The Trustees present their annual report together with the financial statements of the Company for the year ended 31 March 2026. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Strategies for achieving objectives
The charity's objectives are, for the public benefit, to:
Advance the mental, physical and spiritual welfare of people of any age, background and nationality by providing funding to any person for any project or activity which embodies the spirit and leadership qualities of Sir Ernest Shackleton, in particular where their leadership brings benefit to the less advantaged.
Commemorate the life and achievements of Sir Ernest Shackleton by such means as the Trustees shall determine.
Advance the education of the public in any recognised academic principle that touches upon the life and achievements of Sir Ernest Shackleton, including but not limited to leadership, history, geography, geology, photography and climatology.
Advance such other charitable purposes as the Trustees shall in their absolute discretion determine. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
These objectives are achieved in the following ways.
In considering applications for grants, the Trustees consider carefully the public benefit aspect of every application, particularly in regard to the first objective of the Foundation – “…where their leadership brings benefit to the less advantaged in the UK”.
In making grants, or Shackleton Leadership Awards as they are styled, the Trustees are always mindful to ensure that there is a public benefit component.
During the year The Shackleton Foundation continued to focus the charitable grants on social entrepreneurs whose “big ideas” would benefit young people in the UK who face barriers to reach their full potential. The Trustees continued to look for suitable applicants who demonstrate the inspiration and commitment needed to really make a difference in their respective communities, and once selected they become Shackleton Leaders.
Across the UK, many young people aged between 0-25 face entrenched barriers to opportunity. Cycles of poverty, underfunded education, youth offending, unemployment and poor mental health persist - fuelled by systems that are often impersonal, outdated or broken. Yet within these communities, powerful, practical ideas for change already exist - often carried out by individuals with lived experience who are ready to lead. But these aspiring social entrepreneurs face a critical obstacle - the first mile.
The early stage of launching a social venture is likely to be the hardest - critically underfunded, often unsupported, and isolating, what the foundation call the 'first mile'. Other funders often shy away from unproven individuals or untested models, leaving transformative ideas stranded before they can make a difference. Without someone like the Foundation willing to take a chance on them, this potential to drive lasting change is lost.
Since the Foundation began in 2008 it has:
Awarded over £735,000 in seed funding and repayable loans.
Supported 74 Shackleton Leaders, with 84% of funded ventures (of those funded since 2015) active - a remarkable rate of longevity for early-stage social enterprises.
Contributed towards social change in: Life Skills and Employability, Education, Youth offending, Physical and Mental Health and Social Welfare.
Seen each Leader (since 2015) support an average of 1,600 children and young people in the three years post our award.
Helped ventures grow their turnover on average by 7x, three years on from receiving an award.
The Foundation has built a trusted, proven model and spent over 18 years refining how to find, fund, and walk alongside first-time social entrepreneurs - especially those with lived experience. The board of Trustees bring diverse skills and independent thinking, including appointing one of our Leaders to ensure they are at the heart of our approach.
During this financial year, the following individuals have become Shackleton Leaders;
Robert Dickinson started Croydon ParkBox in 2024. Set within the context of almost 1 million UK children not having a single book at home, only 25% of children playing outside regularly the cost-of-living crisis, he wanted to find a way for others to enjoy what Robert and his son did. Play, read, bond in public parks. Croydon ParkBox set up mini libraries with books, toys and sports equipment in Croydon's parks. In collaboration with The Shackleton Foundation, Robert launched a pilot scheme in Croydon to trial public ParkBoxes to test the sustainability, reach underserved young people with high quality resources and inspire a love of books and play.
Neurodivergent and a parent of a child with autism, Cynthia Lai founded Ella Support Loop to make the SEND (Special Educational Needs and Disabilities) system kinder, clearer, and easier to navigate for families, schools, and local authorities alike. She is driven by the fact that the current system is fundamentally broken, evidenced by the staggering 96% of SEND tribunals awarded in favour of parents, which wastes millions in public funds and leaves children waiting years for support. Cynthia believes that to achieve systemic change, we must see the problem through the shared lens of Ellas's partners: families, schools, and local authorities. As a community-powered initiative, Ella is co-created with these partners, not for them. Thanks to The Shackleton Foundation grant, Cynthia will be able to develop the tool with the aim of helping over 300 families in the first year and eventually expanding regionally and nationally.
Valerian Spicer, founder & CEO of Empower Box CIC, set up a social enterprise to empower adults and young people by developing their mental resilience, physical wellbeing, confidence and leadership skills through non-contact boxing programmes and certifications. Her mission is ‘to create a powerful global community where women and girls build strength, leadership and belief in oneself through boxing, and carry those qualities into every day life. Thanks to the Shackleton Grant, Valerian will deliver a year-long Girls’ Boxing & Mindfulness Programme for young women aged 13–25 in Tower Hamlets. The aim is to directly support up to 80 young women from disadvantaged communities to build lasting resilience and improve mental health.
The reserves policy and level of reserve requirement is reviewed regularly and as a minimum, on an annual basis at each year end. The trustees aim to hold reserves of between 3-6 months expenditure. The Foundation receives its principal funding from donations.
The Shackleton Foundation had no ongoing financial commitments as of 31 March 2026 beyond those liabilities disclosed in the balance sheet. The Trustees review the risks the charity faces on a regular basis and have procedures in place to manage those risks identified.
During the year, the Trustees considered the major risks to which the Foundation is exposed and the systems which it must mitigate them. The following areas of risk are considered most important:
Failure to achieve objectives; and
Failure to fundraise adequately to continue making awards
The Foundation has policies, procedures, and systems in place to address the identified risks.
The Shackleton Foundation is a registered charity (number 1118686), and is a private company limited by guarantee, (company number 6107694), incorporated and registered in England and Wales. The original governing document of the Foundation is the Memorandum and Articles of Association and the company was incorporated on 15 February 2007.
The Board of Trustees is entitled to appoint Trustees in accordance with the constitution.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The process begins by identifying the need for new trustees and agreeing the skills, experience and knowledge required. The trustees then develop a short role description and agree the recruitment process, ensuring it complies with the charity’s governing document. Potential trustees are attracted through appropriate channels and shortlisted against agreed criteria. Interviews are conducted fairly by a small panel, with preferred candidates progressing subject to references, vetting and approval by the full board.
Before appointment, candidates confirm they are eligible to act as trustees and declare any conflicts of interest. Where relevant, appropriate DBS checks are also carried out. Once approved, appointments are made in line with the charity’s governing document. New trustees receive a formal letter outlining their responsibilities and information pack, including introductions to trustees, staff and beneficiaries. They then attend their first board meeting and relevant organisations are notified of their appointment. The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of The Shackleton Foundationfoundation for the year ended 31 March 2026.
Having satisfied myself that the financial statements of the foundation are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the foundation financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the foundation as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
accounting records were not kept in respect of the foundation as required by section 386 of the Companies Act 2006.
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Shackleton Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Alexandra House, St Johns Street, Salisbury, SP12SB.
The financial statements have been prepared in accordance with the foundation's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The foundation is a Public Benefit Entity as defined by FRS 102.
At the time of approving the financial statements, the trustees have a reasonable expectation that the foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the foundation's balance sheet when the foundation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of employees during the year was:
Included within accrued income is £nil (2025 - £15,000) from The Bernard Sunley Foundation. This relates to a grant receivable which has been recognised this year and will be payable in tranches over two years.
Included within accrued income is £30,000 (2025 - £nil) from The Headley Trust. This relates to a grant receivable which has been recognised this year and will be payable in tranches over three years.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Mrs Charlotte Hatfield is a trustee of The Headley Trust (Charity number 266620) in which the foundation was awarded a grant of £45,000 in the year. There are no other disclosable related party transactions during the year.