REGISTERED CHARITY NUMBER: 1109835
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
FOR
FUTURE STARS
Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ
FUTURE STARS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 7 |
| Detailed Statement of Financial Activities | 8 |
FUTURE STARS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To provide basketball and other sport related opportunities for underprivileged youth.
To advance the education of children and young persons by providing sporting facilities, coaching facilities and opportunities for playing basketball and other sport.
To provide and assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation for individuals who have need of such facilities by reason of their youth, age, sex, infirmity or disablement, financial hardship or social circumstances with the object of improving their conditions of life and of reducing social exclusion.
To provide training opportunities to support young people achieve a number of sport and leisure related qualifications.
Our own sports club London United Basketball Club allows us to provide specialist coaching provision for our programmes. We also have extensive links with a variety of sports organisations, educational institutions and government bodies allowing us to provide highly flexible tailored programmes to meet a wide range of specific needs.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This financial year has seen further growth in our provision through income generated mainly through partnerships with academic institutions, grants received for specific actions and membership to cover coaching provisions. The charity is delivering actions ranging from grassroots programmes in schools throughout the London Boroughs local to our operations, disability programmes including provision for young people with a wide range of learning and or physical needs, projects to reduce social isolation, and actions promoting elite-level international competitions in a range of sports. Provision has expanded to widen the reach of our projects with a special emphasis on raising both the athletic and academic achievement of young people.
The charity receives funding, mainly from educational bodies, in order to operate and deliver on its charitable objectives. The charity is very much dependent upon this revenue and budgets accordingly around the expected funding levels.
FINANCIAL REVIEW
Financial position
The charity is wholly reliant upon grant making bodies, predominantly from the educational sector, and hence operates on a very lean basis without the ability to retain much by way of reserves.
Principal funding sources
The charity predominantly receives funding from grant making bodies from the educational sector. In addition to this the charity received funding from lottery funded bodies.
Reserves policy
The reserves are represented by money held at normal bank current accounts. The charity very much depends upon grant bodies to sustain the delivery of its charitable objectives. As such therefore the charity is unable to retain funds to a degree that would otherwise remove this dependency. This financial year has seen us recover from the difficulties due to the residual impact of the Covid-19 pandemic on the provision that we offer due to adaptations made to adhere to all protocols. While we continue to emerge from this period we have seen a persistent increase in the demand for the services that we offer which we have continued to expand and grow.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Constitution adopted 04 April 2005 as amended on 14 May 2009 as amended on 08 August 2017.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1109835
Page 1
FUTURE STARS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
Principal address 32 Riverside Close Kingston upon thames Surrey KT1 2JF
Trustees
Z Majewski M Chambers L F C Galindo B Madej A Lebediev
Independent Examiner Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ
Approved by order of the board of trustees on ........... 24.06.24.................................. and signed on its behalf by:
..............................................................................
Z Majewski - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FUTURE STARS
Independent examiner's report to the trustees of Future Stars
I report to the charity trustees on my examination of the accounts of Future Stars (the Trust) for the year ended 31 August 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jonathan Addison FCA
Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ
24 June 2024 Date: .............................................
Page 3
FUTURE STARS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 - Charitable activities Sport related 195,049 Other income - Total 195,049 EXPENDITURE ON Charitable activities Sport related 172,379 Other 648 Total 173,027 NET INCOME/(EXPENDITURE) 22,022 RECONCILIATION OF FUNDS Total funds brought forward (14,838) TOTAL FUNDS CARRIED FORWARD 7,184 |
2022 Total funds £ 1,000 182,556 1,800 |
|---|---|
| 185,356 | |
| 185,132 1,799 |
|
| 186,931 | |
| (1,575) (13,263) |
|
| (14,838) |
The notes form part of these financial statements
Page 4
FUTURE STARS
BALANCE SHEET 31 AUGUST 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 66,787 | 47,361 | |
| CREDITORS | |||
| Amounts falling due within one year | 5 | (47,003) | (42,399) |
| NET CURRENT ASSETS | 19,784 | 4,962 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 19,784 | 4,962 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 6 | (12,600) | (19,800) |
| NET ASSETS | 7,184 | (14,838) | |
| FUNDS | |||
| Unrestricted funds | 7,184 | (14,838) | |
| TOTAL FUNDS | 7,184 | (14,838) |
The financial statements were approved by the Board of Trustees and authorised for issue on .......... 24.06.24...................... and were signed on its behalf by:
.............................................
Z Majewski - Trustee
The notes form part of these financial statements
Page 5
FUTURE STARS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
3.
| Donations TRUSTEES' REMUNERATION AND BENEFITS Trustees' salaries Trustees' social security Trustees' pension contributions to defined benefit schemes |
2023 £ - 2023 £ 18,333 293 363 18,989 |
2022 £ 1,000 2022 £ 26,354 267 353 |
|---|---|---|
| 26,974 |
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Page 6
continued...
FUTURE STARS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Administration and coaching No employees received emoluments in excess of £60,000. 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 7) Taxation and social security Other creditors 6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 7) 7. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years 8. RELATED PARTY DISCLOSURES |
2023 3 2023 £ 7,200 11,200 28,603 47,003 2023 £ 12,600 2023 £ 7,200 12,600 - |
2022 3 2022 £ 7,200 6,864 28,335 |
|---|---|---|
| 42,399 | ||
| 2022 £ 19,800 |
||
| 2022 £ 7,200 |
||
| 14,400 | ||
| 5,400 | ||
There were no related party transactions for the year ended 31 August 2023.
Page 7
FUTURE STARS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Charitable activities Basketball Club Subscriptions John Lyons Charity Events Grants Other income Other income Government furlough grants Total incoming resources EXPENDITURE Charitable activities Trustees' salaries Trustees' social security Trustees' pension contributions Coaching salaries Social security Pensions Coaching fees and sport programme delivery Game travel & subsistence Other Bank loan interest Bank charges Support costs Management Meeting expenses Governance costs Accountancy and legal fees Total resources expended Net income/(expenditure) |
2023 £ - 16,708 52,233 4,659 119,240 2,209 195,049 - 195,049 18,333 293 363 56,565 1,603 1,302 86,802 4,563 169,824 592 56 648 155 2,400 173,027 22,022 |
2022 £ 1,000 30,873 43,000 2,903 104,078 1,702 |
|---|---|---|
| 182,556 1,800 |
||
| 185,356 26,354 267 353 42,500 1,092 1,076 107,383 3,543 |
||
| 182,568 773 1,026 |
||
| 1,799 226 2,338 |
||
| 186,931 | ||
| (1,575) |
This page does not form part of the statutory financial statements
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