 and provlslons Creditors and provlsSons are r8cognl8ed where the company has a present obllgatSon resultlng from a past event that wlll probably result In the transfer ol funds to a third party and the amount due to settle the obllgatlon can be measured or e8tlmat8d rellably. Credltors and provlsions are normally recognised at thelr settlement amounl after allowing for any trade dIOUnt$ due. (1.10) Flnanclal instruments Th& company only has fSnanclal assets and flnanclal Ilabllllles of a kind that qualify as basic financlal Instrumanls. Basi flnancial instruments are initially racognlsed al transactlon value and subsequ8ntly measured at their settlement value with the exceptlon of bank loans which are subsequently measured at amortisgd cosl uslng the effective Interest method. (1.11) Cash flow statement The Company has taken advantage of the exemptlon In FRS 102 from the requlrement to prepare a cash flow statement on the grounds that tl 18 a small company. (1.121 Foreign currency transactlons Monelary assets and liabilities denominated in lor8ign currencies are stated In the balance sheet at the equlvalent value in sterling at the exchang& rate prevailing at the balance sheet date. Transactiong during the year denominated in forelgn currenciès ar8 Stated at their equivalent value In sterling at the exchange rale prevailing at the date of the transaction. (1.5) Expenditure Expenditure is recognised when there is a legal or constructive obligation to make payment lo a thlrd party, It Is probabb that sett16m6nt will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an a¢cruals basls and include attrlbulable VAT which cannot b8 recovered. All expenses including support costs and gov8manc8 Costs are allocated to the applicable expenditure headings. Shared Interest Foundation - Trustees, Report and Financial Statements for Ihe year ended 30 September 2024 (1.13) Pensions Employees of the Foundation are entitled to membership of the Shared Interest Group Personal Pension Plan. This is a defined contribution scheme with 9% ol salary payable by the Charfty and charged to the Income and Expenditure Account In Ihe year relating to the salary cost. page 13
NOTES TO THE FINANCIAL STATEMENTS 2. INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted Total Total funds funds funds funds 2024 2024 2024 2023 Individuals 330,423 330,423 383,293 Trusts and corporate 4,237 4.237 4,379 334,660 334,660 387,672 In 2023, of the total Incom8 from donatlons and legacles, £387,202 related to unrestricted lunds and £470 relaled lo restrlcted funds. 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Total Total funds fLnds fund8 funds 2024 2024 2024 2023 Anonymous- Bees lor 8uslness Rwenzori Brian Taylor Fund - Brian'8 Legacy SEED Project EA Foundation - Sollloss Farming Burklna Fa80 Evan Comlsh Foundallon - The Shea Project Fltzer Lacy Trust - Bees for 8uslness Kabwohe Gvemsey Overseas Ald & D8velopm8nt - Seed to Stall IGOAI 40,000 40.000 120,¢)00 36,940 36,940 10,485 80,0110 4,989 172,414 10,485 80,000 4,989 22,451 142,451 172,414 In 2023. of the total Income Irom charllabl8 actlvltles, £142,451 r81at8d to r88trlcted funds. 4. INVESTMENT INCOME Unrestricted Restrlcted Total Total funds funds fund8 funds 2024 2024 2024 2023 Interest received 1S,821 15,821 15,821 15,821 5,869 5,869 In 2023, of the total investment income, £5,869 related to unrestricted funds. Shared Interest Foundation ~ Trustees, Report and Financial Statements for the year ended 30 September 2024 page 14
NOTES TO THE FINANCIAL STATEMENTS 5. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES Activities Grant funding undertaken directly ol aclivitie5 2024 2024 Support costs Total Total 2024 2023 2024 Agroforestry Project 8.088 2,454 10 28,241 Bees for Business Kabwohe 368 63,240 20,286 83094 Baes for Business Rwanzorl 24.384 22,986 14,988 62,368 Biopesticide Project 20.086 6.102 26.188 Brian's Légacy SEED Proj8Ct 3,263 86.515 28,465 118,243 25.943 Dehydrated Coffee Pulp 29,645 9.357 39,002 Environmental Protection and Biodlvarslty 18.191 Expansion of thé Youth in Coffee 970 1.056 540 2,386 21.657 Growing Falrer Futures Rwanda 5,984 Improving Coffee Production in Pew 3.419 Improvlng Llvellhoods Through Agro-processing 13,090 Increaslng the Reslllence of Coffeo Farmers 1,615 1,526 901 4042 21,754 Uv8llhood Security Fund 1.609 New prolects 9,301 2,292 11,593 10.109 Seed to Stall ECF 9,501 Seed to Stall GOA 2.066 259 565 60,978 Solll888 Farmlng Burklna Faso 2,735 18,900 6,481 28,116 Sollless Farmlng - Drlp Irrfgallon 9.280 Solar Panel Prolect 322 1.213 470 28,747 Strèngthènlng Cott88 Reslllénce Rwanda 8,453 2.533 10,986 32.552 Technlcal Asslstance Project 30.791 7,480 38,271 The Shea Project 2,833 8.270 3,344 14,447 Women in Nicaragua Oroanic Sesame Farming 10,063 Women In Soillass Farming Ghana 23,956 Youth In Cocoa Ivory Coast 1,664 5,500 2.176 11,069 146.584 209,465 108.434 336.143 Shared Interest Foundatlon - Truslees, Report and Financial Statements for the year ended 30 September 2024 page 15
NOTES TO THE FINANCIAL STATEMENTS 6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Unr8slrl¢ted funds Restrlcted funds Total Total 2024 2024 2024 2023 Agroforestry Project 10,542 10,542 28.241 Be6s for Buslness Kabwohe 20,654 63,240 83,894 Bees for Buslness Rwenzori 39,372 22.986 62.358 Biopestlcide Project 26.188 26.188 Brian's Legacy SEED Project 31,728 86,515 118,243 25.943 Dehydrated Coffoe Pulp 39,002 39,002 Environmental Protèction and 8ioclversity 18.191 Expanslon of the Youth in Coffee 1,510 1,056 2,566 21,657 Growing Fairer Futures Rwanda 5,984 Improvlng Coffee Productlon In Peru 3,419 Improving Livelihood5 Through Agro-procw3sing 13,090 Increasing the Resi118nce of Coffee Farmers 2,516 1,526 4,042 21,754 Uvèlihood S8¢urlly Fund 1,609 New projects 11,593 11,593 10.109 Seed lo Stall ECF 9,501 Séed to Stall GOA 2,631 2S9 2,890 60.978 Sollle$s F8rmlng Burkina Faso 9,216 18,900 28,118 Sollles$ Farmlng - Drlp Irrlgatlon 9,280 Solar Pano1 Project 792 1,213 2,005 28,747 Strengthenlng Coffee R89llien¢e Rwanda 10.986 10,986 32.552 Technlcal As$i$tance Prolect 38,271 38,271 The Shea Project 6,177 8,270 14,447 Women In Nicaragua Organic Sesame Farmfng 10,063 Women In Soill8ss Farming Ghana 23,956 Youth in Cocoa Ivory Coast 3,840 5,500 11,069 255,018 209,465 464,483 336,143 In 2023, of total $xpenditure, £216,921 was exponditUT• from unrestrlcted funds and £119,222 was oxpènditura from restricted funds. Shared Interest Foundation - Trustees, Report and Financial Statements lor thg year ended 30 September 2024 page 16
NOTES TO THE FINANCIAL STATEMENTS 7. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE Staff costs Other costs Total Total 2024 2024 2024 2023 Expendlture on: Ralslng funds 14,738 2,942 17,680 14,939 Charitable actlvlllefj Agroforestry Proj8Ct 2.335 8,207 10,542 28,241 Be88 for Bu8in888 Kabwoh8 7,313 76,581 83,894 B888 for Bu51n855 Rwenzori 6.776 55,582 62,358 Blopesllclde Proj8ct 5,705 20,483 26,188 Brlan'8 Legacy SEED Project 12.190 106,053 118,243 25,943 Dehydrated Coffae Pulp 4.490 34,512 39,002 Envlronmental Protectlon and Blodlverslty 1,417 1,149 2,566 21,657 Expansion of the Youth In Coffee 18,191 Growlng Falrer Futures Rwanda Improvlng Coffee Production In Pew 3,419 Improvlng Llvellhoods Through Agro-processlng 13,090 InGreaslng the Reslllence of Coffee Famiers 1,492 2,550 4,042 21,754 Llvallhood Socurlty Fund 1.609 New projects 8.615 2,978 11,593 10,109 Seed to Stall ECF 9.501 Seed to Stall GOA 2.248 642 2M90 60,978 Soilless Farmlng Burklna Faso 7.175 20,941 28,118 Sollless Farmlng - Drip Irrlgatlon 9,280 Solar Panel Project 404 1,601 4005 28,747 Strengthening Coffee Resllience Rwanda 2,793 8,193 10.986 32,552 Thnical Assistance Project 29,717 8,554 38,271 Th8 Shea Project 3,482 10,965 14,447 Women In Nicaragua Organic Sesame Farming 10,063 W¢)men In Soil1 Farnlng Ghana 23,956 Youth in Cocoa Ivory Coast 2,034 98,186 7,306 366,297 11,069 336,143 112,924 369,239 482,163 351,082 Shared Interest Foundation - Trustees, Report and Financlal Statement5 for the year ended 30 September 2024 page 17
NOTES TO THE FINANCIAL STATEMENTS 8. SUPPORT COSTS 2023 Office Costs including training Wages and salaries Support services provided by Shared Interest Society MaTketing costs Governance costs 20,630 18,600 50,420 15,184 3.600 22,726 18,953 49,250 11.733 3,600 106,262 108,434 9. NET INCOME / EXPENDITURE Th18 Is stated after char£ing: 2024 2023 Audllors, r8munoratlon (audlt servbcesl 3.600 3,600 10. STAFF COSTS Staff costs were as follows: 2024 2023 Wages and salaries Social securlty costs Deflned contrlbutlon p8nslon costs 81,165 3,036 2,799 87,000 78,437 2,857 2.669 83,963 Averag8 monthty numb8r of employees (none of whom are Trusleesl during th6 year was: 2024 2023 Number Number Ral$lng lund8 Charitable activllles No indivldual employee's emoluments exceeded £60,000 lor either year shown. No p8n8ion contrlbutions were payable by Ihe Foundation in rtspect ol the Trusteeg in elther year shown. The Trustees n8ither rec*v8d nor walved any remuneration durlng the year12023'. £NID. 11. DEBTORS AND PREPAYMENTS 2024 2023 Prepayments Accrued Income 267 288 4,980 5,247 2.589 2,877 12. CASH AT BANK AND IN HAND 2024 2023 Cash at bank and in hand 211,887 211,887 195,876 195,876 Shared Interest Foundation Trustees, Report and Financial Statements lor the year ended 30 September 2024 page 18
NOTES TO THE FINANCIAL STATEMENTS 13. DEPOSITS WITH CREDIT INSTITUTIONS 2W 2IY23 Deposits repayable in not more than three months Deposits repayable in not more than onè year 124,407 120,015 249,061 384,746 369,076 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Am¢)unts OW to group undertakings Accrua18 769 8.750 12,310 10.490 Trade creditors 16,119 22,800 15. CHARITY FUNDS Rèstricted Unrestricted and Totsl Total funds deslgnated funds 2024 2024 furKIs fvnds 2024 2023 Current a888t8 90,507 511,373 116,119) 495,254 801,880 (16,119) 58S,781 587,829 122,8001 545,029 Current Ilabllltle8 90,507 In 2023. of current assets £127,558 was rastrlcted and £440,271 wère unrestrlcted and deslgnaled lunds and of current liabilities t22,8c wa5 unre8trictgd and desSgnated. 16. RESTRICTED FUNDS Restrlcted Income funds carrled loard at the end of thé flnanelal year comprlse.. 2024 2023 Bees for 8uslness.' Supportlng Growth Through Solar Energy Beas for Business Kabwohe 1,212 16.780 17.014 19,162 Bees for Buslness Rwenzorl Brian's Legacy SEEO Prol8Ct Expansion ol the Youth in Coff8e Increaslng the Reslllence of Coff88 Farmers Livelihood Security Fund Seed to Stall GOA 105,677 1,056 2,483 7.806 {4.730) 957 7,808 Soilless Familng Burklna Faso The Shea Project Youth in Cocoa Ivory Coast 18.040 2,215 8,553 90,507 14,054 127,558 In 2023. the negative balance on Seed to Stall GOA repre58nled a final retention released by the funder, Guemsey Overseas Aid & Development, at th8 énd of the project in October 2023. Shared Interest Foundation - Trustees, Report and Financial Statements lor the year ended 30 September 2024 page 19
NOTES TO THE FINANCIAL STATEMENTS 17. MOVEMENT IN FUNDS Balance at 1 October 2023 Income Expenditure Transfer between funds Dèslgnatlon Balance at of lunds 30 September 2024 Unrestricted Income funds Unrestrlcted deslgnated funds Restricted Income funds 95,318 322,153 127,558 350,481 {160.8321 (111.8661 {209.4651 {482,1631 115,1461 15,146 1161,831) 161,831 107,990 387,264 90,507 585,761 172,414 522,895 545,029 In 2023 the Trustees designated a further E270,000 for a number of projects which are ongoing. Th8 Trustees have designated a further sum of £161.831 at th6 year-end for other prolectg. 18. ULTIMATE PARENT COMPANY The ultimate parent undertaking and controlling party ot Shared Inter8St Foundation is Shared Interesl Society Ltd {a Registered Society in the UK. registration number IP27093RI by virtue of Shared Interesl Soclety Ltd belng the only member ol the Foundation. The linanc4al statements of Shared Int8r8St Society Ltd are available from the reglstered office of Shared Inlerest Foundation, as shown on page 3. Shared Interest Fouiidation Trustees, Report and Financial Statements lor the year ended 30 September 2024 page 20