The Brlght Fvture Trust Report and Financial Statements Year ended S April 2021 Registratlon number: 1123531 Regislratlon dote: 9 April X08 The 8rfght Future Twst ReFxYÈ and Financial Statements Yery endod 5 AFx4 2021 Contents Relerence and Administrative Inf¢Nmolion Trustees, Annual Report Independent Examiner'5 Rewl to the Tnjstees of The Bright Future Trust statement of ￿nanC￿l ActNiti8s Balance Sheet Notes to the Flnonclol Stotements Iho &ight Fulure Twst R6P(xt and Finoncial Stotements Ye(J erKl&d 5 Aprj 2021 Reference and Admlnlstratlve Infonnallon Twstees Dr C B Polel CBE FRCP Mrs K A Patd Mr P J Munday Mi55 M J Polel Mr P ￿nery Mr K Croig Mi55 C A Votenti Prfn¢W OIIIc• Riverbridge House. G￿￿jf¢Jd Rood. Lectherhead. Swey. Kf22 9AD Chth Numb 1123531 Ind•p•nd•nl Examkn•r Deboroh Edwords ACA HaAond Acc¢wntants (Newqwyl Ltd. 35 Ffyh cro￿ Street, Scintt AustdL Comwall. PL25 4AN banke Bullerfield Bank IGuemseyl Limited Glalegny Esplanade. Sl. Peter P(Jl. Guwnsey GYI 3AP R8gi%tered nvmber 1123S31 The Brfght FulLwe Tnjst Rep(*l and Hnoncid Statements Ye¢x endad 5 Asxll 2021 Trustees. Annual Report The Twstee5 present ther rep￿ and financid statements of Ihe ch¢￿ty for Ihe Ye￿ ended 5 April 2721. The financial statements hove been yepared in acc￿dance wilh the occounting pdicie5 set out in note I to the financial stotements and comrjy ￿th tt)e choAties' Trust Deed. the Chorities Act 2011 and Ihe Statement ot Recommended Proctice: Acc(yJnthng ond Repiytring by Chorithes (Revised 20151. Slwcl(r•, Governa￿• and Management The Bright FutL¥e Trust was e5toblished by Dr C B and Mrs K A Patd. The Trust Is constiluted under o tnjsl deed doted 14 M(xch Th ond wos registered ot Charity Commi5sioneTS under number 1123531 on 9 April 2C(18. At the Trustees. meetings. the Trustees agee the strolegy ond oreas of oclvlfy the Trust. Including conskyerotion ol gont makiro. investment. reswves ond management polcies and perfcm)anc8. The doy to odministration ol gonts and the processing ar)d hanthng of opp+icalions to considerotion by tt)e tnjstees 15 dde9]ted to the Administrat￿. All Twstee5 give Ihe¥ time treety and no Iruslee r¢gmunerotion w05 paid in the yeai. No Irustee expenses were paid. No odministrolor remunwolion wos paid in Ihe yeor. Overhead and administrative costs are undeMtten by CO￿ CaveThJish Lirrited, o company undw the contrd of Dr C B Palel. New Trustees are appc4nted by the exlsting Trust8e5. The Trust Oeed pxovMJe5 for a Trustee to be oppolnted or dschorged by a resdulion ol o meelirsg of theTrustees. provided thata memuondum declaring such oppointmenl or discharge sholl be ygned as a deed. either ol Ihe meeting by the person Pfesiding or in some other monner (thcted by the meeling and attr￿ted by other pe￿0￿ present al the meeting. Rlsk Managem•nt The Trustees hove considered Ihe maicx rtsks lo wh￿h the chority S exposed and hove rewewed those risks and estaL4ished systems and procedures to Mar￿ge those ttsks. The Trustees ensLffe that al new Tnjstees r6cwiled ore given guKlance and tralning in accc¢dance with the charitable obiectlves ond aclivilies of the Trust. The Trustees meet resvlaty lo consider appr￿allOnS support from Ihird FX]rty causes and ensure Ihol inilial backgound revw is vndertaken bef¢Je such opplications c¥e rewewed and discv55ed. Gronls are onW considefed ofter Intr￿juC￿0n trom kn¢)wn conlacts and svpporters and are made to third parfy causes ofter and apFKovd by Ihe Trustee5. Oblecttv•s qnd A¢ll¥lll•s lor Ihe Publ1¢ b•n•fft The objectives as specrfied in tt)e Trust deed ore for the Bright FutLre Trusl to opply the income, and all or svch port (x parts of Ihe capilol. ot such time Ix times ond in such manner to, or lor the benefit of. such exclusively charitab￿ objects and pwposes which are charitable accoTding to the Laws of Englond ond wa￿$. in any p(xt of the world as Ihe Trustees may in their digcrethon think i. Reg￿tered nvmber 1123531 Th& Bright Fubjre Ttusl Rep¢yt and Anoncld Statèmènts Year ended 5 April 2021 Trustees. Annual Report {continued} The Trustees have agreed Ihat Ihe fulurè strategy for theTrvstwoutd be to focvs on charilies which are making the most of the positive oppcfftvnities presented by new technolo&ies. In addition, monies wll be set aside l¢y sprinkle investments. The key areas of focus will be: Child literacy Menlal heatth Environmenllconservotion impactlng social justice By locussing on these ore05. ltte Trust ochieves its strotegic priorilies of continued support to a number ol choritable orgonisations over o sustained petiod. Publlc B•nefft The Truslees confim that they have ielerred to the guhjance contaSned in the Choiity Commission's general guidonce on pubfic benefft when reviewng the Trust'5 aims and objectives and in planning Ivlvre oclivities and setling the granl making policy the year. Pollcy on Charflable Inv¢slm•nl The Trust encourages ccpinvestment from other sowces wuling in partnership other donors. The Trust sUpp￿ts o smoll number of charitie5 bul does so over o sustained wiod. Deloils of how to appty for investment are available on th8 Trust's web&te. Flnanclal Itevl•w In oddition Io sums paid in choritoble investments by the TnJ5t. Dr C B and th K A Patel have made significant donations personalty to o number of cygonisations over mony yeors, bolh in direct cash donotion and gifting ol personal ossets 05 charitable auction items. and inlend to conlinve lo do so in the futLwe. A summory of all charitoble investments. from bott) Ihe Tru51 and the Patel lomily personally ore referenced on the Tfvst website. v4YM.brighthJturelrusl.org.vk. Reserv￿ poll The Trusl's general reserve at Ihe 5 AKYI 2021 wos £1.077.1976 [￿J20. £1.0213761. The Trust's policy 15 lo mointoin a smoll Teserve as o contingency against operoting and govemance costs. Unre5tricled fundg in exce4 of thi5 level ore donoted a5 soon as suitable beneficiories are identitied and opproved by the Trustees. Plan$ for th• Fvlur• The Bright Future Twst hos been a regislered UK Charity e￿Ven year5 and il rs the gool ol th& Trustees to rewew ils strategy ond see vthether the areas of emphasi8 and oppiix]ch to inveslmenl need to change. It is conceivable that we moy look to new strands of investment where the size of the fvnding can make o greater impact as well as revTrew our strategy in terms of how we make those investments. Registered number 1123S31 Ihe Bright Future Trust Rewt Financiol Stotemenls YecK ended 5 Apnl 2021 Truslees. Annual Report fcontinuedj Plam lor the Fulum {conllnv•d) There ore many calls on the Foundation's copllol and it is one ol Ihe Trust's fundamentol principles that they remain close to a sel ol objectives for a dLKation of time $0 that they con stay focused and more objectively evaluate the impact of their inveslmenls. Some of the oreos they will review are whether to change th￿1 focv5 lowards activities in other age groups or whether lo look at focusing on specific countries and specific areas ol wotk wtthin those counlries. To dote th& Trust has inveded over £2.4 mli fion in several prciects and continu85 to support a number of charitable organisations over o sustained pericd. Trusl•w' rMponslbllltl•s In r•lallon to ￿ th￿ntIal stalements The Truslees are responsible fu tW6paring the Trv5tees' Rep￿t and the finonciol stotemenls in accordance wth opplicoble law and United Kingdom Accounting Stondards. The law opplicable to charities in England and Woles ieqvires the Tnjsteelsl lo prepare financ￿1 slalements fly each finon¢iol year which give a Irue and fo¥ ￿ of the stole of affairs of lhe chority and ol the incoming iesovrce5 and application of 18sources of lh8 charity fc* that p￿10d. In prep¢ing these financial statements, th6 trustees are required to: select suitable occovnting p￿Ic￿S ond Ihen appty them conslstenlty observe the methods and principles of the chorities SORP moke judgements ond estimoles that are reasonable and prudent state whether OP￿iCable occovnting slonds have been followed. sublect to any deportUTes dlsclosed and explained in the ffnanaol slotements and prepare the Ilnancial slatements on the g¢ing concern bosts unless it Is inapproprfole to presume thot the chority V*iH continv8 in business The Trustees are responsible lor keeping accounting reccwds which disclose hmth reosonable occvracy the finoncial position of the charity and enotje them to oscertoin to ensure Ihat Ihe linoncial slotements compty the Charities Act XJI l and the provisions ol the trust deed. They are also resF)onsible lor sotegvording the 0$5ets of the chority and hence for taking reasonoble sleps lor the prevenlion ond detection ol fravd and other iregulorilies. The Trustees are responslble lor the maintenance and inlwty of the ch￿lty and financial informotion included on the charity's websile. Approved by the Trustees and Si￿8d on thek beholl by: Dr C B Polel CbE PRCP Trustee Registered number. I123S31 Thè Bright FutUTè Trusl Rep¢)rt and Fnancial Stotemerits Year ended 5 AF)ri12021 Independent Examiner's Report to Ihe TfU3tees of The Brfght Future Trvst I repc¥t on the occovnts ot the ch¢￿ty fu Ihe year ended 5 April 2021. which are set ovt on poges 6toll. The report 15 mode solely to Ihe charity's Trustees. 0$ o boty. occudonce wlh Seclion 145 of the Charilies Act 2011. My has been undertoken so Ihot I might slote to the chority's Trustees those matters l am required to stote lo Ihem in Ihts repcrt and l¢J no other purpose. To the fullest extent pemitted by low, I do not accepl or assume responsibility lo anyone other tt)an the charity ond Ihe chaiity's trustees as o boty. for my w¢rt for Ihts report. or fcrf the opinions I hove formed. Rwpe¢tlY• r•$poMlballl•s ol Irv￿•￿ and •xarrth•r The choritvs Trustees are responsible lor the rKeporotlon of the accounts. The charity's Tru51ees consider that an oudil is not requyed l(x tt)is yeor (under section 144121 of the Charities Act 2011 (the 2011 Actll and that an independent examination is needed. It is my responsibility lo- exomine Ihe occounts (under sectK)n 145 of Ihe 2011 Actl: lo follow the procedvres loid down In the Generol Dtyecllons Gyven by the Chority Commissioners lunder seclion 14515llbl of the 2011 Actl.. and lo state whether porticular motters have come to my attention. 5￿1$ of Ind•p•nd¢nl •xamlnrfs r•port My exominathon was carried out in occordonce with general Drections given by the Charity Commission. An examinolion includes a review of Ihe accounting rec￿d$ kept by the charity and a compofison of the accounts presentèd wth those records. It aLs0 include5 consideration of ony vnusvol items or discloMes in Ihe accounts and seeknng explonations from the trustees concernlng any svch matters. The procedures undertaken do not Fyovide all the evldence that would be requlred In an audll. and consequenty no opinion is given as to whether the accounts present a 'true and fair, Mew ond the rewt is limited to Ihose mottev5 set out in the statement below. Indep•t￿ent •xamln•rfs stal•m•nl In connec*ion with my exominothon, no matter has com8 to my oltention l. which gives me reosonoble cause to beli&ve thal in. any moteriol respecl, tt)e requirements.. to keep accovnthng rec￿d$ in accordance vth section I XJ of the 2011 Acl: ond to prepare accounts vthlch occord wlth the OCC¢Junting records and compty wth the accounflng requlrements of me 2011 Act ona the 5totement 01 Recommendea Pracllce: Accounling and Rep¢yling by Charities hove not been mel," or 2. lo which. in my opinion. ottention should be driThn in ￿der to enable o proper understanding of the accounts to be reoched. VdLU(udD D•boroh Edwarth FCA Horlond Accountonts INewqvoyl Ltd. 35 High Cross Street. st Austell. Ccynwall. PL25 4AN Reg￿tered number. 1123&31 The Brighl Future Trust Report ond F*iancial Stotamgnts Year ended 5 Apil 2021 Slalement ol Flnanclal Aclivities fw the year ended 5 W 2021 Note R&sMcl8d hcome F￿(ts vry8st￿le￿ funds Total lolol 2020 Incwntng R•ww¢ Incoft￿ Res¢ui¢•s g•nwat•d fvn(ts Voluntuy ineome Ilb) 253.122 253.122 271,692 lthil Incomlng 253.122 253,122 271,692 ￿•￿vre￿ Exp•nd•d Charita￿e activitie5 Governa￿e costs 1197.5751 17261 (197A75) 1154,9931 (724) 17811 Tolal R•sow¢w e4>•nd•d 1198,3)61 (Ip8.304) 1155.7741 N•t kncomlng r•s¢)Lve 54M21 54.821 115.918 N•t mov•m•rt In Ivnth T¢)lol fvnds kyoughtfr#w0rd 115,918 906,458 1.022.376 1.022,J71 Tolal fvnds ¢ath•d 1.077.197 1.077,117 1,022.376 Reg￿le{ed number. 1123&31 The Brkjhl Future Trust R8POrt Finonciol Stotemen15 Yaar ended 5 April 2021 Balance Sheet asat5Aprf2027 Note Total Total 2020 Funds Funds Cvrr•nt ass•ts Cash at bonk <￿￿ ￿ hond Im7,821 1.077.821 1.021988 Ci•dlors: aM￿nIS t(￿ing dug withn one yeor (124) {624) 16121 cuTh•nt aM•ts I.OTI.I17 l.07T,I97 1.022.376 N•t aii•ts 1.077.1 I.OTI,197 1,022.376 Fundi ol lh• Charfty Unr851rict8d lund5 Restricted income funds IXI77.1 1.077.197 1,022,376 Tolal lunds 1rn.117 1,077.1 1.022,376 The ffnanclal slatemenls ofThe ￿h1 Futuro Twst were opproved by the board of Trustee5 ond aulh0ri5ed for Issue on 24 December 3Y21. They were *ied on its bahdf by: Drc B PahlCBE FRCP Trvslee Reglstefed nvmber 1123S31 The Bright Future T￿$1 Report ond Fnanciol Stotemen15 Yaar andèd 5 April 2021 Notes to Ihe flnanclal statements AccoMtlng poll¢les (o) G•nwal IrfNrnalhn and l)ash of accounllng The ffnanc¢al statements have been prepared under the hidThic cost convention. wth the exceptfon thol investments are included at market value. The financiol Statements hove been prepored in occordonce wth the Statemenl of Recommended Pioctice: Accounting and Reporting by Charities (Revised 20151 i$5ued in March 2CnS and opplicaEJe UK Accounting 5tondards and the Charities Act 2011. PreSenta￿onal currency 15 £ Sterling ond rwnrfing is to £s. (b) Funds Slructur• rhe chority had on ￿lginal gift on inceplion from Dr C B Patel and th K A Patel,. since inception the chorSty has occepled donation5 Irom general sources. inctuding the original donor. Restricted funds are funds which are to be used in acc￿danCe vrith specific restrictions Imposed by the donor or trust deed. Unrestrfcted income funds compmse those funds which the trustees ¢ye free to US8 lor any purpose in furtherance ol the choritable objects. Unrestricted funds include designoled funds where the trustees, at their discretion. hove cleated o fund a specific pu￿058. (¢) Ineomlng r•sourc•s All Incoming re5cuces ore recognised once the charity entitlement lo Ihe resourc8s, it Is certain thol the resouTC8S wll be r6eeived, ond the monetory value of incoming resovrees con be measured wllh sufficlent reliobility. Id) R￿QuIC•S •xpend•d LlabS1i1Ses ore recognised as I￿oUrceS expended as soon as Ihere i8 a legal or conslwctive obligation committing the charity to Ihe eXpendIt￿e. All expendilLVe IS accounled for on an accruals basis and has been clossiffied under heodings that oggregote all costs reloled to Ihe categw. Donations payable are poyments mode to third parties ti) Ihe furtherance of the charitable objects ol Ihe Trust. Single or mulli-yeor donations ore acccAJnled for when either the recipient hos a reosonoble expectation Ihot Ihey wll receive o donation and the Iru5tees have ogreed lo pay the donation wilhoul condition. or the recipienl has o re050nable expeclotion Ihol tt)ey will receive o donatKin and any condition attaching to the donal7¢￿ is outside the control ol the Trust. Provisions donations ore made when the intention to make a donation has been communicoled to the recipient bul Ihere ts mcwtointy obaut eilher the timing of the donation or the amount of the donalion. {•) Irrecoverabh VAT Irrecoveroble VAT is chorged ogainsl the categcrfy of res¢)vrces expended lor which it wos incurred. {fj Alloccthon al overhead and support cosls Overheod and support cost5 hove been ollocated fvsl be￿een charitable activity and governonce. Overhead ond suppcxt costs rekjting to Choritable Activiffes have been apportioned based on the number of Ind￿ldual ¢Jwards made in recognition Ihat the adminislralive costs ol awarding, monitoring and assessing donotions ore broad￿ equivolenl. The allocotion of overheod ond svpport costs is onatysed in note 4. Regi%teTed number. l T23531 The Bright Future TnJst Report ¢￿d Finarciol Statemenlg Yeor &nded S April 2021 Notes to the flnancEal statements [continuedJ Accounllng pol¢ies Iconlfftuedl (g) Cojts o19eneratkng lunds The costs ol generoling funds include costs of independent examination. certain legol fees and website development costs. (h) Chathable acfvllles Cosls ol charitable activilles indude donotity)s mode ond an opporlionment of overhead and support C0515. (l) Gov•man¢• c Govemonce costs comprise ol costs invdving the public accountability ol the chorify ond its compliance wlh regulolion ond good waclice. These costs include costs reloted lo slolutory exominalion ond legol fees. U) R•olls•d galns and lo•s•i All gains and losses are lak&n lo the Slalemenl of financiol Activilie$ 0$ they orise. Reolised goin5 ond losses on investments ore colcvlated as the difference be￿een sales proceeds ond opening morkel volve Ipurchose dole il laterl. Unrealised goins ond los￿$ ore cosculated os the dlfference belween the Ma￿et value at the yeor end and opening market volue lor purchase dote il later). Realised and unrealised gains ore nol seporated in Ihe Statement ol financial Activities. (k) Conllng•nl UabUHlw ond Provl In accordance wth the SORP. a conllngeni fiobli ity is dI￿1058d for th058 grants. which do not represent liabilitie5. where the poss¢ble obligotion. which orises from past events, will only be confirmed by Ihe occurrence of one or more unc￿larn future events notwholly wthin the trustees, control. Provisions ore recOgn￿ed those donoti¢)ns where there is uncertainty as lo the timing or amount, and any uncertainty regording the omount is more than one of determining a bosis lor reasonable e51unation of the bability arising from Ihot ¢on51ructive obligation. R•lat•d Iramaclloni and trwl•M' l•mw￿a1l0n Inlomiallon The Bright Future Trust wos established by Dr C B Patel ond Mrs K A Patel. who continue as trust••s'. Mlss M J Potel. Dr Potel's douohlor. was appcinted 0$ trustee in Avgv512Crf39 Trustees give free￿ of their time ond received no renNJnerotion fu 8xpens8s in respect of the p￿10d under review. Registerad nvmber 1123531 The BrrJht Fuhjre Twst R8pcfft ctt)d Hnonclol Stotements Year ended 5 Aprl 2021 Noles to Ihe financlal statements {continvedJ Anal￿$ ol ¢h4rilable •xp•ndlkffe The charity undertokes its chariloble activities Ihrough donations and aworded donations to a number ol individvals ond institutions in lurtheionce of these chori10b￿ activities. Total Tolal 2020 Fvnd• Fvndi CommLJnify C¢J• Programm•-South Afrka University of Soulhomplon Mindfuhess in Schools Project DolE Intemoflonal Award Amig05 Worfdwid8 Cy51ic Fibr05i5 The Ltitle Issue The Listening Place The Beolrice Project Combal Str855 BBC Media Actlon Streel Child Operation ASHA Legocy of War Foundation Apey2lQ) Foundation The M¢Jtt Homps¢)n The Tree Councl 60.5n 24.511 20.511 14.142 14.J40 14,942 13,640 18.687 6.666 36.000 18,000 I s.ocy) 10,OLXJ 10,ow 10,orK) 2.OCKJ IV.$1S 117,575 154.993 Alloc¢thon of support costs and •v•rt*ath The breokdown of suppcrt costs ond how these olbcoted b8tween Governance and Charitoble Activities is shown in Ihe labk? belovr. Gty•m. Charflabl• bash ol Totol al¢xa*•d mert 2020 Independent Exominers, fee Bonk ¢h