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← Future

2023-10-31-accounts

Charity registration number 1114396

FUTURE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FUTURE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Lord John Nash
Lady Caroline Nash
Mr Gilbert Chalk
Mr John Putt
Mr David Bloch
Charity number 1114396
Principal address Future
c/o Future Academies
Chichester Street
London
SW1V 3AT
Auditor Alexander James & Company Limited
Upper Deck
Admirals Quarters
Portsmouth Road
Thames Ditton
Surrey
KT7 0XA

FUTURE

CONTENTS

Page
Trustees' report 1 - 4
Statement of Trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 18

FUTURE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023

The Trustees present their annual report and financial statements for the year ended 31 October 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities Act 2011 and "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

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The Charity's Trust Deed sets out that it is the intention of the Trustees to apply the funds and income of the Charity to the relief of poverty amongst children and young adults.

– In this period (November 2022 October 2023), Future’s activity has continued to focus on supporting Future Academies, the family of academies in London and Hertfordshire for which Future is the sponsor.

In addition to the formal sponsorship of the Multi-Academy Trust, Future continues to contribute financially to the cost of academy activities, focusing on supporting Education Enrichment opportunities such as residential trips (both in the UK and abroad), competitive sports, and music tuition. Future’s financial contribution significantly subsidises the cost of these activities to the schools as well as to families and removes financial barriers to a child’s full participation in the life of the school. Future supports the Education Enrichment programme across the schools, which aims to:

Future Academies has also developed its own outstanding teacher training facility – Future Teacher Training (formerly the Pimlico London SCITT). To support the recruitment of exceptional candidates into the programme, Future sponsors the ‘Future Teach Scholarship’ for candidates with an exceptional academic background and outstanding potential in the classroom. Many scholarship alumni have gone on to support Future Academies' schools in leadership roles and as curriculum writers. In 2022-2023, the scholarship was awarded to one candidate. Looking ahead to 2023-2024, two trainees were awarded a conditional £5,000 payment incentive, payment subject to the successful award of QTS and ECT employment into a Future Academies school. This was awarded based on the calibre of both trainees in terms of their subject expertise and the need to develop Computing across the Trust. Both trainees have been retained within the Trust for next year and payment is due to be made in July 2024.

Across the Trust, Future has supported several salaries for staff working across the schools to deliver a strategic musical instrumental programme and the primary enrichment provision as well as for a number of ex-soldiers to be supporting staff and students through the Commando Joe's programme.

The Future Charity funded a series of events for the Sixth Forms and continued to support musical tuition with a focus on ensuring that students in receipt of pupil premium funding could access the programmes on offer. The Future Charity provided support to several students in receipt of pupil premium funding so that they could participate in trips abroad. The Charity funded an event for 65 Afghan refugee students from across the Trust to visit Lord’s cricket ground for a tour, a chance to play in the nets, and a video call with the Afghan national cricket team from their tour in Sri Lanka.

FUTURE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Secondary Schools

Pimlico Academy

The Future Charity supported the annual Year 7 residential trip, especially important for this cohort who may have had limited opportunities to experience outdoor learning had they not attended one the Trust’s three primary schools. The Charity continued to support the provision of Saturday Sport. Musical education was given funding via the Musictrax programme as well as a number of smaller initiatives. The academy drama production was also subsidised by the Future Charity.

Phoenix Academy

The Future Charity continued to provide funding for West London Zone, an organisation that connects with children and young people most in need of opportunity and mobilises local private, public, and voluntary services to co-design tailored programmes of support. The Charity supported the setting up of an expanded range of sports clubs and donated to the London Sports Trust, an organisation that provides a wide range of clubs for the school.

Trinity Academy

In addition to proving support for the Commando Joe's programme, several other initiatives were also embedded, such as Debatemate, Steel Pan club, and an expansion of the Model UN Club which included an abroad trip to Germany. The Charity subsidised several theatre trips as well as an expanded sports offer.

Future Academies Watford

The Future Charity provided significant funding for the provision of Year 7 and 8 residential learning opportunities which had not previously taken place. Sports coaching was also subsidised, as was drama via the LAMDA programme. The Duke of Edinburgh Award scheme was also supported, and the school also participated in the National Careers Challenge and students participated in the Brilliant Club programme.

The Grange

The Charity supported the provision of external sports coaches to support the development of the culture of sporting participation at the school. The Future Charity provided support to enable the school to participate in a number of career related trips and workshops, including visiting an apprenticeship fair.

Barclay Academy

Alongside subsidising the cost of travel to various trips, the Charity provided support for the school production of Oliver and the national award-winning Cheerleading squad. Funding was also provided to enable the establishment of a rowing club and many other curriculum enrichment trips. All year groups had the opportunity to visit a West End theatre production, and support was provided to enable students in receipt of pupil premium funding to participate in a trip to Iceland. The Future Charity funded the purchase of honours boards to be displayed in the school.

Laureate Academy

Significant support was provided to the after-school sports coaching, LAMDA lessons, and instrumental music provision at the academy. Several university trips for all students in Years 7, 9 and 12 were partially funded by the Charity, as were a wide variety of clubs such as STEM club and First Story, a creative writing club. The Charity also supported the running of the Young Enterprise programme for the year.

FUTURE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Primary Schools

Each primary academy has experienced a comprehensive enrichment programme, linking directly to the curriculum. The Future Charity has provided funding for residential trips, art workshops, as well as support towards extra swimming lessons. The charity also contributed to West London Zone to engage in mentoring for students. West London Zone is a targeted early intervention programme that provides added opportunities and support to children according to their individual needs. WLZ's aim is that the children end the programme ‘on-track’ to meet it's, and the school's, expectations in wellbeing, confidence, peer relationships, and academic attainment.

Future continues to contribute towards Greenhouse Sports, a charity that employs full-time sports coaches to deliver sport and mentoring programmes before, during, and after school, as well as at the weekends and during the holidays. Future continues to support the primaries in this provision of Outward-Bound residential trips.

Other Organisations

Advising, supporting, and making grants to well-organised and replicable organisations that work with young people

Future has continued to support a range of organisations that work to improve the life chances of disadvantaged young people including the following organisations:

Achievements and performance Financial review

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent at least to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The Charity is registered with the Charity Commission for England & Wales as charity number 1114396, governed by its trust deed dated 5th December 2005.

FUTURE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

The Trustees who served during the year and up to the date of signature of the financial statements were: Lord John Nash

Lady Caroline Nash Mr Gilbert Chalk Mr John Putt Mr David Bloch

The trustees have power to appoint additional and replacement trustees as and when it is deemed necessary.

A resolution proposing that Alexander James & Company Limited be reappointed as auditor of the company will be put at a General Meeting of the Trustees.

The Trustees' report was approved by the Board of Trustees.

==> picture [82 x 34] intentionally omitted <==

Lord John Nash Trustee

2 July 2024

FUTURE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2023

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FUTURE

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FUTURE

Opinion

We have audited the financial statements of Future (the ‘Charity’) for the year ended 31 October 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern 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 relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon.

The Trustees are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

FUTURE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FUTURE

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 to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial 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 fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of 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 or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes 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 detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

The comparative figures in these accounts, being those for the Charity's year ended 31st October 2022, were below the threshold where an audit is required and instead were subject to an Independent Examination.

The Charity's financial results for the year ended 31st October 2023 exceeded the threshold whereby a statutory audit is required.

The comparative figures in these accounts have therefore not been audited by us and accordingly we do not express any opinion on those comparative figures.

Your attention is drawn to the fact that the Charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

FUTURE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FUTURE

Michael Morris Dobrin FCCA ACA (Senior Statutory Auditor)
for and on behalf of Alexander James & Company Limited 2 July 2024
Chartered Certified Accountants
Statutory Auditor Upper Deck
Admirals Quarters
Portsmouth Road
Thames Ditton
Surrey
KT7 0XA

Alexander James & Company Limited is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

FUTURE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2023

Unrestricted
funds
2023
Notes
£
Income from:
Donations and legacies
3
250,000
Investments
4
113,238
Total income
363,238
Expenditure on:
Managing funds
5
32,776
Charitable activities
6
875,937
Total expenditure
908,713
Net gains/(losses) on investments
10
(17,891)
Net outgoing resources
(563,366)
Other recognised gains and losses
Other gains or losses
12
(1,376)
Net movement in funds
(564,742)
Fund balances at 1 November 2022
7,204,357
Fund balances at 31 October 2023
6,639,615		 Total
Unrestricted
Total
funds
2023
2022
2022
£
£
£
250,000
187,500
187,500
113,238
49,308
49,308
363,238
236,808
236,808
32,776
32,072
32,072
875,937
847,881
847,881
908,713
879,953
879,953
(17,891)
(794,322)
(794,322)
(563,366)
(1,437,467)
(1,437,467)
(1,376)
2,912
2,912
(564,742)
(1,434,555)
(1,434,555)
7,204,357
8,638,912
8,638,912
6,639,615
7,204,357
7,204,357

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

FUTURE

BALANCE SHEET

AS AT 31 OCTOBER 2023

Notes
Fixed assets
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
The funds of the Charity
Unrestricted funds		 2023
£
£
6,477,337
50,000
147,353
197,353
35,075
162,278
6,639,615
6,639,615
6,639,615		 2022
£
£
6,957,791
37,500
240,926
278,426
31,860
246,566
7,204,357
7,204,357
7,204,357		 2022
£
£
6,957,791
37,500
240,926
278,426
31,860
246,566
7,204,357
7,204,357
7,204,357
7,204,357
7,204,357
7,204,357

The financial statements were approved by the Trustees on 2 July 2024

Lord John Nash Trustee

FUTURE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 18 (669,374) (696,281)
Investing activities
Purchase of investments (1,440,173) (1,421,373)
Proceeds from disposal of investments 1,902,736 954,646
Investment income received 113,238 49,308
Net cash generated from/(used in)
investing activities 575,801 (417,419)
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (93,573) (1,113,700)
Cash and cash equivalents at beginning of year 240,926 1,354,626
Cash and cash equivalents at end of year 147,353 240,926

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FUTURE

1 Accounting policies

Charity information

Future is a charity registered with the Charity Commission in England & Wales

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Trust Deed dated 5th December 2005 which is its governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 250,000 187,500
Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 112,631 47,709
Interest receivable 607 1,599
113,238 49,308

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

5 Expenditure on managing funds

Investment management
Expenditure on charitable activities
Grants to
Future
Academies
Grants to
other
charities
2023
2023
£
£
Direct costs
Grants made
689,771
160,000
Share of support and governance costs (see note 7)
Governance
26,166
-
715,937
160,000
Analysis by fund
Unrestricted funds
715,937
160,000
Support costs allocated to activities
Governance costs
Analysed between:
Charitable activies		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
32,776
32,072
Total
Grants to
Future
Academies
Grants to
other
charities
Total
2023
2022
2022
2022
£
£
£
£
849,771
718,617
116,277
834,894
26,166
12,987
-
12,987
875,937
731,604
116,277
847,881
875,937
731,604
116,277
847,881
2023
2022
£
£
26,166
12,987
26,166
12,987		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
32,776
32,072
Total
Grants to
Future
Academies
Grants to
other
charities
Total
2023
2022
2022
2022
£
£
£
£
849,771
718,617
116,277
834,894
26,166
12,987
-
12,987
875,937
731,604
116,277
847,881
875,937
731,604
116,277
847,881
2023
2022
£
£
26,166
12,987
26,166
12,987
Total
2022
£
834,894
12,987
847,881
847,881
2022
£
12,987
12,987

6 Expenditure on charitable activities

7 Support costs allocated to activities

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

9 Employees

The Charity had no employees during the year.

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

10 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments (49,425) (780,496)
Sale of investments 31,534 (13,826)
(17,891) (794,322)

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Other gains and losses

Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) upon: £ £
Foreign exchange 1,376 (2,912)

13 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 November 2022 6,957,791
Additions 1,440,173
Valuation changes (49,425)
Disposals (1,871,202)
At 31 October 2023 6,477,337
Carrying amount
At 31 October 2023 6,477,337
At 31 October 2022 6,957,791

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

14 Debtors

Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 50,000 37,500

Other debtors represents Gift Aid recoverable on donations received by the Charity by the balance sheet date.

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 35,075 31,860

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming Resources Gains and At 31 October
November resources expended losses 2023
2022
£ £ £ £ £
General funds 7,204,357 363,238 (908,713) (19,267) 6,639,615
Previous year: At 1 Incoming Resources Gains and At 31 October
November resources expended losses 2022
2021
£ £ £ £ £
General funds 8,638,912 236,808 (879,953) (791,410) 7,204,357

17 Related party transactions

Transactions with related parties

During the year the Charity entered into the following transactions with related parties:

During the year Lord John Nash, a trustee of the Charity, donated £200,000 (2022 £150,000) to the unrestricted funds of the Charity.

Future is principal sponsor of Future Academies, a Trust limited by guarantee without share capital and incorporated in England & Wales as company number 06543442. Future Academies is a multi-Trust of ten schools in Central London and Hertfordshire. The Trustees of Future are designated as members of Future Academies. Lord John Nash and Lady Caroline Nash are also Trustees of Future Academies. During the year grants totalling £689,771 were made to support Future Academies.

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

18
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
(Gain)/loss on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
(Increase) in debtors
Increase in creditors
Cash absorbed by operations		 2023
2022
£
£
(563,366)
(1,437,467)
(113,238)
(49,308)
(1,376)
2,912
(31,534)
13,826
49,425
780,496
(12,500)
(12,500)
3,215
5,760
(669,374)
(696,281)

19 Analysis of changes in net funds

The Charity had no material debt during the year.