Reglstered number: 06107694 Charity number: 1118686 THE SHACKLETON FOUNDATION (A company limlted by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SHACKLETON FOUNOATION (A company limited by guarantee) CONTENTS Pago Roference and administratlv8 details of the Company. Its Truslees and advlsers Trustees. report Independent examlngP$ report Statement of flnanclal actlvltlès Balance shèet Notes to tho financial statgmgnts 10-18
THE SHACKLEfoN FOUNDATION (A Company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustges Charfotte Haffield. Chalr Richard Grahame (gned 31 December 20231 Karon Kwong Victoria Lomax Gus Majed (resigned 11 June 20241 slephan Wheen (8ppoinled 24 jur 20241 Company reglstered number I107694 Charlty rggistergd number 1118686 Reg15tered offlce CIO James Cowper Kreston 2 Communications Road Greenharn Business Park Newbury Berkshire RG19 6AB Company secretary Wilsons (Company Semtsnesl Limiled Accountants James Cowper Kreston Chartered ACUntants 2 Communications Road Greenham Business Pa Greenham Newbury Berkshire RG19 6AB Bankers Uoyds TSB 39 Piccadilly London W1J OAA Solicltors Wilsons Solicitors LLP Alexandra House Sl Johns Street Salisbury SP12SB Page 1
THE SHACKLETON FOUNDATION IA company limited by guarant99} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Tnjslees present their annual port logether wth the financial slalements of the Cornpany for the year ended 31 March 2024. The Annual report serves the purposes of both a Truslees, report and a directors, report under company law. The Trustees confirm that thg Annual report and finanaal 5talemenls of the chantabl8 company comply wth Ihe current slalulory requirements, the requirements of the ch3rilable compan1$ goveming documenl and the provisions of Ihe Slalemenl of Recommended Practic8 ISORPI applicable to ch8rilies preparing their accounts in accordance with the Finan¢ral Reporting Standard applicable in the UK and Republic of Ireland IFRS102} leffeclive 1 January 2019 Since the Company qualifies as small under section 382 of the Companies Act 2006. the SITalegi¢ report required of medium and large eompanies under the Companies Act 201% Istralegie Report and Directors. Report) Regulations 2013 has been omitted. Objectlvès and acttvlties of thg foundatlon Stratègles for achlevlng objectlves The charivs obieclNes are. fw Ihe public benefit. lo: Advance the mental, physical and spiritual welfare of people of any age. background and nationality by providing funding lo any peTson for any proje or activity which embodies thè spirit and leadership qualities of Sir Em8sI Shackleton. in particular where their leadership brings nefit lo the less advantaged. Commemorate the lrfe aThJ achievements of Sir Emest Shackleton by such means as the Trustees Shall detem)ine. Advance the educats.on of the public in any recognised academic prinople ihal touches upon the life and achievements of Sir Emesl Shackleton, induding bul not limited lo leadersh). history. geography. geology. photography and dIMat09Y. iv. Advance Such other chantable purposes as the Trustees shall in their absolute discretion determine. The Trustees confirni that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when rewewng the Trust's aims and objectives and in planning future activities and setts.ng the grant maknng policy for the r. These objectives are achieved in the followng vrays. In eonsidenng applicattons for grants. the Truslees consider c8reftJlly the wbli¢ benefit aspect of every application, partjcularly in regard lo the first objective of the Foundalion- brings benefit lo the less advantsged in the Ulf. -where their leadership In making granls, or Shaelon Leadership Awards as they are sed. the Trnsle8s are alvrdyE mindlul to ensure Ihal there is a public benefit componenL Achievements and perforniance of the foundatlon During the year The Shackleion Foundab"on conts'nued lo focus the charitsble grants on soryal enlrepreneLtrs whose "big ideas" would benefit disadvantaged w)ung people in the UK. The Trustee5 Continue lo look for suitable applicants who demonstrate the inspiration and commitment needed to really make a difference in their respective (x)mmunilies, and orth suc£essful they becom8 Shackleton Leader5. Page 2
THE SHACKLETON FOUNDATION IA company Ilmltgd by guarant90) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance of the foundatlon (contlnu•d) They believe that excellent leadership has the potential to transform INes. But many social entrepreneurs stnJggle lo tum their concept into reah'ty as securing funding wthout a proven track record is extremely challenging. The Trustees maintsrned their estsblished in rK*Ous Jtars Ihal awards lo Shackleton Leaders who are setting up or running a sooal enterprise that is a limited company would be in the form of a loan Ihal becomes repayable when the company is profilable. Awards lo Shacklelon Leaders who are setting up or running not for profil social enterprises or charities will remain as grants- these are indicated below. It continues lo be the objecbve of Tnjslees lo aim to raisa £100.000 per year. vthh a view to making about len Awards per year. During this financial year. the Trustees have awarded fundin9 to five new Sha¢klelon Leaders., Jerome Sewell 1£10.CrfX) Grant) - Jerome is one of the founders of Therapeutic Productions CIC. an arts based service thal empowers young people Yh skills based training for jobs in the arts. media and film industry. In particular il provides arts based therapy seNces to help young people from gang hil environments and young peOe wlh menial health difficulties lo engage in ServIS that take care of their wellbeing. Therapeutic produclions is driven by the desire to use the arts as a galew8y lo helping young people take care of their mentsl health and increase the use of mentsl health services In disadvantaged communities. They create art that empowers and voices the lrfe expenenees of ng people in communities expenenang youth violence. Jerome has created, managed and delivered inlervenlions to other 400 young people in recent years which has included running media courses workn.ng with Olyrnpic athletes, making feature films featured on the national news and working with young offenders to empower their careers. He also works for the Royal college of psychiatrists and has provided training malenal for NHS practitioners. The grant from the Shackleton Foundation will enable him lo support up to 20 yr)ung people from gang htt environments and who have mentsl heallh difficulties, working together to produce and create a film. Dan Dodge1£10,0C Grant) - Dan founded Sports 4 Change ¥th the ambrtion to use sp)rt lo have a positive impact on individuals through improved health. sooal connecbon. employabilty and expefiences. Dan has worked in grassroots and communty swrt since 2013 and has been fortunate to work in countries including USA, India and Singapore using sport for wsikn.ve social impacL In 2022 he decided to create the oiganisalion lo hame5s Ihe power of swrt to transfom lives. and creale opportunilies and pathways to inspire young people lo develop themselves and gain lrfe enhanung experiences through sport. 'Every kick counts, aims lo support young people develop key interpersonal skills Io SUPPOTI employability through a 5POrts based curriculum to engage and inspire the part5opanls lo consider sports as a career option and support thern to mako pos11iv8 steps lo gaining experience and lrfe experience through sport. The Shackleton Leadership Award will enable Dan lo run 3 pilot projects in collaboralion Yth different types of organis81ion (School, Community organisalion and a football clubl lo demonstrate the impact that the project can have across different sectors that support young peoe. develop a leam to assist with Ihe delivery of the sessions and enhance the proiecl learning curriculurn lo ensuro a lasting impacL Llndsey Crosbie I£10.CQO Grantl- 'nseY is the Founder of With Horses CIC. a S(la1 enterprise that provides courses. curricula. and consulting services in the Equine Assisted Actt'vitse5 sector. It aims lo mak8 equine assisted adivilies more eastly accessible and widely recognised and lo ensure Ihat they are KKovided with Ihe highesl level of safety and ethics. Ml profits from With Horses are donated lo the Tinnis Trusl. a charity that provides opportunities for yDung people from disadvanla9ed backgroLtnds lo experience the benefits of horses and the ouldwrs. Lindsey is a certified Therapeutsc Riding Instructor, Equine interacb.on Professional and Equino 8ehaviouris1. She is passionate about sharing the ways in which horses can help people gain confidence. ccxnmunicatson, and coping sknlls. She speualises in workn'ng wth survivors of Irauma and careXperienCed ung people. Lindsey grew up in a low in)rne, single parent household in an inner•city area with little access to horses and the cOuntlde. Her wsion is for a soaety sthere all peoF4e can have access to their IrfChanging beneftls, regardless of backgfound. The ShacWeton Leadership Award is helping Lindsey lo provide t0 pilot therapeutsc retreats. one for carfrexpenenced young people and anolhef for ywng women who are survivors of trauma. The retreats wll prowde access lo equine assisted therapy. accredited life skills training and the opportunity to train 98in quejifications in animal care and land-based skills. Sarah Gaunt 1£10.CO) Grant) - Sarah is the Founder and CEO of Unsloppable Gids CIC. Unstoppable Girfs Page 3
THE SHACKLETON FOUNOATION IA ¢ompany lirnlted by guaranto•l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDEO 31 MARCH 2024 Achlevements and perforTnan¢e of the foundatlon (contlnuedl CIC empowers and inspires leenage and youThJ adult females with ADHD lo create the life they choose. Sarah is professionally qualffied youlh worker wilh 30 years experience of working with young people. She has always worked wth SEND young peOe and has been passionate about supporbng females. She even studied youth work with Ung females whilst getting her Uth work degree. Sarah has always fell different from other people throtsghoul her whole childhood. In her career. she has Corneted a lot of training around aulism and was aware she displayed more autistic trails than others. even though she didn't have a diagnosis. When she was asked lo prepare a course for parenls whose thildren were wailing for an ADHD diagnosis. she started lo research ADHD and found out she had ADHD. She rK)w knèw why she had fell so different all ol her life. Sh8 also understood why she found certain things complicated, which others find easy. Realising Ihal ADHD in females is so misunderstood and so poorly rècognised, Sarah slarled Unsloppable Gids CIC to be a place for those who h8VO ADHD to meel others, lo feel les5 isolated. lo understand their ADHD and lo see the strengths and the skills they have lo be able to create the Ille Ihey want This V1h project provides youth groups lo enable young female$ wlth ADHO to come together and meel and do fun Ihings. They work in schools lo raise awareness of ADHD. deliver courses to allow young women lo understsnd their ADHD and work out str81egies to help them achieve what they want lo achieve. The money from the Shacwelon Foundation will help Sarah develop the online courses Ihal will enable Unsloppable Gills lo meet young people from a wider area than where they currenlly work. The classes will also generale income for Unstoppable Girfs CIC. allowing them lo provide even mora youth groups. Niketa Sanderson Gillard {£10.OIXI Loan) - Niketa is the founder and CEO of Why Care, a social enlerpns focused on Increasing the number of stable. lovirig fostering homes available for vulnerable children. Her expeneTr¢e working as a social worker placing children into fostering homes, as well as assessing people want lo be foster carers started her joumey of thinking about how do we find and support the right people into the role of foster carer. Working in national social care policy. she began lo undefsiand the natsonal scale of the challenge and became delemiined to be part of Ihe solulion. Currently there are not enough carers. in Ihe right places. with the right skills for the children who need them. Why Care will help find. assess and support more foster carers from diverse backgrounds. The Shackleton award {in the fomi of a loan) will help design an innovatNe new approach lo how we assess people to be foster carers and will bring those who have experienc8 of being in foster care or of being a foster carer into the design and delivery of that assessment. We wll also ba introducing more ways to support foster carets lo ensure those doing this vital role have the right svpport around them so that they can offer the right support lo children placed in their care. Foster care can be transfomiative and we believe there should be enough k)ving foster homes available for all the children who need them. To enhance the support we provide our leade, we have introduced an improved programme which has started well and comprises the follong elements.. Leaders Forum - We VAII continue lo hold the annual Leaders Forum for all Leaders in our neork. Each Forum will comprise a specialisi speaker discussing a lopic relevant to eady-siage social enlerpnses, and then the session will open up for Q&A and netsvOr.ng. In the past, these have induded subjects such as Crowdsourcing. ED&I. and Scaling. and have proven to be productive in encouraging debate, sharing experience5 and leaming, best pracb"ce, and providing an overall sense of belonging lo the Shackleton community- Knowledgo Hub - We aim to build an online plarform solely for Shackleton Leaders, vsed to signpost helplul online fesources. These reSoUrS can be posted by ShacWeton stsff, Trustees and Leaders, bul will also indude an FAQS sethon develope(i by the most common questions posed by. and answered by. Leaders. Mentofshlp Programme- This is a new inibative where each new Shackleton Leader w1 be mentored 1..1 by an existing Leader for Iheir first years lor a Tru51ee). Our grants are awarded to those in their earty y&ar5 of establishing their social iniliabves so having a connection wth someone who has Ir3velled a similar path ¥MII provide unique guidance. insight and o)unsel. Léaders Infomiatlon and Advico Suryefies - We will also introduce three online surgeries per year, where a panel compnsing both Shackleton Trustees and Leaders. will be on hand lo answer ad-hoc question5 from other Leaders around all aspecls of soual enterprise. These w1 further extend the sharing of challenges and solubons. Page 4
THE SHACKLETON FOUNDATION (A cornpany Ilmltod by guarante8) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance of the foundatlon (contlnued) For Ihoso interested. an impact report {2022) can be found on the Shackleton Foundation website. Published èvery Ihree years il shares the evidence of the impact that il has, and to ensure thal it meets ils objectives, leam from ils weaknesses, and continues to keep the Foundabon relevant and purposeful in reali5ing its vision for a society where young people can thrive and Ilourish. Key findings show that 810A of proiects funded are still operating len years after receiving an award, 69% of projects funded mel or exceeded their milestones. and overall, Ihey show a 9x increase in lumover. Ihree years on from the grant award. Flnanclal revlew. Investment pollcy and reserves Reserves pollcy The Foundation receives its principal funding from donations. Totsl incoming resources for the year were £27.350 {2023'. £13,190)- Total resources expended in the year were £62,$4012023.' £61.5321 and the resulting net deficit was £35,190 {2023'. nel deficit £48,342). All funds are unreslricled and the fund balance al the end of the year was £61.971 12023.. £97,161). Of the fund balance. £10.000 12023. £7,000) is accounted for as oulslanding loans lo Shackleton Leaders. Therefore the avarfable funds lo b8 dispersed as al the year-end was £51.971 (2023.. £90,161). The Foundation aims for reserves lo be maintained to meet the cnsl of fijture proJ8cls. The Trustees wll continue lo review their reserves policy on an annual basis. The Shackleton Foundation had no ongoing financtal Commitments as of 31 March 2024 beyond those liabilities disdosed in the balance sheet. The Trustees review the risks the charity faces on a regular basis and have procedures in place lo manage those risks identified. During the year £40.000 was awarded as grants and one loan of £10.000. Rlsk register During the year, the Truslees considered the major risks lo whtch the Foundation is exposed and the systems which it must mitigate them. The following areas of risk are considered most important.. - Failure to achieve objecttves.. and Failure to fundraise adequately io continue making awards The Foundation has poliaes. procedures. and systems in Pla to address the idenbfied risks. Structurep governance and management The Shackleton Foundalion is a registered charity (number 1118686). and is a private company limited by guarantee, (company number 61076941. incorporated and registered in England and Wales. The original goveming document of the Foundation is the Memorandum and Arkncles of Asswation and the company was incorporated on 15 February 2007. The Board of Trustees is entiued lo appoint Trustees in accordance with the c¥)nstilution. Page S
THE SHACKLETON FOUNDATION (A company limit•d by guarante8) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trusteès. responslbllltles The Trustees (Ntho are also the direclors of the Company for th8 purposas ol ojnpany law) are responsible for preparing the Truslees. report and the finanaal statements in accordance with applicable law and United Klngdom A¢¢ounting Standards (United Kingthyn Generally Accepted A¢cJJunting Practice). Company law requires ihe Tnjslees lo prepare financial stslemenls for each financial year. Under company law, the Trustees musl not approve the financial slalements unless they are satisfied that they give a true and fair view of the stale ol affairs of the Company and of its incoming resources and applicalN)n of resources. including Ils income and expendilure, for that penod. In pr&pariryJ thes8 financial stalemenls, tha Trustees are required lo.. select suitatrAe ac(y)unts"ng wlries and then apply them Lxinsistently., observe the melhods and principles of the Chanlies SORP IFRS 102},' make judgments and accounbng eslimales that are reasonable and prudent- slate whether applicable UK Acc(MJnling Standards (FRS 102) have been followed, subj'ect lo any material departures disdosed and explained in the finanual statements- prepare the financial stalements on the going concem basis unless il is inappropriate lo presume that the Company will conlinue in business. The Trustees ar8 responsible for keeping adequate accounting records that are sufficient lo show and oxplain tha Companys transactions and disclose wrlh reasonable accuracy al any Iimg Ihe financL41 position of the Cornpany and enable them to ensure that the financial stslements comply th Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hen for EakiThJ reasonable steps lor the prevention and deleth.on of fraud and other irregularities. Approved by order of the membets of the board of Trustee5 and signed on their behalf by". Charfotte Haffield TnJslee Dale.. Page 6
THE SHACKLETON FOUNDATION IA company limlt&d by guarant••) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 IndBpendent Examlnerfs Report to tho Trust99¥ of The Shacklaton Foundatlon ('thg Cornpan) I report lo the charity Tnjstees on my examinalion of the ac££MJnts of the Company for the year ended 31 March 2024. Responslbllltles and Basls of Report As the Truslees of the Company {and its directors for the purposes of company law) you are responsible for the KKeparatson of the accounts in accordance with the Tequirements of the Companies Act 2006 ('Ihe 2006 Act.). Having satisfied myself that the aecwnts of the Company are not requir8d to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Companls accounts carried out under section 145 of Ihe Charities Act 2011 ('th8 2011 Act.). In caffwng out my examination I have followed the Directions given by Ihe Charity Commission under section 14515)Ib) of the 2011 Act. Independent Examlnerfs Statemenl I have completed my examination. I confimi that no matters have come to my attents'on in connection with the examinatson gin9 me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not aeeord with those records: or the accounts do not comply th the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view whith is nol a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance wtth the methods and prinaples of the Statement of Recommended Practice for accountsng and reporting by charitses lapp11ble lo chanlies preparing their aVnI$ in accordance wrth the Financial Reporting Starard applicable In the UK and Republic of Ireland IFRS 102}1. I have no concerns and have come across no other matters in connection with Ihe examination lo which attention should be drawn in this report in order lo enable a proper undet51anding of the accounts to be reached. This report is made solely to the Companls Trustees. as a bcmjy. in accordance wtth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Companls Trustees those matters l arn required lo state to them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law. I do not 2p1 or assume responsibility to anyY)ne other than the Company and the Companvs Trustees as a bcmjv. for my work or for this reFo Signed." Dated.. 19 September 2024 Michael Bath Bsc FCA DChA (Senior stslutory auditor) James Cowper Kreston Chartered Accountsnts 2 Communications Road Greersham Business Park Greenham Newbury Berkshire RG19 6AB Page 7
THE SHACKLETON FOUNDATION IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and lega¢Fe$ 27,350 27,350 13.190 Total Income 27.350 27.350 13.190 Expendlture on: Charitable acbvitses 62,540 62.540 61,532 Total expenditurn 62,S40 62,540 61,532 Net Income 135.190) 135.1901 148,342) Net movement In funds {35.1901 {35,190) 148,3421 Reconciliatlon of funds: Total funds brought forward Nel mvement in funds 97,161 135.1901 97,161 135,190) 145,503 {48,3421 Total funds carrled forward 61.971 61.971 97.161 The Slatem6nt of Finanaal Activities indudes all gains and losses reeognised in the year. The notes on page$ 10 to 18 form part of these financial ststemenls. pe8
THE SHACKLETON FOUNDATION {A company limited by guarantoel REGISTERED NUMBER: 06107694 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Current ass•ts ' Debtors Cash at bank and in hand 10.000 $6,891 47,0 55.221 66,891 102,221 Creditors.. amounts falling du9 Within one year (4.920) 15,0601 Net current assets 61,971 97.161 Total net assets 61.971 97.161 Charity funds unrestn.cied fvnds 10 61.971 97,161 Total funds 61.971 97,161 The Company was entiued to exemption audit under wtion 477 of the Companies Acl 2CK)6. The members have not required the company to oblain an audit for Ihe year in queSn in accordance ¥th section 476 of Companiés Acl 2006. The Trustees acknovAedge their responsibilities for ¢xmplyFng the requirements of the Act with respect lo accounting records and preparalK)n of finanaal statements. The finanryal slaiemenls have been prepared in accthance with the prowsions applicable to enlilies subject lo the small companies regime. The financial stslemenis were approved and authorised for issue by the Trtlees and wgned on their behalf by. e•e(d Charlotte Haffield Trnslee Dale". The notes on pages 10 to 18 form part of these finanual statements. Page 9
THE SHACKLETON FOUNDATION IA company limited by guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclès 1.1 Basis of preparatlon of financial statements The finanual stalements have been wepared in accordance with the Charities SORP IFRS 1021 . Accounb'ng and Reportsng by Charities.. Statement of Recommended Practice applicable to charib.es preparing their finanoal stslements in aordanCe the Financtal Reporting Standard applicable in the UK and RepUl1t ol IrelaTMJ IFRS 102) leffeclive 1 January 20191, the Financial ReEh)rting Standard applicable in Ihe UK and Reput4ic of Ireland IFRS 1021 and ihe Companies Ad 2006. The Shackleton Foundation meets the definrbon of a pU1C benefit entity under FRS 102. Assets and liabilrties are initially recognised at hisloficxl cost or transact value unless otherwse stated in the relevant accounting p)licy. 1.2 Company Status The charity is a company limrted by guarantee. The members of the company are Ihe Tfuslees named on page 1. In the event ol Ihe charity being wound up, Ihe IkAbility in respect of the guaranlee is limiled lo £1 per mèmber of the charity. 1.3 Golng eoncern The financial stalements have been prepared on a going concem basis. The Trustees have assessed whether the use of going concern assumpb'on is appropriale and are satisfied that the charity can continue in operats'onal existence for a penod of al least one year from the dale of aulhorisalion ol these financial slalements. This assessment includes consideration of the f8cI that the Charivs finanoal oulgoings are wthin the control ol the TsleeS, wth income grant awards based on a long lem cLJmmitmenl covering l)oth brning and amount of incoming cash receipts and minimal fixed oulgoings. 1.4 Income All income is recognised once the Company has entiuement lo the income. rt is probable that the income will be received and the amount of in¢ome receivable can be measured reliably. Donaled services or faeilities are recognised when the charity has control over the item, any condibons asSoated wth the donated iiem have been met. the receipt of economic benefit from the use of Ihe Charity of the ilem is probable and that economic benefEI can be measured reliably. On receipt. donated professiond services and donated facilities are recognised on the basis of tho value of the gift lo the charity which is the amount the chanty woijld have been wlling lo pay lo oblain services or faolrtjes or equivalent economic benefft on the open market., a c4Nresponding amount is then recx)gnised in expenditure in the penod of receipt. Income tax recoverable in relation to donations received under Gift AKI or deeds of covenant is recognised at the ts'me of the donab"on. Income tax recoverable in relation to investment income 15 recognised at the time the investment income is recervable. Page 10
THE SHACKLETON FOUNDATION {A company limited by guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl8s (contlnu•d) 1.5 Expondlturo Expenditure is recognised once there is a legal or consirvcts.ve obligation to transfer economic benefit to a third paty. il is probable thal a transfer of economic benefits will be required in settlement and the amount of the obligaknon can be measured reliably. AJI expenditure ts acc)unled for on an accruals bas. Al expenses induding support costs and govemance costs are allated lo the applicable expendtbjre headings. Expenditure on thantable a¢vth'e5 is irKurred on direcmy undertakn'ng the ath'vibes which further the Companys oty"ectives. as well as any associated SUPFUt costs. Support costs are those costs incJJrred direclly in suptM)rt of expeThJiture on the c*Jjecls of the charity. Govemance cosls are Ihose incurred in conneclh)n with administrats'on of the charity and compliance with consb"tutional and slalutory requirements. Grants payable are charged in the year when the offer is made excepl in thjse cases where the offer is conditional, such grants being reccKJnised as expenditure when the condilions attaching ar fulfilled. Grants offered Subject lo condib.ons which have not been mel at the year end are noted as a commrtmenl. bul not accrued as expenditure. AJI expenditure 15 indusive of irrecoverable VAT. 1.6 Debtors Trade and other debtors are recognised at the sewement amounl after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.7 Loans to Leaders Where the Trustees have agreed to make an award but the project is not a Registered Charity or a Community Inleresl Company. it is deemed lo be a loan rather Ihan a grant and repaydble when th8 project comes inlo profrt. 1.8 Cash at bank and In hand Cash al bank and in hand indudes cash and short lemi highly liquid inve5trnenls with a short maturity of three months or less from the dale of acquisitson or opening of the deposit or similar account. 1.9 Creditors Liabilities are recognised when there is an obligation al Ihe Balance sheet date as a resull of a past event. it is probable thal a transfer of economic benefit wll be required in settlement. and Ihe amount of Ihe setuement car¢ be esknmaled reliably. Liabilities are recognised al the amount that the Company anlicipale5 11 11 pay lo settle Ihe debt or the amount it has received as advanced payments for the goods or servi$ it must provide. 1.10 Financlal instruments The Company only has financial assets and financial liabilities of a knnd that qualify as basic financial inslrumenls. Basic financial instruments are initsally reccNJnised al transaction value and subsequenuy measured al their setuement value. Page 11
THE SHACKLETON FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcle3 (contlnuedl 1.11 Critical accountlng estlmates and areas of Judgement Estimates and judgements are conb'nually evaluated and are based on hislorical experience and other factors, indudiThJ exF*clations of future events that are believed to be reasonabte under the circumsiances. Crilical auntIng estimales and assumptions.. The charity makes eslimales and assumptions ConmIng the future. Tho resulb'ng accounting oslimales and assumptions win. by definrtion. seldom equal the related actu81 results. There are no eslimales and assumptions that have a shJnific4nt risk of causing a material adiustmenl lo the carrying amounts of assets and liabilities thin the nexl financial year. The most signrficanl judgement involved is whether the loans made to for-profil entities a fvlly recoverable. TIh an associated significanl estimate over the amounl of outstsnding loans that will be recovered. 1.12 Fund ae¢ountlng General funds are unreslricled funds which are available for use 81 the discretion of the Trusl8es in fijrtherance of the general objeth"Yes of the Company and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Tnjslees for particular purposes. The aim and use of each designated lund is set oul in the notes lo the financial slalements. Page 12
THE SHACKLETON FOUNDATION IA company limitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and lega¢lè$ Unrgstricted funds 2024 Total funds 2024 Total funds 2023 Oonations 27.350 27,350 13,190 Total 2023 13,190 13,190 Analysls of awards Awards to Leaders 2024 Total funds 2024 Tolal funds 2023 Grants awarded 40,000 40,000 40.000 Total 2023 40.0(KI 40.000 so during Ihe year awards of £10,0(XI (2023.. £nil) were loaned lo irMIivMluals. These are induded in other debtors al the year end. Analysis of expenditurg on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Direct and support costs Expenditur8 on govemance 56,097 6.443 56,097 6,443 57.241 4.291 62.540 62,540 61.532 Totsl 2023 61.532 61,532 Page 13
THE SHACKLETON FOUNDATION (A company lirnitèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expendlture by adlvltles Grant fundlng of activltles 2024 Support costs 2024 Total funds 2024 Total funds 2023 Direct and supwrt costs Expenditure on governance 40.000 16.097 6.443 56,097 6.443 57.241 4.291 40,000 22.540 62.540 61.532 Total 2023 40,000 21,532 61.532 Analysis ol support costs Total funds 2024 Total funds 2023 Pnnting costs Administration ¢yJsts Website costs Personnel costs Tnjslees insurance Audilorfs remunerati Legal costs Consultancy costs 192 322 633 14.950 316 360 1,260 14.400 311 5,760 367 3,612 1,125 22.540 21,532 Independent examinpffs remuneration The independent examinerfs remuneration amounts lo an independent examiner fee of £4.920 r2023 - £3.612), and other sernces of £84012023- £ -1. Page 14
THE SHACKLETON FOUNDATION (A company Ilmitgd by guarantefrl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees. remuneratlon and expenses During the year. no Truslees receivod any remuneration or other b8nefits12023 - £NIL). During Ihe year ended 31 March 2024. expens85 lotalling £NIL were reimbursed or paid directly lo Trustees (2023 - £Nill. Debtors 2024 2023 Due after more than onè year Outstanding loans made lo Shackleton Leaders Due wlthin one year Outslanding loans made to Shaelon Leaders Accnjed income 10.000 7.000 40.000 10,000 47.000 Included within accrued income is £nl12023 - £40.0> from th8 Oak Foundation. This lateS lo a grant receivable which have been recognised In previous years payable in tranches over several years. The grant was fully repaid during the year. Creditors: Amounts falllng due wlthln one year 2024 2023 Accnjals 4,920 5,060 Page 15
THE SHACKLETON FOUNDATION (A company lirnitod by guarant&•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Deslgnated fiind$ Core support 40.000 {40.0001 General funds Unrestn'cled funds 57.161 27,350 (62.540) 40.000 61,971 Total Unrestricted funds 97,161 27.350 162,5401 61.971 Statement of funds - prior ygar Balance al 31 March 2023 Balance at 1 April 2022 Transfers inloul In¢ome Expenditure Designated funds Core support 80.000 140,000) 40,000 General funds Unrestricled funds 65.503 13.190 161.532) 40,000 57,161 Total Unrestricted funds 145.503 13,190 161,5321 97,161 Doslgnated funds Core support This 15 a donat from The Oak FOundatn whic* has been received during the year ended 31 March 2024. Page 16
THE SHACKLETON FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Summary of funds Summary offunds- Current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Income Expendlturg Designated funds General funds 40.000 57.161 (40.000) 40,000 27,350 (62.5401 61.971 97.161 27.350 {62.540) 61,971 Summary of funds - prlor year Balance al 31 March 2023 Balance 81 1 April 2022 Transfers inloul Income Expendrture Designated funds General funds 140,0001 40.000 40,000 57,161 65.503 13,190 (61,532) 145.503 13.190 (61.5321 97,161 12. Analysls of net assets between funds Analysls of net assets between funds - cutrent period Unrestrlcted funds 2024 Total funds 2024 Debtors due after more than one year Current assets Creditofs due within one year 10.000 56,891 {4,9201 10,000 56.891 14.920) Total 61.971 61,971 Page 17
THE SHACKLETON FOUNDATION (A company limited by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 12. Analysls of net assets between funds (contlnued Analy$i$ of ngt assets between fvnds - prlor year Unrestricted funds 2023 Total funds 2023 Current assets Creditors due within one year 102,221 {5.0601 102.221 15.0601 Total 97.161 97,161 13. Related party transactions During Ihe year. there were no transactions wilh relaled parb'es. 14. Controlllng party The charity is controlled by tls Trustees. Page 18