Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B Charity registration number 1123526 Company registration number 06484974 {England and Wales) FUTURE DREAMS TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees S A Leslie D Henry P J Healy P Brown J Franks F Raja Philippa Lambert Ella LoLJise D'Amato P Lambert (Appointed 11 August 20231 (Appointed 9 October 20231 (Appointed 17 August 20231 Exe¢utlve Dlre¢tor S Jacobs Charity number 1123526 Company number 06484974 Principal address 61 Birkenhead Street London WC1H 8BB Rogister•d office 73 Cornhill London EC3V 3QQ Auditor Gerald Edelman LLP 73 Cornhill London EC3V 3QQ Solicitors Bates Wells 10 Queen Street Place London EC4R 1BE
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees, report statement of Trustees. responsibilf(ies Independent audilorfs report 8-10 Statement of finan¢ial activities 11 Balance sheet 12 Notes lo the financial slalements 14-22
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and accounts for the year ended 31 December 2023. The financial statèments wmply with the Charities A¢t 2011, the Companies A¢t 2006, the Memorandum and Articles of Association, 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 UK and Republic of Ireland (effective 1 st January 2019). Obj8dlvo$ and a¢tlvS110$ Al Future Dreams, we believe that no one should fa breast cancer alone or wthout hope. Our objectives and activities and focused across three essential areas.. Support.. We provide comprehensive in-p&rson 8nd online services offering practical, emotion81, 8nd psychological support for individuals diagnosed with breast cancer and their loved ones. Research.. We fund groundbreaking research with a focus on secondary breast cancer, aiming to improve treatments, outcomes, and quality of life for those affecled. 3. Awareness.. We actively promote breast health education, emphasising the importance of early detection and diagnosis lo increase survival rates and reduce the impact of breast cancer. The Trustees confirrll that, in their opinion, they have complied with their duty to have due regard lo the guidance on public benefit published by the Charity Commission, in the exercise of their powers and responsibilities as detailed in the trust deed and under charity law. Achievements and performance Future Dream House (opened in October 20211 is the only dedicated breast cancer support centre in the UK. It is the hub of our organisation and from where we deliver in-person and online support services that meet the physical, emotional and psychological needs of the breast cancer community. In 2023 we directly supported 1,541 individuals lacross 4,324 online and in-person visits) throughout the UK with a primary or secondary diagnosis who were either in current treatment or negolialing the difficult realities of a life after breast cancer. This represents an increase of more than 50¢/. from 2022. We also supported their families and loved ones. Thousands more accessed support and information from our online Information Hub and award-winning podcast, .And Then C8m& Bre8St Cancer, hosted by breast cancer survivor, Victoria Derbyshire. We recognise that everyone's healthca journey is different and, as a service led organisation, we continue to develop and evolve our programme of SLJPPOrt seNices in line with need. In December 2022 we were providing 70 worf(shops, classes and community group sessions per month. By December 2023 this had risen to more than 100 per month. We are especially proud of our growing number of partnerships with other breast canr organisalions across a diverse range of corllmunilies who regularly use Future Dreams House for meel-ups including, Black Women Rising, Make 2nds Count, Secondary Sisters, Young Women's Groups and The BRCA Projects. Together we offer critical peer support, a sense of belonging and friendship.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 In addition, an increase in demand for one-to-one counselling and therapy sessions led to Ihe employment of our first full-time breast care nurse specialist and the development of a register of freelance financial, mental health and grief counsellors as well as professional therapeutic healers who focus on holistic methods to promote healing and wellbeing. This includes acupuncturists (to stimulate healing, reduce stress and anxielyl, oncology and scar massage therapists Ilo manipulate muscles lo relieve pain, stress and improve circulation post-surgeryl and reflexologists (using pressure points on hands and feel to promote healing in Gorresponding parts of the body). Indèpandènt resèarch condLJCt8d in Autumn 2023 réport8d.. 85 /0 of visitors to Future Dreams believe the charity mel or exceeded their emotional, physical or psychological needs. 79 /0 felt less isolated and alone and 77°/o reported an improvement to their mental health. 790/0 of breast care nurses Ilhe main referrer to our services) felt that post accessing Future Dreams services that their patients were beller at prioritising their seff-care and were better supported and informed. 760/ts reported their pationls had greatsr self-esteem and self-¢onfidence. Th& findings of th8 evaluation ar8 dot2il8d in our Impact Raport, which is availablo to viéw on our w8bsit6.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Research Since the charity's foundation in 2008, we have invested more than £5million in secondary breast cancer research. In 2023 we made a further £1 million research commitment over the next five years. TRACERX with The Francis Crick In$tituto Future Drgams is supporting the Broast Cancer Tra¢erX proje¢l led by Professor Chades Swanlon. studying metaststic triple negative breast cancer at the world-famous Francis Crick Institute. The project is a collaboration between the Francis Crick Institute, UCL ILondonl, UNICANCER (Paris), Institut Curie (Paris) and Gustave Roussy Ivillejuifl aiming to transform the understanding of canr evolution and help develop practical steps towards an era of precision medicine. The research will enable better understanding of how triple-negalive breast cancers develop and melaslasise, and will aid in identifying the alterations responsible for relapse. Prof&ssor Charl8$ Swaftlon was awarded the 2024 Jeantel-collet) Pnze for Translalffonal Medicine for his research in cancer genetic and evolution. Al Screening with the University of Cambridge A PhD study at the University of Cambridge is working lo understand if Al screening could identify women who are more al risk of developing breast cancer. Led by Professor Fiona Gilbert, from the Radiology Department of University of Cambridge the research will assess different artificial intelligence tools which use information from rnammograms lo predict whi¢h wornen will develop breast cancer over the next five years. Al present all womtrn are treated in the same way and offered three yearly mammograms. This important work will help inform the UK screening programme on whether Al tools are ready to be adopted into Clinical practice. This COLJld enable the programme to identify which women will benefit from more frequent mammograms or additional SLJpplÈm8ntal imaging to find cancers earlier leading to adopted prolocols and more tailored patient management. AwarenesslEarl Detection One in seven women in the UK will be diagnosed with breast cancer during their lifetime. One woman is told she has the disease every ten minutes. In addition. nearly 400 men are diagnosed in the UK every year. When diagnosed at an early stage, breast can¢er is more likely to be treated successfully. Sadly, research shows that more than halF the population153°/9l forget to self-check, 12.10 have no idea Df the full range of indicators and others are unaware that men can get breast cancer. Early detection and diagnosis can save lives. Our Breast Health Masterclasses, delivered in the workplace or the community (online or in-personl, are a vital resource lo employers and community leaders in raising awareness of breast cancer and highlight the importance of.. breaking down mis¢on¢eplions that breast ¢an¢er is an 'older persons, disease knowing your family history, especially for those with relatives who were diagnosed with breast cancer before screening age150 years Dldl or with the BRCA1 or BRCA2 gene mutation normalising the conversation around good breast health, knowing the signs and symptoms of breast cancer and the importance of regular self-checking and earfy detection. Breast Cancer Awareness Month IBCAMI is an annual international health campaign organised every October lo increase awareness of breast cancer and raise funds for research, prevention, diagnosis, treatment, and cure. The campaign aims to educate people about breast cancer, promote earfy detection through screenings and se- examinations, and support those affected by the disease. During the carnpaign Future Dreams partners with ITV'S Lorraine show in the Change+Check campaign raising awareness of the signs and symptoms of breast cancer and encouraging women lo regular self-check. As part of the campaign, we participate in promotional activities, fundraising events and distribute thousands of information leaflets and stickers to participating retailers, corporates and community groups.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Futuro Planning The trustees have set a three-year plan which aims lo ensure we continue to meet the needs of the breast cancer community while safeguarding the long-term sustainability of the charity. Support To dire¢lly support 5,000 individuals tou¢hgd by brgast can¢gr per annum through the provision of onlin$ or in- person workshops, classes, commLJnity groups or one-to-one counsellingltherapy sessions. To indirectly support 50,000+ individuals touched by breast cancer through our information services such as our online Information Hub containing articles written by medical experts and those with lived experience and our award-winning podcast, .And Then Came Breast Cancer, hosted by breast cancer survivor, Victoria Derbyshire, featuring open and frank breast cancer discussions and interviews. Research To work in partnership with leading UK research centres to invest £1 million in secondary breast cancer research aimed at improving our understanding of the disease and improving treatments, outcomes, and quality of life for those touched by breast cancer. Awareness To develop existing and new partnerships that raise awareness of the importan¢e of early detection and diagnosis. In order lo achieve our goals, we will.. Develop and evolve our service provision with particular focus on services that support individuals, mental health, promote strength and wellbeing and for those post treatment, building a confident future. This will involve= Digital innovation to transfom) our digital provision and embed technologies that drive growth in our online provision, internal systems and processes and enable ongoing monitoring and evaluation Evolve our online and in-person support services in line with need while ensuring support is accessible and appropriate lo all communities Expand and develop our advice and information services including our Information Hub, podcast series 8nd range of information leaflets and checklists., 8nd Increase our community outreach and engagement with the medical profession, including breast care nurse specialists, doctors and surgeons, who are the main referrers to our services. Develop and manage a robust, diversified fundraising strategy that reduces our reliance on events and increases income from alternative SoUrs, including corporate partnerships, trusts and foundations, individual donors, and legacies. We will deepen relationships with brands and organisalions that align wtth our values and aspirations while exploring new opportunities through membership schemes and retsil in((ialives. Implement a comprehensive communications strategy designed to raise national awareness of our mission, support SetviS, and impact. This strategy will focus on building a strong, consistent brand presence across multiple platforms, including traditional media and digital channels and include targeted media outreach, social campaigns, advocacy and public awareness campaigns and strong stakeholder engagement. 4. Investment in our team lo empower our employees, improve relenlion, create a positive work Culture and ensure the charity is equipped lo meet future challenge5. This includes.. Ongoing training and professional development to provide career progression, skill enhancement, foster knowledge sharing, innovalion and cross functional collaboration Strategic recruitment lo support organisational growth., and The review and enhancement of staff benefits including the pension scheme, health and wellbeing support, and the rg¢ognition of employe$ achievemonts and mil8ston$s.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review The net expenditure for the year was £100.11112022'. income £144,500). The gross income totalled £1,849,978 12022.. £1,430,592). The amoLJnt reiVed from fundraising increased to £1,114,037 12022.. £632,100) and reflects the ongoing diversification and strength of our fundraising portfolio, Income from donations was £733,334 which was a decrease of 8°/0 compared to the prior year. Total expenditure amounted lo £1,950,089 12022.. £1,286,092). The main component of this was charitable expenditure of £1,195,99312022 £705,956). Detsiled analysis of this sum can be found in note 6. The costs of operation of Future Dreams House and connected advisory and support services for cancer patients were £713,51912022 £611,760) and rèséarch funding of £227,56812022- £nill. Reserves Policy The Trustees aim for the charity lo maintain an average of free reserves equivalent of 9-12 months operational costs. Such funds are reqLJiréd to providé the ¢harity with the working capital it needs to enablè benèficiary services to be maintainèd, as a contingency against an unexpected shortfall in fundraising income and to ensure the financial stability ol the charily. The balance of free reserves al 31 December were £829,270 which is in accordance with the the policy set out above. Funds held for designated purposes al 31 December were £572,432 (see note 17 for further delailsl. Risk a55essment The Trustees have assessed the major risks lo which the ch8rity is exposed, in particular those related lo the operations and finance of the charity, and have developed a risk management strategy which involves the following.. an annual review of the principal risks and unrtaIntieS that the charity and its subsidiaries face the establishment of policies, systems and procedures lo mitigate risks identified the implemenlalion of procedures designed lo minimise or manage any potential impact on the charity should those risks malerialise Structure, govemance and management The company is limited by guaranteè and was established on 28th January 2008 to raise funds for the purpose of cancer research. The charity is governed by its Memorandum and Articles ofAssociation. The Trustees, who are also the directors for the purpose of company law, and who served during the year were.. S A Leslie D Henry P J Healy P Brown J Frank5 S Jacobs F Raja Philippa Lambart Ella Louise D'Amato (Resigned 16 August 20231 (Appointed 11 August 20231 (Appointed 9 October 20231 The Trustees have the power to appoint new Trustees at their discretion. Trustees are provided with appropriate training to ensure they are kept up to date with current regulation and practice. None of the Trustees has any beneficial interest in the company. All of the Trustees are rnembers of the company and guarantee to contribute £10 in the event of a winding up.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees administer the charity on an ongoing basis and meet at least three times a year to discuss policy matters and specific requests for funding. The charity is administered on a day lo day basis by Samantha Jacobs who reports directly to the Board. Going concem Having reviewed the charity's financial forecast and expected future cash flows , the Iruslees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, a period of not le5S than 12 months from the date of approval of these financial slalemenls. Acwrdingly, the trLJStees ¢ontinues to adopt the going con¢ern basis in preparing the financial statements for the year ended 31 December 2023. Further details regarding adoption of the going COnM basis can be found in note 1.2 to the financial statements. Audltor The auditor, Gerald Edelman LLP, is deemed to be reappointed under section 487121 of the Companies Act 2006. Disclosure of information to auditor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant lo the audit. bul of which the auditor is unaware. They have further confirmed that they have tsken appropriate steps 10 identify such relevant information and to estsblish that the auditor is aware of such information. The Trustees. Report was approved by the Board of Trustees. 14/1012024 D Henry Trustee Dated..
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also the direclors of Future Dreams Trust Limited for the purpose of company law, are responsible for preparing the Trustees, Report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the ¢harily and of the incorning resources and application of resources, including the Income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. select suiiable accounting policies and then apply Ihem consistently,. observe the methods and principles in the Charities SORP., rnake judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fin8n¢i¥l slatemenls., 8nd prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operats'on. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slalements comply with the Companies Act 2006. 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.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FUTURE DREAMS TRUST LIMITED Opinion We have audited the financial statements of Future Dreams Trust Limited (the 'charity'l for the year ended 31 December 2023 which Comprise the statement of financial adivities, the balance sheet, the statement of cash flows and notes lo the financial slalemenls. including significant accounting policies. The financial reporting framework that has béén applièd in thèir prèparation is applieab18 law and Unitèd Kingdom Accounting Standards, in¢luding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Pra¢ti¢el. In our opinion, the financial slalements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 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 Practice., and have been prepared in accordan with the requirements of the Companies Act 2006. Basls for oplnl¢n We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audit0S responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence wg have obtained is sufficient and appropriatg to providg a basis for our opinion. Conclusions relating to going concern In aLJditing thè financial statements, w8 hav8 conclLJded that the Trustè8S' US8 of thè going conc8m 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 UnrtaIntieS 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 al least twelve months from when the financial slalements are authorised for issue. Our r&sponsibilili&s and the responsibilities of the Trustees wth iespe¢t lo going concem are described in the relevant sections of this report. Other infomiation The other information comprises the infomation included in the annual report other than the financial ststements and our audilor's reporl 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 inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or olheTwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material rnisstalemenl in the financial stslemenls themselves. If, L>ased on the work we h8ve perforrlled, we conclude that there is a material misstatement of this other information, we are required lo report that f8cI. We have nothing to report in this regard. Matters on which we a required to report by ex¢¢ption 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 to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report,. or sufficient accoLJnting records have not been kept., or the financial ststemenls are not in agreement with the accounting records., or we have not reiVed 811 the information and explanations we require for our audit.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF FUTURE DREAMS TRUST LIMITED Rosponsibilitios of Trusteas As explained more fully in the statement of Trustees. responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary lo enable thè prèparation of financial statémènts that arè frèè from matèrial misstatèmènt, whèthèr duè to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the ¢harily's ability lo Continue as a going ¢on¢ern, disclosing, as appli¢able, matters related to going Concem and using the going concern basis of accounting unless the Trusteès either intend to liquidate the charitable company or to cease operations, or have no realistic alternalive but to do so. Auditor's rèsponsibilitiès for the audit of the financial statèments 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 finanaal 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 IUKI will always delecl a material misslatemenl when tt exists. Misslalemenls can arise from fraud or error and are wnsidered material if, individually or in the aggregate, they could reasonably be expected to influence the e¢onomi¢ decisions of users taken on the basis of these fin8n¢ial ststemenls. Irregularities, including fraud. are insl8n¢es of non-compli8n¢e wth18WS and T&gul8tions. We design procedures in line with our spOnSIbl11t1e$, outlined above, to deted material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Our audit proureS were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 December 2023. We planned our audit so that we have a reasonable expectation of detecting material misststements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations. Extent to which the audit was considered capable of detecting irregularities, including fraud In identifying and assessing risks of material misslatemenl in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures included the following.. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations. Enquiring of management of whether they are aware of any non-compliance with laws and regulations. Enquiring of managemènt wh8th8r thèy hav8 knowlédgè of any actual, suspèctèd or allegéd fraud. Enquiring of management their internal controls established to Mitigate risk related to fraud or non- compliance with laws and regulations. Discussions amongst the engagement team on how and where fraud might occur in the financial siatements and any potential indicators of fraud. As part of this discLJssion, we identified potential for fraud in the following areas,. posting of unusual journals. Obtaining understanding of the legal and regulatory framework the corllpany operates in focusing on those laws and regulations that had a direct effed on the financial slalements or that had a fundamentsl effect on the operations. The key laws and regulations we considered in this context included UK Companies Act 2006, lax legislation, data protection. anli-bribery, employment and health and safety Audit response to risk identified Fraud due to managernent override To address the risk of fraud through management bias and override of controls, we.. Tested journal entries for appropriateness Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias., and Investigated the rationale behind significant or unusual transactions.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF FUTURE DREAMS TRUST LIMITED Irrggularitigs and non-complianca with laws and regulations In response lo the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, bul are not limited lo.. Agreeing financial statements disclosures lo underfying supporting documentation. Réviéwing minutes of mèetings of thos8 chargèd with govèrnancé. Enquiring of management as lo actual and potential liligalion claims. The lest nature and other inherent limitslions of an audit, together with the inherent limitslions of any accounting and inl8rnal control system, mean that there is an unavoidable risk that even some material rnisstatemenls in rèspèct ol irr8gLJlaritiÈs may rèmain undiscovèred evan though the aLJdit is propèrly plannèd and pérformèd in accordance with ISAS IUKI. Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such rnaterial misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud. error and non-compliance with law or regulations rests with the directors. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklaudilorsresponsibilities. This description fomis part of our audilorfs report. This report is made solely to the charity's Iruslees, as a body, in accordance with part 4 of the Charities (AOunt$ and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charity's trustees those matters we are required to stste to them in an auditors, report and for no other purpose. To the fLJllest extent permitted by law, we do not a¢cept 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. Saskia Harrison Isenior Statutory Auditor) for and on behalf of Gerald Edelman LLP 15/10/2024 Chartered Accountsnts Statutory Auditor 73 Cornhill London EC3V 3QQ Gerald Edelman LLP is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 10-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Designated funds funds Total Total 2023 2023 2023 2022 Notes Income from.. Donations and legacies Fundraising activities Investments 733,034 1,114,037 2,907 733,034 1,114,037 2,907 798,476 632,110 Total income 1,849,978 1,849,978 1,430,592 enditure on.. Raising fLJnds 754,096 754,096 580,135 Charitable activities 968,425 227,568 1,195,993 705,956 Totsl expenditure 1,722,521 227,568 1,950,089 1,286,092 Net in¢omellexpenditurel before transfers 127,457 1227,5681 1100,1111 144,500 Gross transfers between funds 17 1200,0001 200,000 Net lexpenditurellincome for the yearl Net movement In funds 172,5431 127,5681 1100.1111 144.500 Fund balances at 1 January 2023 901,813 600,000 1,501,813 1,357,313 Fund balances at 31 December 2023 829,270 572,432 1,401,702 1,501,813 The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Investments 11 12 23,611 100 19,533 23,711 19,533 Current assets Debtors Cash al bank and in hand 13 229,258 1,418,116 486,298 1,232,030 1,647,374 1,718,328 Creditors: amounts falling due within one year 14 1269,3831 1236,0481 Net current assets 1,377,991 1,482,280 Total assets lass curront Ilabllltlas 1,401,702 1,501,813 Income funds Designated funds Unrestricted funds 572,432 829,270 600,000 901,813 1,401,702 1,501,813 The company is entitled to the exempb'on from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023. 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. However an audit has been carried out under section 144 of the Charities Act 2011. These financial ststements have been prepad in accordance with the special provisions applicable to companies subject to thè small companiès regimè. 14110/2024 The financial statements were approved by the Trustees on D Henry Trustee Company Registration No. 06484974 12-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 20 193,862 53,690 Investing activities Pur¢hase of tangible fixed assets Purchase of investments Investment income received 110,5831 11001 2,907 114,2631 Net cash used in investing activities 17,7761 114,2571 Net cash used in financing activities Net In¢rease In cash and cash equlvalent$ 186,086 39,433 Cash and cash equivalents al beginning of year 1,232,030 1,192,597 Cash and cash equivalents at end of year 1,418,116 1,232,030 13-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policiès Company information Future Dreams Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 73 Cornhill, London EC3 3QQ. 1.1 Accountlng conventlon These accounts have been prepared in accordance with FRS 102 °The Financial Reporting Standard applicable in the UK Republic of Ireland" I"FRS 102 1, 'Accounting and Reporting by Charities. the Slalement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally A¢¢epted Accounting Practice as it applies from 1 January 2019. The charity is a Public Benefit Entity as defined by FRS 102. The financial statemènts hav@ departed from thè Charities IAccounts 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 charitiès applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has Sin been withdrawn. The financial ststements are prepared in sterling, which is the fun¢tional currency of the charity. Monetsry amounis in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adoplod are sel out below. Group fin8n¢ial ststements The Charity has a subsidiary company as detsiled in note 13. No consolidation has been carried out on the basis that it is a small group and in the opinion of the TrLJStees, no advantage would accrue from any such course of action. 1.2 Golng concorn The financial statements have been prepared on the going concern basis, which the trustees believe to be appropriate for the following reasons. The Iruslees have reviewed the charity's current cash FK)Sition, and for a minimum period of al least 12 months from the d8le of approval ol these financial stslemenls, the charity will be able to meet ils liabilities as and wh&n they fall due. The trustees have a reasonable expe¢tslion that the company has adequate resources to continue in operational existence for the foreseeable future. Having made the appropriate enquiries, the trustees consider it appropriate lo prepare the financial statements on the going concern basis. 1.3 Charitable funds Unrèstricted funds aro available for use al the dis¢r&tion of the Trustees in furtheran¢& of their charitsble obje¢tives. 14
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.4 Incoming resources Income is re¢ognised when the Charity is legally entitled to it after any performance conditions have been mel, the amounts Can be measured reliably, and it is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donalion, unless performance condilions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwise if the charity has been nottfied of an impending distribution, the amount is known, and re¢gipl is expe¢tgd. If Ihg amount is not known, the legacy is treated as a contingent asset. Inveslment income is represented by interest receivable and is included on an accruals basis. 1.5 Resources expended Liabilities ar8 récognised as resources èxpended as soon as therè is alal or constructivè obligation committing the charity to the expenditure. All reSoUrS expended are accounted for on an accruals basis. Irrecoverable vat is charged to the expenses to which it relates. Charitable expenditure includes grants made to individuals and institutions which are included in the accounts when paid or when a firm cornmrftment is given lo a charity prior lo the balance sheet dale which is a conslruclive obligation. Support costs are also included under this heading. The sts of r8ising funds are represented by costs incurred in inducing people and organis81ions to contribute fin8n¢ially lo the charity's work. This includes the cost of advertising for donations and the stsging of fundraising events. Support costs comprise costs diredy associated with the govemance of the charity. 1.6 Tangible fixed assets Tangible fixed assets a Initially rneasured at cost and subsequendy measured 81 wst or valuation, net of depre¢ialion and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Computer5 250/0 Reducing Balance The gain or loss arising on the disposal of an asset is deltsrmined as the differgnce between the sale procèèds and tha carrying valLJ8 of th8 ass8t, and is racognisèd in the statemènt of financial activitias. 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. 15-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.8 Financial instruments The Charity has ele¢led to apply the provisions of Sedion 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Finan¢ial instruments are re¢ognised in the charity's balan¢e sheet when the charity be¢omes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. 8asiG financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction pri¢e including transa¢tion Costs and are subsequently carried at amortised cost using the effe¢tive interest method unless the arrangement ¢onstitutes a financing transaction, where the transa¢tion is measured at the present value of the futLJre receipts discounted at a market rate of interest. Financial assets classifi'ed as receivable within one year are not amortised. Baslc flnanclal Ilabllltlas Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslilules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted al a market rale of interest. Financial liabilities classrfied as payable within one year are not amortised. Debt instruments arg subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or seNices 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£urrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest meth(. Deracognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.9 Pènslons Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due. Incom8 from donatlons and lègaclos Unrestrlctèd Unreslrlctèd funds funds 2023 2022 Donations and gifts Income tax receivable 686,104 46,930 776,334 22,142 733,034 798,476 16-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Fundraising activitiès 2023 2022 Boxing event Future Dreams Lunch Future Dreams Magazine Organisedllndividual Challenge events Fashion Show Neon other activities 344,196 195,762 34,750 137,869 149,995 733,276 92,897 57,402 1,114,037 632,110 Income from investments 2023 2022 Interest receivable 2,907 Ralslng funds 2023 2022 Fundraisin and ublici Event direct Costs Event support costs Marketing Stsff costs 435,552 130,703 25,969 161,872 348,221 151,629 80,285 754,096 580,135 Events dlre¢t ¢osts ¢omprlses of.. Boxing Neon Future Dreams Lunch Fashion show Other events 121,467 357,586 115,940 59,936 18,030 110,814 435,552 348,221 17-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitabl8 activities 2023 2022 Depreciation Future Dreams House Support Centre Support services Awareness inilialives Other Research fund 6,505 316,490 397,029 136,364 44,232 227,568 5,208 432,132 189,628 2,384 45,582 1,128,188 674,934 Governance eosts 67,805 31,022 1,195,993 705,956 Analysi5 by fund Unrestricted funds Designated funds 968,425 227,568 705,956 1,195,993 705,956 Net movement in funds 2023 2022 The nel movement in funds is stated after chargingl{creditingl'. Depreciation of owned tsngible fixed assets Loss on disposal of tangible fixed assets 6,505 5,208 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were reimbursed to the Trustees in the year. 18-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employ8•s Employment ¢o$t$ 2023 2022 Wages and salaries Social security costs Other pension costs 376,538 34,826 5,480 148,005 9,818 3,309 416.844 161,132 There were 1012022.. 51 employees during the year responsible for the administration of the charity. No employee eams more than £60,000 in the year. 10 Taxatlon As 8 charity, Future Dre8ms Trust Ltd is able to recover lax on donations received under gift aid. The charitable company is exempt from corporation tsx on its charitsble activities. 11 Tangible fixed a55ets Computers C05t At 1 January 2023 Additions 55,674 10,583 Al 31 December 2023 66,257 Deproclatlon and Impalrment At 1 January 2023 Depreciation Charged in the year 36,141 6,505 Al 31 December 2023 42,646 Carrying amount Al 31 De¢smber 2023 23,611 At 31 December 2022 19,533 19-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Fixed ass8t inv8stm&nts Unlisted investments Cost or valuation Al 1 January 2023 Additions 100 Al 31 December 2023 100 Carrying amount At 31 December 2023 100 Al 31 December 2022 The charity owns the whole of the issued share capitsl of the Future Dreams Self Care Limited which was registered in the United Kingdom on 25 May 2023. The company did not trade in the period to 31 December 2023. 13 Debtors 2023 2022 Amounts falling due within one year.. Trade debtors Other debtors Prepayments and accrued income 43,237 80,772 105,249 88,247 310,405 87,646 229,258 486,298 14 Creditors: amounts falling due within one year 2023 2022 Other taxation and social security Trade creditors Other creditors Ac¢ruals and deferred income 16,380 52,706 107 200,190 6,832 42,683 856 185,677 269,383 236,048 15 Share ¢apltsl The MpanY does not have a share capital as il is limited by guarantee. -20-
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Retiromènt bonofit sch&m•s 2023 2022 Deflned contrlbutlon $¢h¢mos Ch8rge lo profil or loss in respect of defined contribution schemes 5,480 3,309 The Charity operates 8 defined contribution pension scheme for 811 qualifying employees. The assets of the scheme are held separately from those of the charity in an independently adMinisted fund. 17 Unr¢$tri¢ted funds The income funds of the charity include the following designated funds which have been set aside out of unreslricled funds by the Iruslees for specific purposes.. At 1 January 2023 Incoming re50urce5 Resources expended Transfers At31 December 2023 General funds Designated funds 901,813 600,000 1,849,978 11,722,521) 1227,5681 1200,0001 200,000 829,270 572,432 1,501,813 1,849,978 11,950,C>891 1,401,702 Previous year.. At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 General funds Designated fund5 957,313 400,000 1,430,592 11,286,Q921 1200,0001 200,000 901,813 600,000 1,357,313 1,430,592 11,286,092) 1,501,813 Research Fund £372.432 Future Dreams is commilled lo funding £1million in vital research into secondary breast cancer over the next five yèars_ A committèè will bè Èstablishèd to in¢ludè ttustèès and léading mèmbérs of thè brÉast c3ne8r ¢ommunity and medical professional to assess research projects in line with objectives, award funding, monitor and evaluate developments and outcomes. Grants of £227,56812022'. £nill were pay out in respect of this fund during the year with a further transfer of £200,000 was made to this fund in the year. National Development Fund £200,000 The National Developrnent Fund will ensure the charity can instigate new, innovative and inclusive national, regional and local initiatives that raise awareness of breast cancer andlor provide critical support lo those with a breast canr diagnosis whilst maintaining the quality and diversity of existing services. 21
Docusiyn Envelope ID". 42D7E155-732D4457-91BD-9FEFC438008B FUTURE DREAMS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Analysis of nat assets b8tw•èn funds Unrestricted Designated funds funds Total Fund balanS al 31 December 2023 are represented by.. Tangible assets Investments Current assetsllliabililiesl 23,611 100 805,559 23,611 100 1,377,991 572,432 829,270 572,432 1,401,702 19 Operating lease commitments Lessee At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2023 2022 Within one year Between two and five years In ovgr five years 235,000 705,000 3,231,250 235,000 705,000 3,466,250 4,171,250 4,406,250 20 Cash g8n8ratad from oparatlons 2023 2022 (Deficitllsurpus for the year 1100,1111 144,500 AdjLJStments for.. Investment income recognised in statement of financial activities (Gainllloss on disposal of tangible fixed 8ss&ts Depreciation and impairment of tangible fixed assets 12,9071 161 6,505 5,208 Movements in working capitsl.. Decreasellincreasel in debtors Increase in creditors 257,040 33,335 1231,7751 135,762 Cash generated from operations 193,862 53,690 22-