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2022-03-31-accounts

Annual Report & Financial Statements

For the year ended 31 March 2022 from The Share Foundation

£2.4m from Department for Education

12,191 needing accounts

My JISA Care Leavers: My CTF c. £4.1m find CTF CTF Recovery: c. £15m

Open

• Identify need • Inject funds

Grow

• Contribute • Learn • Invest

Deliver

• Inform • Adult transfer

Registered Contact for 50,300 accounts

Stepladder Plus £2.9m progress from donors

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Charitable Objectives

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

Our charitable objectives are:

b) to advance the education of such children and young people in handling their financial situation in order to encourage self-sufficiency 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.

a) to relieve poverty amongst children and young people in need in accordance with Christian principles and without reference to race, creed or nationality, with a view to improving the condition of life of those for whom funding is provided.

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.

The Share Foundation was established as a registered charity in 2005, and initially made additional contributions to the Child Trust Funds of young people in care.

the Child Trust Fund scheme for young people in care, previously operated by the Official Solicitors for England, Wales and Northern Ireland and the Accountant of Court for Scotland.

For the past ten years it has worked closely for the Department for Education to deliver the Junior ISA scheme for young people in care. Since October 2017, this role has been widened to include responsibility for

The Share Foundation is also now running a UK-wide process to connect young people aged 16 and over with their Child Trust Funds.

Contents

4 Trustees’ Annual Report, Incorporating The Directors’ Report

30 Independent Auditors’ Report

35 Statement of Financial Activities

36 Balance Sheet

37 Statement of Cash Flows

38-47 Notes to the Financial Statements

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Inter-Generational Rebalancing - The Long-Term Solution For Levelling Up:

Trustees’ Annual Report - Incorporating The Directors’ Report, for the Year Ended 31 March 2022

At the heart of The Share Foundation’s mission is a passion for inter-generational rebalancing.

up by the 2005 Government, with the initiative led by Gordon Brown and Ruth Kelly.

The Share Foundation operates the former on behalf of the Department for Education throughout the United Kingdom. For the latter, it provides the most comprehensive UK-wide search facility to help young people find their accounts as they reach adulthood, so that all young people can get access to the funds built up for them in individual accounts over the past twenty years.

We believe that children from all backgrounds have the same mix of potential to achieve great things as adults, and that a fair and just society should enable them to have not only the life skills they need but also some resources to help them to achieve their potential in adult life.

The front cover graphic to our report shows the process by which intergenerational rebalancing is turned into a reality. There are two major initiatives which enable this in the United Kingdom — starter capital accounts (Child Trust Funds and Junior ISAs) for young people in care, and the progressive element of the massive Child Trust Fund scheme set

The resources which fuel this intergenerational rebalancing are principally supplied by Government, but local authorities, philanthropists and other private sector donors also contribute. Potentially, this money could be hypothecated from a proportion of inheritance tax receipts, since that reflects

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My JISA Care Leavers:
£2.4m 12,191 needing
My CTF c. £4.1m
from Department accounts find CTF CTF Recovery:
for Education
c. £15m
Open Grow Deliver
• Contribute
• Identify need • Inform
• Learn
• Inject funds • Adult transfer
• Invest
Registered
Contact for £2.9m Stepladder Plus
50,300 accounts from donors progress
----- End of picture text -----

the generational rollover of the human life cycle. Hypothecation does not, however, come naturally to Government — and we must therefore work with the art of the possible.

We not only aim to provide a real springboard for adulthood for the individual young people who we help, but we also aim to prove its effectiveness, showing that this process of intergenerational rebalancing does indeed deliver transformational results and is a thoroughly effective way of reaching out for a fair and just society which also believes in individual empowerment.

The successful outcomes which we are increasingly able to demonstrate are therefore providing a strong platform for the re-introduction of these schemes on a wide basis - not just in the United Kingdom, but across the world.

So please join us in order to review our progress over this past year.

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Trustees’ Annual Report

(Continued)

For young people in care, the Child Trust Fund scheme is split into two parts: those ‘without a responsible person’, where the Official Solicitor/Accountant at Court oversaw the scheme until The Share Foundation took over in 2017, and those ‘with a responsible adult’ (normally the natural parent), whose accounts are not centrally organised.

Figure 1: Average Account Value by Age

Starter capital accounts for young people in care:

Young people who have been in care for at least one year, and who were born from 3 January 1994, have benefited from either the Junior ISA or the Child Trust Fund schemes for looked-after children:

These two account types are similar in design, but very different in terms of initial injection amount and application for young people in care.

The Child Trust Fund applied to all children born in the United Kingdom between 1 September 2002 and 2 January 2011. The Government contribution was substantial where the child’s family was in receipt of Child Tax Credit: £500 at birth and, for those who reached the age of seven before 1 August 2010, a further £500 at that age.

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£2000
Average JISA value
Average CTF value
£1000
£0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Age
Value
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for all young people up to the age of 18— so birth dates of holders of these accounts date back to 1994. There is no split of responsibility for the accounts, all of which remain in the oversight of The Share Foundation until the young person either reaches 18 or leaves care at a younger age.

Junior ISAs were introduced in 2012 with a much smaller Government initial injection - just £200. However, The Share Foundation, which has run the scheme for young people in care for the Department for Education since inception, is responsible for raising additional donations for the accounts

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Figure 2 shows the number of active accounts across the United Kingdom for young people in care, aged between 1 and 18. Young people are continually moving in and out of care, and the total number of accounts opened and administered over these past ten years is much larger than these totals suggest.

Figure 2: Active Accounts Across the UK

Country Junior ISAs CTFs at TSF Total at TSF CTFs with RA Total Accounts
England 24,859 15,011 39,870 30,550 70,420
Scotland 4,111 742 4,853 5,976 10,829
Wales 2,896 1,334 4,230 1,845 6,075
N. Ireland 1,257 90 1,347 1,044 2,391
Total 33,123 17,177 50,300 39,415 89,715

Identifying Need

Our first task is to identify young people in care who need to have an account. To do this, we take a regular snapshot from each of the 211 local authorities across the United Kingdom for all their children who have been in care for at least one year. We compare this register to accounts already opened (including Child Trust Funds), and all new names on the register are listed to be allocated a new account. Meanwhile all minors no longer in care have their accounts transferred to their newly-responsible family.

In the past year we’ve listed 12,191 new children needing Junior ISAs, and we’ve transferred out 5,927 accounts: since inception these figures are 158,746 and 111,094 respectively.

Injecting Funds

We then draw £200 down from the Department for Education for each new account to be opened, and we allocate instructions to open new accounts at either The Children’s ISA or NatWest. In February 2022, we made a request to raise this initial injection amount by inflation (it has been set at the same level since the Junior ISA scheme inception in 2012: an inflation-adjusted figure would now be over £250), but this was declined.

Contributing Additional Money

So in the past year we’ve drawn down a total of £2,438,200 for those 12,191 young people needing new accounts. Nearly all young people aged 12 or over already have a Child Trust Fund, so in these cases we arrange for their account to be transferred to our oversight where there is no ‘responsible adult’: there were 2,762 such transfers. A further 326 accounts were transferred back to a responsible adult as the young person left care and 3,899 account holders reached the age of 18 during the year.

We work hard to raise further contributions for the accounts of young people in care from a combination of individuals, local authorities and other corporate donors — as shown in figure 3:

The total raised in 2021/22 was nearly £3 million, a growth of 46% on the previous year and over 20% higher than the overall total of Government initial Junior ISA starter payments over the same period.

Our costs relating to fundraising operations, and our charity governance, are covered from our own charitable resources, not by the Department for Education contract; thus demonstrating how Government is increasingly acting as a catalyst for change, and not just a primary funder.

Figure 3: Contributions Raised for JISA and CTF Accounts

Donors 2021 - 2022 2020-2021 2019-2020 2018-2019
Individuals £1,006,163 £626,848 £415,504 £221,076
Local Authorities £1,273,908 £1,048,073 £827,098 £556,891
Corporate / State Donors £651,583 £326,665 £257,063 £93,835
Total Voluntary Donations
New JISA Funds		 £2,931,654
£2,438,200		 £2,001,586
£2,686,600		 £1,499,665
£2,552,200		 £871,802
£2,707,000
Donations as a % of
New Funds 120.2% 74.5% 58.8% 32.2%

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Investment

All accounts are held in stockmarket-based investments, and therefore benefit from compound growth over the period that they are held. This, together with the additional contributions — which vary widely across the country, enable young people in many local authorities to see significant growth from the initial £200 contributed for opening Junior ISAs.

Figure 4: Leading Local Authorities by Average JISA Account Value

Local Authority No. of JISAs Average Value Position Position in 2021
London Borough of Ealing 83 £1,405.55 1 New Entry
London Borough of Havering 58 £1,383.71 2 2
London Borough of Lambeth 97 £1,317.29 3 New Entry
Solihull Metropolitan Borough Council 195 £1,124.28 4 1
London Borough of Camden 47 £1,020.26 5 7
Thurrock Borough Council 101 £945.26 6 17
Coventry City Council 264 £929.30 7 3
Powys County Council 89 £915.21 8 4
Richmond upon Thames 17 £817.54 9 11
London Borough of Waltham Forest 100 £799.83 10 10
Kingston upon Thames 17 £777.21 11 5
London Borough of Sutton 56 £753.57 12 New Entry
Hertfordshire County Council 246 £745.10 13 8
City and County of Swansea Council 174 £722.46 14 12
London Borough of Lewisham 159 £674.11 15 6
Kent County Council 390 £616.27 16 19
Windsor and Maidenhead 40 £615.78 17 New Entry
London Borough of Barnet 92 £607.31 18 16
Bristol City Council 207 £528.10 19 New Entry
Essex County Council 293 £510.54 20 New Entry
East Ayrshire Council 162 £493.78 21 14
West Berkshire Council 42 £475.50 22 15
Luton Borough Council 76 £464.68 23 13
London Borough of Islington 74 £449.14 24 9
Central Bedfordshire Council 85 £424.54 25 New Entry
Telford and Wrekin Council 138 £403.52 26 18
London Borough of Enfeld 99 £393.99 27 New Entry
Surrey County Council 389 £391.70 28 25
Wiltshire County Council 93 £383.01 29 New Entry
Warwickshire County Council 247 £381.41 30 26

The leading 30 local authorities in terms of average Junior ISA account values are shown in Figure 4.

Also as noted in last year’s review, new banking arrangements have been put in place with CAF Bank which will significantly improve our banking and donation arrangements.

As noted in last year’s annual review, significant changes are in progress in our arrangements for account provision and investment selection, particularly following The Share Centre being merged into Interactive Investor in 2020. Their decision not to offer Child Trust Funds 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. The transfers to NatWest started with Junior ISAs and these have been followed by a rationalisation of Child Trust Funds, where we are the registered contact, also to NatWest, enabling a more efficient automated interface and better service for young people. This is progressing.

Learning — building life skills

We not only build financial resources for young people in care as described above, but also work hard to build their financial awareness using our Stepladder programme. This works best as Stepladder Plus, which achieves transformative results for young people in care.

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Stepladder Plus is a bespoke incentivised learning programme developed and operated specifically for young people in care and care leavers. The programme content is adaptable to each young person’s learning needs and, as all content is online, can be studied at any time convenient for the young person.

‘feeding for a week’ and ‘learning how to feed yourself for a lifetime’ as Mohammad Yunus, founder of Microfinance, described the difference between poverty relief grants and their loan-based structure.

The incentives are designed to build a sense of involvement and achievement as young people take the six steps, thereby providing their financial awareness life skills needed for adult life. The programme also develops a sense of responsibility and builds self-confidence.

Several local authorities have made significant use of Stepladder Plus over the past 3-4 years including Cumbria, Barnet and Hillingdon. We also currently work in other local authorities including Liverpool, Wiltshire, Derby, Bedfordshire,

A key aspect of incentivised learning is the way that it turns the receipt of money from a grant into an empowering relationship: the difference between

Step 4 | Planning Step 1 | Step 3 | for the Step 2 | Literacy Financial Future Numeracy – using up to date Capability – 250–500 words functional skills – using up to date (1) submitted by the content from functional skills young person Skills Forward. content from – Practice and and assessed This assesses the Skills Forward. assessment with by The Share young person’s This assesses the costs of living Foundation, reading and young person’s using Skills describing their writing skills and maths skills and Forward aspirations for is achievable at is achievable at software and the future and Functional Skills Functional Skills Young Money how they will use Entry 3 or above. Entry 3 or above. content. their investment. (Incentive £150) (Incentive £150) (Incentive £200) (Incentive £250)

Figure 6: Stepladder - Progress Through the Steps

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Incentivised
Non-incentivised
80%
60%
40%
20%
0%
No steps yet Step 1 Step 2 Step 3 Step 4 Step 5 Step 6
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Step 5 | Financial Capability Step 6 | (2) Securing – Managing future My Money, Share Radio’s education, broadcast version of the employment Open University or training Business School’s eight– Working with a week course mentor such as a with recognised teacher, leaving accreditation. care worker etc.

Norfolk, Hackney, Tower Hamlets, Powys, Gwynedd and The Vale of Glamorgan. Implementation is currently limited by the necessity to raise the money for all incentive payments from voluntary donations: funds have not yet been committed by Government.

Several of these local authorities have provided testimonials for the effectiveness of Stepladder Plus (see Figure 6), and it is currently being assessed for the Universal Basic Income pilot for care leavers in Wales.

(Incentive £350)

(Incentive £400)

Figure 5: The Stepladder Plus Programme

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Figure 7 – Testimonial from Cumbria

40% of young people who start the programme complete all steps of Stepladder Plus

Our outcomes assessment analysis shows that 40% of young people who start the programme complete all steps of Stepladder Plus, compared to just 5% of young people who start the nonincentivised version of the programme, and that young people completing the programme go on to:

Stepladder Plus continues to be evaluated by the UK Government for much broader implementation alongside both types of starter capital account (Junior ISAs and CTFs). We hope that the next stage will be to introduce a pilot scheme in the north-east region which could pave the way for much improved implementation for young people leaving care throughout the United Kingdom.

“

In Cumbria now, there are more than 700 children or young people in care; that is, 700 children and young people in foster care or residential homes. These children and young people are the most vulnerable members of society and because of this every effort must be made to give them the best possible chance to reach their full potential.

Cumbria Youth Alliance has worked with The Share Foundation for several years to help deliver the Stepladder Programme to young people in care up to the age of 18. The Programme is used to help young people get ready for living independently and it literally does what it says on the tin. The Share Foundation has created an online 6 step programme that increases the knowledge and skills for young care leavers to lead them into adulthood.

The 6-step programme, in my experience, is also crucial for increasing confidence and self-belief. The way the steps run with the Literacy and Maths steps being steps 1 and 2, means that if a young person believes that they struggle with those subjects, passing those steps can be an epiphany moment for them. Automatically their confidence and self-esteem is given the boost that is needed. Even if the young person doesn’t complete the whole programme, the belief that they can learn is significantly boosted. For example, we mentored a young person through Stepladder who was finding it difficult to engage at college. They struggled with some issues and feared learning. The college were finding it difficult to find a way to engage them until they were registered

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onto Stepladder, the College support were then able to use Stepladder to provide structured support for them. Their attitude to learning completely changed, they started to believe in themselves and because of Stepladder, found that they enjoyed learning, not only did they finish College they have since gone on to complete and succeed not only

with work, but have completed more online learning. Without Stepladder, I feel this would be a very different story.

Stepladder also provides a chance for a young person to work towards something, having the money incentive is a great way for a looked after young person to use that towards a goal, whether it be living independently or helping with university. We have seen this work particularly well with the young people wanting to go into further education, and we have young people who have used the extra that is paid into the Child Trust Fund to help with this. This also goes hand in hand with living independently, Stepladder provides excellent and comprehensive knowledge on a very userfriendly platform, giving the young person a clearer view on budgeting, aspirations and planning for the future.

Over the last few years, as a country, we have been thrown into an unprecedented situation. Covid has had an impact on everyone. In particular, children and young people found themselves unable to socialise, go to school and see extended family. I believe that children who are in care were one of the hardest hit. During this time, we at Cumbria Youth Alliance were able to use the Stepladder programme to give structure and routine to these young people. By registering onto the programme, they were able to engage in something that would not only give them structure but also help them plan for the future. It also gave them the confidence to go on and engage in education or live independently. The fallout from Covid is still having an impact on these young people, and the few who I have had the funding to put on programme have found it invaluable.

“Stepladder is a good start to life, and it has helped me understand the meanings of savings and housing and how I could work around it, also about how to save money. It gave me the chance to learn about everything, I didn’t think I could do it at the start, but I did it, and it’s been very rewarding. I thank everyone for helping me through it.” [CW 15/5/22]

CW’s story is just one of many successes that we have been witness to. There have been many more. Cumbria Youth Alliance still has contact with some of the young people that have completed Stepladder, the majority are attending college, university and are successfully living independently. There are some that still need support, but these young people can be vulnerable and need to have trusted people in their lives. By being able to support them through Stepladder, celebrate the successes and encourage them when they find it tough, only goes to provide them with a larger network of support.

The testimony above is from a young lady have trusted people in their lives. By being who really struggled after Lockdown. Her able to support them through Stepladder, work placement did not work out and she celebrate the successes and encourage was struggling to engage with anything. them when they find it tough, only goes She would be the first to admit that her to provide them with a larger network of life was beginning to go in a direction that support. was not beneficial. Stepladder gave her the routine she needed, we celebrated every step she completed, and I have The Stepladder programme is the watched her confidence and self-esteem only programme I have found grow exponentially. Before starting on that specifically targets what the Stepladder Programme, she was not these young people need to go doing anything and was classed as NEET, her relationship with her foster carers into independent living. It works was beginning to suffer, and there were at a pace to suit individuals and numerous concerns. She now has a fullwill adjust to the young persons’ time job with training, the relationship ability, meaning that every with her amazing foster carers is better, so much so that she is going to be able young person should be able to to be with them on a long stay after she access the learning. Some may turns 18 in July. I am absolutely sure this need more support than others would not be happening if it were not and in Cumbria, we at Cumbria for the programme. Also, as she has said herself in the above quote, she now has Youth Alliance, work closely with the knowledge and understanding to The Share Foundation to mentor carry her into living independently when the time comes. these young people. ”

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Inform

We provide regular statements of individual accounts overseen by The Share Foundation for each young person in care through their local authorities, together with quarterly summary reports for the Department for Education and the devolved national administrations. Since we do not hold contact details for individual young people in care, we rely on local authorities to keep young people and their carers fully supplied with this information.

At the age of 16 young people are allowed to take control of their accounts, and we write to provide details of how this can be arranged. Then, six months before their 18th birthday, we write to inform them that their funds can be accessed from that date and provide registration links — MyJISA.

sharefound.org and MyCTF.sharefound.org — to help them claim their accounts.

Adult transfer

This is a key part of the programme on which we are keenly focused, because further action is needed to increase the proportion of young people who successfully claim their accounts.

At present, The Share Foundation’s role ends at a young person’s 18th birthday. If local authorities do not take action to link the accounts, there is little we can do. Likewise, our role as registered contact on account provider records drops away at 18, so we have to rely on their goodwill to maintain a summary of how many accounts remain unclaimed.

That analysis is showing that a significant minority of care leavers’ accounts are not being accessed: just over a third of Child Trust Funds and rather more Junior ISAs.

This situation needs addressing, and we are working with the Department for Education and HMRC so that we can be provided with the contact details of care leavers with unclaimed accounts. We will then establish a tracing facility to ensure that adult care leavers are getting the benefit of the accounts built up for them. We are also working with the organisation which runs the Care Leaver Covenant to seek their assistance, and to ensure that the employment opportunities that they are opening up for care leavers are brought to the attention of these young adults.

Notwithstanding the need to make further improvements in this process, during the past year our MyJISA and MyCTF facilities have successfully linked 3,564 Junior ISA matured accounts and 2,041 Child Trust Fund matured accounts, with a total value of c. £4,130,700, and it is likely that significant further access to adult accounts has taken place through direct contact with the account providers.

Child Trust Fund — General Recovery Programme

The other vitally important part of our work is our recovery programme for the Child Trust Fund scheme generally, where our focus is also on achieving successful adult transfer of these accounts. This is an entirely voluntary activity — we receive no funding from Government and at present our only corporate supporter is NatWest, who contribute a much appreciated £40,000 each year.

Figure 8: Action Taken for Matured Accounts

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749,000
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None

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96,000
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Active Saving
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Cash Withdrawn

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749,000
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As at end-July 2022 there are nearly 750,000 young adults with unclaimed Child Trust Funds worth a total of over £1 billion (Figure 8)

The oldest of these reached the age of 20 as at 1st September 2022; so those who are missing out include young adults in a whole range of different circumstances, in addition to students at school. Unfortunately, there is a very high correlation between these unclaimed account owners and disadvantaged backgrounds: we estimate that 85% of young people from families in receipt of Child Tax Credit do not have access to the money built up for them in their own individual accounts.

The Child Trust Fund is a major initiative towards intergenerational rebalancing, and the task of opening and growing these accounts has largely been completed. What remains is to deliver the results: transferring their account successfully, accompanied by providing some financial awareness training.

Our two channels for achieving this are https://fndCTF.sharefound.org , a search facility linked to account providers through the CTF register, and www.sharefound.org/talkCTF , which provides those who work with 16 -20 year-olds with all the materials they need to run events for young people.

Over the past year we’ve received 15,446 registrations to find Child Trust Funds which have resulted in young adults gaining access to nearly £15 million, and we’ve prompted a considerable amount of editorial coverage in both print and broadcast media to raise awareness. We continue to promote these search facilities through social media, with virtual events, and through our team of volunteer Child Trust Fund Ambassadors ( www.CTFAmbassadors.org.uk ).

In some areas of the United Kingdom there has been considerable take up: for example, we are particularly grateful to Money And Pension Service (MAPS) Wales for a series of initiatives to bring the problem of relinking accounts to the attention of their young adults.

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However there remains a huge amount to do, and we are contacting ministers at both HM Treasury and the Department for Education to ask them to highlight findCTF.sharefound.org with its specific focus on 16-20 year-olds throughout all available channels: in job centres, in schools and further education colleges, and wherever significant contact is made with young adults. While it is of course helpful for there to be a Government Gateway search facility for generic use, our focus on young adults, speed of response and financial awareness materials make findCTF.sharefound.org much more suitable for young people searching for their accounts.

The feedback we received from TISA, the account providers’ trade association, is that the unclaimed rate has marginally reduced: from 53% to 47% over the past six months. There is a huge task to be achieved to avoid these funds, which are intended to release the potential of young people, sliding into dormancy; and we are determined to demonstrate that the intergenerational rebalancing envisaged by Gordon Brown and Ruth Kelly can indeed transform lives, so that future governments can be encouraged to introduce a more targeted scheme in coming years, accompanied by an appropriate programme of incentivised learning.

How we deliver all this:

The Share Foundation’s team has increased to 12 people over the past year, and we are now working approximately 50% in our new Aylesbury office and 50% remotely.

There is a team co-ordination event each fortnight, and our organisation now has more of a regional focus to its work. This helps us to build relationships with local authorities and devolved administrations and raise the profile of our work.

New members of our team over the past year include Natasha Richmond, who has taken responsibility for the Stepladder programme, Dagmar Taylor who is responsible for the organisation of regional communication, Darius Kaczmar and Des Blackman.

The trustees are very grateful to all the team for their dedication and hard work, and particularly to Anthony Walker, Director of Operations, and Sue Parsons, assistant to the Director of Operations, who oversee all our activities.

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.

In the preceding sections of our review, we have set out the priority we attach to successful adult transfer of accounts, and our continuing focus on wider implementation of our Stepladder Plus incentivised learning programme.

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In the longer term:
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Financial Review

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:

Continued focus on service and performance, and monitoring KPIs

Loss of Department for Education Contract

Careful and regular reconciliation and back-up procedures

Loss of operational integrity

Continued focus on the needs of young people in care

Reputational issues

Regularly audited security procedures, including compliance with Government Level IL3

Fraud

Use of professional support companies to monitor IT security and regular back-up procedures

IT Disruption

Loss of funding from the Gavin Oldham No 4 Trust for the general account

Source of funds derives from a separate trust

Regular Keep In Touch meetings with the Department for Education and monitoring of KPIs

Inadequate assessment ratings

Management includes assistant to Director of Operations, and staff cover

Key person risk

Full and continuing operation on a ‘Working From Home’ basis, with consistent liaison with the Department for Education and local authorities

‘Force Majeure’ disruption, such as Covid-19

Financial position

The Share Foundation’s money flows in 2021-22 can be broadly divided into four categories:

General (unrestricted): Income of

£1,045,045 included £139,000 (2021: £100,000) from Gavin Oldham and £905,000 (2021: Nil) from Gavin Oldham No.4 Trust. This has financed the governance and general activities of The Share Foundation, plus fundraising activities for Stepladder Plus and the general CTF recovery campaign (since these are not covered under the Department for Education contract). The range of fund-raising activities incurred a cost of £19,193 (2021: £22,480), and governance costs were again kept well under control at a total cost of £13,950 (2021: £17,110). The enlarged donation in 2021-22 has considerably strengthened the charity’s reserves for future use.

Department for Education contract: covering all operational and financial education activities under the Junior ISA and Child Trust Fund schemes, including establishment of the systems and infrastructure necessary to operate the scheme. The total annual monetary value of the contract was £342,877 for 2021-22. There was 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.

Voluntary Junior ISA and Child Trust

Fund Contributions: voluntary donations for young people and Stepladder Plus incentives which are received by The Share Foundation and are routed directly into Junior ISAs and Child Trust Funds. Their total monetary value was £2,962,736 during 2021-22, a considerable increase on the previous year’s figure of £2,084,756.

Department for Education payments

for Junior ISAs: A separate trust status account handles initial contributions to Junior ISAs from the Department for Education which are held by The Share Foundation as custodians. The value of these is not reflected in these accounts as per the SORP guidance on Funds held as Custodians – see note 1.18. The Department for Education contributed initial capital for young people, of which £2,516,200 has been allocated to individual Junior ISA accounts (The Children’s ISA £2,516,200) with a further £65,800 being paid directly to young people who qualified for a payment but left care before a Junior ISA could be set up for them.

Reserves Policy

As at 31st March 2022 The Share Foundation had unrestricted reserves of £1,220,251 (2021: £261,906) and restricted reserves of £367,750 (2021: £391,223). Please see note 11 on page 45 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.

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The current level of unrestricted reserves is sufficient to cover the Company’s charitable activities including those funded by the Department for Education for thirty months in the event of the loss of all funding sources (due in the main to the exceptional donation from the Gavin Oldham No 4 trust), 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 2022 are:

• Gavin Oldham OBE

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 Chair (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 Chair 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 to The Share Foundation. 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 was a Director of Interactive Investor and, together with his associated family trusts, significant shareholder of Antler Holdco Ltd until its sale to abrdn plc in May 2022. 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 Resolutions dated 27 January 2005 and 12 January 2022.

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 require 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: 3 November 2022

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Independent Auditors’ Report to the Trustees

Opinion

resources and application of resources, including its income and expenditure, for the year then ended;

We have audited the financial statements of The Share Foundation for the year ended 31 March 2022 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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (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,

In our opinion the financial statements:

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.

Conclusions relating to going concern

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.

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

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:

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includes the Directors’ Report has been prepared in accordance with applicable legal requirements.

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 29, 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 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 non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance 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

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making accounting estimates gave 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.

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.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the

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.

Miss K T Bartlett

(Senior Statutory Auditor) for and on behalf of:

Saffery Champness LLP

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

Date: 23 November 2022

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

Statement of Financial Activities

- Including Income and Expenditure Account, for the year ended 31 March 2022

Note Note Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds £ funds £ 2022 £ funds £ funds £ 2021 £
Income from
Donations and legacies 2a 1,045,045 3,002,736 4,047,781 100,347 2,124,756 2,225,103
Charitable activities
 2b - 342,877 342,877 - 334,153 334,153
Total 1,045,045 3,345,613 4,390,658 100,347 2,458,909 2,559,256
Expenditure on
Raising funds 3a (19,193) - (19,193) (22,480) - (22,480)
Charitable activities 3b (42,827) (3,393,766) (3,436,593) (37,921) (2,437,979) (2,475,900)
Total (62,020) (3,393,766) (3,455,786) (60,401) (2,437,979) (2,498,380)
Net income/(expenditure) 983,025 (48,153) 934,872 39,946 20,930 60,876
Net movement in funds 983,025 (48,153) 934,872 39,946 20,930 60,876
Transfer between funds (24,680) 24,680 - (13,561) 13,561 -
Reconciliation of funds 12
Total funds brought forward 261,906 391,223 653,129 235,521 356,732 592,253
Total funds carried forward 1,220,251 367,750 1,588,001 261,906 391,223 653,129

All recognised gains and losses are shown above. All the charity’s operations are classed as continuing. The notes on page 38 to 47 form part of these financial statements.

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Balance Sheet

- As at 31 March 2022

Statement of Cash Flows

- For the year ended 31 March 2022

Note Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds £ funds £ 2022 £ funds £ funds £ 2021 £
Fixed assets
Tangible assets 5 - - - - - -
Current assets
Debtors 6 1,153,371 4,244 1,157,615 100,000 4,468 104,468
Cash at bank and in hand7 68,670 407,049 475,719 163,606 426,468 590,074
Total current assets 1,222,041 411,293 1,633,334 263,606 430,936 694,542
Creditors: falling due
within one year 8 (1,790) (43,543) (45,333) (1,700) (39,713) (41,413)
Total assets less
current liabilities 1,220,251 367,750 1,588,001 261,906 391,223 653,129
Net assets 1,220,251 367,750 1,588,001 261,906 391,223 653,129
Funds of the Charity
Unrestricted funds 12 1,220,251 - 1,220,251 261,906 - 261,906
Restricted funds 11/12 - 367,750 367,750 - 391,223 391,223
Total 1,220,251 367,750 1,588,001 261,906 391,223 653,129

These financial statements have been prepared in accordance with the special provisions of

2022 Total Funds £ 2021 Total Funds £
Cash fows from operating activities:
Net cash provided by (used in) operating activities (114,355) 4,986
Change in cash and cash equivalents in the reporting period (114,355) 4,986
Cash and cash equivalents at 31 March 2021 590,074 585,088
Cash and cash equivalents at 31 March 2022 475,719 590,074
Reconciliation of net income/(expenditure) to
cash fows from operating activities
Net income/(expenditure) for the reporting period
(as per the statement of fnancial activities) 934,872 60,876
Adjustments for:
Decrease/(Increase) in debtors (1,053,147) (46,927)
Increase/(Decrease) in creditors 3,920 (8,963)
Net cash provided by (used in) operating activities (114,355) 4,986
Analysis of cash and cash equivalents
Cash at bank and in hand 475,719 590,074
Total cash and cash equivalents 475,719 590,074

Part 15 of the Companies Act 2006 relating to small companies.

The notes on pages 38 to 47 form part of these financial statements.

Approved by the board of Directors on: 3 November 2022

and signed on their behalf by G D R Oldham (Director)

Company Number: 04500923

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Notes to the Financial Statements

- For the year ended 31 March 2022

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.

1.1 Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006.

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.

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.

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

1.2 Incoming resources

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.

1.3 Tax reclaims on donations and gifts

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

1.4 Contractual income and performance related

grants

1.5 Donated services and facilities

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.

1.6 Investment income

This is included in the SOFA when received.

1.7 Expenditure

1.8 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.

1.9 Governance costs

1.10 Grants with performance conditions

1.11 Grants payable without performance conditions

1.12 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.

1.13 Cash at bank and in hand

1.14 Creditors and provisions

recognised at their settlement amount after allowing for any trade discounts due.

1.15 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.

1.16 Tangible fixed assets

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.

1.17 Junior ISA account

1.18. Funds accounting

1.19 Leasing

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

1.20 Pension costs

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

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2. Income from:

Income from:
Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds £ funds £ 2022 £ funds £ funds £ 2021 £
a) Donations and legacies
Gifts and donations 1,045,045 3,002,736 4,047,781 80,347 2,124,756 2,205,103
Tax recoverable - - - 20,000 - 20,000
Total 1,045,045 3,002,736 4,047,781 100,347 2,124,756 2,225,103
b) Charitable activities
Contractual income
from the Department
for Education - - 342,877 342,877 - 334,153 334,153

3. Expenditure on:

Expenditure on: Expenditure on:
Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds £ funds £ 2022 £ funds £ funds £ 2021 £
a) Raising funds
Fundraising costs 1,050 - 1,050 4,090 - 4,090
Support costs (note 4) 18,143 - 18,143 18,390 - 18,390
Total 19,193 - 19,193 22,480 - 22,480
b) Charitable activities
Payments into Junior ISAs
and Child Trust Funds from
voluntary sources - - 2,976,757 2,976,757 - 2,026,076 2,026,076
Financial education 12,739 40,530 53,269 11,300 47,381 58,681
Support costs (note 4) 30,088 376,479 406,567 26,621 364,522 391,143
Total 42,827 3,393,766 3,436,593 37,921 2,437,979 2,475,900

4. Analysis of support costs

Support costs split per fund:

Analysis of support costs
Support costs split per fund:
Unrestricted funds £ Restricted funds £ Total 2022 funds £
Raising funds
Bank charges - - -
Staff costs 18,143 - 18,143
Charitable activities
Bank charges - 2,804 2,804
Computer costs 5,667 23,350 29,017
Consultancy - 5,250 5,250
Equipment 432 5,911 6,343
Insurance - 1,755 1,755
Light and heat - 161 161
Printing, postage and stationery 6,113 13,651 19,764
Rent and rates 1,208 9,673 10,881
Service charge 395 2,866 3,261
Water cooler - 124 124
Staff costs 14,246 294,120 308,366
Staff recruitment - 1,524 1,524
Telephone 138 1,123 1,261
Travel expenses 458 458
Repairs and maintenance - - -
Audit and accountancy fees 1,790 12,160 13,950
Legal and professional 99 1,549 1,648
Total 30,088 376,479 406,567
Total support costs per fund 48,231 376,479 424,710

All expenditure is allocated directly to the fund to which it relates. No costs are apportioned other than the annual audit and accountancy fees which are split on a proportional basis between unrestricted and restricted funds.

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4. Support costs per fund (continued)

Support costs split per fund:

Unrestricted funds £ Restricted funds £ Total 2021 funds £

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 4,860 - 4,860
Total 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 with which it relates. No costs are apportioned other than the annual audit and accountancy fees which are split on a proportional basis between unrestricted and restricted funds.

5. Tangible fixed assets

Tangible fxed assets
Offce equipment £
Cost
At 31 March 2021 & 31 March 2022 1,327
Depreciation
At 31 March 2021 & 31 March 2022 1,327
Net book values
At 31 March 2022 -
At 31 March 2022 -

6. Debtors

Debtors
2022 £ 2021 £
Debtors 108,371 100,385
Prepayments 4,244 4,083
Accrued income 1,045,000 -
Total 1,157,615 104,468

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
2022 £ 2021 £
General Cash Account 68,670 299,818
Private Sector Trust Account 407,049 290,256
Total 475,719 590,074

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8. Creditors: amounts falling due within one year

2022 £ 2021 £
Trade creditors 9,064 11,455
Accruals and other creditors 9,528 8,500
PAYE and NI 9,661 6,630
VAT 17,080 14,828
Total 45,333 41,413

9. Staff costs and numbers

Staff costs and numbers
2022 £ 2021 £
Gross wages and salaries 282,117 258,041
Employer’s National Insurance costs 23,033 20,700
Pension contributions 21,359 19,418
Total 326,509 298,159

10. Auditors’ remuneration

Auditors’ remuneration
2022 £ 2021 £
Statutory audit 8,950 8,500
Non-audit services 5,000 3,750

11. Restricted funds

Restricted funds
Junior ISA and Department Find my
Child Trust Fund for Education Child Trust Total
Donations £ Contract £ Fund £ 2022 £
Balance at 1 April 2021
330,312		 60,911 - 391,223
Income
2,962,736		 342,877 40,000 3,345,613
Expenditure
(2,976,757)		 (352,329) (64,680) (3,393,766)
Transfer between funds
-		 - 24,680 24,680
Closing funds at 31 March 2022
316,291		 51,459 - 367,750

Employees who were engaged in each of the following activities:

Restricted funds

2022 2021
Operational in respect to charitable activities 9 8
Fundraising 1 1
Total 10 9

The charity operates a PAYE scheme to pay all employed members of staff. There were no employees who earned greater than £60,000 (2021: 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 £63,229 (2021: £59,083).

Pension contributions paid were made to defined contribution schemes and personal pension plans for 10 (2021: 9) employees during the year. No Trustees were remunerated for their role as a trustee during the year (2021 - £nil).

Restricted funds
Junior ISA and Department Find my
Child Trust Fund for Education Child Trust Total
Donations £ Contract £ Fund £ 2021 £
Balance at 1 April 2021
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

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.

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13. Analysis of net assets between funds (continued)

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.

Tangible fxed 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

12. Movements on funds

14. Financial commitments

Movements on funds
Unrestricted funds £ Restricted funds £ Total funds £
Balance at 1 April 2021 261,906 391,223 653,129
Incoming resources 1,045,045 3,345,613 4,390,658
Resources expended (62,020) (3,393,766) (3,455,786)
Transfers between funds (24,680) 24,680 -
Closing funds at 31 March 2022 1,220,251 367,750 1,588,001
Unrestricted funds £ Restricted funds £ Total 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

13. Analysis of net assets between funds

Tangible fxed Net current Total
assets 2022 £ assets 2022 £ 2022 £
Unrestricted funds - 1,220,251 1,220,251
Restricted funds - 367,750 367,750
Total funds - 1,588,001 1,588,001

At 31 March 2022 the charity was committed to making the following payments under non-cancellable operating leases:

non-cancellable operating leases:
2022 £ 2021 £
Payments due:
Under one year 10,000 10,000
Within two to fve years 7,500 17,500

15. Payments to directors and related parties

Expenses of £Nil in relation to travel (2021: £Nil) were paid to no director (2021: 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 (2021: none).

During the year Nil (2021: 899) Junior Individual Savings Accounts, totalling £Nil (2021: £179,800), were opened, on behalf of qualifying young people, with The Share Centre. Until November 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 is a Junior ISA provider having been selected by the independent account allocation advisor and all services provided are on an arm’s length basis.

The total value of donations received from the trustees was £1,045,000 (2021: £80,000). No conditions were attached.

16. 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.

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

Registered Office

1108068

04500923

1 August 2002 1 April 2021 31 March 2022

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

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

01296 310 400

www.sharefound.org info@sharefound.org

PO Box 1172 Aylesbury Buckinghamshire HP20 9PG

Auditors Saffery Champness LLP St John’s Court Easton Street High Wycombe Buckinghamshire, HP11 1JX Bankers HSBC Bank plc 8 Market Square Aylesbury Buckinghamshire, HP20 1TW CAF Bank 25 Kings Hill Avenue Kings Hill West Malling, ME19 4JQ Cover graphic from Vecteezy.com