REGISTERED COMPANY NUMBER: 07551618 (England and Wales) REGISTERED CHARITY NUMBER: 1145471
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
SHAREDIMPACT
JVCA Ltd, Chartered Accountants 114 High Street Cranfield MK43 0DG
SHAREDIMPACT
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Trustees' Report | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
SHAREDIMPACT
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
| TRUSTEES | R A North Trustee |
|---|---|
| REGISTERED OFFICE | 114 High Street |
| Cranfield | |
| Bedford | |
| MK43 0DG | |
| REGISTERED COMPANY | 07551618 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1145471 |
| NUMBER | |
| INDEPENDENT EXAMINER | JVCA Ltd, Chartered Accountants |
| 114 High Street | |
| Cranfield | |
| MK43 0DG | |
| SOLICITORS | Charles Russell Speechlys LLP |
| 5 Fleet Place | |
| London | |
| EC4M 7RD | |
| Withers LLP | |
| 20 Old Bailey | |
| London | |
| EC4M 7AN | |
| BANKERS | Barclays |
| 36/38 Park Royal Road | |
| London | |
| NW 10 7JA |
Page 1
SHAREDIMPACT
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
Sharedlmpact is a charitable company limited by guarantee and incorporated on 4 March 2011 as Company number 07551618, registered in England and Wales,and registered as a Charity Commission charity on 16 January 2012 as 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.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Objects of the Charity are the promotion of the efficiency and 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.
Significant activities
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).’
Grantmaking
The trustees assess prospective funding recipients by reference to the definitions of charitable activity provided by the Charity's regulators.
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SHAREDIMPACT
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES Financial position
Income for the year from donations and investments was £122,990 (2022: £102,696) Total expenditure for the year was £160,065 (2022: £661,448) and donations and grants totalling £106,020 (2022: £81,242) 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 reserves were £881,972 (2022: £917,247) .
Investment policy and objectives
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.
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 2023 was £20,000.
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.
STRATEGIC REPORT
Financial review Key Management
The Trustees are not remunerated and the Trust has no employees.
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.
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SHAREDIMPACT
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
STRATEGIC REPORT
Financial and risk management objectives and policies
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.
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.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 31 December 2024 and signed on the board's behalf by:
RA North
RA North (Dec 31, 2024 18:55 GMT)
R A North - Trustee
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHAREDIMPACT
Independent examiner's report to the trustees of Sharedimpact ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving 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 accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jonathan Vowles
Jonathan Vowles (Dec 31, 2024 18:57 GMT)
Jonathan Vowles FCA CTA DChA
JVCA Ltd, Chartered Accountants 114 High Street Cranfield MK43 0DG
31 December 2024
Page 5
SHAREDIMPACT
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 2024 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 176,964 Other income 14,918 Total 191,882 EXPENDITURE ON Raising funds 181,770 Other 18,117 Total 199,887 Net gains/(losses) on investments (128) NET INCOME/(EXPENDITURE) (8,133) RECONCILIATION OF FUNDS Total funds brought forward 880,172 TOTAL FUNDS CARRIED FORWARD 872,039 |
2023 Total funds £ 98,017 24,973 122,990 106,020 54,045 160,065 - (37,075) 917,247 880,172 |
|---|---|
The notes form part of these financial statements
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SHAREDIMPACT
BALANCE SHEET 31 MARCH 2024
| Notes FIXED ASSETS Investments Investments 6 Social investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2024 Unrestricted funds £ 340,395 628,993 969,388 1,000 3,140 4,140 (101,489) (97,349) 872,039 872,039 872,039 872,039 |
2023 Total funds £ 365,635 628,993 994,628 1,000 17,459 18,459 (132,915) (114,456) 880,172 880,172 880,172 880,172 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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SHAREDIMPACT
BALANCE SHEET - continued 31 MARCH 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31 December 2024 and were signed on its behalf by:
RA North
RA North (Dec 31, 2024 18:55 GMT)
R A North - Trustee
The notes form part of these financial statements
Page 8
SHAREDIMPACT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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.
Taxation
The charity has suffered no tax charge, as it is not subject to UK corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
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.
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.
Going Concern
continued...
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SHAREDIMPACT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
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 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. 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 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.
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.
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 information 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.
continued...
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SHAREDIMPACT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. DONATIONS AND LEGACIES
3.
| 2024 £ Donations and legacies 176,964 SUPPORT COSTS Governance Management Finance costs £ £ £ Other resources expended 4,565 517 13,035 |
2023 £ 98,017 |
|---|---|
| Totals £ 18,117 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 98,017 |
| Other income | 24,973 |
| Total | 122,990 |
| EXPENDITURE ON | |
| Raising funds | 106,020 |
| Other | 54,045 |
| Total | 160,065 |
| NET INCOME/(EXPENDITURE) | (37,075) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 917,247 |
| TOTAL FUNDS CARRIED FORWARD | 880,172 |
continued...
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SHAREDIMPACT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Unlisted | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 April 2023 | 365,635 |
| Disposals | (25,240) |
| At 31 March 2024 | 340,395 |
| NET BOOK VALUE | |
| At 31 March 2024 | 340,395 |
| At 31 March 2023 | 365,635 |
| There were no investment assets outside the UK. |
7. SOCIAL INVESTMENTS
| MARKET VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses |
2024 £ 1,000 2024 £ 96,115 5,374 101,489 |
Other investments £ 628,993 628,993 628,993 2023 £ 1,000 2023 £ 131,115 1,800 132,915 |
|---|---|---|
continued...
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SHAREDIMPACT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. MOVEMENT IN FUNDS
| At 1/4/23 £ Unrestricted funds General fund 880,172 TOTAL FUNDS 880,172 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 191,882 (199,887) TOTAL FUNDS 191,882 (199,887) Comparatives for movement in funds At 1/4/22 £ Unrestricted funds General fund 917,247 TOTAL FUNDS 917,247 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 122,990 TOTAL FUNDS 122,990 |
Net movement At in funds 31/3/24 £ £ (8,133) 872,039 (8,133) 872,039 Gains and Movement losses in funds £ £ (128) (8,133) (128) (8,133) Net movement At in funds 31/3/23 £ £ (37,075) 880,172 (37,075) 880,172 Resources Movement expended in funds £ £ (160,065) (37,075) (160,065) (37,075) |
|---|---|
continued...
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SHAREDIMPACT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/4/22 £ 917,247 917,247 |
Net movement in funds £ (45,208) (45,208) |
At 31/3/24 £ 872,039 |
|---|---|---|---|
| 872,039 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 314,872 314,872 |
Resources expended £ (359,952) (359,952) |
Gains and Movement losses in funds £ £ (128) (45,208) (128) (45,208) |
Gains and Movement losses in funds £ £ (128) (45,208) (128) (45,208) |
|---|---|---|---|---|
| (45,208) |
11. RELATED PARTY DISCLOSURES
At the balance sheet date a Trustee was owed £91,000 (2023: £91,000) by the charity. This is repayable on demand, no interest is charged on the loan.
At the balance sheet date Sharedlmpact Foundation (UK) Limited, a charity registered in England and Wales with common Trustees, owed the charity £1,000 (2023: £1,000). During the year the charity also received donations of £145,500 (2023: £8,000) via Sharedlmpact Foundation (UK) Limited. The charity's trading subsidiary, Sharedlmpact Ventures Limited, incurred all administration and support costs in the year. A management charge of £ 11,010 (2023: £8,000) was re-charged to the charity to cover all administrative and support costs incurred by the trading subsidiary. At the balance sheet date Sharedlmpact Ventures Limited was owed £114 (2023: £114).
12. LIMITED LIABILITY
The company is limited by guarantee and has no share capital. In the event of it winding up the liability of £1 each.
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SHAREDIMPACT
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations and legacies Other income Investment income Total incoming resources EXPENDITURE Raising donations and legacies Street League Saatchi Shul Mission motorsport SharedImpact Foundation UK Friends of Auckland Uni Consortium for Street Children No description No description No description No description No description No description No description No description No description Support costs Management Other Costs Finance Bank charges Governance costs Accountancy fees Legal fees Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Carried forward |
2024 £ 176,964 14,918 191,882 60,000 7,000 - 12,000 7,616 16,500 100 42,160 20,000 1,000 4,194 1,000 200 5,000 5,000 181,770 4,565 517 8,974 4,061 13,035 199,887 (8,005) (8,005) |
2023 £ 98,017 24,973 122,990 60,000 8,000 5,000 14,000 4,020 15,000 - - - - - - - - - 106,020 16,035 424 28,596 8,990 37,586 160,065 (37,075) (37,075) |
|---|---|---|
This page does not form part of the statutory financial statements
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SHAREDIMPACT
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Realised recognised gains and losses Brought forward Realised gains/(losses) on programme related investments Net expenditure |
2024 £ (8,005) (128) (8,133) |
2023 £ (37,075) - (37,075) |
|---|---|---|
This page does not form part of the statutory financial statements
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