Directors Report and Accounts 2021/22 - Report - Page 7
ANNUAL
GENERAL MEETING
We held our Annual General Meeting (AGM) online for the
second year running, on Friday 11th March.
anticipate may not be repaid. We concluded the year with
substantial bad debt provisions and almost £1.7m of reserves
in place.
“Our charity Shared Interest Foundation had a good year of
delivery and was able to designate some of its own funds to
specific projects at the year-end.”
“Sustainable Development Goals (SDGs) continue to be
over 100 members as she gave her opening speech saying:
read our Social Accounts report available on our website.
“It is a delight to see so many of you with us today. Thank you
for joining us and showing your unwavering support. In fact,
“In January, we gained a deeper understanding of our
it has been inspiring to see the resilience and commitment of
members’ views at a series of workshops organised as part
everyone involved in Shared Interest throughout the past 12
of our strategic review process. We will share more details in
months. As a membership organisation, shared purpose has
summer as we develop our strategic plan.
always been at our heart, and this sense of community has
never felt stronger.
“Our charity, Shared Interest Foundation, implemented a
variety of projects over the last year, including beekeeping
work, and in particular my fellow Joint
that role after Martin Canning stepped down
feel we can make most impact. If you are interested in learning
more about how we embed these goals in our work, please
Could I thank all Council members for their
Moderator, Katherine Wyatt, for fulfilling
extremely important to us, with five goals in particular where we
Shared Interest Chair of the Board, Mary Coyle, welcomed
EXCERPT FROM
MODERATOR’S REPORT
OTHER FINANCIAL
POINTS INCLUDED:
• Interest earned on deposits steady at £50k
from it a year ago. I would like to record our
appreciation for the contributions of Kate
Roberts and of Andy Normandale, who end their
time on the Council at this AGM, after six and
three years’ service respectively. Their input
• Cost of money borrowed reduced by £139k
has been much valued. During the past year,
• Bad debt cost £1,012k, a reduction of £154k
midst, and we look forward to the infusion of
to £94k
we have welcomed Shelagh Baird-Smith to our
• No proposed donation from Society to
new blood in the form of Theresa Black and
• Result is a small surplus after interest to
endorsement by members).
Foundation this year
David Fellows as from this AGM (subject to
“Although we continue to miss meeting you in person,
in Burkina Faso and product diversification into passion fruit
what technology has enabled us to do is to create an even
in Uganda and sesame in Nicaragua. In Ghana, women from
closer link with the farmers and artisans supported by your
a handcraft co-operative began growing vegetables without
investment. Today, you will hear more about the vital impact
the use of soil. Three ‘Growing Fairer Futures’ projects were
of our roles is that of a ‘ginger group’, stimulating
made on communities across the globe.”
undertaken in Ghana, Ivory Coast and Rwanda, supporting
discussion and change by bringing ideas to the
young people to manage their own cocoa or coffee farms. This
Board and management. We have also been
members (0.25%)
Council has been described as various things: one
Managing Director, Patricia Alexander echoed these
includes learning skills such as organic compost production as
Results of the postal ballot were confirmed during the online
called ‘the third eye’ of the organisation, keeping
sentiments, saying: “It is hard to believe that the last time
part of climate-smart agriculture practices.”
event. This included the election of Melissa Duncan and
it on mission; and ‘the heart’ of the Society too,
we were together physically was at our March 2020 AGM, two
years ago.
“THIS HAS BEEN AN EXCEPTIONAL 12 MONTHS
FOR SHARED INTEREST. WE HAD RECORD
INVESTMENT IN DIFFICULT CIRCUMSTANCES AND
OUR MEMBERSHIP CONTINUES TO BE INCREDIBLY
LOYAL. WE ARE ALSO EXTREMELY GRATEFUL
FOR THE COMMITMENT AND SUPPORT OF OUR
VOLUNTEERS, INCLUDING A GROWING NUMBER
OF THOSE IN TRANSLATOR ROLES.”
Managing Director, Patricia Alexander
Paul Valentin to the Board, together with the election of
reflecting the shared purpose members feel with
Finance Director Tim Morgan said: “The financial overview,
Theresa Black and David Fellows to Council. The following
the communities that we support through providing
given the circumstances, is of a strong year overall with a
resolutions were carried on the day with a significant
funding. We have aimed to fulfil those diverse
growth of £4.6m in Share Capital and an encouraging increase
majority (and this reflected proxy votes of members not
functions to the best of our ability, whilst being
in the number of Share Accounts (220).”
attending the online event):
representative of members’ views.
• Financial Accounts
Tim talked through progress made over the last five years and
• Social Accounts
Appreciation is due to those Shared Interest
the challenges of fluctuating exchange and interest rates. He
• Re-appointment of Auditor
members who volunteer - as ambassadors,
explained how this is due to the majority of investment being
translators, administration or community
in Sterling, and over 90% of our lending being made in other
Our Chair, Mary Coyle, closed the meeting, thanking retiring
supporters, data entry inputters, desktop or event
currencies – mostly US Dollars and Euros.
Non-Executive Directors, Paul Chandler and Martin Kyndt for
researchers. There has been a blossoming of
their help and support. Mary also thanked Kate Roberts and
online training conducted for volunteers and an
He said: “Our total income was £3.3m, which shows a slight
Andy Normandale for giving their time to serve on our Council
expansion in the range of activities they perform.
decline, partly driven by exchange rates as we have to borrow
over the years.
Volunteers’ willingness to make extra contributions
the majority of the currency that we lend. There has been a
to Shared Interest’s work is to be commended.
“In terms of lending, we continue to support a wide range of
reduction in running costs, due to a range of reasons such as
She closed with: “It has been a pleasure to connect with
products. Three-quarters of our finance is focused on coffee
limited travel during the pandemic, and bringing more marketing
you all online this morning. We hope to see you again at our
and cocoa, which is representative of the Fairtrade portfolio
activity online. We have a small surplus to add to our reserves
Supporter events taking place later this year. More details will
overall. Eight per cent of our lending supports handcraft
and more detail on this can be seen on page 9 of the Directors
follow in your Summer QR.”
organisations in communities where people may have no
Report and Accounts, available on our website.
alternative way of earning an income.
A Q&A session preceded the voting, with members posing a
“This year bad debt costs reduced and still compare
number of questions to the Board of Directors. Minutes of the
“Eighty-eight per cent of our lending supports farmers and
reasonably with similar lenders. The annual charge is
meeting are available on our website at
artisans directly and 12% supports fair trade buyers.
essentially a provision made for amounts owed to us that we
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