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2023-03-31-accounts

Annual Report & Financial Statements

FOR THE YEAR ENDED 31 MARCH 2023

£2.6m 12,999 from D fE needing accounts

Open

Registered Contact for 42,300 accounts

Grow

£413k BBA donation

My JISA c. £5.8m My CTF Care Leavers Find CTF

Care Leavers c. £38m CTF Recovery

Deliver

£3.9m Local Authorities

2

Our Mission

Contents

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

4 Trustees’ Annual Report, Incorporating The Directors’ Report

26 Independent Auditors’ Report

30 Statement of Financial Activities 31 Balance Sheet

32 Statement of Cash Flows

Our charitable objectives are: to relieve poverty amongst children and young people in need in 1accordance with Christian principles

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.

to advance the education of such children and young people in handling their financial situation in order to encourage self-sufficiency as they grow 2 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.

33-42 Notes to the Financial Statements

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.

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| Trustees’ Annual Report

4

Inter-generational Rebalancing - the long-term solution for levelling up

Trustees’ Annual Report

At the heart of The Share Foundation’s mission is a passion for inter-generational rebalancing. 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 principles on which The Share Foundation operates remain resolutely consistent. Meanwhile the panel on page 6 sets out our major developments over the last financial year, which are linked into our statement of purpose for ease of reference.

The front cover graphic to our report shows the process by which inter-generational 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 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-one years.

----- Start of picture text -----
£2.6m 12,999 needing My JISA Care Leavers:
from Department accounts find CTFMy CTF CTF Recovery: c. £5.8m
for Education
c. £38m
Open Grow Deliver
• Contribute
• Identify need • Inform
• Learn
• Inject funds • Adult transfer
• Invest
Stepladder Plus :
Registered £3.9m £413k BBA
Contact for
from LA-based donation enables
42,300 accounts donors UK-wide access
----- End of picture text -----

The resources which fuel this inter-generational 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 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 inter-generational 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 the period of this report.

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6 | Trustees’ Annual Report

Major developments over the past year

  1. Contract with the Department for Education for operating Junior ISA/ Child Trust Fund services for young people in care

This has been confirmed for the next four years to March 2027 (and is extendable for a further two years). We have administered the Junior ISA element of the scheme since its inception in 2012 and the Child Trust Fund element since 2017.

  1. General recovery programme for Child Trust Funds

There have been some major developments following the National Audit Office report on Child Trust Funds in March 2023. The Share Foundation attended the Public Accounts Committee hearing alongside the Permanent Secretary of HM Revenue and Customs on 18 th May 2023: please view the full hearing via tiny.cc/pacctf . We look forward to further action being taken by Government and the Financial Conduct Authority to ensure that young adults from all backgrounds receive the full benefit of their Child Trust Fund accounts. See page 11 for more details.

3. Communication programme for local authorities

During the first half of 2023 we operated a full programme of virtual seminars designed to encourage local authorities to make maximum use of our services for young people in care.

These have proved very effective, and active participation continues to grow significantly as shown in our ‘Open — Grow — Deliver’ diagram on page 5. This shows how local contributions to starter capital accounts (Junior ISAs and Child Trust Funds) have risen to £3.9m in 2022/23. They are now 151% of the total of initial central government contributions. See page 11 for more details.

4. Life skills development for young people in care

This is delivered through our Stepladder Plus incentivised learning programme. There have been three major developments:

5. Support for adult care leavers

In last year‘s report (pages 18/19), we spoke of our determination to ensure that care leavers get the benefit of their starter capital accounts (Junior ISAs or Child Trust Funds) set up for them: this has been complicated since our formal role ends at age 18. Following discussions with the Department for Education, we have developed a bilateral agreement structure through which all local authorities can delegate this task to The Share Foundation. This programme continues to make strong progress — agreements have already been signed with 47 local authorities by August 2023, and we are using current contact details they provide in order to reach out to over 2,000 adult care leavers to help them link with their accounts, See page 16 for more details.

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8 | Trustees’ Annual Report

Starter capital accounts for young people in care

Young people who have been in care for at least one year, and who were born after 2 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.

Figure 1 | [Average account value by age]

Average JISA value Average CTF value

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£1,500
£1,000
£500
£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 29
Value
----- End of picture text -----

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, raises additional donations for the accounts for all young people up to the age of 18 in 2012 — 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 reaches 18, leaves care at a younger age or takes over responsibility for their own account between the ages of 16 and 18.

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.

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Age
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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.

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 of Court oversaw the scheme until The Share Foundation took over in 2017, and those ‘with a responsible adult’ (normally the natural parent), whose accounts were not centrally organised.

Figure 2 | [Number of active accounts across the UK for young people in care*]

|Figure 2||Number of|active account|s across the U|K for young pe|ople in care| |---|---|---|---|---|---| |Country|Junior ISAs|CTFs at TSF|Total at TSF|CTFs with RA|Total Accounts*| |England|27,641|4,729|32,370|11,645|44,015| |Scotland|4,391|210|4,601|2,606|7,207| |Wales|3,000|430|3,430|735|4,165| |N. Ireland|1,869|26|1,895|484|2,379| |Total|36,901|5,395|42,296|15,470|57,766|

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10 | Trustees’ Annual Report

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 212 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 12,999 new children needing Junior ISAs, and we’ve transferred out 12,098 accounts: since inception these figures are 171,745 and 123,192 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 £270), but this was declined.

Donors
Individuals
Local Authorities
Corporate Donors
Total Voluntary Donations
New JISA Funds from DfE
Donations as a % of
New Funds		 12 months
(to 31 March 2023)
£989,323
£2,391,757
£552,184
£3,933,264
£2,599,800
151%		 2021-2022
£1,006,163
£1,273,908
£651,583
£2,931,654
£2,438,200
120.2%		 2020-2021
£626,848
£1,048,073
£326,665
£2,001,586
£2,552,200
58.8%		 2019-2020
£415,504
£827,098
£257,063
£1,499,665
£2,686,600
74.5%

So during 2022/23 we drew down a total of £2,599,800 for those 12,999 young people needing new accounts. Nearly all young people aged 12 or over and born in the UK 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 2,283 such transfers during the year. A further 153 accounts were transferred back to a responsible adult as the young person left care and 3,696 account holders reached the age of 18 during the year.

Contributing Additional Money

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

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.

Investment

The total raised in 2022/2023 was nearly £4 million, a growth of 34% on the previous year and over 50% higher than the overall total of Government initial Junior ISA starter payments over the same period.

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 - enables young people in many local authorities to see significant growth from the initial £200 contributed for opening Junior ISAs.

There have been significant developments in our communication programme for local authorities over the past year, both within our organisation and through a series of virtual seminars attended by over 1,000 people. Dagmar Taylor leads our team of Des Blackman, who supports London and the south-east of England, Debra Mason, who supports Scotland and eastern England, and Sue Jones who supports Wales, Northern Ireland and the west of England. The virtual seminars are all available on The Share Foundation’s YouTube channel (tiny.cc/tsfyoutube) .

The leading 30 local authorities in terms of average Junior ISA account value are shown in Figure 4 (next page).

As noted in last year’s annual review, significant changes have been made in our arrangements for account provision and investment selection. Transfers of Junior ISAs to NatWest are continuing, and these have been followed by a rationalisation of Child Trust Funds, where we are the registered contact. All the JISAs will be managed by NatWest or The Children’s ISA. This has enabled a more efficient automated interface and better service for young people.

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.

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Figure 4 | Top 30 Local Authorities by JISA value

Local Authority No. of JISAs Average Value Position Position in 2022
London Borough of Ealing 72 £3,561 1 1
London Borough of Havering 78 £2,525 2 2
London Borough of Lewisham 160 £2,111 3 15
Thurrock Borough Council 111 £2,088 4 6
Solihull Metropolitan Borough Council 246 £2,071 5 4
London Borough of Sutton 67 £2,007 6 12
Powys County Council 84 £1,997 7 8
London Borough of Lambeth 133 £1,995 8 3
Kent County Council 537 £1,969 9 16
Coventry City Council 302 £1,766 10 7
London Borough of Barnet 94 £1,623 11 18
London Borough of Camden 51 £1,570 12 5
Hertfordshire County Council 299 £1,468 13 13
City and County of Swansea Council 234 £1,396 14 14
West Berkshire Council 48 £1,393 15 22
London Borough of Waltham Forest 115 £1,280 16 10
Essex County Council 346 £1,183 17 20
Bedford Borough Council 86 £1,111 18 New entry
Telford and Wrekin Council 163 £1,104 19 26
Central Bedfordshire Council 97 £1,004 20 25
Dorset Council 105 £1,003 21 New entry
North Lincolnshire 47 £992 22 New entry
Nottingham City Council 211 £982 23 New entry
London Borough of Newham 107 £981 24 New entry
East Sussex Council 256 £978 25 New entry
Wiltshire County Council 110 £958 26 29
Westminster Council 39 £953 27 New entry
Wokingham Council 37 £949 28 New entry
Bristol City Council 231 £942 29 19
Milton Keynes Council 126 £920 30 New entry

1313

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1414
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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.

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.

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

This was enabled by the stronger financial position as a result of donations from the Gavin Oldham No. 4 Trust and, in January 2023, from the British Bankers’ Association, and it provides the basis for quantitatively significant research into the effectiveness of the programme in reducing NEET risk for adult care leavers. This research is being undertaken at Cambridge University.

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.

As a result of this expansion, we have welcomed 581 new participants onto the programme between October 2022 and July 2023 who had completed 1,114 steps by that date.

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

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.

On the basis of this comprehensive pilot exercise, we asked social investment consultancy Mutual Ventures to prepare a full business case to enable steady state funding to be raised from Government, assisted where possible from the private sector. The full business case can be accessed from this link: tiny.cc/tsfmvreport

In Autumn 2022 we took the decision to open access to Stepladder Plus on a pilot basis for all local authorities across the United Kingdom.

Figure 5 | The Stepladder Plus Programme

Step 5 | Step 4 | Financial Planning Step 1 | Step 3 | for the Capability Step 6 | Literacy Step 2 | Financial Future (2) Securing Using up to date Numeracy Capability 250–500 words Managing future My Money, functional skills Using up to date (1) submitted by the Share Radio’s education, content from functional skills young person broadcast Skills Forward. content from Practice and and assessed version of the employment This assesses the Skills Forward. assessment with by The Share Open University or training young person’s This assesses the costs of living Foundation, Business reading and young person’s using Skills describing their School’s eightWorking with a writing skills and maths skills and Forward aspirations for week course mentor such as a is achievable at is achievable at software and the future and with recognised teacher, leaving Functional Skills Functional Skills Young Money how they will use accreditation. care worker etc. Entry 3 or above. Entry 3 or above. content. their investment. (Incentive £350) (Incentive £400) (Incentive £150) (Incentive £150) (Incentive £200) (Incentive £250)

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16 | Trustees’ Annual Report

Adult Transfer

It is, of course, very important to do all we can to ensure that adult care leavers successfully claim their accounts. However, because The Share Foundation’s role ends at a young person’s 18th birthday, we are reliant on local authorities to link the accounts. Also, because our role as registered contact on account provider records drops away at 18, we have to rely on account providers’ goodwill to maintain a summary of how many accounts remain unclaimed. This analysis continues to show that a minority of care leavers’ accounts are not being accessed.

Following discussions with the Department for Education we have developed a form of bilateral agreement with which local authorities can authorise The Share Foundation to communicate directly with adult care leavers and provide tracing arrangements to ensure that their accounts are properly linked. Starting in Autumn 2022, we have thus far signed 47 of these agreements, and the rate of claiming has significantly increased.

During the year to 31/3/2023 our MyJISA and MyCTF facilities have successfully linked 6,156 Junior ISA and Child Trust Fund matured accounts, with a total value of £5.8 million, and significant further access to adult accounts will have 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.

The past year has seen a small improvement in the unclaimed rate for adult Child Trust Funds from 47% to 42% (estimates provided by TISA, the account providers trade association), but this means that the overall total of unclaimed accounts is over one million as at the end of July 2023, with an estimated total value of nearly £2 billion.

The Share Foundation has linked nearly 36,000 young people with their accounts, with an estimated total value of nearly £70 million, 55% of which were located during the 2022/23 year with an estimated total value of £38 million. By far the highest unclaimed rate is among young adults from low-income families and, using an estimate of 70% unclaimed for this segment, we can provide this regional analysis as at the end of July 2023.

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146,000
1,261,000
None
Active Saving
Cash Withdrawn
1,018,000
Action Taken by CTF Holders
Figure 6 |
----- End of picture text -----

There remains a huge task to ensure that the Child Trust Fund harvest is completed for young adults most in need.

Figure 7[|] Geographic distribution of adult-owned CTFs by opening method and additional payment, as at 31st July 2023

Locations Young adults
with CTFs		 % of HMRC
allocated		 % with addl.
payments		 Estimated
unclaimed		 Estimated %
unclaimed
North East 92,000 32.6% 45% 40 43.6%
North West 266,000 32.0% 43% 115 43.3%
Yorks &
The Humber 200,000 31.1% 42% 86 43.0%
East Midlands 167,000 27.8% 36% 69 41.7%
West Midlands 217,000 30.5% 42% 93 42.7%
East 220,000 23.3% 29% 88 39.9%
London 339,000 28.6% 40% 142 42.0%
South East 322,000 22.5% 26% 128 39.6%
South West 183,000 22.7% 30% 73 39.7%
England 2003,000 27.5% 36% 834 41.6%
Wales 108,000 30.0% 42% 46 42.6%
Scotland 177,000 33.6% 36% 78 44.0%
N. Ireland 75,000 36.2% 38% 34 45.0%
Overseas
and unknown 64,000 29.6% 24% 27 42.4%
United Kingdom
2,425,000		 28.4% 36% 1018 42.0%

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| Trustees’ Annual Report

18

During 2023, we have worked with the National Audit Office in the preparation of their report for the Public Accounts Committee, and in May 2023 Gavin Oldham and Anthony Walker were invited to attend its hearing alongside HM Revenue and Customs.

The Public Accounts Committee report was published on 26 July 2023, and included this reference to The Share Foundation:

‘The engagement of The Share Foundation to manage Child Trust Funds on behalf of children in care has given a focus to those accounts and should be a lesson for HMRC on how to make its schemes work well for hard-to-reach groups.’

The two key proposals which we set out in the hearing in order to improve the claiming rate for young adult accounts significantly were:

The HM Treasury/HMRC response to the Public Accounts Committee findings was published in September 2023, and we hope this will lead to a significantly greater priority being given to successful linkage of accounts belonging to young adults. See the response at sharefound.org/treasury-minutes

Meanwhile our work to progress the linking of accounts continues through a variety of channels:

How we deliver all this

The Share Foundation’s team has remained at 12 people over the past year, and we continue to work approximately 50% at our Aylesbury office [Figure 9, next page] and 50% remotely.

There is a team co-ordination event each fortnight, and our organisation continues with 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.

In November 2023 Anthony Walker, our Director of Operations, will move to a two-day week working schedule and Sue Parsons will become Operations Manager. She will be joined by our new Finance Manager, Willem de Villiers.

The trustees are very grateful to all the team for their dedication and hard work, and particularly to Anthony Walker and Sue Parsons, 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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| Trustees’ Annual Report

20

In the longer term:

Figure 9 | Aylesbury office

21

| Trustees’ Annual Report

22

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

Reputational issues

care

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 Operations and Finance Managers, 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 2022-23 can be broadly divided into four categories:

General (unrestricted): Income of £15,959 which was preceded in 2021-22 by exceptional donations totalling £1,045,045 from Gavin Oldham and the Gavin Oldham No 4 trust. These donations have 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 £19,706 (2022: £19,193), and governance costs were again kept well under control at a total cost of £15,180 (2022: £13,950). 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 £430,186 for 2022-23. 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.

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 £3.933 million during 2022-23, a considerable increase on the previous year’s figure of £2.931 million.

Reserves Policy

As at 31 March 2023 The Share Foundation had unrestricted reserves of £1,147,126 (2022: £1,220,251) and restricted reserves of £653,745 (2022: £367,750). Please see note 11 on page 40 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

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24 | Trustees’ Annual Report

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 25 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 31 March 2023 are:

Gavin Oldham OBE

Christopher Daws Ruth Kelly

John Reeve

Henrietta Royle

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.

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

G D R Oldham Chair of Trustees

Date: 14 November 2023

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26 | Independent Auditors’ Report to The Trustees

Independent Auditors’ Report to The Trustees

In our opinion the financial statements:

Opinion

We have audited the financial statements of The Share Foundation for the year ended 31 March 2023 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, 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:

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 pages 24 and 25, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the

27

28 | Independent Auditors’ Report to The Trustees

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

There are inherent limitations in the audit

non-compliance 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 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.

procedures described above and the further removed non-compliance 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.

Andrew Watkinson (Senior Statutory Auditor)

for and on behalf of:

Saffery LLP

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

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

29

30

Statement of Financial Activities

Balance Sheet

- As at 31 March 2023

- Including Income and Expenditure Account, for the year ended 31 March 2023

Note Unrestricted
funds		 Restricted
funds		 Total funds
2023		 Unrestricted
funds		 Restricted
funds		 Total funds
2022
£ £ £ £ £ £
Income from
Donations and legacies2a - 4,397,825 4,397,825 1,045,045 3,002,736 4,047,781
Charitable activities
2b		 - 430,186 430,186 - 342,877 342,877
Investment Income 15,959 - 15,959 - - -
Total 15,959 4,828,011 4,843,970 1,045,045 3,345,613 4,390,658
Expenditure on
Raising funds 3a (19,706) - (19,706) (19,193) - (19,193)
Charitable activities
3b		 (50,290) (4,561,104) (4,611,394) (42,827) (3,393,766) (3,436,593)
Total (69,996) (4,561,104) (4,631,100) (62,020) (3,393,766) (3,455,786)
Net income/(expenditure) 12 (54,037) 266,907 212,870 983,025 (48,153) 934,872
Net movement in funds 12 (54,037) 266,907 212,870 983,025 (48,153) 934,872
Transfer between funds 12 (19,088) 19,088 - (24,680) 24,680 -
Reconciliation of funds 13
Total funds brought
Total funds carried		 forward
forward		 1,220,251
1,147,126		 367,750
653,745		 1,588,001
1,800,871		 261,906
1,220,251		 391,223
367,750		 653,129
1,588,001
Note Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
Fixed assets
Tangible assets 5 - - - - - -
Current assets
Debtors 6 139,445 5,702 145,147 1,153,371 4,244 1,157,615
Cash at bank and
short term deposits 7 1,034,780 733,708 1,768,488 68,670 407,049 475,719
Total current assets 1,174,225 739,410 1,913,635 1,222,041 411,293 1,633,334
Creditors: falling due
within one year 8 (27,099) (85,665) (112,764) (1,790) (43,543) (45,333)
Total assets less
current liabilities 1,147,126 653,745 1,800,871 1,220,251 367,750 1,588,001
Net assets 1,147,126 653,745 1,800,871 1,220,251 367,750 1,588,001
Funds of the Charity
Unrestricted funds 13 1,147,126 - 1,147,126 1,220,251 - 1,220,251
Restricted funds 11-13 - 653,745 653,745 - 367,750 367,750
1,147,126 653,745 1,800,871 1,220,251 367,750 1,588,001

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 pages 33 to 42 form part of these financial statements.

All recognised gains and losses are shown above. All the charity’s operations are classed as continuing.

The notes on page 33 to 42 form part of these financial statements.

Approved by the board of Directors on 14 November 2023 and signed on their behalf by

G D R Oldham , Director

Company Number: 04500923

31

32

Statement of Cash Flows

- For the year ended 31 March 2023

2023 Total Funds £ 2022 Total Funds £

Cash fows from operating activities:
Net cash provided by (used in) operating activities		 1,292,769 (114,355)
Change in cash and cash equivalents in the reporting period 1,292,769 (114,355)
Cash and cash equivalents at 31 March 2022 475,719 590,074
Cash and cash equivalents at 31 March 2023 1,768,488 475,719
2023 Total Funds£ 2022 Total Funds£
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)		 212,870 934,872
Adjustments for:
Decrease/(increase) in debtors		 1,012,468 (1,053,147)
Increase/(decrease) in creditors 67,431 3,920
Net cash provided by (used in) operating activities 1,292,769 (114,355)
Analysis of cash and cash equivalents 2023 Total Funds£ 2022 Total Funds£
Bank accounts
CCLA COIF deposit fund		 259,297
1,059,191		 475,719
-
CCLA COIF Stepladder deposit fund
Total cash and cash equivalents		 450,000
1,768,488		 -
475,719

Notes to the Financial Statements

- For the year ended 31 March 2023

Charity Information

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

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

1.2 Incoming resources

These are included in the Statement of Financial Activities (SOFA) when:

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

• The charity becomes entitled to the 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 Accounting policies

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

1.3 Tax reclaims on donations and gifts

1.1 Basis of accounting

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

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.

1.4 Contractual income and performance related grants

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

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.

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

1.6 Investment income

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.

This is included in the SOFA when received.

1.7 Expenditure

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

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.

33

34 | Notes to the Financial Statements

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

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.

1.10 Grants with performance conditions

1.11 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.

1.12 Debtors

1.13 Cash at bank and in hand

1.14 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.

1.15 Financial instruments

1.16 Tangible fixed assets

1.17 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.

1.18 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.

1.19 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.

2. Income from:

Unrestricted
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total funds
2023
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total funds
2022
£
a) Donations and legacies
Gifts and donations
Total		 -
-		 4,397,825
4,397,825		 4,397,825
4,397,825		 1,045,045
1,045,045		 3,002,736
3,002,736		 4,047,781
4,047,781
b) Charitable activities
Contractual income
from the Department
for Education - - 430,186 430,186 - 342,877 342,877
Expenditure on:
Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds
£		 funds
£		 2023
£		 funds
£		 funds
£		 2022
£
a) Raising funds
Fundraising costs 400 - 400 1,050 - 1,050
Support costs (note 4) 19,306 - 19,306 18,143 - 18,143
Total 19,706 - 19,706 19,193 - 19,193
b) Charitable activities
Payments into Junior
and CTFs from		 ISAs
voluntary sources - - 4,047,555 4,047,555 - 2,976,757 2,976,757
Financial education - 34,622 34,622 12,739 40,530 53,269
Support costs (note 4) 50,290 478,927 529,217 30,088 376,479 406,567
Total 50,290 4,561,104 4,611,394 42,827 3,393,766 3,436,593

3. Expenditure on:

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.

35

36 | Notes to the Financial Statements

4. Analysis of support costs

Support costs split per fund:

Unrestricted funds Restricted funds Total funds 2023
£ £ £
Raising funds
Online fundraising 400 - 400
Staff costs 19,306 - 19,306
Total 19,706 - 19,706
Charitable activities
Bank charges		 - 5,899 5,899
Computer costs 1,320 20,641 21,961
Consultancy 25,000 5,250 30,250
Equipment - 1,443 1,443
Insurance 224 2,014 2,238
Printing, postage and stationery 188 22,928 23,116
Rent and rates 1,212 9,669 10,881
Service charge 395 3,466 3,861
Water cooler
Staff costs		 -
19,570		 202
386,190		 202
405,760
Staff training - 429 429
Telephone 121 1,606 1,727
Travel expenses 307 1,097 1,404
Audit and accountancy fees 1,940 13,240 15,180
Legal and professional 13 4,853 4,866
Total 50,290 478,927 529,217
Total support costs per fund 69,996 478,927 548,923

4. Analysis of support costs (continued)

Support costs split per fund:

Unrestricted funds
Restricted funds
Total funds 2022
£
£
£
Raising funds
Staff costs
18,143
-
18,143
Total
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
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.

37

38 | Notes to the Financial Statements

5. Tangible fixed assets

Tangible fxed assets
Offce equipment
£
Cost
At 31 March 2022 & 31 March 2023 1,327
Depreciation
At 31 March 2022 & 31 March 2023 1,327
Net book values
At 31 March 2023 -
At 31 March 2022 -

6. Debtors

Debtors
2023 2022
£ £
Debtors 127,261 108,371
Prepayments 13,039 4,244
Accrued income
Total		 4,847
145,147		 1,045,000
1,157,615

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

7. Cash at bank and short term deposits

Cash at bank and short term deposits
2023 2022
£ £
Bank current accounts 259,297 475,719
CCLA COIF Deposit fund 1,059,191 -
CCLA COIF Stepladder Deposit fund 450,000 -
Total 1,768,488 475,719

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 11,021 9,064
Accruals and other creditors 71,809 9,528
PAYE and NI 9,823 9,661
VAT 20,111 17,080
Total 112,764 45,333

9. Staff costs and numbers

Staff costs and numbers
2023 2022
£ £
Gross wages and salaries 365,959 282,117
Employer’s National Insurance costs 32,202 23,033
Pension contributions 26,905 21,359
Total 425,066 326,509

Employees who were engaged in each of the following activities:

2023 2022
£ £
Operational in respect to charitable activities 11 9
Fundraising 1 1
Total 12 10

The charity operates a PAYE scheme to pay all employed members of staff. During the year there was one employee who earned between £60,000-£70,000 (2022 – None).

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 £66,548 (2022: £63,229).

Pension contributions paid were made to defined contribution schemes and personal pension plans for 12 (2022: 10) employees during the year. No Trustees were remunerated for their role as a trustee during the year (2022 - £nil).

39

40 | Notes to the Financial Statements

10. Auditors’ remuneration

Auditors’ remuneration
2023 2022
£ £
Statutory audit 9,700 8,950
Non-audit services:
Quarterly assurance review 5,000 5,000
In accordance with the Department for Education funding agreement quarterly
assurance reviews are completed to verify that the funds requested for the
application of Junior ISAs for eligible children are appropriately requested, invested
in Junior ISA funds under the names of such children and paid to the appropriate
entities and individuals.
Restricted funds
Junior
Stepladder ISA & CTF DfE Find Total
Programme
£		 Donations
£		 Contract
£		 my CTF
£		 2023
£
Balance at 1 April 2022 195,595 120,696 51,459 - 367,750
Income 424,552 3,933,273 430,186 40,000 4,828,011
Expenditure (129,600) (3,917,955) (454,462) (59,088) (4,561,104)
Transfer between funds - - - 19,088 19,088
Closing funds at 31 March 2023 490,547 136,014 27,184 - 653,745
Junior
Stepladder ISA & CTF DfE Find Total
Programme Donations Contract my CTF 2022
£ £ £ £ £
Balance at 1 April 2021 223,294 107,018 60,911 - 391,223
Income 31,000 2,931,736 342,877 40,000 3,345,613
Expenditure (58,699) (2,918,058) (352,329 (64,680) (3,393,766)
Transfer between funds - - - 24,680 24,680
Closing funds at 31 March 2022 195,595 120,696 51,459 - 367,750

11. Restricted funds

Stepladder Programme relates to income specifically received and subsequent rewards paid to successful Stepladder participants for each step of the programme they complete. Funds are paid to their Junior ISA or CTF accounts where possible, or directly to the participant if they are over 18 and we are unable to deposit funds into their account.

The DfE 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 project 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.

12. Movements on funds

Movements on funds
Unrestricted funds Restricted funds Total funds
£ £ £
Balance at 1 April 2022 1,220,251 367,750 1,588,001
Incoming resources 15,959 4,828,011 4,843,970
Resources expended (69,996) (4,561,104) (4,631,100)
Transfers between funds (19,088) 19,088 -
Closing funds at 31 March 2023
1,147,126		 653,745 1,800,871
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

13. Analysis of net assets between funds

Tangible fxed Net current Total
assets 2023 assets 2023 2023
£ £ £
Unrestricted funds - 1,172,126 1,172,126
Restricted funds - 628,745 628,745
Total funds - 1,800,871 1,800,871

41

42 | Notes to the Financial Statements

13. Analysis of net assets between funds (continued)

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
Financial commitments
At 31 March 2023 the charity was committed to making the following payments under
non cancellable operating leases:
2023 2022
£ £
Payments due:
Under one year 7,500 10,000
Within two to fve years - 7,500

14. Financial commitments

15. Payments to directors and related parties

Reimbursed expenses of £480 (2022: £Nil) were paid to one director (2022: 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 (2022: none).

The total value of donations received from the trustees was £nil (2022: £1,045,000). No conditions were attached.

Legal & Administrative Information

Charity Registration Number

1108068

Company Registration Number

04500923

Date of Incorporation

1 August 2002

Start of Financial Year

1 April 2022

End of Financial Year

31 March 2023

Directors

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

Registered Office

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

Auditors

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

Bankers

HSBC Bank plc CAF Bank 8 Market Square 25 Kings Hill Avenue Aylesbury Kings Hill Buckinghamshire, HP20 1TW West Malling, ME19 4JQ

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.

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.

For the past eleven 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 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.

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

43

44

01296 310 400

www.sharefound.org

info@sharefound.org

PO Box 1172 Aylesbury Buckinghamshire HP20 9PG