This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Esmée Fairbairn Foundation Annual Report and Accounts

2022

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Esmée Fairbairn Foundation aims to improve our natural world, secure a fairer future, and strengthen the bonds in communities in the UK. We do this by contributing all that we can to unlock change by people and organisations with brilliant ideas who share our goals.

----- Start of picture text -----
The Foundation is one of the largest independent A Fairer Creative, Our Natural
funders in the UK. Last year we made grants of
Future World
£36.2m towards a wide range of work in support
Confident
of our aims: A Fairer Future; Creative, Confident
Communities
Communities; and Our Natural World. We also
have a £45m allocation to social investments for
organisations with the aim of creating social impact.
Our funds are generated by our investment portfolio,
from which we aim to achieve a total return of RPI
plus 4% on a rolling five-year average.
Home Overview A Fairer Future Creative, Our Natural A Sector Fit Funding in TASK Fund Trustees’ Report Accounts
----- End of picture text -----

Our Natural A Sector Fit World for the Future

Funding in Partnership

A Fairer Future Creative, Confident Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Overview

Overview
Chair’s Statement	04
Chief Executive’s Report	05
Funding Overview	07
Using All Our Tools	11
Diversity, Equity and Inclusion	14
Climate Change	15
Funding
A Fairer Future	16
Creative, Confdent Communities	28
Our Natural World	36
A Sector Fit for the Future	45
Funding in Partnership	47
TASK Fund	49

Trustees’ Report Objectives and Activities 53 Achievements, Performance and Plans for Future Periods 53 Financial Review 54 Structure, Governance and Management 56 Statement of Trustees’ Responsibilities 57 Independent Auditor’s Report to the Trustees of Esmée Fairbairn Foundation 58 Statement of Financial Activities 61 Balance Sheet 61 Cash Flow Statement 62 Notes to the Accounts 63 Trustees, Senior Management Team, Committees and Advisers 73 Our History 74

Our Natural World

A Sector Fit for the Future

Funding in Partnership

~~“I want Northern Roots to inspire other towns across the world”~~

~~Oldham resident (13 years old)~~

~~“This project (Northern Roots) is simply amazing. What a vision for a community space, it will create such a vibrant energy for our town!”~~

~~Oldham resident~~

Home Overview

Creative, Confident Communities

TASK Fund

Trustees’ Report

A Fairer Future Creative, Confident

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Chair’s Statement

In my first statement as Chair I want to reflect on all that has been achieved in a demanding year by the Charities and other partners which Esmée Fairbairn Foundation has been privileged to support. I am heartened by their unwavering dedication to creating long-lasting change whilst navigating existing and emerging challenges.

As well as being a funder, Esmée Fairbairn Foundation is an investor. It is with pride that I think about how this aspect of the Foundation’s role has evolved over recent years. A great deal of work has gone into reviewing our investment strategy and developing a sustainable investment model. I am grateful to everyone who has been involved in this ongoing transition.

In December 2022, we were deeply saddened to learn of the death of Baroness Veronica Linklater, who served as Trustee from 1990 to 2013. She played

a critical role in shaping our work across a number of areas. Her contribution included chairing the Foundation’s £4.0m Rethinking Crime and Punishment programme, which funded 57 projects over its life and whose work continues to have lessons for prison reform today.

I would like to pay tribute to my predecessor, Sir Jonathan Philips, who took on the role of Chair during an especially difficult period for the Foundation, steering us through with great empathy and leadership. I feel privileged to be following in his footsteps and I am grateful to all my fellow Trustees for their ongoing guidance. I also want to thank the Executive team for their commitment to implementing our new strategy and their thoughtfulness around the ways Esmée Fairbairn Foundation continually strives to be a better funder.

A Sector Fit for the Future

Funding in Partnership

I want to give special thanks to Sharon Shea and Laurence Scott, who are both leaving after over 20 years’ service. They have made a remarkable contribution to the Foundation’s work and will be hugely missed.

Over the coming year, alongside our partners, we will review the ambitious goals that we have set in our new strategy and approach. This will provide a valuable opportunity to reflect on the progress made, the challenges we have encountered, and the lessons we have learned.

Beatrice Hollond Chair

Home Overview

Our Natural World

A Fairer Future Creative, Confident Communities

TASK Fund

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Chief Executive’s Report

When times are difficult and uncertain, what is the role of independent funders? At Esmée Fairbairn Foundation, we think it’s important to keep pushing for change for the future. The pandemic, rising cost of living, and the climate crisis are compounding long-standing problems for people and nature across the world. In the UK, the organisations Esmée funds have continued to respond and adapt to these crises, and in 2022 our Trustees decided to provide £7.4m[1] in additional support to help them address the root causes of problems, so they don’t happen again, as well as to reimagine and build a better future.

2022 has been a year of transition and transformation for Esmée. When we first launched our strategy in 2020, we knew there could not be a return to business as usual, and that we needed to take time to determine what role we should play.

We temporarily closed to applications in A Fairer Future as we completed the development of our strategy, identifying five priority areas. We had to make some difficult choices, but we believe that by narrowing our focus, we can make a deeper and lasting impact. We’re grateful to everyone for their patience, and to all those who gave their valuable insights as part of the process.

A Sector Fit for the Future

During the year, we provided £36.2m[2] (2021: £51.5m) in grant funding to over 180[3] incredible organisations who share our goals. 64% of main grants awarded were for core or unrestricted costs. In addition, we committed £2.7m in social investments to 4 organisations and made our first impact investment to the Green Generation Fund, which invests into companies delivering solutions for more sustainable, healthy and ethical consumption.

In total, we also approved £743k through our dedicated Tools budget, which we use for activities where we are taking a more active role. Most of it was used for influencing work towards building the Our Natural World roadmap of activities, the Learning Programme supporting our Young People Leaving Care funding, and

TASK Fund

Trustees’ Report

Funding in Partnership

to develop our work with our Involving Young People Collective. Through Funding Plus, we made 72 small grants, totalling £490k, 86% of which was used for individual consultancy on areas including business planning and to develop diversity, equity and inclusion plans.

1 This funding was offered to most organisations we fund as a Cost of Living Uplift payment, and was awarded in January 2023.

2 Includes all grants (main grants, Funding Plus, exceptional grants and TASK grants).

3 Excludes organisations awarded a Funding Plus, exceptional or TASK grant.

Accounts

Home Overview A Fairer Future Creative, Confident Communities

Our Natural World

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Chief Executive’s Report continued

With weaker financial markets as a result of high inflation and other events, our endowment was down by 9.6% to £1.3bn. Following a commitment to a net zero carbon strategy for our investment portfolio, we increased our allocation to enhanced ESG investing to 5% (around £70.0m) of the overall fund. Our Trustees also agreed to update our investment approach to support a transition to sustainable investing.

Having been one of the founding signatories of the Funder Commitment on Climate Change, we’re excited that, in 2022, the initiative reached the milestone of 100 foundations in the UK committed to addressing the causes and impacts of climate change.

We know there is much that needs to change within the funding sector to ensure we contribute as effectively and equitably as we can to the challenges we face. We’re pleased to be working alongside other funders and partners to improve the sector’s practice – including our own.

We’re grateful to initiatives including IVAR’s Open and Trusting Grant-making, the DEI Data Standard and the Foundation Practice Rating for providing opportunities for us to reflect on our practice. In response to these, and to applicant perception research we commissioned and other feedback we have gathered, we have been able to take action in some areas. For instance, we started collecting diversity data from applicants and organisations we fund

Our Natural World

A Sector Fit for the Future

so that we can better understand who our funding is reaching and identify inequity in our funding.

Looking ahead to 2023, we are determined to use every resource that we have to push for change and are excited to work with so many of you in making that change a reality.

TASK Fund

Funding in Partnership

Dame Caroline Mason CBE Chief Executive

Home Overview A Fairer Future Creative, Confident Communities

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Funding Overview 2022 Total grant funding Total number of grants made[4]

During 2022, the Foundation approved £40.6m on work towards a wide range of work in support of our strategic aims to secure a fairer future; strengthen the bonds of communities in the UK; and improve our natural world. This includes £490k through our Funding Plus support and £743k approved for Tools.

£36.2m 188 Social investment (committed to) Endowment total £2.7m Impact investment (committed to) £1.0m exceptional grants.

Endowment total

----- Start of picture text -----
£1.3bn
----- End of picture text -----

The majority of our funding in 2022 was distributed through grants. We also committed £2.7m in social investments, and £1m in impact investments.

4 Excludes Funding Plus, Task grants and exceptional grants.

4 Excludes Funding Plus, TASK grants and exceptional grants.

A Sector Fit for the Future

TASK Fund

Trustees’ Report

Accounts

Funding in Partnership

Overview

Creative, Our Natural World Confident Communities

A Fairer Future Creative, Confident

Home

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Funding Framework

This report reflects how our funding fits our strategy, which we updated in July 2022 following a review of our strategy for A Fairer Future.

Some of our funding supports work across more than one aim, impact goal and priority. We have chosen to reflect grants and social investments in line with the aim, impact goal and priority that is the closest fit. In some cases, a priority under a different aim may be the best fit.

We also support key infrastructure organisations and new ideas that contribute to our impact goals across our aims by enabling a stronger, inclusive and innovative sector. Work that meets this description is shown in A Sector Fit for the Future.

----- Start of picture text -----
A Sector Fit for
the Future
----- End of picture text -----

Impact goals by 2030

----- Start of picture text -----
Improved systems, policy and practice
----- End of picture text -----

----- Start of picture text -----
Priorities in the first 5 years
Arts and creativity making change
Children and young people’s rights
Gender justice
Migrant justice
Racial justice
Communities working together for change
Community-led art and creativity
Community driven enterprise and regeneration
Freshwater
Peat
Space for nature
Fishing in tandem with nature
Nature friendly farming
----- End of picture text -----

Aims

----- Start of picture text -----
A Fairer Future
----- End of picture text -----

----- Start of picture text -----
Organisations are strengthened to use their power
to tackle systemic injustice and inequity
Organisations work together and build movements
to tackle systemic injustice and inequity
Communities use their power
to make change happen
Culture and creativity build
thriving communities
Local economies work better
for the people who live there
Clean and healthy freshwater
Preserved and improved species
health and habitats
Sustainable and ethical food
----- End of picture text -----

----- Start of picture text -----
Creative, Confident Communities
----- End of picture text -----

Our Natural World

----- Start of picture text -----
is protected, restored,
and improved
----- End of picture text -----

Trustees’ Report

Accounts

Home Overview

A Fairer Future Creative, Our Natural A Sector Fit World for the Future Confident Communities

TASK Fund

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Grants

Funding in partnership

We want to be at the forefront of new approaches to funding – working in partnership with other funders and organisations to increase our reach, reduce duplication, and make more of a difference. This includes working with partners on a range of delegated funds.

We make unrestricted, core and project grants for charitable work in the UK. Grants are listed under our three main aims as well as A Sector Fit for the Future on pages 16 to 46.

In addition to our main grants, Trustees also approved a small number of exceptional grants, which are listed on page 51.

Delegated grants are listed on pages 47 to 48.

Social Investment[5]

We provide social investment in the form of different types of repayable finance to charities and other social purpose organisations with the aim of creating social impact. Investments are listed under our three main aims as well as A Sector Fit for the Future on pages 27, 35 and 44.

TASK Fund (Trustees’ Areas of Special Knowledge)

£1.1m Total 2022

122 – No. of grants

Each Trustee has an annual TASK budget of £90k to be used for small grants within the charitable purposes of the Foundation. In addition to these, in 2022, Trustees approved a number of exceptional grants.

We also made 5 social investmentrelated grants totalling £284,000, which are included in the overall figures for grants.

Grants are listed on pages 49 to 51.

Learn more about how we use social investment as a tool on page 12.

Impact Investment[6]

We invest into impact funds, which align with our impact goals and aim to generate a measurable social or environmental impact as well as a financial return.

5 Social Investments are referred to as Programme Related Investments in the Trustees Report.

Investments are listed on page 44.

6 Impact Investments are referred to as Mixed Motive Investments in the Trustees Report.

Home Overview A Fairer Future Creative, Confident Communities

Grants by aim7	2022		Active portfolio8	Active portfolio8
	Value (£)	Number	Value (£)	Number
A Fairer Future	£11.0	82	£70.3m	404
Creative, Confdent Communities	£10.0m	42	£31.2m	130
Our Natural World	£12.2m	58	£53.1m	222
A Sector Fit for the Future	£829k	6	£4.0m	29
Previous strategy (2015–2019)			£4.3m	25
Total	£34.0m	188	£162.9m	810
Social Investment (committed) by aim:
A Fairer Future	£400k	1	£5.3m	13
Creative, Confdent Communities	£750k	1	£5.5m	10
Our Natural World	£1.5m	2	£8.4m	16
A Sector Fit for the Future			£1.5m	7
Previous strategy (2015–2019)			£13.5m	28
Total	£2.7m	4	£34.2m	74
Impact Investment (committed)	by aim
Our Natural World	£1.0m	1	£1.0m	1
Total	£1.0m	1	£1.0m	1
		7 Excludes Funding Plus, TASK grants and
		exceptional grants
		8 Active Portfolio as of 31 December		2022

Our Natural World

A Sector Fit for the Future

TASK Fund

Trustees’ Report Accounts

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Applications[[9]] Grants awarded[[12]]

Applications[[9]] Grants awarded[[12]] Type of support Total eligible expressions of Core costs Unrestricted Project costs Delegated funding interests decided: 779 188 % of all expressions of interest 19.5% grants to 180 organisations. invited to full proposal: £12.4m % of ‘cold’[10] expressions of interest invited to full proposal: 39 4.4% £10.0m grants (21%) were to Success rate for ‘cold’[10] organisations we haven’t £8.6m applications after submitting a full funded previously proposal[11] : 70% Operations 28 grants(15%) were from ‘cold’[10] Number of staff at Esmée: 38 applications £2.9m Staff Cost: £2.6m 810 active grants as of 31 December 2022 57 64 64 3 grants grants grants grants Grants by size 2022

9 Doesn’t include withdrawn applications. 10 ‘Cold’ applications do not include follow-on grants or those we have proactively invited.
11 Includes applications that were first submitted in 2021 as an expression of interest.

2 grants

£1,000,001+

37 grants

£200,001-£1,000,0000

94 grants

£60,001-£200,000

50 grants

£20,001-£60,000

5 grants

£20,000 or less

12 Excludes Funding Plus, TASK grants and exceptional grants.

Home Overview A Fairer Future

Creative, Confident Communities

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Using all our Tools

Tools

£743k Total 2022

In addition to grants, social investments and our endowment, we use a range of tools to support activities where we are taking a more active role – for instance, through convening or commissioning research.

In 2022, we approved £743k on Tools. Influencing and codesign work accounted for 50% of the spend. In Our Natural World, this work included support for a campaign to secure the legal ban of peat in horticultural products across the UK nations, and support for developing innovative investment models to fund the restoration of nature in the UK.

In A Fairer Future, we used our Tools spend to expand and develop our work with our Involving Young People Collective(£126k), which will include a small participatory grant-making fund; and work with an alliance of partners to create infrastructure needed for youth

and evidence in 2022, was for a county-wide feasibility study into the provision of co-ordinated advice to farmers to accelerate a wider transition to sustainable methods of farming. The findings of this research will enable us to formulate a strategic response to the advice needs of farming practitioners.

organising and youth-led change (£60K) in the UK. The latter forms part of the legacy of the Act for Change Fund, a £3.6m partnership with Paul Hamlyn Foundation, which supported 32 youth-led organisations between 2018 and 2022.

The largest commission (£50k) made within the area of research

----- Start of picture text -----
Tools spend
by aim
A Fairer Future
£350k
47% 47%
Our Natural World
£349k
A Sector Fit for the Future
£44k
6%
----- End of picture text -----

Our Natural World

Creative, Confident Communities

A Sector Fit for the Future

Funding Plus

£490k Total 2022

72 – No. of grants

In 2022, we spent £490k through Funding Plus. Most of this was in response to individual consultancy support requests from organisations we fund (65 grants totalling £421k), with the remainder in tailored training and peer learning opportunities.

Funding Plus continued to meet the broad and diverse needs of our funded organisations. Over 40% of consultancy support focused on business planning and strategic development. 17% was used to further diversity, equity and inclusion ambitions ranging from communications support for a museum decolonisation project to support museums to develop and implement ant-racist protocols and practices.

TASK Fund

Funding in Partnership

from 34 funded organisations, and a project to develop trauma informed practice, a growing area of awareness and concern among organisations we fund was successfully piloted. We also piloted a new peer learning platform supporting 23 senior leaders to build confidence and capacity to think, lead and collaborate systemically.

Other consultancy work included a digital transformation project, feasibility studies, accessibility audits, and legal training.

Our tailored Funding Plus training programme supported our environmental and racial justice commitments. Climate action training attracted 52 participants

~~“We’ve found the [Funding Plus] process to be a wholly supportive one, and one that allowed us to get on with the work without a signifcant administrative burden. We’re very grateful for the support, and want to acknowledge the uniqueness and importance of such opportunities to ‘follow the wind’ and build on areas of interest when they present themselves.” Funding Plus recipient~~

Trustees’ Report

Accounts

Home Overview

A Fairer Future

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Social Investment

We believe that social investment is a powerful and financially sustainable tool, which we can use to help achieve our impact goals whilst also supporting the development of the social investment market and increasing the total amount of funding available.

~~“With support from Esmée Fairbairn Foundation and Trust for London, we have been developing an innovative bridging fnance tool that will make delivery of community energy projects more accessible for community groups, which we will be implementing in 2023 and beyond.” Repowering London~~

Our approach to social investment focuses on three objectives:

Investing for impact: starting with the social need and reverse engineer our investment approach
to enable a
• Influencing: broader, more accessible and innovative social investment market
Learning and sharing: for a more strategic portfolio and to establish greater collective impact
This has resulted in an investment portfolio containing many different investment types, including a Land Purchase Facility and a range of Quasi Equity products.

A Sector Fit for the Future

Community Shares Arts Transfer Facility £120k £45k Total AP Total AP 2 No. of SI’s AP 1 No. of SI’s AP £0 – Total 2022 £0 – Total 2022 0 – No. of SI’s 2022 0 – No. of SI’s 2022 Bond Quasi Equity £930k £1.1m Total AP Total AP Social Investment (SI) 2 No. of SI’s AP 6 No. of SI’s AP by type £0 – Total 2022 £400k – Total 2022 0 – No. of SI’s 2022 £34.2m 1 – No. of SI’s 2022 Total Active Portfolio (AP) 74 No. of SI’s AP Equity Fund Commitments £2.2m £2.7m – Total 2022 £16.5m Total AP 4 – No. of SI’s 2022 Total AP 6 No. of SI’s AP 22 No. of SI’s AP £0 – Total 2022 £0 – Total 2022 0 – No. of SI’s 2022 0 – No. of SI’s 2022 Land Purchase Facility Loan – Secured Loan – Unsecured £4.3m £4.8m £4.3m Total AP Total AP Total AP 7 No. of SI’s AP 11 No. of SI’s AP 17 No. of SI’s AP £940k – Total 2022 £750k – Total 2022 £565k – Total 2022 1 – No. of SI’s 2022 1 – No. of SI’s 2022 1 – No. of SI’s 2022

Trustees’ Report

Accounts

Funding in Partnership

Home Overview A Fairer Future Creative, Confident Communities

Our Natural World

TASK Fund

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Sustainable Investing

We invest in order to finance our charitable work.

We aim to grow our investments by UK inflation (RPI) plus 4% to support our charitable work and to ensure we can continue contributing towards our aims for decades to come.

We use a range of sustainable investment approaches with different financial and impact goals to support our work.

	Investments	Investments	Investments	Investments
Grant funding High impact towards our aims and priorities No fnancial return £40m to £50m per year Spent towards our impact goals. Our Board of Trustees regularly review our funding budget – balancing the need now with the likely need in future. Our budget is linked to the value of our endowment: we spend around 4% (£40- £50m) on grants and operational costs. To account for volatility in the market, we calculate the 4% based on the performance of our investments over the previous fve years.	Social investment High impact towards our aims and priorities Low fnancial returns to recycle for impact £45m Allocation towards our impact goals, whilst also supporting the development of the social investment market. Our approach is impact- frst, fnancial returns are secondary.	Impact investing	Enhanced sustainability funds	Main investment portfolio
		Impact driven to support our aims	Targets leaders in ESG and sustainability	Focus on sustainability and minimising conficts with our charitable objectives
		Market rate returns	Market rate returns	Market rate returns
		£10m Allocation to test the potential to achieve market-like returns by investing into impact funds which align with our impact goals, and which generate a measurable impact. In 2022, we made our frst impact investment to Green Generation Fund, who invest into companies which deliver solutions for more sustainable, healthy and ethical consumption.	5% (£70m) Allocation for funds looking to achieve enhanced environmental, social and governance impact alongside fnancial return. It supports funds which wouldn’t normally make it into our main portfolio due to their small size, focus or risk profle.	£1.2bn We work with our advisors to identify funds which focus on sustainable investing and have steadily increased the proportion we would classify as best-in- class managers. As well as targeting net zero carbon in the portfolio by 2040, our Trustees have now agreed a sustainable approach across the whole portfolio. Since 2016, we have been involved in a number of collaborations, with other investors, looking for opportunities to infuence and promote corporate behaviour which aligns with our strategic priorities, and is in the interests of long- term shareholders. In 2022, this included an initiative encouraging companies in the food sector to reduce environmental risks associated with manufacturing facilities and a joint letter to European banks asking them to end funding for fossil fuel projects.

Home Overview A Fairer Future Creative, Confident Communities

Our Natural A Sector Fit World for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Diversity, Equity and Inclusion

We are committed to social DEI data of our funding justice, and to tackling injustice and inequality. We The following chart reflects data believe that understanding our funding supports and the and making progress towards leadership[11] diversity, equity and funded in 2022. The chart focuses inclusion (DEI) is critical to our mission. on population groups most relevant

We are committed to social ti d t tkli DEI data of our funding
jusce, an o acng injustice and inequality. We believe that understanding and making progress towards diversity, equity and inclusion (DEI) is critical to our mission. You can learn more about our progress and actions we have taken towardsDEI on our website. At the end of 2022, we shared our initial analysis of data gathered about who our funding is reaching and who is applying for our support to help us identify structural inequity in our funding practice. Using the DEI Data Standard, we focused on population groups that face structural inequity because of their identity. Read our report:Who our funding is reaching. The following chart refects data we gathered about the communities our funding supports and the leadership11of the organisations we funded in 2022. The chart focuses on population groups most relevant to our strategy and includes data on 165 (86%) main grants and social investments made in 202213. We want to build on this work and welcome feedback, which you can email to:communications@ esmeefairbairn.org.uk. We’re also keen to encourage other funders to collect and share their funding data.	Number Value (£) Communities supported Leadership
	Communities experiencing racial inequity 25 £4.3m 34 £4.5m
	Disabled people 19 £2.7m 19 £2.7m
	Educationally and economically disadvantaged 5 £885k 34 £4.2m
	LGBT+ People 11 £1.6m 12 £1.6m
	Migrants 18 £1.9m 18 £1.9m
	Women and girls 35 £5.6m 19 £2.5m

13 The data doesn’t include Funding Plus, TASK grants and exceptional grants.

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

Creative, Confident Communities

A Fairer Future Creative, Confident

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Climate Change

We continue to look for

In everything we do, we are committed to addressing the causes and impacts of Climate Change.

opportunities to support a fairer and just environment movement. During the year, we focused on a range of activities including:

In 2022, our funding towards our goals in Our Natural World as well as work to address climate change totalled £16.8m[14] . In addition to funding in our priorities for Our Natural World, this includes work that contributes to our priorities in Creative, Confident Communities – for example: supporting communities to plan and lead on effective place-led action on the climate crisis, and an investment to triple London’s community-owned renewable energy assets over the next five years. The total includes grants, social and impact investments, as well as support through Funding Plus and our Tools budget.

Our Environmental Finance and Learning Fund, a joint initiative with the Environmental Funders Network (EFN) to help unlock significant new funding for nature recovery, got underway. The Fund closed on 31 March 2022, and raised a total of £679k from 15 individuals and donors. With Esmée’s matched funding, the Fund has a total of £2.7m to deploy in environmental investments over the next three years.
In a joint initiative with NatureScot and the National Lottery Fund, we launched the Investment Ready Nature Scotland Scheme for pioneering nature restoration projects. Seven projects were awarded a total of £580k for work ranging from exploring urban flood management in Glasgow to creating a natural capital laboratory at Tarras Valley Nature Reserve.
14 This total includes relevant funding listed in our aim for Creative, Confident Communities, TASK and exceptional grants, as well as Funding Plus,

Home Overview A Fairer Future

Creative, Confident Communities

’ s
• We are supporting the People Plan for Nature, an initiative led by RSPB, WWF-UK and National Trust, to create a shared vision for nature in the UK. The process for developing the plan involved 30,000 contributions from the public and brought together 100 people from all walks of life in the UK to agree a shared vision on how to renew and protect nature.
We are supporting several initiatives to improve the racial diversity of the environment sector including:

– The development of the RACE Report, which launched their inaugural report in 2022. Led by SOS-UK, Hindu Climate Action, Nature Youth Connection and Education, and South Asians for Sustainability, it is a reporting initiative to help tackle the lack of racial diversity in environmental organisations.

– A Route map towards greater ethnic diversity in the environment sector alongside guidance for environment organisations, led by Wildlife and Countryside Link.

Our Natural World

A Sector Fit for the Future

– Chartered Institute of Ecology and Environmental Management (CIEEM) to deliver Green Jobs for Nature, to create a more diverse and inclusive workforce to deliver the jobs needed for nature’s recovery.

We took the decision to increase
the size of our allocation in our endowment from £25.0m to ESG investing to 5% (approximately £70.0m) over time.

• To support our commitment that our investment portfolio will be net zero in terms of carbon emissions by 2040 at the latest, we contacted all our investment managers to let them know our position. Our investment advisors will also be collecting annual information from them to track their progress on net zero alignment.

Learn more about the actions we . have taken over the last year

TASK Fund

Funding in Partnership

We are a founder signatory to the Funder Commitment on Climate Change.

As such, we commit to:

Educate and learn
Commit resources
Integrate
Steward our investments for a post-carbon future
Decarbonise our operations
Report on progress

~~People’s Plan for Nature~~

Trustees’ Report

Accounts

Watch a short video on how how 100 people cam100 people came together to togecreate the Peopleher to create the ’s Plan for PeopleNature. ’s Plan for Nature.

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future

Young People Leaving The year marked five years of our Care Learning Programme which celebrated this important milestone as an Independent Review of Children’s Social Care took place in England, and a similar review was announced for Northern Ireland. The voices of care experienced young people are vital to these reviews, and ensuring their voices are heard has been an important focus of the organisations we support. We hope policy makers pay close attention.

We want to provide the support and space to enable others we work alongside to create lasting change, and to challenge systems that stand in the way. We want to contribute to a socially just and anti-racist society, where people have their rights protected, as well as the opportunity to speak and be heard, and the freedom to express their creativity. And across all our work in A Fairer Future, we are keen to support organisations led by the people they serve.

We also want to highlight the role of young people across our strategy. The Act for Change Fund, a £3.6m funding partnership programme, which supported the development of youth leadership and activism between 2018-2022 demonstrates how change, led by young people, can help us to reimagine and create a fairer future. Together with Paul Hamlyn Foundation and the 32 organisations supported through the Fund, we shared learning and resources on funding youth activism.

In 2022, we shared new ambitions for this strategic aim, focusing our support for organisations that are grappling with the complexity of systemic inequity, which sits at the intersections of our priorities. Our transition to a new, more proactive approach across a range of sectors will require patience, care and collaboration. We look forward to working closely with our partners to develop our route to the long-term outcomes we have set out.

Funding in Partnership

~~“I really admire the hard work and dedication you (University of Derby Theatre) put in to ensure that the young people have the best opportunities in life. I have witnessed the young people grow in confdence, and I know from speaking to them individually that the sessions have given them a sense of belonging and a community outside of education. You are all amazing”~~

~~Foster Mum~~

TASK Fund

Trustees’ Report

Accounts

Home Overview

Creative, Our Natural Confdent dent World Communities

A Sector Fit for the Future

A Fairer Future Creative, Confdent dent

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future

Grants and social investments[15]

Total funding approved in 2022 £11.7m

Main grants

Total No. of grants £11.0m 82 ~~Social Investments~~ Total No. of investments £400k 1

~~Tools~~

Total £350k

Impact goal

Improved systems, policy and practice

Organisations are strengthened to use their power to tackle systemic injustice and inequity

Organisations work together and build movements to tackle systemic injustice and inequity

Priority Arts and creativity making change Children and young people’s rights Gender justice Migrant justice Racial justice Creativity transforming lives[16]

----- Start of picture text -----
No. £
20 £2.3m
34 £5.1m
(including £400k social investment)
10 £1.1m
10 £1.2m
8 £1.5m
1
£200k
15 Includes relevant partnership funds listed on
pages 47 to 48.
----- End of picture text -----

16 Priority in previous strategy (2020 to 2022)

Our Natural World

A Sector Fit for the Future

Trustees’ Report

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

TASK Fund

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

Arts and creativity making change

174 Trust The Duncairn

£50,000 (over 2 years) Towards project costs for establishing the Creative Collective as a new youth-led model of creative and professional development for diverse artists in Northern Ireland.

42nd Street

£200,000 (over 2 years) Towards project costs of the Horsfall, providing creative, inclusive mental health opportunities for young people to make powerful remarkable art to tackle inequity, influence systems and become the future workforce.

Access All Areas

£190,000 (over 2 years)

Towards unrestricted core costs to support Access All Areas to shape, evaluate, and roll out a radical new UK-wide sector consultancy for film, TV and theatre, creating lasting change to inclusion of learning disabled and autistic voices in culture.

Alternative Theatre Company

£120,000 (over 2 years) Towards unrestricted core costs to support the Bush Theatre’s Talent and Leadership Development and inclusive careers.

Arts & Business Cymru £100,000 (over 2 years) Towards project costs to establish a Creative Apprenticeships programme, aiming to create a more inclusive and representative cultural workforce in Wales.

Black Lives in Music

£200,000 (over 3 years) Towards core costs for the improvement of racial diversity and inclusion in the UK music sector with direct focus on jazz and classical music.

Comic Relief

£200,000 (over 2 years) Towards delegated grant-making through The Power of Pop (POP) Fund, a pooled fund to support Blackled, grassroots creative organisations.

Graeae Theatre Company

£200,000 (over 2 years) Towards core costs for the continuation and expansion of the Write To Play programme offering a range of opportunities for disabled writers.

Our Natural World

A Sector Fit for the Future

Ideas Test

£105,000 (over 3 years)

Towards core costs of Lyrici Arts, including staff salaries and fees, plus a contribution to production and touring costs of a company aiming to amplify diverse stories and artists in Medway.

Marlborough Theatre Productions Ltd

£120,000 (over 2 years) Towards core costs to accelerate the transition to a national producing organisation for LGBTQ+ culture.

Ovalhouse Theatre Limited

£30,000 (over 1 year) Towards core costs to support for the development of Alleyne&, generating research, sharing knowledge, and creating tools based on the Neurology of Power project.

Funding in Partnership

People’s Palace Projects

£55,000 (over 1 year) Towards core costs for an executive producer post to take forward Museum of Colour’s partnership work exploring and representing the contributions to British arts and culture made by people of colour.

PHOTOVOICE

£60,000 (over 9 months) Towards core costs for emergency funding support.

Project Art Works

£150,000 (over 2 years) Towards unrestricted core costs to enable the organisation to develop their model of holistic support for neurodiverse artists and to catalyse wider cultural and social change through national partnerships

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

TASK Fund

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

Rich Mix Cultural Foundation The National Theatre Of Wales

£133,333 (over 2 years) Towards unrestricted core costs to nurture the next generation of diverse artists/East End artists from the global majority to step into leadership roles.

£100,000 (over 2 years) Towards core costs for the National Theatre Of Wales’ Creative Development work aiming for fundamental change in the diversification, creative ambition and innovation of the theatre sector in Wales.

Stay Up Late £20,000 (over 6 months) Towards unrestricted core costs for work which challenges inflexible support systems that restrict the lives of people with learning disabilities, especially in accessing cultural events

Theatre Royal Stratford East

£60,000 (over 1 year)

Towards core costs supporting an expanded programme for artists, young people and local communities.

Utopia Theatre

£60,000 (over 2 years) Towards core costs to staff and pilot a Youth Academy to upskill young people with African oral storytelling and performance techniques.

Venture Arts £100,000 (over 2 years) Towards unrestricted core costs to advance the organisation’s work promoting the agency of people with learning disabilities in the cultural sector as artists, advocates and workers.

~~“We launched Youth Academy, our programme for 9 to 19-year-olds of African/Afro-Caribbean heritage. The programme will enable young people to explore their creativity and build confdence, so supporting the next generation of Black creative talent in Yorkshire. We have also just performed All Our Goals, a community production with a cast of 21 women (including Youth Academy members), to an audience of 580 at the Crucible.”~~

Utopia Theatre

A Sector Fit for the Future

Funding in Partnership

Home Overview

Our Natural World

A Fairer Future Creative, Confdent Communities

TASK Fund

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

Children and young people’s rights

Alliance For Inclusive Education

£187,000 (over 2 years) Towards unrestricted core costs to develop inclusive coalition to to deliver a disabled youth parliament/ all party parliamentary group.

Alliance for Youth Justice £20,000 (over 6 months) Towards core costs of reimagining ‘justice’ for children and young people – an extension to an existing grant supporting the role of the Executive Director.

Aquarius Action Projects £176,668 (over 2 years) Towards project costs for Aquarius Cares, supporting young people who are or have been in care, or at risk of returning, to develop their resilience and coping strategies.

Articulate Cultural Trust

£144,000 (over 2 years) Towards unrestricted core costs to support care experienced young people to unlock, explore and nurture their creative talent, improve wellbeing, and inform creative practice and the care system.

Association for Real Change (ARC) £130,000 (over 2 years) Towards project costs for DIVErgent INfluencers (a group of seven young disabled leaders) leading improvements to awareness, knowledge, practice, policy and the lives of all young disabled people in Scotland.

Auditory Verbal UK £200,000 (over 2 years) Towards core costs for Hear Us Now – transforming services for the long term and tackling the root cause of disadvantage for deaf children and their families.

Children England £20,000 (over 6 months) Towards unrestricted core costs.

Community Law Advice Network £15,000 (over 10 months) Towards project costs for additional campaigning resource to support urgent work around children deprived of liberty.

Our Natural World

A Sector Fit for the Future

~~“Thank you for an amazing year, with the new skills and new lifestyle. Without you guys, I wouldn’t be here.”~~

~~Young person on the support of Articulate Cultural Trust~~

TASK Fund

Trustees’ Report

Accounts

Funding in Partnership

Home Overview

A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

Company Three (‘Islington Community Theatre’) £60,000 (over 2 years) Towards unrestricted core costs to develop Company Three’s model for creative engagement with young people.

Durham University, Research and Innovation Services £166,900 (over 1.5 years) Towards core costs of the next phase of the Contextual Safeguarding approach to consolidate work to date, test assumptions and develop an ethical framework for its implementation.

~~“Co-created with ten young people, an all-Black creative team, and based on the performers’ own life experiences, #BlackIs… showed audiences what it’s like for them to be a Black teenager in London today. It was never intended to be a show but after a year of creatively exploring the topics we talked, ranted, laughed and cried, it was time to share it.”~~

Ethnic Youth Support Future First Alumni Limited Paul Hamlyn Foundation Team (EYST) £200,000 (over 2 years) £80,000 (over 2 years) £195,000 (over 3 years) Towards project costs for Inspiring Towards core costs to gather and Towards unrestricted core costs Inclusion, an unusual alliance of share evidence and data on the value for a specialist educational Advocacy of arts and cultural education and not for profit, community and and Support project to support statutory organisations building demonstrating the ways in which young ethnic minority people in place-based collaborations to arts and cultural education provides Wales, addressing inequalities in reduce school exclusions. children with skills for life. school exclusions and discrimination within schools. Khulisa Platform £100,000 (over 2 years) £180,000 (over 3 years) Fight for Peace International Towards unrestricted core costs of Towards core costs of Voices that £60,000 (over 4 months) Khulisa, who support young people Shake! bringing together young Towards unrestricted core costs affected by serious adversity to thrive people, artists and campaigners Enabling Fight for Peace to have in the education and justice sectors to develop youth-led creative National Impact as a Sport England through delivering programmes that responses to social injustice. system partner. strengthen resilience and coping skills. South London FRG Ltd NWG Network Refugee Association £200,000 (over 2 years) £190,500 (over 2 years) £198,000 (over 2 years) Towards unrestricted core costs of Towards unrestricted core costs for Towards project costs to work Family Rights Group (FRG Ltd), who NWG – Strengthening the Sector with young people towards are challenging structural inequality in to Tackle Child Exploitation. systematic resolution of nationality the child welfare and family justice and immigration issues for children system, and helping to build a society and young people in care in where children can live safely and England, sharing best practice thrive in their family and community. across the nations.

~~Company Three~~

A Fairer Future

Creative, Confdent Communities

Our Natural A Sector Fit World for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

St Christopher’s Fellowship £129,597 (over 2 years) Towards project costs to develop the Safe Homes model in children’s homes and 16+ move on semiindependent homes.

Swansea University (Children’s Legal Centre, Wales) £100,000 (over 2 years) Towards core costs to develop children’s legal information and empowerment services in Wales, and helping the centre develop a partnership approach to strategic litigation to improve the law for disadvantaged children.

The 4Front Project Ltd £240,000 (over 3 years)

Towards core costs for the Executive Director and Operation Director of an organisation supporting young people who have experienced trauma, violence and racial injustice, to create lasting systemic change.

The Advocacy Academy £300,000 (over 3 years) Towards unrestricted core costs of an activist youth movement of young leaders fighting for just, systemic change as it grows its campaigns and community teams and develops ways to sustain the momentum its Alumni have achieved.

The Big House Theatre Company £119,621 (over 2 years) Towards unrestricted core costs to develop The Big Mouth, to drive change and equip young people with new skills to produce creative materials.

The Difference Education Ltd £240,000 (over 2 years)

Towards unrestricted core costs of an organisation driving change in inclusive education, influencing Multi-Academy Trusts and local authorities to improve outcomes for vulnerable pupils and reduce exclusions.

~~“We were being taught about us, where we are being deprived, it was interesting for people to know, interact and ask questions. I don’t think I have seen that before – community wise. Everyone is just fghting for each other to be honest, even through the sad times we were preaching our joy, still showing love to each other and supporting each other. Our opinions and voices have helped shape 4FRONT’s campaign and what 4FRONT puts out there. We are here to be a voice for the youth and through our experiences understanding the youth.”~~

Boy, 17, on the work of The 4Front Project

Our Natural World

A Sector Fit for the Future

Funding in Partnership

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

TASK Fund

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

The Mix

The Sutton Trust

£200,000 (over 2 years) £100,000 (over 1 year) Towards unrestricted core costs Towards project costs to deliver of an organisation supporting young CECIL (Coaching Early Conversations, people through online services, Interaction and Language) in focusing on groups most affected by Liverpool, working to find practical COVID-19 to improve their mental solutions to addressing inequality in health and resilience. children’s early language.

The National House Project £120,000 (over 2 years) Towards unrestricted core costs to scale Local House Projects and support the growth of the Care Leavers National Movement.

The Youth Sport Trust £60,000 (over 1 year) Towards project costs of a developmental pilot, led by young people from racialised communities to challenge and change structural inequality and achieve greater diversity in sport governance.

The Social Change Nest CIC £120,000 (over 2 years) Towards project costs of the Young Trustees Movement, a joint-funder initiative led by young people to increase both the number of young trustees and charitable boards seeking them and enable the connection between the two.

University Of Derby Theatre Limited

£160,000 (over 2 years) Towards core costs for work with care experienced young people.

Unlock

£150,000 (over 2 years) Towards unrestricted core costs to support fair access to employment for people with criminal records.

Voice of Young People in Care £163,000 (over 2 years) Towards unrestricted core costs to enhance policy work to educate and support young people in and leaving care to positively impact and influence legislation, policy and practice, and the care system in Northern Ireland.

~~“Our Odyssey was an innovative VR project, co-created by participants, showing the reality of transient lives but also looking towards hope for the future. The impact on audiences’ understanding and empathy was huge. It had 75 contributors to initial needs analysis, 27 co-creators, 15 performers, 21 sessions, 24 sold out shows, 2 flms, and winner of the Stage Awards Digital Project of the Year.”~~

University of Derby Theatre

Our Natural World

A Sector Fit for the Future

Funding in Partnership

Watch a short flm about University of Derby ’ Theatre s Odyssey project .

TASK Fund

Trustees’ Report

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

----- Start of picture text -----
Creativity Gender justice
transforming
lives17
----- End of picture text -----

Asian Women’s Resource Centre £193,100 (over 3 years) Towards core costs for organisational development to address inequity and historical disadvantage of Black and Minority Ethnic organisations’ as well as support training bursaries ringfenced for Black and Minority Ethnic professionals.

Age UK Oxfordshire £199,872 (over 2 years) Towards project costs of the Creative Later Life 2025 programme, ensuring older people have agency and equity of access to culture.

Birth Companions £100,000 (over 2 years) Towards unrestricted core costs to support pregnant women, new mothers and babies with multiple disadvantage.

~~“We’re so proud of the work of our amazing Lived Experience Team in 2022. Highlights include their work to support the Chief Social Worker’s review of Mother and Baby Unit applications in prisons, the Giving HOPE project (designing boxes for women separating from their babies at birth) and a meeting with the Princess of Wales, who was very interested in their campaigning work with Birth Companions.”~~

Birth Companions

17 Priority in previous strategy

A Sector Fit for the Future

Funding in Partnership

Accounts

Home Overview A Fairer Future Creative, Our Natural Confdent World Communities

TASK Fund

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

Circles South East

£50,000 (over 1 year) Towards unrestricted core costs for interim funding to continue important work with perpetrators, their families, and survivors of sexual abuse.

Fylde Coast Women’s Aid

£40,000 (over 1 year)

Towards project costs for the Stalking and Harassment Project.

Karma Nirvana

£150,000 (over 3 years) Towards unrestricted core costs to tackle honour based abuse and forced marriage by supporting survivors, professionals and influencing policy and practice.

LEAP Sports Scotland

£95,232 (over 2 years) Towards core costs for Trans Sport Policy and Participation, a project to increase inclusion of trans people in sport and physical activity in Scotland whilst tackling the multiple barriers which exclude.

National Ugly Mugs (NUM) £20,000 (over 6 months)

~~“In October 2022 we delivered our frst in-person LGBTIQ Sport and Physical Activity Conference since 2018. The conference brought together activists, stakeholders and community members from across Scotland, the UK and Europe to discuss and share impactful stories and projects.” LEAP Sports Scotland~~

Towards project costs to support development of deeper partnerships between three organisations supporting sex workers.

~~“That was exhilarating. I’m often worried trying out a new sport, especially one seen as so traditional like horse riding. The staff were great and attentive, I felt such a rush of achievement afterwards – I felt I could do anything!”~~

~~Participant from LEAP Sports Scotland’s Trans Women in Sport Group who was supported to try a new sport~~

Learn more about the Conference and see an illustration by Jules Scheele summarising the event.

TASK Fund

Trustees’ Report

Accounts

Funding in Partnership

Pause Creating Space for Change £198,857 (over 2 years) Towards core costs to bring about systemic change so all women who have a child removed through the family court are offered support to prevent the damaging cycle of repeat removals of children from their care.

Saheliya

£140,000 (over 3 years) Towards unrestricted core costs to enable more women experiencing racial inequity to better access justice and safety through trauma informed and rights based interpreting services.

Tender Education And Arts

£120,000 (over 2 years) Towards unrestricted core costs to prevent domestic abuse and sexual violence in the lives of children and young people through innovative, creative programmes.

Home Overview A Fairer Future Creative, Our Natural A Sector Fit Confdent World for the Future Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

Migrant justice

British Refugee Council £60,000 (over 1 year) Towards delegated grant-making in a partnership between British Refugee Council and Migration Exchange to raise and distribute £250k to Afghan-led Refugee Community Organisations.

Citizens UK

£160,000 (over 2 years) Towards project costs for ‘Together We Can’, combining migrant organising with existing Sponsor Refugees and resettlement work to create strong and unified challenges to immigration injustice.

~~“Our Refugees for Justice inquiry chaired by Baroness Helena Kennedy investigates asylum housing and support provision~~

~~during the pandemic, with impacted community members on the panel. We are the sole refugee organisation granted Core-participant status at the Scottish COVID-19 Public Inquiry, enabling refugees to ask pressing questions and contribute to recommendations.”~~

Compass Collective

Law Centres Federation £130,000 (over 2 years) Towards unrestricted core costs to rebalance civil justice via harnessing Law Centres’ unique evidence and working with local communities and partner organisations.

Star (Student Action For Refugees) £120,000 (over 2 years) Towards unrestricted core costs to tackle the systemic barriers which block access to higher education for forced migrants and develop the lived experience activists group.

£60,000 (over 2 years) Towards core costs for Compass Collective to use creative arts to help unaccompanied refugee minors and young people seeking asylum build skills and resilience to support their transition to a new life in the UK.

Migrant Voice

Ecpat UK

£240,000 (over 3 years) The AIRE Centre Towards unrestricted core costs for £80,000 (over 2 years) the implementation of a new strategy Towards unrestricted core costs to build migrant voices, power and supporting women experiencing abuse in the UK. influence to challenge structural inequality and injustice.

£100,000 (over 2 years) Towards unrestricted core costs for Towards core costs to support our the implementation of a new strategy work tackling child trafficking and to build migrant voices, power and exploitation through an integrated influence to challenge structural approach involving direct work with inequality and injustice. young victims informing campaigning, research and education. Positive Action In Housing Ltd Focus on Labour £200,000 (over 3 years) Exploitation (FLEX) Towards unrestricted core costs £50,000 (over 1 year) employing two Advocacy and Towards unrestricted core costs to Campaigns Officers to lead the enable the delivery of a programme campaign against the government’s aimed at preventing the labour hostile policies towards refugees exploitation of Ukrainian nationals. and asylum seekers.

Citizens UK

A Fairer Future

Creative, Confdent Communities

Our Natural A Sector Fit World for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Fairer Future grants

Maslaha Stuart Hall Foundation £150,000 (over 3 years) £195,444 (over 3 years) Towards unrestricted core costs of Towards core costs to support the an organisation working to challenge enrichment of public education by and change the conditions that create hosting talks and events that address inequalities for Muslim communities. urgent questions of race, class and intersecting inequalities within the UK. SPARK AND CO BAME HUB CIC The Anthony Walker £60,000 (over 9 months) Foundation Towards unrestricted core costs £350,000 (over 5 years) to tackle racial inequality through Towards core costs to tackle racism targeted and tailored support and injustice across Liverpool, working services delivered to racialised with schools, employers, statutory people and communities in the UK. bodies, housing associations, all levels of Government to develop strong anti-racist policy and practice. StopWatch £258,585 (over 3 years) Towards unrestricted core costs for Zahid Mubarek Trust evidenced-based advocacy to reform £300,000 (over 5 years) stop and search and to support Towards unrestricted core costs to trauma- informed resourcing for challenge and change racial inequality impacted communities. and injustice in the prison system.

Racial justice Maslaha £150,000 (over 3 years) Towards unrestricted core costs of an organisation working to challenge and change the conditions that create inequalities for Muslim communities.

SPARK AND CO BAME HUB CIC £60,000 (over 9 months) Towards unrestricted core costs to tackle racial inequality through targeted and tailored support services delivered to racialised people and communities in the UK.

GIRLDREAMER LTD

£120,000 (over 3 years) Towards core costs to support the personal and professional development of Young Women Of Colour, break down systemic barriers and empower them to influence social change.

INQUEST Charitable Trust £60,000 (over 4 months) Towards unrestricted core costs to support Inquest through a challenging time and shortfall in income.

A Sector Fit for the Future

Funding in Partnership

A Fairer Future social investments

Children and young people’s rights

London Early Years Foundation £400,000 (over 7 years) An investment to facilitate a nursery acquisition as part of a seven-year expansion plan for London Early Years Foundation.

Home Overview A Fairer Future Creative, Confdent Communities

Our Natural World

TASK Fund

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Esmée Fairbairn Foundation Annual Report and Accounts 2022 Creative, Confident Communities

Change also requires creativity. Creative Civic Change, which ran from 2018 to 2022, demonstrated that when communities are empowered through trust-based funding and resourced with expertise, they are enabled to unleash creative imagination and create a legacy that will last beyond the initial investment.

We want to strengthen the bonds in communities, helping local people to build vibrant, confident places where they can fulfil their creative, human, and economic potential.

Our approach to working with communities and places is evolving, thanks to the exciting collaborations we have across this strategic aim.

During the year, we also continued to support creative institutions at the heart of communities that are responsible for being custodians of our collective past and future. The Esmée Fairbairn Collections Fund in partnership with the Museum Association is at the heart of this endeavour, supporting museums and galleries to better reflect the diverse communities that make up our places and communities. In 2022, we re-committed to the Fund, with a £2.7m grant to support inclusive collections and participation work across the museum sector.

As places tackle social, economic and environmental challenges, and continue their post pandemic recovery, the power of collaboration is becoming increasingly evident and important. We have seen this through our partnerships such as LocalMotion, a collaboration between six funders and six places. LocalMotion continues to test our understanding of how we view place and communities. Together, we are re-examining and redefining the relationships between funders and those who are already leading the hard and important change in their communities.

TASK Fund

Funding in Partnership

~~“The sense of common purpose is as energising as getting to know people in my local area. Everyone has something unique to offer, from knowing what’s going on to inspiring others or having a skill they’ve picked through their job. Who wouldn’t want to be part of this?”~~

~~Volunteer Cooperative Director, Repowering London~~

Trustees’ Report

Accounts

Home Overview

Creative, Our Natural Confdent dent World Communities

A Sector Fit for the Future

A Fairer Future Creative, Confdent dent

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Creative, Confident Communities

----- Start of picture text -----
Total funding approved in 2022
£10.7m
Main grants
Total No. of grants
£10.0m 42
Social Investments
Total
No. of investments
£750k
1
----- End of picture text -----

----- Start of picture text -----
Grants and social investments [18]
Impact goal No. £
Priority
Communities use 13 £1.6m
their power to make
Communities working
change happen
together for change
Culture and creativity build 24 £7.1m
thriving communities
Community-led
art and creativity
Local economies work
£2.0m
6
better for the people
Community driven enterprise (including £750k social investment)
who live there
and regeneration
18 Includes relevant partnership funds listed on
pages 47 to 48.
----- End of picture text -----

Home Overview A Fairer Future Creative, Confdent Communities

Our Natural A Sector Fit World for the Future

Funding in Partnership

Trustees’ Report

Accounts

TASK Fund

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Creative, Confident Communities grants

Centre for Sustainable Energy

Communities working together for change

£60,000 (over 1.5 years) Towards core costs for Planning Locally to Address the Climate Emergency (PLACE) - all communities can realise their power to lead and influence effective place-based action on the climate crises.

Action with Communities

in Cumbria

CIVIC SQUARE Birmingham CIC £60,000 (over 6 months)

£139,450 (over 2 years) Towards unrestricted core costs to drive the delivery of sustainable, thriving communities in the Lake District National Park making it the best place it can be for the communities that live, work and visit.

Towards core costs to provide capacity to consolidate learning and plans and consider what is required for the next phase of Civic Square’s ambitions in Ladywood, Birmingham.

~~“We’re delighted that our Retroft Empty Homes Action Partnerships feasibility study has captured so much energy and enthusiasm from communities, local authorities and partners. There is clear appetite for action to fully insulate homes, integrate sustainable energy generation and build green infrastructures at the local level.”~~

Community Land Scotland

£180,000 (over 3 years)

Towards project costs supporting a programme of work to enable a stronger community ownership sector across all of Scotland.

Empty Homes Agency £60,000 (over 1 year) Towards project costs to complete a one-year feasibility study for a community partnership project to retrofit empty homes and deliver green skills training to help address empty homes and climate change at a local level.

Fauna & Flora International

£194,757 (over 3 years)

Towards core costs for expanding community-led nature restoration across land and sea in Scotland.

Foothold Cymru

£175,000 (over 3 years) Towards project costs for Full Circle, a pioneering, community-led initiative in

West Wales to demonstrate, capture and share a blueprint for community led social and environmental justice focused action and enterprise.

May Project Gardens CIC

£60,000 (over 2 years)

Towards core costs expanding the learning from May Project Gardens to other grassroots organisations using the environment, food and creative arts to empower marginalised groups.

~~“We recruited a coordinator for our Coastal Communities Network (CCN) – a position that did not exist before, and was something that CCN members had requested to support their collective efforts in marine conservation and advocacy. Since being in post, the coordinator has provided increased scope for a more independent and authentic community voice to emerge for CCN, whilst concurrently freeing up time for Fauna & Flora staff to focus on both operational support and guidance to the Network and its members. The coordinator is already helping the network to redevelop its shared visions and mission, facilitating meetings between CCN and key government agencies and MSPs, and strengthening collaboration between members.”~~

Fauna & Flora International

Empty Homes Agency

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Creative, Confident Communities grants

Power To Change Trust £30,000 (over 4 months) Towards project costs for We’re Right Here: the campaign for community power.

Right to Succeed £300,000 (over 3 years) Towards unrestricted core costs of an organisation delivering collective, place-based approaches to improve outcomes for children and young people in the most disadvantaged communities.

Right to Succeed

£60,000 (over 1.5 years) Towards unrestricted core costs for the Place Matters pilot programme, supporting UK place-based practitioners and communities who are delivering complex change to learn from each other in order to improve outcomes.

Squash CIC

£32,500 (over 6 months)

Towards core costs for Back on Track, a restorative and regenerative programme of community participation and organisational emboldening; to re-group, strengthen relationships, and nurture confidence as we continue to thrive.

Voluntary Action Orkney £200,000 (over 3 years) Towards project costs for Island Wellbeing Project, a community-led partnership which works to improve the health, economic and social wellbeing of residents across Orkney’s ferry-linked isles.

Community-led art and creativity

Alexandra Park and Palace Charitable Trust £150,000 (over 3 years) Towards core costs for Young Creatives Network; empowering young people in Haringey to work directly with local services to regenerate cultural provision and open up alternative routes to careers in cultural industries.

Arts at the Mill CIC (trading as The Old Courts) £479,375 (over 2 years) Towards project costs to lead a national framework for cultural community wealth building through the Collaborative Touring Network.

~~“Our 2022 tour of ‘Bunker of Zion’ demonstrated that when you make work with and for communities, it opens up access to the arts. Ethnic diversity in the audiences and participants for this show was nearly four times that of the current national average for arts audiences and twice that of the national population in general.”~~

Arts at the Mill (The Old Courts)

A Fairer Future

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Creative, Confident Communities grants

Arts At The Old Fire Station £240,000 (over 4 years) Towards unrestricted core costs to recover from COVID and develop Arts At The Old Fire Station’s practice to better apply creativity to place-making and influence others to focus on good quality relationships and meaningful measurement.

AudioActive £112,000 (over 2 years) Towards unrestricted core costs towards a new sub-regional ‘centre of excellence’ for socially engaged musical talent development.

Back to Ours Arts Limited £95,000 (over 3 years) Towards unrestricted core costs for developing stronger, vibrant communities in Hull, through residentled, hyper-local arts programming.

~~“What AudioActive are doing in Worthing is going to set the trend for every high street in the UK. The imagination and graft and energy is palpable. What was a Dorothy Perkins is now a venue, training space, centre of excellence, sanctuary and haven to music entrepreneurialism and belonging for young people.”~~

Beavers Arts Limited

£300,000 (over 3 years) Towards unrestricted core costs to support a co-created arts and cultural programme in Stoke and document, evaluate and share the work and B Arts methodology.

Contemporary Dance Trust Limited

£400,000 (over 4 years)

Towards project costs of the Rural Touring Dance Initiative to support artists and local cultural leaders to embed dance in rural performance.

Coventry City Of Culture Trust

£200,000 (over 1.5 years)

Towards unrestricted core costs of a two-year legacy programme, commissioning co-created cultural activity which encourages behaviour change related to the climate crisis.

HighTide

£60,000 (over 1 year)

Towards unrestricted core costs for HighTide 2022/23 outreach and artist development in the East of England

Leeds Playhouse

£132,318 (over 2 years)

Towards project costs for co-creation and community engagement linked to the Leeds2023 year and beyond.

Liberdade Community Development Trust £120,000 (over 3 years) Towards unrestricted core costs to support development of the organisation’s social change, community-led venue model.

~~Richard Freeman, Always Possible~~

Watch a short flm about AudioActive and the impact it’s had on some of the young people in Worthing.

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Creative, Confident Communities grants

MAIA

£180,000 (over 3 years) Towards core costs for an arts and social justice organisation which explores the intersections of cultural production, Black imagination and systems transformation.

Rent-A-Role Drama Service

£160,000 (over 4 years)

Towards project costs for a programme of work that builds Plymouth communities’ own creative voices, gives them a platform and redistributes ownership in cultural programming.

Royal Shakespeare Company (RSC)

£199,950 (over 2 years) Towards project costs for a programme of co-created performance and participatory work, supporting creative regeneration in seven communities across England.

Sistema Scotland £300,000 (over 4 years) Towards unrestricted core costs to improve the lives of children and strengthen disadvantaged communities over the long term through Sistema Scotland’s Big Noise programmes.

Museums Association

£2,683,794 (over 2 years) Towards delegated grant-making to develop a new iteration of the Esmée Fairbairn Collections Fund, focusing on embedding inclusive collections and engagement work across the museum sector.

Peak – Art in the Black Mountains

£60,000 (over 2 years) Towards unrestricted core costs to support development and progression in creative careers for young people in rural South Wales.

Revoluton Arts

£90,000 (over 3 years) Towards core costs for long term creative engagement and coproduction with diverse communities and strategic planning work.

Royal Liverpool

Philharmonic Orchestra

£300,000 (over 4 years)

Towards project costs for In Harmony Liverpool 2022-26: expanding 11+ provision in a long-term project to transform lives, restore communities and develop creativity and talent in Anfield and Everton.

Sense, The National Deafblind And Rubella Association

£176,000 (over 2 years)

Towards project costs for developing a model of local arts hubs as shared, inclusive places for disabled and non-disabled people to co-create artistic programmes for the whole community.

A Sector Fit for the Future

Funding in Partnership

~~“I wouldn’t be where I am without Big Noise. It has supported me for the last 11 years of my life, every step of the way […] Before Big Noise I didn’t have many aspirations, like going to university, but now I have the motivation to be the best and do the best I can in life.”~~

~~Symone, Big Noise graduate~~

Watch a short flm about Sistema Scotland’s Big Noise project in Wester Hailes.

TASK Fund

Trustees’ Report

Accounts

Home Overview A Fairer Future Creative, Our Natural Confdent World Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Creative, Confident Communities grants

Streetwise Opera £120,000 (over 2 years) Towards unrestricted core costs to enable Streetwise Opera to lead the way in exploring, redefining and embedding the arts into homeless services.

The National Federation Of Music Societies £199,880 (over 3 years) Towards unrestricted core costs for supporting community music groups to become more financially and administratively resilient, more inclusive and better able to influence local and national policy making.

Theatr Clwyd Trust Ltd £300,000 (over 3 years) Towards core costs to maintain and expand on engagement and cocreation with a range of communities and groups of people in Flintshire.

ZoieLogic Dance Theatre £67,640 (over 2 years) Towards core costs supporting the Head of Engagement to lead the company’s vision and delivery model for engagement.

~~“We are proud of how all the groups we work with have adjusted to the temporary facilities. It has enabled us to continue to work with some of the most vulnerable people in our community and with new groups such as on Windows, an intergenerational story sharing project that took place through the windows of a local hospital.”~~

~~Theatr Clwyd Trust~~

Our Natural World

A Sector Fit for the Future

Funding in Partnership

~~“Our male youth dance company FuzzyLogic were on the telly in March as part of BBC Arts and One Dance UK’s Dance Passion! And in April, we dusted off Stanley the 1980s Ford Orion and took our crowd-pleasing outdoor show RIDE back on tour with 10 free performances across Southampton, where the show attracted audiences of over 2,600 local people from across the city.”~~

~~ZoieLogic Dance Theatre~~

Watch ’s highlights from ZoieLogic Dance Theatre RIDE show in Southampton.

Accounts

Home Overview

A Fairer Future Creative, Confdent Communities

TASK Fund

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Creative, Confident Communities grants

Northern Roots (Oldham) £1,000,000 (over 2 years) Towards unrestricted core costs for Northern Roots – creating the UK’s largest urban farm and eco park in a post industrial northern town.

Community driven enterprise and regeneration

Creative, Confident Communities social investments

Community driven enterprise and regeneration

OrganicLea CIC

Greater Manchester Centre for Voluntary Organisation £44,000 (over 4 months) Towards project costs to research into opportunities and barriers for social investment among diverse racialised communities in Great Manchester. This will contribute to the business plan and spin out of a GMCVO-hosted network in 2022/23.

Manchester Innovation Activities Hub Ltd £60,000 (over 1 year) Towards project costs for a new VCSE-run, clean-tech industrialisation and skills training centre to rapidly upskill, reskill and retrain local people.

£160,000 (over 3 years) Towards project costs to create a replicable diverse cross-borough network of community-driven growing projects working together to build a better local food system that is rooted in social, economic and racial justice

Social Investment Business Foundation

£15,000 (over 1 year)

Towards project costs for the ongoing development of local economic trackers begun in partnership with Tortoise Media and now continuing with the Financial Times.

~~“As a brand new charity, with no infrastructure, we provided work placements for 150 young people, created four surprising and joyful free arts events attended by over 1200 people, gave start up grants to four small local businesses, and harvested our frst food crops. We also secured planning permission and funding for our Visitor Centre, Learning Centre and Bike Hub.” Northern Roots~~

A Sector Fit for the Future

TASK Fund

Funding in Partnership

Repowering London £750,000 (over 5 years) An investment to triple London’s community-owned renewable energy assets over the next five years.

Trustees’ Report

Accounts

Home Overview A Fairer Future Creative, Our Natural Confdent World Communities

Our Natural World

We want to ensure that our natural world is restored and protected, and that people benefit from that recovery.

Initiative. We’re also pleased to be supporting RE-PEAT, a youth-led peatland collective aiming to transform how people treat peatlands through collaboration, education and a process of re-imagining.

Ambitious partnerships and collaborations that can influence and deliver change at scale continue to play a key role. In 2022, we supported Nature North, a collaboration between 10 major organisations working together to create a thriving environment across Northern England. At a national scale, we worked with WWF, RSPB and the National Trust on a major citizens assembly to develop the Peoples’ Plan for Nature.

Across our strategy, we believe communities should be at the heart of change. On freshwater, we’re working with Freshwater Biological Association, River Action and the Rivers Trust to support community-led groups to take action on the state of their rivers. And using our Tools, we’re working with a communications consultancy to support local community-led freshwater campaigns.

To influence the development of high integrity and community-focused models of financing nature we worked with a range of new partners, including Nature Scot, the Bank of England and Dark Matter Labs.

We expanded our support for peatland restoration: with the North Wales Wildlife Trust on the Anglesey Fens; across the whole of Northern Ireland with a collaboration convened by Ulster Wildlife Trust; and in Scotland with the Argyll and the Isles Coast and Countryside Trust (ACT), Crichton Carbon Centre and the North Highlands

TASK Fund

Funding in Partnership

~~“Northern Ireland Marine Task Force has established an open, respectful dialogue and long-term relationship with the fshing industry (Northern Ireland Fishermen’s Federation) through regular meetings, fnding joint positions on new policies, working together to develop future visions for Northern Irish seas – this is even more critical with offshore renewable energy plans and understanding and protecting the role of blue carbon.”~~

~~Ulster Wildlife Trust~~

Accounts

Home Overview

Creative, Our Natural Confdent dent World Communities

A Sector Fit for the Future

Trustees’ Report

A Fairer Future Creative, Confdent dent

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our Natural World

----- Start of picture text -----
Grants and social investments
----- End of picture text -----

Total funding approved in 2022 £15.1m

----- Start of picture text -----
Main grants
Total
No. of grants
£12.2m
58
Social Investments
Total No. of investments
£1.5m 2
Impact Investments
Total No. of investments
£1.0m 1
Tools
Total
£349k
----- End of picture text -----

----- Start of picture text -----
Impact goal No. £
Priority
Clean and healthy 9 2.2m
freshwater
Freshwater
Preserved and
5 £674k
improved species
Peat
health and habitats
30 £6.1m
Space for nature (including £940k social investment)
Sustainable and
3 £180k
ethical food
Fishing in tandem with nature
Nature friendly farming
13 £4.4m
Nature friendly farming (including £565k social investment)
----- End of picture text -----

Home Overview

A Fairer Future Creative, Confdent Communities

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our Natural World grants

Fishing in tandem with nature

Freshwater

Afonydd Cymru £180,000 (over 3 years) Towards unrestricted core costs for Afonydd Cymru to coordinate the Welsh rivers trust movement, advocating for and driving improvement in rivers in Wales.

Greenpeace Environmental Trust

£60,000 (over 8 months) Towards project costs monitoring marine activity in Scottish waters and supporting sustainable fishers.

Plymouth Fishing and Seafood Association £60,000 (over 6 months) Towards core costs supporting sustainable fishers to secure better futures and engage on regeneration.

Fish Legal

£60,000 (over 2 years) Towards core costs for strategic legal action and advocacy to protect the freshwater environment.

REAF CIC

Freshwater Biological Association £295,290 (over 3 years) Towards core costs developing and expanding the Riverfly Citizen Science Programme.

£60,000 (over 1 year) Towards core costs supporting sustainable fishers and their futures in East Anglia.

River Action

£200,000 (over 3 years) Towards core costs to support River Action’s campaigns to rescue Britain’s rivers.

Scottish Wildlife Trust

£60,000 (over 1.5 years)

Towards project costs for Riverwoods Investment Readiness Pioneers.

Surfers Against Sewage £290,000 (over 3 years) Towards core costs for empowering communities across the UK with knowledge and tools to take action to protect, improve and restore coastal and inland waters, with a focus on rivers.

The Rivers Trust

£800,000 (over 3 years) Towards unrestricted core costs to scale up delivery through collaborative, multi-sector approaches.

WildFish

£295,000 (over 3 years) Towards core costs to increase policy support using the data from SmartRivers to drive improvements and achieve reform of open-net salmon farming.

Wildlife and Countryside Link

£55,000 (over 1 year) Towards project costs for a campaign on chemicals awareness and action to run during 2022–2023.

~~“Perthshire Nature Connections Partnership (PNCP) is a long-term, nature-based vision to create a connection across Highland Perthshire between the Cairngorms and the Loch Lomond & The Trossachs National Parks. It works with a range of organisations across community, environment and land management. PNCP promotes integrated, large-scale ecological restoration of a sustainable and resilient landscape that provide environmental, socio-economic and health and wellbeing benefts to communities and land-managers.”~~

~~Upper Tay Catchment Communities – one of the Riverwoods Investment Readiness Pioneers, an initiative led by Scottish Wildlife Trust.~~

Learn more and fnd resources from Riverwoods Investment Readiness Pioneers.

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

Our Natural World

A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our Natural World grants

Nature friendly Growing Communities/Better Food Traders £240,584 (over 3 years) farming Towards project costs developing the Better Food Traders network of farmer-focused sustainable and ethical food retailers, working to increase nature-friendly farming in the UK.

FFCC LIMITED

Nourish Scotland

£60,000 (over 6 months) Towards project costs for the early stage development of a pilot Agroecological Development Fund in the South West of England.

£200,000 (over 3 years) Towards unrestricted core costs that will enable Nourish to continue advocate for a sustainable, nature friendly food system for Scotland.

Progressive Farming Trust Limited £200,000 (over 3 years) Towards core costs to extend the audience and reach of Agricology to help farmers transition to nature friendly forms of farming.

Royal Agricultural Society of England £224,412 (over 2 years) Towards project costs to turn the recommendations in the Farm of the Future report into practical actions in support of nature-friendly farming.

~~“In 2022, after three years of advocacy from PAN UK, Tesco launched its new Pesticide Policy which constitutes a huge step forward in reducing pesticide-related harms caused by its global supply chains. As part of its new approach, the company banned 200 Highly Hazardous Pesticides from use by any of its growers worldwide, thereby better protecting both humans and wildlife.”~~

Pesticide Action Network (PAN UK)

FFCC LIMITED

£1,250,000 (over 3 years) Towards core costs to enable the Food, Farming and Countryside Commission to continue its work to stimulate and accelerate a transition to agroecology across the UK.

Pesticide Action Network UK

£500,000 (over 5 years) Towards unrestricted core costs to support work on reducing pesticide use.

Creative, Confdent Communities

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview A Fairer Future

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our Natural World grants

~~“Esmée Fairbairn is one of the very few UK foundations that have food and farming in their DNA. Not only that, but they deeply understand the need to back a growing organisation, and stay with them during their development. This is exactly what they have done for the Sustainable Food Trust and the benefts have been comprehensive, verging on the extraordinary. They do their research carefully and ensure the funding is both strategic and instrumental. They have backed a succession of our projects over a number of years which, collectively, are making a huge difference – including True Cost Accounting, Sustainable Diets and, most recently, the Global Farm Metric. Most importantly, they have backed us for the long-term. For any organisation that is really trying to make a difference, such support is crucial.”~~

RSPB (The Royal Society for the Protection of Birds) £300,000 (over 3 years) Towards core costs for supporting The Pesticide Collaboration as a civil society movement acting on pesticides harm.

Sustainable Food Trust

£500,000 (over 3 years) Towards project costs associated with Sustainable Food Trust’s Global Farm Metric: a common framework for measuring and reporting on-farm sustainability.

The Sustainable Soils Alliance Community Interest Company £48,000 (over 7 months) Towards project costs relating to the Sustainable Soils Alliance’s role in the development of UK Farm Soil Carbon Code.

The Sustainable Soils

Alliance Community Interest Company £300,000 (over 3 years) Towards core costs to enable the Alliance to continue its work to improve soil health in the UK.

Wilderculture CIC

£60,000 (over 2 years) Towards core costs to provide additional capacity to accelerate the provision of land management and sustainability advice to upland hill farmers.

Sustainable Food Trust

A Fairer Future

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

Our Natural World

Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our Natural World grants

Peat

Argyll and the Isles Coast and Countryside Trust (ACT) £200,000 (over 3 years) Towards core costs supporting ACT’s Peatland Initiative to enable smaller scale landholders to be able to contribute to peatland restoration.

Climate 2025 Limited

(hosting RE-PEAT) £60,000 (over 2 years) Towards core costs for RE-PEAT to create a youth-led peatland paradigm shift through education, collaboration and a process of reimagining colonialist narratives that enable the exploitation and destruction of UK native peatlands.

Crichton Carbon Centre £34,200 (over 2 years) Towards project costs using real world examples of investment in restoration of previously afforested peatlands to identify where this work is most appropriate for maximum environmental and economic benefit.

North Highland Initiative £100,000 (over 2 years) Towards project costs for the Flow Country Green Finance Initiative (GFI), aiming to develop a replicable model that can, at scale, restore peatlands, while offering socioeconomic opportunities.

Ulster Wildlife Trust

£279,375 (over 5 years) Towards project costs for the next phase of peatlands work in Northern Ireland to support a new peatland restoration network.

~~“We’ve managed to keep up to date with the rapidly developing natural capital investment element which is now part of the habitat restoration programmes we are involved with. Taking take this on board at the same time as staying true to our charitable objectives and vision and community led project delivery has been a challenging but fascinating rollercoaster!”~~

~~Argyll and the Isles Coast and Countryside Trust~~

Accounts

Home Overview A Fairer Future Creative, Our Natural Confdent World Communities

A Sector Fit for the Future

TASK Fund

Trustees’ Report

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our Natural World grants

Space for nature

Brighton & Hove Food Partnership £170,000 (over 2 years) Towards project costs of land use and demonstrating nature-friendly farming at a landscape scale on the chalk grassland surrounding Brighton and Hove.

British Trust for Ornithology £650,000 (over 5 years) Towards unrestricted core costs to improve the future prospects of UK nature, connect more people with nature and and make the British Trust for Ornithology more resilient.

Bumblebee Conservation Trust

£250,000 (over 3 years) Towards unrestricted core costs for Bumblebee Landscapes: Bigger, better and more connected.

CAMPAIGN FOR NATIONAL PARKS

£250,000 (over 5 years) Towards unrestricted core costs of ensuring that everyone can enjoy and have a say in shaping the future of National Parks.

CDP Worldwide £400,000 (over 3 years) Towards core costs working on data driven action on biodiversity and climate with UK local authorities.

Chartered Institute of Ecology and Environmental Management (CIEEM) £59,800 (over 2 years) Towards project costs delivering Green Jobs for Nature, reaching out to currently under-represented groups to create a more diverse and inclusive workforce to deliver the jobs needed for nature’s recovery.

Cumbria Wildlife Trust

£250,000 (over 3 years) Towards project costs Nature North: a coalition to integrate nature in North of England with levelling up and new models of investment.

Dark Matter Labs

£99,260 (over 2 years)

Towards project costs to fund a portfolio of Nature-based Solution projects in Glasgow and the Clyde Valley, with a primary focus on alleviating the region’s stormwater and flood risks.

~~“The work of Nature North could not be more important in helping to achieve our national ambition to leave our natural environment in a better state for future generations. It exemplifes the large-scale partnership working that it is increasingly clear is vital for meeting the huge challenges at hand, including the climate crisis and on-going depletion of the natural world.”~~

~~Tony Juniper, Chair of Natural England~~

A Fairer Future Creative, Confdent Communities

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our Natural World grants

Ecosystems Knowledge Network

£12,500 (over 6 months) Towards project costs for Financing UK Nature Recovery’s state of the market.

FFCC Limited

£30,000 (over 1 year)

Towards project costs to encourage the UK Government to develop a comprehensive and inclusive Land Use Framework for England.

Green Finance Institute

£200,000 (over 1 year) Towards project costs to assess the financial materiality of nature risks for the UK.

Heal Rewilding

£30,000 (over 1 year)

Towards core costs to create new sites across England for nature recovery, climate change action and wellbeing and regeneration for local communities.

Institute of Environmental

Management & Assessment £10,000 (over 6 months) Towards project costs for the dissemination and next steps workshop for Financing UK Nature Coalition programme.

Loch Lomond & The

Trossachs National Park

£94,544 (over 2 years) Towards project costs for reviewing the range of green finance options for five landscape scale projects across the park which will collectively deliver the Future Nature Vision.

North Wales Wildlife Trust

£112,500 (over 2 years)

Towards project costs of the development phase of work on Anglesey Fens that will aim to restore 465 hectares (1,150 acres) of internationally important peatland.

Northern Ireland

Environment Link

£166,944 (over 3 years) Towards project costs for a protected areas network in Northern Ireland to progress conservation and restoration of landscapes and seascapes.

Rewilding Britain

£200,000 (over 3 years)

Towards unrestricted core costs for Rewilding Britain to inspire, enhance, expand and connect a network of nature-positive land and marine projects.

Royal Society of Wildlife Trusts

£300,000 (over 3 years)

Towards unrestricted core costs to strengthen The Wildlife Trusts movement to take action for nature and climate, enable greater partnership working and support to communities across the UK.

Our Natural World

A Sector Fit for the Future

RSPB (The Royal Society for the Protection of Birds) £65,500 (over 2 years) Towards project costs for the creation of a mechanism to ensure sustainable future funding for the conservation of Scotland’s Rainforest for the benefit of biodiversity, climate and local communities.

RSPB (The Royal Society for the Protection of Birds)

£98,662 (over 2 years)

Towards project costs exploring the delivery of nature positive biodiversity offsetting in Scotland.

Students Organising for Sustainability £59,225 (over 1.5 years) Towards project costs for the RACE Report: bringing Green 2.0 to the UK to catalyse the sustainability sector into action on race equity.

Funding in Partnership

~~“175 charities, trusts and foundations working in or funding the environment, climate, sustainability and conservation sector signed up to The RACE Report in 2022 and 94 organisations submitted data to The RACE Report – supporting the progression of accountability, openness and transparency on diversity and inclusion in the sector.”~~

~~Students Organising for Sustainability on the impact so far of The RACE Report.~~

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

TASK Fund

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our Natural World grants

Ulster Wildlife Trust

The Borders Forest Trust

£150,000 (over 3 years) Towards core costs for practical large-scale ecological restoration of damaged landscapes in Southern Scotland through new native woodland establishment.

£375,000 (over 5 years) Towards unrestricted core costs underpinning work on blue carbon, water quality, peat, and nature friendly farming in Northern Ireland.

University of Exeter

£60,000 (over 1 year)

The Langholm Initiative

Towards project costs of Biodiversity Net Gain, maximising outcomes for people and nature.

£88,000 (over 1 year)

Towards project costs for making the most of existing buildings to support environmental restoration and social benefit around Langholm.

Wild in the City CIC

£200,000 (over 4 years)

Towards core costs to deliver a

The Open University

programme of activities to reduce the psychological barriers of racism that prevent people of colour accessing nature careers equitably.

£150,000 (over 2 years) Towards core costs for the Floodplain Meadows Partnership.

Our Natural World Our Natural World social investments impact investments

----- Start of picture text -----
Nature friendly
farming
----- End of picture text -----

Sustainable and ethical food

Real Farming Trust £565,000 (over 10 years) A follow-on investment towards The Loans for Enlightened Agriculture Fund.

Green Generation Fund

£1,000,000 (over 10 years) An investment into the Green Generation Fund which invests into companies which deliver solutions for more sustainable, healthy and ethical consumption.

Sheffield and Rotherham

Wildlife Trust

£940,000 (over 2 years) An investment towards the purchase of Ughill Hall Farm.

Ulster Wildlife Trust

£295,000 (over 4 years) WWF – UK Towards core costs to continue and £365,000 (over 1 year) expand collective efforts to further Towards project costs for developing protect, conserve and restore nature a People’s Plan for Nature. at sea in Northern Ireland.

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

Our Natural World

A Sector Fit for the Future

TASK Fund

Trustees’ Report

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Sector Fit for the Future

In addition to our three main aims, we support work that contributes to our impact goals across our aims by enabling a stronger, inclusive and innovative sector. This includes key infrastructure organisations and new ideas that unblock barriers, test new approaches or build movements for change.

Applications towards A Sector Fit for the Future are by invitation only. Our priorities in 2022 include:

A diverse sector well equipped for the future
Data and digital
Funder collaboration and accountability
• Social and impact investing

Total funding approved in 2022 £829k

No. of grants £ Priority 1 £20k A diverse sector well equipped for the future 2 £555k Data and digital 1 £134k Funder collaboration and accountability 2 £120k Social and impact investing

Trustees’ Report

Accounts

Funding in Partnership

Home Overview A Fairer Future Creative, Confdent dent

Creative, Our Natural Confdent dent World Communities

A Sector Fit for the Future

TASK Fund

Esmée Fairbairn Foundation Annual Report and Accounts 2022

A Sector Fit for the Future grants

360 Giving Good Ancestor Movement £495,000 (over 3 years) £60,000 (over 1 year) Towards core costs to support the Towards project costs to support implementation of a new strategy to Good Ancestor Movement’s work raise the bar in grants data sharing, towards a more progressive wealth testing new approaches and inspiring management industry and to end and supporting the use of data. practices that promote inequality and economic injustice.

Association of

Charitable Foundations £134,022 (over 20 months) Towards project costs of the Funders Collaborative Hub, an initiative which aims to inspire and influence funders to think and work more collaboratively.

Investing for Good £60,000 (over 3 years)

Towards project costs for a repayable grant facility to subsidise the start-up costs of new social investment ‘Partners’ engaged in Investing for Good’s regulatory hosting plus service.

YMCA George Williams College £60,000 (over 1 year) Towards project costs for a collective data standard for the youth sector, bringing together for the first time UK Youth, National Youth Association, Centre for Youth Impact and seven regional youth work networks to develop a common standard.

Charity Finance Group £20,000 (over 1 year) Towards unrestricted core costs for stabilising the business model.

A Fairer Future Creative, Confdent Communities

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Accounts

Home Overview

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Funding in Partnership

Using our experience and expertise, we work in partnership with other funders and organisations to co-design solutions and influence larger initiatives so that we can effect broader change.

This includes exploring new approaches to funding to increase our reach and share learning, examples of which are shared throughout this report.

~~“We’ve funded 17 museums to undertake participatory work with collections. We’ve supported applications from organisations ranging in size from volunteer-run to national museums and covering themes such as anti-racism, decolonisation and climate crisis awareness; and promoting inclusion, better health and wellbeing and community cohesion. We’ve also redesigned the fund to further develop sector practice supporting core costs for museums to hand over even more power to communities and support diversity, equity and inclusion.”~~

In 2022, we also worked with partners on a range of delegated funds focusing on the power of museum collections to people; the refugee community sector in the UK; and strengthening creative organisations at the forefront of using popular culture to address systemic injustice.

~~Museums Association on the Esmée Fairbairn Collections Fund~~

Home Overview

Creative, Our Natural World Confident Communities

A Sector Fit for the Future

TASK Fund

Trustees’ Report

A Fairer Future Creative, Confident

Accounts

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Funding in Partnership: Delegated funds

----- Start of picture text -----
A Fairer Future Creative,
Confident
Communities
----- End of picture text -----

Community-led art and creativity

Migrant justice

British Refugee Council £60,000 (over 1 year) In 2022, the Programme for Afghan Refugee Community Support made 24 grants, totalling £416,332.

Museums Association

We also give grants to the Museum sector through the Esmée Fairbairn Collections Fund, managed by Museums Association.

In 2022, 17 grants were made totalling £1,282,683

Arts and creativity making change

Birmingham Museums Trust £89,990

Comic Relief

£200,000 (over 2 years) In 2022, the Power of Pop Fund made three grants, totalling £523,000.

Brunel Museum £62,046

Food Museum £77,500

Foundling Museum £90,000

Horniman Museum & Gardens £60,500

Home Overview A Fairer Future

Creative, Confdent Communities

King’s Own Royal Regiment Museum £53,363

Manchester Museum £80,000

Museum of Cornish Life

£78,000

Museum of Hartlepool £88,285

National Holocaust Centre £80,360

National Space Centre

£87,000

New Forest Heritage

£80,000 Shakespeare Birthplace Trust £70,200

The Science and Industry Museum £66,000 Torfaen Museum Trust £39,859 Tyne & Wear Archives and Museums £90,000 Whithorn Trust £89,580

Our Natural A Sector Fit World for the Future

Conduits

When organisations have not yet developed robust financial and other processes we sometimes use a conduit to oversee the management of our funding or where we feel a grantee can benefit substantially from the additional resources that are available because of the relationship.

The following organisations received

a grant via a conduit in 2022.

Please note these grants are also listed on pages 18 and 41.

TASK Fund

Funding in Partnership

A Fairer Future Our Natural World

Arts and creativity making change

Peat

Ideas Test

Climate 2025

£105,000 (over 3 years) Acting as conduit for Lyrici.

£60,000 (over 2 years) Acting as conduit for RE-PEAT.

Ovalhouse Theatre Limited £30,000 (over 1 year) Acting as conduit for Alleyne&.

Trustees’ Report

Accounts

Esmee Fairbairn Foundation Annual Report and Accounts 2022 49 TASK Fund Home Overview A Fairer Future Creative, Confident Communities Our Natural World A Sector Fit for the Future Funding in Partnership TASK Fund Trustees, Report Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

TASK Fund

240Project £10,000 40Tude Curing Colon Cancer £10,000 Ashmolean Museum of Art and Archaeology £10,000 Bind Food Waste Innovation Community Interest Company £6,000 BLKOUT £12,000 Bridewell Organic Gardens £10,000 Britten Pears Arts £15,000 Britten Sinfonia Ltd £15,000 Burnham Overy Village Hall £5,000 Canine Partners for Independence £5,000 Care4Calais £15,000	Chamber Orchestra of Europe £5,000 Chamber Orchestra of Europe £5,000 Chamber Orchestra of Europe £10,000 Chamber Orchestra of Europe £5,000 Charlbury Riverside Festival £10,000 Chelsea Physic Garden £5,000 Classics for All £8,000 Comfort Cases UK £5,000 Curlew Action £15,000 De Montfort University £10,000 Disasters Emergency Committee £15,000	Disasters Emergency Committee £15,000 Disasters Emergency Committee £15,000 Disasters Emergency Committee £15,000 Disasters Emergency Committee £15,000 Disasters Emergency Committee £15,000 Disasters Emergency Committee £15,000 Durrell Wildlife Conservation Trust – UK £15,000 East London Music Group £8,000 Elevate Young Minds CIC £15,000 Emmaus Oxford £7,500	Empty Kitchens, Full Hearts. CIC £15,000 English Touring Opera £15,000 Family Holiday Charity £8,000 Forward Arts Foundation £7,500 Forward Arts Foundation £7,500 Friends of Friendless Churches Limited £8,000 Golden Triangle Learning CIC £5,000 Guy’s and St Thomas’ Foundation £5,000 Hazara Charitable Trust £15,000 Institute for the Future of Work £15,000 Involve Kent £10,000	Jewish Book Council £5,000 Kaleidoscope Trust £10,000 King’s Somborne Village Hall £10,000 LIFEbeat UK £2,500 Live Theatre £7,500 London Handel Society Limited £10,000 Low Carbon Oxford North £5,000 Maggie’s Cancer Caring Centres £7,500 MamaSuze CIC £15,000 Migration Museum Project £10,000 Mimosa House CIC £10,000 National Literacy Trust £12,000	Nidderdale AONB £1,000
					Nordoff Robbins Music Therapy £10,000
					North Yorkshire Hospice Care £2,000
					Northern Ballet Limited £1,500
					NW5 Community Play Project £10,000
					Olympias Music Foundation £10,000
					Orchestra of the Age of Enlightenment £10,000
					Oxford Food Hub £10,000
					Oxford Lieder £7,500
					Oxford Ornithological Society £7,500
					Peace of Mind £2,500

Home Overview A Fairer Future Creative, Our Natural A Sector Fit Confdent World for the Future Communities

Funding in TASK Fund Partnership

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

TASK Fund

Exceptional Grants

People Know How £15,000 Photography Oxford £5,000 Picture Hooks £5,000 Place2Be £12,000 Porchlight £8,000 Promise Works Ltd £5,000 Royal Opera House Covent Garden Foundation £10,000 Royal Trinity Hospice £10,000 Salusbury World £8,000 Saxon Shore Early Music Kenardington £8,000 Science Museum £5,000 Sheerness Dockyard Preservation Trust £10,000	Shelter, National Campaign for Homeless People Limited £5,000 Smart Works £5,000 South Downs National Park Trust £10,000 Southern Sinfonia £5,000 St. Martin’s Centre Partnership £2,500 Sustainable Food Trust £3,000 Thanington Neighbourhood Resource Centre £2,000 The Advocacy Academy £5,000 The Branch Trust £10,000 The Chinese Centre (North of England) LTD £3,000 The Clod Ensemble £12,000	The Country Trust £3,500 The Egmont Trust £5,000 The English Concert £15,000 The Global Returns Project Limited £5,000 The Happy Baby Community £15,000 The House of Fairytales £5,000 The London Orphan Asylum (Reed’s School) £5,000 The Mulberry Bush Organisation Ltd £2,000 The National Trust £15,000 The Oxford Playhouse Trust £10,000 The Parochial Church Council Of The Ecclesiastical Parish Of St Andrews £10,000	The People’s People CIC £1,000 The Percy Hedley Foundation £5,000 The Royal Drawing School £5,000 The Runnymede Trust £5,000 The Social Bite Fund £15,000 The Super Power Agency £15,000 The Three Rivers Learning Trust £5,000 The Unicorn School for the Dyslexic Child £15,000 The Wheelyboat Trust £10,000 The Whitley Fund for Nature £5,000 Triangle Arts Trust £8,000	Tribe Arts £10,000 Ubele Initiative £15,000 Ubele Initiative £10,000 University of Sheffeld £10,000 West End Women and Girls Centre CIO £10,000 Wood Street Mission £3,000 Worcester College £15,000 Workplace Foundation £10,000 WWF – UK £10,000 Yellow Submarine Holidays £5,000 Yorkshire Wildlife Trust £10,000	Disasters Emergency Committee £250,000 Towards project costs for the Pakistan Floods Appeal. Disasters Emergency Committee £350,000 Towards project costs for the Ukraine Humanitarian Crisis appeal. Hammersmith, Fulham, Ealing and Hounslow Mind £10,000 Towards unrestricted core costs and in memory of Chris Varco, who worked on Esmée’s responsible investing approach for many years, and nominated by his family. John Ellerman Foundation £60,000 Towards project costs to John Ellerman Foundation for a shared funder collaboration: Overseas Territories Biodiversity (exceptional pilot grant). Winston’s Wish £10,000 Towards unrestricted core costs and in memory of Chris Varco, who worked on Esmée’s responsible investing approach for many years, and nominated by his family.

Home Overview A Fairer Future Creative, Our Natural A Sector Fit Funding in TASK Fund Confident World for the Future Partnership Communities

Trustees’ Report Accounts

Esmee Fairbairn Foundation Annual Report and Accounts 2022 52 Trustees, Report Home Overview A Fairer Future Creative, Confident Communities Our Natural World A Sector Fit for the Future Funding in Partnership TASK Fund Trustees, Report Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Objectives and Activities

Esmée Fairbairn Foundation exists and operates for the public benefit. Through setting its strategy and through its funding the Foundation has focused on creating social and environmental impact to improve our natural world, secure a fairer future and strengthen the bonds between communities in the UK. In determining its strategy and in the administration of the Foundation generally, the Trustees have paid due regard to the guidance published by the Charity Commission under section 4 of the Charities Act 2011.

In October 2020, the Foundation launched its Strategic Plan 2020–25. A summary of this can be found on the Foundation’s website.

The Foundation’s primary interests are A Fairer Future, Creative, Confident Communities and Our Natural World. Pages 7 to 15 give an overview of funding, a list of all grants and social investments made in 2022 is on pages 16 to 51.

The public benefit created by the Foundation’s grant-making and social investment is demonstrated in this report through listing of grants and social investments that we have made.

Achievements and performance and Plans for future periods

The achievements of the Foundation and its impact on beneficiaries, as well as plans for future periods; are outlined in the Chair’s statement on page 4, Chief Executive’s report on pages 5 and 6, the funding overview on pages 7 to 15, the funding priorities and details of funding on pages 16 to 51.

Our Natural World

A Sector Fit for the Future

Values

Our values act as a guide for staff and Trustees about how we work at Esmée. They are intended to provide a frame of reference for taking actions and making decisions at every level.

TASK Fund

Funding in Partnership

Equity

Kindness

Integrity

Trustees’ Report

Accounts

Ambition Working together

Home Overview A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Financial Review

Financial policies

The Foundation’s finance and investment policies are intended to provide long-term stability and liquidity sufficient for the financing of the Foundation’s grants and social investments while maintaining the real value of the endowment.

The Foundation has an Investment Policy Statement that sets out the long-term investment objective, risk-profile, strategic asset allocation and investment restrictions, as well as encompassing our policies on sustainable investing. This is reviewed annually. The Foundation’s strategic asset allocation reflects a total-return objective without specific focus on income-generating investments. This approach means that we consider all sources of return, including interest, dividends, capital distributions from funds, and realised and unrealised gains and losses. Income alone would not usually meet all of our future spending needs.

Funding targets are arrived at with consideration given to the average value of the investment portfolio, but may be adjusted to take account of need and operational capacity.

Funding targets may be over or under-spent in an individual year. The Foundation’s support and governance spend is set by reference to total spend levels to ensure it remains reasonable and proportionate.

All funds held by the Foundation are unrestricted and available to the Foundation to apply for the general purposes of the Foundation as set out in its governing document. The Foundation aims to achieve a total return of RPI +4% in order to meet its spending requirements. At the year-end the value of reserves held was £1,268m.

Review of spending

During 2022, the Foundation spent £41.4m (2021: £56.4m) on grantmaking, programme related investments, and mixed motive investments. Support spend was £3.6m (2021: £3.3m), or 7.9% (2021: 5.6%) of our total spend. Grantmaking spend for the year was £36.9m (2021: £51.3m). Mixed Motive Investment drawdowns during the year amounted to £0.2m (2021: £0). Programme related investments committed to in 2022 were £2.7m

(2021: £4.6m) across 4 investments (2021: 11). Drawdowns during the year amounted to £4.3m (2021: £4.7m). At the end of the year the Foundation’s programme related investment portfolio was £17.8m (2021: £20.2m), with an additional £5.0m (2021: £6.1m) committed but not yet drawn. The draw down limit for our social investment portfolio is £45.0m.

Results in any one year need to be seen in the context of progress over longer time horizons and we continue to look for managers with a strong team, a clear approach to stock selection and a thoughtful, long-term approach to investment.

Looking back over one year, three years, five years and since inception, the performance on an annualised basis of the portfolio against our long-term investment objectives is as per the table below.

Investment review

The market value of the Foundation’s investments at the end of 2022 was £1.303bn (2021: £1.482bn), a decrease of £178.3m after spending. The portfolio’s total return of -9.6% in 2022 (2021: 31.1%) compared to the Foundation’s long-term investment objective (RPI+4%) which was up 17.9% during the year (versus 11.8% in 2021).

Financial markets were weak in 2022 on the back of high inflation, raised energy prices and geopolitical events including Russia’s invasion of Ukraine. The concerns over high inflation led to price declines across both equities and bond markets which presented challenges for any investor constructing a balanced portfolio.

	Annualised performance over	Actual return %	Target return (UK RPI+4%) %	Over/(under) performance %
	1 year	-9.6	17.9	-27.5
	3 years 5 years 10 years since inception (2000)	9.1 8.3 9.0 7.5	11.6 9.5 8.0 7.5	-2.5 -1.2 1.0 0

Our Natural World

A Sector Fit for the Future

TASK Fund

Funding in Partnership

Nearly all equity sectors were down for opportunities to deploy our cash in absolute terms during the year with balance which has been higher than the exception of energy. Investors average for some time now. focusing on growth and quality stocks Our smaller hedge fund allocation were particularly hard hit as were provided some diversification benefits those with holdings in the IT and against our equity market exposure as consumer discretionary sectors.

Our smaller hedge fund allocation provided some diversification benefits against our equity market exposure as did the private investment portfolio which represents around 35% of the overall fund. However the underlying positions in these latter funds take longer to re-price due to their illiquidity. The Foundation’s grant funding and operational costs are in sterling however the majority of our investments are not, and the fund benefitted from the relative strength of USD versus GBP. We continue

	Our main global equity funds fell substantially during the year, more than twice as much as their benchmark which was down 7.8%. Our non-core global funds also fell more than their benchmark but,	which represents around 35% overall fund. However the un positions in these latter funds longer to re-price due to their i The Foundation’s grant fundin operational costs are in sterlin
	given our bias towards funds investing in growth stocks, these results were not too surprising. We have been using the market correction to look 2022 % Return Drivers Global equities 33.3 Emerging equities 3.5	however the majority of our investments are not, and the f beneftted from the relative s of USD versus GBP. We conti 2021 % Change % 33.4 (0.1) 3.3 0.2
	Private investments 36.7 Hedge funds 8.7	37.4 (0.7) 7.3 1.4
	Diversifers Low volatility funds 12.5 Cash Investment cash 4.6 Currency hedge 0.7	10.2 2.3 8.5 (3.9) (0.1) 0.8

Trustees’ Report

Accounts

Home Overview

A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Financial Review continued

to run a passive currency hedging programme which reduces the impact of currency fluctuations on performance and has the effect of lifting the investment portfolio’s effective exposure to sterling.

In terms of the outlook, corporate earnings are likely to remain under pressure due to higher borrowing costs, pressure on profit margins and slower global growth. But equity valuations have declined since their peak in 2021 and we continue to look for innovative companies and higher quality businesses with pricing power that we can hold over the long term.

Government bonds and credit are also now increasingly of interest. We have struggled to own fixed income for some time due to high valuations but, with yields much more attractive than a year ago, we are re-evaluating opportunities.

See the second table on page 54 for the portfolio’s asset allocation at the end of the year.

Sustainable Investing

We are aware that the Foundation’s mission or its credibility may be undermined if we invest in businesses whose activities undermine our values and grant-making objectives.

We continue to transition our portfolio to managers focused on sustainability who place ESG (environmental, social and governance) considerations at the centre of their investment process. We avoid investing in new funds which might have holdings that conflict directly with the outcomes of our funding, and we are continually looking to upgrade our list of managers to those with a strong approach to sustainable investing.

Since 2017, we have had a £25m allocation within our investment portfolio for funds that we hope will achieve enhanced ESG impact alongside financial return. During 2022, we took the decision to increase this allocation up to a 5% of our overall fund. It continues to focus on funds which may not fit within our mainstream investments due to size, focus or risk profile.

In 2022, we made our first investments into a £10m impact allocation, managed by our social investment team who are working in conjunction with our investment consultants. We will use this pilot to inform our longer-term investment strategy. The starting point for our impact investing decisions is the intent

A Fairer Future Creative, Confdent Communities

to generate positive, measurable social and environmental outcomes (the impact) alongside the achievement of financial returns, both moving in lockstep. Investments to date have included a fund focusing on innovation in the food sector and another tacking issues such as job inequalities across the UK.

Within our investment portfolio we aim to be proactive asset owners by engaging with companies on issues that are aligned with our funding priorities. We work with other foundations and investors through the Charities Responsible Investment Network and look for opportunities to promote corporate behaviour which is in the interests of long term shareholders and we join various collaborative investor engagement initiatives where they align with our strategic aims. Recent examples have included an initiative encouraging companies in the food sector to reduce environmental risks associated with manufacturing facilities and a joint letter to European banks asking them to end funding for fossil fuel projects.

The Foundation is a signatory to the United Nations’ Principles for Responsible Investment (UNPRI)

Our Natural World

A Sector Fit for the Future

and to the UK Funder Commitment

on Climate Change. We are one of a growing number of foundations who recognise that the growing climate emergency is a serious risk to the pursuit of our charitable aims.

We have made a commitment that our investment portfolio will be net zero in terms of carbon emissions by 2040 at the latest. We are working with our investment advisors to achieve this and have started working on four priorities.

Invest in “climate solutions” which enable emissions to be avoided or reduced.
Be a supportive shareholder to higher emissions businesses which have set a plausible path to Paris alignment for their own activities and holding them to account for delivery.
Actively using proxy voting
and engagement to encourage businesses to adopt appropriate plans to decarbonise, where these are absent, as in most cases today.
Support efficient capital allocation in each of the preceding activities.

Activities during 2022 included gathering data from our managers

TASK Fund

Funding in Partnership

to establish their current approach

on Net Zero. We conducted baseline assessments of holdings with Paris aligned targets and made an investment in a private renewable infrastructure fund.

Our Trustee Board also recently update d the terms of reference for our investment committee to make it clear that, as well as focusing on our financial return targets, we will take sustainability into account whenever we make a decision in the main portfolio . In light of this, we will also be updating our investment policy statement in 2023.

Risk management

The Trustee Board is responsible for the oversight of the risks faced by the Foundation. The Trustee Board and Audit and

Risk Committee regularly review the Foundation’s risk position, internal controls assessment and compliance with relevant statutory and finance regulations.

The Foundation has a risk-

management process designed to identify the major risks that could impact on the aims in the Foundation’s Strategic Plan.

Trustees’ Report

Accounts

This process identifies the major

risks the Foundation faces, the likelihood of occurrence, the significance of the risk, and any mitigating controls that are in place. It also seeks to identify any actions and resources required to manage these risks further.

The Foundation’s investment activities are its main financial risk. This risk is managed, with the support of investment advisers, through: regular review of our investment policy; management of strategic asset allocation; risk measurement and reporting; independent valuation and performance reporting; diversification across a broad range of asset classes, geographies, investment managers and investment strategies; and ongoing market and manager updates and due diligence.

The levels of manager concentration, currency exposure, leverage and liquidity are also key factors in managing the risks of the investment portfolio. Policies and restrictions to help manage these risks are included in the Investment Policy Statement.

Home Overview

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Structure, Governance and Management

The operation of Esmée Fairbairn Foundation is governed by a Charity Commission Scheme, dated 14 January 2002, which enables the assets to be applied by the Trustees at their discretion for general charitable purposes. The Charity Commission approved an incorporation of the Trustee body on 16 June 2008 in the name of The Trustees of Esmée Fairbairn Foundation.

The Foundation is a charity registered in England and Wales, number 200051.

Trustee Board

The Foundation’s Trustees are listed on page 7 3 of this report. The Trustee Board meets six times each year to set and oversee the delivery of the Foundation’s strategy. A number of Trustee committees support the work of the Foundation throughout the year.

The Foundation has a clear organisational structure with documented lines of authority and delegation, which is reviewed regularly by the Audit and Risk Committee and the Trustee Board. The Foundation also has segregation of duties with regard to governance, management, grant-making, social investments, finance and investment. Procedures are in place for documenting decisions, actions and issues.

An induction programme is put in place for new Trustees.

Audit and Risk Committee

The Audit and Risk Committee reviews and recommends to the Trustee Board systems of internal control on financial and governance issues and oversees risk management. It also reviews the draft Annual Report and Accounts and meets with the Foundation’s external auditors.

Finance and Administration Committee

The Finance and Administration Committee reviews and recommends to the Trustee Board annual budgets, staff remuneration and benefits. It also oversees major property, IT, governance and other projects.

The salaries of the senior

management team are set by the Finance and Administration Committee and includes reference to peers and other comparators.

Our Natural World

A Sector Fit for the Future

Investment Committee

The Investment Committee formulates investment policy, oversees its implementation, manages overall asset allocation, monitors investment performance and reports to the Trustee Board.

Nominations Committee

The Nominations Committee makes recommendations to the Trustee Board on the appointment of new Trustees.

Funding decisions

An Executive Committee takes decisions on grants up to £60,000. An Approvals Committee, comprising Trustee and Executive members, takes decisions on grants and awards up to £200,000 and social investments up to £400,000. All decisions on grants and awards over £200,000 and social investments over £400,000 go to the Trustee Board.

TASK Fund

Funding in Partnership

Trustees’ Report

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Statement of Trustees’ Responsibilities

In respect of the Trustees’ Annual Report and the financial statements

Under charity law, the trustees are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and regulations.

The trustees are required to prepare the charity financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable . in the UK and Republic of Ireland

The charity’s financial statements are required by law to give a true and fair view of the state of affairs of the charity and its incoming resources and application of resources for that period.

In preparing these financial statements, generally accepted accounting practice entails that the trustees:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the charity financial statements;
state whether the charity financial statements comply with the Scheme rules, subject to any material departures disclosed and explained in the financial statements;
assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

due to fraud or error, and have

use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations or have no realistic alternative but to do so.

general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

The trustees are required to act in accordance with the Scheme rules of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity’s transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether

The trustees are responsible for the maintenance and integrity of the financial and other information included on the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Beatrice Hollond Chair 14 July 2023

Our Natural World

A Sector Fit for the Future

Funding in Partnership

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

TASK Fund

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Independent Auditor’s Report to the Trustees of Esmée Fairbairn Foundation

Opinion

We have audited the financial statements of Esmée Fairbairn Foundation (“the charity”) for the year ended 31 December 2022, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charity in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charity or to cease their operations, and as they have concluded that the charity’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charity’s business model and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period.

Our Natural World

A Sector Fit for the Future

Our conclusions based on this work:

We consider that the trustees’
use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
We have not identified, and concur with the trustees’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charity will continue in operation.

TASK Fund

Funding in Partnership

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

Enquiring of Trustees, the audit committee and inspection of policy documentation as to the Charities high-level policies and procedures to prevent and detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud.
Reading Trustees’ meetings, investment committee strategy meetings and audit and risk committee meetings minutes.
Considering remuneration incentive schemes and performance targets for management.

Trustees’ Report

Accounts

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the revenue is non-judgmental and straightforward, with limited opportunity for manipulation.

We did not identify any additional fraud risks.

We performed procedures including identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by senior finance management/ those posted and approved by the same user/ those posted to unusual accounts.

Home Overview

A Fairer Future Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Independent Auditor’s Report continued

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience ,and through discussion with management (as required by auditing standards) and discussed with management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies’ legislation), taxation legislation and the Charities Act legislation and we assessed the extent of compliance

with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Charity is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Charity’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law, data protection, anti-money laundering and certain aspects of company legislation recognising the nature of the Charities activities. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of management, inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Creative, Confdent Communities

A Fairer Future

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance

with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of nondetection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Our Natural A Sector Fit World for the Future

Other information

The trustees are responsible for the other information, which comprises the Trustees’ Annual Report; Overview and Funding. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge.

TASK Fund

Funding in Partnership

We are required to report to you if:

based solely on that work, we have identified material misstatements in the other information; or
in our opinion, the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements.
We have nothing to report in these respects.

Trustees’ Report

Accounts

Matters on which we are required to report by exception

Under the Charities Act 2011 we re required to report to you if, in our opinion:

the charity has not kept sufficient accounting records; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

Home Overview

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Independent Auditor’s Report continued

Trustees’ responsibilities

As explained more fully in their statement set out on page 57, the trustees are responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the ’ FRC s website.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charity’s trustees as a body, in accordance with section 144 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Our Natural World

A Sector Fit for the Future

Fang Fang Zhou For and on behalf of KPMG LLP, Statutory Auditor

14 July 2023

Chartered Accountants

KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

15 Canada Square London E14 5GL

Funding in Partnership

Accounts

Home Overview A Fairer Future Creative, Confdent Communities

TASK Fund

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Statement of Financial Activities

For the year ended 31 December 2022

	Notes	2022	2022	2022	2021
		£’000	£’000	£’000	£’000
		Unrestricted	Restricted	Total Funds	Unrestricted
Income and endowments from:
Investments	2	6,207	-	6,207	4,519
Other	2	427	575	1,002	558
Total		6,634	575	7,209	5,077
Expenditure on:
Raising funds	3,5	3,305	-	3,305	3,492
Charitable activities	4,5	41,117	-	41,117	54,945
Total		44,422	-	44,422	58,437
Net(losses)/gains on investments	9	(140,310)	-	(140,310)	356,844
Net(loss)/income		(178,098)	575	(177,523)	303,484
Other recognised losses:
Loss on disposal of tangible assets		-	-	-	9
Net (expenditure)/income		(178,098)	575	(177,523)	303,475
Transfer between funds		575	(575)	-	-
Net movement in funds		(177,523)	-	(177,523)	303,475
Funds at 1January		1,445,829	-	1,445,829	1,142,354
Funds at 31 December	16	1,268,306	-	1,268,306	1,445,829

The notes on pages 63 to 72 form part of these accounts.

The net (loss)/income and resulting net movement in funds in each of the financial years are from continuing operations.

The Foundation has no recognised gains or losses other than the net movement in funds for the year.

Home Overview A Fairer Future

Creative, Our Natural A Sector Fit Confdent World for the Future Communities

Balance Sheet

At 31 December 2022

	Notes	2022 £’000 Unrestricted	2021 £’000 Unrestricted
Fixed assets
Tangible assets	8	187	217
Investments	9	1,303,259	1,481,581
Programme related investments	10	17,832	20,204
Mixed motive investments	11	205	-
Total fxed assets		1,321,483	1,502,002
Current assets
Debtors	12	545	199
Cash at bank and in hand		3,378	2,422
Total current assets		3,923	2,621
Creditors:Amounts fallingdue within oneyear	13	(32,790)	(30,896)
Net current liabilities		(28,867)	(28,275)
Total assets less current liabilities		1,292,616	1,473,727
Creditors:Amounts falling due after more than one year	14	(24,240)	(27,828)
Provisions:for liabilities	15	(70)	(70)
Total net assets	16	1,268,306	1,445,829

The notes on pages 63 to 72 form part of these accounts.

Signed in the name and on behalf of The Trustees of Esmée Fairbairn Foundation:

The accounts were approved and authorised for issue by the Trustee Board on 14 July 2023.

Beatrice Hollond Chair

TASK Fund

Trustees’ Report

Accounts

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Cash Flow Statement

For the year ended 31 December 2022

	Notes	2022 £’000	2021 £’000
Net cash used in operating activities Cash fows from investing activities Income from investments Sale of investments Purchase of investments Decrease/(increase) in investment cash Decrease in other investment balances Cash (outfow)/infow on derivative fnancial instruments Purchase of tangible fxed assets Net cash provided by investing activities Cash fows from fnancing activities Cash outfow to fnance lease commitments	19	(43,204) 6,207 121,656 (116,189) 51,356 16,571 (35,382) (56) 44,163 (3)	(51,795) 4,519 323,057 (246,897) (36,774) 4,322 3,234 (58) 51,403 (3)
Net cash used in fnancing activities		(3)	(3)
Change in cash in the year		956	(395)
Cash brought forward		2,422	2,817
Cash carried forward		3,378	2,422

The notes on pages 63 to 72 form part of these accounts.

Creative, Our Natural Confdent dent World Communities

A Sector Fit for the Future

Funding in Partnership

Home Overview

TASK Fund

Trustees’ Report

A Fairer Future Creative, Confdent dent

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Notes to the accounts

1.Basis of accounting and accounting policies

Legal status

The Foundation is a charity registered in England and Wales, number 200051. The Foundation’s registered address is 210 Pentonville Rd, London, N1 9JY. The operation of Esmée Fairbairn Foundation is governed by a Charity Commission Scheme, dated 14 January 2002, which enables the assets to be applied by the Trustees at their discretion for general charitable purposes. The Charity Commission approved an incorporation of the Trustee body on 16 June 2008 in the name of The Trustees of Esmée Fairbairn Foundation.

Basis of accounting

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on August 2014 (the amendments to FRS 102 issued

Home Overview

in July 2015 and effective immediately have been applied), and the Charities Act 2011 and UK Generally Accepted Practice as it applies including update bulletin 1 applicable from 1 January 2016 and update bulletin 2 applicable from 1 January 2019.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’.

The Foundation meets the definition of a public benefit entity under FRS 102.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1,000.

Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the valuation of investments and are discussed below.

Creative, Confdent Communities

A Fairer Future

The Trustees prepared the financial statements on a going concern basis. The Foundation is in a net current liabilities position, with the largest proportion of the current liabilities being the Grant Commitment creditors. The Trustees consider that the Grant Commitments can be met with the liquidity available in the investment portfolio.

As part of the going concern assessment, the Trustees also performed stress testing using severe but plausible scenarios, including a 40% market value decline in global equities. The Trustees are satisfied that under that scenario, the Foundation has adequate resources to continue in operational existence for at least 12 months from the date of the approval of these financial statements. As such, the Trustees continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Incoming resources

Incoming resources are recognised in the Statement of Financial Activities in the period in which the Foundation becomes entitled to receipt.

Our Natural World

A Sector Fit for the Future

Dividend income and related tax credits are recognised from the exdividend date when they become receivable.

Resources expended

Direct costs of generating funds, charitable activities and support costs are charged to the relevant category or activity according to the area to which the expenditure relates. Support costs incurred –that relate to more than one cost category are apportioned based on the number of full-time equivalent staff allocated to that activity.

Grants are recognised as expenditure in the year in which they are approved, and such approval has been communicated to the recipients, except to the extent that they are subject to conditions that enable the Foundation to revoke the award.

Pension

The Foundation operates a defined contribution group personal pension scheme for employees. The assets of the scheme are held separately from those of the Foundation. The annual contributions are charged to the Statement of Financial Activities.

TASK Fund

Funding in Partnership

Employee benefits include all costs

incurred by the charity in exchange for the services of its employees. Expenditure is recognised for all employee benefits resulting from their service to the charity during the reporting period unless the staff costs have been capitalised as part of the cost of an asset. Irrecoverable VAT

Irrecoverable Value Added Tax (VAT) is included in the Statement of Financial Activities within the expenditure to which it relates.

Taxation

The Foundation is considered to

pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from UK taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Trustees’ Report

Accounts

To the extent that the Foundation engages in overseas activity, or derives income from overseas, it may incur a foreign tax liability depending on the application of the tax legislation in the relevant jurisdiction.

Tangible fixed assets

Tangible fixed assets are included in the balance sheet at cost less accumulated depreciation. Leasehold improvements are depreciated over the term of the lease. Office and computer equipment is depreciated at between 20% and 33% per annum. Depreciation is charged on a straight-line basis over the assets’ useful lives.

Esmée Fairbairn Foundation Annual Report and Accounts 2022

1.Basis of accounting and accounting policies continued

Leased assets

Assets obtained under finance leases are capitalised as tangible fixed assets and depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Foundation. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the Statement of Financial Activities over the period of the lease.

All other leases are operating leases. Operating lease annual rentals are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease.

Debtors and creditors

Debtors and creditors are recognised at transaction price.

Cash and cash equivalents

Cash and cash equivalents comprise cash held at bank.

Investments

Alternative investments

Alternative investments are valued at the Foundation’s best estimate of fair value as follows:

Hedge funds and collective investment schemes are valued by reference to the market value of their underlying investments. These valuations are provided by the third party fund administrators and are subject either to independent valuation or annual audit.

Private equity investments are held through funds managed by private equity groups. As there is no identifiable market price for private equity funds, these funds are included at the most recent valuations from the private equity groups where:

i. the private equity group provides a fair value that complies with the International Private Equity and Venture Capital Valuation Guidelines; or

ii. the private equity group provides valuations that comply with International Financial Reporting Standards or US GAAP.

A Fairer Future

Where a valuation is not available at the balance sheet date, the most recent valuation from the private equity group is used, adjusted for cashflows and foreign exchange movements and any impairment between the most recent valuation and the balance sheet date.

Other investments

Other investments are stated at fair value, the basis of fair value being the market value of the underlying investments held. These valuations are provided by the fund managers and are subject either to independent valuation or annual audit.

Derivative inancial instruments

Derivatives are recognised in the Balance Sheet at fair value. Where the Foundation uses forward currency contracts to reduce currency exposure in its investment portfolio the fair value of these forward exchange contracts is estimated by using the gain or loss that would arise from closing the contract at the balance sheet date. Managers of segregated funds may enter into derivatives as part of their portfolio risk management, fair values of these derivatives are provided by the fund managers.

Our Natural A Sector Fit World for the Future

Programme related Investments

A programme related investment is an asset held by a charity that provides investment funding to organisations in order to directly further the charitable purposes of the investing charity; any financial return obtained is not a primary reason for making the investment.

Programme related investments that are loans are accounted for at the outstanding amount of the loan less any provision for unrecoverable amounts. Unquoted equity, social investment funds and partnerships, and similar programme related investments are held at cost, less any provision for diminution in value, unless the Foundation is able to obtain a reliable estimate of fair value. Quoted investments are stated at market value at the balance sheet date.

Mixed motive Investments

A mixed motive investment is an asset held by a charity that provides funding to organisations in order to generate a financial return for the investing charity and contribute to the investing charity’s purposes through the activities funded by the investment.

TASK Fund

Funding in Partnership

Mixed motive investments that are private equity investments are held through funds managed by private equity groups. As there is no identifiable market price for private equity funds, these funds are included at the most recent valuations from the private equity groups.

Realised and unrealised gains

and losses on investments

Realised and unrealised gains and losses on programme related investments are included in ‘charitable activities’ within the Statement of Financial Activities.

Realised and unrealised gains and losses on all other investment assets are included in ‘Net gains on investments’ within the Statement of Financial Activities.

Realised and unrealised gains and losses on foreign exchange

transactions

Transactions denominated in foreign currency are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are translated at the

Trustees’ Report

Accounts

exchange rate ruling at the balance sheet date. All gains and losses on exchange, realised and unrealised, are included in the appropriate income or expenditure category in the Statement of Financial Activities.

Provisions

A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Related party transactions

Transactions with related parties are disclosed in the notes to these financial statements. The Foundation’s policy is for Trustees, Executive and advisers to declare their interest and exempt themselves from all relevant discussions and decisions which may involve a transaction with a related party or in which they may have a conflict of interest.

Home Overview

Creative, Confdent Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

2. Income and endowments

2. Income and endowments
Income from investments	2022 2022 £’000 Unrestricted £’000 Restricted	2022 £’000 Total Funds	2021 £’000
Equity investments	104 -	104	230
Alternative investments	3,866 -	3,866	3,277
Fixed income investments	1,279 -	1,279	1,000
Investment cash and other investment balances	958 -	958	12
Total income from investments	6,207 -	6,207	4,519
Other income	2022 2022 £’000 Unrestricted £’000 Restricted	2022 £’000 Total Funds	2021 £'000
Bank interest	4 -	4	-
Income from programme related investments	435 -	435	558
Investment loss from mixed motive investments	(12) -	(12)	-
Grant Income	- 575	575	-
Total other income	427 575	1,002	558
3. Expenditure on raising funds
		2022 £’000	2021 £’000
Advisers' and custodian fees and borrowing costs		2,718	2,960
Direct staff and other costs		253	219
Support cost allocation		334	313
Total expenditure on raisingfunds		3,305	3,492

Creative, Our Natural A Sector Fit Confdent World for the Future Communities

A Fairer Future

4. Expenditure on charitable activities

4. Expenditure on charitable activities
	2022 £’000	2021 £’000
Grant funding	36,862	51,310
Investment loss from programme related investments	689	315
Direct staff and other costs	1,346	1,249
Support cost allocation	2,220	2,071
Total expenditure on charitable activities	41,117	54,945

Grants, Programme Related Investments, and Mixed Motive Investments approved in the year are listed on pages 16 to 51 in the Annual Report accompanying these accounts. In the Annual Report, Programme Related Investments are referred to as Social Investments and Mixed Motive Investments are referred to as Impact Investments. All funding approved is to organisations.

5. Support cost allocation

5. Support cost allocation
	Raising	Charitable
	funds	activities	2022 2021
	£’000	£’000	£’000 £’000
Support staff costs	136	844	980 929
Premises,technologyand other costs	198	1,376	1,574 1,455
Total support costs	334	2,220	2,554 2,384
Total support costs for theprioryear	313	2,071

Total Trustees’ expenses of £17,737 (2021: £3,647) are included in support costs and in costs of generating funds. Expenses were reimbursed to 7 (2021: 8) Trustees during the year and were related to travel. The Trustees received no remuneration for their role as Trustee during this or the preceding year.

TASK Fund

Trustees’ Report

Accounts

Funding in Partnership

Home Overview

Esmée Fairbairn Foundation Annual Report and Accounts 2022

6. Staff costs

6. Staff costs
	2022 £’000	2021 £’000
Salaries	1,941	1,828
Social security costs	219	209
Pension contributions	242	227
Other staff related costs	154	127
Total staff costs	2,556	2,391

The Foundation operates a defined contribution group personal pension scheme and makes employer contributions of 12.5% when matched by a 5% employee contribution.

The Foundation considers its key management personnel comprise the trustees and the senior management team. The senior management team consists of 7 (2021: 7) employees, 6.8 (2021: 7) on a full-time basis. The total employment benefits including employer pension contributions of the senior management team were £659,913 (2021: £645,291). The Trustees are not remunerated.

The average number of employees during the year calculated on a full-time basis was as follows:

The number of employees who received remuneration of more than £60,000 in the year was as follows:

The number of employees who received remuneration of more than £60,000 in the year was as follows:
	2022	2021
£60,000 - £69,999	1	3
£70,000 - £79,999	3	2
£80,000 - £89,999	1	2
£90,000 - £99,999	1	-
£100,000 - £109,999	-	-
£110,000 - £119,999	-	-
£120,000 - £129,999	1	1

All the employees paid over £60,000 had employer contributions, equal to 12.5% of salary, made under the group personal pension scheme, this is consistent with the approach for all employees.

7. Auditor’s Remuneration

The auditor’s remuneration constituted an audit fee of £111,000 (2021: £51,000) and non audit services; tax advisory fee of £12,000 (2021: £6,000).

	2022	2021
Investment management and oversight	3	3
Funding	31	30
Governance	2	2
Total number of employees	36	35

The average number of employees during the year calculated on a head count basis was 38 (2021: 36).

A Sector Fit for the Future

Funding in Partnership

Home Overview

A Fairer Future Creative, Our Natural Confdent World Communities

TASK Fund

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

8. Tangible fixed assets

8. Tangible fxed assets
		Offce and
	Leasehold	computer
	improvements	equipment	Total
	£’000	£’000	£’000
Cost
At 1 January 2022	527	690	1,217
Additions in the year	-	56	56
Disposals in theyear	-	-	-
At 31 December 2022	527	746	1,273
Accumulated depreciation
At 1 January 2022	527	473	1,000
Depreciation charge for year	-	86	86
Accumulated depreciation on disposals	-	-	-
At 31 December 2022	527	559	1,086
Net book value
At 31 December 2022	-	187	187
At 1January2022	-	217	217

9. Investments

9. Investments
i)Market value	2022 £’000	2021 £’000
Equity investments Fixed income investments Alternative investments Money market investments Investment cash Other investment balances Derivative fnancial instruments	448,660 48,773 690,677 45,594 61,770 (1,972) 9,757	516,940 30,568 764,010 45,005 111,951 14,599 (1,492)
Total market value of investments	1,303,259	1,481,581

Alternative Investments comprise private equity funds of £488.9m (2021: £569.5m), hedge funds of £171.9m (2021: £155.5m), and collective investment schemes of £29.8m (2021: £39.0m).

Investment cash includes all cash balances managed as part of the investment portfolio. Other investment balances include collateral related to the forward currency contracts, accrued income, amounts receivable on investment sales and accrued investment costs.

The Foundation has entered into commitments to invest in private equity funds. At the balance sheet date outstanding commitments totalled £113.2m (2021: £94.0m). The Foundation models its cashflows based upon the original commitment.

The net book value of assets held under finance leases included above is £12,220 (2021: £15,340) and the depreciation charge on these assets for the year was £3,120 (2021: £260).

Home Overview A Fairer Future Creative, Our Natural Confdent World Communities

A Sector Fit for the Future

TASK Fund

Trustees’ Report

Accounts

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

9. Investments continued

9. Investments_continued_
	Market value		Sale	Investment	Market value
ii) Purchases, sales, gains	2021	Purchases	proceeds	gain/(loss)	2022
and (losses)	£’000	£’000	£’000	£’000	£’000
Market value
Equity investments	516,940	44,909	(24,280)	(88,909)	448,660
Fixed income investments	30,568	21,906	-	(3,701)	48,773
Alternative investments	764,010	49,374	(97,376)	(25,331)	690,677
Moneymarket investments	45,005	-	-	589	45,594
Total	1,356,523	116,189	(121,656)	(117,352)	1,233,704
	Book cost		Sale	Investment	Book cost
	2021	Purchases	proceeds	gain/(loss)	2022
iii) Reconciliation to book cost	£’000	£’000	£’000	£’000	£’000
Book cost and realised gains
Equity investments	316,978	44,909	(24,280)	(1,205)	336,402
Fixed income investments	29,474	21,906	-	-	51,380
Alternative investments	406,471	49,374	(97,376)	55,962	414,431
Moneymarket investments	45,000	-	-	-	45,000
Total book cost	797,923	116,189	(121,656)	54,757	847,213
Market value adjustment
Unrealisedgains	558,600			(172,109)	386,491
Total	1,356,523	116,189	(121,656)	(117,352)	1,233,704

Creative, Our Natural Confdent World Communities

A Sector Fit for the Future

A Fairer Future

			2022	2021
iv) Derivative fnancial instruments			£'000	£'000
Derivativeposition atyear end			9,757	(1,492)
Derivative fnancial instruments total netpositions			9,757	(1,492)
	Realised	Unrealised
v) Realised and unrealised gains/	gain/(loss)	gain/(loss)	2022	2021
(losses) on investments	£'000	£'000	£'000	£'000
Equity investments	(1,205)	(87,704)	(88,909)	72,513
Fixed income investments	-	(3,701)	(3,701)	170
Alternative investments	55,962	(81,293)	(25,331)	287,327
Moneymarket investments	-	589	589	2
	54,757	(172,109)	(117,352)	360,012
Investment cash and other investment balances Derivative fnancial instruments	(488) (35,382)	1,663 11,249	1,175 (24,133)	(401) (2,767)
Totalgains on investments	18,887	(159,197)	(140,310)	356,844
Gains in theprioryear	138,803	218,041	356,844

Accounts

Funding in Partnership

Home Overview

TASK Fund

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

9. Investments continued

9. Investments_continued_
vi) UK and overseas holdings	2022 £'000	2021 £'000
Equity investments
Overseas listed	107,985	114,400
Overseas unlisted	252,681	299,857
UK listed	42,410	48,371
UK Unlisted	45,584	54,312
Fixed income investments	448,660	516,940
Overseas listed	48,773	30,568
Alternative investments	48,773	30,568
Overseas unlisted	680,843	756,382
UK unlisted	9,834	7,628
Money market investments	690,677	764,010
Overseas listed	45,594	45,005
	45,594	45,005
Total	1,233,704	1,356,523

10. Programme Related Investments

	Market value				Investment	Market value
	2021	Transferred	Drawn	Repaid	gain/(loss)	2022
	£'000	£'000	£'000	£'000	£'000	£'000
Market value
Equity investments	1,893	-	-	-	-	1,893
Fixed income investments	6,612	-	258	(1,122)	(604)	5,144
Alternative investments	11,699	-	4,066	(4,885)	(85)	10,795
	20,204	-	4,324	(6,007)	(689)	17,832

Reconciliation of book cost to market value has not been disclosed as the market value of the portfolio is not materially different from cost.

Alternative investments comprise land, social investment funds and partnerships, and quasi-equity investments.

At the year end £5.0m (2021: £6.1m) of programme related investment had been committed but remained undrawn, and a further £1.7m (2021: £3.2m) was approved subject to agreement of terms, making a total promised of £6.7m (2021: £9.3m).

Programme Related Investments approved in the year are listed on pages 27, 35 and 44 in the Annual Report accompanying these accounts, and are referred to as Social Investments.

Domicile of investment holdings is determined by the place of listing of the fund vehicle not of the underlying securities held therein.

A Sector Fit for the Future

Home Overview

A Fairer Future Creative, Our Natural Confdent World Communities

TASK Fund

Trustees’ Report

Accounts

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

11. Mixed Motive Investments

	Market value		Sale	Investment	Market value
	2021	Purchases	Proceeds	gain/(loss)	2022
	£'000	£'000	£'000	£'000	£'000
Market value	-	217	-	(12)	205
	-	217	-	(12)	205

At the year end £0.8m (2021: £0) of mixed motive investments had been committed but remained undrawn.

Mixed motive investments approved in the year are listed on page 44 in the Annual Report accompanying these accounts, and are referred to as Impact Investments.

12. Debtors

12. Debtors
	2022	2021
	£'000	£'000
Accrued grant income	340	-
Prepayments and other debtors	205	199
As at 31 December	545	199

13. Creditors: amounts falling due within one year

		2022	2021
		£’000	£’000
Grant commitments		31,226	30,715
Accruals		268	150
Trade and other creditors		63	28
Commitments due under fnance leases Commitments due under joint funder initiative		3 1,008	3 -
Deferredgrant income		222	-
As at 31 December		32,790	30,896
	14. Creditors: amounts falling due after one year
		2022	2021
		£’000	£’000
	Grant commitments	24,009	27,816
	Commitments due under fnance leases Deferredgrant income	9 222	12 -
	As at 31 December	24,240	27,828
15. Provisions
		2022	2021
		£’000	£’000
As at 1 January		70	70
Charge for theyear		-	-
As at 31 December		70	70

The provision relates to possible future liabilities arising from contracts entered into by the Foundation.

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview A Fairer Future Creative, Our Natural Confdent World Communities

Esmée Fairbairn Foundation Annual Report and Accounts 2022

16. Reserves

16. Reserves
	2022	2022	2022	2021
	£’000 Unrestricted	£’000 Restricted	£’000 Total Funds	£’000
As at 1 January	1,445,829	-	1,445,829	1,142,354
Net income	(178,098)	575	(177,523)	303,484
Other recognised losses	-	-	-	(9)
Transfer between funds	575	(575)	-	-
Net movement in funds in theyear	(177,523)	-	(177,523)	303,475
As at 31 December	1,268,306	-	1,268,306	1,445,829

All unrestricted funds held by the Foundation are available to the Foundation to apply for the general purposes of the Foundation as set out in its governing document.

18. Related party transactions

The following trustees have a controlling involvement or significant influence with the organisations listed below, to which the Foundation has awarded funding in the year. In all cases the individuals were not involved in decisions to make the award or in the direct management of the award.

Professor Claire Alexander is Trustee of Stuart Hall Foundation which was awarded a grant of £195,444 in February 2022 which was paid £64,548 in April 2022 and £65,148 in April 2023.

Professor David Hill is Trustee of The Food, Farming and Countryside Commission Ltd which was awarded a grant of £60,000 in July 2022 which was paid in August 2022, was awarded a further grant of £30,000 in September 2022 which was paid in April 2023, and was awarded £1,250,000 in December 2022 and paid £800,000 of this in April 2023. The Food, Farming and Countryside Commission Ltd was awarded £2,454,972 in April 2020 the final payment of £748,852 on this award was made in August 2022. The Food, Farming and Countryside Commission Ltd was awarded £33,650 in December 2021 which was paid in January 2022.

Joe Docherty is Chair of The University of Durham which was awarded £166,900 in February 2022 which was paid £103,100 in July 2022.

17. Operating leases

At year end the Foundation had lease agreements in respect of property for which payments extend over a number of years.

Total future minimum lease payments under non-cancellable operating leases for	2022	2021
each of the following periods:	£’000	£’000
Not later than one year; Later than oneyear and not later than fveyears	248 -	661 237
Total future minimum lease payments under
non-cancellable operating leases	248	898

Our Natural World

A Sector Fit for the Future

Funding in Partnership

Home Overview

A Fairer Future Creative, Confdent Communities

TASK Fund

Trustees’ Report

Accounts

Esmée Fairbairn Foundation Annual Report and Accounts 2022

19. Reconciliation of net income to cash flow from operating activities

	2022 £’000	2021 £’000
Net (loss)/income for the reporting period	(177,523)	303,475
Depreciation charge for the year	86	124
Loss on disposal of tangible assets	-	9
Finance lease commitment	-	16
Losses/(Gains) on investments	140,310	(356,844)
Income from investments	(6,207)	(4,519)
Increase in debtors	(346)	(4)
(Decrease)/increase in creditors Cash outfow to programme related investments Cash infow from programme related investments	(1,691) (4,324) 6,007	7,350 (4,741) 3,024
Increase in programme related investments provisions Cash outfow to mixed motive investments	689 (217)	315 -
Losses on mixed motive investments	12	-
Net cash used in operatingactivities	(43,204)	(51,795)

20. Events after the end of the reporting period

There are not events to note.

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Accounts

Home Overview

A Fairer Future Creative, Confdent Communities

Trustees’ Report

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Trustees, Senior Management Team, Committees and Advisers

Trustees

Beatrice Hollond Chair (from 01.11.2022)

Professor Claire Alexander Edward Bonham Carter

Tom Chandos

Joe Docherty

Flora Fairbairn

John Fairbairn

Professor David Hill CBE

Kate Lampard CBE

Dame Stella Manzie CBE (to 01.03.2022)

Sir Jonathan Phillips (Chair – to 31.10.2022)

Eleanor Updale

Dr Wanda Wyporska

Senior Management Team

Committees

Dame Caroline Mason CBE Chief Executive James Wragg Chief Operating Officer Matt Cox Investment Director

Audit and Risk Committee Chief Executive Professor David Hill CBE James Wragg Chair Chief Operating Officer Professor Claire Alexander Matt Cox (from 15.12.2022) Investment Director John Fairbairn Gina Crane Director of Communications Dame Stella Manzie CBE and Learning (to 01.03.2022) Veda Harrison Finance and Administration Director – Creative, Confident Committee Communities (and A Fairer Future – to 30.04.2023) Beatrice Hollond Chair (from 01.11.2022) Catherine Hillis Director – A Fairer Future Tom Chandos (from 01.05.2023) Edward Bonham Carter Liam McAleese (from 06.02.2022) Director – Our Natural World Professor David Hill Sharon Shea (from 06.02.2022) Director of Portfolio (to 13.05.2023) Sir Jonathan Phillips A full list of staff can be found (Chair – to 31.10.2022) on the website.

Investment Committee Edward Bonham Carter Chair (from 01.11.2022)

Beatrice Hollond (Chair – to 31.10.2022) Tom Chandos Joe Docherty

Dame Caroline Mason CBE Jason Mitchell (Co-opted member) Gautham Radhakrishnan (Co-opted member) Peter Readman (Co-opted member – to 01.03.2022) Nominations Committee Beatrice Hollond Chair (from 01.11.2022) Edward Bonham Carter John Fairbairn

Kate Lampard CBE

Advisers

Auditor KPMG LLP 15 Canada Square London E14 5GL Solicitors

Berwin Leighton Paisner Adelaide House London Bridge London EC4R 9HA Veale Wasbrough Vizards LLP 24 King William Street London EC4R 9AT Bankers Royal Bank of Scotland plc London Victoria (A) Branch 119/121 Victoria Street London SW1E 6RA

Investment Advisers Cambridge Associates Ltd Cardinal Place 80 Victoria Street London SW1E 5JL

Custodian

JPMorgan Chase Bank, N.A. 25 Bank Street Canary Wharf London E14 5JP

Sir Jonathan Phillips (Chair – to 31.10.2022)

A Fairer Future

Creative, Confdent Communities

Our Natural A Sector Fit World for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Our History

In 1961 Ian Fairbairn, a leading City figure, decided to endow a charitable foundation with the bulk of his holdings in M&G, the company he had joined some 30 years before.

M&G was a pioneer of the unit trust industry in the UK. It grew out of Ian Fairbairn’s determination that investments in equities, previously the preserve of the affluent, should be available to all – giving everyone the potential to own a stake in the nation’s economy.

His purpose in establishing the Foundation was two-fold. In the interests of wider prosperity, he aimed to promote a greater understanding of economic and financial issues through education. He also wanted to establish a memorial to his wife, Esmée, who had played a prominent role in developing the Women’s Royal Voluntary Service and the Citizens Advice Bureau. She was killed in an air-raid during the Second World War. Prior to Ian’s death in 1968 he indicated that the Foundation should support a broad range of charitable purposes.

Esmée Fairbairn’s sons, Paul and Oliver Stobart, also contributed generously to the Foundation established in their mother’s memory.

In 1999 the Foundation sold its holding in M&G as part of the company’s takeover by the Prudential Corporation plc. As a result, the Foundation’s endowment grew significantly in value as did the size and scope of the grants it was able to make.

Today, Esmée Fairbairn Foundation is one of the largest independent funders in the UK.

TASK Fund

Home Overview A Fairer Future Creative, Our Natural Confdent World Communities

A Sector Fit for the Future

Trustees’ Report

Accounts

Funding in Partnership

Esmée Fairbairn Foundation Annual Report and Accounts 2022

Photo credits

Esmée Fairbairn Foundation

210 Pentonville Rd London N1 9JY

020 7812 3700 info@Esméefairbairn.org.uk

@EsmeeFairbairn www.esmeefairbairn.org.uk Registered charity 200051

Cover: Nature North © Ellie Sherlock, Upper Tay Catchment Communities © Perth and Kinross Countryside Trust, Marsh Frit © Argyll and the Isles Coast and Countryside Trust, Odyssey © Earta Johnson, © Utopia Theatre, © Repowering London, Farm walk © Chloe Edwards, © Northern Roots, © Articulate Cultural Trust, Hen Harrier © Andy Hay Page 3 © Northern Roots Page 12: © Repowering London Page 15: People’s Plan for Nature © WWF UK Page 16: University of Derby Theatre © Chris Wood, © Graeme Braidwood

Page 19: © Utopia Theatre Page 36: © Ulster Wildlife Trust Page 20: © Articulate Cultural Trust Page 38: Upper Tay Catchment Communities © Perth and Kinross Page 21: Company Three Countryside Trust © Simon Chue Page 39: Stock image Page 22: © The 4Front Project Page 40: Sustainable Food Trust Page 23: Odyssey © Earta Johnson © Chloe Edwards Page 24: Birth Companions Page 41: © Argyll and the Isles Coast © Simon Rawles and Countryside Trust Page 25: © Leap Sports Scotland Page 42: Nature North Page 26: © Citizens UK © Ellie Sherlock, © Helena Dolby, © David Morris, © Andy Hay Page 28: © Repowering London Page 47: © Museums Association Page 31: Bunker of Zion by John Pfumojena © JenFoto Page 32: © AudioActive Page 34: ©Theatr Clwyd, RIDE (2022) – ZoieLogic Dance Theatre © Cave & Sky Page 35: © Northern Roots

Design: Steers McGillan Eves

A Fairer Future

Creative, Confdent Communities

Our Natural World

A Sector Fit for the Future

Funding in Partnership

TASK Fund

Trustees’ Report

Accounts

Home Overview

2022-12-31-accounts

Esmée Fairbairn Foundation Annual Report and Accounts

Contents

Overview

Chair’s Statement

Chief Executive’s Report

Chief Executive’s Report continued

Funding Framework

This report reflects how our funding fits our strategy, which we updated in July 2022 following a review of our strategy for A Fairer Future.

Impact goals by 2030

Aims

Our Natural World

Funding in partnership

Social Investment[5]

Impact Investment[6]

Investments are listed on page 44.

£1,000,001+

Using all our Tools

Tools

£743k Total 2022

Funding Plus

Social Investment

Sustainable Investing

We invest in order to finance our charitable work.

Diversity, Equity and Inclusion

Climate Change

In everything we do, we are committed to addressing the causes and impacts of Climate Change.

A Fairer Future

A Fairer Future

Grants and social investments[15]

~~Main grants~~

Impact goal

A Fairer Future grants

174 Trust The Duncairn

42nd Street

Access All Areas

Black Lives in Music

Comic Relief

Graeae Theatre Company

Ideas Test

People’s Palace Projects

PHOTOVOICE

A Fairer Future grants

Rich Mix Cultural Foundation The National Theatre Of Wales

Theatre Royal Stratford East

Utopia Theatre

~~Utopia Theatre~~

A Fairer Future grants

Alliance For Inclusive Education

Articulate Cultural Trust

A Fairer Future grants

A Fairer Future grants

The 4Front Project Ltd £240,000 (over 3 years)

The Difference Education Ltd £240,000 (over 2 years)

~~Boy, 17, on the work of The 4Front Project~~

A Fairer Future grants

The Mix

The Sutton Trust

Unlock

~~University of Derby Theatre~~

A Fairer Future grants

~~Birth Companions~~

A Fairer Future grants

Circles South East

Fylde Coast Women’s Aid

Karma Nirvana

LEAP Sports Scotland

Saheliya

Tender Education And Arts

A Fairer Future grants

Migrant justice

Citizens UK

Compass Collective

Ecpat UK

~~Citizens UK~~

A Fairer Future grants

GIRLDREAMER LTD

A Fairer Future social investments

Esmée Fairbairn Foundation Annual Report and Accounts 2022 Creative, Confident Communities

Creative, Confident Communities

Main grants

Utopia Theatre

Boy, 17, on the work of The 4Front Project

University of Derby Theatre

Birth Companions

Citizens UK

Fauna & Flora International

Empty Homes Agency

Arts at the Mill (The Old Courts)

Pesticide Action Network (PAN UK)

Sustainable Food Trust