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← Fairshare Educational Foundation

2024-01-31-accounts

Fairshare Educational Foundation T/A ShareAction

Annual Report and Financial Statements

31 January 2024

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

Charity Registration Number 1117244

Contents

Reports

Reports
Reference and administrative details 1
Report of the Chair of the Board 2
Trustees’ report 4
Independent auditor’s report 14
Financial statements
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Principal accounting policies 22
Notes to the financial statements 26

Fairshare Educational Foundation

Reference and administrative details

Board of Trustees and Directors Paul Dickinson (Chair until
August 2023 - term ended in
August 2023)
Carl Liederman (Chair –
appointed Chair in August 2023)
Ian Brindley
Kevin Chuah
Olivia Dickson
Nicholas Glicher
Sonia Shah
Alice Steenland
Hugh Wheelan
Alexia Tye (appointed in January
2024)
Lutfey Siddiqi (appointed in January 2024)
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 2024

I am grateful to the team at ShareAction for continuing to set the standard for responsible investment, particularly during a year in which there has been significant pushback against ESG and the sector more generally.

ShareAction’s work, advocating for high ambition, action, and accountability from investors, companies, and regulators, remains more vital than ever to tackle the most pressing problems facing society today. Our corporate campaigns drove some important real-world impact, including French bank BNP Paribas strengthening its oil and gas policy, five companies reporting their ethnicity pay gap for the first time, and several petrochemical companies taking steps towards reducing emissions. Alongside dedicated supporters, the team had their busiest AGM season to date. This included facilitating Deliveroo riders to demand improved pay and conditions as part of a commitment to ensure people with lived experience can push for change.

ShareAction’s convening and influencing power also was evident in our policy teams’ engagement with decision makers that led to the inclusion of the finance sector in new EU Corporate Sustainability Due Diligence Directive rules, and hosting of a Nobel Prize-winning economist and the UK’s biggest pension fund to discuss pension law reform at a major stakeholder event.

In addition, ShareAction developed an ambitious new impact-driven definition of responsible investment, along with a new series of expert guidance that describes a responsible approach to specific topics and the standard to which it holds investors to account.

The organisation has seen another year of steady growth, with more funding driven by a track record of influencing change. We are enormously grateful to the trusts, foundations and individuals who generously support ShareAction. In the financial year 2023/24 the staff increased by 20% and income by 43% to £5.1m. We ended the year with a modest surplus as the management team tightly controlled costs while continuing to invest in enabling capabilities to support organisational growth. These included introducing new finance and planning systems, developing Monitoring, Evaluation and Learning capabilities, supporting staff through pay increases to address cost of living pressures and expanded learning and development opportunities.

We remain very focused on collaboration to ensure that our work is scalable and as impactful as possible. After incubating the Workforce Disclosure Initiative (WDI) for seven years, ShareAction’s board approved the transfer of WDI to the Thomson Reuters Foundation (TRF). I am personally grateful to the teams at ShareAction and the TRF for working closely together to make this happen, and most importantly to the WDI team, past and present, who successfully developed the initiative these past seven years.

We also updated our ownership structure so that trustees are now the members, a structure that is more common in the UK than the prior membership-based model. I am grateful to our founding members for their decades of service to ShareAction and for the role they have played; we will continue to collaborate with them and others to create collective impact.

Finally, I would like to thank Catherine for her leadership, my fellow trustees, all the ShareAction staff for their tireless efforts over the past year, as well as our supporters without whom we cannot do what we do.

Fairshare Educational Foundation 2

Report of the Chair of the Board Year to 31 January 2024

I am confident that ShareAction is well-placed to continue to ensure that corporates, financial institutions, and regulators power the transition to low-carbon economies, protect our natural environment, ensure workers are treated fairly and contribute to healthier societies.

Carl Liederman, Chair

Fairshare Educational Foundation 3

Trustees’ report Year to 31 January 2024

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 2024.

The financial statements have been prepared in accordance with the accounting policies set out on pages 22 to 25 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.

ShareAction’s theory of change captures our work across four main areas – investor strategies, corporate strategies, public policy and regulation strategies and movementbuilding strategies.

Investor strategies

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

Fairshare Educational Foundation 4

Trustees’ report Year to 31 January 2024

Corporate strategies

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

Policy and regulatory strategies

Our work with policy-makers and regulators aims to leverage law and regulation across the UK and EU by:

Movement-building strategies

Here we work with individual investors and other organisations to inspire support for responsible investment and amplify our message, through :

By working across these areas of the financial system and beyond, we are able to leverage the relationships between them to increase the momentum behind system change.

Notable achievements

Some notable highlights from 2023/24 include:

Fairshare Educational Foundation 5

Trustees’ report Year to 31 January 2024

Notable achievements ( continued )

actions that asset managers can – and should – take in today’s investment environment in pursuit of being a truly responsible investor.

Fairshare Educational Foundation 6

Trustees’ report Year to 31 January 2024

Notable achievements ( continued )

Transfer of Workforce Disclosure Initiative

On 1[st] February 2024, ShareAction’s Workforce Disclosure Initiative (WDI) transferred to a new host, Thomson Reuters Foundation (TRF), an independent, global non-profit which works to strengthen free, fair and informed societies by fostering inclusive economies, promoting media freedom and advancing human rights. TRF and WDI are united in a mission to uphold human rights, reduce inequality, and drive positive social change. TRF’s capabilities and resources will enable the WDI to leverage their expertise and networks around the world. WDI will become a core component of TRF’s inclusive economies portfolio, which focuses on the social component of ESG.

Future plans

We know that investment decisions today shape the world of tomorrow. It is not too late to create a brighter future, where our financial institutions power the transition to low-carbon economies, restore nature, ensure workers are treated fairly and shape healthier societies. Decisions made now by governments, investors and major companies are critical.

In the year ahead we will continue to demand change. In spring 2024, we will publish the findings of a major piece of research into the insurance sector. This benchmark analysis will rank over 50 insurance firms on their approach to responsible investment. Our experts will follow up in person, meeting with insurance company leaders to win support for implementing our recommendations about how they can improve.

As ever, the run up to peak AGM season in the spring and summer will be a busy period for ShareAction. This is a pivotal time in the year to publicly hold company boards and executives to account for the impact of their decisions on people and planet. Our teams, supporters and the coalitions of investors that share our vision will be attending AGMs, highlighting shortcomings and challenging companies to improve policies and practices. We will call on our powerful resolution tactic where appropriate.

We will also seek to amplify the voices of people with lived experience, in particular low paid workers in the retail sector who are at the sharp end of the low wage economy. We will launch new research and recommendations about how retailers can better protect workers and how shareholders can play their part. We are broadening not only our climate work to push for reduced emissions from real estate but also our work protecting nature to focus on areas of high biodiversity importance. We are also expanding our focus on corporate behaviour to include the impact of fast-food outlets on public health.

We will explore ways to support responsible investing across a broader variety of asset classes. This will include exploring how investors’ interactions with investments such as bonds (which are issued by governments or companies when they want to raise money) and private equity (investing in a company that isn’t listed on the stock exchange) can help us transition to a net-zero future and tackle other global crises.

Fairshare Educational Foundation 7

Trustees’ report Year to 31 January 2024

Future plans ( continued )

Finally, as elections approach in the UK and Europe, we aim to build support for financial regulation that serves people’s best interests. In Brussels, we will advocate for the next EU Commission to prioritise sustainable finance and in the UK we will urge all parties to adopt measures that raise standards across the finance sector and promote responsible investing.

Risk management

During the year we continued to develop our financial risk management framework, providing 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 also provides a platform for us to build out our risk management and compliance processes as ShareAction continues to grow.

As the organisation evolves, 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 Mitigating Actions Raising Funds Financial risk metrics are in place to review If ShareAction is unable to raise sufficient funding to future secured and pipeline funding levels. deliver our planned future activities, we will be less Fundraising resources are regularly reviewed effective at achieving our strategic objectives. to ensure they are appropriate to meet the organisation’s needs. Competitive Landscape Where NGOs, commercial organisations or Regular reviews of key organisations in our industry-led initiatives are competing for the same landscape and named managers of funding, activities and share of voice, it could make relationships with them. Clear and consistent it substantially more difficult to operate and achieve communication of narrative and monitoring of our goals. share of voice and influence. IT Security If ShareAction were to experience a hack or breach Internal and external audits of cyber security. of our systems, this could trigger GDPR-related Outsourced IT support provider monitoring issues, loss of data, reputational issues and/or systems. Mandatory data security training for significant business interruption. staff. Recruitment and Retention Regular monitoring of metrics on recruitment If ShareAction is unable to recruit and retain staff success and retention. Development of a new with the right experience and skillsets, this could pay and progression policy, alongside pay and significantly disrupt our operations and ability to benefit benchmarking. achieve our goals

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 practices 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.

Fairshare Educational Foundation 8

Trustees’ report Year to 31 January 2024

Public benefit ( continued )

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 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 further year-on-year growth with income of £6,564,093 (2023 - £5,064,689) and an unrestricted surplus of £17,845 (2023 - £275,448).

The charity received grants and donations totalling £6,071,995 (2023 - £4,616,447). Unrestricted grants and donations were received from 10 organisations (2023 – 11), and restricted grants were received from 34 organisations (2023 – 31). The charity received £167,549 in donations from individuals (2023 - £167,902). The amount of cash held and cash equivalents at year-end was £2,603,187 (2023 - £4,181,884).

In the current year, 9 member organisations contributed fees amounting to £13,583 (2023 – 11 member organisations - £17,500). Charities Responsible Investment Network (CRIN) income remained stable with 22 CRIN members contributing membership fees of £111,884 (2023 - 23 members contributing fees of £107,042). Our Workforce Disclosure Initiative generated £269,829 in income from 62 signatories (2023 – £240,537 from 64 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 three months’ budgeted core expenditure, plus 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, which currently provide the majority of the charity’s incoming resources, are always safeguarded for the purpose for which they were provided.

Fairshare Educational Foundation 9

Trustees’ report Year to 31 January 2024

Reserves policy (continued)

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 ongoing financial viability of the charity. Reserves are tracked as a key metric in the monthly management accounts.

It is the Board’s opinion that the current level of reserves is commensurate with the risks identified in its latest risk assessment. 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.

As at 31[st] January 2024, the charity held unrestricted funds of £1,424,723 (2023 - £1,406,878) and £nil restricted funds (2023 - £nil). After adjusting for the value of fixed asset investments, and excluding those reserves which have been designated, free reserves stood at £1,144,814 (2023 - £1,098,555). 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 the target in the upcoming year, having factored in further growth in activities that is anticipated.

Our designated fund, the Development Fund, helps aid the charity’s impact, growth and sustainability. As at 31[st] January 2024, the Development Fund had a balance of £272,503 (2023 - £300,000), with plans in place in the upcoming financial year to utilise part of the fund’s resources for infrastructure projects and developing new initiatives.

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, last amended in December 2023 (see below, Change to membership structure). Each member’s liability is limited to £1.

Change to membership structure

On 7[th] December 23, ShareAction’s 10 members voted to approve the new Articles of Association, changing the governance structure of the charity to mean that the Trustees and Directors are now also the members under the Articles.

ShareAction started as a campaign by People & Planet to work with the Universities Superannuation Scheme to adopt responsible investment principles. In 2005, the organisation was incorporated as a charity (Fair Pensions) with a membership governance structure initially comprising six UK charities and non-profit organisations. In recent years, as ShareAction has grown, it has become evident that, from the perspective of robust governance and risk management, that structure was no longer fit for purpose. ShareAction consulted with its membership, commissioned legal advice and amended the Articles to reflect the Trustees becoming the sole members in their position as the principle governance

Fairshare Educational Foundation 10

Trustees’ report Year to 31 January 2024

Change to membership structure (continued)

body for the charity, in line with most other similar UK charities. The change was agreed through a unanimous vote of the membership at ShareAction’s AGM in December 2023.

Recruitment and appointment of Trustees

The directors of the company are also charity trustees for the purposes of charity law. Trustees are elected annually at the Annual General Meeting. Trustees can be re-appointed provided that their period in office does not exceed six consecutive years (or nine years in the case of a Trustee elected to the chair mid-term).

The charity openly advertises opportunities to join the Board, in line with its equality, diversity and inclusion principles.

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 (among other tools, ShareAction’s membership of NCVO affords the Trustees access to relevant resources). On appointment, an induction plan is drafted and approved by the Governance and Nominations Committee to ensure the new Trustee receives the necessary information to perform their duties. Their experience is developed further through their work with ShareAction and access to a variety of content to ensure they remain up to date.

The Trustees spend a day together in person to review the charity’s strategy and progress annually, and also attend sessions with the staff of the charity where possible throughout the year. The Governance and Nominations Committee also undertakes a yearly internal Board effectiveness review.

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 sub-committees: the FARC Committee, the HR and Remuneration Committee and the Governance and Nominations Committee. These sub-committees meet prior to meetings of the Board and report thereto.

In order to deliver the strategy, the Extended Leadership Team, which comprises the Chief Executive, Directors and Heads of Department, 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.

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Trustees’ report Year to 31 January 2024

Statement of Fundraising (continued)

No complaints were received about its fundraising activities during the financial year 2023/24. 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. As at 31[st] January 2024, the Board is composed of ten Trustees, which is the maximum allowed under the Articles.

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:

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:

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Trustees’ report Year to 31 January 2024

Statement of Trustees’ responsibilities (continued)

The above 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 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

Carl Liederman

Approved by the Trustees on:

7 August 2024

Fairshare Educational Foundation 13

Independent auditor’s report Year to 31 January 2024

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 2024, 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 2024

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

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Independent auditor’s report Year to 31 January 2024

Responsibilities of Trustees (continued)

necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative 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:

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Independent auditor’s report Year to 31 January 2024

through making enquiries of management, inspecting legal correspondence and reviewing trustee meeting minutes.

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

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

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.

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Independent auditor’s report Year to 31 January 2024

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

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.

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.

9 August 2024

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

Fairshare Educational Foundation 18

Statement of financial activities Year to 31 January 2024

Notes Unrestricted
funds
£		 Restricted
funds
£		 Total
2024
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2023
£
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 2023
Total funds carried forward
at 31 January2024		 1,089,883
462,238
18,438
—
11,422		 —
—
—
4,982,112
—		 1,089,883
462,238
18,438
4,982,112
11,422		 909,846
422,143
286
—
25,813		 10,000
—
—
3,696,601
—		 919,846
422,143
286
3,696,601
25,813
1,581,981 4,982,112 6,564,093 1,358,088 3,706,601 5,064,689
391,086
1,172,262		 —
4,982,112		 391,086
6,154,374		 257,382
825,258		 —
3,746,601		 257,382
4,571,859
1,563,348 4,982,112 6,545,460 1,082,640 3,746,601 4,829,241
18,633
(788)		 —
—		 18,633
(788)		 275,448
—		 (40,000)
—		 235,448
—
17,845
1,406,878		 —
—		 17,845
1,406,878		 275,448
1,131,430		 (40,000)
40,000		 235,448
1,171,430
1,424,723 — 1,424,723 1,406,878 — 1,406,878

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

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Balance sheet Year to 31 January 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Investments 8 7,406 8,323
7,406 8,323
Current assets
Debtors 9 1,522,369 735,438
Cash at bank and in hand 1,603,187 4,181,884
Short term deposits 1,000,000 —
4,125,556 4,917,322
Creditors: amounts falling due
within one year 10 (2,708,239) (3,518,767)
Net current assets 1,417,317 1,398,555
Total net assets 1,424,723 1,406,878
The funds of the charity:
Restricted funds 11 — —
Unrestricted income funds
. General fund 1,152,220 1,106,878
. Designated fund 272,503 300,000
1,424,723 1,406,878

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

7 August 2024

Print name: Carl Liederman Registered Company Number: 05013662

Fairshare Educational Foundation 20

Statement of cash flows Year to 31 January 2024

2024 2023
Notes £ £
Cash flows from operating activities:
Net cash (used in) provided by operating activities A (1,597,264) 2,149,247
(1,597,264) 2,149,247
Cash flows from investing activities:
Investment income 18,438 286
Proceeds from the disposal of investments 581 94
Purchase of investments (544) (755)
Net cash generated by (used in) investing activities 18,475 (375)
Change in cash and cash equivalents in the year (1,578,789) 2,148,872
Cash and cash equivalents at 1 February 2023 B 4,182,326 2,033,454
Cash and cash equivalents at 31 January 2024 B 2,603,537 4,182,326

Notes to the statement of cash flows for the year to 31 January 2024

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

2024
£		 2023
£
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		 17,844
789
(18,438)
(786,931)
(810,528)		 235,448
—
(286)
(494,802)
2,408,887
(1,597,264) 2,149,247

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2024
£		 2023
£
Cash at bank and in hand
Short term deposits
Cash held by investment managers
Total cash and cash equivalents		 1,603,187
1,000,000
350		 4,181,884
—
442
2,603,537 4,182,326

Fairshare Educational Foundation 21

Principal accounting policies Year to 31 January 2024

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 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. As a result of the trustees’ assessment, the financial statements have been prepared on a going concern basis.

Fairshare Educational Foundation 22

Principal accounting policies Year to 31 January 2024

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.

Grants and similar income receivable are categorised in the statement of financial activities to reflect the substance of the arrangement with the funders. Where the grant provides unrestricted support it is usually treated as a donation, where it funds specific activities it is usually treated as part of income from charitable activities.

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.

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:

Fairshare Educational Foundation 23

Principal accounting policies Year to 31 January 2024

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 24

Principal accounting policies Year to 31 January 2024

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 25

Notes to the financial statements Year to 31 January 2024

1 Donations

Donations
Unrestricted
funds
£		 Restricted
funds
£		 Total
2024
£
Grants and donations received
Grants
. Chapman Charitable Trust
. Esmée Fairbairn Foundation
. Fred Mulder Foundation
. Friends Provident Foundation
. John Ellerman
. Lankelly Chase Foundation
. Oak Foundation
. Paul Hamlyn Foundation
. Open Society Foundation
. The Tudor Trust
Donations
. Donations from individuals
. Prism – The Gift Fund
Total 2024		 779
260,000
20,000
100,000
29,167
37,500
381,223
60,000
28,665
5,000		 —
—
—
—
—
—
—
—
—
—		 779
260,000
20,000
100,000
29,167
37,500
381,223
60,000
28,665
5,000
922,334
167,549
—		 —
—
—		 922,334
167,549
—
1,089,883 — 1,089,883
Unrestricted
funds
£		 Restricted
funds
£		 Total
2023
£
Grants and donations received
Grants
. Esmée Fairbairn Foundation
. Ford Foundation
. Fred Mulder Foundation
. Friends Provident Foundation
. Lankelly Chase Foundation
. Oak Foundation
. Paul Hamlyn Foundation
. The Joseph Rowntree Charitable Trust
. The Tudor Trust
. Treebeard Trust
Donations
. Donations from individuals
. Prism – The Gift Fund
Total 2023		 225,000
40,667
20,000
100,000
50,000
181,277
50,000
5,000
30,000
25,000		 —
—
—
—
—
—
—
—
—
—		 225,000
40,667
20,000
100,000
50,000
181,277
50,000
5,000
30,000
25,000
726,944
157,902
25,000		 —
10,000
—		 726,944
167,902
25,000
909,846 10,000 919,846

Fairshare Educational Foundation 26

Notes to the financial statements Year to 31 January 2024

2 Other trading activities

Other trading activities
Unrestricted
Total
2024
£		 Total
2023
£
Full members
Charities Responsible Investment Network (CRIN) membership fees
Responsible Investment Network – Universities (RINU) membership
fees
WDI signatories fee income
Total		 13,583
111,884
66,942
269,829		 17,500
107,042
57,065
240,537
462,238 422,143

3 Investment income

Investment income
Unrestricted
Total
2024
£		 Total
2023
£
Bank interest receivable
Dividends receivable
Total		 92
18,346		 190
96
18,438 286

Fairshare Educational Foundation 27

Notes to the financial statements Year to 31 January 2024

4 Income from charitable activities

Income from charitable activities
Restricted
Total
2024
£		 Total
2023
£
Alex Ferry Foundation
Arcus Foundation
Baring Foundation
Barrow Cadbury Trust
Broad Reach Foundation
Clean Air Fund
European Climate Foundation
European Commission – Horizon Europe
Finance Dialogue / European Climate Foundation
Ford Foundation
Franciscan Missionaries of the Divine Motherhood
Friends Provident Foundation
Global Commons Alliance
Guy’s and St Thomas’ Charity
Guy’s and St Thomas’ Foundation
Handmaids of the Sacred Heart of Jesus
Health Foundation
IKEA / New Venture Fund
KR Foundation
Lankelly Chase
Laudes Foundation
Living Wage Foundation
Marmot Charitable Trust
Modern Slavery and Human Rights Policy and Evidence Centre
Nuffield Foundation
Network for Social Change
Omidyar Network
Open Society Foundation
Partners for a New Economy
Paul Hamlyn Foundation
Stichting Foundation for International Law for the Environment
Sunrise Project
Synchronicity Earth
The Health Foundation
The Joseph Rowntree Foundation
Tipping Point Foundation
Transforma
Trust for London
Waterloo Foundation
We Mean Business/ New Venture Fund
Total		 —
9,007
3,333
48,875
74,615
33,040
66,382
60,920
—
264,333
833
47,463
70,105
32,333
371,823
2,917
365,018
302,602
183,249
47,943
296,915
12,526
19,276
6,525
7,000
—
58,865
9,479
116,229
7,000
1,864,649
308,877
22,950
—
62,287
116,425
—
61,704
26,614
—		 5,000
25,136
1,667
33,510
6,783
—
—
24,160
59,588
40,667
5,000
51,140
17,657
495,120
—
833
—
478,906
116,772
42,992
181,048
23,810
48,333
13,050
—
2,333
14,944
—
71,443
—
1,043,682
422,753
—
335,021
13,331
—
3,483
23,169
19,717
75,553
4,982,112 3,696,601

Fairshare Educational Foundation 28

Notes to the financial statements Year to 31 January 2024

5 Expenditure

Expenditure
Raising
funds
£		 Campaigning
and
education
£		 Total
2024
£
Direct costs
Staff costs (note 6)
Research & communication
Support costs
Staff costs (note 6)
Other staff expenses
Legal & professional
Operating lease rentals
General office costs
Website & ICT expenses
Travel and subsistence
Bank charges
Auditors’ remuneration
. Audit fee (including VAT) – current year
Write offs
Foreign exchange losses
Total		 —
359		 4,055,081
437,269		 4,055,081
437,628
359 4,492,350 4,492,709
325,720
17,433
8,821
14,370
2,573
14,688
5,456
473
779
95
319		 752,986
244,063
123,491
201,185
36,027
205,626
75,331
6,607
10,903
1,331
4,474		 1,078,706
261,496
132,312
215,555
38,600
220,314
80,787
7,080
11,682
1,426
4,793
390,727 1,662,024 2,052,751
391,086 6,154,374 6,545,460
Raising
funds
£		 Campaigning
and
education
£		 Total
2023
£
Direct costs
Staff costs (note 6)
Research & communication
Support costs
Staff costs (note 6)
Other staff expenses
Legal & professional
Operating lease rentals
General office costs
Website & ICT expenses
Travel and subsistence
Bank charges
Auditors’ remuneration
. Audit fee (including VAT) – current year
Write offs
Foreign exchange losses
Total		 —
4,989		 2,620,824
598,535		 2,620,824
603,523
4,989 3,219,359 3,224,347
222,285
7,095
3,624
6,100
3,165
5,989
2,952
353
496
(354)
687		 744,301
147,216
74,027
124,621
55,527
122,340
60,299
7,216
10,137
(7,226)
14,042		 966,586
154,311
77,651
130,721
58,692
128,329
63,251
7,569
10,633
(7,579)
14,730
252,393 1,352,500 1,604,893
257,382 4,571,859 4,829,241

Fairshare Educational Foundation 29

Notes to the financial statements Year to 31 January 2024

6 Particulars of employees

The average number of employees analysed by function was:

2024
No.		 2023
No.
Campaigning and education
Management and administration
Fundraising and communications		 61
17
12		 53
13
9
90 75
2024
£		 2023
£
Wages and salaries
Social Security costs
Pension costs		 4,333,382
447,202
353,204		 3,028,749
325,448
233,213
5,133,788 3,587,410

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

2024
No.		 2023
No.
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£120,001 - £130,000		 5
1
1
3
1		 1
5
1
1
—

No trustees received any remuneration for their services during the year (2023 – none). Two trustees during the year received reimbursement for travelling expenses totalling £758 (2022 – £250 for One 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 £680,356 (2023 – £619,618).

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 30

Notes to the financial statements Year to 31 January 2024

8 Fixed asset investments

Fixed asset investments
2024
£
7,881
544
(581)
(788)
7,056
350
7,406
9,903		 2023
£
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)
—
7,881
442
8,323
10,128

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

9 Debtors

Debtors
2024
£		 2023
£
Trade debtors
Other debtors
Prepayments
Accrued income		 1,389,351
41,744
65,026
26,248		 669,620
39,863
12,955
13,000
1,522,369 735,438

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Trade creditors
Other taxes and social security costs
Accruals
Deferred income
Other creditors		 38,413
140,376
111,885
2,340,519
77,046		 41,618
102,671
106,948
3,228,785
38,745
2,708,239 3,518,767

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

2024
£		 2023
£
General membership income
CRIN membership income
RINU membership income
WDI membership income
Grant income		 —
49,408
39,810
—
2,251,301		 8,583
46,075
39,627
87,835
3,046,665
2,340,519 3,228,785

Fairshare Educational Foundation 31

Notes to the financial statements Year to 31 January 2024

11 Restricted funds

Restricted funds
Balance at
1 February
2023
£		 Income
and gains
£		 Expenditure
£		 Balance at
31 January
2024
£
Arcus Foundation
Baring Foundation
Barrow Cadbury Trust
Broad Reach Foundation
Clean Air Fund
European Climate Foundation
European Commission – Horizon Europe
Ford Foundation
Franciscan Missionaries of the
Divine Motherhood
Friends Provident Foundation
Global Commons Alliance
Guy's & St Thomas' Charity
Guy’s & St Thomas’ Foundation
Handmaids of the Sacred Heart of Jesus
Health Foundation
IKEA / New Venture Fund
KR Foundation
Lankelly Chase
Laudes Foundation
Living Wage Foundation
Marmot Charitable Trust
Modern Slavery and Human Rights
Policy and Evidence Centre
Nuffield Foundation
Omidyar Network
Open Society Foundation
Partners for a New Economy
Paul Hamlyn Foundation
Stitching Foundation for International Law
for the Environment
Sunrise Project
Synchronicity Earth
The Joseph Rowntree Foundation
Tipping Point Foundation
Trust for London
Waterloo Foundation
Total restricted funds		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—		 9,007
3,333
48,875
74,615
33,040
66,382
60,920
264,333
833
47,463
70,105
32,333
371,823
2,917
365,018
302,602
183,249
47,943
296,915
12,526
19,276
6,525
7,000
58,865
9,479
116,229
7,000
1,864,649
308,877
22,950
62,287
116,425
61,704
26,614		 (9,007)
(3,333)
(48,875)
(74,615)
(33,040)
(66,382)
(60,920)
(264,333)
(833)
(47,463)
(70,105)
(32,333)
(371,823)
(2,917)
(365,018)
(302,602)
(183,249)
(47,943)
(296,915)
(12,526)
(19,276)
(6,525)
(7,000)
(58,865)
(9,479)
(116,229)
(7,000)
(1,864,649)
(308,877)
(22,950)
(62,287)
(116,425)
(61,704)
(26,614)		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— 4,982,112 (4,982,112) —

Fairshare Educational Foundation 32

Notes to the financial statements Year to 31 January 2024

11 Restricted funds (continued)

Restricted funds(continued)
Balance at
1 February
2022
£		 Income
and gains
£		 Expenditure
£		 Balance at
31 January
2023
£
Alex Ferry Foundation
Arcus Foundation
Baring Foundation
Barrow Cadbury Trust
Broad Reach Foundation
Stichting Foundation for International
Law for the Environment
Donations from individuals
European Commission – Horizon Europe
Finance Dialogue/European
Climate Foundation
Ford Foundation
Franciscan Missionaries of the
Divine Motherhood
_Friends Provident Foundation
Global Commons Alliance
Guy’s & St Thomas’ Charity
_Handmaids of the Sacred Heart of Jesus
IKEA Foundation
Joseph Rowntree Foundation
KR Foundation
Lankelly Chase
Laudes Foundation
Living Wage Foundation
Marmot Charitable Trust
Modern Slavery and Human Rights
Policy and Evidence Centre
Network for Social Change
Omidyar Network
Partners for a New Economy
Sunrise Project
The Health Foundation
Transforma
Trust for London
Waterloo Foundation
We Mean Business/New Venture Fund
Total restricted funds		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
40,000
—
—
—
—
—
—
—
—		 5,000
25,136
1,667
33,510
6,783
1,043,682
10,000
24,160
59,588
40,667
5,000
51,140
17,657
495,120
833
478,906
13,331
116,772
42,992
181,048
23,810
48,333
13,050
2,333
14,944
71,443
422,753
335,021
3,483
23,169
19,717
75,553		 (5,000)
(25,136)
(1,667)
(33,510)
(6,783)
(1,043,682)
(10,000)
(24,160)
(59,588)
(40,667)
(5,000)
(51,140)
(17,657)
(495,120)
(833)
(478,906)
(13,331)
(116,772)
(42,992)
(181,048)
(23,810)
(48,333) `
(13,050)
(42,333)
(14,944)
(71,443)
(422,753)
(335,021)
(3,483)
(23,169)
(19,717)
(75,553		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—
— 3,706,601 (3,746,601) —

Fairshare Educational Foundation 33

Notes to the financial statements Year to 31 January 2024

12 Analysis of net assets between funds

Total funds are represented by:

Year to 31 January 2024 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Investments
Current assets
Creditors

Total		 7,406
4,125,556
(2,708,239)		 —
—
—		 7,406
4,125,556
(2,708,239)
1,424,723 — 1,424,723
Year to 31 January 2023 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Investments
Current assets
Creditors

Total		 8,323
4,917,322
(3,518,767)		 —
—
—		 8,323
4,917,322

(3,518,767)
1,406,878 — 1,406,878

A designated fund was established to help aid the charity’s impact, growth and sustainability. As at 31 January 2023 the Development Fund had a balance of £300,000. During the year the charity introduced new accounting software and incurred development costs of £27,497 which have been charged against this designated fund. As at 31 January 2024, the Development Fund had a balance of £272,503, with plans in place in the upcoming financial year to utilise part of the fund for infrastructure projects and developing new initiatives.

13 Pensions

The charity contributes to pension arrangements on behalf of its employees, presently at a rate of 8% of gross salary (covering the minimum employee and employer auto enrolment contribution in full). Employees can choose to make employee contributions on top of this or to opt out. 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.

15 Transfer of Workforce Disclosure Initiative

As at 1 February 2024 the assets and activities of the Workforce Disclosure Initiative were transferred, by way of charitable grant, to Thomson Reuters Foundation. This transfer was authorised by ShareAction's Board of Trustees.

Fairshare Educational Foundation 34

Notes to the financial statements Year to 31 January 2024

16 Related party transactions

The charity received a donation of £100,000 (2023: £100,000) from Friends Provident Foundation, a related party by virtue of the fact that one of the charity’s trustees, Paul Dickinson, is also a trustee of Friends Provident Foundation. Friends Provident Foundation also gave a restricted donation of £53,168 (2023: £51,084) and paid £4,725 (2023: £4,725) for CRIN membership in the year.

£2,000 (2023: £2,000) was received from Amnesty International UK Charitable Trust for ShareAction membership. This is a related party by virtue of the fact that one of the charity’s trustees in the 2022/23 financial year, Lisa (Rebecca) Warren, was also a trustee of Amnesty International UK Charitable Trust during the year.

A further £3,713 (2022: £1,520) in total donations was received by the charity from Trustees in 2023/24.

As at 1st February 2024 the activities and assets of the Workforce Disclosure Initiative were transferred to the Thompson Reuters Foundation. One of the charity's trustees, Nicholas Glicher, is also a trustee of Thompson Reuters Foundation.

17 Commitments under operating leases

At 31 January 2024 the charity had the following future minimum commitments in respect of non-cancellable operating leases

2024
£		 2023
£
- within one year
- between one and five years		 174,420
—		 232,560
174,420
174,420 406,980

Fairshare Educational Foundation 35