Sharedlmpact Foundation (UK) Limited (Company Limited by Guarantee) Company Numbèr 08951S10 Registered Charity Number 1158243 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 *AB2VXMIX* COklPANIES PIOUSE Sharedlmpact Foundation (UK) Limited CONTENTS Trustees, Annual Re Independent Examin8rfs R8POrt Statemenl of Financial Actiwb"es Balance Sheet Statement of Cash FIov4 Note5 to the Finantyal Slatements 9-13 Sharedlrnpact Foundation (UKI Limited TRUSTEES. ANNUAL REPORT REPORT AND FINANCIAL STATEMENTS Sharedlmpaci is a charitabk company limited by shares and ini)YkMnted as com￿nY number 089S1510, r89lStered in England and Wales. cm 21 Marth 2014 and listed ￿ the Central Registsr of Charits"es under registrats.on number Charily number 1158243. The charity estat4isF*d under. and is govemed by. its Awbdes ofAssociatitin. The Directots of the charity are its Trustees f(* the purposes of chanty law and througl*Art Ihis rewt ar• thllectivety ￿le1T￿y to as Ihe truslees.. As set out in the Arlides of ASS￿la11CM. the iwslees rnay te appr1n￿l fty su¢* ièmis as thwt fit by the Trustees. Reference and •lrninislrntr¥e Infarnuiion Trustees P Cheng A Chap1T￿l R N¢ylh Registefed oifi Third Fknr 20 (Xd Bailey EC4M 7AN Independent Examiner ￿(￿e lfjng5ton Smith LLP DeV￿Shire House f4J Goswell Road EC1M 7hLI Bankers Bardays Bank PLC 36Q8 Part ROW Road Lon(Jr)n NW10 7JA SolicitLws Withers LLP 20 Bailey Lc￿On EC4M 7AN Sharedlmpact Foundation (UIQ Limited TRUSTEES. ANNUAL REPORT REPORT AND FINANCIAL STATEMENTS Report of the Irugtees forthe year •nd•d 31 2021 Th¢ Iruslees present their report akry ¥Alh finanryal slalernents of the Fr￿n￿a￿On for the year endeil 31 Mar¢h 2021. The finanryal staternents compty 5tstuW requirements. the mernoran(lum and aitide5 of association and the Statement of Recommen(kd Practice- AcrxKJnbrg arKI Rep)￿"n9 by ch8rib.es and have been prepared in aecordance vrith Ccthponies A£t 2C#J6 and Charities Acl 2011. 0tr4'e¢ts. Objectives. Grkvemance and Management Objects (rfthe Charty a￿ the pronN)tion of the effiL?ency and effediveness of charit*s and social enterprises and the effective use ol reswrces by charitable and charitaNe t￿dIeS for such wrposes In any part of Ihe worfd 85 are exdusively tharitable in dancE wth Ihe law5 of England and Wale5, ty inlervening to Tr￿1p reslruclure debl accrued to fvrther charitable purposes, and by helping tharities and non charitahle trx¥Jies pursuing a charitable purFose lo access funi*ng solution5 to hdp them to thrive for the ber*frt of Ihe Actiwties and Ach1evern￿ts The peric*J vas seventh cwabonal period of the Charity. The a￿l￿e$ in this ￿eTa￿Onal period have foojsed on continuing to ild initial donor and tharity rd8lJonships. The Charity's donor- advised fvnd platfonn be￿rne fulty operational tn the finarbrial period ende(131 March 2015. The Charity 5eek5 to ac*ieve it's aim5 by eno)uraging ilanlhrowsts and foundats.ons to it with Ihe furKling to do this. The trustees con*der obj.ects have been achieved in trms period and wiu conlinue lo do 50 in the futur8. The crileria Ihe Charity uses io assess its success in the repo￿"n9 period are the value of funds received and lunds depknyed. Impact of Cwd.19 The Charity is Iwgety sheltered by Ihe effects d Covid.19 tlue to it's standing doncK base. the Charl￿.eS a￿lity to give grants vthich are are scale8b￿ in kne wth its incAyne and due to the level of reser¥es Ihal il hrjds. Public Bener In shaping (wi (￿le¢￿"ve$ for Ihe year and krfanning wr a¢tMties. the trustees have considered the Charity C¢)mmissi¢Jn's guidanee on public bènefit, indudiny the guidance'wblic benefrt.. running a charty IP821'. The trustee5 will have due regard to the Charity C(xnmis51rm'5 general guKlan¢e on public benefit rnaking granls in luiure. Finan¢ial Reviow During thè pÈn"rxl. donatson5 lotallirvj £538.411 12020.. £212.8171 e recwved. The charity gave lotalling £828.24512020'. £256.4681 in furtherance of its charitable objects. It ts antiapated that d￿tionS will incxease signifiGgntly in future as the Charitys donor-adwsed fund Fsatfwm is fulty operab"onal. At the year end ￿n￿trIcted reseNes *ere £1.892.12812020". £1.980.1071. The compwative year has teen restated. please see ncle 14 for lurther detals Lrf this. Sharedlmpact Foundation {UK) Llmlted TRUSTEES. ANNUAL REPORT REPORT AND FINANCIAL STATEMENTS Risk Managernenl The major risks to which the Charity is exposed. as identified by the tru5t8es. are deemed to be". - the fina￿al inveslments may not be as successful as hoped. This is mits"gated by the c*arity not m￿"Thj any fOn￿ard c￿mMI1￿entS of grants twond the avaiL4Ne capital.. and - thal fund ¢Woyments for impact are not as impactfLA as W. This is mibgated by due dilwJence. Inveslment Polcy ar￿ PerfonnwKe Under the Chwivs kn.des af Associatth, the trusiees have vide of investrnent in of the Chawity's assets. In recognits"￿) ofthor general duty of wdenr£ and Ihe need to have propef regard lo the suitthlity ol investments and the need to CC￿sIder diveNficab"on, the trusiees are. fcff the bme b&'ng. holding any income in inte￿t-eamin9 bank aci£wnts in order to keep the hmds highly Iiquh4. (kn.Making Policy The trustees assess wospeclNe fvnding recipients by reference to the definilions (rf ch8rilaLAe acbvity prwded by thg ChariW¥ Reserves Policy The trustees reserves Fdicy 15 not to hold separate reserves the dorKx.adw5ed lunds. At the year e[￿ unrestricted fvnds lexdLKlirwJ share •1) £1.W2.12812020". £1.980,1071. Appointhtnt of new trLtstees New tnJstees may be appointsd by the trustees. to fill a vacancy or as an addrti(ffial Irustee. The Charity shall select approprkqte Irustees and provide them with an induction lo ac4uaint thern with the govemance and FpJlirie5 of the Charity a$ ￿11 as what IS exr*cted of thern in their new role. Additional training and1¢ infiThalion be wowded to trustees an oNJoing basts. Key rnanagement arKI rernuneralion policy The trustees ¥t not remur*Faied and the Trust has no employees. Future Plans We plan to our activitie5 in two respects. We wll rA￿tinUe to 5uprA)rt the purposes of other like minded th8rities and we %%ill be ing more wth irrtermtdiaries. such as wealth advisots, ￿ reach a greater nurnber of phrlanlhropists vthile Minimi￿r¥3 our costs. Gclng co1￿￿ The Trusie•s hav• assessed vA*lher the use of gting concem is appropriate arKJ made this a55essmellt for a peric¥J ol at leasl o year from the date of the approval of these financial statements. The Trust￿ have given due consideration to the effects of the Covid-19 IJJtL￿k ar¥J Brexit. Having rewewed forecast5 prepared by management Ihe Trustees are confthnt that the charity will continue to meet its e&ligations as they fall due and that the￿fOre the gcrfng (orKem basis rwb"Ne5 to be appropnate. Sharedlmpact Foundation IUK) Limited TRUSTEES. ANNUAL REPORT REPORT AND FINANc￿L STATEMEKrs Stat•ment of Trust••s' R•sponsU>llttl•s The trustees (W￿ are also dirett￿5 of Sharedlmpacl Fourtdats"on fry the wrp¢)se5 of company lawl are responsible fry preparing the Trustees. RerK*t and the finanual ststements in aecorfance applicable law and United Kingdom Accounting Slandards IUThted ￿"ngdoffl Generally Accepted Amintsng Prath"c•l. Company law requires InJslee5 to prepafe finanryal statements fix eath finanaal year which give a true and fair view ol the state of the affairs olthe charilabk company and ol the inojm1ngl¢￿tg01rrfj resources and application of resources. including the incwe and eX￿nditure. of ts d￿rilab￿ (>>npanyfty that penod. In preparing these financi815taterTtent5, the truslees are required lo." select surtable account*￿ F*)liues and then appEy them consistentw. ' comply wth applicable accounting standards. including FRS 102. subiecl to any material departufes disclosed and explained In thé finarKial ststèmtnts., . state whether a Statement of Recommended Practr'ce ISORPI applw and has been fdlowed. subject to any rnaierial departures are ewained In the financial statements". make judgements and ests"mates tha¢ are ￿8$OnatIe and prudent.. ' prepare the financial s¢alements on the ￿nCern basis unless li 15 inapFNopriate to P￿sume thal the charitable company continue in tr*Jsiness. The Irustees are responsible keepng woper accoJntirwJ reccth Ihat disdose with reasonable accura¢y al any tirne the financial [k)s￿on of Ihe charitable ¢￿panY and enatAe them to ensure that the financial Statements 0)m￿Y wth the Companies Act 2006. They are also re5FK)nsible for sale9uarding the assets of Ihe ch3ritable company and hence for taknng reascThtye steps for the t¥events(￿ and dete¢bffi of tra￿1 and other irre9ulariti&%. Small Company Exemplion This ￿port has been p￿Pared in acc(¥dancE *ith tr* w0visi￿$ relating to small entslies wthin Part 15 ol the Companies Act 2tl)6. Approved by the Trustees on.. Paul Cheng Date." 31m3r2022 Independent Examinerfs Report to the Trustees of Sharedlmpact Foundation (UK) Limited I report to Ihe charity tnjstees on my Èxaminatitin af the accounts of the Company for the year ended 31 March 2021. Responsibilities and basis ot rtport As the charitys trustees of the Cornpany land afso its directors for thè purrM)ses of company lawl you are responsible for the preparab.on of Ihe a¢¢ounts in aec¢*dance I￿1h the requirements of the Companies Act 20061'the 2006 Act'l- Hawng Satisfied myself thal Ihè aecounls af Ihe Ccynpany a￿ not required to be audited under Part 16 of the 2006 Act and are digible for independent examinats'on. I report tn ￿pect of my examination of y¢xJr chariils accounts as carried out under Sec1￿ 145 of the Charities Act 2011 I'the 2011 Act'l. In carryng out my Èxamination I have folkxved the Dyeclions grven by ihe Charty Commi5sTron under sects.on 145151 (bl of the 2011 Acl. Independent Examinee5 Statement Since the Companrfs gross ￿cOMe exceeded £250.CKQ your examiner must be a member of a body listed in section 145 of the 2011 Act. I confim that l am qualffjed to undertake the examination because l a member of ￿ Assouation of Chartered Certified Accwntants. whKh 15 one of the listed bodies. 11 accounting Tw￿rdS were not kept fft resFeCt of the Comparry as required by sectK)n 386 of the 2006 Act, or 2) the accounts do not accord rocords". or 3) the accounts do not comply wlh the a(cA￿n￿.￿4 r￿UITementS of section 396 of the 2006 Act other than 8ny requirement Ihat thè accounts give a 'true and lair view vthich is not a matter considered as part of an independent examinati￿. or 4) the accounts have not been Prepa￿ in accordance the methth1s and pnnoples of the Statement ol Recommended Prdth"ce for ar￿untIng and rewjrting by fjharities. I have no concems and havÈ eamt across no other mattets in connection wth the examination to which attention strwld be drawn in this order to enable a proper understanding of the accounts to be ached. Tloort k I￿￿J51￿￿ gsMtL LLP Shlvanl Kotharl FCCA DChA For and on b•half of Moor• Kingston Sm•th LLP Chartereii Acwuntsnls Devonshire House 60 Goswell Road London EC1M 7 AD Date.. 3110312022 Sharedlmpact Foundation (UK) Limited Statement of Financial Activities {incorporating the Income and Expenditure account) For the year ended 31 March 2021 Restated Total 2020 Funds Unvestricted Funds Totsl 2021 Funds Notes In¢om• Donations and legacies 650.839 650.839 212.817 Investmenl wjme 19.732 19,732 43.447 Totsl 670.571 670.571 256.264 Expendltu Cost of raising funds Investment manager fee5 Charltable aclivltles 16.092 16.092 16,442 835.420 835.420 267.212 Total 851.512 851,512 265.844 265,844 84.903 84.903 {172.8811 1172.8811 187.9781 187.9781 283.654 Net gainsllh)sses} on investments Net {expenditure)lincome Foreun exchange 1losse5y￿nS Net movement in funds 1191,5241 1218.9141 79.851 1139.0631 Total funds brought for%ward 1.980.106 1,980,106 2,119.169 Total funds carried fornTard 10 1.892.128 1.892,128 1,980,106 The notes on pages 9 10 13 fonn an integral part of these acc￿nts Sharedlmpact Foundation (UK) Limited Balance Sheet as at 31 March 2021 Reststed 2021 20211 Non cUr￿￿t Investments 1.865,716 1,956.356 Current assets Cash at bank and in hand OebtOTS 56.287 47,196 56,288 47.197 Cr•ditors'. amounts falling du• wlthin one year 29.875 23,446 Pl•t eurr•nt assots 26.413 23,751 Total a$s•ts 1¢$$ ¢urrent Ilabllllles 1.892.129 1,980,107 Funds Sharè ￿pital Unrestricted funds General funds 10 1.892,128 1,980,106 1.892,129 1,980,107 For the finan¢Tral year in quesbon. the ¢cthpany wa$ entsued to exemption under seciion 477 of the Companies Act 2006 relating to smal companies. No member5 have required the company to obtain an audrt of rts accounts for Ihe year in question in accordance with section 476 of the Companies A¢t 2006. The directors ackno￿edge their resp￿sibIl￿ for Com￿￿r¥j vnth the requirements ofthe Act with respect to accounting records and for Ihe preparab"Nt of ati*unts. These accounts have been wepared in acc(Kdan￿ ￿ the prowsKffis ap￿ICable to cornpanie5 subject lo Ihe small companies regvne. Approved and authorised for issue by the 8o&d ￿ 3110W2022. Signed on thew behalf by. Paul Cheng Trustee Company Numtjer. 08951510 Sharedlmpact Foundation (UK) Limited Statement of Cash Flows for the year ended 31 March 2021 Restated 2020 2021 Cash Ilow lus•d Inllprovid•d by op•rating activiti {203.3351 80.362 Cash Ilows from Investlng activities Dividends and interest from inve51ments Proceeds from sale of inveslments tlonated Investments Purchase of investrnents Change in cash held in investmenl portfolio Net cash inflowl{outnow) from investing activilies 19,732 1.570.564 43,447 56.215 (907.9951 339.516 1.021.817 21.920 121.582 Increasel(Decrease) in cash and cash equlvalents In the ye 818.482 41.220 Cash and ea$h •quivaltnts at tr*glnnlng of the year Change In cash and cash equlvalents due to exchange rate movemènts Cash and rAsh equivalents at end of the 47.196 29.559 (809.3911 56.287 (23.583) 47,196 R•eonclliatlon ol n•t incom• to n•t cash flow from ¢)peTrting aetsvities 2021 2020 Net lexpendilure)fin¢ome forthe reporting period (87.9781 (139,063) Adjustments for: Dividends and inte￿1 from investments LossllGainl on revaluation of investments LossllGainl on exchange rate Decreaselllncreasel in debtor5 InrJea5e in creditor5 (19.7321 1265.8441 172.881 19,0911 6,429 143.447) 191,524 179.8511 117.637} 8.112 Net ￿5h provided byl(used in) optr•t*ng ¥¢tivilies 1203,3351 80.362 Analysls ol eash and cash Èquivalents and nèt d•bt 2021 2020 Cash at bank 56,287 56.287 47,196 47,196 Sharedlmpact Foundation (UK) Limited Notes to the Financial Statements For the year ended 31 March 2021 1 Aeeountlng Poliei•s 1.1 Basis of preparation of financial sLgtem?nts These financial statement5 are prepared on a going ¢onc8m basis. under the histor￿1 cost convention. as rnodified by the revaluation ol investrnents beirwj measu￿4 at f•r value Ihrough inccwne and expenditure thin the Ststement of Financial ActMlies_ The financial staiements have been prepared in accordance wth Ihe Finanryal Rew)rting Standard applicable in the UK and Republic ol Ire￿nd IFRS 1021. The charitsb￿ company is a public benefit entity for the purposes of FRS 102 and therefore the charitable company also ￿epa￿d rts financial statements in accordance with the Statemenl of Recommerthd Pracb"r* appli¢abl• to charitkes preparing their accounts in accordance wNh the Finanrial Repybng Stsndard applicable in the UK and Republic of Ireland (The FRS 102 charib.es SORPI, thÈ Companiès Act 20￿ and the Charities Act 2011. Th¢ financial statements are prepared in steding, ￿lch is the functional rJJrrency of the tharity. M¢)netsry awnounts in these financial siatements are rounded to the r&7rest p)und. The princyl a¢counting policiès adopted in the Preparation of the financial slatements are Set out below. 1.2 Going ¢on¢em The trustees have assessed mthether ts use of the gryng concern l)85iS 15 apprwote and considered possible events or conditions thal might cast ygnfficant doubt on the ability of the charity to continue as a going concern. The truslees have made this asse$5rnent for ¥ period of at ￿#s1 one year from the date of approval of the financial ststements. In parb"cular Ihe tru$tees have ¢on$idered the chantys forecasts and projections and have faken aco)unt of kyessures on donation and charitable income. After making enquiries the trustees have concluded thai the￿ is a ￿sOnable expectation that the charity has adequate resources lo ry)nbnue in operational existen¢e for the foreseeable futu￿. The charity therefore continLJe5 to adopt the concem basTrs in preparing its financial statements. 1.3 Income l income is induded in the Ststement of Financial ActMts&s wtten Ihe F￿ndation is entiued to the incc￿e. recept is probable and the amount can be measure(I reh'abty. D{￿al￿$ a￿ re¢ognised on receipt. 1.4 Unrestricted funds These resources arise from grants and donaliws prowded for ￿)￿stricted pu￿0$e$ and from accumulated surpluses and deficts in the operab.ons for ¢haritsNe pu￿SeS and a￿ expendab￿ at the discretion of the Tru5tee$. 1.5 Ex￿ndItur* Expenditure is dassrfied under the principal calegorie5 of tharitab* expendilure and the Gosts of raising funds rather than the We of expense. in wder to Prowde more vsefvl irrformatK)n to U5er5 of these accounts. Irrecoverable VAT is treated as an expense. Charitable expenditLre and costs of gerberats"rKJ fmts comprise d*e¢t expÈndrture 8ttribLrtabk to the Foundation. Where costs cannot be dhrectty att￿.1￿ted, they have been allo¢aled lo acti￿"tieS a basis consistent with the use ol the resources. 1.6 Inv•stm•nts Listed investments are stated at their market walue at year end. The SOFA indu¢Jes any ￿￿"Se￿ or nrealised gain or loss during the year. Sharedlmpact Foundation (UK) Limited Notes to the Financial Statements For the year ended 31 March 2021 1.7 Foreign exchange SOFA transacts'ons have been comierted at an average ex¢*ange rate for the Jpar. AJI dosing year end balances have been converted at the year end exchange rale5. 1.8 Taxation The charity has suffered no tsx charye, as it is not 5ubj.ect to UK cwration lax on its charitable act1w1￿5. 1.9 Cash and Ga5h equlvalents Cash and cash eqUiva￿nts include cash in hand. deposits hekl 81 c￿1 with banks. other short-term liqui¢J investments original malurities of the months or less. 1.10 Financial instruments The charily has elected to a￿Y the provisions of secb.on 11 '8asiG FinarKial Instruments, to all of its rinancial instrurnents. Financial instruments are recognised In thè balance sheet when the charity becomes party to the contractual pro￿S1OnS ynpany regiStere(l in Errfjland and Wales wth common trustees. £1,0￿ {2020'. £1.000). Durirw3 the year the tharity made donations to Sharedlmpact toLilling £828,24512020'. £256,4681_ At the year end the charity owed Sharedlmpact Venture5 Limited. a limited company wilh common direct￿s. £15.59412020.' £15.5941. During the year Sharedlmp3Ct Foundation Inc. a dHrity wlh common trusiees wlh Sharedlmpacl FoundatK)n IUKI Lirnrteij donated £Nil12020.' £212.817) lo the charity. Sharedlrnpa￿ Foundation. Inc is the ultimate ¢c￿troNing party. see note 12 for further dekwl. 14 Prknr Year Adjustment Reconciliation of investments 2020 Investrnents as previousty reported at 31 March 2020 Additions from donation Investrnent rnanwjer fees Gainslllosses) 1.383.587 612,846 12,5221 137.5551 1,956,356 Reconciliation of general funds 2020 General funds as rewyted at 31 March 2020 t)onations Investment manager fees Gainsl{losses} 1,407,337 612.846 12,5221 137,5551 1,980.106 13