# **Fairshare Educational Foundation T/A ShareAction** ## **Annual Report and Financial Statements** - 31 January 2023 Company Limited by Guarantee Registration Number 05013662 (England and Wales) Charity Registration Number 1117244 ## **Contents** |**Reports**|| |---|---| |Reference and administrative details|1| |Report of the Chair of the Board|2| |Trustees
report|3| |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 ## **Reference and administrative details** |**Board of Trustees and Directors**|Paul Dickinson (Chair) (term ended August 2023)| |---|---| ||Carl Liederman (Chair from August 2023)| ||(appointed January 2023)| ||Jane Cooper (resigned March 2022)| ||Lisa (Rebecca) Warren (term ended November| ||2022)| ||Olivia Dickson| ||Alice Steenland| ||Kevin Chuah| ||Nicholas Glicher| ||Sonia Shah (appointed April 2022)| ||Hugh Wheelan (appointed April 2022)| ||Ian Brindley (appointed January 2023)| |**Chief Executive**|Catherine Howarth| |**Charity name**|Fairshare Educational Foundation| ||(Trading as ShareAction)| |**Registered and principal office**|Runway East| ||2 Whitechapel Road| ||London| ||E1 1EW| |**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** **Report of the Chair of the Board** Year to 31 January 2023 It has been an honour and a privilege especially at a time when the organisation is scaling up in size and has an ambitious new strategy. Last financial year, ShareAction increased its staff size by 34% and its income by 40% to £5.1m. ShareAction also continued to enhance its operations, investing in its enabling functions, including a successful move to a new office in east London, positioning us well to deliver further impact in the years ahead. more important than ever. The World Meteorological Organization has warned that the rise in global temperature is likely to breach 1.5C for the first time. Around the world, communities are feeling the impacts of an increasing number of extreme storms, floods, drought and wildfires. Low paid workers facing a cost-of-living crisis are finding it harder than ever to get by. Meanwhile, consumption of unhealthy food continues to take a costly toll on public health. I am proud to see how ShareAction has worked collaboratively with progressive investors, organisations and members of the public who share our values to tackle these issues. Our increase in funding from charitable grants from trusts, foundations, and individuals demonstrates a real commitment by our supporters in the power of responsible investment and how it can drive the transition to net zero economies and build fairer, healthier, and more equitable societies. I would like to thank all the ShareAction staff for their incredible work over the past year. I would also like to thank all the foundations, trusts and donors who support ShareAction by backing our shared vision of a financial sector that delivers greater public good. I would particularly like to thank our former Chair, Paul Dickinson, for his leadership and stewardship for all these years. Paul completed his nine year term with the ShareAction board in August and we are all truly grateful for his immeasurable contributions. He has been critical in overseeing the development of ShareAction to becoming the impactful, stable organisation that it is today. company engagement, to reform regulation on fiduciary duty, and to embed an ambitious new impact-driven definition of responsible investment across the finance sector, to cut through greenwashing and inertia. I am confident that ShareAction will continue to play an important role holding to account key decision makers to drive the bold environmental and social action the world needs. Carl Liederman, Chair Date: 18 October 2023 Fairshare Educational Foundation **2** Year to 31 January 2023 **Trustee** 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 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 20 to 23 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**_ 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 objectives complement this core object: - to advance the education of the public in the principles and effects of ethical and responsible investment (RI); and - to undertake and promote research relating to ethical and responsible investment, making the results publicly available. 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 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: - Surveys and published rankings that make transparent the RI performance of institutional investors and define higher standards; - Tailored engagement with institutional investors to drive up their RI performance; - Building and supporting networks of asset owners that enable peer-to-peer support for ambitious RI practice; - Advocacy to policy makers and regulators in support of RI, investor transparency and investor accountability. Fairshare Educational Foundation **3** Year to 31 January 2023 ## **Trustee** ## **Corporate Strategies** Our corporate-focused work **is designed to** ## **haviour, by:** - exposure to risks in respect of a range of environmental and social topics. These publications are designed to inform and facilitate investor engagement with companies; - Coordinating collaborative investor dialogue with companies to secure commitments to reduce negative impacts and increase positive impacts; - Organising escalated investor activism (e.g. shareholder resolutions) where dialogue proves ineffective at shifting companies onto a sustainable pathway. ## **Movement-building Strategies** Here we work with individual savers and other organisations to **inspire support for RI and amplify our message, through:** - Public communication campaigns designed to build support for RI; - Growing and supporting networks of civil society groups and individual investors to enable personal and collective action on RI. ## **Notable achievements** Some notable highlights from 2022/23 include: - Our campaigning secured a payAlthough shareholders did not support Sainsb Wage employer, this led to a pay-rise for thousands of workers. - We partnered with race equality organisations including the Runnymede Trust and Reboot to launch a campaign to boost Ethnicity Pay Gap reporting in FTSE 100 companies. Disclosing this information is a crucial step towards tackling inequality in the workplace. - support of global investors managing $5.7 trillion, we launched a major new initiative - Long- to harness the huge potential of the investment sector to build healthier, fairer societies. Health has been an ESG blind spot for many - This year we were pleased to see two major banks Lloyds and HSBC - commit to stop financing new oil and gas fields, following years of persistent campaigning. However, our - banks are still - falling short on action to tackle the climate crisis and protect nature at the scale and pace needed. Fairshare Educational Foundation **4** Year to 31 January 2023 **Trustee** ## **Notable achievements** (continued) - We attended the UN biodiversity summit COP15 to make the case for investor action to protect nature, promoting our briefing paper on how financial institutions can help reverse biodiversity loss. It was welcome to see world leaders agree a new Global Biodiversity Framework and a target for large businesses and financial institutions to assess and disclose their risks, dependencies and impacts on biodiversity. We are engaging the investment community to use the Framework as a foundation to drive up more ambitious standards. - Working with investors, we started collaborative engagements with the biggest companies in the European chemical sector, asking them to commit to overhaul their operations to align with 1.5°C and assessing their plans to do so. The petrochemical industry is responsible for 5.8 per cent of global emissions. We published a new standard for credible chemical sector transition plans to inform this engagement. - healthier future for people and planet. In the UK we worked with supportive parliamentarians to table amendments to strengthen the Financial Services and Markets Bill. In Brussels, we were encouraged to see support from four major political groups at the European Parliament to improve regulation for the insurance industry, known as Solvency II. - We co-hosted with the Oxford Sustainable Finance Group a one-day Symposium on how civil society is influencing the investment community in respect of sustainability. The event was well attended and well received with high-level speakers and a positive atmosphere throughout. The symposium marked the first co-owned event in what may become a more formal partnership between ShareAction and the University of Oxford. ## **Risk management** During the year we continued to develop our financial risk management framework, formalising 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_**
**Investor Engagement**
ShareAction being unable to maintain its
relationships and influence with investors.|**_Mitigating Actions_**
This
is
mitigated
through
use
of
Salesforce as a tool for managing external
relationships,
quality
control
on
publications and regular communications
with investors.| |---|---| Fairshare Educational Foundation **5** **Trustee** Year to 31 January 2023 ## **Risk management** (continued) ## _**Risk and Description**_ ## _**Mitigating Actions**_ ## **IT Security** If ShareAction were to experience a hack or breach of our systems, this could trigger GDPR-related issues, loss of data, reputational issues and/or significant business interruption. Regular internal audits of cyber security. Outsourced IT support provider monitoring systems. Mandatory data security training for staff. ## **Collaborative engagement appetite** If worries about the competition law implications of participating in ShareAction's collaborative engagement initiatives, means that ShareAction is unable to encourage ambitious investor stewardship, this would weaken the effectiveness of these groups. > Monitoring of legal environment. Engagement with participants of collaborative engagement initiatives. Active discussions are ongoing with regulators. ## **Raising funds** If ShareAction is unable to raise sufficient funding to deliver our planned future activities, we will be less effective at achieving our strategic objectives Financial risk metrics are in place to review future secured and pipeline funding levels. Fundraising resources are regularly reviewed to ensure they are appropriate to needs. The Trustees are alert to these risks and the Finance, Audit, Risk and Controls (FARC) 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 practices 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 and wellbeing of the people whose funds they manage. Encouraging large institutional Fairshare Educational Foundation **6** Year to 31 January 2023 **Trustee** 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 good year-on-year growth with income of £5,064,689 (2022 - £3,606,201) and an unrestricted surplus of £275,448 (2022 unrestricted surplus of £72,466). The charity received grants and donations totalling £4,616,447 (2022 - £3,226,462). Unrestricted grants and donations were received from 11 organisations (2022 13), and restricted grants were received from 31 organisations (2022 20). The charity received £167,902 in donations from individuals (2022 - £145,194). The amount of cash held and cash equivalents had increased at year-end to £4,181,884 (2022 - £2,033,372). In the current year, 11 member organisations contributed fees amounting to £17,500 (2022 10 member organisations - £18,000). CRIN income remained stable with 23 CRIN members contributing membership fees of £107,042 (2022 - 20 members contributing fees of £97,733). Income from our Workforce Disclosure Initiative generated £240,537 from 64 signatories (2022 £194,219 from 57 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 core expenditure, plus half of the maximum wind down costs of activities for grants that are ending in the next 12 months. The upper limit of our reserves target is the total maximum wind down costs of activities for grants that are ending in the next 12 months. 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, 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 FARC 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. pinion 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 Fairshare Educational Foundation **7** Year to 31 January 2023 **Trustee** At 31 January 2023, the charity held unrestricted funds of £1,406,878 (2022 - £1,131,430) and £nil restricted funds (2021 - £40,000). After adjusting for the value of fixed asset investments, and excluding those reserves which have been designated, free reserves stood at £1,098,555 (2022 - £1,124,128) This level of free reserves is at the top of our targeted range stated in our reserves policy but it is anticipated that reserves will be in line with target in the upcoming year, having factored in further growth in activities that is anticipated. ## **Financial review** (continued) ## _**Reserves policy** (continued)_ During the year a new designated fund was created to help aid , growth and sustainability. As at 31 January 2023 the Development Fund had a balance of £300,000, with plans in place in the upcoming financial year to utilise part of the fund for infrastructure projects and developing new initiatives. ## **Future plans** ShareAction will continue to operate major programmes focussed on health, decent work, biodiversity and climate change in 2023/24 and beyond. We are actively fundraising to support this, with continued growth in turnover and expenditure in the year, and further 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 d 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 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 Fairshare Educational Foundation **8** Year to 31 January 2023 **Trustee** through their work with ShareAction. The Trustees spend a day together to review the s with the staff of the charity where possible. The Chair, supported by the Governance and Nominations Committee, undertakes a yearly board review. Fairshare Educational Foundation **9** **Trustee** Year to 31 January 2023 ## **Structure, governance and management** (continued) ## _**Organisation structure**_ The Trustees are required under the Articles of Association to hold at least three board 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 FARC Committee, 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 management team, which comprises the Chief Executive and five 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 2022/23. 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. The Trustees (who are also directors of ShareAction for the purposes of company law) are 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: select suitable accounting policies and then apply them consistently; Fairshare Educational Foundation **10** Year to 31 January 2023 **Trustee** (continued) - observe the methods and principles in the 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); make judgements and estimates that are reasonable and prudent; - state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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: - auditor is unaware; and - the Trustee has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the - This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The Trustees are responsible for the maintenance and integrity of financial information g the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## Carl Liederman Signed for and on behalf of the Trustees Approved by the Trustees on: 18 October 2023 Fairshare Educational Foundation **11** Year to 31 January 2023 ## **members of Fairshare Educational Foundation** ## **Opinion** January 2023, 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, inclu applicable in the UK and Republic of (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - January - 2023 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 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 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** 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 oncern 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. Fairshare Educational Foundation **12** Year to 31 January 2023 ## **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 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: - for the financial year for which the financial - statements are prepared is consistent with the financial statements; and - been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustees** As explained more fully in the 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. Fairshare Educational Foundation **13** Year to 31 January 2023 ## **Responsibilities of Trustees** (continued) In preparing the financial statements, the Trustees are responsible for assessing the 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. 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 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: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charitable company through discussions with management, and from our commercial knowledge and experience of the sector; - the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; - We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, the Companies Act 2006 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and reviewing trustee meeting minutes. Fairshare Educational Foundation **14** Year to 31 January 2023 ## **audit of the financial statements** (continued) misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - tested the authorisation of expenditure as part of our substantive testing thereon; - assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and - used data analytics to identify any significant or unusual transactions and identify the rationale for them. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of trustee meetings; - enquiring of management and those charged with governance as to actual and potential litigation and claims; and - reviewing any available correspondence with HMRC and the Charity Commission. 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 website at www.frc.org.uk/auditorsresponsibilities. This Fairshare Educational Foundation **15** Year to 31 January 2023 ## **Use of our report** 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 Date: 26 October 2023 Fairshare Educational Foundation **16** ## **Statement of financial activities** Year to 31 January 2023 |Notes|Unrestricted
funds
£|Restricted
funds
£|**Total**
**2023**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
2022
£| |---|---|---|---|---|---|---| |**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 2022
Total funds carried forward
at 31 January2023|909,846
422,143
286
25,813|10,000
3,696,601|**919,846**
**422,143**
**286**
**3,696,601**
**25,813**|666,239
357,935
299
21,505|40,000
2,520,223|706,239
357,935
299
2,520,223
21,505| ||1,358,088|3,706,601|**5,064,689**|1,045,978|2,560,223|3,606,201| ||257,382
825,258|3,746,601|**257,382**
**4,571,859**|103,242
869,901|2,520,223|103,242
3,390,124| ||1,082,640|3,746,601|**4,829,241**|973,143|2,520,223|3,493,366| ||275,448|(40,000)|**235,448**|72,835
(369)|40,000|112,835
(369)| ||275,448
1,131,430|(40,000)
40,000|**235,448**
**1,171,430**|72,466
1,058,964|40,000|112,466
1,058,964| ||1,406,878||**1,406,878**|1,131,430|40,000|1,171,430| All of the operations undertaken by the charity during the current and preceding year are continuing operations. Fairshare Educational Foundation **17** **Balance sheet** Year to 31 January 2023 |Notes|**2023**
**£**|**2023**
**£**|2022
£|2022
£| |---|---|---|---|---| |**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
. Designated fund|**735,438**
**4,181,884**|**8,323**|240,636
2,033,372|7,302| |||**8,323**
**1,398,555**
**1,406,878**
**1,106,878**
**300,000**||7,302
1,164,128
1,171,430
40,000
1,131,430| ||**4,917,322**
**(3,518,767)**||2,274,008
(1,109,880)|| |||||| |||**1,406,878**||1,171,430| The financial statements were approved by the Board of Directors on and signed on their behalf by: Print name: Date: 18 October 2023 Registered Company Number: 05013662 Fairshare Educational Foundation **18** ## **Statement of cash flows** Year to 31 January 2023 |Notes|**2023**
**£**|2022
£| |---|---|---| |**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 2022**
B
**Cash and cash equivalents at 31 January 2023**
B|**2,149,247**|(111,922)| ||**2,149,247**
**286**
**94**
**(755)**|(111,922)
299
96
(4,392)| ||**(375)**|(3,997)| ||**2,148,872**
**2,033,454**|(115,919)
2,149,373| ||**4,182,326**|2,033,454| ## **Notes to the statement of cash flows for the year to 31 January 2023** ## **A Reconciliation of net movement in funds to net cash provided by operating activities** **----- Start of picture text -----**
2023 2022
£ £
Net movement in funds (as per the statement of financial activities) 235,448 112,466
Adjustments for:
(Gains) losses on investments 369
Investment income (286) (299)
(Increase) decrease in debtors (494,802) 83,356
Increase (decrease) in creditors 2,408,887 (307,814)
Net cash (used in) provided by operating activities 2,149,247 (111,922)
**----- End of picture text -----**
## **B Analysis of cash and cash equivalents** |**Analysis of cash and cash equivalents**||| |---|---|---| ||**2023**
**£**|2022
£| |Cash at bank and in hand
Cash held by investment managers
**Total cash and cash equivalents**|**4,181,884**
**442**|2,033,372
82| ||**4,182,326**|2,033,454| Fairshare Educational Foundation **19** **Principal accounting policies** Year to 31 January 2023 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: the deferral of grant income received to future periods. ## **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 considered the current prudent financial forecasts, the security of existing grant income, the and the ability of the organisation to manage its costs in line with the available income. Further, a financial risk management framework remains in operation to ensure the organisation is in the best possible position to manage the principal financial risks around liquidity and solvency. 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 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. going concern basis. Fairshare Educational Foundation **20** **Principal accounting policies** Year to 31 January 2023 ## **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 . 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: - Costs of raising funds comprise the costs associated with attracting voluntary income together with an apportionment of overhead and support costs. - Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and an apportionment of those costs of an indirect nature necessary to support them. 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. ## **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: - Computer equipment 25% per annum (on cost) Fairshare Educational Foundation **21** **Principal accounting policies** Year to 31 January 2023 ## **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. ## **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. Fairshare Educational Foundation **22** **Principal accounting policies** Year to 31 January 2023 ## **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** ## **Notes to the financial statements** Year to 31 January 2023 ## **1 Donations** **----- Start of picture text -----**
Unrestricted Restricted Total
funds funds 2023
£ £ £
Grants and donations received
Grants
. Esmée Fairbairn Foundation 225,000 225,000
. Ford Foundation 40,667 40,667
. Fred Mulder Foundation 20,000 20,000
. Friends Provident Foundation 100,000 100,000
. Lankelly Chase Foundation 50,000 50,000
. Oak Foundation 181,277 181,277
. Paul Hamlyn Foundation 50,000 50,000
. The Joseph Rowntree Charitable Trust 5,000 5,000
. The Tudor Trust 30,000 30,000
. Treebeard Trust 25,000 25,000
726,944 726,944
Donations
. Donations from individuals 157,902 10,000 167,902
. Prism The Gift Fund 25,000 25,000
Total 2023 909,846 10,000 919,846
Unrestricted Restricted Total
funds funds 2022
£ £ £
Grants and donations received
Grants
. Esmée Fairbairn Foundation 100,000 100,000
. Friends Provident Foundation 100,000 100,000
. Generation Foundation 50,000 50,000
. Lankelly Chase Foundation 50,000 50,000
. Oak Foundation 43,312 43,312
. Paul Hamlyn Foundation 50,000 50,000
. The Joseph Rowntree Charitable Trust 32,400 32,400
. The Tudor Trust 25,000 25,000
. Treebeard Trust 25,000 25,000
. The John Ellerman Foundation 18,333 18,333
. Wallace Global Fund 2,000 2,000
496,045 496,045
Donations
. Donations from individuals 145,194 145,194
. Network for Social Change 40,000 40,000
. Prism The Gift Fund 25,000 25,000
Total 2022 666,239 40,000 706,239
**----- End of picture text -----**
Fairshare Educational Foundation **24** **Notes to the financial statements** Year to 31 January 2023 ## **2 Other trading activities** |**Other trading activities**||| |---|---|---| ||Unrestricted|| ||**Total**
**2023**
**£**|Total
2022
£| |Full members
CRIN membership fees
RINU membership fees
WDI signatories fee income
**Total**|**17,500**
**107,042**
**57,065**
**240,537**|18,000
97,733
47,983
194,219| ||**422,143**|357,935| ## **3 Investment income** |**Investment income**||| |---|---|---| ||Unrestricted|| ||**Total**
**2023**
**£**|Total
2022
£| |Bank interest receivable
Dividends receivable
**Total**|**190**
**96**|181
118| ||**286**|299| Fairshare Educational Foundation **25** ## **Notes to the financial statements** Year to 31 January 2023 ## **4 Income from charitable activities** **----- Start of picture text -----**
Restricted
Total Total
2023 2022
£ £
Alex Ferry Foundation 5,000 5,000
Arcus Foundation 25,136
Baring Foundation 1,667
Barrow Cadbury Trust 33,510 38,800
Broad Reach Foundation 6,783
Stichting Foundation for International Law for the Environment 1,043,682
Department for International Development 55,345
Esmée Fairbairn Foundation 10,920
European Commission Horizon Europe 24,160
Finance Dialogue / European Climate Foundation 59,588 392,665
Ford Foundation 40,667
Franciscan Missionaries of the Divine Motherhood 5,000 5,000
Friends Provident Foundation 51,140 28,337
Global Commons Alliance 17,657
495,120 416,188
Handmaids of the Sacred Heart of Jesus 833 2,000
IKEA / New Venture Fund 478,906 453,510
KR Foundation 116,772 160,113
Lankelly Chase 42,992 1,000
Laudes Foundation 181,048
Living Wage Foundation 23,810
Marmot Charitable Trust 48,333 20,000
Modern Slavery and Human Rights Policy and Evidence Centre 13,050
Network for Social Change 2,333 11,667
Omidyar Network 14,944
Partners for a New Economy 71,443
Sunrise Project 422,753 639,525
Synchronicity Earth 25,000
The Health Foundation 335,021 134,394
The Joseph Rowntree Foundation 13,331 3,750
Transforma 3,483
Trust for London 23,169 40,000
Waterloo Foundation 19,717
We Mean Business/ New Venture Fund 75,553 77,008
Total 3,696,601 2,520,223
**----- End of picture text -----**
Fairshare Educational Foundation **26** **Notes to the financial statements** Year to 31 January 2023 ## **5 Expenditure** **----- Start of picture text -----**
Campaigning
Raising and Total
funds education 2023
£ £ £
Direct costs
Staff costs (note 6) 2,620,824 2,620,824
Research & communication 4,989 598,535 603,523
4,989 3,219,359 3,224,347
Support costs
Staff costs (note 6) 222,285 744,301 966,586
Other staff expenses 7,095 147,216 154,311
Legal & professional 3,624 74,027 77,651
Operating lease rentals 6,100 124,621 130,721
General office costs 3,165 55,527 58,692
Website & ICT expenses 5,989 122,340 128,329
Travel and subsistence 2,952 60,299 63,251
Bank charges 353 7,216 7,569
. Audit fee (including VAT) current year 496 10,137 10,633
Write offs (354) (7,226) (7,579)
Foreign exchange losses 687 14,042 14,730
252,393 1,352,500 1,604,893
Total 257,382 4,571,859 4,829,241
**----- End of picture text -----**
**----- Start of picture text -----**
Campaigning
Raising and Total
funds education 2022
£ £ £
Direct costs
Staff costs (note 6) 1,843,991 1,843,991
Research & communication 500,235 500,235
2,344,226 2,344,226
Support costs
Staff costs (note 6) 72,658 734,656 807,314
Other staff expenses 8,535 86,299 94,834
Legal & professional 4,924 49,790 54,714
Depreciation
Operating lease rentals 4,899 49,534 54,433
General office costs 1,523 15,395 16,918
Website & ICT expenses 8,619 87,152 95,771
Travel and subsistence 1,882 19,028 20,910
Bank charges 423 4,279 4,702
. Audit fee (including VAT) current year 1,089 11,011 12100
Write offs (1,311) (13,255) (14,566)
Other expenses
Foreign exchange losses 181 1,829 2,010
103,422 1,045,718 1,149,140
Total 103,422 3,389,944 3,493,366
**----- End of picture text -----**
Fairshare Educational Foundation **27** ## **Notes to the financial statements** Year to 31 January 2023 ## **6 Particulars of employees** The average number of employees analysed by function was: **----- Start of picture text -----**
2023 2022
No. No.
Campaigning and education 53 44
Management and administration 13 8
Fundraising and communications 9 4
75 56
2023 2022
£ £
Wages and salaries 3,028,749 2,257,064
Social Security costs 325,448 224,249
Pension costs 233,213 169,993
3,587,410 2,651,306
**----- End of picture text -----**
The number of employees earning over £60,000 in the period, excluding pension contributions was: ||**2023**
**No.**|2022
No.| |---|---|---| |£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000|**1**
**5**
**1**
**1**|1
2
1| No trustees received any remuneration for their services during the year (2022 none). One trustee during the year received reimbursement for travelling expenses totalling £250 (2022 £134 for two trustees). 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 £619,618 (2022 £618,199). ## **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. Fairshare Educational Foundation **28** **Notes to the financial statements** Year to 31 January 2023 ## **8 Fixed asset investments** |**Fixed asset investments**||| |---|---|---| ||**2023**
**£**|2022
£| |**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|**7,220**
**755**
**(94)**|3,293
4,391
(96)
(366)| ||**7,881**
**442**|7,220
82| ||**8,323**|7,302| ||**10,128**|9,279| All listed investments were dealt in on a recognised stock exchange. ## **9 Debtors** |**Debtors**||| |---|---|---| ||**2023**
**£**|2022
£| |Trade debtors
Other debtors
Prepayments
Accrued income|**669,620**
**39,863**
**12,955**
**13,000**|202,157
10,937
18,892
8,650| ||**735,438**|240,636| ## **10 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2023**
**£**|2022
£| |Trade creditors
Other taxes and social security costs
Accruals
Deferred income
Other creditors|**41,618**
**102,671**
**106,948**
**3,228,785**
**38,745**|90,420
78,406
95,305
821,207
24,542| ||**3,518,767**|1,109,880| Deferred income comprises deferred membership income (general, CRIN, RINU and WIDU) and deferred grant income: **----- Start of picture text -----**
2023 2022
£ £
General membership income 8,583 8,083
CRIN membership income 46,075 43,148
RINU membership income 39,627 31,266
WDI membership income 87,835 75,092
Grant income 3,046,665 663,618
3,228,785 821,207
**----- End of picture text -----**
Fairshare Educational Foundation **29** **Notes to the financial statements** Year to 31 January 2023 ## **11 Restricted funds** **----- Start of picture text -----**
Balance at Balance at
1 February Income 31 January
2022 and gains Expenditure 2023
£ £ £ £
Alex Ferry Foundation 5,000 (5,000)
Arcus Foundation 25,136 (25,136)
Baring Foundation 1,667 (1,667)
Barrow Cadbury Trust 33,510 (33,510)
Broad Reach Foundation 6,783 (6,783)
Stichting Foundation for International Law
for the Environment 1,043,682 (1,043,682)
Donations from individuals 10,000 (10,000)
European Commission Horizon Europe 24,160 (24,160)
Finance Dialogue/European Climate
Foundation 59,588 (59,588)
Ford Foundation 40,667 (40,667)
Franciscan Missionaries of the Divine
Motherhood* 5,000 (5,000)
Friends Provident Foundation 51,140 (51,140)
Global Commons Alliance 17,657 (17,657)
Guy's & St Thomas' Charity 495,120 (495,120)
Handmaids of the Sacred Heart of Jesus* 833 (833)
IKEA Foundation 478,906 (478,906)
Joseph Rowntree Foundation 13,331 (13,331)
KR Foundation 116,772 (116,772)
Lankelly Chase 42,992 (42,992)
Laudes Foundation 181,048 (181,048)
Living Wage Foundation 23,810 (23,810)
Marmot Charitable Trust 48,333 (48,333)
Modern Slavery and Human Rights Policy
and Evidence Centre 13,050 (13,050)
Network for Social Change 40,000 2,333 (42,333)
Omidyar Network 14,944 (14,944)
Partners for a New Economy 71,443 (71,443)
Sunrise Project 422,753 (422,753)
The Health Foundation 335,021 (335,021)
Transforma 3,483 (3,483)
Trust for London 23,169 (23,169)
Waterloo Foundation 19,717 (19,717)
We Mean Business/ New Venture Fund 75,553 (75,553)
Total restricted funds 40,000 3,706,601 (3,746,601)
**----- End of picture text -----**
Fairshare Educational Foundation **30** **Notes to the financial statements** Year to 31 January 2023 ## **11 Restricted funds** (continued) **----- Start of picture text -----**
Balance at Balance at
1 February Income 31 January
2021 and gains Expenditure 2022
£ £ £ £
Alex Ferry Foundation 5,000 (5,000)
Barrow Cadbury Trust 38,800 (38,800)
Department for International Development 55,345 (55,345)
Esmee Fairbairn Foundation 10,920 (10,920)
European Climate Foundation (ECF) 392,665 (392,665)
Fransciscan Missionaries of the Divine
Motherhood* 5,000 (5,000)
Friends Provident Foundation 28,337 (28,337)
Guy's & St Thomas' Charity 416,188 (416,188)
Handmaids of the Sacred Heart of Jesus* 2,000 (2,000)
IKEA Foundation 453,510 (453,510)
Joseph Rowntree Reform Trust 3,750 (3,750)
KR Foundation 160,113 (160,113)
Lankelly Chase 1,000 (1,000)
Marmot Charitable Trust 20,000 (20,000)
Network for Social Change 51,667 (11,667) 40,000
Sunrise Project 639,525 (639,525)
Synchronicity Earth 25,000 (25,000)
The Health Foundation 134,394 (134,394)
Trust for London 40,000 (40,000)
We Mean Business/ New Venture Fund 77,008 (77,008)
Total restricted funds 2,560,223 (2,520,223) 40,000
**----- End of picture text -----**
## **12 Analysis of net assets between funds** Total funds are represented by: **----- Start of picture text -----**
Unrestricted Restricted Total
funds funds funds
Year to 31 January 2023 £ £ £
Investments 8,323 8,323
Current assets 4,917,322 4,917,322
Creditors (3,518,767) (3,518,767)
Total 1,406,878 1,406,878
Unrestricted Restricted Total
funds funds funds
Year to 31 January 2022 £ £ £
Investments 7,302 7,302
Current assets 2,234,008 40,000 2,274,008
Creditors (1,109,880) (1,109,880)
Total 1,131,430 40,000 1,171,430
**----- End of picture text -----**
During the year a new designated fund was created within unrestricted funds to help aid the had a balance of £300,000. Fairshare Educational Foundation **31** **Notes to the financial statements** Year to 31 January 2023 ## **13 Pensions** The charity contributes to pension arrangements on behalf of its employees. Within each 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 charity received a donation of £100,000 (2022: £100,000) from Friends Provident Foundation Dickinson, is also a trustee of Friends Provident Foundation. Friends Provident Foundation also gave a restricted donation of £51,084 (2022: £28,337) and paid £4,725 (2022: £4,500) for CRIN membership in the year. £2,000 (2022: £2,000) was received from Amnesty International UK Charitable Trust for ShareAction membership. This is a related party by virtue of the fact that o trustees, Lisa (Rebecca) Warren, was also a trustee of Amnesty International UK Charitable Trust during the year. A further £1,520 in total donations was received by the charity from Trustees in 2022/23. ## **16 Commitments under operating leases** At 31 January 2023 the charity had the following future minimum commitments in respect of non-cancellable operating leases ||**2023**
**£**|2022
£| |---|---|---| |- within one year
- between one and five years|**232,560**
**174,420**
**406,980**|| Fairshare Educational Foundation **32**