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 I￿sIgned 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 U￿S 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 requIre￿nts, the requirements of the charitable compan￿$ goveming d0￿ment and the proVi￿an5 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 D￿ectors. 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 p*ticular thre their leadership brirws benefft to the less advantsged. Cornmemorale Ihe Iwe and achIeve￿￿nIS ol Slr Ern￿1 Shackleton by s￿h 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 shaC￿etan, including but not limited to leadersTr￿p. history. geography. gedogy. P￿￿t0]raphY and dknatology. iv. Advance 5uth other charik*le 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￿- ..W￿re 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 No￿ood {£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 F￿￿erful 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 c￿MUn￿ action FYogrJnme for young women from diverse grounds be￿een the ages of 15 10 25. Voi¢es of Colour provides them the I￿a￿Orn 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 comMun￿es. 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-N￿nn1ng nol-for*rofft 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 lon*lerm 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 &n10￿riSeS 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 en￿rOnmant %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. To￿1 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 W￿l¢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 I￿0 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 Su￿able 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 Compan￿5 transactions and disclose with reasonable accuracy al any lime Ihe financial posit￿n 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 Info￿atK￿ 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 a￿111 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 $igntfi&inl accounting policies. The financial reportirwJ framework that has been applied in their preparalwjn is applicable law and Unitad Kingdom A¢¢ountirwJ Standards. Induding Financ4al Reporting Standard 102 The Fina￿121 Reporbng Standard applicable in the UK and Republic of Ireland (United Kingdorn &neralty ACCe￿ed Accounting Prxtice). In ow oplnlon Ihè finandal statements: give a true and fair view of the state of the chartlable compan￿$ affairs as at 31 March 2021 and of its incoming res0￿CeS 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 Independer*t of the Charit￿e 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 ¢ 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)N￿edge 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$iees and signed on Ihetr behalf by. (￿￿£d1 Charlott8 Haffield Trustee Date: 29 Septemf)pr 2021 Thè noles on pages 12 to 22 lom part of these IInan￿al statements. Page 10 THE SHACKLEfoN FOUNDATION (A company limited by guarantge) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Not8 C•$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 C￿h 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 l￿bIliti.eS are initially recognlsed al histori￿1 4>)si or tran￿¢tion value unless otherwise staled in the relevant acc I￿￿e#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 t￿ling the year. ttrore were no transactions wth related partie5. 18. Controlling pany The charity is controllèd by its Trustees. Page 22