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2022-01-31-accounts

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Fairshare Educational Foundation T/A ShareAction

Annual Report and Financial Statements

31 January 2022

Company Limited by Guarantee Registration Number 05013662 (England and Wales)

Charity Registration Number 1117244

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Contents

Reports
Reference and administrative details 1
Report of the Chair of the Board 2
Trustees’ report 4
Independent auditor’s report 12
Financial statements
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Principal accounting policies 20
Notes to the financial statements 24

Fairshare Educational Foundation

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Reference and administrative details

Board of Trustees and Directors Paul Dickinson (Chair)
Jane Cooper (resigned March 2022)
Lisa (Rebecca) Warren
Olivia Dickson
Alice Steenland
Kevin Chuah (appointed June 2021)
Nicholas Glicher (appointed June 2021)
Sonia Shah (appointed April 2022)
Hugh Wheelan (appointed April 2022)
Chief Executive Catherine Howarth
Charity name Fairshare Educational Foundation
(Trading as ShareAction)
Registered and principal office 63/66 Hatton Garden
Fifth Floor
Suite 23
London
EC1N 8LE
Company registration number 05013662
Charity registration number 1117244
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Principal bankers HSBC
60 Queen Victoria Street
London
EC4N 4TR

Fairshare Educational Foundation 1

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Report of the Chair of the Board Year to 31 January 2022

The financial year ending 31 January 2022 was again a remarkably positive one for ShareAction and its mission. ShareAction continued to grow and in size and reputation, with funds secured to further increase our activities and impact in 2022/23 and beyond.

Amongst other achievements, we made further progress in increasing the number of FTSE 100 companies who are Living Wage employers, reaching a significant milestone with now more than half of those listed achieving accredited status. Through our research and rankings, we also continued to increase accountability across the banking, insurance and asset manager sectors, conducting many hours of productive follow up engagements with key firms on performance across climate, biodiversity and human rights.

Our corporate campaigning went from strength to strength during the year, with our banking team supporting a coalition of institutional and retail investors securing an agreement from HSBC to phase out the financing of coal and set 1.5C aligned emission reduction targets across its portfolio; significant given the bank’s exposure in Asia. Our programme of work on the nutrition profile of food and drinks sold by major supermarket retailers resulted in the first health based shareholder resolution filed a UK-listed company. This secured a pledge from Tesco to commit to increasing the sale of healthy products across the UK and Ireland and put pressure on the other main sector players to do the same. All of this was carried out through collaborative work with investor networks who share our values.

We asked over 100 AGM questions during the year at 81 different companies and welcomed 15 new activists. Questions supported our corporate campaigns, with living wages and ethnicity pay gap, fossil fuel financing and decarbonisation targets as well as healthy food targets all covered.

Operationally, ShareAction proved resilient, with many staff enjoying the opportunity to reconnect in person, whilst also embracing hybrid ways of working. The year has seen has investment in our enabling capabilities to meet the increased scale of the organisation, with new senior staff joining in our supporting teams.

Both Trustees and management team continue to pay close attention to the risks as well as the opportunities faced by the charity in delivering our ambitious mission. The work of the dedicated Finance, Audit, Risk and Controls, Governance and Nominations, and Human Resources and Remuneration Committees have helped facilitate excellent governance and allowed the Board to take a more strategic focus.

Looking back at the last year and forward to the many exciting plans that ShareAction has in the coming years, I am both proud of our achievements and positive about the organisation's ability to sustain, indeed grow, its impact. There will no doubt be further challenges to be faced, but ShareAction has proven itself to be resilient and capable of thriving in all conditions.

We are grateful, as ever, to the many foundations, grant givers and individual donors supporting our work and thereby backing our vision of a financial industry that delivers greater public benefit.

The work of ShareAction is more important than ever, as we face ever more challenges to the social and ecological boundaries that define the security we have come to expect from society.

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Report of the Chair of the Board Year to 31 January 2022

I wish the ShareAction team along with the many networks of supporters and partners all success in using our growing strength to meet the huge challenges ahead of us in these crucial years.

Multiple stakeholders are coming to recognise we will need to use the full potential of government to protect society over the decades ahead. From climate change to biodiversity and from human rights to health, corporations, NGOs as well as governments all realise we need to see unprecedented action. ShareAction will continue to ensure the financial system plays an active role in forging the new legislative and regulatory consensus necessary to protect citizens of the world. This is the decisive decade.

Paul Dickinson

Chair

Fairshare Educational Foundation 3

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Trustees’ report Year to 31 January 2022

The Trustees (who are also directors of the charitable company for the purposes of the Companies Act) present their annual report together with audited financial statements of Fairshare Educational Foundation (trading as ShareAction) (the charitable company) for the year ended 31 January 2022.

The financial statements have been prepared in accordance with the accounting policies set out on pages 20 to 23 therein and comply with the charitable company’s governing document, applicable laws and 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 UK and Republic of Ireland (FRS 102).

Objectives and activities

Activities and specific objectives

ShareAction’s charitable objects can be summarised as: “the promotion of ethical and responsible investment for the public benefit in order to advance: the relief of poverty, protection of the environment, promotion of human rights, sustainable development, and compliance with the law and ethical standards of conduct”. The following ancillary charitable objectives complement this core object:

The company has been set up as a non-profit making charitable company. In designing their policies to meet their objectives the Trustees have paid due regard to the Charity Commission’s guidance on public benefit.

Our theory of change captures our work under three focus areas – investor strategies, corporate strategies and movement-building strategies.

Investor and Public Policy Strategies

With this work, we aim to educate and influence investors and policymakers , through:

Fairshare Educational Foundation 4

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Trustees’ report Year to 31 January 2022

Corporate Strategies

Our corporate-focused work is designed to change companies’ behaviour, by:

Movement-building Strategies

Here we work with individual savers and other organisations to inspire support for RI and amplify our message, through:

Notable achievements

Some notable highlights from 2021/22 include:

Fairshare Educational Foundation

5

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Trustees’ report Year to 31 January 2022

We launched the Occupational Stewardship Council, providing secretariat services alongside the Department for Work and Pensions. The Council was launched in July with 28 members form across the UK’s pension landscape. The Council exists to provide peer-to-peer support within the UK’s pension sector around RI practice, particularly stewardship.

Risk management

During the year we embedded a new standalone financial risk management framework that formalises our visibility and decision making around our key financial risks of solvency and liquidity. This provides an approach to managing risk that encourages frequent consideration of risk throughout the organisation and increases our focus on the most strategic risks that we face. This will also provide a platform for us to build out our risk management and compliance processes as ShareAction continues to grow.

As the organisation evolves, becomes more international, and takes on larger projects we continue to monitor and update our risk register. Below, a summary of what we see as our key risks and relevant mitigations.

Risk and Description Mitigation

Investor Engagement

ShareAction being unable to maintain This is mitigated through use of Salesforce as a its relationships and influence with tool for managing external relationships, quality investors. control on publications and regular communications with investors.

Competitive Landscape

In an increasingly crowded A competition landscape map is in place which landscape, there is a risk if identifies threats and opportunities, with clear ShareAction's value proposition is no relationship owners for each key organisation. A longer distinctive. strong narrative is used to assert ShareAction's vision of responsible investment and unique value proposition.

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DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Trustees’ report Year to 31 January 2022

Business and resource planning

ShareAction takes on work that is not There is oversight of bids by fundraising and sufficiently resourced or sufficiently finance teams, with business planning and funded. reporting process frameworks in place and regular reviews at team and leadership level.

Litigation and Legal support

ShareAction could be subject to There is quality control on publications, with a litigation resulting in financial and clear appropriate "tone of voice" for ShareAction reputational damages. and disclaimers on publications.

Organisational Change

If ShareAction were to fail to have the Managing growth is a key focus for ShareAction’s right structure, infrastructure, leadership team. As part of this, a people strategy leadership skills and experience, this is being developed to guide organisational could result in failing to achieve our change. goals and attract funding, alongside failing to retain staff, recruit new staff or maintain its culture.

Perceptions of ESG investing

Rising anti-ESG sentiment could Existing campaigns and research publications
make it more challenging for already attempt to make the case for why
ShareAction to deliver on campaigns, investors should engage. We are working on
sustain attention of investors and creating more consistent rationales for why
attract fundraising. investors should become involved with our
activities and outputs.

The Trustees are alert to these risks and the Finance, Audit, Risk and Controls Committee actively monitor them on behalf of the board.

Public benefit

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Our continued success in using the tools of the investment world to promote good corporate citizenship contributes to embedding better social and environmental practice among large publicly listed firms. This in turn has a range of real-world effects that deliver public benefit including, for example, lower carbon emissions, more nutritious diets, and higher wages for the lowest earners. These positive outcomes are in line with our charitable objects.

In addition, our considerable influence on the stewardship and responsible investment policies of large pension funds, insurance companies, asset managers and charitable trusts contributes to the embedding of better practice within UK and international investment community. The major investors we influence look after the retirement savings of millions of working people, including many on modest incomes. Our work, particularly on fiduciary duties, encourages major investment firms and pension schemes to stay focused on the interests

Fairshare Educational Foundation 7

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Trustees’ report Year to 31 January 2022

and wellbeing of the people whose funds they manage. Encouraging large institutional investors to act as responsible stewards of other people’s assets is critically important to achieving a pension system that delivers the greatest possible benefit. We consider this an important element of the public benefit that flows from our activities.

Our training and educational events have helped to equip and support people in the UK who want to use their investments as a leverage point for dialogue with companies. The feedback from our training has shown how empowering people find it to access that kind of knowledge, and to have the opportunity to influence companies with a significant social and environmental footprint.

Financial review

Results for the year

We ended the year showing year-on-year growth with income of £3,606,201 (2021 - £3,124,862) and an unrestricted surplus of £72,466 (2021 – surplus of £284,762).

The charity received grants and donations totalling £3,226,462 (2021 - £2,786,262). Of the 21 (2021 – 36), organisations making grants and donations 19 (2021 - 23) made restricted grants as shown in note 4 to the accounts, and 13 (2021 - 23) made unrestricted grants as shown in note 1 to the accounts. The charity received £145,194 in donations from individuals (2021 - £93,165). The amount of cash held and cash equivalents had increased at year-end to £2,033,372 (2021 - £2,149,095).

In the current year 10 member organisations contributed fees amounting to £18,000 (2020 – 12 member organisations - £17,750). CRIN income remained stable with 20 CRIN members contributing membership fees of £97,733 (2021 - 20 members contributing fees of £92,350). Income from our Workforce Disclosure Initiative generated £194,219 from 57 signatories (2021 - £117,815 from 49 signatories).

Reserves policy

It is the policy of the charity to maintain a reserve of unrestricted funds that is at least equivalent to three months budgeted expenditure as approved by the Board and as amended from time to time to take into account, for example, projected material changes in human and other resources, and new or abandoned projects not fully resourced out of restricted income.

The reserve is necessary to provide a buffer against unbudgeted and unexpected expenditure, thereby ensuring that adequate resources are always available to meet fixed and variable operational costs and unfunded projects, and to ensure that restricted funds, which currently provide the majority of the charity’s incoming resources, are always safeguarded for the purpose for which they were provided.

Furthermore, as a crucial management tool, regular monitoring of adherence to the policy is undertaken at meetings of the Board and Finance, Audit and Risk Committee so that the Trustees may satisfy themselves as to the on-going financial viability of the charity. The leadership team track reserves as a key metric in their monthly management accounts.

Fairshare Educational Foundation 8

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Trustees’ report Year to 31 January 2022

It is the Board’s opinion that the current level of reserves is commensurate with the risks identified in its latest risk assessment, but the Board will review this policy at regular intervals, making any amendments necessary to ensure that it is always adequate for the charitable company’s purposes.

At 31 January 2022, the charity held unrestricted funds of £1,131,430 (2021 - £1,058,964) and £40,000 restricted funds (2021 - £nil). After adjusting for the net book value of tangible fixed assets, and excluding those reserves which have been designated, free reserves stood at £1,124,128 (2021 - £1,055,392). This level of free reserves is equal to 2.3 months’ expenditure based on our average monthly budgeted spend for 2022/23 and is in line with the policy.

Future plans

ShareAction has successfully secured funds to commence major new programmes in 2022/23 focussed on health, biodiversity and climate change. This will lead to substantial growth in turnover and expenditure in the year, with investment in infrastructure to support this.

Structure, governance and management

Governing document

Fairshare Educational Foundation (trading as ShareAction) is a company limited by guarantee without share capital and, since December 2006, also a registered charity. The company was established under a Memorandum of Association (subsequently amended) which established the objects and powers of the charitable company and is governed under its Articles of Association. Each member’s liability is limited to £1.

Recruitment and appointment of Trustees

The directors of the company are also charity trustees for the purposes of charity law. The Trustees are elected annually at the Annual General Meeting or may be co-opted by the Trustees to fill a vacancy or to bring the number of trustees up to the maximum number of 10 allowed by the Articles of Association. Any retiring Trustee may be re-appointed provided that his or her period in office does not exceed six consecutive years (or nine years in the case of a Trustee elected to the chair mid-term)

It is the practice of the charity to openly advertise opportunities to join the board of trustees.

Induction and training of Trustees

Most Trustees already have experience of charitable organisations on appointment but if this is not the case they are provided with best practice and guidance (our membership of NCVO affords the charity access to the relevant resources). Their experience is developed further through their work with ShareAction. The Trustees spend time together to review the charity’s strategy and progress annually, and also attend a session with the staff of the charity to discuss strategy and plans together. The Chair will undertake a board review from time to time involving each Trustee in making an appraisal of his or her contribution, skills, and areas for development.

Fairshare Educational Foundation 9

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Trustees’ report Year to 31 January 2022

Organisation structure

The Trustees are required to hold at least three meetings each year and currently meet four times a year as a Board. The Trustees, assisted by the Chief Executive, are responsible for the governance of the charitable company. Trustees oversee and agree the strategy of the charity.

The Board delegates a number of its powers to three committees of Trustees, the Finance, Audit, Risk and Controls Committee (FARC), the HR and Remuneration Committee and the Governance and Nominations Committee. These committees meet four to six weeks prior to meetings of the Board and report thereto.

In order to deliver the strategy, the leadership team, which comprises the Chief Executive and six Directors, prepares a Business Plan and budget for review by the Trustees ahead of each financial year. Once agreed, this document, which includes a range of key performance indicators, is used to measure and assess progress at the quarterly meetings of the Board.

Statement of Fundraising

The charity is registered with the Fundraising Regulator and reports compliance on an annual basis. The charity employs a professional fundraising team who maintain a high standard of ethical fundraising and whose systems and practices are kept under continual review. It does not use the services of any third-party organisation to help in its fundraising activities. No complaints were received about its fundraising activities during the financial year 2021/22. In the event of a complaint being received, these are handled by a senior member of staff or the Chief Executive.

Trustees

The members of the Board of Trustees who served as Trustees (and directors of the company) during the year are shown on page 1.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of ShareAction for the purposes of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

Fairshare Educational Foundation 10

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Trustees’ report Year to 31 January 2022

subject to any material departures disclosed and explained in the financial statements; and

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

Each of the Trustees confirms that:

The Trustees are responsible for the maintenance and integrity of financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed for and on behalf of the Trustees

P. Dickinson

Approved by the Trustees on:[14 September 2022]

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Independent auditor’s report Year to 31 January 2022

Independent auditor’s report to the members of Fairshare Educational Foundation

Opinion

We have audited the financial statements of Fairshare Educational Foundation (the ‘charitable company’) for the year ended 31 January 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. 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).

In our opinion, the financial statements:

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.

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Independent auditor’s report Year to 31 January 2022

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, 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.

In connection with our audit of the financial statements, 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 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 or a material misstatement of the other information. 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’ report. We have nothing to report in respect of the following matters in relation to which 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, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Independent auditor’s report Year to 31 January 2022

Responsibilities of Trustees (continued)

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 but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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Independent auditor’s report Year to 31 January 2022

Auditor’s responsibilities for the audit of the financial statements (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Independent auditor’s report Year to 31 January 2022

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 as a body, for our audit work, for this report, or for the opinions we have formed.

Edward Finch (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

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DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Statement of financial activities Year to 31 January 2022

Notes
Income:
Donations
1
Other trading activities
2
Investment income
3
Charitable activities
4
Other income
Total income
Expenditure:
Cost of raising funds
5
Expenditure on charitable
activities
5
Total expenditure
Net income (expenditure) before
gains/losses on investments
Net gains (losses) on listed
investments
Net income for the year and net
movement in funds
Reconciliation of funds:
Total funds brought forward
at 1 February 2021
Total funds carried forward
at 31 January 2022		 Notes Unrestricted
funds
£
Restricted
funds
£
40,000
—
—
2,520,223
—
2,560,223
—
2,520,223
2,520,223
40,000
—
40,000
—
40,000		 Total
2022
£		 Unrestricted
funds
£
710,766
272,007
174
—
66,619
1,049,566
88,479
676,366
764,845
284,721

41
284,762
774,201
1,058,964		 Restricted
funds
£
—
—
—
2,075,296
—
2,075,296
—
2,075,296
2,075,296
—
—
—
—
—		 Total
2021
£
710,766
272,007
174
2,075,296
66,619
666,239
357,935
299
—
21,505
1,045,978
103,242
869,901
973,143
72,835
(369)
72,466
1,058,964
1,131,430		 706,239
357,935
299
2,520,223
21,505
3,606,201 3,124,862
103,242
3,390,124		 88,479
2,751,661
3,493,366 2,840,140
112,835
(369)		 284,721
41
112,466
1,058,964		 284,762
774,201
1,171,430 1,058,964

All of the operations undertaken by the charity during the current and preceding year are continuing operations.

Fairshare Educational Foundation 17

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Balance sheet Year to 31 January 2022

Notes
2022
£		 2022
£		 2021
£		 2021
£
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due
within one year
10
Net current assets
Total net assets
The funds of the charity:
Restricted funds
11
Unrestricted income funds
. General fund

240,636
2,033,372		 7,302 323,992
2,149,095		 3,572
7,302
1,164,128		 3,572
1,055,392
2,274,008
(1,109,880)		 2,473,087
(1,417,695)
1,171,430 1,058,964
40,000
1,131,430		 —
1,058,964
1,171,430 1,058,964

The financial statements were approved by the Board of Directors on 14.09.2022 and signed on their behalf by:

Print name: Paul Dickinson

Registered Company Number: 05013662

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DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Statement of cash flows Year to 31 January 2022

Notes
2022
£		 2021
£
Cash flows from operating activities:
Net cash (used in) provided by operating activities
A
Cash flows from investing activities:
Investment income
Proceeds from the disposal of investments
Purchase of investments
Net cash generated by (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 February 2021
B
Cash and cash equivalents at 31 January 2022
B

(111,922)		 668,678
(111,922)

299
96
(4,392)		 668,678
174
(258)
(3,997) (84)

(115,919)


2,149,373
 668,593
1,480,780

2,033,454		 2,149,373

Notes to the statement of cash flows for the year to 31 January 2022

A Reconciliation of net movement in funds to net cash provided by operating activities

2022
£		 2021
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
(Gains) losses on investments
Investment income
(Increase) decrease in debtors
Increase (decrease) in creditors
Net cash (used in) provided by operating activities		 112,466
369
(299)
83,356
(307,814)		 284,762
(41)
(174)
41,451
342,679
(111,922) 668,678

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2022
£		 2021
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 2,033,372
82		 2,149,095
279
2,033,454 2,149,374

Fairshare Educational Foundation 19

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Principal accounting policies Year to 31 January 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of accounting

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The accounts 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 (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment with respect to a period of one year from the date of approval of these accounts.

The trustees are aware that there is uncertainty around the income of the charity but are comfortable that they have the necessary visibility in order to manage this uncertainty. In the assessment of the charity’s ability to continue as a going concern, the trustees have considered the current prudent financial forecasts, the security of existing grant income, the history of ShareAction’s success in raising new income and the ability of the organisation to manage its costs in line with the available income. Further, to ensure the organisation is in the best possible position to manage the principal financial risks around liquidity and solvency, a financial risk management framework is followed, with reviews of financial risk metrics at each FARC committee meeting.

The trustees of the charity assessed the events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern and have concluded that the necessary measures (most importantly, monitoring of cash, reserves and forecasts and timely cost management) are in place to mitigate these concerns. The trustees are of the

Fairshare Educational Foundation 20

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Principal accounting policies Year to 31 January 2022

opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The Audit and Risk Committee ensures that these issues are given the necessary scrutiny.

As a result of the trustees’ assessment, the financial statements have been prepared on a going concern basis. In making this decision, the trustees have taken into consideration the risks and uncertainties arising from the Coronavirus pandemic.

Income recognition

Income including grants received is recognised in the period in which the charity becomes legally entitled to the income, it is probable the income will be received, and that income can be measured with reasonable accuracy. Income is deferred if the donor specifies conditions that the income is to be expended in a future period or where grants are awarded on an annual basis and the grant year is not coterminous with the charity’s financial year.

Income from membership subscriptions is accounted for when receivable. Fees relating to the subsequent period are carried forward as deferred income. Subscriptions are nonrefundable.

Expenditure recognition and the allocation of support and governance costs

Expenditure is recognised on an accruals basis in the period in which it is incurred. It includes related VAT, which cannot be fully recovered and is reported as part of the expenditure to which it relates:

Expenditure incurred on activities falling directly within one cost category is attributed to that category. Expenditure which cannot be directly attributed, including governance costs, is apportioned on a reasonable, justifiable and consistent basis to the cost categories involved, e.g. apportioning management costs by staff time.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Fairshare Educational Foundation 21

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Principal accounting policies Year to 31 January 2022

Tangible fixed assets

Additions to computer equipment, furniture, fixtures and fittings for items individually costing over £1,000 are capitalised where the useful economic life is expected to exceed 12 months. Tangible fixed assets are depreciated over their useful lives.

Depreciation is provided at the following rate:

Pensions

The charity contributes to pension arrangements on behalf of its employees. Contributions payable for the year are charged to the income and expenditure account.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Realised and unrealised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Fund accounting

General funds are unrestricted funds and represent the net surplus made by the charity during its operations. They are available to be used for the objects of the charity at the discretion of the Trustees.

Restricted funds can be used only for a particular purpose within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.

Fairshare Educational Foundation 22

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Principal accounting policies Year to 31 January 2022

Operating leases

Operating lease rentals are charged to the income and expenditure account as incurred.

Taxation

Provision for corporation tax is not necessary, as the company is a registered charity and undertakes only charitable activities. No deferred tax provision is required.

Tax recovered from voluntary income received under Gift Aid is recognised when the related income is receivable and is allocated to the income category to which the income relates.

Foreign currency

Transactions in foreign currencies are translated into sterling at the exchange rate in operation on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the year-end date. All revaluation differences and foreign exchange differences are taken to the statement of financial activities.

Fairshare Educational Foundation 23

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Notes to the financial statements Year to 31 January 2022

1 Donations

onations
Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£
Grants and donations received
Grants
. Esmée Fairbairn Foundation
. Friends Provident Foundation
. Generation Foundation
. Lankelly Chase Foundation
. Paul Hamlyn Foundation
. Oak Foundation
. The Joseph Rowntree Charitable Trust
. The Tudor Trust
. Treebeard Trust
. The John Ellerman Foundation
. Wallace Global Fund
Donations
. Network for Social Change
. Prism – The Gift Fund
. Donations from individuals
Total 2022		 100,000
100,000
50,000
50,000
50,000
43,312
32,400
25,000
25,000
18,333
2,000		 —
—
—
—
—
—
—
—
—
—
—		 100,000
100,000
50,000
50,000
50,000
43,312
32,400
25,000
25,000
18,333
2,000
496,045
—
25,000
145,194		 —
40,000
—
—		 496,045
40,000
25,000
145,194
666,239 40,000 706,239
Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
Grants and donations received
Grants
. The Joseph Rowntree Charitable Trust
. Esmée Fairbairn Foundation
. Generation Foundation
. The Tudor Trust
. Friends Provident Foundation
. The John Ellerman Foundation
. Oak Foundation
. Treebeard Trust
. Paul Hamlyn Foundation
. Lankelly Chase Foundation
. James T Howat Charitable Trust
. Wallace Global Fund
Donations
. Prism – The Gift Fund
. Donations from individuals
Total 2021		 40,000
185,000
75,000
17,500
45,000
29,167
14,438
25,000
50,000
50,000
1,000
50,496		 —
—
—
—
—
—
—
—
—
—
—
—		 40,000
185,000
75,000
17,500
45,000
29,167
14,438
25,000
50,000
50,000
1,000
50,496
582,601
35,000
93,165		 —
—
—		 582,601
35,000
93,165
710,766 — 710,766

Fairshare Educational Foundation 24

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Notes to the financial statements Year to 31 January 2022

2 Other trading activities

Other trading activities
Unrestricted
Total
2022
£		 Total
2021
£
Full members
CRIN membership fees
RINU membership fees
WDI signatories fee income
Total		 18,000
97,733
47,983
194,219		 17,750
92,350
44,092
117,815
357,935 272,007

3 Investment income

Investment income
Unrestricted
Total
2022
£		 Total
2021
£
Bank interest receivable
Dividends receivable
Total		 181
118		 85
89
299 174

4 Income from charitable activities

Income from charitable activities
Restricted
Total
2022
£		 Total
2021
£
Sunrise Project
IKEA / New Venture Fund
Guy’s and St. Thomas’ Charity
Finance Dialogue / European Climate Foundation
KR Foundation
The Health Foundation
We Mean Business/ New Venture Fund
Department for International Development
Trust for London
Barrow Cadbury Trust
Friends Provident Foundation
Synchronicity Earth
Marmot Charitable Trust
Network for Social Change
Esmée Fairbairn Foundation
Alex Ferry Foundation
Franciscan Missionaries of the Divine Motherhood
Joseph Rowntree Foundation
Handmaids of the Sacred Heart of Jesus
Lankelly Chase
The Climate Change Collaboration (Ashden Trust; JJ Charitable Trust; Mark
Leonard Trust; Tedworth Charitable Trust)
Arcus Foundation
Bianca and James Pitt
Jesuits in Britain
Polden Puckham Charitable Foundation
JMG Foundation
Transforma
Total 2022		 639,525
453,510
416,188
392,665
160,113
134,394
77,008
55,345
40,000
38,800
28,337
25,000
20,000
11,667
10,920
5,000
5,000
3,750
2,000
1,000
—
—
—
—
—
—
—		 199,480
316,780
357,732
386,912
148,217
—
114,913
313,534
33,333
35,200
51,663
5,000
20,000
—
—
—
5,000
3,750
2,000
27,220
23,833
6,627
6,000
5,000
5,000
4,100
4,000
2,520,223 2,075,296

Fairshare Educational Foundation 25

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Notes to the financial statements Year to 31 January 2022

5 Expenditure

Expenditure
Raising
funds
£		 Campaigning
and
education
£		 Total
2022
£
Direct costs
Staff costs (note 6)
Research & communication
Support costs
Staff costs (note 6)
Other staff expenses
Legal & professional
Depreciation
Operating lease rentals (note 14)
General office costs
Website & ICT expenses
Travel and subsistence
Bank charges
Auditors’ remuneration
Audit fee (including VAT) – current year
Write offs
Other expenses
Foreign exchange losses
Total		 —
—		 1,843,991
500,235		 1,843,991
500,235
— 2,344,226 2,344,226
72,658
8,535
4,924
—
4,899
1,523
8,619
1,882
423
1,089
(1,311)
—
181		 734,656
86,299
49,790
—
49,534
15,395
87,152
19,028
4,279
11,011
(13,255)
—
1,829		 807,314
94,834
54,714
—
54,433
16,918
95,771
20,910
4,702
12,100
(14,566)
—
2,010
103,422 1,045,718 1,149,140
103,422 3,389,944 3,493,366
Raising
funds
£		 Campaigning
and
education
£		 Total
2021
£
Direct costs
Staff costs (note 6)
Research & communication
Support costs
Staff costs (note 6)
Other staff expenses
Legal & professional
Depreciation
Operating lease rentals (note 14)
General office costs
Website & ICT expenses
Travel and subsistence
Bank charges
Auditors’ remuneration
. Audit fee (including VAT) – current year
Other expenses
Total		 —
—		 1,594,853
262,187		 1,594,853
262,187
— 1,857,040 1,857,040
63,899
7,317
916
—
5,820
3,481
5,296
167
404
1,181
—		 646,089
73,979
9,259
—
58,846
35,194
53,549
1,686
4,082
7,819
4,120		 709,988
81,295
10,175
—
64,666
38,674
58,845
1,852
4,485
9,000
4,120
88,479 894,622 983,101
88,479 2,751,661 2,840,140

Fairshare Educational Foundation 26

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Notes to the financial statements Year to 31 January 2022

6 Particulars of employees

The average number of employees analysed by function was:

Particulars of employees
The average number of employees analysed by function was:
2022
No.		 2021
No.
Campaigning and education
Management and administration
Fundraising and communications		 44
8
4		 37
8
4
56 49
2022
£		 2021
£
Wages and salaries
Social Security costs
Pension costs		 2,257,064
224,249
169,993		 1,967,086
183,160
154,595
2,651,306 2,304,841

The number of employees earning over £60,000 in the period excluding pension contributions was:

2022
No.		 2021
No.
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000		 1
2
—
1		 3
—
1
—

No trustees received any remuneration for their services during the year (2021 – none). Two trustees during the year received reimbursement for expenses totalling £134 (2021 – none).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the trustees and those members of staff who attend board meetings. The total cost of employment of the key management personnel for the year was £618,199 (2021 - £532,103).

Fairshare Educational Foundation 27

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Notes to the financial statements Year to 31 January 2022

7 Taxation

The company has been set up as a non-profit making charitable foundation and in December 2006 was registered as a charity and, therefore, is not liable to corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

8 Fixed asset investments

Fixed asset investments
2022
£		 2021
£
Listed investments
Market value at 1 February
Additions at cost
Disposals at market value
Net unrealised losses / gains
Market value at 31 January
Cash held by investment managers for re-investment
Cost of listed investments at 31 January		 3,293
4,391
(96)
(368)		 2,994
259
—
41
7,220
82		 3,293
279
7,302 3,572
9,279 4,784

All listed investments were dealt in on a recognised stock exchange.

9 Debtors

Debtors
2022
£		 2021
£
Trade debtors
Other debtors
Prepayments
Accrued income		 202,157
10,937
18,892
8,650		 311,103
7,350
5,539
—
240,636 323,992

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022
£		 2021
£
Trade creditors
Other taxes and social security costs
Accruals
Deferred income
Other creditors		 90,420
78,406
95,305
821,207
24,542		 28,582
48,256
90,877
1,215,436
34,544
1,109,880 1,417,695

Fairshare Educational Foundation 28

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Notes to the financial statements Year to 31 January 2022

10 Creditors: amounts falling due within one year (continued)

Deferred income comprises deferred membership income (general, CRIN, RINU and WIDU) and deferred grant income:


2022
£
2021
£
General membership income
CRIN membership income
RINU membership income
WDI membership income
Grant income		 8,083
43,148
31,266
75,092
663,618		 8,083
38,981
25,350
62,310
1,080,712
821,207 1,215,436

11 Restricted funds

Restricted funds
Balance at
1 February
2021
£		 Income
and gains
£		 Expenditure
£		 Balance at
31 January
2022
£
Fransciscan Missionaries of the Divine
Motherhood
Handmaids of the Sacred Heart of Jesus
Barrow Cadbury Trust
Department for International Development
European Climate Foundation (ECF)
Esmee Fairbairn Foundation
Friends Provident Foundation
Guy's & St Thomas' Charity
IKEA Foundation
Joseph Rowntree Reform Trust
KR Foundation
Lankelly Chase
Marmot Charitable Trust
Synchronicity Earth
Sunrise Project
Trust for London
We Mean Business/ New Venture Fund
Alex Ferry Foundation
The Health Foundation
Network for Social Change
Total restricted funds		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 5,000
2,000
38,800
55,345
392,665
10,920
28,337
416,188
453,510
3,750
160,113
1,000
20,000
25,000
639,525
40,000
77,008
5,000
134,394
51,667		 (5,000)
(2,000)
(38,800)
(55,345)
(392,665)
(10,920)
(28,337)
(416,188)
(453,510)
(3,750)
(160,113)
(1,000)
(20,000)
(25,000)
(639,525)
(40,000)
(77,008)
(5,000)
(134,394)
(11,667)		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
40,000
— 2,560,223 (2,520,223) 40,000

Fairshare Educational Foundation 29

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Notes to the financial statements Year to 31 January 2022

11 Restricted funds (continued)

Restricted funds(continued)
Balance at
1 February
2020
£		 Income
and gains
£		 Expenditure
£		 Balance at
31 January
2021
£
Fransciscan Missionaries of the Divine
Motherhood
Handmaids of the Sacred Heart of Jesus
Jesuits in Britain
Arcus Foundation
Bianca and James Pitt
Barrow Cadbury Trust
Transforma (origin of funding BEIS)
Climate Change Collaboration (Ashden, JJ
& Mark Leonard)
Department for International Development
European Climate Foundation (ECF)
Esmee Fairbairn Foundation
Finance Dialogue (via ECF)
Friends Provident Foundation
Guy's & St Thomas' Charity
IKEA Foundation
JMG Foundation
Joseph Rowntree Reform Trust
KR Foundation
Lankelly Chase
Marmot Trust
Polden Puckham Charitable Foundation
Synchronicity Earth
Sunrise Project
Trust for London
We Mean Business/ New Venture Fund
Total restricted funds		 —
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 5,000
2,000
5,000
6,627
6,000
35,200
4,000
23,833
313,534
344,694
10,000
32,218
51,663
357,732
316,780
4,100
3,750
148,219
27,220
20,000
5,000
5,000
199,480
33,333
114,913		 (5,000)
(2,000)
(5,000)
(6,627)
(6,000)
(35,200)
(4,000)
(23,833)
(313,534)
(344,694)
(10,000)
(32,218)
(51,663)
(357,732)
(316,780)
(4,100)
(3,750)
(148,219)
(27,220)
(20,000)
(5,000)
(5,000)
(199,480)
(33,333)
(114,913)		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— 2,075,296 (2,075,296) —

12 Analysis of net assets between funds

Total funds are represented by:

Year to 31 January 2022 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Investments
Current assets
Creditors
 7,302
2,234,008
(1,109,880)		 —
40,000
—		 7,302
2,274,008
(1,109,880)
1,131,430 40,000 1,171,430

Fairshare Educational Foundation 30

DocuSign Envelope ID: 4922CF5D-4F1B-42DB-9319-CD626BA4F159

Notes to the financial statements Year to 31 January 2022

12 Analysis of net assets between funds (continued)

Year to 31 January 2021 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Investments
Current assets
Creditors
 3,572
2,473,087
(1,417,695)		 —
—
—		 3,572
2,473,087
(1,417,695)
1,058,964 — 1,058,964

13 Pensions

The charity contributes to pension arrangements on behalf of its employees. Within each employee’s contract of employment there is a clause whereby the charity will, if requested, contribute to the individual personal pension arrangements of the employee at the rate of 8% of gross salary. The pension cost for the year amounted to the figure shown in note 6.

14 Legal status of the company

The charity is a company limited by guarantee with no share capital and a registered charity. In the event of the company being wound up, the liability of each member is limited to £1. At the year-end there were ten full members and one associate member.

15 Related party transactions

The aggregate amount of unrestricted donations received from related parties was £100,000 (2021: £45,000). This comprises a donation of £100,000 (2021: £45,000 from Friends Provident Foundation). Friends Provident Foundation also gave a restricted donation of £28,337 (2021: £51,663) and paid £4,500 (2021: £4,500) for CRIN membership in the year. One of the charity’s trustees, Paul Dickinson, is also a trustee of Friends Provident Foundation.

£2,000 (2021: £2,000) was received from Amnesty International UK Charitable Trust for ShareAction membership. One of the charity’s trustees, Lisa (Rebecca) Warren, was also a trustee of Amnesty International UK Charitable Trust during the year.

Fairshare Educational Foundation 31