Charity registrdtion number 1044940 Company registration number 02963378 (England and Wale8) SHEFFIELO FUTURES IA COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 •ADCITQNU' 2710912024 COMPANIES HOUSE A04
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees L Clewes M Harrison L Howard C HUmphY$ Z Hyatt E Willis S Wood N INoodhams M Hilton F Mowlana (Appointed 25 May 2023) (Appoinled 25 May 2023} (Appointed 10 April 2024) (Appointed 1 September 2024) Secretary A Morrissey Strateglc Leadershlp Team R D Silva Chief Executive Officer (appointed November 2023) Chief Executive Officer (resigned December 2023) Head of Delivery Operations Manager Finance and Compliance Manager Communications and 8usiness Development K Challis C Louca M Taylor A Morrissey K Sandamas Membern Sheffleld City Council The Sheffield College Charlty number 1044940 Company number 02963378 Reglgterod offlc• Star House 43 Division Street Sheffield S14GE Audltor Hart Shaw LLP Europa Link Sheffield Business Park Sheffield S9 1XU Bankers Royal Bank of Scotland 42 High Street Sheffield S12GE Solicitors Hemingway Solicitors Lirnited 11 Westboume Road Sheffield S102QQ
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees. report Independent auditorfs port 10-13 Statement of financial activities 14 Balance sheet 15-16 Statement of cash flows 17 Notes to the financial statements 18-36
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Foreword - Chair of the Board of Trustees Sheffield Futures is a young people's charity which aims to assist young people in achieving their full potential by providing youth focused. employability and mental health and wellbeing support to those who need it most. Vve continue to deliver high quality, imaginative and impactful services for people in our city. whilst still feeling and seeing the ongoing negative impacts that the pandemic and unprecedented increases in the cost of living continue to have on young people's wellbeing. We have further consolidated our leadership team and contlnued to recruit new trustee$ with valuable skills and perspectives who can help us take the charity into a new and exciting era. On behalf of the Board of Trustees, and particularly after a year that has been challenging for many of our colleagues, partners and supporters, I would like to take this opportunity to thank all our partners, supporters and funders for their continu8d contribution to and involvement in our work, and to offer a hugo thank you to all our staff and volunteers for all the faniastic work they do. Chris Humphreys, Chalr of the Board of Truste•s Our purp08e Aims and objectlves The aims of our charity are enshrined in our charitable objects, as set out in our Memorandum and Articles of Association as follows.. The advancement of education through the provision of careers guidance and advice on the choices and opportunities in education, training & employment available to all persons undergoing full time and part lime education whether in secondary schools, grant maintained schools or independent schools and in further and higher education institutions. The provision of careers guidance and advice on the choices and opportunities in education training and employment to people with disabilities,. The advancement of the education of all persons by the provision of primary, secondary and further education and the provision of training, organised leisure time, recreation and social and physical training and by the provision ol advice. guidance, infomiation, support and mentoring., To promote our charitable purpose and in particular charitable Purposes directed to the benefit of people suffering through unemployment, the advancement of education and the relief of poverty. Despite and because of the ongoing challenges to young people, our purpose remains the same. Sheffield Futures is a charity providing employability and well-being support for those who need it most. with a focus on young people up to 25 years old living in Sheffield. It is our mission to support, equip and empower people and communits'es in Sheffield to achieve their full potential in leaming, employment and life to secure a positive future. Our vision is that all people and communities in Sheffield are supported and equipped with the means to achieve their full potential in life. Prlnclpal actlvltle8 Our principal activities and interventions are= Supportsng individuals to manage their mental health and wellbeing, branded as Door43. During the year we have reappraised youlh Vrk intepientions and these are now firmly based within the wellbeing offer ofthe charity.
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Delivering careers and employability to help people enter and progress in the labour market, focusing on young people pre 16 in schools and post 16 supporting those who are mo¥1 vulnerable in the labour market. Our charity operates a tlexible model that ensures the needs of young people are met effectively. To achieve this.. We build effective partnerships with national commissioning bodies, being highly successful in bidding for European Social Funds which have enabled the delivery of employability programmes until December 2023. We work closely with local organisations to fund our wellbeing services. including Door43 in Star House in the city centre, and in local communities through GP surgeries. We deliver professional Careers Guidance Ser4ices in schools throughout the crty. being the largest provider of a pre-16 Career Development offer in Sheffield. We target communities most in need, providing an effective youth service in a ward with one of the highest levels of deprivations In the city. We support colleagues in the third sector, operating as an effective charity to campaign lor and give voice to the needs of disadvantaged young people in the city - those who are unemployed,. care leavers. those at risk of poverty. Every year, Sheffield Futures produces an Impact Report for stakeholders which provides evidence of our annual achievements ofwhich we arejuslifiably proud and which provides a context to our financial accounts. We remain in a period of strategic change following the insourcing of services by Sheffield City Council in October 2020 and two years of a global pandemic. Our Board of Trustees recognises that these achievements, and this transformation requires investment, which is feflected in our planned year end position. Statement of publlc benefit Our Trustees have complied with their duties in accordance with The Charities Act 2011 to follow the Charity Commission's guidance on the operation of this public benefit. Our future plans Vle continue to operate in the framework of our vision, mission and purpose and build on our incredible impact as well as the changes that were made to our Strategic Leadership Team18st year. le are in the last year of our current three-year Strategic Plan and have strengthened the delivery accountability through our team leader led annual service delivery plans, and an ongoing individual process of target setting (Performance Development Review) to create a golden Ihread of Corporate -Team- Individual. All of our services and projects will work with young people and adults to have a demonstrable impact against one or more of these goals, delivered by 2025.. V41hat we do is clear to those who work for us, with us, use us and fund us Our support is developed lo include more people who need our help We use what we have - our influence. our buildings and our money - responsibly and well We are the kind of employer people want to work for To achieve these goals we have revised our corporate structures, with a stronger emphasis on compliance to maximise our income and business development to increase our charitable profile as well as developing new channels of income whilst continuing to reduce costs.
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reducing costs will remain a.focus of attention to ensure we have a cost-effective infrastructure, and, building on Our achievement in 2022123, we will continue our investment in Star House as a space for young people across the city. Our priorily will be to secure replacernenl funding for European Social Funds. which ceased in December 202 3, to fund our well regarded, impactful employability offer, and to increase the breadth and coverage of our mental health and wellbeing offer, Door 43. to meet the increased demand from young people Ive recruited a new Chief Executive Officer in November 2023. helping us to create a seamless handover with no loss of momentum. Flnanclal rovlew 2024 2023 (as restated Income generated in the year Expenditure againsl income Resulting in a net deficit Actuarial gain on defined benefit pension scheme 1,425,920 2,235,304 1809,384> 262,000 1,801,181 2,472.014 (670,8331 567.000 The net loss for the year was £809k before pension adjustments. The overall pension liability has decreased in the year to a nil position (2023: £242k deficit). This reflects changes in actuarial assumptions in Note 16. Total lunds as at 31 March 2024 was a surplus of £3,458k12023 as reslaled.. £4,005k). Excluding pension funds, reserves were a surplus £3,458k (2023 as reslated.. £4,247k). The trustees consider the overall reserves position to remain strong. Cash reserves remain healthy at £2,085k (2022.. £2,747k). At over £2m, cash resenrfes are in eX$S of the trustees, reserve5 policy lo hold as a minimum 3 months full forward expenditure. The trustees therefore consider the current cash resep4es position lo remain strong. Operatlng perforniance Overall contract income increased by £86k in this financial year to £541 k. During 2023124 we have continued to successfully deliver across a range of funded multi-year grant awards, representing approximately 330h of turnover in 2023124. The funding grants were received from a wide variety of funders including Primary Care Neiworks {£285k). New grants included the Mental Health Hub (£24k) and UKSPF {16K). The last of the funding from the European Social Fund- Feel Well, Work Well (£85k). Other income decreased by £180k which is mainly due to 2023 figures including £70k profit on investment {re Project Apollo Limited), £64k donation from Project Apollo Limited and a c£38k reduction in rent received from Sheffield Cily Council as they vacated floor 2 in October 2023. Pension: South Yorkshire Pension Authority The defined benefit pension scheme valuation has resulted in a scheme asset. This has been assessed alongside our other nel assets and there is no significant effect lo the overall balance sheet position of the charity. This has been restricted to nil and not recognised on the balance sheet due to future reductions in pension payments being uncertain and therefore not meeting the recognition criteria of FRS102. Our Governance Arrangements Sheffield Futures is a charitable company limited by guarantee which was incorporated on 31 August 1994 (Company registration number.. 02963378)., and registered as a charity on 14 March 1995 (Charity registration
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 number., 1044940). The registered office is Star House, 43 Division Street, Sheffield S1 4GE. The charitable cornpany was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charitable company being wound up members are required to contribute an amount not exceeding £1. As a company limited by guarantee, the charitable company has mernbers in the place of shareholders. The role of the membership is to safeguard the business of the charitable company as defined in the memorandum of association. This activity is transacted in accordance with company law which stipulates due process and procedure. The current membership of the charitable company comprises Sheffield City Council and The Sheffield College. Both member organisations have one representative each and representstives are also trustees. Declaration of interests are made at the start of each meeting The trustees are confident that no excess influence has been applied by any of its members. The Trustees and Management structure Sheffield Futures is controlled by a Board of Trustees. Trustees are also directors for the purpose of Company Law. Our Articles of Association allow for between 4 and 14 trustees al any one time. The term Ihat Irustees can serve is not time limited. The trustees have responsibility for the sole and entire management of the business of the charity. The day to day running of the charity and the exercise of executive responsibility is delegated to the Chief Executive Officer. Trustees are a group of volunteers with expertise in a wide range of fields. The Board of Trustees fomally meets six times per year to monitor and review serlice delivery and agree areas of policy. The trustees receive a range of reports and presentations at formal Board meetings to keep them well informed about the work of Sheffield Futures. Between formal Board rneetings, a number of Board workshops are scheduled each year where trustees can consider and advise on individual service delivery and developments area in more depth. Trustee learning workshops are also provided where required. Trustees also engage with the charity, staff and volunteers in wide variety of ways throughout the year - including supporting new initiatives and visiting projects,. and acl as champions across a range of key areas- including Health & Safety and Quality & Impact. We have a trustee with lead responsibility for safeguarding. Names of Sheffield Futures trustees who served during the 2023124 period, as well as the name of the Chief Executive Officer, other members of the Senior Leadership Team, and other relevant people and organisations are detailed on the Legal and Administrative Information page. The trustees, who are also directors for the purpose of the company law. and who serrfed during the year and up to the date of signature of the financial statements were.. L Clewes DFOX M Harrison L Howard C Humphreys Z Hyatt E Willis S Wood N Woodhams M Hilton K Ball K Hardy F Mowlana (Appointed 2510512023) (Appointed 2510512023) (Appointed 1010412024) (Resigned 2710912023) (Resigned 3011112023) (Appointed 0110912024) On appointment, trustees undertake an induction programme and undergo a structured introduction to the operation of the charity. They also receive a Trustee Pack to familiarise thern with the work of Sheffield Futures, and their roles and responsibilities as a trustee. The Board of Trustees carries out a Board review on an annual basis.
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees are invited to complete an annual skills audit, and development opportunilies are provided where gaps in skills have been identified. Sheffield Futures aims to ensure a Board reflecting both the local population and the skillset required for strong governance. Following a targeted recruitment dnve starting in 2014. over 500h of trustees are women and we continue to work on recruiting trustees from a diverse and representative backgrounds. Two Board positions are offered to young people who have been recipients of our seprfices in the past, appointed through the nomination process recommended and enacted by our panel of Young Advisers. Trustees are recruited for their skills and experience in the areas of children and young people, and in business. They are sought in a variety of ways including, but not limited to, specific recruitment and advertising, hosted events, and through attendance at network meetings. The members, in accordance with the Memorandum and Articles of Association, select the trustees. In addition to their duties as trustees, Board members are responsible for developing new external relationships and building on positive working partnerships for the charity. Sheffield Futures operates a Conflicts of Interest policy. Conflicts of interest are made and recorded at the start of every formal meeting. The Board of Trustees currently has one sub-committee - The Audit Committee. This ensures the adequacy of internal controls, reviews the management of risk within Sheffield Futures, and monitors the relationship with the external auditors. The committee also retains an overview of the strategies, policies and operations of Sheffield Futures to ensure effective management of the charitable company's financial resources. The role includes recommendations to the Board of Trustees for the formal approval of the Annual Report and Accounts. The Audit Committee meets quarterfy. minutes are circulated to the full Board. and decision making is escalated to the full Board for approval where required. Slrategy and declslon maklng proce$s•8 The Board of Trustees and Senior Leadership Team agree our organisational strategy The Senior Management Team - in agreement with the Board of Trustees - also produces an annual plan identifying vision for the year ahead. highlighting key targets and developmenl goals over the period. Progress against this plan is measured on a frequent basis by Senior Leadership through meetings lo review budgets, contract management processes, new and on-going business development matters, and recommendations which are presented to the Board Each service area produces an annual delivery plan taking account of contractual requirements. Decision making is delegated to services and tearns. and performance management meelings lake place for each Service area to enable Senior Management to provide a support and challenge function and close monitoring and review of progress to date. This process is informed by Ihe relevant service level data. Trusl•es' Responslbllltles Statement The Trustees (who are also directors of Sheffield Futures for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare financial statements in accordance with Uniled Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), induding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are salisfied that Ihey give a true and fair view of the stste of affairs of the charilable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. Select Suitable accounting policies and then apply them consistently., observe the methods and principles in the Charilies SORP {FRS 102)., Make judgements and accounting estimates that are reasonable and prudent.,
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 State whether applicable UK Accounting Standards have been lollowed, subject to any material departures disclosed and explained in the financial statements., Prepare the financial stalemenls on Ihe going conrn basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose viith reasonable accuracy at any time the financial position of the charitable company and enable them to ensure Ihat the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. The Trustees confirm that.. So far as each Trustee is aware, there is no relevant audit informalion of which the charitable company'5 auditor is unaware., and The Trustees have taken all the sleps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. The Trustees are responsible for the Maintenan and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Trustees confirm Ihey have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity'8 aims and objectives and in planning future activities. R18k management The Board oversees all risks annually, particularly those of a strategic nature, and is supported in this by the Audit Committee through which the assessment of operational risk is delegaled and reviewed quarterly. The key risks facing the organisation have been identified in a Risk Register. Risk management is embedded throughout the organisation, led by the Chief Executive and senior leaders, who obtain detailed risk profiles from service managers followin9 local reviews of processes. The results and recommendations from these reviews are provided to the Audit Committee for presenting lo the full Board. Prlnclpal rlskg and uncertalntles As with many charities at the current time, sustainability ofour organisation remains a key challenge. We continue to balance our income targets so that we achieve a varied portfolio of funds providing excellent services and make strategic investmenls and funding decisions to balance risk. Each funding opportunity is carefully considered against our core criteria of financial. operational and strategic risk. Wrth our main contract with Sheffield Clty Council having ended, our charity has struCtUred into a much smaller organisalion with a refreshed focus. An initial eighteen month transformation programme has been delivered and our Board of Trustees continue to approve investment that ensure long-term sustainability,. and we are fortunate to have healthy reserves and a city-centre asset - Star House. We are making robust plans where possible, funding opportunities for charities continue to reduce for our sector particularty unrestricted funding., and there is also increased competition. As such, we plan to continue to sustain ar develop new partnerships across the public, charity and private sectors. Internal control and rlsk management
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees have overall responsibility for ensuring that the charity has appropriate systems of controls, financial and otherwise. The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misslatement or loss. They include.. A company business plan and an annual budget approved by the Trustees Regular consideration by the Trustees of financial results and variance from budgets Delegation of authority Appointment of intemal audltors Identification and management of risks. Risk managers are charged with responsibility for ensuring mitigating action is undertaken to protect the charitable company against all identified risks, with priority given to the highest scoring, biggest impact risks. The trustees are of the opinion that sufficient procedures, intemal controls and systems are in place to mitigate the highest impacl risks faced by the charitable company. Flnanclal rlsk management objectlves and pollclos All charities consider the effective use of ils financial instruments to manage Its financial nsk. The stability ol our future income will be a key factor in the health of the charity. The general economic climate and loss of a major source of income will change the activities delivered. Our analysis of our policies and objectives will remain aligned with the overall strategic direction of the charity. Imth current sufficient resep4es in excessive of the current policy of 3 months reserves, we are in a place to continue to manage our liquidity, whilst still ensuring that we invest the highest levels of funding into front line service delivery. The Board. in consultation with the Senior Leadership Team are exploring opportunities to develop our effectiveness in the following key areas- Interest rate rlsk The charity does not have any material borrowings other than creditor balances that are normal in the process of operating any organisation. Therefore interest rale risk is mitigated and further lending will only occur with the strictest scrutiny of our Board. The FRS102 pension deficit interest risk currently identified will also significantly decrease in future years following the changes in the pension liability following the transfer of the Youth Services contract. Liquidity risk The charity seeks to manage its financial risk by ensuring by ensuring that we have the right level of liquid funds to meet expected lulure cash oufflows. Cash is invested into low risk financial holdings. typically associated with banks. Insurance effected for Trustees The charity company has purchased insurance for the trustees of the charity against liability arising for negligence in relation to the charitable company, as permitted under the Companies Act 2006. Reserves The charity reserves policy makes provision to retain a minimum of three months of normal operating cost5. This should be sufficient to fund any planned and unforeseen falls in the short-lerm working capital needs between major strands of contract income. Included within the total reserves in the prior year is the FRS 102 defined benefit pension scheme deficit valuation. This figure is based on actuarial assumptions of the liability following the tri-annual valuation. In the current year the valuation identified a scheme asset which has not been recognised in the financial statement in accordance with FRS102 due to the uncertainty of future reductions in pension payments.
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees continually review the appropriateness of our reseprfes policy on an annual basis. Our policies and standards Sheffleld Future8 pay pollcy In setting overall pay levels for our staff, Sheffield Futures takes account of pay practice in other similarly sized charities and, where necessary, private sector organisations for specialist and technical roles. We aim for a sustainable and consistenl pay policy which meets the needs of our organisation and is supported by a robust performance management process for all employees in the organisation. sheffld Futures has applied for accreditation with the Living Wage Foundation. Pay polley for Senior Management The pay of the senior staff 18 reviewed annually and any in¢ase9 in remuneration are in line with increases applied lo the pay scales used for other staff within the organisation. As part of the Sheffield Futures terms and conditions of employment. the organisation has agreed a locally defined approach to pay scales that are benchmarked against organisations of a similar size and sector. Performance managoment The organisation has robust policies and procedures in place lo address individual performance concerns and all staff receive regular feedback on performance via regular Performance Development Reviews. Standards of behaviour are clearly expressed in the Code of 8usiness Conduct and any failure to adhere to these is appropriately addressed. Certificatlons Sheffield Futures works lo the folloviing standards and certificalions.. The Code of Fundralslng Practlce outlines the quality and legal standards expected of all charitable fundraising organisations across the UK. Sheffield Futures, fundraising approach is governed by the Sheffield Futures fundraising policy, which includes both the charity and anyone acting on its behalf, either as a voluntary fundraiser or commercial support The policy stales that Sheffield Futures adheres to all standards expected of charitable fundraising organisalions across the UK, made clear in the Code of Fundraising Practice. Sheffield Futures subscnbes to the Fundraising Regulator, which stands for best practice in fundraising, to protect donors and 5UPPOrt the vital work of fundraisers. There have been no failures by the charity lo meet the fundraising standards or schemes that Sheffield Futures is subscribed to. and there have been no complaints received for the purpose of fundraising and fundraising activities. Matrix Standard - a quality framework to assess and measure information. advice andlor guidance servIs. Mlndlul Employer an employers, charter promoting good employment practices for employees or job applicants who have mental health problems. Dlsability Confident - an employer's charter promoting good employment practices for disabled employees or job applicants. Sheffleld Volunteer Standard a locally developed quality mark giving independent cognItion that an organisation manages a structured volunteering programme. Golng concern assumptlon Sheffield Futures proposed strategic direction is set out in the Report of the Trustees where we highlight our achievements, new projects and ability to develop new funding streams that will underpin our future strategic
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 direction. The trustees of the charity are therefore confident that Sheffield Futures will remain a Going Concern for the foreseeable future and beyond. Austerity and other extemal influences do create high levels of uncertainly for us as a charity, but we also recognise that there are numerous opportunities to develop our existing serrfices and grow new projects or partnerships. To aid our development we have been diversifying our portfolio of income and implementing a robust reserves plan for the last five years. in preparation for our future growth. Taking account of the above arKI the level of reserves held, the cash available to the Charity to Oecember 2025 will ensure that there is sufficient funding to support our existing commilments. As a result of the above. the trustees, after reviewing cashflow forecasts prepared for a 12-month period after the date these financial stalements are signed, do not believe that there are any material uncertainties, which cast significanl doubt on the ability of Sheffield Futures to continue as a going concern. Statement as to dlsc108ure to our auditors This is the first year in office for the new auditors Hart Shaw LLP, following the resignation of Granl Thornton UK LLP. We, the trustees of the chartsble company who held office al the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that.. there is no relevanl audit information of which the charitable company's auditors are unaware., and we have taken all the steps that we ought to have taken as trustees in order to make ourselves aware of any relevant audit information and to establish that the charitablo company's auditors are aware of that information. In approving the Trustees, Annual Report. we also approve the Stralegic Report included therein, in our capacity a5 company directors. On behalf of the board C Humphreys Chair 24 September 2024
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHEFFIELD FUTURES Opinion We have audited the financial statements of Sheffield Futures (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial aclivities. the balance sheel, the statemenl of cash flows and notes to the financial slalements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R8POrting St8nd8rd 8ppIic8ble in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Praclicel- In our opinion, the financial slalements: give a true and fair view of the slate of the charitable company's aff8irs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi1., and have been prepared In a¢¢ordance wilh the requirements of the Companies Act 2008. Ba•l• for oplnlon We conducted our audit in accordance with Inlernalional Standards on Auditing (UK) {ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit ol the financial statements section ol our report. We are independent of the charity in accordance with Ihe ethical Tequirements that are relevant lo our audit of the financi81 slatemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance *ryth these requiTemenls. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going Concern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate, Based on the work we have performed, we have not Identified any material uncertainties relatlng to events or conditions Ihal, individually or collectively, may casl significant doubl on the charity's ability lo continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitles of the trustees with respect to going concem are described in the relevant sections of this report. Other information The other information comprises Ihe information included in the annual report other than Ihe finartial statements and our audtlols report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other information and we do not express any form of assuran condusion Ihereon. Our responsibilily is to read the other informats'on and, in doing so, consider whether the other information is malerially inconsistent with the financial slalemenls or our knowledge obtained in the course of Ihe audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent maletial rnis5talemeDts. we are required to determine whether this gives rise to a mateTi41 misstatement in the financial slalemenls themselves. If, based on the work we have perfomied, we condude that there is material fflisslatemenl of this other information, we are required to report that fact. We have nothing io report in this regard. 10-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEFFIELD FUTURES Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if. in our opinion.. the information given in the finanual statements is inconsistent in any material respect with the trustees, report. or sufficient accounting records have not been kept; or the financial slalemenls are not in agreement with th'e accounting records., or certain disdosures of trustees, remuneTation Specified by law are not made; or we have not received all the information and explanations we require for our audil. the Iruslees were not enlilled to prepare the finanaal statements in accordance wrth the small companies regime and lake advantage of the small companies. exemptions in preparing the tTUStees' report and from the requirement lo prepare a strategic report. Respon8ibilitle8 of tru8tees As explained more fully in the slalement of trustees, responsibilities, Ihe trustees, who are also the directors of the charity for the purpose ol company law, are responsible for the preparation of the finanual statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fiaud or error. In preparing the financial statements, the trustees are responsible for assessing the charily's ability Io continue as a going concern, disclosing. as applicable. matters related to going Conrn and using the going concern basis of accounting unless the Iruslees either intend to liquidate the chantable company or to cease operations, or have no realistic alternative bul lo do so. Auditorfs responsibilities lor the audit ol the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made OT having effect Ihereunder. Our objectives are lo obtain reasonable assurance aboul whether the financial slatements as a whole are free from material misslalement, whether due to fraud or error. and to issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misslalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggreg81e, they could reasonably be expected to influence the economic decisions of users laken on the basis of these financial statements. Exlent to whlch the audit was consldered capable of detecting irregularities. including fraud and the audlt response Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, Io fJelect malerial misstalemenls in respect of irregulanlies, induding fraud. The extent lo which our procedures are capable of delecling irregularilies, including fraud is detailed below..
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEFFIELD FUTURES Al the planning stage we identified areas of laws and regulations that could reasonably be expecled to have a material effect on the financial statements Irom our general commercial and sector experience and through discussion with the trustees and other management, as required by auditing standards. The potenlial effect of any laws and regulation on the financial stalemenls can vary considerably. There are laws and regulations that directly affect the financial slalements le.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disdosures in the financial statements. Owing lo the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere. the risk of material misslalemenl was deemed lo be low. therefore the procedures perfomed by the audit team were lifflited to.. Communic8ting identified laws and regulations al planning throughout the audit team lo remain alert to any indications of non-compliance throughout the audit. Enquiry of management and those charged with governance around actual and potential liligalion and claims as well as non-compliance wilh laws and regulations. Reviewing minutes of meetings of charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation5. We have 35sessed the overall susceptibility ol the financial slalements to material misstatement due to fraud. Management override is the most likely way in which fraud might present itself and as such is in herenlly high nsk on any audil. Management override, which may cause there lo be a malerial misstatement within the financial slalements. rnay Present itself in a number of ways, for example- Override of internal controls {e.g. segregation of duties) Entering into transactions outside the normal Course of business, especially with relaled parties Fraudulent revenue recognition, including fictitious income and income being recorded in the wrong period. Presenting bias in accounting judgements and estimates, particularly ones that are key lo the businéss. In order to reduce the fisk of malerial misstatement lo an acceptable level, numerou5 audit procedures we performed induding.. Enquiries of manogemenl as to whether they had any knowledge of any actu81 or suspected fraud Review of material lournal entrie5 made throughout the year as well as th05e mad8 lo prepare the financial statements Reviewing the underlying Tationale behind transactions in order to assess whether they were outside the nomial course of business. Increased revenue substantive testing across all material income streams. Review of legal fees. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have delecled maleTial misstatements in the financial slalemenls, even Ihough we have performed our audit in accordance with audiling standards. Furthermore. as with all audits. there is a higher risk of irregularities (especially Ihose relating lo fraud) being undetected, as Ihese may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing n0cOMpliance or fraud and therefore cannot be expected lo delect all instances of such. Our audit Was not designed lo identify misslatemenls or other iriegularilies that would not be considered lo be material lo the finanual slalements. The further removed non-compliance with laws and regulations is from the events and Iransactions reflected in the financial statements. the less likely we would become aware of it. A further description of our responsibilities is available on the Financial Reporting Counul's website at.. hltps'.11 wwN.frc.org.uklaudilorsresponsibilities. This descriplion fonns part of our auditorfs report. 12-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEFFIELD FUTURES U80 of our report This report 5s made solely lo the charity's Iruslees, as a body, in accordance with part 4 of the Charities (Accounts and Reports> Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees Ihose matters we are required lo state to them in an audilorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslees as a body, for our audit work. for this report, or for the opinions we have fomied. Hannah Jones (Senior Statutory Auditor) for and on behalf of Hart Shaw LLP 25 September 2024 Chartered Accountants ststutory Auditor Europa Link Sheffield Business Park Sheifield S9 1XU Hart Shaw LLP is eligibl8 for appoinlmanl as auditor of the charily by vlrtue of Ils eligibilty for appolnlment as auditor of a company under se¢tion 1212 of the Companies Act 2006. 13
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrnstrfcted Restrlcted funds funds Total Unrestrlcted Restricted funds funds Total as reststed 2023 2024 2024 2024 2023 2023 Note8 Income and endowments from: Contract income Grant income Bank interest received Other income 540.604 501,717 $40,604 501,717 41,908 341,691 454.561 454,561 815,261 12,323 519,036 815,261 41,908 341,691 12.323 519,038 Totsl income 383,599 1,042,321 1.425.920 985,920 815,261 1,801.181 Charitable activities 1,129,008 1,106,296 2,235,304 1.711,328 760,686 2,472,014 Net expenditure {745,409) (63,975) (809,3841 (725,408) 54,575 (670,833) Transfers between funds (81,754) 81',754 Other re¢ognl8ed gains and Ios8es: Actuarial gains on defined benefit pension schemes 262,000 262,000 567,000 567,000 Net movement In funds (565,163) 17,779 {547,384) (158,408) 54.575 (103,833) Reconciliation of funds: Fund balances at 1 April 2023 3,950,423 54,621 4,005.044 4.108,831 46 4,108.877 Fund balance3 at 31 March 2024 3.385,260 72,400 3,457,660 3,950,423 54,621 4,005.044 The statement of financial 8¢tivilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 14-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT31 MARCH 2024 2024 2023 as restated Notes Fixed assets Tangible assets 12 1,370,561 1,424,750 Current assets Debtors Cash al bank and in hand 13 242,857 2,085,415 622,876 2,746,820 2.328,272 3,369,696 Creditors: amounts falling due within one year 14 241,173 547,402 Net current assets 2,087,099 2,822,294 Total a88ets less current liabilltles 3,457,660 4,247,044 Net a88et8 excluding penslon Ilablllty 3,457,660 4,247,044 Defined benefit pension liability 16 1242,000) Net a88et• 3,457,660 4,005,044 The funds of the charity Resiricled Income fundg Unrestricted funds Pension reserve 17 72,400 3,385,260 54,621 4,192,423 (242,000) 3,457,660 4,005,044 15-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET (CONTINUED) ASAT31 MARCH 2024 The Gofflpany. is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 March 2024, allhough an audit has been carried out under section 144 of the Charities Act2011. The direclors acknowledge Iheir responsibililies for complying wilh the requiremenls of the Companies Act 2006 wrth respect lo accounting record5 and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provision8 applicable lo companies subje to the small companies regime. The financial statements were approved and authorised for issue by the trustees on 24 September 2024 C Humphreys Trustee Cornpany registration number 02963378 (England and Wales) 16-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 22 {680.746) 1771,005) Investing activitie8 Purchase of tangible fixed assets Investments Investment income received (22.567) (17.088) 72.500 12,323 41,908 Net cash gen•r*t•d from Inve•tlng activities 19.341 67.735 Net decrease In cash and cash equivalents (661,405) (703,270) Cash and cash equivalents al beginning of year 2,746,820 3.450,090 Ca8h and cash equivalents at end ol year 2,085,415 2.746,820 17-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcl•8 Charity information Sheffield FuluTes is a private company limited by guarantee incorporated in England and Wales. The registered office is Star House, 43 Division Street, Sheffield. S14GE. Sheffield Futures is a young people's charity vthich alms to asslst young people In achieving their full potential by providing mentoring and specialist support to those who need il most. 1.1 Accounting convention The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicoble in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable lo charits'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency ol the ¢harlly. Monetary amounts In these financial statements are rounded to the nearest £. The financial stslemenls have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng concem Sheffield Futures proposed strategic direction is sel out in the Report of the Trustees where we highlighi our achievements, new projects and ability to develop new funding streams that will underpin our future strategic direction. The trustees of the charity are therefore confident that Sheffield Futures will remain a Going Concern for the foreseeable future and beyond. Auslerlty and other external influences do create high levels of uncertainly for us as a charity, bul we also recognise Ihat there are numerous Opportunities lo develop our existing services and grow new projeds or partnerships. To aid our development we have been diversifying our portfolio of income and implemenbng robust reseThes plan for the last five years. in preparation for our future 9rowlh. As a result of the above, the trustees, after reviewing cashflow forecasts prepared for a 12 month period after the date these financial statements are signed, do not believe that there are material uncertainlias, which cast significant cloubt on the abilrty of Sheffield futures to continue as a going concern. 1.3 Charitable funds Unreslricled funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. Reslricled funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the reslricied funds are set out in the notes to the financial 5tatementS. 18-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Contlnuedl 1.4 Income Income is recognised when the charity is legally entitled lo it after any performan conditions have been met, Ihe'amounls can be measured reliably, and it is probable that income will be received. Grant Income Revenue grants are credited as incoming resources when they are receivable provided conditions for receipt have been complied with, unless they relate lo a specified luture period where they are deferred to the Balance Sheet and released in future periods. Contract Income Contract income relates to the income streams received for the delivery of specific services as part of our charitable activities. Contract Income is recognised as incoming resources when they match the contract conditions. All other funds a deferd to the Balance Sheet and released in future periods. Other Income Other income represents a mix of Sales, Renlal Income and incoming resources from other miscell8neou$ aclivities. The following narrative provides further detsil of each of these incoming funded ol'ects. Sales Income - Charilable trading income that is generated from contrads or services is recognised when it is eamed. Such income is received in advance of enlillement and is deferred to the Balance Sheet to be released to the Statement of Financial Activities in future periods. Rental Income - Rental income is the fy.nds received from various partners who hold licences to co-occupy our multi-site facilities and pay a contribution towards the day to day running costs. Income is recognised when it matches the agreed tem)s in the occupancy li¢en¢e agreement. Miscellaneous Income - Miscellaneous income is generated from fundraising activities and other events that occur in the financial reporting period. Fundraising income is recognised when the cash is received. 1.5 Expendlture There are Ihree categories of expenditure that are referenced in Note 7 of the financial accounts.. Expenditure incurred for service delivery are the direct Costs associated with the front line actrvlties of the charitable body and the associated direct support cosls. Expenditure incurred for olher running costs includes the cosls of our head office, including the staffing costs. Expenditure for govemance is the annual costs of the charitable audit. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al ¢o$t and subsequenlly measured al cost, nel of depre¢i8lion and any impairment losses. Fixed assets which individually cost below £500 are not capitalised. Depreciation is recognised so as to write off Ihe cost or valuation of assets (other than land) less their residual values over their usefvl lives on the following bases= Freehold land and buildings Fixtures and fillings Computers 2% straight line 20% straight line 33•/0 Straight line The gain or loss arising on ihe disposal of an asset is detemiined as Ihe difference between the sale proceeds and Ihe carying value of the asset, and is recognised in the statemenl of financial activilies. 19-
SHEFFIELD FUTURES {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.7 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-term liquid investments with original malurilies of three monlhs or less. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Inslruments. and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial instnjments. Financial instruments are recognised in the tharily's balance sheet when the chanty becomes party lo the contractual provisions of the instrument. Financial assels and liabilities a offset, with the net amounts presenled in the financial statements, when there is a legally enforceable right lo 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, Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price induding Iransaclion costs and are subsequently carned al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amorti5ed. Baslc fin•n¢l41 Ilabllltles Basic financial liabililies, induding creditors and bank loans are initially recognised at transaction pri unless the arrangernent constitutes a financing transaction, where the debt instrument is measured al the present value of Ihe future paymen15 discounled al a market rate ol interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operalions from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised inilially al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilitie5 are derecognised when Ihe charitls contractual obligations expire or are discharged or cancelled. 1.9 Taxation The charity is an exempt chanly within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the defnilion of a chaTilable company for UK corporation tax purposes. 20-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.10 Retirernent ben•fit8 Defined Benefit Pension Scheme The charitable company participates in the Soulh Yorkshire Pension Fund. The scheme assets are measured ai fair values. Scheme liabilities are measured on an actuarial basis using Ihe prospective benefits method on the basis of quadrennial valuations and are discounted al appropriate high quality corporate bond raes. The net surplus or deficit is presented separately from other net assets on the balance sheet. A nel surplus is recognised only lo the extent that is recoverable by the charitable company. The current service cosl and costs from settlements and Curtailments are included in the slatemenl of financial activilies. Past service costs are spread over the period until the benefit increases. The net of interest on the scheme liabilities and the expected return on scheme assets are induded in interest payable or paid as appropriate. Actuarial gains and losses are reported in the slalement of financial ath"vities. Defined Contribution Pension Scheme The trustees approved a change of provlder for the defined contribulion pension scheme to commence June 2020. Newly recruited staff will be aulovenrolled into the Aviva and Standard Life schemes. Contribution5 are CUrntlY in line with the contribulions set by the Pensions Regulatof. 1.11 Leases Rentals payable under operating leases, including any lease incenti¥es reived, are charged as an expense on a 5tTaight line basis over the term of the relevant lease. Crltlcal accounling e•tlmate• and Judg•m•nt• In the applicalion of Ihe charity's accounting poliaes, the Iruslees are required lo make judgements. estimates and assumptions about the carrying amount of assets and liabilrties Ihal are not readily apparent from other Sources. The estimates and assouated assumptions are based on historical experience and other factors that are considered to be relevanl. Adual results may differ from these estim81es. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting e51ifnales are recognised in the period in which the estimate is revised where the revision affects lY th81 period, or in the period of the revision and future period5 where the revision affects both current and future periods. Critical Judgements Local Government Pen8lon Scheme The present value of the Local Government Pension Scheme defined benefit asseuliability depend5 on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in delemiining the net cosl or income for pensions include the discount rate. Any changes in these assumptions. which are disclosed in note 16, will impact on the carrying amount of the pension assevliability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation has been used by the actuary in valtsing ihe pensions asseuliabilily at 31 March 2024. Any differences beeen the figures derived from the roll forward approach and a full actuarial valuation would impact on the Carrying amount of the pension assetAiability. 21
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Contract Income Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Contract Income Door 43 Social Prescribing 490,604 50,000 490,604 50.000 427,038 27.523 427,038 27.523 540,604 540,604 454.561 454.561 Grant Incom• Restricted funds Restricted funds as restated 2023 2024 Grant income Feel Well Work Well Social Prescribing PCN Youth Work Other grant income Doing Good Business Apollo Too 121,705 276,912 28,742 48,916 25,442 170,886 308,053 59.566 186,100 90,656 501,717 815,261 Income from investments Unrestricted Unrestricted lund5 funds 2024 2023 Interest receivable 41.908 12.323 -22-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other income Unrestricted Unrestricted funds funds as restated 2023 2024 CEIAG Other sales Rental income Miscellaneous 169,037 11.391 147.593 13,670 179,056 184,864 155,116 341,691 519,036 -23-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Exp•ndl¢uM on ¢h•r61•bl• •¢tlvltl•• S•r¥l¢• d•llv•ry Otr runnlng fjov•rn•n¢• coBt• Tot•1 3•rvl¢• d•llv•ry Oth•r Gov•m•n¢• ThTrlng eo•l• Totsl 2024 2024 2024 2024 2025 2023 2023 2023 Dlr•¢t cts•l• Slaff cos18 Prefflise6 Transport cos1$ Dlher siaff relaied ¢0811 D•lN•ry cools 1.Q72,785 1,020 14,288 53e.ce7 242.521 1,810.852 24J.541 14.289 10.751 220.748 1,119,073 9.241 539,783 258,860 157 10,519 1,858.836 268.101 11.972 12.319 298,985 10.751 1.800 298,965 220,746 1.308.840 791,339 2,100,179 1,440.894 809.299 2,250,193 Sh•r• ol •upport •nd gov•rn•n¢• IM• not• 01 Support Gov•rnanc• 72,781 38,S34 109.315 25.810 120,038 68.083 188,121 35.700 25,810 35.700 1.381,821 827,873 25,810 2,235.304 I.S60,932 875.382 35.700 2,472.014 Analy•li by lund Unr86liicled funds Re51ncled fvnd$ 275,326 1,106,2 827.873 25,810 1,129.008 1.108.298 eoo,246 760,e88 876.362 36.700 1,711.328 780.686 1.381.821 827.873 25.810 2,235.304 1.560,932 875.382 35.700 2.472.014 .24.
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charltable actlvitie• (Continued) Deprecialion. Finan and Administration costs are all apportioned using a percentage of the tolal stsff cost for each of Ihese cost categories. All other costs are dired Tesources expended for these categories. Support costs allocated to actlvities Service delivery costs 2024 Other running costs 2024 Total Total 2024 2023 Oepreciatioo General office and finance administration Support services Redundancy costs 51,117 (3.405) 25.069 25.639 {1,678) 12,573 76,756 {5,083) 37.642 108,052 35,795 34.089 8,185 72,781 36.534 109,315 186,121 Auditorfs remuneration Fees payable to the charity's auditor.. 2024 2023 For •udll •ervSces Audit of the financial statements of the charity 19,000 21,000 10 Truslees None of the Iruslees (or any persons connected with them) received any Teffluneration or benefits from the charity during the year. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number 61 63 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 1,356.531 117.473 136,848 1,408.624 114,951 135,261 1,610.852 1.658.836 25-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees (Continued) Redundancy and termination payments tolalling £nil were made in ihe reporting period (2023= £8,185). The number of employees whose annual remuneration was more than £60,000 is as follows: 2024 Number 2023 Number £60,000 - £70,000 £70,000 - £80,000 Remuneratlon ol key management p•rnonn•l The remuneration of key management personnel is as follows. 2024 2023 Aggregale compensation 246,532 223.625 12 Tanglble flx•d a•s•t• Fr••hold l•nd Flxtur•8 and and bulldlngs fittlng• Comput• Tot•1 Cost At 1 Aprll 2023 Additions Disposals 2,558,975 803,383 18,615 (164.562) 386,675 3,729,033 3.952 22.567 {99,313) (263,875) Al 31 March 2024 2,558,975 657.436 271,314 3,487,725 Depreciation and imp•irnient Al 1 April 2023 Depreciation charged in the year Elifflinated in respect of disposal8 1,176,926 51.180 762.587 24,742 (164.562) 364.770 2,304.283 834 76.756 (99,313) {263,875) At 31 Marth 2024 1,228,106 622.767 266.291 2,117,164 Carrylng amount Al 31 March 2024 1,330,869 34,669 5,023 1,370,561 . At 31 March 2023 1,382,049 40.796 1,905 1,424,750 All tangible fixed assels were used for chafltable purposes. -26-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Debtors 2024 2023 a8 restated Amount8 falllng due within one year: Trade debtors Other debtors Prepayments and accrued income 143,056 1,135 98,666 381,340 241,536 242.857 622,876 14 Cr•dltor8: amounts falling due within one year 2024 2023 as restated Notes Other taxation and social security Oeferred income Trade creditors Other credilors Accruals 33,384 109.760 38,058 11,788 48,183 51,782 206,704 93.290 110.619 85,007 15 241,173 547,402 15 D•ferred Incomo 2024 2023 as restated Other deferred income 109,760 206,704 Deferred income is included in the financial statements as follows: 2024 2023 as restated Deferred inwme is included within.. Currenl liabilities 109,760 206,704 Movements in the year.. 27-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Deferred income (Continued) Deferred income al 1 April 2023 Released from previous periods Resource5 deferred in the year 206,704 253,806 (1,282,072) (1.452,461) 1,185,128 1,405,359 Defeed income al 31 March 2024 109,760 206,704 2024 2023 as restated Induded within deferred income are the following.. IAG Services Counselling- Corona Response Sheffield CCG (NHS>- Door43 Oelivery Sheffield City Council - Social Prescribing Youth Work & Young Advisors Commission Pathways to Success Property Income BBO Doing Good Business Small Grants 74,753 61.776 742 14.713 53,446 20,954 14,643 5,675 31,325 3,430 13,263 3,446 18,297 Total 109,759 206,704 16 Retirnent benefit schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separalely from those of the charity in an independently administered fijnd. The charge lo profrt or loss in respect of defined contribulion schemes was £47.722 (2023'.£90.330). Defined benefit schernes The charity operales a defined benefit scheme for qualifying employees. Under the scheme. the employees are entitled lo retirement benefits varying between 25.6U/• and 26.60/0 of final salary on attainment of a retirement age of 65 . No other post retirement benefits are provided. The most recent actuarial valuations of plan assets and Ihe present value of the defined benefit obligalion were carried out at 31 March 2024 by Hymans Robertson LLP, Fellow of the Institute of Actuaries. The present value of Ihe defined benefit obligation, the related current service cost and pasl service cost were measured using the projected unit credit melhod. -28-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Retirement benefit schernes Icontinuedl Key assumptions 2024 2023 Discount rale Expected rate of increase of pensions in payment Expected rate of salary increases 4.85 2.75 3.35 4.75 2.95 3.55 Mortality assumptions The assumed life expectations on retirement at age 65 are.. 2024 Ye•r• 2023 Year• Reliring today Males - Fernales 20.6 23.6 20.5 23.7 Retiring in 20 years Males Females 21.4 25.0 21.5 25.2 Amounts recognised in Ihe profit and Ioss 8ccounl.' 2024 2023 Current service cost Nel interest on defined benefit liabilityllasset) 57,Ot)O 11,000 107.000 20,000 Total costs 68,OLXJ 127,000 Amounts taken to other comprehensive income.. 2024 2023 Actual retum on scheme assels Less.. calculated interest elernenl (162,000) 99.000 (40,000) 55,000 Return on scheme assets excluding interest income AduaTial changes related to obligations Effect of changes in Ihe amounl of Surplus that is not recoverable {63.000) (246,000) 47,OPO 15.000 (582,0001 Total costsl(income) (262,000) (567,0001 -29-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Retirement benefit schemes (Continued) The amounts included in the balance sheet arising from the charity's obligations in respect of defined benefit plans are as follows.. 2024 2023 Present value of defined benefit obligations Fair value of plan assets 2,208,000 2,298,000 (2,255,000) (2.056.000) (Surplus)Ideficit in scheme (47,000) 242,000 Restriction on scheme assets 47.000 Total liability recognised 242.000 Movements in the present value of defined b8n8fit obligalions. 2014 Liabilities at 1 April 2023 Current service cost Benefits paid Contributions from scherne mernbers Actuarial gains and losses Interest cost 2,298,000 57,000 126,000) 15.000 (246.000) 110,000 At 31 March 2024 2,208,000 Movements in Ihe fair value of plan assets.. 2024 Fair value of assets at 1 April 2023 Inleresl income Return on plan assets lexduding amounts Induded in net interest) 8enefrts paid Contributions by the employer Contributions by scheme members 2,056,000 99,000 63.000 (26,000) 48,000 15,000 Al 31 March 2024 2,255.000 -30.
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Retirement benefit schemes (Continued) The fair value of plan 8ssels at the reporting period end was as follows.. 2024 2023 Equity instruments Property Cash Bonds 1,555,000 203,000 23.000 474.000 1,398.080 164.480 20,560 472.880 2,255,000 2,056,000 17 Restrlcted fund8 The restricted funds of the charity comprise the unexpended balances of donation5 and grants held on trust subject to specific condrtions by donors as lo how they may be used. At 1 April 2023 •• reststed Incoming resources •• restated Resources expended Transfer8 At 31 March 2024 Doing Good Business- ESF Feel Well VWork Well- ESF Pathways lo Success Door 43- PCN Upper Don Valley Door 43 - PCN Neork North Ooor 43- PCN Porter Valley Door 43- PCN Wesl Five Door 43 - PCN University Ooor43- PCN Peak Edge Ooor 43- PCN Foundry Ooor 43- PCN SAPA5 Small grants - Various funders Apollo Too UKSPF Mental Health Hub Youth Sep4ices Corona Response Fund Door 43 Social Prescribing 128,247) 24,443 17,800 121,706 10,961 (9,191) (136,529) (45) 17,638 9.620 10,916 16,899 1,285 1,248 8.203 5.545 1,649 2,955 332 46 18,263 28,855 34,721 36,384 71,360 35,315 36,388 (2,499) 36,388 3,430 990 16.383 24,051 28,742 742 490,604 50,000 128,542) (36,185) (36,515) 175,331 > 134.558) 136,372) 17,212 179 1,117 4.232 6,302 1,665 456 {45.790) 9,070 3,476 (60,094) (15.537) (7,994) (29,905) (241) {499,912) (53,555> 40,841 16,057 1.163 501 9.308 3.555 54,821 1,042,321 <1.106,296) 81,754 72.400 31
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Restricted fund8 (Conllnuedl Previous year: At 1 April 2022 Incoming resources ag restated Resources expended Transfers At 31 March 2023 as restated Doing Good Business- ESF Feel Well Work Well- ESF Pathways to Succes6 Door 43- PCN Upper Don Valley Door 43- PCN Nehvork North Door 43- PCN Porter Valley Door 43- PCN Wesl Five Door 43- PCN University Door 43- PCN Peak Edge Door 43- PCN Foundry Door 43 - PCN SAPA5 European Social Fund - Feel Well Work Well Small Grants- Various Funders Apollo Too 186,100 170,886 18,491 (212,34n (146,443) (18,491) (26,2471 24.443 40,686 36,762 33,930 71,134 31,564 35,832 20,772 37,373 (23.788) (35,477) (32.681) (62,931) 126,019) (34,183) {17,817) <37,041) 16.898 1,285 1,249 8,203 5.545 1,649 2,955 332 41,075 (41,075) 46 46 18,263 90,656 (72,393) 46 815,261 (760,686) $4,621 18 Unreslricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subjecl lo specific conditions by donors and grantors as to how they may be used, At 1 April 2023 a8 restated Incomlng resources Resources expended Transfers Gains and At 31 March losses 2024 General funds Pension fund 4.192,423 {242,000) 383.599 (1,109,008) {20,000) (81.754) 3,385.260 262,000 3,950.423 383,599 (1.129,008) (81,754) 262,000 3,385,260 Previous year: At 1 April 2022 Incoming Resources resources expended Transfers Gains and At 31 March losses 2023 as restated as restated General funds Pension fund 4.847.831 {739,000) 985,920 (1.641,328) (70,000) 4,192.423 (242,000) 567,1)00 4,108,831 985,920 (1,711,328) 567,000 3,950,423 32-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysis of net assets between funds Unrestricted fund8 2024 Restricted funds 2024 Total 2024 Fund balances at 31 March 2024 are represented by: Tangible assets Current asselsl(liabililies) 1,370,561 2,014,699 1,370.561 2,087,099 72,400 3,385,260 72,400 3,457,660 Unre8trlcted funds a$ restated 2023 Re$lricted funds as restated as reststed 2023 2023 ToLql Fund bllances at 31 March 2023 are repr•8•nted by: Tangible assets Current assetsl(liabilities) Provisions and pensions 1,424,750 2,767.673 (242,000) 1,424.750 2,822.294 1242,000) 54,621 3,950,423 54.621 4,005,044 20 Operatlng leage comrnitmont8 Lessee At the reporting end date the charity had outstanding commitmenls for fulure minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Wlthin one year 8etween two and five years 8,463 10,087 8,007 8,463 18.094 33-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Related party transactions Transactions with related parties The membership of the charitable company consists of Sheffield City Council and Sheffield College. Oue to the nature of the charitable company's operations and the composltion of Ihe board and it5 members (being drawn from Ioc81 public and Private sector organisalions) it is inevitable that transactions will take place with organisations in which a member of the board may have an interesl. All transactions involving organisalions in which a member of the board may have an interest are conducted in accordance with the charitable company's normal procurement procedures. Sheffield City Council held at least 115 of voling Tighls and therefore under the Local Government and Housing Act 1989 the charitable company was defined under local authority inlluence. as distinct from local government control. However since the contract with SCC has ceased, so has the significant control. During the year the charity entered into the following transactions with related parties.. In¢om• r•celvod 2024 Purch•••• m•d• 2024 2023 2023 Sheffield City Council 110,843 70,000 7,338 1.080 110,843 70,000 7,338 1.080 The following amounts were outstanding al the reporting end dale.. Amounts owed to related parties 2024 Amounts owed by reloted parties 2024 2023 2023 Sheffield City Council 1,080 23,632 3,060 23,632 23,632 3.060 3.060 -34-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Cash generated from operations 2024 2023 Deficit for the year (809,384) (670.833) Adjustments for.. Investmenl income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Difference between pension charge and cash contributions (41,908) 76,756 20,000 {12,323) 108.055 70,000 Movements in working capital.. Decreasellincrease) in debtors (Decrease)fincrease in credito (Decrease) in deferred income 380,019 (209,285) (96,944) (435,008) 144,008 Ca8h •bsorb•d by op•ratlon• (680,746) (796.101) Difference 25,096 Per cash flow statèment page (680,746) (771.0051 23 Analysis ol Changes in net fund8 l Aprll 2023 C4•h flow• 31 fylirch 2024 Cash at bank and in hand 2,746,820 (661,405) 2,085,415 2,746,820 (661,405) 2,085,415 24 Members's Ilabllity Under Clause 7 of the Memorandum of Assoaalion all members undertake to contribute to the assets of the chafilable company such an amount as may be required. not exceeding £1 in the event of it being wound up durlng their period of rnembership. or within one year aftenNards. 35-
SHEFFIELD FUTURES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Prior period adjustment Changes to the balance sheet At 31 March 2023 Ag previousty Adjustment r¢ported As re8tated Current assets Debtors due within one year Creditorn due within one year Deferred income 686,088 (63,212) 622,876 (244,820> 38,116 (208,704) Net assets 4.030,140 (25.096) 4,005.044 Capital funds Income funds Restricted fund8 Unrestricted funds 78,182 3,951,958 123,561) (1,535) 54.621 3,950,423 Total equlty 4,030,140 <25,096) 4,005,044 Changes to the profit and loss account Period ended 31 March 2023 A8 prevlou8ly Adlustmenl As rèstat•d r•portgd Charitable activities Other income 838,822 520,571 (23,561) {1,535) 815,261 519,038 Net movement in funds (78.737) (25,096) {103,833) Noteg to Restatement• Accrued Incomo Accrued income relating to Feel Well Work INell, Ambition and Doing Good Business lunding was over accrued in the prior year by £63.212. An adjustment has been made to correct the accrued income balances. Deferred Income Defeed income relating to the Social Prescribing PCN'S included within restricted income had been over defeed by £38,116. A correction has been made in the prior year to correct the deferred income balance. -36-