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2021-03-31-accounts

& Financial Report Statements 2021

OUR STATISTICS AND ANALYSIS for 2021

BRINGING HOPE AND OPPORTUNITY to young people starting adult life

Over 6 million young people across the UK were given a Child Trust Fund but less than half of those who are now adult are claiming them

The Share Foundation aims to ensure that as many young people from disadvantaged homes as possible find their accounts and have the opportunity to become more financially aware and confident

Charitable Objectives

The Share Foundation’s mission is to help children and young people whose family situation is either severely disadvantaged or non-existent to achieve their potential, by providing support in the form of financial resources and education.

b) to advance the education of such children and young people in handling their financial situation in order to encourage selfsufficiency as they grow into adulthood, through improved ability to handle their own economic circumstances and to help them lift themselves and others, in the communities in which they live, out of poverty.

Our charitable objectives are:

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our objectives and planning future activities. The trustees are accordingly satisfied that The Share Foundation meets the test of charitable status.

Contents

4 Trustees’ Annual Review, Incorporating The Directors’ Report

29 Independent Auditors’ Report 33 Statement of Financial Activities 34 Balance Sheet

35 Statement of Cash Flows

36 Notes to the Financial Statements 48 Legal and Administrative Information

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CHARITABLE OBJECTIVES

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Annual Review

For the year ended 31 March 2021

Working hard to ensure that young people get the benefit of their Child Trust Fund and Junior ISA accounts and to help them build the life skills needed to make best use of them as they grow into adulthood.

CTF register, thus taking pressure off HM Revenue & Customs and providing a check against current account records.

Meanwhile for Looked After young people without a responsible adult and of Child Trust Fund age (i.e. born in the UK between 1/9/2002 and 2/1/2011), or with Junior ISAs, The Share Foundation is the registered contact on their accounts; and we have established the MyCTF.sharefound.org and MyJISA. sharefound.org processes in order to streamline their acceptance of responsibility for these accounts. The ‘MyJISA’ process is particularly important, as we have learned over the past year that many local authorities have been slow to follow-through on our 18 year-old notification letters in the past in order to ensure that care leavers are getting the benefit of their Junior ISAs.

Empowering young people with both life skills and some resources in the form of a starter capital account is at the heart of our mission, and in 2020/21 we have made good progress in both respects. Our high volume, individually targeted asset-based welfare operations are delivered with a passion for improving the life chances of young people from disadvantaged backgrounds.

Our work for Looked After young people is well-established with local authorities, and there has been a further significant increase in additional local authority donations for the accounts of young people in their care, both for Child Trust Funds (CTF) and for Junior ISAs (JISA). Stepladder Plus, our incentivised learning programme, has also seen a further significant increase in the number of 15-17 year-olds taking part and progressing through its six steps.

We’ve also streamlined our work to ensure that young people are receiving the benefit

of money put aside for them, both for Looked After young people and for the whole Child Trust Fund scheme, throughout the United Kingdom. In respect of the latter, our estimate of 30% ‘Addressee Gone Away’ and never registered accounts has been borne out by reports from the Child Trust Fund account providers that over 50% of 18 year-olds are not claiming their accounts.

We’ve set up registration arrangements both for Looked After young people and the wider Child Trust Fund schemes and, as a result of these linking facilities, we have connected nearly 20,000 young people with an estimated £20 million over the past year to help them make a successful start to adult life. The arrangements for linking Child Trust Funds cover a number of different scenarios: for general search, and for young people in care with a responsible adult; our findCTF. sharefound.org registration process is now linked directly with account providers via the

So, during the year ended 31st March 2021 we have continued to concentrate on our four principal areas of activity, all of which relate directly to our charitable objectives:

Operation of the
Junior ISA and Child
Trust Fund schemes
for children and
young people in
care effectively and
efficiently on behalf
of the Department
for Education.
1		 Building the values
of these accounts by
attracting additional
contributions from
local authorities,
foster carers and
local corporates,
plus fund-raising
to support other
activities including
incentivised learning
(Stepladder Plus)
and general
CTF recovery.
2		 Further development
of our major recovery
operation for the
Child Trust Fund
scheme throughout
the United Kingdom,
particularly on behalf
of disadvantaged
children and young
people.
3		 Improving the
effectiveness of
financial education
across the United
Kingdom, particularly
for young people
in care; but also
for others, as we
progress with
recovery of the Child
Trust Fund scheme.
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Over the period of our operations, we have delivered benefit for over 146,000 Looked After children, establishing individual accounts and making payments with over £29.3 million of Government funding, acting as administrator/registered contact, and attracting and processing £7.2 million of other contributions to these accounts. Our processes for channelling donations and providing incentivised learning have been extended to include young people in care with Child Trust Funds with a responsible adult, who acts as registered contact. We therefore provide comprehensive support for local authorities in order to help them fulfil their role ‘in loco parentis’ for all Looked After young people.

Meanwhile our work to connect 16-19 yearolds born in the UK with their Child Trust Funds has developed substantially during the past year, with the new CTF Register matching process established with The Tracing Group connecting directly with the major CTF account providers, supported by a programme of fortnightly virtual events for young people and extensive publicity. This free search programme is well-supported by media coverage, social media and regional mailings, and is financed with help from NatWest in addition to our own funds.

Our operations are carefully constructed and administered in order to deliver on this very large scale, while keeping administrative

costs to a minimum. Our team of ten people is based in Aylesbury, Buckinghamshire, and communications are automated as far as possible. The Covid-19 virus emergency has had no material impact on delivery or performance. Almost all operations have worked on a ‘Working From Home’ (WFH) basis since March 2020, with the full support of the Department for Education. A proportion of WFH will continue indefinitely going forwards, and The Share Foundation has therefore taken the opportunity to move to smaller office premises in Aylesbury.

We work with all 211 local authorities throughout the UK, a large number of Child Trust Fund and Junior ISA providers, HM Revenue & Customs and as many local mentoring and funding organisations as possible in order to deliver our services effectively. Our style is therefore to work in partnership with others in order to combine quality delivery with a very extensive reach, and at various points in this report you will note how effective this combination is.

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Child Trust Funds

(a key linking feature) shortly after their 16th birthday. For more details on this major initiative please refer to page 15.

With the oldest holders of Child Trust Funds (CTF) having been able to access their money from 1 September 2020, The Share Foundation has made significant progress in building our comprehensive programme to help young people find lost accounts and get prepared to use their funds productively.

The findCTF process is accompanied by enhanced arrangements for the handover of accounts where The Share Foundation is the registered contact, which are significantly improving take-up rates for both CTFs and Junior ISAs. These processes have been developed in full co-operation with account providers and industry specialists: indeed, NatWest is helping the roll-out of the findCTF programme during 2020 and 2021, with a financial contribution of £40,000 in each year.

Our wholesale recovery programme for the CTF scheme, outlined in last year’s annual report, has matured into a highly effective and scalable search facility. We have worked closely with both HM Revenue & Customs and CTF account providers to build a simple and free application process (https://fndCTF. sharefound.org) for young people aged 16 or over: the significance of this age range relates to their ability to take control of their account from the age of 16 prior to being able to withdraw funds at 18, together with receipt of their National Insurance Number

Donations

Four distinct types of donations are received by The Share Foundation. The first two relate to our work for young people in care, and 100% of their value accrues directly to their Child Trust Fund and Junior ISA accounts.

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2
Donations which
1 have been arranged
to fund incentivised
Contributions made learning in order to 3
by individuals, local enable provision
authorities and of Stepladder Plus Donations which fund
corporate donors continue to be our general Child
to supplement the received. We are Trust Fund recovery
account values particularly grateful programme include
of young people to The Portal Trust the NatWest £40,000 4
in specific local which has donated pa support given
authorities are shown £54,000 to enable in both 2020/2021 The remainder of
in Figure 3 of this young people from and 2021/2022 and the Gavin Oldham
report on page 12: the London Boroughs additional funding No. 4 Trust grant is
Figure 4 on page 14 of Hackney, Tower from the annual grant applied to general
also shows account Hamlets and Newham from Gavin Oldham or running costs,
values across different to benefit from the Gavin Oldham including fundraising
UK local authorities. the programme. No. 4 Trust. expenditure.
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Stepladder of Achievement

The roll-out of our Stepladder Plus programme, providing life skills for young people in care on the basis of incentivised learning, continues to make good progress, and our outcomes assessment programme with Get The Data is now in place to improve the prospects for securing social investment funding.

Our Stepladder programme is available for young people in care, both in its standard form (nonincentivised) and as Stepladder Plus (the incentivised version). Funding for incentives has to be raised from voluntary sources, so our ability to provide Stepladder Plus has to be restricted by the quantum of funds available. Figure 1 shows progress with both versions of the Stepladder programme and demonstrates how effectively incentivised learning contributes to progress through the steps. The programme is working well in several local authorities, but there remains much to do.

Figure 1 — Stepladder: Through The Steps

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80%
60%
40%
20%
0%
No steps yet Step 1 Step 2 Step 3 Step 4 Step 5 Step 6
Incentivised Non-Incentivised
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Figure 2 — Accounts Administered by Year of Birth

We are continuing to seek access to social investment in order to provide large-scale funding for the Stepladder programme, due to its potential to contribute to a major reduction in the number of care leavers who go on to become NEET (Not in Employment, Education or Training). By proving the reduction of burden on the Exchequer through outcomes assessment, we hope to convince Government to provide the payment of the returns for social investment which are key to unlocking a significant amount of this funding.

We are also, however, aware of the substantial opportunity to boost financial capability more generally as part of the Child Trust Fund recovery programme. We see the two years during which young people

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8000
6000
4000
2000
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Year of birth

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Number of all Number of active CTFs Number of known CTFs
active JISAs without a Responsible Adult with a Responsible Adult
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can take control of their accounts, before gaining access to their money at 18 years of age, as being a good opportunity to increase financial awareness.

which are our responsibility to administer directly, and those with someone in a position of parental responsibility who is expected to administer the account as the registered contact. The Junior ISA scheme does not have this distinction: we administer all JISA accounts for young people in care.

Junior ISA & Child Trust Fund schemes for children and young people in care

The Child Trust Fund scheme for those without a responsible adult is now substantially reconciled as a result of our intensive reconciliation programme following its transfer to us in October 2017: please find our current full analysis on our website:

Our contract with the Department for Education for operation of the schemes, originally established in 2012, was extended in April 2021. Its annual cost is £334,153 (2019/20 £312,043). Figure 2 sets out the profile of accounts currently administered across the two schemes, by year of birth.

The Child Trust Fund scheme for young people in care is split into those without anyone in a position of parental responsibility,

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We estimate that a very large percentage of Child Trust Fund accounts for young people in care with a responsible adult do not have a contact actually registered with their account provider. Most of these accounts, as with those for children in families who qualify for Child Tax Credit, were originally opened by HMRC. We know from account provider records that over 80% of these either are ‘Addressee Gone Away’ or have a contact nominated by HMRC who has failed to register with the account provider. The findCTF system is therefore designed to help 16 and 17 year-olds to find their accounts, as a result of which we are also able to offer help in channelling local authority contributions (where appropriate) and access to financial education for young people in care, via the Stepladder of Achievement programme.

The appendix on page 23 shows the statistics for both Junior ISA and Child Trust Fund schemes at 31 March 2021, by nation and local authority.

Over the past year, we have seen almost 6,000 Junior ISAs being released into the control of care leavers, and we have opened a further 13,400 Junior ISAs for those newly eligible. Meanwhile 5,000 young people have left care as minors over the period. The Share Foundation relinquishes responsibility for the accounts of care leavers (whether at 18 or as minors) but continues to provide a point of contact and provide assistance if required.

There has been further significant growth in the number of local authorities and local

donors contributing to individual accounts, and figure 3 shows progress with these donations. These increases reflect both effective communication by The Share Foundation and increased awareness and confidence at local level of the benefits of using us as the channel for additional savings for young people in care.

Average values vary widely both across the two schemes and by local authority, impacted by a combination of the quantum of Government contributions, additional contributions at the local level, and investment growth. For Junior ISAs, the higher values of the accounts with the top local authorities are a strong indicator of the level of their engagement with the scheme - including additional contributions.

Figure 4 shows the thirty local authorities with the highest average account values for Junior ISAs out of the 211 who have responsibilities for Looked After children.

Our Director of Operations, Anthony Walker, continues to liaise with individual local authorities throughout the United Kingdom in order to explain the benefits of the schemes and the Stepladder programme. Our video helps to show how local authorities can work with us in order to encourage best results – please follow the link below.

www.tiny.cc/stepladder

Figure 3 — Donor & Authority Contributions

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Donors 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16
Individuals £635,922 £415,504 £221,076 £141,593 £148,441 £187,624
Local Authorities £1,038,058 £827,098 £556,891 £337,079 £402,891 £327,824
Corporate donors £328,705 £257,063 £93,835 £77,866 £49,896 £35,498
Total £2,002,685 £1,499,665 £871,802 £556,538 £601,228 £550,946
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Figure 4 — Highest Average Account Values for Junior ISAs

Top Local AuthoritIes

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by Account Value No of JISAs Average Value Position Position in 2020
Solihull Metropolitan Borough 153 £1,017.06 1 1
Coventry City 210 £805.28 2 6
London Borough of Havering 46 £799.71 3 5
Kingston upon Thames 19 £753.99 4 11
Powys County 91 £740.37 5 9
Richmond upon Thames 17 £670.87 6 12
London Borough of Camden 31 £663.87 7 25
London Borough of Lewisham 143 £654.52 8 21
Hertfordshire County 194 £636.13 9 3
London Borough of Islington 46 £524.28 10 2
London Borough of Waltham Forest 83 £519.11 11 4
East Ayrshire 126 £466.27 12 16
Luton Borough 68 £458.80 13 14
City and County of Swansea 172 £458.22 14 New entry
Thurrock Borough 76 £434.79 15 26
London Borough of Barnet 93 £427.17 16 8
West Berkshire 27 £425.32 17 18
Kent County 360 £358.41 18 24
Telford and Wrekin 129 £354.92 19 10
Surrey County 278 £340.35 20 New entry
Bedford Borough 46 £326.43 21 New entry
Warwickshire County 207 £324.85 22 17
Medway 87 £313.86 23 13
West Lothian 118 £312.28 24 New entry
Stoke on Trent 370 £312.05 25 New entry
Essex County 235 £303.30 26 27
London Borough of Enfield 96 £290.03 27 28
London Borough of Wandsworth 47 £289.59 28 23
Comhairle nan Eilean Siar 11 £288.58 29 15
South Ayrshire 99 £283.98 30 New entry
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Significant changes are in progress in our arrangements for account provision, particularly as a result of The Share Centre being merged into Interactive Investor in 2020. Their decision not to offer Junior ISAs necessitated change, and this coincided with our review of account providers by our independent advisers RSMR. A committee comprising John Reeve and Anthony Walker drew up proposals for the board, which were accepted in April 2021.

As a result, Junior ISAs provided for young people in care by The Share Centre have been transferred to NatWest, whereas those held for young people aged 18 and over (now adult ISAs) are being transferred to Interactive Investor. It should be noted that The Share Foundation ceases to be the registered contact for these accounts at age 18, although we actively encourage these young adult care leavers to claim their accounts, working with local authorities.

One of the problems for care leavers seeking to claim their accounts has been lack of satisfactory identification and bank accounts. We have made a significant step forward in this process by gaining acceptance from the Department for Education, local authorities and account providers for withdrawals to be paid to the local authorities on account of the young person, certified by the local authority’s pledge to pass the funds to the care leaver concerned. This has led to a significant decrease in unclaimed funds and works well with our MyJISA.sharefound.org and MyCTF.sharefound.org registration facilities.

this challenge was first revealed by The Share Foundation in 2018, and has been more than confirmed by account provider reports that more than 53% of 18 year-olds with Child Trust Funds have yet to claim their accounts.

Recovering the Child Trust Fund scheme generally

The sheer scale of the Child Trust Fund scheme, a world-leading initiative in individually-owned asset-based welfare, is huge. Individual accounts were opened for over six million children throughout the United Kingdom, now valued at a total of over £9 billion. It presents a huge opportunity, but also a huge challenge, for almost all children born in the UK between 1 September 2002 and 2 January 2011.

Our detailed knowledge of the scheme, together with our track record in reconciling the Child Trust Fund scheme transferred from the Official Solicitors/Accountant of Court, has made us uniquely qualified to undertake an overall recovery of the whole Child Trust Fund scheme. Over the past year, we have continued to focus on the critically important 1619 year-old age group. This is because young people are allowed to take control of their own account from their 16th birthday, which is also the point at which HMRC informs them of their National Insurance number, the key identifier.

The challenge lies in the fact that c. one third of these accounts are either ‘Addressee Gone Away’ or unclaimed, valued at a total of c. £3 billion, and that the greatest rate of these unlinked accounts applies to the most disadvantaged young people. The scale of

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Whether for lack of information/knowledge, or for lack of attention over the years, parents or guardians have not kept in touch with these accounts. Our initiative is therefore directed at the young people themselves in order to maximise the opportunity for them to take ownership of their funds and increase their financial awareness (https://www.sharefound. org/learnmoney).

etc. Since May 2021 we have been running virtual events linked to each region and nation, and our team of Child Trust Fund Ambassadors have been helping in the ‘break-out rooms’ to answer any questions. We’ve commissioned three short videos to explain the opportunity for young people, and all of these materials are available to teachers and others who would like to run their own events in person:

https://youtu.be/stdArh308tk https://youtu.be/ZwdHPjy0sVg - https://youtu.be/Wdd5 7w5ByU

The ‘findCTF’ process (https://fndCTF. sharefound.org) is a critically important opportunity to ensure that the CTF scheme works as intended, and we are doing our best to bring it to the attention of all 16-19 year-olds in the United Kingdom with accounts: using social media, links through schools and youth organisations, diocesan boards of education,

We’ve also used social media promotion on TikTok, Facebook and Spotify to help spread the word: if you know of further good ways to put us in touch with 16-19 year-olds, please let us know.

There are three elements to our CTF recovery plan:

Young people in care without a responsible adult. This re-linking programme has already been substantially achieved, as described above: accounts already 1 recovered number c.19,000 out of an estimated 22,000, and from age 16 we introduce them to their CTF via https://findCTF.sharefound.org.

Young people in care with a responsible adult. Local authorities are encouraged to introduce these young people to use https://findCTF.sharefound.org from age 16 in order to find their Child Trust Fund, and make it possible for The Share Foundation to channel additional local authority contributions (where applicable) and to enable access to the incentivised payments available through Stepladder Plus. Accounts to be recovered are estimated to be in the order of 24,000.

2

Other young people aged 16-18 particularly those from disadvantaged backgrounds. https://findCTF.sharefound.org provides a simple route for finding lost CTF accounts. There are already over two million young people who could make use of this service: there are estimated to be over half a million young adults who have not yet claimed their accounts, worth a total of c. £0.75 billion.

3

Looking forwards

Our purpose is to ensure that as many young people from disadvantaged backgrounds as possible reach adulthood with resources from their investment account, whether it be a Child Trust Fund or Junior ISA, and the life skills needed to achieve their potential.

We therefore aim to achieve effective transfer of Child Trust Funds for young people in care without a responsible adult, and for those with Junior ISAs, and to use our strong linking programme for Child Trust Fund holders with a responsible adult to help them find their accounts and benefit from additional contributions and our Stepladder programme.

As noted on page 15, the trustees, using professional external advisers, decided to move accounts held for young people in care to NatWest later in 2021. This started with Junior ISAs but will be followed by a rationalisation of Child Trust Funds where we are the registered contact, and it will ensure a more efficient automated interface and better service for young people.

This re-arrangement of account provision together with improvements to our banking and donation arrangements will significantly streamline operations in order to enable greater administrative efficiency.

We will continue to progress our outcomes assessment on Stepladder with the intention of boosting implementation rates and unlocking social investment in order to fund incentives for Stepladder Plus.

In the longer term:

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Principal Risks:

The trustees have assessed the major risks to which The Share Foundation is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Risk:
Mitigation:
Loss of Department for Education Contract
Continued focus on service and performance, and
monitoring KPIs
Loss of operational integrity
Careful and regular reconciliation and back-up procedures
Reputational issues
Continued focus on the needs of young people in care
Fraud
Regularly audited security procedures, including compliance
with Government Level IL3
IT Disruption
Use of professional support companies to monitor IT
security and regular back-up procedures
Loss of funding from the Gavin Oldham
No 4 Trust for the general account
Source of funds derives from a separate trust
Inadequate assessment ratings
Regular Keep In Touch meetings with the Department for
Education and monitoring of KPIs
Key person risk
Management includes assistant to Director of Operations,
and staff cover
'Force Majeure’ disruption, such as Covid-19
Full and continuing operation on a ‘Working From Home’
basis, with consistent liaison with the Department for
Education and local authorities

Financial Position

The Share Foundation’s money flows can be broadly divided into four categories:

infrastructure necessary to operate the scheme. The total annual monetary value of the contract is £334,153 for 2020-21.

General

Total voluntary income of £2,225,103 (2020: £1,638,811) includes £100,000 (2020: £100,000) from Gavin Oldham. This has financed the fund-raising programme for Junior ISA and Child Trust Fund contributions and for providing Stepladder Plus incentive payments.

The range of fund-raising activities has incurred a cost of £22,480 (2020: £30,605), and governance costs have again been kept well under control at a total cost of £17,110 (2020: £12,820).

Department for Education Contract

There has been a close working relationship with the Department and with HM Revenue & Customs throughout the year, and we are particularly grateful to all those who work with us.

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Junior ISA and Child Trust Fund Contributions

The Government was again the largest contributor to Junior ISAs during 2020-21. The Department for Education contributed £2,686,600 of which £2,578,000 has been allocated to individual Junior ISA accounts (The Children’s ISA £2,398,200, The Share Centre £179,800) with the balance being paid directly to young people who qualified for a payment but left care before a Junior ISA could be set up for them. Meanwhile private sector organisations and carers provided £964,627 (2019-20 £672,567).

Reserves Policy

As at 31st March 2021 The Share Foundation had unrestricted reserves of £261,906 (2020: £235,521) and restricted reserves of £391,223 (2020: £356,732). Please see note 13 on page 46 for a breakdown of the restricted reserves.

It is the policy of The Share Foundation that unrestricted funds which have not been designated for a specific use should be held for distribution to beneficiaries, subject to the retention of sufficient reserves to ensure that, in the event of a significant drop in funding, the trustees will be able to continue the Company’s current activities, including those funded by the Department for Education, while consideration is given to ways in which additional funds may be raised. The current level of unrestricted reserves is sufficient to cover the Company’s charitable activities, including those funded by the Department for Education, for eight months in the event of the loss of all funding sources, which is considered adequate and appropriate by the trustees.

Structure & Governance

The Share Foundation is a company limited by guarantee, and its directors (trustees) who served during the year to 31st March 2021 are:

Consideration of potential new trustees is undertaken by the Board, and recruitment is by invitation.

None of the trustees has any beneficial interest in the company. All the trustees, who do not receive remuneration but are able to claim for receipted expenses, are members of the company and guarantee to contribute £1 in the event of a winding up.

Operational and other decisions where ‘time is of the essence’ are taken by senior management, being the Chairman (Gavin Oldham) and Director of Operations (Anthony Walker). Regular reports are made to the trustees and decisions confirmed at board meetings. Induction and training of trustees is arranged as required.

Management and staff remuneration reviews are undertaken in the second quarter of each year following personal development reviews,

with recommendations being made by the Chairman for trustees’ approval.

Planning, both short term and longer term, is set out in the annual review.

The Share Foundation was established by Gavin Oldham, one of whose trusts, the Gavin Oldham No. 4 Trust, is a significant donor. Following the combination of Share plc with Interactive Investor in 2020, this trust holds as its principal asset shares in Antler Holdco Ltd., which is now parent company of The Share Centre which supplied Junior ISA and Child Trust Fund services to The Share Foundation until their transfer during 2021. Gavin Oldham is a Director of Interactive Investor and, together with his associated family trusts, significant shareholder of Antler Holdco Ltd. There is no other association between The Share Foundation and The Share Centre.

The Share Foundation’s Memorandum & Articles of Association were established when it was incorporated on 1 August 2002 and were amended by Special Resolution dated 27 January 2005.

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Appendix 1 — Number of Accounts by Local Authority & Nation

No. of active No. of Total Active Accounts No. of CTFs with a Total young people Junior ISAs active CTFss (TSF administered) Responsible Adult in care with accounts

Statement of Trustees’ Responsibilities

The trustees, who are also directors of the charitable company (for the purposes of company law), are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law and the law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, with the Charities Act 2011, and with the applicable accounting regulations. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as the trustees are aware:

The trustees are responsible for the

maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees and signed on their behalf

Chairman

Date: 9 December 2021

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England - North East
Darlington 93 15 108 96 204
Durham 258 235 493 74 567
Gateshead 80 120 200 96 296
Hartlepool 123 83 206 51 257
Middlesbrough 147 32 179 197 376
Newcastle upon Tyne 219 133 352 151 503
North Tyneside 52 18 70 96 166
Northumberland 114 45 159 112 271
Redcar and Cleveland 105 63 168 41 209
South Tyneside 72 76 148 64 212
Stockton-on-Tees 165 6 171 119 290
Sunderland 152 155 307 64 371
North West
Blackburn with Darwen 149 71 220 137 357
Blackpool 113 18 131 293 424
Bolton 187 144 331 141 472
Bury 111 34 145 105 250
Cheshire East 137 0 137 106 243
Cheshire West and Chester 117 3 120 279 399
Cumbria 176 27 203 333 536
Halton 89 0 89 94 183
Knowsley 89 52 141 93 234
Lancashire 568 60 628 868 1496
Liverpool 503 240 743 339 1082
Manchester 301 2 303 213 516
Oldham 158 160 318 40 358
Rochdale 162 182 344 67 411
Salford 162 155 317 51 368
Sefton 202 3 205 270 475
St. Helens 156 101 257 78 335
Stockport 98 43 141 128 269
Tameside 179 11 190 332 522
Trafford 32 9 41 0 41
Warrington 77 20 97 167 264
Wigan 119 79 198 140 338
Wirral 244 18 262 363 625
Yorkshire and The Humber
Barnsley 84 73 157 66 223
Bradford 465 251 716 175 891
Calderdale 104 113 217 8 225
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No. of active No. of Total Active Accounts No. of CTFs with a Total young people Junior ISAs active CTFss (TSF administered) Responsible Adult in care with accounts

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Yorkshire and The Humber (Continued)
Doncaster 120 177 297 51 348
East Riding of Yorkshire 89 10 99 146 245
Kingston Upon Hull, City of 216 38 254 323 577
Kirklees 164 174 338 85 423
Leeds City Council 427 416 843 109 952
North East Lincolnshire 217 2 219 221 440
North Lincolnshire 70 70 140 33 173
North Yorkshire 119 129 248 30 278
Rotherham 150 82 232 168 400
Sheffield 111 158 269 38 307
Wakefield 180 170 350 41 391
York 92 53 145 31 176
East Midlands
Derby 178 169 347 61 408
Derbyshire 177 102 279 305 584
Leicester 200 99 299 50 349
Leicestershire 238 3 241 151 392
Lincolnshire 152 164 316 113 429
Northamptonshire 289 301 590 189 779
Nottingham 170 221 391 58 449
Nottinghamshire 196 307 503 47 550
Rutland 3 0 3 18 21
West Midlands
Birmingham 666 599 1265 194 1459
Coventry 210 204 414 158 572
Dudley 203 195 398 97 495
Herefordshire 86 10 96 134 230
Sandwell 378 74 452 241 693
Shropshire 133 68 201 124 325
Solihull 153 144 297 47 344
Staffordshire 361 271 632 244 876
Stoke-on-Trent 370 241 611 140 751
Telford and Wrekin 129 130 259 19 278
Walsall 208 36 244 262 506
Warwickshire 207 63 270 207 477
Wolverhampton 197 205 402 80 482
Worcestershire 273 252 525 84 609
East Of England
Bedford Borough 46 77 123 35 158
Central Bedfordshire 76 40 116 119 235
Cambridgeshire 166 229 395 104 499
Essex 235 234 469 230 699
----- End of picture text -----

No. of active No. of Total Active Accounts No. of CTFs with a Total young people Junior ISAs active CTFss (TSF administered) Responsible Adult in care with accounts

----- Start of picture text -----
East Of England (Continued)
Hertfordshire 194 167 361 320 681
Luton 68 69 137 75 212
Norfolk 300 151 451 106 557
Peterborough 73 59 132 117 249
Southend-on-Sea 72 53 125 22 147
Suffolk 258 87 345 199 544
Thurrock 76 77 153 29 182
Inner London
Camden 31 32 63 25 88
City of London 0 0 0 0 0
Hackney 69 90 159 108 267
Hammersmith and Fulham 37 3 40 61 101
Haringey 85 107 192 107 299
Islington 46 23 69 158 227
Kensington and Chelsea 2 11 13 31 44
Lambeth 48 81 129 130 259
Lewisham 143 170 313 98 411
Newham 80 57 137 113 250
Southwark 82 126 208 127 335
Tower Hamlets 59 66 125 52 177
Wandsworth 47 74 121 37 158
Westminster 47 13 60 71 131
Outer London
Barking and Dagenham 113 8 121 119 240
Barnet 93 62 155 43 198
Bexley 29 41 70 23 93
Brent 45 11 56 113 169
Bromley 42 88 130 66 196
Croydon 221 13 234 0 234
Ealing 32 39 71 108 179
Enfield 96 10 106 126 232
Greenwich 93 115 208 73 281
Harrow 32 23 55 24 79
Havering 46 46 92 70 162
Hillingdon 85 48 133 79 212
Hounslow 45 18 63 88 151
Kingston upon Thames 19 8 27 74 101
Merton 16 25 41 11 52
Redbridge 17 41 58 12 70
Richmond upon Thames 17 0 17 55 72
Sutton 31 25 56 47 103
Waltham Forest 83 69 152 45 197
----- End of picture text -----

No. of active No. of Total Active Accounts No. of CTFs with a Total young people Junior ISAs active CTFss (TSF administered) Responsible Adult in care with accounts

South East

----- Start of picture text -----
Bracknell Forest 25 12 37 37 74
Brighton and Hove 74 31 105 170 275
Buckinghamshire 138 161 299 76 375
East Sussex 168 209 377 51 428
Hampshire 341 27 368 730 1098
Isle of Wight 91 10 101 119 220
Kent 360 596 956 252 1208
Medway 87 59 146 142 288
Milton Keynes 83 2 85 147 232
Oxfordshire 180 11 191 368 559
Portsmouth 78 1 79 201 280
Reading 54 63 117 41 158
Slough 32 7 39 0 39
Southampton 111 196 307 48 355
Surrey 278 162 440 262 702
West Berkshire 27 46 73 39 112
West Sussex 157 16 173 352 525
Windsor and Maidenhead 24 15 39 25 64
Wokingham 20 7 27 25 52
South West
Bath and North East Somerset 38 15 53 60 113
Bournemouth 162 118 280 22 302
Bristol, City of 172 298 470 65 535
Cornwall 75 124 199 16 215
Devon 145 9 154 406 560
Dorset 86 138 224 43 267
Gloucestershire 182 241 423 66 489
Isles of Scilly 0 0 0 0 0
North Somerset 43 35 78 84 162
Plymouth 111 78 189 107 296
Poole 34 35 69 52 121
Somerset 101 51 152 58 210
South Gloucestershire 37 11 48 69 117
Swindon 66 23 89 19 108
Torbay 67 54 121 84 205
Wiltshire 76 157 233 56 289
Totals for England 20712 13991 34703 18288 52991
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No. of active No. of Total Active Accounts No. of CTFs with a Total young people Junior ISAs active CTFss (TSF administered) Responsible Adult in care with accounts

----- Start of picture text -----
Scotland
Aberdeen 237 64 301 126 427
Aberdeenshire 106 0 106 228 334
Angus 109 6 115 123 238
Argyll and Bute 37 5 42 74 116
City of Edinburgh 163 90 253 80 333
Clackmannanshire 84 2 86 85 171
Comhairle nan Eilean Siar 11 3 14 7 21
Dumfries and Galloway 135 0 135 70 205
Dundee City 176 18 194 178 372
East Ayrshire 126 29 155 77 232
East Dunbartonshire 42 10 52 78 130
East Lothian 62 0 62 21 83
East Renfrewshire 18 2 20 38 58
Falkirk 89 43 132 133 265
Fife 275 10 285 505 790
Glasgow City 552 306 858 743 1601
Highland 178 37 215 141 356
Inverclyde 99 3 102 100 202
Midlothian 46 34 80 42 122
Moray 37 10 47 74 121
North Ayrshire 71 31 102 93 195
North Lanarkshire 254 49 303 361 664
Orkney Islands 9 4 13 12 25
Perth and Kinross 71 0 71 0 71
Renfrewshire 290 35 325 2 327
Scottish Borders 57 38 95 31 126
Shetland Islands 7 0 7 0 7
South Ayrshire 99 3 102 95 197
South Lanarkshire 74 3 77 152 229
Stirling 16 12 28 44 72
West Dunbartonshire 69 11 80 56 136
West Lothian 118 1 119 72 191
Totals for Scotland 3717 859 4576 3841 8417
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TRUSTEES' ANNUAL REVIEW

TRUSTEES' ANNUAL REVIEW

26

27

No. of active No. of Total Active Accounts No. of CTFs with a Total young people Junior ISAs active CTFss (TSF administered) Responsible Adult in care with accounts

----- Start of picture text -----
Northern Ireland (Health and Social Care Trust)
Belfast 247 1 248 184 432
Northern 225 21 246 270 516
South Eastern 192 0 192 0 192
Southern 156 5 161 158 319
Western 222 72 294 231 525
Totals for Northern Ireland 1042 99 1141 843 1984
----- End of picture text -----

----- Start of picture text -----
Wales
Blaenau Gwent County Borough 77 1 78 11 89
Bridgend County Borough 110 32 142 99 241
Caerphilly County Borough 163 67 230 21 251
Cardiff 326 55 381 116 497
Carmarthenshire County 48 30 78 30 108
Ceredigion County 27 3 30 21 51
City and County of Swansea 172 51 223 136 359
Conwy County Borough 74 33 107 57 164
Denbighshire County 53 43 96 46 142
Flintshire County 84 16 100 74 174
Gwynedd 105 0 105 35 140
Merthyr Tydfil County Borough 72 55 127 17 144
Monmouthshire County 82 4 86 54 140
Neath Port Talbot County Borough 76 8 84 158 242
Newport City 117 68 185 45 230
Pembrokeshire County 61 15 76 56 132
Powys County 91 73 164 15 179
Rhondda Cynon Taf
266 220 486 64 550
County Borough
Torfaen County Borough 160 92 252 101 353
Vale of Glamorgan 100 80 180 28 208
Wrexham County Borough 91 68 159 45 204
Ynys Mon / Isle of Anglesey 57 0 57 65 122
Totals for Wales 2412 1014 3426 1294 4720
Totals for UK 27883 15963 43846 24266 68112
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Independent Auditors’ Report To The Trustees

For the year ended 31 March 2021

(UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

We have audited the financial statements of The Share Foundation for the year ended 31 March 2021 which comprise Statement of Financial Activities (including income and expenditure account), Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied 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 Kingdom Generally Accepted Accounting Practice).

Conclusions relating to going concern

In our opinion the financial statements:

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Basis for opinion

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

We conducted our audit in accordance with International Standards on Auditing

TRUSTEES' ANNUAL REVIEW

28

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 22, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial 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 using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning

meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve noncompliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of noncompliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave

INDEPENDENT AUDITOR'S REPORT

30

rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Statement of Financial Activities

(Including income and expenditure account) for the year ended 31 March 2021

Note Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds £ funds £ 2021 £ funds £ funds £ 2020 £
Income from
Donations and legacies 2a 100,347 2,124,756 2,225,103 100,722 1,638,089 1,638,811
Charitable activities 2b - 334,153 334,153 - 312,043 312,043
Total 100,347 2,458,909 2,559,256 100,722 1,950,854 1,850,132
Expenditure on
Raising funds 3a (22,480) - (22,480) (30,533) (72) (30,605)
Charitable activities 3b (37,921) (2,437,979) (2,475,900) (80,330) (1,856,339) (1,936,669)
Total (60,401) (2,437,979) (2,498,380) (110,863) (1,856,411) (1,967,274)
Net income/(expenditure) 39,946 20,930 60,876 (10,141) (6,279) (16,420)
Net movement in funds 39,946 20,930 60,876 (10,141) (6,279) (16,420)
Transfer between funds (13,561) 13,561 - - - -
Reconciliation of funds 13
Total funds brought forward 235,521 356,732 592,253 245,662 363,011 608,673
Total funds carried forward 261,906 391,223 653,129 235,521 356,732 592,253

All recognised gains and losses are shown above. All the charity’s operations are classed as continuing. The notes on page 36 to 47 form part of these financial statements.

Miss K T Bartlett (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

St John’s Court, Easton Street, High Wycombe, Buckinghamshire HP11 1JX Chartered Accountants, Statutory Auditors

Date: 20 December 2021

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

INDEPENDENT AUDITOR'S REPORT

STATEMENT OF FINANCIAL ACTIVITIES

32

33

Balance Sheet

As at 31 March 2021

Unrestricted Restricted Total Unrestricted Restricted Total
Notes funds £ funds £ 2021 £ funds £ funds£ 2020 £
Fixed assets
Tangible assets 5 - - - - - -
Current assets
Debtors 6 100,000 4,468 104,468 45,000 12,541 57,541
Cash at bank and in hand 7 163,606 426,468 590,074 192,161 392,927 585,088
Total current assets 263,606 430,936 694,542 237,161 405,468 642,629
Creditors: falling due within one year 8 (1,700) (39,713) (41,413) (1,640) (48,736) (50,376)
Total assets less current liabilities 261,906 391,223 653,129 235,521 356,732 592,253
Net assets 261,906 391,223 653,129 235,521 356,732 592,253
Funds of the Charity
Unrestricted funds 13 261,906 - 261,906 235,521 - 235,521
Restricted funds 12/13 - 391,223 391,223 - 356,732 356,732
261,906 391,223 653,129 235,521 356,732 592,253

Statement of Cash Flows

As at 31 March 2021

Total funds Total funds
2021 £ 2020 £
Cash flows from operating activities:
Net cash provided by (used in) operating activities 4,986 31,321
Change in cash and cash equivalents in the reporting period 4,986 31,321
Cash and cash equivalents at 31 March 2020 585,088 553,767
Cash and cash equivalents at 31 March 2021 590,074 585,088
Reconciliation of net income/(expenditure) to net cash flow from operating activities:
Net income/(expenditure) for the reporting period
(as per the statement of financial activities) 60,876 (16,420)
Adjustments for:
Decrease/(Increase) in debtors (46,927) 37,380
Increase/(Decrease) in creditors (8,963) 10,361
Net cash provided by (used in) operating activities 4,986 31,321
Analysis of cash and cash equivalents:
Cash at bank and in hand 590,074 585,088
Total cash and cash equivalents 590,074 585,088

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The notes on page 36 to 47 form part of these financial statements.

Approved by the board of Directors on 9 December 2021 and signed on their behalf by

G D R Oldham OBE, Director

Company Number: 04500923

BALANCE SHEET

STATEMENT OF CASH FLOWS

34

35

Notes to the Financial Statements

For the year ended 31 March 2021

Charity Information

The Share Foundation is a company limited by guarantee registered in England and Wales under company number 04500923. The registered address is:

1st Floor Ardenham Court Oxford Road Aylesbury Buckinghamshire, HP19 8HT

1. Accounting policies:

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

Basis of accounting

1.1.

The financial statements have been prepared in accordance with the applicable accounting standard FRS 102, as modified by the Statement of Recommended Practice (SORP). The accounts have been drawn up in accordance with the provisions of the Charities (Accounts and Reports) Regulations 2008 and the Companies Acts, and include the results of the charity’s operations which are described in the Directors’ Report, all of which are continuing.

The Share Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Advantage has been taken of Section 396(5) of the Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity’s operations and in order to comply with the requirements of the SORP.

There are no material uncertainties about the charity’s ability to continue as a going concern.

Incoming resources

1.2.

Voluntary income

1.3.

Donations are included in the SOFA in full when they are received.

Grant income

1.4.

Grant income is recognised when the charity becomes entitled and the receipt is probable and can be measured reliably.

Tax reclaims on donations and gifts

1.5.

Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.

Contractual income and performance related grants

1.6.

This is included in the SOFA once the related goods or services have been delivered.

Gifts in kind

1.7.

Gifts in kind are accounted for at a reasonable estimate of their fair value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the SOFA as gifts when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income when receivable.

Donated services and facilities

1.8.

These are included in income (with an equivalent amount in expenditure) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on this income is the estimated value to the charity of the service or facility received.

Volunteer help

1.9.

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

1.10. Investment income

When the incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.

This is included in the SOFA when received.

1.11. Expenditure

Expenditure is included in the SOFA on an accruals basis, inclusive of any VAT that cannot be recovered.

NOTES TO THE FINANCIAL STATEMENTS

36

37

Notes to the Financial Statements (continued)

For the year ended 31 March 2021

1.12. Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been apportioned on an appropriate basis are set out in note 4.

1.19. Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.20. Tangible fixed assets

1.13. Governance costs

These include costs of the preparation and audit of statutory accounts, the trustees’ meetings and any legal advice to trustees on governance or constitutional matters.

1.14. Grants with performance conditions

Grants given with conditions for payment being a specific level of service or output to be provided are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.

1.15. Grants payable without performance conditions

These are recognised in the SOFA when a commitment has been made and there are no conditions to be met.

1.16. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.17. Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Equipment and software acquired as part of the Department for Education service contract have not been capitalised as the economic benefit and ownership of the assets do not pass on to the charity.

1.21. Junior ISA account

Funds received from the Department for Education to invest in Junior ISAs for qualifying young people are not recognised as income in the charity’s accounts as the charity receives the funds as a custodian for the qualifying young people.

1.22. Funds accounting

The unrestricted funds consist of funds which the charity may use for its purposes at its discretion.

The restricted funds are those where the donor has placed a specific restriction on the use of the funds. A breakdown of the restricted funds of the charity is included in note 12.

1.23. Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.24. Pension costs

1.18. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The company contributes to a defined contribution pension scheme and to personal pension plans. Contributions to the pension scheme and personal pension plans are charged to the income and expenditure account as they fall due.

NOTES TO THE FINANCIAL STATEMENTS

38

39

2. Income from:

a)
b)		 Unrestricted
Restricted
Total funds
Unrestricted
Restricted
Total funds
funds £
funds £
2021 £
funds £
funds £
2020 £
Donations and legacies
Gifts and donations
80,347
2,124,756
2,205,103
55,722
1,538,089
1,593,811
Tax recoverable
20,000
-
20,000
45,000
-
45,000
100,347
2,124,756
2,225,103
100,722
1,538,089
1,638,811
Charitable activities
Contractual income from the
Department for Education
-
334,153
334,153
-
312,043
312,043

3. Expenditure on:

a)
b)		 Unrestricted
Restricted
Total funds
Unrestricted
Restricted
Total funds
funds £
funds £
2021 £
funds £
funds £
2020 £
Raising funds
Fundraising costs
4,090
-
4,090
11,945
72
12,017
Support costs (note 4)
18,390
-
18,390
18,588
-
18,588
22,480
-
22,480
30,533
72
30,605
Charitable activities
Payments into Junior ISAs and
CTFs from voluntary sources
-
2,026,076
2,026,076
-
1,514,492
1,514,492
Financial education
11,300
47,381
58,681
13,136
14,165
27,301
Support costs (note 4)
26,621
364,522
391,143
67,194
327,682
394,876
37,921
2,437,979
2,475,900
80,330
1,856,339
1,936,669

4. Analysis of support costs

Unrestricted
Restricted
Total
funds £
funds £
2021 £
Support costs split per fund:
Raising funds
Bank charges
-
-
-
Staff costs
18,390
-
18,390
Charitable activities
Computer costs
7,112
22,921
30,033
Consultancy
-
9,416
9,416
Equipment
1,101
9,033
10,134
Insurance
-
2,603
2,603
Light and heat
-
765
765
Printing, postage and stationery
111
18,993
19,104
Rent and rates
205
13,022
13,227
Service charge
-
7,306
7,306
Water cooler
-
75
75
Staff costs
11,204
268,565
279,769
Staff recruitment
-
-
-
Staff training
-
-
-
Telephone
240
1,072
1,312
Travel expenses
88
201
289
Repairs and maintenance
-
-
-
Audit and accountancy fees
1,700
10,550
12,250
Legal and professional fees
4,860
-
4,860
26,621
364,522
391,143
Total support costs per fund
45,011
364,522
409,533

All expenditure is allocated directly to the fund to which it relates. No costs are apportioned other than audit and accountancy fees which are split 20:80 between unrestricted and restricted funds.

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

40

41

Support costs per fund (continued)

Unrestricted
Restricted
Total
funds £
funds £
2020 £
Support costs split per fund:
Raising funds
Bank charges
-
-
-
Staff costs
18,588
-
18,588
Charitable activities
Computer costs
7,431
39,261
46,692
Consultancy
-
35
35
Equipment
6,794
5,148
11,942
Insurance
-
1,219
1,219
Light and heat
-
65
65
Printing, postage and stationery
510
10,267
10,777
Rent and rates
1,920
17,042
18,962
Service charge
-
6,412
6,412
Water cooler
-
320
320
Staff costs
39,346
237,442
276,788
Staff recruitment
1,000
1,000
2,000
Staff training
32
476
508
Telephone
220
878
1,098
Travel expenses
3,681
1,432
5,113
Repairs and maintenance
-
125
125
Audit and accountancy fees
1,640
6,560
8,200
Legal and professional fees
4,620
-
4,620
67,194
327,682
394,876
Total support costs per fund
85,782
327,682
413,464

All expenditure is allocated directly to the fund to which it relates. No costs are apportioned other than audit and accountancy fees which are split 20:80 between unrestricted and restricted funds.

5. Tangible fixed assets:

Office equipment £
Cost
At 31 March 2020 and 31 March 2021 1,327
Depreciation
At 31 March 2020 and 31 March 2021 1,327
Net book values
At 31 March 2021 -
At 31 March 2020 -
Debtors:
2021 £ 2020 £
Debtors 100,385 50,385
Prepayments 4,083 7,156
104,468 57,541

6. Debtors:

All amounts shown under debtors fall due for payment within one year.

7. Cash at bank and in hand:

Cash at bank and in hand:
2021 £ 2020 £
General Cash Account 299,818 353,675
Private Sector Trust Account 290,256 231,413
590,074 585,088

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

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8. Creditors: amounts falling due within one year:

2021 £ 2020 £
Trade creditors 11,455 9,769
Accruals and other creditors 8,500 21,540
PAYE and NI 6,630 6,256
VAT 14,828 12,811
41,413 50,376

9. Financial instruments:

The carrying amount of financial assets which are debt instruments at amortised cost is £100,385 (2020: £50,385). The carrying amount of financial liabilities which is measured at amortised cost is £19,955 (2020: £31,309).

11. Auditors’ remuneration:

Auditors’ remuneration:
2021 £ 2020 £
Statutory audit 8,500 8,200
Non-audit services 3,750 -

12. Restricted funds:

Restricted funds: Restricted funds:
Junior ISA and Child Department for Find my Child Total
Trust Fund Donations £ Education Contract £ Trust Fund £ 2021 £
Balance at 1 April 2020 271,632 85,100 - 356,732
Income 2,084,756 334,153 40,000 2,458,909
Expenditure (2,026,076) (358,342) (53,561) (2,437,979)
Transfer between funds - - 13,561 13,561
Closing funds at 31 March 2021 330,312 60,911 - 391,223

10. Staff costs and numbers:

. Staff costs and numbers:
2021 £ 2020 £
Gross wages and salaries 258,041 255,668
Employer’s National Insurance costs 20,700 21,648
Pension contributions 19,418 18,060
298,159 295,376
Employees who were engaged in each of the following activities:
Operational in respect to charitable activities 8 8
Fundraising 1 1
9 9

The charity operates a PAYE scheme to pay all employed members of staff. There were no employees who earned greater than £60,000 (2020: 0).

The key management personnel for the charity are deemed to be those who are responsible for day to day operations, planning and discussions. Total employee benefits of key management personnel of the charity £54,755 (2020: £57,800). Pension contributions paid were made to defined contribution schemes and personal pension plans for 9 (2020: 9) employees during the year. No Trustees were remunerated for their role as a Trustee during the year (2020 - £nil).

Junior ISA and Child Department for
Trust Fund Donations £ Education Contract £ 2020 £
Balance at 1 April 2019 248,035 114,976 363,011
Income 1,538,089 312,043 1,850,132
Expenditure (1,514,492) (341,919) (1,856,411)
Transfer between funds - - -
Closing funds at 31 March 2020 271,632 85,100 356,732

The Junior ISA and Child Trust Fund Donations relates to donations received to be invested into Junior ISA and Child Trust Fund accounts when at least £10 per qualifying child is received.

The Department for Education Contract relates to the income received and expenditure incurred in meeting the obligations of the service contract in place with the Department for Education.

The Find my CTF process relates to activities undertaken to assist all children throughout the UK to locate their Child Trust Fund. These activities fall outside the scope of the DfE contract. The NatWest Group has directly supported The Share Foundation with this work by providing a donation which is designated as restricted funds. The excess of expenditure over income for this work has been met from the general reserves of the charity.

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

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13. Movements on funds:

The company is limited by guarantee (04500923) and is a charity registered with the Charity Commission (1108068). It does not have a share capital and has no income subject to corporation tax.

Unrestricted Restricted Total
funds £ funds £ funds £
Balance at 1 April 2020 235,521 356,732 592,253
Incoming resources 100,347 2,458,909 2,559,256
Resources expended (60,401) (2,437,979) (2,498,380)
Transfers between funds (13,561) 13,561 -
Closing funds at 31 March 2021 261,906 391,223 653,129
Balance at 1 April 2019 245,662 363,011 608,673
Incoming resources 100,722 1,850,132 1,950,854
Resources expended (110,863) (1,856,411) (1,967,274)
Closing funds at 31 March 2020 235,521 356,732 592,253

16. Payments to directors and related parties:

Expenses of £Nil in relation to travel (2020: £Nil) were paid to no director (2020: none). No other payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the charity and a trustee or any person connected with them (2020: none).

During the year 899 (2020: 1,643) Junior Individual Savings Accounts, totalling £179,800 (2020: £328,600), were opened, on behalf of qualifying young people, with The Share Centre. Until the second half of 2020, Gavin Oldham was Chairman and, together with his associated family trusts, majority shareholder of Share Plc, parent company of The Share Centre. The Share Centre was a Junior ISA provider having been selected by the independent account allocation advisor and all services provided are on an arm’s length basis.

No sales invoices were raised to The Share Centre in relation for reimbursement for costs incurred on their behalf. (2020: nil)

The total value of donations received from the trustees was £80,000 (2020: £55,000). No conditions were attached.

17. Analysis of changes in net debt:

The net debt is made up entirely by the cash balance outlined in the Statement of cash flows, and all movements in the year were cash flow changes.

14. Analysis of net assets between funds:

Tangible fixed Net current Total
assets 2021 £ assets 2021 £ 2021 £
Unrestricted funds - 261,906 261,906
Restricted funds - 391,223 391,223
Total funds - 653,129 653,129
Tangible fixed Net current Total
assets 2020 £ assets 2020 £ 2020 £
Unrestricted funds - 235,521 235,521
Restricted funds - 356,732 356,732
Total funds - 592,253 592,253

15. Financial commitments:

At 31 March 2021 the charity was committed to making the following payments under non-cancellable operating leases:

2021 £ 2020 £
Payments due:
Under one year 10,000 4,488
Within two to five years 17,500 -

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

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Charity Registration Number Company Registration Number Date of Incorporation Start of Financial Year End of Financial Year Directors

Company Secretary Governing Document

Registered Office

Auditors

Bankers

1108068 04500923

1 August 2002 1 April 2020 31 March 2021

Gavin D R Oldham OBE Christopher W Daws Ruth M Kelly John R Reeve Henrietta S Royle

Gavin D R Oldham OBE

Memorandum & Articles of Association incorporated on 1 August 2002, as amended by Special Resolution dated 27 January 2005.

First Floor, Ardenham Court Oxford Road Aylesbury Buckinghamshire, HP19 8HT

Saffery Champness LLP St John’s Court Easton Street High Wycombe Buckinghamshire, HP11 1JX

HSBC Bank plc 8 Market Square Aylesbury Buckinghamshire, HP20 1TW

01296 310 400

www.sharefound.org

@ info@sharefound.org

PO Box 1172 Aylesbury Buckinghamshire HP20 9PG

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