SHEILA UNLEASHING MCKECHNIE SOCIAL POWER THE SHEILA MCKECHNIE FOUNDATION Charity Registration in England and Wales No. 1108210 Scotland Registration No. SC044207 Company Registration No. (England and WaLes) 05331412 (A COMPANY LIMITED BY GUARANTEE) AUDITED TRUSTEES, REPORT ANDACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
THESHEILAMCKECHNIE FOUNDATION CONTENTS Page Legal and Administrative Information Trustees, Report Auditors Report 21 Statement of Flnancial Activities 24 Balance Sheet 25 Statem8nt of Cash Flows 26 Notes to the Accounts 27 Page 2
THE SHEILA MCKECHNIE FOUNDATION LEGALANDADMINISTRATIVE INFORMATION Trustees Nicole Itano (Chair)-Appointed 3010912025 Richard Lane (Interim Chair until 3010912025) Re8ppoint&d 0811212025 David Wade {Treasurer)- Appointed 3010912025 Patrlck Steen- Resigned 0811212025 Zalnab ALI Khan- Resigned 081121202a Anthony Burton- Appolnted 1810612024 Jullet Can-Appolnted 1810612024 Sami Glchkl- Appointed 1810612024 Alex Kent- Appointed 1810612024 Gilllan Lazonby-Appointed 1710912024 Emliji Rudzin6kaite - Appolnted 1810612024 Kimberly Garande (Vlce Ch8lr) Resigned 1011212024 Debor8h Doane Resigned 0910112025 Stugrt Davis <Treasurer) Reappointpd 1011212024 and Re8l¢ned 1010612025 Pete Moorey {Chair) Resigned 1010612025 Resigtered Address Crown Chambers Bridge Street Sallsbury SP12LZ Auditors Fletcher & Partners Crown Chambers Brldge Street Salisbury SP12LZ Banl<ers Unity Trust Bank Nine Bridley Place Birmingham B12HB Page 3
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEARAPRIL 2024 TO MARCH 2025 THE SHEILAMCKECHNIE FOUNDATION (SMK) This trustees, report Includes the dlrectors, report as requlred bycompany law. Introduction SMK takes a big plcturevlew of ¢smp8igning and social chAnge. We recogni89 that campaigners are trying to change lots of different things- from helping someone acc88S their rights to changing poltcyor attitudes at a natlonal scalo. W6 also recognise that tOre are Lots ofways to campaign from awareness raising and community organlsing, to movement buiLding and political lobbying. We knowthat social change typicalLy happens when lots of people use differenttactics across th[8 broad 'eco system, of change. Ourjob is to help campalgners 8nd changemakers of all kinds-whether working on their own or in big organisations- understand more about how social change happens and howto design their campaigns to have the best chance of success. At the same time, we want to build a better understanding ofwhat sociaL purpose campaigning is. and why it matters. And build a sense of community and solidarity amongthose pushingfor change. The past year has been a challenging one for many charities 8nd campai8nin8or anisal'ions across the UK. and SMK has not been immune. We have navigated a period of signifiGant transition. includingthe departure of both our long-standing Chief Executive and Chair, alongside the continued financial pressure8 facing much of the sector. Like many small charities, w6 have been affected by an ovei-retianGe on a Limited number of fund8rs, the on8oing challonge of d8velopin8 new income streams, and a fall in ourtrading income. These realitie8 required the Board and leadership team to take somo difficult and unpalatable deGisions, incLuding a n6¢ossary resizing of the organisation to seGure its long-term sustainability. Throughout, the Board has approached this period wlth integrity, care, and realism- always gulded by whatwouLd best protect SMK'S mission and the campaigners we serve. The staft team has shown extraordinary resllience. professionallsm, and tellaGtty. Despite capaclty pressures and the emotionat toll of change, thelr commitment to SMK'S purpose- supporting those driving change In communities, organi8atlons, and movements across the UK- has remained unwavering. Pagè 4
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEARAPRIL2024TO MARCH 2025 I'his has also been a year of renewal and strengthening. We have appointed an Acting Interim Chief Executiv@ to provide stability and leadership. and we now have a stronger, morE3 diverse Board following a wide-ranging recruitment process that has brougtit in new sl<ills, experienGes, and perspectives. We are also delight8d to have appointed a new permanent Ch8ir of Trustees, who WILI take up post in September 2025, bringingfurther depth and continuityto SMK'S governance. We remain deeply grateful for the continued support, advice, and confidence of our funders and partners, who have stood by us throu8h a diff icultyear. Their beLief in our nii8sion- and in the campaigners and changemakers w& ch8mplon- has been criticaL In helping u8 navigate this period and plan for the future. Each year, the SMK CampaigngrAwards r8mind us wliy ourwork matters. They bringto life the creativity. courag8. and dlverslty of people and movements drivlng change 8t every18vo1-from neighbourhood projects to r)atlonÉl pollcy, It is thelr 8tories, and their impact, that contlnue to inspire us all. A.8 SMK marks Its twentleth gnniversaryyear, wo do so with humility about the ch81len¥es we have faced, and cautious optimism about the road ahead. The decislons of tlie past year have not been easy, hutthey have laid the foundations for 8 Stronger, more su8tainabLe fLrture. SMK enters its next chapter Leaner, steadier, and more focused than ever on supporting those who make change happen. The truth Is, we are all c8mp8lgners-when we ne8d to b8. Whether making sure a child gets the supportthey need at school ortrying to shlft global climate policy, this is aLL campaignlng. And SMK Is stlll here for alL of you. Objectlves of the charity Our vlslon is a more confldent and powerful campaign communitythat works together to drlve change. Our mlsslon is to unleash tl)e potentlal of changemakors by providing them with support, connecting them, and championingthelr interests. Public beneflt 8tatemant In setting our objectivgs and plannlng our objectives ourTrustees have given careful consideration to the Charity Commission's 8enoral guidance on public bonefit and in particular to its supplementary public benefit guidance on advancing GitizenBhip and community development. Page 5
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEARAORIL 2024TO MARCH 2025 Actfvitles and Revlew The followlng revlew summarlses SMK'S activlties ovor 2024125 underthe four headings: Support, Connect, Champion & Organisational Development. 1. SUPPORT SMK supports chang8mak8rs through Grant Funded prograriimes and tralnin¥ & consultancy d@Ilvered through our Trading Company. Whether campalgners are atth8 start of th6irJourn8y, or deeply experi8nced, we provlde tho tools and support they need to effectively. In 24125 we trained around,326 people frorn organisatlons and reached a further 932 Individuals through our onLine Change Malcers Toolkit. Grant-funded tralnlng programmes Thanks tothe Oal< Foundatlon's support through their Housing and Homelessne.gs fund, SMK has continued to strengthen the knowledge, skills and confldence of campaigners workin8 on housing and homelessness across the UK. In this third year of the partnership, and with agreement from Oak, the programme pivoted awayfrom our focus on solidarity in social change to align more closely with SMK'S capacity buitdingtraining and support. Free aGGess was provided to Oak grantees to 8 range otSMK programmes designed to build Gampaign GapaGity. Gollaboration and leadership. Participants were able to develop Gore campaigning skills through our Campaign Carou8el programme, benefitfrom a more detailed exploration of topics such as campaign strategy. theory of Gh8nge and understsnding local pow8r in our Deep Dive programme and experience group coaching and p88r support as part of an Action Learning Set. Cate ory Campalgn Carousel onLlne worksho Deep Dlve trainlng places Actlon Leaming Set Number of Oakfunded partlclpants 13 individuals, 12 organisaiions 28 individuals. 15 organisations 8 individuals, 7 organisations Grantees represented organisatlons, from grassroots groups to national charities, working In partnershlp wlth communltles IncLuding r8fuge8s and asylum seekers, tenants, young people, women, Travell8rs, Roma, Black and other racially mlnoritised groups, communities leadingthe way in challenging housing insustice and homelessness. Page 6
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEARAPRIL2024TO MARCH 2025 "It was great to mèet a new supportive group of people in similar roles in the sector. I learnt a lot from them and thelr Insights. Facilitation was excellent and really helped foster trust in 8ach other" Action Learning Set participant. 'It's an eye opening and surprising experience, 8 gr68t chance to reflectlvely collect, challenge yourself and feel part of a campalgning community". 08k programme particlpant. "It gave me more confidence in my abilitie8 $8 & campaigner. Particularly 8s I come from more of 8 di8lt81 background rather than cgmpaignin8. Deflnit8ly helped alleviate mylmposter syndrome. Also provided me with 8 ton of useful tools and frameworks forthinklng 8bout campaigns. being creative and solving problems". Oak progr8mme partiCiP8nt. The programme has offered much-needed space for campaigneis to build sl<ills, reflect on ch8Llenges and connect wlth others. To maintain momentum and connectlon across the community, SMK shared regular newsletters and blogs gnd hosted a Community Catch Up In J8nuary 2025 (8 partlcipants from 7 partner org8nlsatlons). We also contlnued to support the learning communlty established In Year one and two of the partnership. Feedbaclc shovved that particlpants partlcularlyvalued the chancè to learn alongslde peers, explore new approaches, and gain practlcal tooLs they could apply In their organisations straight away. "I found it really usefuLto have lots of time to chat to other attendees. and I forme(J some useful connections through this". Providlng access to SMK stapLes like the C8mpaign Carousel ensured Oak grantees got to mix with a wide range of Gampaigners from across the sector. One of the most powerful aspects of the programme has been the sense of shared experience across different sectors; 'It's been really useful to hear that people are experiencing similar things outside of my sector, recognition of the problems gtves mo hope that something can be done about it." In a ch8llenglng year for SMK, Oak's continued support has enabled us to remain focused on our core mission of strengthenin8 campaigners, Lookln8 ahead, wo liave an @xceLlent ongoing relationship with the Foundatlon and our new themes of Connoction and Capacity Building In Year Four are already provlng popular. Pag8 7
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEAR APRIL 21)24TO MARCH 2025 In March 2024, with grant support from Wlkimedla UK, SMK launched the Chang8makgr's Toolkit. The toolkit helps peopLe develop 8 foundational understanding of campaignlng through three practical modules. The Toolkit ha8 had 932 active users in this period. On average, users rated the modules as 4.4 out of 5 in th6 Star rating. One user identified the resource as'brillianv and went on to say'lt's packed with accessible. free online resources 8n(I sultable for campaigners at all levels., We actively market ourfree content to target audiences Including grassroots organisations, Student Union8 and youth or88nlsations. Our free campaignin8 tools have an aver8ge of 132 monthly downloads, th6 Changemaker's Toolkit h88 an aver8ge Df 56viewers per month, and the Fr66 Campaigning Tools page has had an aveyage of 67 vlaws per month. Tr8lnlng and ConsuLtan¢ythrough Trading We earnt income of £77,385from training, which outperformed our 70K target. Our consultancy operation didn't meet its expected target, comlng in lowerthan forecast at £52,249. Overall, the training and consultancy programme generated a total income of £129,634 across the year, against a targetof £140,000. Tyalnlng For early-stsge campaigners we offer a founclational understanding of how change happens and an introduction to dffferent campaign disciplines through our Campaign Carousel {a series of nine workshops) and Open Training programme (one-offworkshops). Participants come from a wide range of charities from local organisations Like Carin8 in Bristol (£1,3m turnover) to small intermediary organisations like Surfers Against Sewage (£3.3m tiirnover) and Larger organisations like the RSPCA (£152.5m turnover) and Amnesty International UK {£22.8m turnover). Campaign Carousel participants told us thatthe training had increased their confidence, knowledge, skSlls and tools to campaign effectively. Increased understandin8 of influencing and policy chan.ge, both key campaigning skills, was reported by 1001Yo of evaluation survey respondents. "The Campaign Carousel tralning gave me both practical tools and deeper Inslghts into effective campaignlng. It also introduced me to now approaches and networks I hadn't considered before. Most importantly, It equipped me with knowledge I could immediately apply in my role, helping me campaign more effectively for the rights of refugee and asylum-96eking women." Carousel participant. Pag8J 8
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEAR APRIL 2024TO MARCH 2025 We offered advancéd support for Inore experienced campaigners through our Deep Divg sessions and our Action Learningsets. 590th of participants In our Deep Dive sessions were employed as Managers, Heads of Departmeiit or Directors within campai$nin8 or8anisations. Over the year we had a high demand with flve sell-out sessions and 94 participants in total. 26 Campaigners participated in our Action LearningSet8 which foster critlcal thlnklng through peer learning sesslons. 'Thank you, I found that so useful. I have Learnt lots of helpful practical tips and wllltal<e forward thinl<ing at a much more granular Level about who we should target and when." Director and Deep Dive participant. In 2024we developed iwo new Deep Dives - Theory of Change: a framework for effective social change and Understanding Local Power: Inslder perspectives on counclls, mayors 8nd grassroots impact, In response to C8mp8igners' need for clearer p8thways to change and a better grasp of how local powerworks In practice. As the pollticaL landscape shifts. these sesslons offer pr8ctl¢al tools to plan more effectively and influence declsion-makers Ioc8lly. We have also contlnued to run our popular Deep Dive on Howto develop effectlve c8mp8ign str8t68ies and re-ran our one-off Deep Dive on Howto own the room: build your influence. presence and charisma with Viv Groskop. Category Cam aign Carousel onLinp workshops Deep Dive trainin places Action Learningset Number ol paid for places 93 Commissloned traFnlng & Consultancy Our consLiltancy combines commissioned trainlng 8nd strategit support. In 2024125, trainingwas consistently in demand, and our consultancy en8bl8d key organisations to sharpen their social change strategy. SMI( has provided short in-hoLJse trainingworkshops for a range of or8anlsations, including Cancer Research UK, Soclal Care Futures, and Lumos. A particular highlight was leadlr)gworl<shops to he,Ip young people wlth epilepsy gain tho confidence and skills to use their voice wlttt EpiLepsy UK. Page 9
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEARAPRIL2024TO MARCH 2025 We also provided longer-term cap8CIty building programmes for clients incLudingthe Soutliall CommunityAILi8nce, TravelLer Movement, and p from the N8tion8l Parks England. In ourthird yearwith Rosa UK's'Volce4) Frontline, f'und, we delivered a five-month programme forwomen and qirls, organis8tions wanting to strengthen their locaL campaigning. We also ran a second year of a four-month ParalympicsGB programme, inspiring 8thletes to US8 their platforms to drive social change. The programme launched in March with an interactlve onLine eventthat inspired p8rt1cipants to explore how they can speak up, build influence. and drive change on issues they care about '1 think the online session was a great introduction to 8dvoc8cy and campaigning, an area l am very new to. I found the sessions engaging and informative, giving me a Lot of new icleas and enablin8 me to think differeniiy about campaigning." Participant ParalympicsGB We ian a repeat of the well-received day-long session on the TUC'S Leading Change programme fortrade union leaders. We also provided in-house strategic conveisations on social change for organisations including Heatherwick. NUS, and The Bamwood Trust. One consultancy Glient fed back Thank you for running SUGh a brilliant event yesterday-you are SUGh experts in whatyou do and it's a pleasure to workwith you,. Category Organisaiions that hav commissioned consultanc Campaigners reached through consultanc 160 participant8 ThlatotAI does not include the individual or8anisation8 thatwe train through tlie commls8lonlng oiganisation. w8 pl8n to monitorthi6 more accuyatoly in ou¥next repoi't. *Yhis an e8timat8 basod on ali av6rage of 10 people per organlsatlon. we pian to monltorthi8 more acGurat8ly In ournextreport where our client8 8ILow. Roach 16 organisations ** 2. CONNECT Wa need everyone- and all kinds of knowL8dg8 and expertise- to tackl8 the Issues we face. That's why SMK works to connect the diverse campaign Communities wo S8rvo, to deep8n solidarity and unL8ash pow6r for change. Page 10
TRUSTEES REPORT ANDACCOUNTS FOR FINANCIAL YEAR APRIL 2024TO MARCH 2025 SMK National Campaigner Awards SMK'S founding actlvltywas to estabLish an annual awards ceremonythet could celebrate campaigner5 and chan£e-maker8, and this remains a core part of ourwork today. The Awards are one of the ways we demonstrate and celebrate the value of C8mpaignlng. They bring change-makers together to showcase the very best camp8lgns and camp818ners. share and build Icnowledge for effectlve practice and grow soLidarity and find common cause amongst the campaign community. This year. the Awards ceremonytook place on Wedne8day 15 May 2024 at Central S81nt M8rtlns. London with over 200 guest8 (our Larg68t Awards yetl wlth one of our newest partners, University of the Arts London (UAL). The shortllsted nomlnees were drawn from across civil society including Sndlvlduals and cBmpalgn groups, all with one thing in common, they all m8de a signlticant contribution to social change through camp8igning. We ware able to launch a new award cate80ry, co-created with UAL: th8 Creatlve Changemakers Award. The 8rts were centre stage this year. thre8d@d throughout the programme Includlng an interval performance, artlst commlssions and an 8nlm8ted fllm called Change Unfolding. We continued to extend the r6ach of the Awards through our partnerships with The Big Issue, as well as placements In Belf8St Live, Irish News, Business CornwaLI, Morning stsr, Cafe Football, Ekklesla, and The Tablet. We also produced a short film 'Change Unfoldlng," receivlng 320views. The Awards on YouTube received 626 views, with 146 watchlng the Livestream. 200 people attended in person at UAL. We achieved significant social media engagement durlngthe Awards perlod on our key platforms Instagram, Twitterlx and Llnkedln. The highest Levels of engagement were on Twitterlx (2,493 engagements, 100.656 impressions, 446 post likes, 122 retweets and and 37 quotes). The Awards contliiue to drive great engagementwith our website, over this period Award-r6l8t@d content makes up 40Q/o of most visited pages. '1 just wanted to reach out and pass on 8 heartfelt thankyou for Last night. Dolngthis work can be quite Isolating and it was really heartening to ramember thero aro paopLa outthere doing wonderful, life ch8n8in¢ work. It wa8 Invaluablo swappingtips and ideas to m8ke thls work feel more Sustainable. The evant was reallywell hosted and curated. The reception at the end was also wonderful and gave us an opportunityto meet previous winners (reallywondgrful and inspiring!)., (Award Winner) Page 11
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEARAPRIL2024TO MARCH 2025 'The story-telllngyou did about the winners was wonderful to experfence and the way it brought to light the mission and purpose of what SMK exists to achieve., (Award ceremonyguest) 'Thankyou for an excellent event tonight. Such movlng Stories and worthy winners. Excellent facilitation. And it was so great to integrate the arLS .8tud8nts into the 8V6nt in so many creative ways. Thanks again and looking forward to continu8 collaboration.. (Sponsor) Tha Awards were supported by Bates Wells. (legal advisers to civil society) for the fourth yaar. Further cstegory sponsorship included AVAAZ, Blagrave Trust, Joseph Rowntree Reform Trust, WHICH?, Tenacious Aw8rds and Heatherwlck Studio. We also received in-klnd design support from Brand Ethos and evènt production supportfrom Voytek. We are incredibly gratefulto have so many dedicated sponsors an¢J partners who make the Awards possible. 3. CHAMPION For an active and resilient civil society, it's vitaLthat People have the freedom and confidence to make change. SMK protects and champions both. Campaigning and political advocacy are crucial features of a healthy democracy. That's why SMK works to protect the space to campaign- calling on poLiticians to uphold the rightto speak out and clearing away unreasonabLe barriers. In the second half of 2024 the dlfficult decision to pause all of SMI<'s poLicy and research workwas taken as a result of the laclc of funding for this area of OLir work. This led to two positions being made redundant. In spite of this we w@r8 abLe to deliver on Gommitments to our remainingfunder the Paul Hamlyn Foundation vvho awarded £201< to support SMK'S wid8r 'Championing' work in August 2024. Defendlng UK clvlo space SMK invested tlme to deveLop Navigating charity Gampaigning: a guido for trust86s published In autumn 2024 in response to the Year 2 Su9Yf1ndings. This was written to help Board's askthemselves all tha relevant questions aboutthoir own organisatlons approach to campaigning. It recognises tliat 'campaigning' takes many forms and there is no one 'right' way to campaign evorycharlty needs to think about what is right for them. SMK h8Ld a consultation event with the Association of Chairs as part of the devolopment of the Gulde and worked closelywith the Charity Commi88ion and Stone Klngto ensure our advice is 80und. Page 12
TRUSTEES REPORT ANDACCOUNTS FOR FINANCIAL YEARAPRIL 2024TO MARCH 2025 The Gulde is now freely avaiLable on SMK'S website and has been downloaded 113 times by 69 users in this period. Charity Reform Group The Charity Reform Group {CRG). InitlaLLy supported In 2023 by the PaLJL Hamlyn FoLJndation and membershlp fe8s, is conv@ned by SMK. It is made up of national charity leaders dedicated to enhancing ch8rities' role as agents of change. It shares th8 goal to champion a broad interpretation of charity campaignin8 within the sector and help trustees and regulators to do the same. The CRG publlshed a series of essays {Forces for Good) in November 2024. Nine CRG members plus Sarah EILiott from NCVO contributed an essay. They were discussed in draft at a resldential heLd at St. George's House Iii Windsor on April 8th and 9th 2024. 28 guests spanning all sectors attended including Molr8 Slnclalr. then CEO 8t Paul H8mlyn Foundation, and senior external guests Including Lord Gus O'DonneLI. former Cabinet Se¢retary. Patrlck Butler, Social PoLicy Edltor at The Guard18n. w8s host. Forces for Good was Launched at an event in Westminster in November 2024. The event had 72 slgn-ups, Includlng two off iclals from Number 10 and Secretary of State LIS8 Nandy's Special Advlsor. The launch w88 run 88 a Thlrd Sector exclusive, which included two comment pieces and a podcast. The storywas also picked up by Civil Soclety News with a comment plece published in The fimes. Just afterthe launch. CEO, Sue Tibballs was asked to join a cros§or roundt8ble at No. 10 Chalred by Prime Minister K8ir Starmer and joined by Chancellor of the Duchy of L8nc8Ster. Pat McFadd8n. Organisational changes have meant that it has not been possibLe for the initiative to stay undor SMK'S wing. In early 2025: it w8s a8reed that the Campaigning Research Group {CRG) would 'spin out, as an independent initiative. We are cui'rently exploringthe most 8ppropriate wayfor the CRG to continue its operation and influence, incLudlng identifying suitable hostiiig and governance arrangement. Campalgns survey Results of tho 2023 SMKAnnual Campalgner Survey (involving 145 participants) wer8 raleased on 1 May 2024. They showed the toLL that pressure from all sides is taking on campaigners, leadingthre6-qu8rters to question whothsr they have the energyto keep going. There was so much to learn that wg decided to publish a highlights report, Under Pressure, alongsid9 the full results. Page 13
TRUSTEES REPORT ANDACCOUNTS FOR FINANCIAL YEARAPRIL2024 TO MARCH 2025 SMK shered highlights from the Annual Campaigner Survèy. the nfpResearch report mentioned 8bove, and other pieces of ièsearch at two free State of Camp81gning briefing events held online in June 2024. One was open to all and the second was speclficaLLy forfunders. In Decemberwe launched our 2024 Campaigns Survey, given the limited staff resource over thls period the survey ran for shorter period, and we wera unabL& to deliv6r a18unch event. However. foLlowing the 8naly8is of the 68 responses recelv8d, the report was publish8d and shared publicly in February 2025 In Civil Soci&ty Medi8 and Third Sector and with the Charity Commlssion. Thè results hlghlighted that a new Government has broughtfresh opportunltles and disappointments, the barriers of a fractious and polarised 'public square,, the welcome emphasis from first-hand or'Lived' expei'ience, challenges with effective collaboration and maintaining momentum and morale. 4. ORGANISATIONAL DEVELoPmEr Solldarlty & EDI SMK exists to help everyone who wants to make lasting social change. But we know that the interGonnected systems of inequaLitythat exist in society are replicated in organisations, Like ours, that are tryin8tO Ghange them. During 2024125 we Gontinued to impLem8nt our EDI Strategy through the delivery of our related action pLan under four l<ey workstreams. 1: Commltment to SotldarFty and EDI: SMK took steps to shar6 our strategic commitment to solidaritythrough1<8y messages across ourwebsite and new blog seri6s 'Campaigning in SolidaTity'. EDI workwas integrated into key gov6rnance documents including the Charity Risk Register and Trustee Coda of Conduct. We took a posltive step forward in seGurlngfundingfor external anti-oppression consultancy with JRCT, an outLine sch8du18 of work was drafted, this worl<was then paused due to the signifiGant shifts in organisationaL structure and staffingto be taken up again with the interim CEO in 2025. 2: People and Culture: SMI< successfully piloted the use of blind recruitment via Linkedln. In order to reduce unconscious bias leading to changes in staff recrultment processes. Where posslble dlverse interviow panels w@ro fieLded and candidate diversity data was captured for monitoring purposos and kopt separ8to from the recrultment proces8. 2024 al80 saw the successful recruitment of six new Trustees wlth diverse skills and experionce. Pag8 14
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEAR APRIL 2024 TO MARCH 2025 3: Support for Changemaker8: Accessibility guidance foi all tralning and events was Greated by the staff team ready and tested with Associates. We sought advice and expertise from partners and clients working with minorit188d communities such as the ROSA Foundation and ParalympicsGB to increas8 the accessibility of ourtraining offers. We took. st8PS to review and improve accessibility for our National CampaignerAwards. on8 of ourfew in-person events. SMK continues to follow best practice with website 8ccesslbility as follows:. best practice in appropri8t8 US8 of imag8 Alt tsgs, adherinffto suitable colour contrast ratio betweon fore8round and b8ckground elements, use descriptive anchor text in links. so that they make sense in all contexts and SMK'S webslt8 is aLso given periodlc reviews using accessibility assessment tooLs such as WAVE, whlch have helped identify code structure issues such as Headings, menu skipp6rs and Arl8 tags. 4: Our volce and convenlng: In 2024we revised our comp8nsatlon for content contributors and judges to ensure that those who 8r8 not in 8StabLished organigation are p81d for thelr time. We launched an online cominunity noticeboard to connect and champion 4: Our voice and conv8ning: In 2024 we revised our compensatlon for content contributors and judges to ensure that those who are not in est8bLislied organisation are paid for th8ir time. We launched 8n online community noticeboard to connect and champlon dlverse campalgners. We developed 8 range of policy and advocacy project proposals to work in solldarltywlth mlnoritised communities in our advocacy wod<, but majority of advocacywork remalns unfunded. Where we h8ve work funded (mainly Charlty Reform Group) we are ensurlngthat any discussions and events include diverse voices. Communlcatlons SMK continues to develop 8nd grow its brand, profile and vlsual Identity in new ways acro88 alL channeLs, platforms, eventg and programme areas. We have continued to update our corè messaglng frameworkthat has allowed us to express ourwork and values In a way that is consistent and reLevantto our core audi8nces. Thg new messaging frameworl<was agreed eailiarthis year and was incorporated across the website through new content and dasigns across all main and sub navigation pages. As part of the websit6 project, a Community Noticeboard, an Awards gallery, a Frae Campaign Tools paga and a new sub section called BuildingSoLid8rity in Social Change hav8 boon launched. Page 15
TRUSTEES REPORT ANDACCOUNTS FOR FINANCIAL YEAR APRIL 2024 TO MARCH 2025 We contlnu8 to dlversifyour marketing. create new asset designsl layout, seeking out best practice and trends. and growing new channels such as opening a Bluesl<y account. We completed and implemented res8arch Into a praGti¢al shortterm digital work plan. The aim of this was to improve SMK'S dlgltal marketing approaches and channels In the interim utilising the research phase that underpins the work. Th8se improvements will support th13 longer-term digit8l marketing strategyfor next year. The two strands of workw8re: dlgltal h8alth and social media chann8L8 review. Thls led to a fresh 8pproach to contant creation. sociaL m8dia engagement and what ch8nnels we wantto refocus our efforts on such as Lin1<6dln. W6 also agreed to keep SMK'S Twitterlx account open but not act6V6. Thls wa8 because, despite a peak durlng the aw8rd8 season, itwas achieving little to no engagement and as outllned above we decided to focus capacity on othei. channels ty4Juch as Llnkedln and Bluesky. Dlgltal improvements around SEO and the website have been implemented and wlll continue. Al is a priority area for SMK to develop so the communications team have been researching bost practice including ethical coiisiderations. We also conducted a staff session on Al to gathervievvs from the team to support the direction SMK'S decided to take v¥ith the fast emergence Df Al. The senior management team collectivety worked on an audience review and development strategy that was completed in September 24. This work continues into the iiext financialyear. This work is informingthe new GommuniGatlons strategy/pLan as part of SMK 'community' so that we can improve howwe stay connected and give voice to their campaigning work. Staff changes Thls year SMK staff team has decreased in size th the followlng departures: RLJmmena Begum Digital Marketlng {FIT)~ left November 2024 Sue Tibballs, CEO {FQ - left February2025 Kathleen Christie Head of Progr8mmes IF)- Left March 2025 Larna Massey Operatlons and Systems Manager (3 days p/w)- left March 2025 The fotlowlng roles were made redundant In Spring 2025: Chloe Hardy, Dlrector of POLICY & Comms (4 days p/w)' February 2025 Projects Officer Fll}; Seth F8rsides Policy & Research Officer (FIT) December 2024 Sarah Thomas, Head of Power & Participatlon {FIT} March 2025 Page 16
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEARAPRIL2024TO MARCH 2025 The Board recruited an Interim CEO, Katie Roberts, whojoined SMK In March 2025, on an initial six-month contract. Working 81ongside Katio is a cor8 team of one full-time staff menib8r Emma Boyd. Head of Marketing & Comms (FIT) and one part-time staff Me8an Poyiadzis. Events & Programmes Manager 3 days p/w}; both on p6rmanent contracts. Financial Review Total income for the year was £543.332 (828.425 In 2023-24), This significant drop was felt across both r6Stricted and unrestricted incom6 and was due to the end of severaL muLtI-year grant funded programmes and a f8ilur8 to replace these wlth new programme or new donor relationships and 8 25% d8croase in Trading Income. Th8se fund8rs and proj8CtS 8re listed in the accounts (Note 3). Total expenditure amounted to £612.384 {761,082 in 2023-24). Totalfunds at the year end were 259,217 of which £41,792 was restricted (2023124: £128,269 totalfunds and £101,264 r6Strict8d funds). Th8 fall in expenditur6 lagged behind the fall in income due to staff redundancy costs and 8n increa86 in consultancyto ensure that projects were deLivered within a reduced staff te8m. The seven redundancie8 8nd resignations tool< part in the second half of the ye8r, with all but two in Qu8rter Four. Th18 does mean that SMK'S re8erves gt year-end are lower than our policy recommends. Whlle re6rettable. trustees are content they wlll be restored as the newly bUfjlt te8m have spec.lfic skills in fundralsing and developing our traded Income. R8seNes Policy The Dlrectors of SMK take the view that a re8eNe Should be held sufficientto pay notice perlods for aLI staff plus any other Li8bilities re. rent or other suppliers in the event the charlty has to wind up. SMK'S head oount fluctuated throughout th8 year, eventLJally Significantly decreasingthe cost of liabilities and the figure of £60K, agreed in th6 previous financialyear as 8 reasonable level of reserves proportionate to the Ch8rity's income, was not revlsed. The Directors of SM Trading do not believ8 It )ecessaryto malntain a ReseNe beyond worklng capital necessaryto meet current Ilabilities. Recognislngthat it Ss very unlikely the charitywlll have to wind up at no notice, and that some wind down costs could potentially be covered from other sources. Page 17
TRUSTEES REPORTAND ACCOUNTS FOR FINANCIAL YEARAPRIL2024TO MARCH 2025 Structure. governance and management Shella McKechnie Foundation18 a charitable company Ilmited by guarantee governed by Its Memorandum of Associallon as adopted at the extraordinary general meeting on 21 st February 2005. It Is registered as a charity th the Charlty Commission and as a Companywith Companles Hous8. Pay and remiin6ration of staff is determined In accord8nce with SMK'S pay & remuneration policy. As a very smaLI employer, there are some Icey principLes that undFJrpin SMI<'s approach to pay and remuneratlon: It must be simple and straightforward to adminlster It should be flexlble, recognlsingthat SMIC'S iricome can fluctuate, and that organisational needs can ch8nge li must refLectthe values of the organisation It must be In line with best practlce In th8 Sector During 2024125 st8ff pay leveLs and a one-off cost of Ilvlng payment were discussed at the June 2024 Board. A one-off payment of£500 per staff memberwas 88reed, howeverth18 was not awarded due to the deellnlng flnancial sitU8tion of the organ5sation. Appolntment of Truste68 OurArticl8s of Associatlon provid8 that SMK may have no l8SS than thi'e8 trustees but it is not subjectto any maximum. SMI< uses a transparent and fair method when recruiting new trustees. We advertise alltrustee vacancies, and they are open to anyone who wishes to be a trustee. From time to time the Board may call for trustees with specialist slciLls and experienc8 that it Identifies is needed for the effective governance of the organisation. The process is trustees, and applicants for trusteeship are asl<ed to make their application in writlng and to attend an intervlew. Duringthis tim8, each applicant and interviewee goes through the same process. We also appLy our equal opportunities policy to trustee recruitment. Each new trustee received an Introduction pack and an Induction to the organisatlon, and support is readily avallable from the Officers of the org8nisation. The board of Trustees meets reguLarLy and there were 5 full Board meetlngs heLd during the year (2024125}. Thg R680ufGes Subcommittee met once and Trustees attended a Strategy Away Day in July 2025. Pag618
TRUSTEES REPORT ANDACCOUNTS FOR FINANCIAL YEAR APRIL2024 TO MARCH 2025 The present memtjers are listed in thls roport on page 3. The following changes in trustees occurred duringthis flnanclal year: Richard Lane, Stuart Davis and Zainab Ali Khan all stood down and have all been reappointed to the board atthe December AGM. Anthony Burton, Alex Kent, Juliet Can, Sami Gichki, Emilija Rudzinskaite and Gillian Lazonbywere 8ll Go-opted on to the Board in Summer 2025 and formally appointed at the AGM in December l<imberly Garande r8slgned December 2024 Deborah Doane reslgned January 2025 • Pete Moorey resig'ned June 2025 Stuart Dav18 rp8igned June 2025 List of Truste98 is In Page 2 Leggl and Admlnlstrative Informatlon. Mpmbers of the Trust guarantee to contrlbute an amount not exceedlng £10 to the assets of the charlty In the event of wlndlng up. The total amount of such guarantees at 31 st March 2025 was 11 (2024: 7). Rlskststemont The truste88 and staff jointly revlewed th8 possibl8 risks f8cing the organisation during the year, supported by a risk reglster. Therpfore, they wore awar8 of the major rlsk8 facingthe charity and are taklng adequate steps to protectthe charity. The major risks are related to the nature of the worl< within which tho charity supports through grants and awards and the use of appropriate volunteers and people who support the charlty. Audltors Fletcher & Partners wer8 r8-8ppoint6d as tha charltable company's auditors at December AGM. Small company provlslons This report has been prepared iii accordance with the speclal provisions for small Gompanies undgl Part 15 ofthe Companies Act 2006. Page 19
TRUSTEES REPORT AND ACCOUNTS FOR FINANCIAL YEAR APRIL 2024 TO MARCH 2025 Trustees, and Dlrectors, Responsibillties The dlrectors are responsible for preparlnEthe directors, report and the financiaL statements in accordance with applicable law and regulatlons. Company t8w requlres the dlrectors to prepare fin8n¢lal statements for each financial year. Under that law, the director8 have el8cted to preper8 the financiat statements In accord8nc8 With United l<ingdom Generally Accepted Accounting Practice (United Kin8dom Accountlng Standards and appllcable law}. Under company lawthe directors must not 8pprove the financial statement8 unless they are satisfied that they give a tru8 and falr view of the state of aftairs of the company and of the profit or loss of th6 companyfor that period. In prepartngthese fln8nclaL statements, the dlrectors are r8quired to: select suitable £ccountlng pollcles and theii applythem consist6ntly* * make Judgements and estimates that 8re reasonable and prudent: state whether appLicable UK Accountlng stsndards have be6n followed, subjectto any material departures disclosed and expLained iii the finanGial; and prepDre the financlaL statements on the going concern ba8is unless it ib inappropriate to presume that the company wilL continue in business [included where no separate statement on going concern is made by the direGtors]. The directors are responsible for keeping adequate accountlng records th8t are slifficientto show and explain the company's transaGtions and disclose with reasonabl8 accuracy at any time thp financial position of the company and enable them to ensure that the findncial statements comply with the Companie8 Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularities. In accordance with company law. as the charitable company's trustees. we oertlfy that so far as we are aware, there is no relevant audit information of which the charitabLe company's auditors ale unaware, and as tru8tOGS of the cherltable companywe have we have taken all the steps that WB oughlto have taken in order to make ourselves aware of any rel6vant audit information and to establlsh thatthe audltors are aware of that information. Approved by the trustees on 08/1 Z/2025 and signed on thelr behalf by DAVID 7r<gAsL)ft&K Page 20
ILA mCKcHNIE F NDATI INDEPENDE DITO]LS' REPORT. 'riES OF TTrIE llEILA MCKts CIINIE IIOUNDATI '0 THII T Oplnlon We Ikive ¥iudited the fiiiai)cial Statenlts of the Sheiln McKechiiie FffldatiOn (the"FOund<Ion,) f. the vear ended 31 Decenl)er 21125. hicli coinpi'ise the Slaiemont of Fin&ThLial AGlis'itie4 the Baldnce Sheel, the C1)flo stllenL and notes lo tlio finw]CIc slalements. lli¢luding a sun)nMry of si8nifi¢ant &¢¢ouThts'llg policies. The financial reporling fi..0r thai has been applied in their preparation is applicable Itll and Uniled Kingdoni Accounting Slalldards. includtt)g Financial Roporting Stsndai'd 102.. The Financial Reporting Shldl'd ai)plicable ill the UK and Republic orTre1w (Ui]ii¢d Kiiig,doiii GlerlI1, Acwted ACCOtill& PnoÉice). Ill our opmiory Ihe fitm1cl sl&tenwils: i) gil? a trne and fail i"ieM' of the stste of the Fowidalion's A'ITaii's as at 31 DeceiDber 2025 and ot its in¢(Ane and oxp¢ndituro"fortho then lded. ll) liave beeii pi'operlv prq)areJ iii a¢coYdanc¢ willi United Kingd(m GaieTllll3' AL¢¢pÉed A¢coLikihn8 PIactice: iii) have been i)I'epai-ed in accordance iiiili ihe reqiiireinents ofihe Charilies Act 2011. Basis lor opiiiioll We ¢Trndted our audiiin ac&wdan¢e wilh InÉe¥nfjlitH)al Slturd on Auditing (UK) IISAS (UK)) and AppliGfjLilo JAW. Ow. responsibilAlies uild tt)ose stand&rds w'e fwtir d¢5cKibed in the AudAloi 8 re5ponsibilitie5 for the ld1t of llie fit¢1[ Stateinwts seGtion of i'eporL We ftre independent of the Foill)dati(Mi tn FJccordan¢e wiÈl) the ethical requiYement$ that ar¢ rel¢3'8nt to oth. audii of tli¢ fiiwllct 8ltttenwils in dle UK including the FRC'S Ethical Stalldttrd, ld liaY¢ fthfilled our other ethic iE$ponsibilities c¢ordanre %ilb theoo r¢quironJeuts. We b¢li¢v¢ Ihui Ihe audii evidence have obtuined is sufft¢ient and appmi)rialE ts) pi'oTri(le a bllsis fo[ ovr opinion. Con¢liision$ to going concern Iii auditing the fTrntu]ciol slatemell15. Ive h&i'e wncluded IliaÉ the trusteBs' Use of thc going c(Trllceiii basis of aoul1ting li) the prep2waÉion of the fIn)cial sÉaten]ents is twiii'opriate. Baged oil die ''k have pfornIed, we bave not identified Imy m(it¢rial un¢thtsiiiti¢s Yela1inLI lo ovents or clditIO$ IliaL inth'vidiMIIJ' or collectivelv, cnst signtfi&Tht d()ubt (Ai Ihe th1£Y""8 1]ity lo colltinue 9$ a going coiicern for & period of at least hi'elve MlthS fromM'.heii the £&tI&l slalemenl$ aro aiithori8¢d forissue. Our responsibilities w]d th¢ r¢sponsibilili¢s of the tTu3iees Thith te5PECt to gois)g conc¢Jn llre de5cfAbed in the releTr&nt sections of this report. Other iiiformAtion Tkn Irust¢¢5 are I'n5pIbl¢ for thè iD£orllwtion. The olh¢r infornwtson rompriw the inloill)alisJll inGlud¢il iii Ihe anuuai ¥eport ther tliaii the fan¢11 $14lEillqnls th)d oui. aiiditor's Teporl ther¢oll. Oui 01)iniiJn (m finfinc1 SlatenlS does not cover IE]e othei. iiifotmation and. exc¢pl to tli¥ oxt¢nt otli¢rwi$e &iplicitly stated in oiv repoit. do noi expresy tu)), of fb5SW'ance con¢lu$ion lIreOn. lil corniectioii ow" aiidit ofilie finaDciaE stutemenls. our responsibilitF' is to re&d die other ii)fomialion and: irt doii)g so, c(Mldr ,hether th¥ other informulion is inat.111Y illCOllsisLent WAih lh¢ fllwi¢iol Si&l¢iu¢nts our knowledge obiftiiied in ihe audil or othei'H'ise appears to be inaterialls, misslatd. .Tfive identify sudi I12nt.1&1 inconslyteiLes OT 6lppareJM mat.11 Jnisslatenuils. Th'e aro ieqiiired to deteimtne M41etlier there is U Enateri&l mState1M¢llt in tho finllrt¢io1 sluteinents oj. a mftteiia] misstntement of the other iiiformati1. If. based 1 tIie ivorL we h81'e p.[rtne& i¥e ¢]ude tbat th0re 15 11 Iniitei'ial misslalemolll of Illi8 Otl)ei' inforDmtion, Ive are irquired to Irport thal facl. Wo nothin¥ to report in tliis regard. Page 21
'riiE SHEILA MCKECIINIE FOUIYI)ATION INDEPEI NDENT AUDITORS, Rll PORT IE TRIISI'rtE ' SklEILA I<KcIINIL Matters on which ive llre required ts i'epDrt hy ex¢eption W¢ have nothi1 to rei)ort Ill respect of tbe followi118 llmtters iii re]ation to which tbe Chrities (Accounts ld Reports) Regulatio8 2008 requi lis to report to you ic in our opuiion.. i) the iiifoTinatiors giveii ill the Truste¢s' Alliiual Report is il)COiISi8t¢nt in any nlatsrial respect witli the fill1claI statements. or ii) tlie charAty has iiot kept sutyicient accountillg r¢¢ords; or iii) the fjnancidl gl'atenieiits aré iiot in w'eement with the accoEintiiig records and returns. or iv) we have not received all the infoi'mation &id explanations we Yeqiiire fi)r oui. aiidit. lknsponslbllilles of tbe trustees As explained inore fiilfy in the trLiStees' responsibilities statemenl oil page 6, the tsiistees are responsible for th¢ prepation of tlie fin#n¢ial stateL11ents and foi. beit]g sati¥fi¢d thtti fh¢y give a Iriie wid fair VAew. and for 511knh iTrfrrJal control as they detei'miiie is iiecessary to enable tlie preparation of fillancial ststeinents that are free froin maei'ial Inisstatenllt. wqiether due to fraud or error. ltt prepaTii)g the finatscial stateni8nLs. the trustees are responsible for assessi1 tlie Fouiid&tioii's abi]ity to conliijutt as a going cOncn. dis¢losing, as applicable, Inatters related kn gt)ill concen) and usiiig tlw going ¢oi)¢eru basis of aG¢oullling iilllegs the trustees either intend to liquidats the f+0)datio11 or to cease oi)erations, oy have no realisti¢ alt¢mative but to do 50, Aiiditorfs i'esponsibilities for the audit of the fAnallcial statsments We bewi appointed auditOTS ithdei. 5.144 of th¢ Charities Act 201 l and report in accordance with regulatioiis inade linder s.154 of that Act Oui. objectives are to obtain reatsonable assurance abolit Mtheiher tlie financial ¥tatsinents as <1 whol¢ ar¢ fr¢o from mat¢iiMI misstatement. Mthether due to fraud o¥ error, and to issue an auditor'$ report tIt includey oui. opillion. R¢ason8bl¢ assur2tnce is a higli level of assurance, biit is not a guarantee that an audit coiiducted in accordance with ISAS (UIC} will always det'ect a nEatsrial inisstatement wheii it exists. Misstatements can arise frum fraud or error ld ai¢ coJisid#r¢d ID&tei'ial if, indiwidiiully QT ITh the aggi'eyits, they ¢ouLd J¢¢sonably be expected to Anflu¢n¢e the ¢wnomiG dE¢isioi]s of seys tukeii on tlie basis of these financial statements. lffesullties, incliiding fraud, are instan¢es of non-C4)inpli&ice with laws and regula.tions, We desigD procedures in lllie with oui" respoiisibiliti&8. Outlined above. to detect material misstateiiienls in respebt of IegUl?tie llicluding fraud. The extent to wliicli oiw procedures e capable of d¢t¢¢tti)g ii'i'egulariltes. ixidiidÉi fraud is detsil¢d bolow. Identifyi'ng and assessing i'isks related to ii'regularities: We assessed the siCeptIbIlity of the charity's fanCial statement5 to AJAtei'ial i3]ItateMent and Iiowfraiid nught occur. illcludiiig through discussions willi the trustees, discussions witliin our audit teaiii planniiig meeting. updatillg our record of inte,rnal wntrols aJ)d ensui'ing these controls operated as tntwided. We evaluated possible incentives and opportuniti¢s for fi'audulent m&nipiilation of the financial sl'atemeiitB. We ideJ]tified laws and i'egulations diat are of signifi¢w)¢¢ in the context of the chaTity by discLissions with triistees and updatiiig ow. unilerstandtng of d]a sector in which the diarity perutss. L&ws and regulatioii$ of direct siwiificance iii tlie context of the Cliarity in¢lud¢ the Cl)arities ACÉ 2011. tlie clrItieS (AcColts and Reports) Regthations 2008 and gL)idate issued by Éhe C]wity Commission foi. EttBl&)d Aiid Wales. Pag8 22
THE SHEILA MCKECHNIE FOI'INDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSI'ELS 'I'HE SHLILA MC.KLCHNIL &"OUNDA'I'ION CONTINUED 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 siatement Iteins including a review OF financial statement disclosures. We reviewed the charity s records of breaches of laws and regulations. minutes of Ineetings and correspondence wilh relevant airthorities to identj.fy potential rnateri misstatemenls arising. We discussed the char]ty's policies and procedures for compliance wilh laS and regulaliolls with members of management responsible for compliance. During the planning meetinLy Wlth the audit leanL the engagemeiil partner drew attention to the key areas ithich might involve non-compliance with la5 and regulations or fraud. We ¢iiquired of management thether they were aivare of any instances of non-eompliance with laThs and regulattons or knowledge of any actual. suspected or alleged fraud. We addressed the 115k of fraud through managetnent override of controls by testing the appropriateness of journal entries and identifyin¥ any si¥nificant transactions thai were unusual 01 outside the nornd course of busin¢s5. We assessed thether judgemenrs made in maL-ing accounting estimates gave rise to a possible indication of n)anagement bias. At the completton stage of the audit, the engagement partner's review iiicluded ensuring that the team had approached iheir [k wth approprtate PFofe55ionai seepticisin and thus the capacity to identify non-compliance th laws 8lld ie¥ulattons and fraiid. There are inherent liniitations in the audit procedures described above and the further reinoved non-compliance Mith lawE aJ)d regulations is from the events and tran5actiOllS reflected in the financi statements. tlie less likely we Uld become aware of it. Also. the risk of not detecting a material misstatenient due to fraud is hiuJ]er than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery or intentional mtsr¢pr¢sentations. or ilirough collusion. A fiffther description of our responsibilities for the auth't of the financial statements Is located on the FRnanciai Reporting Council's websile at.. -1s'11-.frc.or This description forms part of our auditor's report. Use of our report This report is made solely to the Foundation s trustees, as a body, in ac¢ordance with Part 4 of the Charities {Accounts and Repons) Regulations 2008. Our auth"t work has been undertaken so that w¢ IniU)I stale lo the tnlee5 dios¢ matters we are required to state lo theiii in an auditor's report ajid for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyoi)e other than the clianty &id ihe trustees as body. for our audii work, for th15 repor( or for the opinions we have fomied. James Fletcher. Senior Statutory Auditor for and on behalf of Fletther &. Partners. Chartered Accountants and Statutory Auditors Clo Chambers Bridge Street Salisbury Zc7ZS Page 23
Ll F FINAN for the year ended 31 Marth 2025 IA IN RPORATI G AN INCOME AND EXP DIT NT GROUP untrkted Resvlcted 2025 2025 GRCKJP TOTAL Unrestrlcted Restricted 20Z5 2024 2024 TOTAL 2024 Note INCOME,FROM:, Donatlons and legacies Charltable actlvities 876 2,000 415.433 2,876 653,183 145,000 129,833 259,435 404433 129,833 237,750 Other tradlng actlvlti TOTAL INCOME 172,366 172,366 279,899 263,435 S43.532 410,992 417,433 828,425 EXPENDITURE ON: Chailtabltr uttivitie& 189,479 322,905 413.433 347.650 761,082 TOTAL EXPENDrruRE 289,479 322,905 611384 413,433 347,650 761,082 NET (EXPENDITUREI/INCOM£ (9,5801 159,472) (69,0521 (2,4411 9,783 67,342 Tt4hsler lJ#tween fvnds 765 176SI NET MOVEMENTIN FUNDS 19,5801 159,472) 169,052} 11,6761 69,018 67,342 Fund balancss brought forward 27,CKIS 101,264 28,681 32,246 60,927 TOTAL FUNDS CARRIED FORWARD 17,425 44792 59,217 27.005 101,264 128,269 The ststement of financial activities intlLtdes all gains and losses recognised durlng the year All incgme ind expenditure derive from contlnulng actlvities. Page 24
CONSOLI ATED BALANCE SHEEr at 31 March 2025 GRLp CHARITY 2025 2024 Notes 2025 2024 FIXED ASSETS Tanglble assets Investments 1,205 4,341 1,205 4,033 4,S41 4,034 CURRENT ASSETS Social Investment Debtors Cash at bank and In hand io li 12 13,000 37,379 59,730 10,000 84,103 95,153 47,247 93,657 102,229 135,877 140,905 288,106 189,256 CREDITORS: 8mount5 falling due wlth5n one year 13 182,893) 1114,178} {52,099) (65,0231 NEf CURRENT ASSErs 58,012 123,928 58,011 124.232 14ET ASSETS FUNDS Restricted Unrestrlcted 59,217 128,269 59,217 128,267 15 15 101,264 27,005 41,792 17,425 101,264 27,003 17,425 TOTAL FUNDS 59,217 128,269 59,217 128,267 rhe cornpany was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies but as this company is a charity, it is subject to independent exèmlnatlon under the Charlties Act 2011. The members have not required the company to obtain an audlt In accordance wlth sectloTh 476 of thÈ Companlès Act 2006, The dlrectors acknowledge thelr responslbllities for complying wlth the requlrements of the Companies Act with respect to accountlng record$ 8nd the preparation of account5. These accounts have been prepared in 8CCDrdance with the provlslons appllcable to small companies subleet to the small companies regime and in 8ccordance wlth SORP FRSIO2. The flnanclal Statements were approved and outhorised for issue by the Board on on It5 behalf by: 8/11/25 and slgned PhvID WA-D8 TZ&hSu£& Page 25
CONSO IDATED STATEMENT OF CASHFLOWS as at 31 March 2025 GROUP 2025 GROUP 2024 Notes CASH INFLOW FROM OPERATING AcfiviTIES 14 142,2201 143,4301 NET CASH OUTFLOW FROM INVESTING ACTIVITIES NEf INCREASE/IDECREASE) IN CASH AND CASH EQUIVALENTS (42,2201 143,430) CASH AND CASH EQUIVALENTS AT THE START OF PERIOD 135,877 179,307 CASH AND CASH. EQUIVALENTSAT THE END OF PERtOD 93,657 135,877 CASH AND CASH EQUIVALENTS CONS15fs OF: Cash at bank and In hand 93,657 135,877 Page 26
S TO THE CONSOUDATED Accoubirs COMPANY STATUS The Shella McKechnie Foundatlon Is a prlvate company limited by guarantee and has no sliare capltal. The Ilablllty of each member dDes not exceed 210. It Is a charlty reElstered in England and Wales Ireglstrntion No. 1108210), Scotland (Reglstration No. SC0442071. Its tompany reglstratlon number is 05331412 (England and Wales). Its registered address Is Crown Chambers, Brldge Street 5allsbury SPI 2LZ. Shella McKechnie Tradln8 Ltd Is a prlvate Ilmlted company wlth a nominal share capital of Fl. Its Company regIStraon number is 13248880 {England and Wales). Its registered address 15 Crown Chambers, Bridge Street, Salisbury SPI 2LZ, AccouHfiNG POLICIES The princlpal iccounting policies adopted, Judgrnents and key sources of estimatlon uncertalnty In the preparation of the tinancial ststements are follows. Basis of Prepa¥ing Financial Statements The Sheila McKechnie Foundation constitutes a publlc benefit entity as deflnéd by FRS 102. The flnancial statements hav8 been prepared In accordan wlth Accounting and Reporting by Charltles.. Statement of Recommended Pr4Ctice applicable to charlties preparlng thelr accounts In accordance thp Financial Reportlng Standard appllcable In the UK and Republlc cf Ireland Issued In October 2019150RP FR51021, the Flnan¢ial Roportlng Standard appllcable In the United Klngdorn and Republic of Ireland (FRS 1021, the Charlties Act 2011, the Companies Act 2006 and UK General Accepted Accounting Practlce that 15 SORP FRSIQ2. The Shella Mcl<echnle Foundation meets the deflnltlon of a publlc beiieflt entlty under FRS 102. Assets and Ilabilltles are inltially recognised at historlcal cost or tran5actlon value unless otherwise 5tsted in the relevant accountlng pollcy note. Preparation of the accounts on a going concern basls The trustees Consider that there are no material uncerteinties about the charltèble company's 8bilty to continue as 8 going Concern, The trustees have mède nD key judgments whlch have a 51gnrflcant effect on the accounts. The trustees d¢ not consider that there are any sources of estimation uncertainty at the reporting date that have a signifi¢ant rlsk of causing a material adjustment to the carrylng arnount of assets and Ilablllties withln the next reportlng period. Page 27
NOTE TO THE CONSOLIDATED ACCOU lftcome recognition Income is recognised when the charlty has entitlement tp the funds, any performance conditions attached tc the item(s} of income have been met, It is probable that the incorne will be received and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenud grants, is recognised when the charity ha5 entltlement to the funds, any performan conditlons attached to the grants hove been met, It h probable that the Income wlll be received and the amount can be measured reliably and is not deferred. Intome recelved In advance of a provlslon of a speclfled servlce is deferred until the crEterla for Income recognltion are met. Voluntary incorne comprises all incoming resources from donatlons and gift ald. Charltèble activltles comprlses Incoming resources from grants and charltsble trading. Investment Intomé Is BaNk Intérest a¢counted for a reEalvable basls. other Income comprises Ineome from non-charitsble tradin8. Expendlture Expenditure is recognised when a liabillty is incurred. Contractual arrangements and performan related grant are recognlsed as services ère supplied, Costs of generètlng funds are thosÈ costs incurred in attracting voluntary Income. Charit8ble 8ctlvities CoMprse those costs incurred by the charity Fund a¢countlng Unrestrlctsd funds are avallable to spend on aetlvltles that further any of the purposes of charlty. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set asÉde to use for a speclfic purpose. Restricted funds are donatlons whlch the donor has speclfled are to be solely used for partlcular areas of the charltvswork orfor speclfic prcJects belng undertaken by the charlty, Tangible fixed assets All fixed assets are initially recorded at cost and are depreciated over their estimated useful economlc lives an a straight line basis as follows: Computer equlpment Flxture$ and flttln8S 33% on a stralghtline basis 33PA on 4 Stralghtllne bèsls Debtors Trade and ather debtor5 are reccgnised at the settlement amount due after any trade dlscount offered. Page 28
STOTH CONSOLIDATED Accourirs Cash at bank and in hand Cash at bank end cash in hand includes cash and short term highly liquid investments with a short maturSty of three months or less from the date of acquisition or opening of the deposit or simllar account. Creditors and provlslons Creditors and provisions are recognised where the charity has a present obligatioii resultlng from a past event that will probably result In the transfer of funds to a thlrd party and the amount due to settle the obllgatlon can be measured or estimated rèllably. Creditors and provlslons are normally recognlsed at thelr settlementamount after allowlngfor any trade dlscounts due. Flnanclal instruments The charity only has financial assets and financial liabilities of a kind that quallfy as baslc flnanclal Instruments. 8aslc fin8nci?l instruments are Initially recognlsed at transactlon value and 5ub5equently measured al, thelr settlement value with the exceptlon of bank loans whlch are subsequently measured at amortlsed cost using the effective interest method. Pènslons Pension costs represent payments to Individual personal pension schemes of employees. Penslon costs are charged to the Statement of Flnanclal Actlvltles In the perlod In whlch they are pald. Redundancy payments Termination payments are accounted for iii the year in wliich the commitment is made. This applies to pay in lieu of notice, redundancy payments, and payments under compromise agreement8. VAT SMK is not registered for VAT. income and expenditure is ststed gross of VAT as it is not recoverable. SM Tradlng Is reglstered for VAT; Income and eXpendIre Is stated nèt of VAT. Corporatlon tax The charlty Is exemptfrom tax on income ond galns falllng withln Chapter 3 of Part 11 of the Corporation Page 29
NOTES TO THE C NSOLIDATED AccouThrrs DONATIONS AND LEGACIES GROUP Unrestrlcted Restrlcted 2025 2025 TOTAL 2025 Donations 5,066 4,000 9,066 5,066 9,066 Prevlous reportlng perlod GROUP Unrestrlcted Restrlcted 2024 2024 TOTAL 2024 Donatlons 876 2,000 2,876 875 2,000 2.875 Page 30
STOTH NS CHARITABLE ACtIVlTIES NT GROUP Unrestrlrted Restrlrted 2025 2025 TOTAL 2025 Grants Cost of Livlng Grants John Ellerman Foundation Joseph Rowntree Charitable Trust Oak Foundation Paul Hamlyn Foundation The Blagrave Trust Other Charltable activltie5 1,440 1,440 50.000 50,000 203,118 20,000 10,000 69,875 50,000 50,000 203,118 20,000 10,000 35,000 34,875 145,000 259,433 404.433 CHARITABLE ACTIVITIES {Contlnued) Previous reporting period GROUP Unrestrlcted Restrlcted 2024 2024 TOTAL 2024 Grants Barrow Cadbury Cost of L5vlng Grants Global Dialogue/FICS John Ellerman Foundatlon Joseph Rowntree Charitable Trust Oak Foundation Paul Hamlyn Foundatlon Trust for London Tudor Trust Wikimedia other Charitable activities 30,000 16,750 30.000 16,750 19,078 50,000 50,000 230,230 26,250 77,500 30,000 18,000 105,375 19,078 50,000 50,000 230,230 26,250 77,500 30,000 18,000 44,375 61,000 237,750 415,433 653,183 Page 31
NOTES TO THE CON50LIDATED ACCOUNT5 OTHER TRADING ACTIVITIES GROUP Unrestrlcted Restrlcted 2025 2025 TOTAL 2025 Consultan¢y Events and training Misc. commerclal income 52,249 77,385 200 52.249 77.385 200 129.833 129,833 Previous reporting perlod GROUP Vnrestrlcted Restrl(ted 2024 2024 2024 Consultancy Event5 and tralnlng Misc. commercial income 58,795 112,700 871 58.795 112.700 871 172,366 172,366 Pag8 32
NOTE THE ON LIDATED CHARITABLE AcfiviTIE5 Unrestrirted Restrirted Total 2025 Staff costs Project expenditure Office overheads Other 221,667 33,507 26,159 2,945 278,482 41,423 500,150 74,930 26,159 2,945 284,279 5,200 319,905 3,000 604,184 8,200 Governance costs TOTAL EXPENDITURE 289,479 322,905 612,384 Previous reporting perlod GROUP Unrestrlcted Restricted Total 2024 Staff costs Projert expenditure Office overheads Grants payable 348,812 35,154 27,067 252,806 601,618 126,998 27,Q67 411,033 2,400 344,650 3,000 755,683 5,41)0 Governance costs TOTAL EXPENDITURE 413,433 347,650 761,083 Page 33
TEST NS LIDA ouNrs ANALYSIS OF GOVERNANCE AND SUPPORT COSTS Bas15 of appoytlonment Governance Total 2025 Audit fee Governance 8,200 8,200 11,200 8,200 Prevlous reportlng perlod Basls of apportionment Governattte Total 2024 Audit fee Governance 5,400 5,400 5,400 5.400 Page 34
NOTES T THE ON ID TEDA NTS STAFF cosrs AND KEY MANAGEMENT PERSONNEL GROUP 2025 GROUP 2024 Wages and salaries Social security costs Employer's pension costs Consultancy and professional services Staff recruitment, training and wellbeing 388,509 41,130 17,516 43,223 9,772 473,253 41,606 23,663 59,761 3,335 The total termination payments charged by the Charity for the year 2025 was £25,233 (2024: £Nil). One employee received total employee benefits (excluding employer penslon costs) of more than £60,000. Band £60,000 to £70,000 £70,000 to £80,000 £90,000 to £IOO,I)00 2025 2024 STAFF cosrs AND KEY MANAGEMENT PERSONNEL (continued) -rhe average number of staff employed by the charity during the period was 6 {2024: 91 The average number of staff employed by the trading subsidiary during the perfod wa5 2 (2024: 2) The key management personnel of the both the charity and the trading subsidiary comprise of the Chief Executive. The total employee benefits of the key management personnel of the charity were £87,59412024: £99,047). Page 35
NOTES TO THE CON50LIDATED A TANGIBLE FIXED A55ETS Chailty Group Cost ', At l April 2024 Addltions Disposals At 31 March 2025 12,520 13,447 12QOI {200) 12,320 13,247 Depreciatlon At l April 2024 CFiarge for the year Disposals At 31 March 2025 8,487 2,828 12001 9,106 3,137 1200) 11,115 12,043 NBV at 31 March 2025 1,205 1,205 NBV at 31 March 2024 403.4 4,341 Net bookvalue at 31 March 2025 represent5 fixed assets used for charitable purposes. Investment in subsldiary Charlty Group At l April 2024 Additions At 31 March 2025 The investment in the suL)sldiary ¢onslsts of l ordinary Share IIOOYO of the share caplt,all in Sheila McKechnie Trading Limited. Page 36
NOT TOTHEC IDATE 10. SOCIAL INVESTMENTS GROUP CHARITY 2025 2024 2025 2024 Loan to group undertakings 13,000 10,000 13,000 10,000 During the period Sheila M¢Kechnie Foundation provided a loan to Sheila McKe¢hnle Tradlng for the sum of £13,000. The loan was given interest free andls to be repaid on request.Thi5 has been classed as a programme related investment by the charity. Pag8 37
NOT TO THE 11. DEBTORS ONSOLIDATED ACCO NT5 ROUP CHARiri 2025 2024 2025 2024 Trnde debtors Accrued donation from SM Tr4ding Other atcrued Income Prepayments 25,312 57,216 12,500 2,945 20,000 1,954 39,090 20,000 1,935 44,87S 138 44,875 138 47,247 102.229 37,379 84.103 Page 38
TO THE CONSOLIDATED ACCOUNT5 CASH AT BANK AND IN HAND GROUP CHARITY 2025 2024 2025 2024 Cash at bank and in hand 93,657 93,657 135,877 135,877 59,730 59,730 95,153 95,153 Page 39
NOTES TO THE CONSOLIDATED ACCOU T5 CREDITOR5 . Amounts falllnB due withln one year GROUP CHARITY 2025 2024 2025 2024 Trade creditors Social security and other taxes VAT Accruals Deferred Income Other creditors 4.348 18,639 8,874 35,451 15,311 270 18,316 11,138 11,115 19,455 53,265 889 2,073 16.078 6,958 9,111 33,724 18,815 29,250 889 224 82,893 114.178 52,099 65,023 Deferred Income Balantte at l Aprll 2024 Movement in the year Balance at 31 March 2025 53,265 137,9541 15,311 Page 40
NOTE TO THE CONSOLIDATED ACCOUNTS 14. CASH INFLOW FROM OPERATING ACTIVITIES 2025 2024 Net income for the year Adjustments for. Depreciatlon and Impalrment of tanglble flxed assèts Decrease in debtors (Decrease) / Increase In credltors {69,052} 67,342 3,13Y 54.982 {31,2861 155,214) 160,525) {42.2201 143,430) Pag8 41
IDATED 15. MOVEMENT IN FUNDS Group Balance at Incoming Resources Balance at l Apr 24 Resource5 Expended Transfers 31 Mar 2025 Restrltted Funds avic Space A Reformed Civil Society.. Membership A Reformed avll Suclety: Paul Hamlyn Foundatlon Oak Foundation,. Hou44 ¢lng and homele55ness JRCT lJroJects Trusts for London Pollcy Worl< Wikiniedia Total Restricted Funds 853 853 38,8?5 138,8751 20,000 126,375} 203,118 1213,0571 1,440 11,4401 143,1581 6,375 50,878 40,939 43,158 101,264 263,433 1322,905 Unrestri¢ted Funds 27,005 279,899 1289,4791 Total Funds 128,269 543,332 l612,384) S9,217 ANAL YSJS OFNETASSEfs BETWEEN FUNDS Unresirirted Rostrl¢ted Fund5 Fund5 Total Funds Tangible flxed assets Wet currént asgets/lllabllltlÈsl 1,205 16,221 17,425 1,205 58,012 59,217 41,192 Prevlous reporthg pertod (restotedj Group Balance at Incomiiig Re59ur Balance at l Apr 23 Resources Expended Transfers 31 Mar 2024 Restilcted Funds Civi¢ Space A Reformed Civll Society- Membership A Reformed avil Society: Paul Homlyn Foundation Oak Foundation.. Housing and homelessness Power Projéct Trusts for London Policy Worlc Wlkimedia Total Restrlcted Fund5 19,078 118,1981 46,375 46,4531 26,250 119,8751 230,230 120B,599 22,500 125,4991 55,000 111,8421 18,000 117,1841 417,433 1347,6501 1271 78 853 6,375 50,878 29,247 2.999 43,158 18161 17651 32,246 101.264 Unrestrlcted Funds 28,681 410,992 1413,433 765 27,005 Total Funds 60,927 828,425 1761,0831 128,269 ANAL YSIS OFNETASSETS BETWEEN FUIVDS Unrèstrlrted Restllctod fund5 Funds Total Funds Tangible fixed assets Net current assetsllliabilltlesl 4,341 22,664 27,005 4,341 123,928 128.269 101,264 101,264 Page 42
Niyr STOTHE CONS ID TEDA COUNTS 15. MOVEMENT IN FUNDS (Contlnued) Descrfptlon of restrlrtedfvnds Reformed avll Soclety Membership A Reformed Clvll Society Membership: SMK'S Reformed Civil Soclety Prolert looked at the mle of Chartty leaders within wider society. The proJect consisted of the formation of the Charity Reform Group ICRG}, whlch brought together 14 charlty CEOS. In 2024, CRG published a collection of essays contributed by mÉmbÈrs entltlèd Forces for Good. Members were ei)couraged to pay membershlp to contrlbute to tkie running of CRG. A Reforme.d Clvll Society A Reformed Civll Soclety, Paul Hamlyn Foundatlon: The Reformed Clvll Society project operate5 as above. The Paul Hamlyn Foundation provlded a grant for the work of CRG. This grant allowed for Solldarlty membershlps to CRG, the publication of a guide for trustees around campaigning, and l@arning èv&nts for Trustees. JCRT Projerts JCRT ProSocts'. JCRT provided core fundlng support from 2022- 25. plus an additlonal cost uf Irving uplift at the end of 2023. Thls contrlbuted across SMK'S work, wtth e partlcular focus on stratogic revi¢w and planning. Trust for London Projects Trust for London provlded a grant towards SMI('s policy work. Thls work focuses on the role of clvll soclety and combatlng the redu¢tlon in civic spa¢e in the UK. Thi5 included the Campalgners Survey, a trustees attltude survey, and leèrnlng events. Civlc Space SMK has been commissioned by a group of funders to examlnè the growlng threats to clvic space in the UK, and consider how clvll soclety could be strengthen@d to b&tter rèsist. Wlklmedl8 ProSects Wlklmedla Prolects.. Wiklmedia UK provided a grant to SM K for thé productlon of the Campaigners Toolklt, whl¢h converted m4tsrials from SMK'S live dollvery into an onllne, frft*ly avallable resource for campalgners. Oak Fou ndatlon.. Houslng and homÈlessness SMK Is bÈlng funded to provide 5UPPOrt to Brantees of the Oal< Foundation's UK F)rogramme - focused entirely on organisations worklng to address housing need5. SMK Is brlnÈing Its Èxpeptlse Ih soclal change and worklng in solida rity to build the capacity a nd coiifldence of organisatlons In thls sector. It Is a fivè-yèa r programme. Power Project The Power Project Is a Cornerstone funded two-year prolert that Is exploring wh4t it would look like If clvll soclety In London was better at sharlng power in pursult of social change, with a focus on Ilved experience, povèrty Ènd soclo~economlc Inequallty. Paoe 43
TO IHE CONSOLIDATED Accoup¥rs 16. TRUSTEES, REMUNERATION AND EXPENSES, AND RELATED PARTY TRANSAcfioN5 Neither the Trustees nor person5 connected wlth thw.m received any remuneratlon during the year except for reimbursement of trdvel expenses whlch totalled £658 for the year {2024: £Nil). There are no donations from related parties which a outside the normal course of business and no restricted donations from related parties, No trustee or other person related to the charity had any personal interest in any contract or transactlon entered Into by the charlty, Includlng guarantees, during the year {2024: nll). The charlty has taken out an In5uran¢e policy forthe yearat a total cost of £1,823 {2024: £1,656} which Includes coverfor Trustee indemnity. 17. OPERATING LEASES GROUP 2025 2024 Not later than one year Later than one year and not later than 5 years Lease payments reccgnised ds an expense 372 The Charlty has a license agrement with Slielter roEardinE hot desl<s and meeting Page 44
IES TO THE CONSOLIDATED ACCOUNTS 18. INVESTMENT IN TRADING SUB51DIARY The wholly-owned subsidiary, Sheila Mcl(echnie Trading Limlted, which is incorporated in England and Walesi pay5 its profits to the charity as a donation. Sheila fvlcKechnie Tradlng Limlted operates the consultancy and events and training income functions of th¢ group. Tho charity owns the entlre issued share capitsl of l ordinary share of £1 each, A summAry of the tradlng results is shown below 2025 2024 Turnovfftr C05t of sales and administrative expenses Net prof itllloss) Donatlon to charlty Retained in the subsldiary IZ9,633 172,366 {126,6891 1172,981) 2,945 (615) {2,9451 (615) The asset5 and liabilies of the subsldlary were: 2025 2024 Flxed Assets Current Assets Credltors: amounts falling due within I year Total net ar4sets 309 58,849 (59,1551 46,739 146,736} Pago 45
TH so TED ACC.OUNTS 19. Prlor Year Statement Of F117anclal Actfvlty GROUP Re$trlcted IQZ4 GROUP Rostrlcted 2023 Unrestrlrted 2024 TOTAL Z024 Unre$trkted 2023 TOTAL 2023 INCOME FROM: Donations and legacles Charltable activities Other trading actlvlties 876 237,750 172,366 2,000 415,433 1876 655.IBY 172,366 828,425 14,948 303,012 148,847 466,807 14.948 477.136 148,847 640,931 174,l24 TOTAI INCOME 410,992 417,433 174,124 EXPENDifuRE ON: Charltable actlvities 413,433 347,650 347,650 494,169 494,169 166,348 166.348 660,516 660,516 TOTAL EXPENDITURE 761.083 NET {EXPENDITUREIIINCOME Transfer betweeii funds 12.441) 765 69,783 67,342 27,3611 7.776 119.5B51 {76S1 69,018 32,146 NFf MOVEMEthIT IN FLINOS {1,676) 28,S81 67,341 127.3611 56,042 7,776 119,58SI 80,512 Fund balances broudht forv43rd 60,927 24,470 TOTAL FUNDS CARRIED FORWARD 17,005 101,264 128,269 28,681 32,246 60,927 Page 46