## **SharedImpact (Company Limited by Guarantee)**
**Company Number 07551618 Registered Charity Number 1145471**
**ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022**
## **SharedImpact CONTENTS**
||_Page_|
|---|---|
|Trustees' Annual Report|1 - 4|
|Independent Auditor's Report|5 - 8|
|Consolidated Statement of Financial Activities|9|
|Consolidated Balance Sheet|10|
|Charity Balance Sheet|11|
|Consolidated Statement of Cash Flows|12|
|Notes to the Financial Statements|13 - 21|
## **SharedImpact TRUSTEES' ANNUAL REPORT REPORT AND FINANCIAL STATEMENTS**
SharedImpact is a charitable company limited by guarantee and incorporated as Company number 07551618, registered in England and Wales, on 4 March 2011 and listed on the Central Register of Charities under registration number Charity number 1145471.
The charity was established under, and is governed by, its Articles of Association. The directors of the charity are its trustees for the purposes of charity law and throughout this report are collectively referred to as 'the trustees'.
As set out in the Articles of Association, the trustees may be appointed for such terms as thought fit by the trustees.
## **Reference and administrative information**
|Trustees|P Cheng (Resigned 20/01/2023)|
|---|---|
||R North|
|Registered Office|9 Appold Street|
||London|
||EC2A 2AP|
|Auditors|Moore Kingston Smith LLP|
||9 Appold Street|
||London|
||EC2A 2AP|
|Bankers|Barclays|
||36/38 Park Royal Road|
||London|
||NW10 7JA|
|Solicitors|Charles Russell Speechlys LLP|
||5 Fleet Place|
||London|
||EC4M 7RD|
||Withers LLP|
||20 Old Bailey|
||London|
||EC4M 7AN|
1
## **SharedImpact TRUSTEES' ANNUAL REPORT (continued) REPORT AND FINANCIAL STATEMENTS**
## **Report of the trustees for the year ended 31 March 2022**
The trustees present their report along with the financial statements of the Trust for the year ended 31 March 2022.
The financial statements comply with statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities and have been prepared in accordance with Companies Act 2006 and Charities Act 2011.
|Objects, Objectives, Governance and|The Objects of the Charity are the promotion of the efficiency and|
|---|---|
|Management|effectiveness of charities and the effective use of resources by charitable|
||and non charitable bodies for such purposes in any part of the world as|
||are exclusively charitable in accordance with the laws of England and|
||Wales, by intervening to help restructure debt accrued to further charitable|
||purposes, and by helping charities and non charitable bodies pursuing a|
||charitable purpose to access funding solutions to help them to thrive for|
||the benefit of the public.|
|Activities and Achievements|The activities in this operational period have continued to focus on|
||building donor and charity relationships. Impact investment in the|
||supported living sector is allowing a nascent sector to be nurtured which|
||can benefit people with learning conditions and potentially transform their|
||lives.|
|Public Benefit|As required by the Charities Act 2011, the trustees have referred to the|
||Charity Commission's general guidance on public benefit when setting up|
||the Trust. In shaping our objectives for the year and planning our|
||activities, the trustees have considered the Charity Commission’s|
||guidance on public benefit, including the guidance ‘public benefit: running|
||a charity (PB2).’|
|Financial Review|Income for the year from donations and investments was £110,696 (2021:|
||£1,158,779) Total expenditure for the year was £138,781 (2021:|
||£661,448) and donations and grants totalling £81,242 (2021: £638,999)|
||were made. It is anticipated that donations will increase significantly in|
||future as the Charity’s donor-advised fund platform is now fully|
||operational, which has been demonstrated in the current year.|
||All funds at the year end are unrestricted and the charity holds no|
||restricted funds. At the year end the parent's reserves were £917,247|
||(2021: £918,554) and unrestricted group reserves were £752,529 (2021:|
||£776,649).|
|Risk Management|The major risks to which the Charity is exposed, as identified by the|
||trustees, have been reviewed and the trustees are satisfied that the|
||systems in place mitigate those risks.|
||▪ There is a risk we will not attract sufficient philanthropic capital.|
||**Mitigation:**we are pursing a range of approaches to reach out to|
||philanthropists to explain the benefits of impact investing and the services|
||we can provide.|
||▪ There is a risk that the impact investments we make will not yield|
||the impact we would like to see.|
||**Mitigation:**we are pursing a range of approaches to reach out to|
||philanthropists to explain the benefits of impact investing and the|
||services we can provide.|
2
## **SharedImpact TRUSTEES' ANNUAL REPORT (continued) REPORT AND FINANCIAL STATEMENTS**
## **Report of the trustees for the year ended 31 March 2022**
|Future Plans|As the charity continues to build relationships with charities, donors and|
|---|---|
||their wealth advisors it is looking to further its social investment activities,|
||focussing primarily in the UK, to provide early-stage strategic support|
||where alternative funding sources are unavailable. The current focus on|
||supported living will be continued in partnership with trade and|
||government agencies to maximise the impact that can be achieved.|
|Investment Policy and Performance|Under the Charity’s Articles of Association, the trustees have wide powers|
||of investment in respect of the Charity’s assets. In recognition of their|
||general duty of prudence and the need to have proper regard to the|
||suitability of investments and the need to consider diversification, the|
||trustees are, for the time being, holding any income in interest-earning|
||bank accounts in order to keep the funds highly liquid. The trustees are in|
||discussions with various fund managers with regards to developing the|
||Charity's investment policy with a view to building a diversified portfolio.|
|Going concern|The Trustees have assessed whether the use of going concern is|
||appropriate and made this assessment for a period of at least one year|
||from the date of the approval of these financial statements. In particular|
||the trustee has considered the charity's income from donations, which are|
||ad-hoc in nature. The trustee takes assurance that the charity has no long|
||term significant liabilities or commitments and the making of grants is at|
||the discretion of trustees where funds are available for distribution. Having|
||reviewed forecasts prepared by management the Trustees are confident|
||that the charity will continue to meet its obligations as they fall due and|
||that therefore the going concern basis continues to be appropriate.|
|Reserves Policy|The trustees are currently considering the future plans and priorities of the|
||Charity and will develop a more structured reserves policy in line with|
||these development plans in the future. In the short term, the charity has|
||minimal core costs and no staff or premises to support and has targeted a|
||minimal level of reserves to cover these costs, which for the financial year|
||ended 31 March 2022 was £20,000.|
|Key management|The trustees are not remunerated and the Trust has no employees.|
|Grant-Making Policy|The trustees assess prospective funding recipients by reference to the|
||definitions of charitable activity provided by the Charity's regulators.|
|Appointment of new trustees|New trustees may be appointed by the trustees, to fill a vacancy or as an|
||additional trustee. The Charity shall select appropriate trustees and|
||provide them with an induction to acquaint them with the governance and|
||policies of the Charity as well as what is expected of them in their new|
||role. Additional training and/or information will be provided to the trustees|
||on an ongoing basis.|
||The charity acknowledges that the financial statements have been filed|
||significantly later than anticipated and their actions have fallen below the|
||required level of governance required from the Trustees. This was due to|
||a number of exceptional circumstances and the Trustees are confident|
||that they will be able to get the statutory reporting of the charity and its|
||subsidiary up to date in the near future with the assistance of their|
||professional advisors.|
3
**SharedImpact TRUSTEES' ANNUAL REPORT (continued) REPORT AND FINANCIAL STATEMENTS**
## **Report of the trustees for the year ended 31 March 2022**
Auditors
Moore Kingston Smith LLP have indicated their willingness to continue in office and in accordance with the provisions of the Companies Act, it is proposed that they be re-appointed as auditors for the ensuing year.
## **Statement of Trustees' Responsibilities**
The trustees (who are also directors of SharedImpact for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming/outgoing resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Audit information**
So far as each of the trustees at the time the trustee's report is approved is aware:
- there is no relevant information of which the auditors are unaware; and
- they have taken all relevant steps they ought to have taken to make themselves aware of any relevent audit information and to establish that the auditors are aware of that information.
This report has been prepared in accordance with the special provisions relating to small entities within Part 15 of the Companies Act 2006.
Approved by the Trustees on:
…………………………………… R North
Date ……………….
4
## **SharedImpact Consolidated Statement of Financial Activities (incorporating the Income and Expenditure account) For the year ended 31st March 2022**
|**Notes**
**Income from:**
Donations and legacies
**4**
Investment Income
**5**
**Total**
**Expenditure on:**
**Charitable activities**
Charity support
**6**
**Total**
**Net gains/(losses) on investments**
**7,8**
**Net gains/(losses) on foreign exchange**
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|**Restricted**
**Funds**
-
-|**Unrestricted**
**Funds**
**£**
85,982
24,714|**Total 2022**
**Funds**
**£**
85,982
24,714|**Total 2021**
**Funds**
**£**
1,144,295
14,484|
|---|---|---|---|---|
||-|110,696|110,696|1,158,779|
||-|123,517|123,517|661,448|
||-|123,517|123,517|661,448|
||-
-|4,116
(151)|4,116
(151)|7,476
(1,444)|
||-
-|(8,856)
776,649|(8,856)
776,649|503,363
273,286|
||-|767,793|767,793|776,649|
All income and expenditure derive from continuing activities. The Consolidated Statement of Financial Activities includes all gains and lossed recognised in the year.
The notes on pages 13 to 21 form an integral part of these financial statements.
9
## **SharedImpact Consolidated Balance Sheet as at 31st March 2022**
|**Note**
**Fixed assets**
Investments
**7**
Social investments
**8**
**Current assets**
Cash at bank and in hand
Debtors
**9**
**Creditors: amounts falling due**
**within one year**
**10**
**Net current liabilities**
**Total assets less current liabilities**
**Funds**
Unrestricted funds
General Funds|**2022**
**£**
13,022
16,595
29,617
(271,715)|**2022**
**£**
365,634
628,993
994,627
(242,098)
752,529
767,793
767,793|**2021**
**£**
12,787
16,595
29,382
(262,251)|**2021**
**£**
361,518
648,000|
|---|---|---|---|---|
|||||1,009,518
(232,869)|
|||||776,649|
|||||776,649|
|||||776,649|
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the financial statements. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved and authorised for issue by the Board on Signed on their behalf by:
R North Trustee **Company Number 07551618**
10
## **SharedImpact Charity Balance Sheet as at 31st March 2022**
|**Note**
**Non current assets**
Investments
**7**
Social investments
**8**
**Current assets**
Cash at bank and in hand
Debtors
**9**
**Creditors: amounts falling due**
**within one year**
**10**
**Net current assets/(liabilities)**
**Total assets less current liabilities**
**Funds**
Unrestricted funds
General Funds|**2022**
**£**
12,734
1,000
13,734
(91,115)|**2022**
**£**
365,635
628,993
(77,381)
917,247
917,247
917,247|**2021**
**£**
9,037
1,000
10,037
(101,001)|**2021**
**£**
361,518
648,000
(90,964)|
|---|---|---|---|---|
|||||918,554|
|||||918,554|
|||||918,554|
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the financial statements. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved and authorised for issue by the Board on Signed on their behalf by:
R North Trustee **Company Number 07551618**
11
## **SharedImpact Consolidated Statement of Cash Flows for the year ended 31st March 2022**
|**Cash generated from operating activities**
Net cash provided by operating activities
**Cash flows from investing activities**
Repayment of social investments
Impairment of social investments
Conversion of social investments
Repayment/transfer of social investments
**Net cash outflow from investing activities**
**Increase in cash and cash equivalents in the year**
**Cash and cash equivalents at beginning of the year**
**Cash and cash equivalents at end of the year**
Dividends and Interest from|**2022**
**£**
(28,222)
24,714
-
15,265
-
3,742
43,721
15,499
12,787
28,286|**2021**
**£**
491,935|
|---|---|---|
|||14,484
(500,000)
-
(270,013)
270,013|
|||(485,516)|
|||6,419
6,368|
|||12,787|
||||
|**Reconciliation of net income to net cash flow from operating activities**
**2022**
**£**
**Net income for the reporting period**
(8,856)
**Adjustments for:**
(24,714)
(Gain)/Loss on revaluation of investments
(4,116)
Decrease in debtors
-
Increase in creditors
9,464
**Net cash provided by operating activities**
(28,222)
Dividends and interest from investments||**2021**
**£**
503,363
(14,484)
(6,246)
-
9,302|
|||491,935|
||||
|**Analysis of cash and cash equivalents**
**2022**
**£**
Cash in hand
13,022
13,022
**Analysis of changes in net debt**
**At**
**Cash**
**At**
**01/04/2021**
**flows**
**31/03/2022**
Cash
12,787
15,499
28,286
Loans falling due within one year
(231,000)
-
(231,000)
(218,213)
15,499
(202,714)||**2021**
**£**
12,787|
|||12,787|
||||
12
## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
## **1 Accounting Policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments to market value and in compliance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Charities Act 2011.
The financial statements are prepared in sterling which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest pound. SharedImpact is a Public Benefit Entity as defined by FRS 102.
## **1.2 Basis of consolidation**
The consolidated financial statements comprise the financial statements of SharedImpact and its trading subsidiary: SharedImpact Ventures Limited. The year end for SharedImpact and SharedImpact Ventures Limited are coterminous. The total income and expenditure of these entities is shown in the Statement of Financial Activities ("SOFA") and the detailed results of the trading subsidiary are disclosed in note 2 of the financial statements. The statements are consolidated on a line by line basis.
The subsidiary company’s assets and liabilities are consolidated in the Balance Sheet on a line-by-line basis.
## **1.3 Going concern**
The Trustee has assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cause significant doubt on the ability of the charity to continue as a going concern. In particular the trustee has considered the charity's income from donations, which are adhoc in nature. The trustee takes assurance that the charity has no long term significant liabilities or commitments and the making of grants is at the discretion of trustees where funds are available for distribution. There is an unsecured liability that is owed to a former Trustee as disclosed in note 10 which has been requested to be repaid after the year end. The charity has minimal overheads and can liquidate its short term investments if required to settle the amount owed, and if required will come to a short term payment plan arrangement to settle this. The trustee is therefore satisfied the charity has adequate resources to continue in operation for at least twelve months from the approval of the financial statements. The charity continues to adopt the going concern basis in preparing its financial statements.
## **1.4 Income**
All income is included in the Statement of Financial Activities when the charity is entitled to the income, the receipt is probable and the amount can be measured reliably. Income received in advance is deferred where it would be repayable if conditions are not met in the future.
## **1.5 Fund accounting**
Unrestricted funds - these resources arise from grants and donations provided for unrestricted purposes and from accumulated surpluses and deficits in the operations for charitable purposes and are expendable at the discretion of the Trustees.
Restricted funds - these are funds that have restrictions imposed by donors and can only be applied for the particular purposes specified by donors.
## **1.6 Expenditure**
Expenditure is classified under the principal categories of charitable expenditure. Irrecoverable VAT is treated as an expense. Charitable expenditure comprises of direct expenditure attributable to the Foundation. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of the resources.
Governance costs represent the audit fee and services provided by the charity’s legal advisors and any other expenditure related to governance or the strategic direction of the charity.
13
## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
## **1.7 Investments**
The Group has equity investments in listed and unlisted entities. Fixed asset investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at fair value using the closing quoted market price or fair value (if unlisted). The Consolidated SOFA includes the net gains and losses arising on revaluations and disposals throughout the year, as investments are revalued to fair value continuously. The SOFA includes any realised or unrealised gain or loss during the year.
## Impairments
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss terms unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
## **1.8 Social Investments**
Programme related investments are included at the value of loans advanced to beneficiaries less any provision against those deemed irrecoverable. Social investments are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the loan, the estimated future cash flows have been affected, The impairment loss is recognised in the statements of financial activities.
These loans are considered to meet the conditions for exemption from the requirement to account for these under FRS 102 at amortised cost, as they meet the definition of public benefit entity concessionary loans; as such they are accounted for and their transaction value less impairment.
## **1.9 Foreign exchange**
SOFA transactions have been converted at the spot rate on the date of transaction. All closing balances have been converted at the year end exchange rates.
## **1.10 Taxation**
The charity has suffered no tax charge, as it is not subject to UK corporation tax on its charitable activities.
## **1.11 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
## **1.12 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 9 and 10 for the debtor and creditor notes.
14
## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
## **1.13 Key estimates and judgements**
In preparing financial statements the Trustees are required to make certain judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other known factors that are considered relevant. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis, with revisions to accounting estimates being recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both periods.
The Trustees consider the key area of judgement deemed to have the most significant effect on values recognised in the financial statements relates to the valuation of social investments and the valuation of financial investments. The charitable company makes an estimate of the recoverable value of social investments as part of an annual impairment review. The charity also makes an estimate of the fair value of unlisted investments based on the informaton it has available to it at the balance sheet date.
A provision is considered against any potential unrecoverable or impaired investments at the financial year end at fair value.
15
## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
## **2 Operating profit of trading subsidiary**
The Charity owns 100% of the issued share capital of SharedImpact Ventures Ltd, a company incorporated in the United Kingdom and registered in England, company number 08154452.
The Company's income is made up of management fees received from the charity to pay for the expenses incurred by running the charitable activities of SharedImpact.
Its trading results for the year ended 31 March 2022 were as follows:
|**Profit and loss**
Turnover
Administrative expenses
Gain/(Loss) on ordinary activities before taxation
Taxation
Profit/(loss) for the year
**Balance Sheet**
**Current assets**
Debtors
Cash
**Creditors: amounts falling due within one year**
**Net current liabilities**
**Capital and reserves**
Called up shared capital
profit and loss reserves
**Net movement in funds**
Consolidated net income for the year is stated after charging:
Audit fees
Accountancy fees
Other non audit fees
**Donations and legacies**
Donations|**2022**
**£**
8,000
(30,813)
(22,813)
-
**(22,813)**
15,709
287
15,996
(180,714)
**(164,718)**
1
(164,719)
**(164,718)**
**2022**
**£**
13,806
5,010
1,734
**2022**
**£**
85,982
85,982|**2021**
**£**
26,000
(22,046)|
|---|---|---|
|||3,954
-|
|||**3,954**|
|||25,595
3,750|
|||29,345
(171,250)|
|||**(141,905)**|
|||1
(141,906)|
|||**(141,905)**|
|||**2021**
**£**
11,040
4,896
1,656|
|||**2021**
**£**
1,144,295|
|||1,144,295|
## **3 Net movement in funds**
## **4 Donations and legacies**
Included within donations are restricted donations totalling £nil (2021: £300,000).
16
## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
|**5**
**Investment income**
Dividends, bond interest and social investment income
**6**
**Total expenditure**
Charitable Activities
Charity support
Charitable Activities
Charity support
**6a**
**Direct Costs - Grants**
Dangerous Dreamers
Street League
Onside Foundation
Hall School
Saatchi Shul
Julias House
Street Invest
Winchester Project
Kisharon
Gareth Neame Foundation
Street League
Founders for Food
Mission Motorsport
Be Well Collective
South Hill Park
British Asian Trust - Elephant Family
International Spinal Research Trust
Specialisterene Foundation
TBLI
Impairment of social investments|**Direct**
**Costs**
**(note 6a)**
**£**
81,242|**2022**
**£**
24,714
24,714
**Support**
**Costs**
**(note 6b)**
**£**
42,275
42,275
**Support**
**Costs**
**(note 6b)**
**£**
22,449
22,449
**2022**
**£**
-
15,000
-
-
-
5,000
-
-
-
-
-
-
5,000
-
-
20,000
3,000
31,242
2,000
81,242
15,264
96,506|**2021**
**£**
14,484|
|---|---|---|---|
||||14,484|
||||**Total 2022**
**£**
123,517|
||81,242||123,517|
||**Direct**
**Costs**
**(note 6a)**
**£**
638,999||**Total 2021**
**£**
661,448|
||638,999||661,448|
||||**2021**
**£**
294,428
25,000
3,000
10,000
7,000
6,000
15,000
3,750
4,000
5,000
25,000
229,165
7,500
656
3,500
-
-
-
-|
||||638,999
-|
||||638,999|
17
## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
## **6a Direct Costs - Grants (continued)**
|**6b**|Analysis by fund
Unrestricted funds
Restricted funds
**Support Costs**
Rent
Computer costs
Audit and accountancy fees (see note 3)
Telecommunications
Bank charges
Legal and professional fees
Other costs|81,242
-|638,999|
|---|---|---|---|
|||81,242|638,999|
|||**2022**
**£**
-
-
20,550
-
415
11,012
10,298|**2021**
**£**
732
880
17,592
687
440
2,083
35|
|||42,275|22,449|
The total audit fees attributable to the parent entity were £13,806 (2021: £11,040)
18
## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
## **7**
## **Investments - listed and unlisted**
## **Group and Charity**
|**Investments - listed and unlisted**
|||
|---|---|---|
|**Group and Charity**
Market value at 1 April
Additions
Disposals
Realised gains
Impairment
Movement in cash
Unrealised (losses)/gains
Market value at 31 March|**2022**
**£**
361,518
-
-
-
-
-
4,116|**2021**
**£**
84,029
270,013
-
-
-
-
7,476|
||365,634|361,518|
Included within investments above are unlisted investments of £270,013 (2021: £270,013). At 31st March 2022, the charity owned all of the issued ordinary share capital, consisting of 100 ordinary shares of £0.01 each, of SharedImpact Ventures Limited, a company registered in the UK, whose purpose is fund management. This investment value is £1 and is not included in the above disclosure. The results of the trading subsidiary, SharedImpact Ventures Ltd, are shown in note 2.
## **The following investments comprise in excess of 5% of the value of the portfolio:**
||**Value at:**|**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|OikoCredit Bond||50,000|50,000|
|M&G Charifund||21,468|20,010|
|Equity Income Trust for Charities A Income Units||24,153|21,494|
|Beam Up limited||270,013|270,013|
## **8 Social investments**
|**Group and Charity**
LGT
Hibiscus
Coral Living
**Total**|**As At 1st**
**April 2021**
**£**
137,129
10,871
500,000|**Repaid**
**£**
(3,742)
-|**Impairment**
**£**
(8,136)
(7,129)
-|**Transferred**
**£**
-
-
-|**As at 31st**
**March 2022**
**£**
128,993
-
500,000|
|---|---|---|---|---|---|
||648,000|(3,742)|(15,265)|-|628,993|
The investment in LGT is an impact investment fund investing in a range of social impact ventures. The investment in oral Living is an impact investment fund investing in a range of social impact ventures.
The trustees have assessed the need for an impairment and have concluded based on the financial position of the beneficiaries to impair these social investments by the amounts shown above.
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## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
## **8 Social investments (continued)**
|**As At 1st**
**April 2020**
**£**
LGT
137,129
Beam up
270,013
Hibiscus
12,101
Coral Living
-
**Total**
419,243
**9**
**Debtors: Amounts falling due**
**within one year**
Loans
Other debtors
The loan is repayable on demand.
**10**
**Creditors: Amounts falling due**
**within one year**
Other creditors|**As At 1st**
**April 2020**
**£**
137,129
270,013
12,101
-|**Purchased in**
**year**
**£**
-
-
-
500,000|**FX gain**
**£**
-
-
(1,230)
-|**Impairment**
**£**
-
(270,013)
-
-|**As at 31st**
**March 2021**
**£**
137,129
-
10,871
500,000|
|---|---|---|---|---|---|
||419,243|500,000|(1,230)|(270,013)|648,000|
|||271,715|262,251|91,115|101,001|
Included in other creditors is a balance of £91,000 (2021: £91,000) due to a former trustee. This is repayable on demand, no interest is charged on the loan.
## **11 Statement of funds**
|Unrestricted funds
**Total funds**|**Balance at**
**1 April**
**2021**
**£**
776,649|**Income**
**£**
110,696|**Expenditure**
**£**
123,517|**Gains/(losses)**
**Transfers**
**£**
3,965
-
**3,965**
**-**|**Gains/(losses)**
**Transfers**
**£**
3,965
-
**3,965**
**-**|**Balance at**
**31 March**
**2022**
**£**
767,793|
|---|---|---|---|---|---|---|
||**776,649**|**110,696**|**123,517**|**3,965**|**-**|**767,793**|
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## **SharedImpact Notes to the Financial Statements For the year ended 31st March 2022**
## **12 Limited Liability**
The company is limited by guarantee and has no share capital. In the event of it winding up the liability of each
## **13 Related Party Transactions**
At the balance sheet date a Trustee was owed £91,000 (2021: £91,000) by the charity. This is repayable on demand, no interest is charged on the loan.
At the balance sheet date SharedImpact Foundation (UK) Limited, a charity registered in England and Wales with common Trustees, owed the charity £1,000 (2021: £1,000). During the year the charity also received donations of £8,000 (2021: £828,245) from SharedImpact Foundation (UK) Limited.
The charity's trading subsidiary, SharedImpact Ventures Limited, incurred all administration and support costs in the year. A management charge of £8,000 (2021: £26,000) was re-charged to the charity to cover all administrative and support costs incurred by the trading subsidiary. At the balance sheet date SharedImpact Ventures Limited was owed £114 (2021: £10,000).
21