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2025-10-31-accounts

Charity registration number 1114396 (England and Wales)

FUTURE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FUTURE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Lord John Nash
Lady Caroline Nash
Mr Gilbert Chalk
Mr John Putt
Mr David Bloch
Charity registration England and Wales 1114396
Principal address Future
Churchill Gardens
Ranelagh Road
Pimlico
London
SW1V 3EU
Auditor Alexander James & Company Limited
Upper Deck
Admirals Quarters
Portsmouth Road
Thames Ditton
Surrey
KT7 0XA

FUTURE

CONTENTS

Page
Trustees' report 1 - 5
Statement of Trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 19

FUTURE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025

The Trustees present their annual report and financial statements for the year ended 31 October 2025.

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 2024 – October 2025), 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. 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 of scholarship alumni have gone on to support our schools in leadership roles and as curriculum writers. In 2024-2025, one trainee was awarded a £5,000 payment incentive, upon the successful award of QTS and ECT employment into a Future Academies school. This was awarded based on the calibre of the trainee in terms of their subject expertise in Latin and Classics.

The Future Charity 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. Further details on this are outlined below.

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

FUTURE

Secondary Schools

Pimlico Academy

The Future Charity supported the residential trips for Key Stage 3, especially important for the incoming Year 7 cohort who may have had limited opportunities to experience outdoor learning had they not attended one the Trust’s three primary schools. In addition, students with special educational needs that may have precluded their participation in whole year group residentials were provided financial support to attend a separate residential programme, ensuring equitable access to outdoor learning. Pimlico ran two very successful abroad trips to Paris and Rome, and the Future Charity subsidised the participation of attendees in receipt of free school meals. The Charity contributed to sporting enrichment clubs. The academy drama production was also subsidised by the Future Charity.

Phoenix Academy

The Future Charity continued to provide funding for AllChild, 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 continued to support a wide range of sports clubs run by the London Sports Trust, an organisation that has historically provided a wide range of clubs for the school, both during term time and in the school holidays. The offer has now been expanded to include nonsport activities such as board games club. Phoenix students participated in LAMDA acting and public speaking courses subsidised by Future, with several students excelling and achieving distinctions in their summer exams. The Future Charity provided financial support to several students in receipt of free school meals who attended a Classics trip to Rome. Without this donation, these students would have been unable to participate and the trip was such a success that it has been planned to run biennially going forward.

Trinity Academy

Trinity Academy has continued to build on the solid foundation of the programme that was run in the previous year, including Debatemate, Steel Pan club, and Model UN in partnership with a local independent school. Clubs were significantly expanded in the period both in terms of breadth of offer and participation rates, with Grounded Sounds (an organisation that runs music intervention programmes for vulnerable students), rap and drama clubs particularly popular in music and the arts. The Charity subsidised several theatre trips including the now annual trip to Hamilton for Year 9 and a Year 7 trip to the Royal Opera House as well as an expanded sports offer. The Future Charity provided support to enable pupil premium students to participate in the KS3 residential trip. Trinity launched their annual enrichment day at the end of the academic year with all students attending trips and activities across London and the South East.

Future Academies Watford

The Future Charity continued to provide significant funding for the provision of Year 7 and 8 residential learning opportunities. Sports coaching was also subsidised, as was drama via the LAMDA programme and with visits to the theatre as well as an academy production. 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. In addition, a ski trip was run and as with other overseas visits, the Charity contributed to hardship cases where students would otherwise have missed out as a result of financial circumstances.

The Grange

The Charity supported the provision of external sports coaches to support the development of the culture of sporting participation and excellence at the school. The Future Charity provided financial backing to enable the school to run several fantastic in-house musical productions, giving students the opportunity to perform in front of a large audience. The Grange students visited London to see Hamilton, a trip that was supported with funding from the Charity. Like other schools in the group, participation in Key Stage 3 residential trips were subsidised to ensure that finance was not a barrier to participation and The Grange ran an overseas visit to Rome that utilised funding from the Charity to maximise participation.

FUTURE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Barclay Academy

Alongside subsidising the cost of travel to various trips, the Charity provided support for the school’s instrumental music programme. Funding was also provided to further develop the well-established clubs at the school, such as the gardening club, the art club, and the Lego club. All Year 7 students had the opportunity to attend the annual residential trip, a long-established Barclay tradition, subsidised by the Future Charity. Barclay also ran an abroad trip to Spain to allow their KS4 Spanish students a chance to gain a deeper understanding of Spanish language and culture. An awards presentation evening was also run in the period to celebrate academic achievement in the previous year.

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 Year 12 were partially funded by the Charity as part of a long-standing relationship with the University of Bath. A wide variety of clubs such as STEM club and First Story (a creative writing club) were supported. Trips to see Blood Brothers and to Aldenham Park Farm were supported. The careers programme at Laureate includes curated work insight visits for Year 10 students to local employers and support from the Charity enabled the school to run more tailored visits to businesses of interest to students such as to the Grove for a cohort interested in hospitality.

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 AllChild to engage in mentoring for students.

Future continues to support the primaries in its provision of residential trips.

FUTURE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

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:

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 2025

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.

Lord John Nash

Trustee

8 July 2026

FUTURE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2025

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 2025 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).

In our opinion, the financial statements:

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 requires 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.

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.

This report is made solely to the charity’s trustees, 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 those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

FUTURE

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

Michael Dobrin

Michael Dobrin (Jul 13, 2026 08:40:12 GMT+1)

Michael Morris Dobrin FCCA ACA (Senior Statutory Auditor)

For and on behalf of Alexander James & Company Limited, Statutory Auditor Chartered Certified Accountants Upper Deck Admirals Quarters Portsmouth Road Thames Ditton Surrey KT7 0XA 8 July 2026

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 2025

Unrestricted
funds
2025
Notes
£
Income from:
Donations and legacies
3
113,437
Investments
4
154,481
Total income
267,918
Expenditure on:
Managing funds
5
43,560
Charitable activities
6
336,115
Total expenditure
379,675
Net gains/(losses) on investments
11
688,950
Net incoming resources
577,193
Other recognised gains and losses
Other gains or losses
13
(2,103)
Net movement in funds
575,090
Fund balances at 1 November 2024
8,605,531
Fund balances at 31 October 2025
9,180,621		 Total
Unrestricted
funds
2025
2024
£
£
113,437
2,253,440
154,481
121,146
267,918
2,374,586
43,560
35,180
336,115
1,169,074
379,675
1,204,254
688,950
833,035
577,193
2,003,367
(2,103)
(37,451)
575,090
1,965,916
8,605,531
6,639,615
9,180,621
8,605,531		 Total
2024
£
2,253,440
121,146
2,374,586
35,180
1,169,074
1,204,254
833,035
2,003,367
(37,451)
1,965,916
6,639,615
8,605,531

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 2025

Notes
Fixed assets
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
The funds of the Charity
Unrestricted funds
17		 2025
£
£
9,127,747
-
61,624
61,624
(8,750)
52,874
9,180,621
9,180,621
9,180,621		 2024
£
£
8,450,061
87,500
73,045
160,545
(5,075)
155,470
8,605,531
8,605,531
8,605,531		 2024
£
£
8,450,061
87,500
73,045
160,545
(5,075)
155,470
8,605,531
8,605,531
8,605,531
8,605,531
8,605,531
8,605,531

The financial statements were approved by the Trustees on 8 July 2026

Lord John Nash Trustee

FUTURE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025

2025 2024
Notes £ £ £ £
Cash flows from operating activities
Cash (absorbed by)/generated from 19
operations (177,166) 944,235
Investing activities
Purchase of investments (3,015,650) (4,147,968)
Proceeds from disposal of investments 3,026,914 3,008,279
Investment income received 154,481 121,146
Net cash generated from/(used in)
investing activities 165,745 (1,018,543)
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (11,421) (74,308)
Cash and cash equivalents at beginning of year 73,045 147,353
Cash and cash equivalents at end of year 61,624 73,045

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FUTURE

1 Accounting policies

Charity information

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

1.1 Basis of preparation

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 2025

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. Unlisted investments should be carried at the lower of cost and any readily ascertainable realisable value and will be reviewed periodically to determine any requirement for an impairment adjustment. 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 2025

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
2025 2024
£ £
Donations and gifts 113,437 2,253,440
Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 151,591 118,201
Interest receivable 2,890 2,945
154,481 121,146

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

5 Expenditure on managing funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investment management 43,560 35,180
6
Expenditure on charitable activities
Grants to
Future
Academies
Grants to
other
charities
Total
Grants to
Future
Academies
2025
2025
2025
2024
£
£
£
£
Direct costs
Grants made
63,468
265,790
329,258
1,015,720
Share of support and governance costs (see note 7)
Governance
6,857
-
6,857
4,022
70,325
265,790
336,115
1,019,742
Analysis by fund
Unrestricted funds
70,325
265,790
336,115
1,019,742
7
Support costs allocated to activities
Governance costs
Analysed between:
Charitable activies
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements		 Grants to
other
charities
2024
£
149,332
-
149,332
149,332
2025
£
6,857
6,857
2025
£
6,500		 Total
2024
£
1,165,052
4,022
1,169,074
1,169,074
2024
£
4,022
4,022
2024
£
5,075

9 Trustees

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

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

10 Employees

The Charity had no employees during the year.

11 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 501,457 688,895
Sale of investments 187,493 144,140
688,950 833,035

12 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.

13 Other gains and losses

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) upon: £ £
Foreign exchange 2,103 37,451

14 Fixed asset investments

Listed Unlisted Total
investments investments
£ £ £
Cost or valuation
At 1 November 2024 8,450,061 - 8,450,061
Additions 2,940,650 75,000 3,015,650
Valuation changes 501,457 - 501,457
Disposals (2,839,421) - (2,839,421)
At 31 October 2025 9,052,747 75,000 9,127,747
Carrying amount
At 31 October 2025 9,052,747 75,000 9,127,747
At 31 October 2024 8,450,061 - 8,450,061

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

14 Fixed asset investments

(Continued)

Fixed asset investments not carried at market value

The Trustees have determined that unlisted investments should be carried at the lower of cost and any readily ascertainable realisable value. During the year the Charity received a donation in kind of unlisted limited company shares. As there is no readily ascertainable market value or realisable value for these shares the Trustees have recorded them at transfer value which they are advised is the original cost price paid for them by the donor. The Trustees will review unlisted investments periodically to determine any requirement for an impairment adjustment.

15 Debtors

Debtors
2025 2024
Amounts falling due within one year: £ £
Other debtors - 87,500

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

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 8,750 5,075

17 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 2025
2024
£ £ £ £ £
General funds 8,605,531 267,918 (379,675) 686,847 9,180,621
Previous year: At 1 Incoming Resources Gains and
At 31 October
November resources expended losses 2024
2023
£ £ £ £ £
General funds 6,639,615 2,374,586 (1,204,254) 795,584 8,605,531

18 Related party transactions

Transactions with related parties

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

FUTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

18 Related party transactions

(Continued)

During the year Lord John Nash, a trustee of the Charity, donated £113,437 (2024 £2,165,940) 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 £63,468 (2024 - £1,015,719) were made to support Future Academies.

19
Cash (absorbed by)/generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Gain on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash (absorbed by)/generated from operations		 2025
£
577,193
(154,481)
(2,103)
(187,493)
(501,457)
87,500
3,675
(177,166)		 2024
£
2,003,367
(121,146)
(37,451)
(144,140)
(688,895)
(37,500)
(30,000)
944,235

20 Analysis of changes in net funds

The Charity had no material debt during the year.

Future YE2025 Final Accounts

Final Audit Report

2026-07-13

Created: 2026-07-09 By: Andrew Nicholson (andrew.nicholson@alexanderjames.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAvAQQnXFIjYe90Jq1zCY85w2NqGA7n_i1

"Future YE2025 Final Accounts" History

Document created by Andrew Nicholson (andrew.nicholson@alexanderjames.co.uk) 2026-07-09 - 11:08:01 AM GMT

Document emailed to Lord John Nash (john@nashfoundation.co.uk) for signature 2026-07-09 - 11:08:08 AM GMT

Email viewed by Lord John Nash (john@nashfoundation.co.uk) 2026-07-09 - 11:08:32 AM GMT

Document e-signed by Lord John Nash (john@nashfoundation.co.uk) Signature Date: 2026-07-09 - 2:38:24 PM GMT - Time Source: server - Signature Appearance Selected: IMAGE Document emailed to Michael Dobrin (michael.dobrin@alexanderjames.co.uk) for signature 2026-07-09 - 2:38:29 PM GMT Email viewed by Michael Dobrin (michael.dobrin@alexanderjames.co.uk) 2026-07-13 - 7:39:40 AM GMT Document e-signed by Michael Dobrin (michael.dobrin@alexanderjames.co.uk) Signature Date: 2026-07-13 - 7:40:12 AM GMT - Time Source: server - Signature Appearance Selected: TYPE Agreement completed. 2026-07-13 - 7:40:12 AM GMT