Registered numbgr: 06107694 Charity number: 1118686 THE SHACKLETON FOUNDATION (A company lim5ted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
THE SHACKLETON FOUNDATION (A company limited by guarant801 CONTENTS Page R•f•f•ne• and Jdminlstratlve dotails of the Company, its Trusl•es and athi[r$ Tntsiees. roport Independent auditorfs r•port on the flnanclal slalomonts stst•m•nt of financlal actlvltles Balance sh••t 10 Stat•m•nt of cash flows 11 Notes to ihe flnancial statements 12-22
THE SHACKLETON FOUNDATION (A company limited by guarante•} FERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 31 MARCH 2021 Trustees Chartotte Hatfield William Shipton Richard Grahame (appolnled 1 March 2021) Karen Kwong Victoria Lomax Joshua Babamde IsIgned 1 Mareh 2021) Compjny registered number 06107694 Charity registored number 1118688 R•gl$t•rod offlc• 52 Mount Str••l London W1K2SF Company s•crnlary Wilson$ (Company Secretaries) Umkted Independent auditor James Cowper Kreston Ch¥lered Accountants and Statutory Auditor 2 Communications Road Greenham Bu5iDes5 Park Greenham Newbury Berkshire RG19 6AB Bank•rs US TS8 Pall Mall St James's London SW1Y SHU Solicitors Wllson$ Solidtots LLP St•ynin9s House Summerknck Approath SalisbLry SP2 7RJ Pag¢ 1
THE SHACKLETON FOUNDATION (A company limited by guarantèè) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 Thè Trustees wesent theY amual report together th the audited financial slalements ofthe Company for the 1 April 2020 to 31 March 2021. The Annual report serves the purposes of l)oth a Tru5tee$' report and a direct. report undèr cornpany law. The Trustee$ confirm that tho Amual r•F>Ort and financial statements of tho charitable company comply wth the current statutory requIrents, the requirements of the charitable compan$ goveming d0ment and the proVian5 of the Statement of Recommended Practice {SORPI apF4icable to eharities preparing Iheir a¢¢ounts in accordance wilh the Financial Reporting Standard apph'cable In the UK and Republlc of Ireland IFRS102) (effective 1 January 2019}. Since the Company qualrfie5 as small urKler seclton 382 of the Companles Act 2006, the Strategc report required of medium and large companie5 under the Companies Act 2006 Istrateglc Report and Dectors. Report) Regulations 2013 has been omitte ObJoCtSves and aetlvltlès of th• foundatlon Straiegies for achiovlng objectiv The charitys objedlves ate. for the publ1¢ benefiL to: Advance the menlal. physical and swritual welfare ol peaple of any age. background and nationalty by providing funding to any person for any project or activity whKh embodies the spirit and leadership qualities of Slr Emest Shackleton, in pticular thre their leadership brirws benefft to the less advantsged. Cornmemorale Ihe Iwe and achIevenIS ol Slr Ern1 Shackleton by sh means as the Dlredors shall detemiine. Advance Ihe education of the publle In any Ro)gnised academlc principle thal touches upon the lrfe and achievements of Sir Ernest shaCetan, including but not limited to leadersTrp. history. geography. gedogy. Pt0]raphY and dknatology. iv. Advance 5uth other charikle purposes as the Trustees shall In thèir ab%Jlute dI¢)n deteffnine. The Twslees confirm that they have refeff•d to the guKlan¢e ¢ontaned n the Charity Commission's general guldance on publlc benefit when reviewng Ihe Trusys alms and obpcbves and in planning future a¢tivibes and setting the grant making policy for the year. These obje¢llves we achieved in the follov+ing ways. In o)n?idering appliutl¢Tks for gMts, the Trustees consider Ca[U1 the publlc beneltt aspe of every application. particularly in fegard to the first obJ•ctlve ol the Foundalk- ..Wre their leadershi) brings neffi1 to the less advantaged in the Ulf. In makSThJ grants, or Shackleton Leadership Awards as tr*y are styled. th• Trustees are afvrnys mindfvl to ensure that Ihere is a public b•nefft compon•nt. Page 2
THE SHACKLEfoN FOUNDATION (A cornpany limited by guarant8al TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 31 MARCH 2021 Achlov•m•nts and porforniance of tha foundation K•y pertorn)ance Indlcators tJJring the year The Shathleton FourKlation Continued lo focus the tharilable grants on social entrepreneurs %those 'big ideas" Uld benefft disadvantaged young people in the UIL The Trustees conllnue to look for suitable applicants who demonstrate the in¥Jiration and commitment needed to really make a drfference in their re5pectrve communitie5. Lhjring the year four Shackleton Lèadershlp Awards {SLAs} were made totallirbg £40.000. These awards were made to:. Alice Moxley (£10.OCKI Loan)- Alice is the Founder aNI CEO of Pivot. a social enterprise Nthich emp)wers people experiencing homelessness to pivot their liv through making and enterprise. P creates Brltlsh, han&made jewellery in hostels, lIst eo-tteabng progressive rouies out of temporary accomm¢xlation. Her rnission is to contribute to the alleviats'on of homelessness by bmging purposeful. meanlngfvl Itexible ernployment to those wtho would othemse not have access io it, doing so giwng Ihem the confidence and skills they need in order lo leave temporary accommodation. It is Alice's amL4tion to rn•frarno hostd$ from dead-end slluallons to plaets ol mom•nlum, Creat1 and opptxlynity %thlch create positive OLrt¢omes for re51dent5. Sam Noood {£10.000 Grant)- Sam is the FouThler of Write Back, a chafrty that builds self$teem am¢Mg young peoF4e through storytelling. Write Back rests on three key ideas.. that every young per has a story lo tell and the Capacity to tell it: that a deep connecliDn with the storfes of olhers 1$ ¢)ften the most Ferful way to leam; and that 5wng peopk should tell the stories in the way that they want Ih•m to be told. Indy Slrn (£10,000 Loanl- Indy is the Founder and CEO of Voices of C¢lour. a social •nt8fprlse which prowdes a transformative digital skills and cMUn action FYogrJnme for young women from diverse grounds beeen the ages of 15 10 25. Voi¢es of Colour provides them the IaOrn and necessary tools to make a meaningful change withln their commurllies. along wth gaining both waclical and soft skills to SUPPOrt them ta reach their a5pirats'on5. They parkn)er Gommunty organi&ittons arKI housing associations to ensure that they are reaching young people who would not otheThyise b• aware of such a programme existing within their local comMunes. The programme has been t(eve10ped young peoFle Contin io embed Ihetr Inslghts the overall desiw vltran It. Natali• Morrls {£10.000 Granll- Natslie is Founder and CEO of The Feeding Trust, an award-Nnn1ng nol-forrofft CIC that aims to offer lrffrchanglng feeding therapy thal 1$ largely free al Ihe point of a¢¢e$s. The Feethng TNst provides a service lor children and young people {CYPI 4Mlh Paediairic Feeding Disorders (PFDS). PFD5 are a hidden disalxlty. a rdatsvdy unheard group af complex feeding diffKuiti•$ that can have a huge and often unrecognlsed lrnpact on CYP and their families. resulting in dangerously restricted diets and lonlerm phygrAI and mental heath challenges. The Feeding Tru5lwas launched in January 2020. at the beginning of the global pandemic. Natalie iderlified hcm famll$ were needing mor• support than ever as the social isolallon and consequences af Covid-19 began to irryuact on their health and welkbeiTr4. The TrLtstee$ malnlained their policy established In previous yeaTr that awards to ShadfletM Leader5 who are setting up or running a social enterprise thal 1$ a limited company for pyofit would be in the fomi of a loan that becomes repayatrle when the company 1$ profitable. Awards to Shackleton Leader5 are setknng up running not for profit sodal &n10riSeS cff chavitles wll remain as grants. In Ihe description of SL above ea¢h award is mathed etther as a grant or a ban. The Trustees continue to develop the Sha¢Weton Leaders Forum as an enrOnmant %there prevh?us SLA rqupients (we call them Shackleton Leaders) ¢an nelwotk with other Shackleton Leader5. The forum enables our Leader5 to hear and meet ¥th outside speakers on a variety of relevant tOPiC5 to help them leam and develop their new social entwprises. The Leadets are •190 encouraged k* nelwork with eath other, the speakers and the Trustees so that they may share stories. challenges, resources and 1vIce with eath other. The forums have been very well received by participating Shackleton Leaders. Page 3
THE SHACKLETON FOUNDATION IA company IlmSied by guaranteé) TRUSTEES. REPORT (CONnNUED) FOR THE YEAR ENDED 31 MARCH 2021 A¢hlevements and p8rforrnarb of the foundatlon Icontinu•d) 11 continues lo be the objective of Trustaes to aim lo raise £100,OC(I per year. a vlew lo making abwt ten Award5 peryear. Th• Cov1&19 pandemic situation conlinues throughwt this finanaal year. impacling so many and causing great dèal of challenge and uncertainty. We have been Insplred by our Leaders and impressed th their resilience, cournge and agilty they adapt 1r ways of working to ensure they still deliver impacthjl programm8$ - 30¢i4 Initiatives that are ntyv •ven more neces3•ry to improve the lives ol the many disadvantsged young people in the UK. The Trustees have provided support to our Leade[5 where most needed In the fom of coaclwng. guidanee. signposting and relaxing our own reporting Tequirements ff necessary. The Foundation itself appreciated the guldanee provided by The Charity Commission. and although it has been impacted by reduced fundraising eY8nts and activity. it is lortunate to have Inyted overhead Flnan¢lal revlew, Investment pollcy and reserv•J R•8erv•s pollcy ThE Foundatton recelves Its prtnclpal fundlng from donallons. To1 Incornirvj resources for the year wefe £34.81012020: £204,888). Total resources expended in the year were £40,590 {2020." £73.748) and the resulling net deficit wa5 £5,78012020'. net surF4us £131.138). hjl funds are unrestricted arKI the fund b4ance at the end of the year was £224,032 (2020: £229.8121. Of the fvnd balance, £60.000 is accounted for as outstanding loans to Shackleton Leaders. Therthe the available fvnd$ lo be dspersed a5 at the year end was £164.032. The Foundation ams for reserves to be mantained to meet the cost of fubjre proj•cts. The Trustees wll continue lo review Iheir reserves policy on an nUal basis. The Shackleton Foundallon had no ongoing financial Commitments as al 31 Maich 2021 beyrjnd those Uablities disdosed in the balance sheet. The Trustees review the risks th tharlty faces on a regular basis and hav• procedwe5 in place to manag• thosè risks klenllfied. During the year £40.000 was awarded. £20,000 as grants and £20.000 as loans. Rlsk regist•r During the course of the year, the Tfustees considered the maju risks lo which the Foundation is exposed the systems Wl¢h it has to mitwale them. The followng areas of risk are considered most imwrtant:_ Falure to achieve programme goals; and FaSlure lo fundralse adequaely In order to conunue making award5 The FouTrdation has wlicies, Procedures arKI systems In place to addre55 th• identtfied risks. 8tructuf&, govemanco and managem•nt The Shackleton Foundation is a registered ¢*arlty, number 1118686 and is a compaiy limited by guarantee. company number 6107694. The orfgnal goveming docLThent of the Foundation 15 the Memorandum and Arlr¢le5 ofAssociall and Ihe company was Incorporated on 15 Febrnary 2007. The Board ofTrustees is enblled to appoint Trustees in accordance the ccmsblution. Pagè 4
THE SHACKLETON FOUNDATION IA cornpany Ilrniled by guaranteo) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Stsiemènt of Trustees. responsibllltiès The Trustees I0 are also the direelors of the Company for the PLKposes of company lawl afe responsible for preparing the Trustees. report and the financial slalemen15 in accordance wlh applicable law and United Kingdom A¢untIng Standards (Unrted Kingdom Generalty Accepted Accounting Practieel. Company law requires the Truslees to prepare financial Statements for each financial . Under company law, the Trustees musl not approve the financial 51alement5 unless Ihey are satisfied that they give a true and fair view of the stale of affars of the Company and of its incoming resources and application of ie50urces, including its income and expenditure. for that period. In Preparing these financial statements. the Tru51Ee5 are requred to.. select Suable aceounting policles and then apply them consislenuy,. ob5eNe the methods and prinLYples of the Charities SORP IFRS 102); makè judgments and accounting e5timate5 that are reasonable and prudent: slate whether applicable UK Accounling Standards IFRS 102} have been followed, Su.eCt to any material departures disdosed and explained in the financial 51atements- prepare the financial slalements on the going concem basis unlèss it is inappyopriale to presume that the Company will rnntinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Compan5 transactions and disclose with reasonable accuracy al any lime Ihe financial positn of the Company and enable them to ensure that the financial statements comply wlh the Companies Act 2006. They are also responsible for safewarding the assets of the Company and hence for taking reasonable sleps for the prevention and delection of frnud and other irregulartknes. Disclosure of information to auditor Each ol the persons who are Trustees at Ihe lime when thls Trustees. report Is approved has confirmed that: $0 far as that Trustee is awar¢. there is no relevant audit InfoatK of which the charitys auditor is unaware, and that Trustee ha5 taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant a111 informalJ'on and to establish that the chariws auditor is aware of that inlomiation. Audiior The auditor, James Cowper Kreslon. has indicated its willingness to continue in office. The designated Tru5t?es will propose a motion reappointing the auditor at a meeting of the Trustees. Apwoved by order of Ihe members of the board of Trustees and signed on their behalf by. ClokRd Charlotta Haffièld Trustèe Dale.. 29 Sgpiembw 2021 Page S
THE SHACKLETON FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SHACKLETON FOUNDATION Oplnion We have audited th8 financial statements of Thè Shaekleton Fc4Jndation Ilh? 'Charitab company) for the year ended 31 March 2021 which comprise the Statement of Financial Activitie¥, the Balance sheet. the Slalemenl of cash Ilows the related notes. including a summary of $igntfi&inl accounting policies. The financial reportirwJ framework that has been applied in their preparalwjn is applicable law and Unitad Kingdom A¢¢ountirwJ Standards. Induding Financ4al Reporting Standard 102 The Fina121 Reporbng Standard applicable in the UK and Republic of Ireland (United Kingdorn &neralty ACCeed Accounting Prxtice). In ow oplnlon Ihè finandal statements: give a true and fair view of the state of the chartlable compan$ affairs as at 31 March 2021 and of its incoming res0CeS and application of resources. including Its Income and expen(rrture for the year then erKkd., have boen proporly prepared in accordance vlth Un5ted lfjngdom Generally Aeeepted Accounting Practice- and have been prepared in accordance vith the requirements of the Camynies Act 2008. Bas1$ for oplnl¢n We ¢onducted our autht in accordance wlth Intemational Standards on Auditing (UK) (ISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditorfs responsibilities for the audit of the financial slaloments s•¢li¢>n of our report. W• aro Independert of the Charite company in accordancvt th the ethlcal requirements that are relevant to our audtt of the ffinancaal statements in the United Kingdom, in¢luding the Financial Reporting Council's Ethi¢al Standard. and we have fulfilled our other ethical responsibllities in accordance with these requirements. We beleve that the dit evidence we have obtained Is suffielent and appropriate to provide a basis for our opinion. Con¢luslons relaling to golng C¢Xbcern In audthg the ffiancial statements, we have ¢¢m¢luded that the Trustee5' uso of the going ¢<Jn¢em basis of aGcountlru in the preparation of the financial stalemerts is appropriate. Based on the work we have perfornied. we have not identified any mat•rial UnlaintieS rekting to e¥ts or corKlition5 that, individually or collectively. may cast significant doubt on the charilable eonyany's abillty to continue as a going concem for a peflod of at least 1Ve months from when the financial statements are authorised for issue. Ow reSpor1b11tieS and the respcmsbililies of the Trustees ¥th respect to going concem are described in the relevant sections of this report. Oth•r infornialion The Trustees are responsible for the other information. The other information ¢¢mprises the information included In the Annual port other than the fin8nd statements and our Auditorfs pOrt te0n. Our opinion on the financia statements does not cover the other informabon and, except to the extent othernyise expliciuy staled in ow report, we do not express any fomi of assurdnce concluslrm then. In connection wrlh our aLwJit of the finanaal statements. ow responsibilty15 to read the other infomation d. in doing so. consider ther the iher infornation is materially Inconsistent wilh the finantqal Statements or o knovAedge obtained in the atxlit or othe1$e appears lo be materially misslaled. If ¥ Klentsfy such material inconsistencies or apparent maletial missfatemenls, we are requlred to delemiine whether Ihere is a material m1s51alement In the financlal statements Cf a material misstatement of the other infom)ation. If, based on the vffjrk we have perfomied. we concIle that there is a material misstalement of this other Infonnation. we are requtred to report that fact. Pag¢ 6
THE SHACKLETON FOUNDATION (A company Ilrnlted by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SHACKLETON FOUNDAnoN (CONTINUED) We h•ve notlyng lo report in this regard. Opinion on othv mattors prescribed by tho Companlas Aet 2006 In our optnlon, based on the work undertaken In the course oftr autht. the inf0mtiOft given in the Trustees. Report for thq financlal year whlch the financial stalemerrts are prepared Is consistent vthh the financlal statemenls. Ihe TnJstees' Report has b8•n prepared In accI)rdan ¥wth applicable legal requlrements. Maners on whlch we aro rnquir•d to report by exception In the IvJht of our knledge and understsnding of the tharitable company and its environment obtained In the course of the alL we have not identified material nssIateMentS in the Tntslees, Reput. We have nothing to report in respect of the follv•ring matters In rqlation lo vthich Companles Act 2006 requir•s U5 to report to you If, in our opinlon.. adequate accounting records have not been kept, or returns ad•quaie for our audll have r1 been received from branches not viyted by us: or the financlal smements are nol in agreement with the accounilng records and retum5; or certaln disclosures of TnJ$lee$' remuneration speclfied by law are not made; or have not received all the infomwtlon and explanations we require for our audll: or the Trustees were not entiued to prepare the ffin¢lal statements in acc(Ydance with Ihe small companles regirne and lake advantage of the small companies. exemplhjns In prepartng Ihe Truslees, Report arKI from the requirement to prepare a Stralegic Report. R•sponslbilities of trugt••s As explalned mor8 fully In Ihe TNstees' resp($1b11Illes statement. the Trustees {stho are dso the director5 of Ihe ¢haAtabl? company for the purposes of ¢ompany law} are resp)n5ible for the prepar'on of the financial ststements and for being satisfied that they give a tNe and lalr view. and lor such internal control as the Trustees detemiine Is necessary to enable the weparntion of financial statements that are free from material mSsstalemen( whether due lo fraud or error. In preparing the financial statements, the Trustees are resportslble for assessing the charitsble companys abilty to CrtinUe as a goiThJ c¢ncem, disclosing. as applicable. matters related to going con¢em arKI using the going concem basis of accounting unless the Tnjstees either intend to liquidate Ihe charitable c(Mnpany or to cease operations, or have no reallstic altemative IMJI to do so. Audilor's r•sponsibiliti•s for th• audit of tho financial stat¢m¢nts Our DbjectNes are to obtsin reasonable assurance abt whether financlal statements as a whole are Iree from materfal misstatement, whether due lo fraud or error, and to issue an Auditorfs report that includes OL oplnion. Reasonable a5SUtance is a high level of assurance. bLrt is not a guarantee that an audit conducted in accordance wth ISAS IUKI wll thays delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. in&vidually or in the aggre9ate. they Could reasonably be expected to influence the ec[Oe derasions of users taken the basis ofthe5e financial statements. Irregjlarities. including fraud, are instances of n*0MplIance with laws arKI regulations. We design wocedure5 I line wilh our re¥x)nsibilities, jIned above. 1¢ delect malerlal misstatements in respect of irregularlbes. Iduding fraud. The extent to which our procedures are captknlo of detacting irregularitles. ifbcluding fraud ' detailed below. Page 7
THE SHACKLETON FOUNDATION (A company Ilmlted by guarantee) INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF THE SHACKLETON FOUNDATIOM ICQNTINUED) Enquiry af managèment and those charged with govemance arowid actual and potentlal Iltigalion and claims.. Reviewng minuies of those charged with govemance: Reviewing financial statement disclosures and lesling to supporting docurnentaticffj lo assess comFliance th applicable laws and regulations. Perfomlng audit work over the risk of management overrfde of Controls. induding testing ofjoumal entrtes and other adlustrnents for appropriateness, evaluatin9 the business rationale of significant transaGlions outsid& the norma course of business and reviev#ing accountiTrJ estimates for bias. A further d8scription of our r8sponsibilities for the a111 of the financial statements 1$ Ited on the Financial R&porting Council's websrte at.. wvthi. auditorsre This description lorms part of our Audil0¢5 reporL Because ol the Inhent MitatIonS of an audil, there Is a risk that we wrfl not detect aN Irregularities. includlng th05e leading lo a material misstatement in the financial statements or non•compllance with regulation. Thi5 risk increases the More that compliance with a law or regulation is removed from the evenls and transactions reflected in the finanaal ststemenls, as we will be less likely to tecom• aware ol instances of nonacompknance. The risk 15 also greater regarding irregularitios occurring due to fraud rather than error, as fraud involves intentional concealment, ftygery, collusion, omission or mlsrepresentan. 118e of our report This report is made solely lo the charitable companl5 members. a5 a body, In accordance with Chaptsr 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the tharitable companys members those matters w8 ¥e required to slate to them in an Auditorfs report and for no other purpose. To the fvllest extent perrnitted by law, we do not accept or a55ume rasponsibility lo anyone other than the charitablè company and ils members, a5 a body. for our audit work, for thls rep)rt or for the opinion5 we have fomied. Mlchael Farwell f4A FCA Dch Isenlor statutory audlto for and on behalf of James Cowp•r Kr•ston Chart8r8d Accountants and Staluty Audltor 2 Communications Road Genharn Business Park Greenham Nawbury 8erkshir8 RG19 6AB Dale: 3010912021 Page 8
THE SHACKLETON FOUNDATION IA company limited by guarante•) STATEMENT OF FINANCIAL ACTivrriES (INCORPORATING INCOME AND EXPENOITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021 Unrestrlcted funds 2021 Total funds 2021 Total lund5 2020 Nol• Incomo from: Donations legacies Investments 34.097 713 34,097 713 204.886 Total inrne Expèndiiur• on: Charitable acbvities 34.B10 34,810 204,886 40590 73.748 Total 8XPonditur• 40590 40,590 73.748 N•1 income (5.780) 15,780) 131.138 Net fnov8mont in funds R4¢onclllatlon ot funds: Total lurKls brought l(xward Net movemert in funds (5.780} 15,780) 131,138 229,812 (5.780} 229,812 (5,780) 98.674 131.138 Total lund$ rArrled forw4rd 224.032 224.032 229.812 The Statement of Financial Aclivities indudes all gains and losses re¢ognised in the year. The notes on page5 12 10 22 forni part of these financi stat•menls. Page 9
THE SHACKLETON FOUNDATION IA company limited by guarantee) REGISTERED NUMBER: 06107694 BALANCE SHEEr AS AT 31 MARCH 2021 2021 2020 Note Current assets Debtor5 200.000 30,032 202,600 35,45 Cash al bank and in hand 230.032 238,090 Creditor$= amounts falllng due within one year 10 16,000) {8.278> Net euwrent assets 224,032 229,812 Total net assets 224,032 229.812 Charlty funds Unrestrictèd funds 11 224.032 229.812 Total funds 224.032 229,812 The Twslee5 ackrK)Nedge their responsibilities lof comp.ng wth the requirements of the Act wth respect to aGcounling rec(¥rds and preparation of finandal slalaments. The financial statements havè boen prepared in accordance with the proviskons applicable lo entitses subject to the 5m&ll companies regime. The financial slalements W¢f¢ approved and authorised for issue by the Trn$iees and signed on Ihetr behalf by. (£d1 Charlott8 Haffield Trustee Date: 29 Septemf)pr 2021 Thè noles on pages 12 to 22 lom part of these IInanal statements. Page 10
THE SHACKLEfoN FOUNDATION (A company limited by guarantge) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Not8 C•$h flows from operating activities Net cash used in operating activities 14 (5,4581 {10,417} Change in cash and cash equival•nts in th• year Cash and cash equivalents at the trAg'nning ol the year 15,458) 35,490 (10,417) 45,907 Ch and cash equival•nts at Iho end of th• y•ar 15 30,032 35.490 The rloles on pages 12 10 22 form part of these financial 5talpm8nts Page 11
THE SHACKLETON FOUNDATION (A company limited by guaranieo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng pollcl•$ 1.1 3asb of preparation of financlal stai•m8nts The financial sl*em8nts have been prepared In accordance wllh the Charities SORP IFRS 1021- Accaunling and Reporting by Charities: Statement of Recommended Practtce applicable lo charities preparing their financial slalements in acwdan¢e wth Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102> {effecbve 1 January 20191, the Financlal Reporllng Standard applicable in the UK and Republic of Ireland (FRS 102) and thg Companies A¢t 2006. The Shackleton Foundatlon meets the definition of a publi¢ benefit entity under FRS 102. Assets and lbIliti.eS are initially recognlsed al histori1 4>)si or tran¢tion value unless otherwise staled in the relevant acc<Junting PO¢y. 12 Company Status The thartty 15 a company Ilmlled by guarantee. The members of the company afe the Trustees named on page 1. In the event of Ihe eharity being wound up. the hability in respect of the guarantee 15 limited to £1 per member of the tharlty. 1.3 Going conrn The Tnjstees have considered the impact of Ihe global Covid-19 pandemlc on the abillty of the charitsble company lo conts'nue operating for Ihe foreseeable future. This review has in¢luded considering the Impact of the pandemic lo the date of signing the nanCIal statements. Based on thi5 review arKI taken together wth ex15ting financlng lacilities the Trustees telieve that the financial statements have b••n prepared appropriately on the going concern basls. 1A Fund accounllng Gener81 funds are unrestrTrcled furKls which are available for use al the discretion of the Trustees in furtherance of Ihe general ¢bierbves of the charity ar which have not been deslgnated for other purposes. 1.5 Income AJI inccfne is recognised once Company has entrtlement to in¢orne, it is wobable that lh• income 11 be reVed and Ihe amount ol Income receivable can be measured reliably. Donated services or fauliknes are renISed when Ihe charity has control over the item. any cornlltions as50cialed vAth the donated item have been mel, the receipt of economlc beneffit from the use of the chwity of the Ilem Is yobable and that econom1¢ benefft can be mea$ured reliably. On recqipl, donated professional seryices and ¢J3nated fadlit6es are recognised on the basis Ot the value of Ihe gift to the charity which 1$ the amount the charity would have been wrlling lo pay to obtain services or facilities or equNalenl economic tenefit on Ihe open market: a c(¥respondin9 amount is then recojnised in expenditure in the period of reIpL In¢(Kne tax recoverable bn relaticffl to dtron$ receive(1 der Gfft Aid or deed5 of covenant is re¢ognlsed at the tirne of lh• donalion. In¢(¥ne tax TrVerable In felatMM lo Investrnent income b recognised at the tlme the inve51ment income is receivable. Page 12
THE SHACKLETON FOUNDATION IA company limitod by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting pollcles IcontSnu•d) 1.6 Expèn(rrture Expenditure 15 recogni5ed once there is a legal or constTUCtive OblalIan to transfer economlc benefit to a third paty, it is pr¢able that a transfer of economic benefits be required in settlement and the amount ofthe oblwJation can be measured reliably. AJI expenditure is accounted for an ac¢ruals basis. All expenses inclLrdiThJ support tosts and govemance costs are allocated to the applicable expenditure headirvJs. Expenditure on charilable actbvtlies is incurred on dlrectly undertaking the a¢tyvTlies furlher th• Companws objectlves, as well as any assodaled 5UPPOrt C0515. Support ¢0sts are those costs incurred thre¢lty In 5UPPOrt of expen(lure on the object5 of the charfty. Govemance costs are those incurred In lnectIon th admiristratton of the charfty and eompllance with constitutnal and statutory requirements. Grarrts payable are charged in the year when the offer is made except in tPthe cases where the offer is CDnditional, such grants being rec¢4Jnlsed as expenolture when the cldOn$ attathlng fijlffilled. Grants offered subject lo conditions which have not been met at the ar end are noted as commitment. but nol accrued as eKpendtture. AJI expenditure 1$ inth5ive of irrecoverable VAT. 1.7 Intorest raceivablè Interest on funds held on deposit is induded when receivable and the oUnt can be measwed reliably by the Company; this is nomially upon notification of Ihe Interest paid or payable by the instilulKJn wth whom the fiJnds are deposited. 1.8 Deb¢0 Trade and olher deblots a rewnised at the settlement amount after trade discount offered. PrepayTnents are valued al the amount prepaid net of any trade discounts due. 1.9 Loans to Loaders Where Ihe Trustees have agreed to make an award but the pro5ect is not a Regi51Ered Chwity or a Communty Interest Company. it Is deomed to be a loan rather than a grant and repayable when t project Comes into pror 1.10 Shackleton Leaders. Agreem•nl Successful applicants wll be asked to prepare a Shackleton Leaders. Agreement {SL4). which oulines the k?y way3 ¥) whith the prciect will be managed and what Leadef5 will share wth Ihe Shackleton Foundation in exchange for their award. 1.11 Cash at bank and in hand Cash at bank and n hd includes cash and short term hty I'q(Id investments th a short maffty of three months or less from the date of acquisilion or opering of the depjsil or slmilar a¢counL Page 13
THE SHACKLETON FOUNDATION IA company limited by guarant¢o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting polici8s {continued) 1.12 Credilors LSabiltbe5 are recognised when there is an obligation al the Balance sheet dale as a result ot a past event, Èt Is probable that a transfer of economic benefft will be required in settlemenl. and the amount of the settlement can be estimated reliabty. Liabilities are recognlsed at thè amount that the Company anticipates it wll pay to $etUe the debt or the amount it has received as advanced panenIS for the g{lS or seNices it must provlde. 1.13 Financial instrurnents The Company only has financial assets and financial liabifities of a kind that qualify as basic financial Instrum1. Bathi finarboial in•lnmenls are initially re¢ognis•d al tran#aGtion v•hJe ond ?uhequentty measured al their setttement value. 1.14 Critical accounting eylimales and areas of judgmgnt Estimates arKI judgment5 are continualty evaluated and are based on hi5tori&4 experience and other factors. Including expe¢lalions of future events that are believed to bè reasonable under the circumstances. Critscal a¢counting estimates ard assunwbon& The charity makes estimate5 and asstsmption$ nnIng the futur•. The resultlng aecounting eslimales and assumptions wll, by definition. seldom equal the related actual results. There are no eslimales and assumptions that have a significant risk of causlrkg a Mal adjustrnent to the carrying amounts of assets and liabilities within the nexl finarttal year. 1.15 Fund accounting General funds are unrestrrcted funds vthith are available for use at th8 discretion of the Truslees in furtherance ol the general objeclNe$ of the Corry)any and which have not been designated for other purposes. Designated fvnds comprfsfr unrèstricted funds that have been set aside by the Trustees for parlicular purposes. The alm and use of each designated fund Is yet out in the notes lo the ffinal Statements. Investment incame, galns a1 losses are allocated to the appropriate fvrKI. Page 14
THE SHACKLETON FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS POR THE YEAR ENDED 31 MAIIGM ZOZ1 Income from donations and legacios unro$irf0d nds 2021 Total funds 2021 Total funds 2020 Donatiorrs Grants 4.097 30.0 4097 30,000 204,CK)O Total 2021 34.097 34,097 204.886 Total 2020 204.886 204,886 Interest incorne Unrestrfcted funds 2021 Total funds 2021 Total funds 2020 Interest Income 713 713 Analysis of awards Awards to L•aders 2021 Total funds 2021 Total funds 2020 Grants awarded 20.000 40,000 Total 2020 40.000 Also thring the year avrS of £20.00012020: £20,0) were loaned to indivi(knal$. These are induded in other debt0 al the year end. Page 15
THE SHACKLETON FOUNDATION (A company limited by guarant80 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis ol exp•ndhure on Charliablo activities Summary by fund typo Unrestrictfrd funds 2021 Totsl funds 2021 Total fvnds 2020 Direci and support costs Expenditure on govemance 35.11S 5.475 35,115 5,475 66,280 7.468 40.590 40.590 73,748 Tolal 2020 73.748 73,748 Summary by expenditure typ• To1 funds 2021 Tot funds 2020 Othff costs 2021 DirBCt arKI support costs Expendbture an govemance 35,115 5.475 35,115 5.475 66,280 7.488 40,590 40,590 73,748 Total 2020 73,748 73,748 Page 16
THE SHACKLETON FOUNDATION IA company limit8d by guarant•&) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of exponditure by actfvities Aalvltles undertaken directly 2021 Gram funding of activiii•s 2021 Support costs 2021 Total funds 2021 Total fund$ 2020 Direcl arKI support costs EXpendftU on govemance 15.115 5.475 35.115 SA75 66.280 7.468 20.000 20,590 40.590 73,748 Totsl 2020 10.IJOO 40.000 23,748 73.748 Analysis of Support costs Total funds 2021 Total funds 2020 Printing costs Adminlslratian costs Website costs Personnel costs Tru$lees insurance Audftorfs remuneration Legal costs 408 520 701 334 1,111 14,134 286 6.828 14,133 308 4.800 367 20.590 23,748 AudltorS r•muneration 2021 2020 Fees payaLle to the Companls audikor for the audit of the cpan5 annual accounts 4,530 Fees payable to the Compan5 auditor respect of. Accounts prep*atton I r-audIt SeceS not Included above 1,470 828 Page 17
THE SHACKLETON FOUNDATION (A company limited by guarant•• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Trusiees. r•munerailon and expenses Dwing the y•ar, no Trustee5 recelved any femunerauon or other benefits {2020- £NILI. Durir4J the year ended 31 March 2021, •xp8nses tolalling £1.488 were reimbursed or paid dlrectly to 1 Tnjslee {2020- no expense5 were paid to Trustees). Debtors 2021 2020 Due after fflor• than one year Outstandlng loans made to Shackleton Leader5 Prepayments arKb accrued ineom• 40,000 90,000 40,000 120,000 130.000 160,1)00 Due wiihln one year Outstanding loans made to Shacwelon Leaders PrePanentS and accrued in¢om¢ 20.000 50,000 2,600 200.000 202,600 10. Crodftors: Amounts falllng due within one year 2021 2020 A¢cruals 6,000 8.278 Page 18
THE SHACKLETON FOUNDATION (A company limited by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11. Ststomon¢ of funds Statornent ol funds- current yur Balance at 31 March 2021 Balanc• at 1 April 2020 Tran¥f•rs inlout Income Exponditure Deslgnaied funds Core suppjrt 160.(100 140.0001 120.000 Genernl lundj Unrestricted funds 69,812 34.810 (40,590) 40,000 104,032 Total Unrestricted funds 229.812 34.810 (40,5901 224.032 Stht•ment of funds - prior year 8aknce at 31 March 2020 Balance at 1 April 2019 Transfers In/t IncMe Expendittwe D&signat•d funds Core support 160.Q)O 160.000 Gen8rn1 funds Unrestricted fund$ 98.674 204.886 (73.7481 1160.(KIO) 69.812 Total Unr•strlei•d funds 98.674 204,886 (13,7481 229,812 Page 19
THE SHACKLEfoN FOUNDATION (A Company Ilmited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Deslgnated funds C0 support This Is a donation from The Oak Foundalion that 11 be received over the next three years to 2024 arwj wll be used lo fund 4 new leaders each year. 12. Summ•ry of funds Summary of funds- Curront year Balance at 31 March 2021 Balane• at 1 April 2020 Transf•rs lThlout Incom? Expendilure Deslgnated funds General fvnds 160.000 69.812 140,000) 40.000 120.000 104.032 34.810 (40.590) 229,812 34,810 (40.590) 224.032 Summary ol funds - prior year Balance at 31 March 2020 Balance at 1 April 2019 Transfers inlcwjl Income Expenthiure Designated fvnd5 Genoral fund$ 180.C#JO (160.tN)o) 160.000 69.812 98,674 204.886 (73.748) 98.674 204.886 (73.748) 229.812 11 knalysis of not assets beThi8•n ftmds Analysis of nét assets between funds . current yoar Unrestrictgd funds 2021 Total funds 2021 Debtors due after more than ce year Current assets Creditcts due vltthln one year 140,000 90.032 16,000) 140.000 90.032 16.000) Total 224.032 224.032 Page 20
THE SHACKLETON FOUNDATION (A company Ilmlied by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2021 13. Analy$l$ of net os¥ers bewM•n lunds Iconilnued) Analysls of nat assets b•tW8on funds- prior yoar Unrestricl•d ds 2020 Total fijnds 2020 Deblors due after more than one year Current assets Creditors due within one year 160,IXIO 78.090 18,278) 160.000 78.090 (8,2781 Total 229.812 229.812 14 Rgconciliation of net mov•m•nt in funds to Mt rA$h flow from op8ratlng activities 2021 2020 Nel incomelexpendltLre for the year las per Statement of Flnaneial Aotivitiesl 15,7801 131,138 Adjustments for: (Inereaseyde¢rea¥e in debtor> Ie#se1{de¢reasej in creditors (146,8001 5,045 12278) Nét ¢ash used in operating activltles 15,458) (10,417) l& Analysis ol cash and cash equlvalents 2021 2020 Cash at bank and In harKI 30.032 35.49) Total cash and rAsh 8quival•nts 30,03Z 35.490 Page 21
THE SHACKLETON FOUNDATION IA company lirnlted by guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16. Analygi$ ol chang•s in not debt At 14Jril 2020 Cash Ilows At 31 March 2021 Cash at bank and In hand 35,490 (5.458) 30.032 35,490 (5.4581 30.032 17. Related party transactions tling the year. ttrore were no transactions wth related partie5. 18. Controlling pany The charity is controllèd by its Trustees. Page 22