The Share Foundation: building an inheritance for young people in care REPORT AND FINANCIAL STATEMENTS 31 MARCH 2014 of The Share Foundation, the registered charity operating the Junior ISA scheme for young people in care on behalf of the Department for Education CONTENTS 5 DIRECTORS’ REPORT 18 INDEPENDENT AUDITORS’ REPORT 21 STATEMENT OF FINANCIAL ACTIVITIES 22 BALANCE SHEET 24 NOTES TO THE FINANCIAL STATEMENTS 30 LEGAL AND ADMINISTRATIVE INFORMATION THE SHARE FOUNDATION REPORT AND FINANCIAL STATEMENTS 2014 3 DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2014 UK Junior ISA data coverage The Board of The Share Foundation, who are the directors of the company for the purposes of company law, present their ORKNEY report and audited financial statements for the year ended SHETLAND 31 March 2014. EILEAN SIAR Data received Data received No data received MORAY ANNUAL REVIEW 2013/14 HIGHLAND ABERDEEN CITY The Share Foundation’s first full year of Junior ISA operations ABERDEENSHIRE ANGUS PERTH has seen over 50,000 looked after children and young AND KINROSS DUNDEE CITY people benefitting from the Junior ISA scheme, either with ARGYLL 1 INVERCLYDE AND BUTE 2 RENFREWSHIRE FIFE 3 EAST RENFREWSHIRE 4 GLASGOW CITY STIRLING 5 WEST DUNBARTONSHIRE 8 6 EAST DUNBARTONSHIRE an account or, for those reaching 18 but still eligible, with 7 NORTH LANARKSHIRE 8 CLACKMANNANSHIRE FALKIRK 5 6 EAST 1 EDINBURGH LOTHIAN 2 4 7 WEST LOTHIAN MIDLOTHIAN a cheque for £200. For a large scale partnership between NORTH 3 AYRSHIRE SOUTH LANARKSHIRE SCOTTISH BORDERS Government (Department for Education) and the voluntary EAST AYRSHIRE SOUTH AYRSHIRE sector, the Junior ISA has been implemented swiftly and NORTHUMBERLAND DUMFRIES AND GALLOWAY TYNE AND LONDONDERRY WEAR efficiently: indeed our main problem has been to attract DONEGAL ANTRIM DURHAM CUMBRIA media coverage which could help greatly with fundraising. TYRONE DOWN LEITRIM FERMANAGH ARMAGH ISLE OF NORTH YORKSHIRE man SLIGO MONAGHAN We are setting out to break the cycle of deprivation which CAVAN MAYO LOUTH EAST RIDING OF YORKSHIRE ROSCOMMON LANCASHIRE WEST affects so many young people with an insecure and unstable LONGFORD YORKSHIRE MEATH GREATER MANCHESTER SOUTH WESTMEATH MERSEYSIDE YORKSHIRE upbringing as a result of childhood and adolescence in care. GALWAY ISLE OF DUBLIN ANGLESEY FLINT- OFFALY KILDARE SHIRE CHESHIRE CONWY DERBY- LINCOLNSHIRE SHIRE NOTTING- DENBIGH- HAMSHIRE SHIRE It is a hugely ambitious project which involves not only WICKLOW LAOIS WREXHAM CLARE gwynedd STAFFORD- SHIRE CARLOW reaching across the United Kingdom but also engagement RUT- NORFOLK LEICESTER SHROPSHIRE -SHIRE LAND TIPPERARY KILKENNY WEST LIMERICK MIDLANDS WEXFORD with the young people themselves and securing additional NORTHAMP- CAMBRIDGE- TONSHIRE cere- WORCESTER- WARWICK- SHIRE degion powys SHIRE SHIRE WATERFORD SUFFOLK KERRY HEREFORD- BEDFORD- voluntary support to boost account values. This report SHIRE SHIRE CORK pembroke- carmar- thenshire BUCKINGHAM- shire GLOUCESTER- SHIRE monmouth- SHIRE ESSEX neath 4 shire HERTFORD- 2 SHIRE addresses these three areas; while much has been achieved, port 1 5 OXFORD- talbot 3 swansea SHIRE bridgend newport GREATER cardiff 1 rhondda cynon taf BRISTOL LONDON 2 merthyr tydfil vale of BERKSHIRE 3 caerphilly glamorgan there is still a long way to go. WILTSHIRE 4 blaenau gwent 5 torfaen SURREY KENT SOMERSET HAMPSHIRE WEST EAST SUSSEX SUSSEX DORSET DEVON ISLE OF WIGHT CORNWALL “Firstly, can I thank you for the Junior Isa investment ISLES OF SCILLY which is what responsible parents do for their children. CHANNEL ISLANDS FIGURE 1 I’m currently working hard at school and want to custom postcode maps by www.ukcountymap.co.uk get onto an apprenticeship in the building industry when I leave school. I’d like to do either bricklaying or plumbing. My keyworker tells me that I will need books, tools, work clothes and safety boots. He tells me that these things are expensive and I have decided to save for them now. Once I qualify, I want to set up my own business and become independent. I realise that all this will cost as well. These are the plans I would have for my Isa when it matures along with me at 18! Thank You for considering my proposition.” (Rochdale, age 16) FIGURE 2 THE SHARE FOUNDATION REPORT AND FINANCIAL STATEMENTS 2014 5 COVERAGE OF THE UNITED KINGDOM “Being awarded £1000 means more to me than you Figure 1 shows the roll out to local authorities throughout the United Kingdom. 100% coverage in England and Wales can ever imagine, it would be the start of my future as was achieved by July 2013 and, following representations a successful career minded young woman. The money to national assemblies, the remaining local authorities and would be used towards setting up my future as I’m health trusts in Scotland and Northern Ireland respectively passionate in perusing a career which involves helping are now in the process of complying with statutory guidance young offenders rehabilitate themselves. However I in order to supply data. also want to help and guide young people through We have undertaken 16 visits to local authorities over the adolescence. I’d do this by helping them through their past year, and met many of those working directly with difficulties such as: peer pressure, bullying, drug abuse young people in care. We are also making contact with and many more. In order to be able to do this I would virtual head teachers who maintain a mentoring and have to enrol on a series of courses such as youth work oversight role throughout the often very disrupted education level 3 or various introductory courses. These types of of these young people, and attended the virtual heads conference in Oxford in March 2014. courses are relevant as they will help me gain a better understanding and increase my knowledge, only by these courses will I be able to thoroughly learn how ENGAGEMENT WITH YOUNG PEOPLE IN CARE to approach different situations especially the ones Many of our key contacts at local authorities are data with difficult circumstances. It will also equip me with administrators due to the need to provide a regular flow of skills to communicate especially considering that every information as young people move in and out of care. It young person is different. Lastly, I would gain the gift to is therefore all the more important for us to build as many be able to build relationships with all types of teenagers relationships as possible with those working directly with and in the process I may even be able to get them to young people, and we are particularly grateful for ideas and suggestions for how the scheme can become more visible for trust & confide in me. I do have plans to go to university the young people themselves. next year to study criminology combined with criminal justice, but after I’d like to enrol in more courses but It is One such suggestion, from Sarah Sharples, a social worker not possible without the money. Thank you for taking in the London Borough of Greenwich, was the use of a leaflet as shown in Figure 2. Because e-mails often do not the time to read this.” (Milton Keynes, age 17) get forwarded for a variety of reasons, it was considered that a physical leaflet would connect much more efficiently. So we’ve sent 17,500 in March 2014, which are being supplied to all 15-17 year olds with Junior ISAs under the scheme. FIGURE 3 The profile of young people with Junior ISAs opened by The Share Foundation remains heavily weighted towards 20000 teenagers (see Figure 3). This is because children born 15000 between 1 September 2002 and 2 January 2011 will have Number of account 10000 a Child Trust Fund, and are therefore not eligible to have holders a Junior ISA as well. It means that the majority of our 5000 beneficiaries will reach adulthood over the next six years, and 0 it is particularly important that we do as much as possible to 1-3 4-10 11-14 15-17 help them get maximum benefit from the scheme over this Age short period. 6 THE SHARE FOUNDATION REPORT AND FINANCIAL STATEMENTS 2014 We have therefore introduced a number of initiatives over the past year to make the scheme come alive, particularly for “When I was very young I used to love creating new 15-17 year olds: things and come up with new ideas so much that [my] • Our £1,000 at 18 competition: we invite all 15-17 year career ambition was always to become a successful olds to provide up to 250 words via www.sharefound.org engineer, this has been the background all of my life setting out how they would make best use of £1,000 at 18, and I became to realise how interesting it could be. when they leave care. We have received several hundred I have therefor chosen to study civil engineering in entries already – on each page of this annual report there construction. The decision to study civil engineering as is an anonymised entry to the competition. We have so far made eight winning awards of £1,000 and ten runner- a college course to end up on university is one which up awards of £250 into these Junior ISAs chosen each I have spent a lot of time thinking about. After the month by a panel consisting of Ruth Kelly, Tracey Bleakley discussions with my friends and tutors I have decided (Chief Executive of pfeg) and Gavin Oldham. We are now that this is the right decision for me as although I am widening the competition with additional local prizes performing better academically in another subject, it is where philanthropists have enabled us to give the initiative in civil engineering that my real passion lies.