## **The Bright Future Trust** Report and Financial Statements Year ended 5 April 2024 Registration number: 1123531 Registration date: 9 April 2008 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Contents** |Reference and Administrative Information|1| |---|---| |Trustees’ Annual Report|2| |Independent Examiner’s Report to the Trustees of The Bright Future Trust|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Financial Statements|8| The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Reference and Administrative Information** ## **Trustees** Dr C B Patel CBE FRCP Mrs K A Patel Miss M J Patel Mr K Craig Miss C A Valenti Mrs H A Fontana appointed 25 March 2024 ## **Principal Office** Riverbridge House, Guildford Road, Leatherhead, Surrey, KT22 9AD ## **Charity Number** 1123531 ## **Independent Examiner** Deborah Edwards ACA Harland Accountants (Newquay) Ltd, _Unit 4 Southview House, St Austell Business Park, St Austell, Cornwall PL25 4EJ_ ## **Bankers** Butterfield Bank (Guernsey) Limited Glategny Esplanade, St. Peter Port, Guernsey GY1 3AP Registered number: 1123531 1 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Trustees’ Annual Report** The Trustees present their report and financial statements of the charity for the year ended 5 April 2024. 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 charities’ Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities (Revised 2015). ## **Structure, Governance and Management** The Bright Future Trust was established by Dr C B and Mrs K A Patel. The Trust is constituted under a trust deed dated 14 March 2008 and was registered at Charity Commissioners under number 1123531 on 9 April 2008. At the Trustees’ meetings, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day-to-day administration of grants and the processing and handling of applications prior to consideration by the trustees is delegated to the Administrator. All Trustees give their time freely and no trustee remuneration was paid in the year. No trustee expenses were paid. No administrator remuneration was paid in the year. Overhead and administrative costs are underwritten by Court Cavendish Limited, a company under the control of Dr C B Patel. New Trustees are appointed by the existing Trustees. The Trust Deed provides for a Trustee to be appointed or discharged by a resolution of a meeting of the Trustees, provided that a memorandum declaring such appointment or discharge shall be signed as a deed, either at the meeting by the person presiding or in some other manner directed by the meeting and attested by two other persons present at the meeting. ## **Risk Management** The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Trustees ensure that all new Trustees recruited are given guidance and training in accordance with the charitable objectives and activities of the Trust. The Trustees meet regularly to consider applications for support from third party causes and ensure that initial background review is undertaken before such applications are reviewed and discussed. Grants are only considered after introduction from known contacts and supporters and are made to third party causes after discussion and approval by the Trustees. ## **Objectives and Activities for the Public Benefit** The objectives as specified in the Trust deed are for the Bright Future Trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable objects and purposes which are charitable according to the Laws of England and Wales, in any part of the world as the Trustees may in their discretion think fit. Registered number: 1123531 2 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Trustees’ Annual Report** _(continued)_ The Trustees have agreed that the future strategy for the Trust would be to focus on charities which are making the most of the positive opportunities presented by new technologies. In addition, monies will be set aside for sprinkle investments. The key areas of focus will be: - Child literacy - Mental health - Environment/conservation impacting social justice By focussing on these areas, the Trust achieves its strategic priorities of continued support to a number of charitable organisations over a sustained period. ## **Public Benefit** The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year. ## **Policy on Charitable Investment** The Trust encourages co-investment from other sources working in partnership with other donors. The Trust supports a small number of charities but does so over a sustained period. Details of how to apply for investment are available on the Trust’s website. ## **Financial Review** In addition to sums paid in charitable investments by the Trust, Dr C B and Mrs K A Patel have made significant donations personally to a number of organisations over many years, both in direct cash donation and gifting of personal assets as charitable auction items and intend to continue to do so in the future. A summary of all charitable investments, from both the Trust and the Patel family personally are referenced on the Trust website, www.brightfuturetrust.org.uk. ## **Reserves policy** The Trust’s general reserve at the 5 April 2024 was £1,294,615 (2023: £1,213,783). The Trust’s policy is to maintain a small reserve as a contingency against operating and governance costs. Unrestricted funds in excess of this level are donated as soon as suitable beneficiaries are identified and approved by the Trustees. ## **Plans for the Future** The Bright Future Trust has been a registered UK Charity for 16 years and it is the goal of the Trustees to review its strategy and see whether the areas of emphasis and approach to investment need to change. It is conceivable that we may look to new strands of investment where the size of the funding can make a greater impact as well as review our strategy in terms of how we make those investments. Registered number: 1123531 3 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 Trustees, Annual Report (continued) Plans for Ihe Fulure (conlinued) There are many calls on Ihe Foundation's capitol and it is one of ttieTrust's fundomental principles thal they remain close to a set of objeclives for a duration of time so tt)at they can stay focused and more objectively evaluate the impact of their investments. Some of the areas they will review are whether to chonge their focus towards activities in other age groups or whether to look at focusing more on specific counlries and specific areas of work within those countries. To date the Trust has invested over £2.9 million in several projects ond continues to 5UPPOrt a number of charitoble organisations over a sustained period. Trustees. responslbililies In rel¢JHon to the Ilnanclol stotemenls The Trustees are responsible for preparing Ihe Trustees, Report and the financial statements in occordancewith applicoble law ond United Kingdom Accounting Standards. The low applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a Irue and fair view of Ihe state of affairs of the chority and of the incoming resources and applicalion of resources of the charity for that period. In preparing these financial statements. the Irvstees are required to". select suitable accounling policies and then apply them consistently observe the melhods and principles of the charities SORP make judgements ond estimates that are reasonable and prudent state whether applicable accounting stands have been followed, subject to any deparlures disclosed and explained in the financial statemenls and prepare the financial statements on the going concern basis unless it is inappropfiate to presume that Ihe charity will continue in business The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act l and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking ieasonable steps for the prevention and detection of fraud and other I￿egUlaritIes. The Trustees are responsible for Ihe maintenance ond integrity of the charity and financial information included on the charity's website. Approved by the Trustees and signed on their behalf by: Dr C B Patel CBE FRCP Trustee Registered number. 1123531 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Independent Examiner’s Report to the Trustees of The Bright Future Trust** I report on the accounts of the charity for the year ended 5 April 2024, which are set out on pages 6 to 11. The report is made solely to the charity’s Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed. ## **Respective responsibilities of trustees and examiner** The charity's Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. It is my responsibility to: - examine the accounts (under section 145 of the 2011 Act); - to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention 1. which gives me reasonable cause to believe that in, any material respect, the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act and the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **Deborah Edwards FCA** _Harland Accountants (Newquay) Ltd, Unit 4 Southview House, St Austell Business Park, St Austell, Cornwall PL25 4EJ_ Registered number: 1123531 5 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Statement of Financial Activities** _**for the year ended 5 April 2024**_ |_Note_
**Incoming Resources**
**Incoming Resources from generated funds**
Voluntary income
_1(b)_
245,964
**Total Incoming Resources**
245,964
**Resources Expended**
Charitable activities
_3_
(164,138)
Governance costs
_4,5_
(994)
**Total Resources Expended**
(165,132)
**Net incoming resources**
80,832
**Net movement in funds**
**Total funds brought forward**
1,213,783
**Total funds carried forward**
1,294,615
Unrestricted
Funds
2024
£|-
-
-
-
-
-
-
-
-
Restricted
Income
Funds
2024
£|**245,964**
**245,964**
**(164,138)**
**(994)**
**(165,132)**
**80,832**
**1,213,783**
**1,294,615**
**Total**
**2024**
**£**|205,598
205,598
(116,591)
(926)
(117,517)
88,801
1,125,702
1,213,783
Total
2023
£| |---|---|---|---| Registered number: 1123531 6 The Bright Future Trust Report and Financial Stalements Yeor ended 5 April 2024 Balance Sheet as al 5 Apri7 2024 Note Reslrrcted Income Funds Unreslricled Funds Total 24 Total 2023 Current assets Cash ot bonk and in hand 1.295.515 1295.515 1.214,623 Credilors: amounts falling due within one year 19(K)} (900) 18401 Nel current assets 1.294.615 1294,619 1.213.783 Nel ossets 1.294.615 1294.619 1.213.783 Funds of the Chorlly Unrestricted funds Restricted income funds .294.615 1294.619 1,213,783 Tolol Fvnds .294.615 1294,619 1.213.783 The financial stotements of The Bright Future Trust were approved by the board of Tnjstees ond authorised for issue on 20 December 2024. Trey were signed on its behalf by: Dr C B Piytel CBE FRCP Trustee Registered number. 1123531 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Notes to the financial statements** ## **1 Accounting policies** ## _**(a) General information and basis of accounting**_ The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Revised 2015) issued in March 2005 and applicable UK Accounting Standards and the Charities Act 2011. Presentational currency is £ Sterling and rounding is to £s. ## _**(b) Funds Structure**_ The charity had an original gift on inception from Dr C B Patel and Mrs K A Patel; since inception the charity has accepted donations from general sources, including the original donor. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose. ## **(c) Incoming resources** All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability. ## **(d) Resources expended** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Donations payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Single or multi-year donations are accounted for when either the recipient has a reasonable expectation that they will receive a donation and the trustees have agreed to pay the donation without condition, or the recipient has a reasonable expectation that they will receive a donation and any condition attaching to the donation is outside the control of the Trust. Provisions for donations are made when the intention to donate has been communicated to the recipient but there is uncertainty about either the timing of the donation or the amount of the donation. ## **(e) Irrecoverable VAT** Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **(f) Allocation of overhead and support costs** Overhead and support costs have been allocated first between charitable activity and governance. Overhead and support costs relating to Charitable Activities have been apportioned based on the number of individual awards made in recognition that the administrative costs of awarding, monitoring and assessing donations are broadly equivalent. The allocation of overhead and support costs is analysed in note 4. Registered number: 1123531 8 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Notes to the financial statements** _(continued)_ ## **1 Accounting policies** _(continued)_ ## **(g) Costs of generating funds** The costs of generating funds include costs of independent examination, certain legal fees and website development costs. ## **(h) Charitable activities** Costs of charitable activities include donations made and an apportionment of overhead and support costs. ## **(i) Governance costs** Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory examination and legal fees. ## **(j) Realised gains and losses** All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. ## **(k) Contingent Liabilities and Provisions** In accordance with the SORP, a contingent liability is disclosed for those grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees’ control. Provisions are recognised for those donations where there is uncertainty as to the timing or amount, and any uncertainty regarding the amount is more than one of determining a basis for reasonable estimation of the liability arising from that constructive obligation. ## **2 Related party transactions and trustees’ remuneration information** The Bright Future Trust was established by Dr C B Patel and Mrs K A Patel, who continue as trustees; Miss M J Patel and Mrs H A Fontana, Dr Patel’s daughters, were appointed as trustees on 6 August 2009 and 25 March 2024 respectively. Trustees give freely of their time and received no remuneration for expenses in respect of the period under review. Registered number: 1123531 9 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Notes to the financial statements** _(continued)_ ## **3 Analysis of charitable expenditure** The charity undertakes its charitable activities through donations and awarded donations to a number of individuals and institutions in furtherance of these charitable activities. |**Un**
**restricted**
**Funds**
**£**
The Listening Place
**50,000**
The Beatrice Project
**41,000**
Amigos Worldwide
**28,642**
Duke of Edinburgh Award Foundation
**25,000**
Cystic Fibrosis
**12,014**
The Little Issue
**7,482**
Noah’s Ark
**-**
Mindfulness in Schools Project
**-**
Christian Missions Charitable Trust
**-**
BBC Media Action (refund)
**-**
**164,138**|**Restricted**
**Income**
**Funds**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**2024**
**£**
**50,000**
**41,000**
**28,642**
**25,000**
**12,014**
**7,482**
**-**
**-**
**-**
**-**
**164,138**|Total
2023
£
50,000
12,000
-
-
4,523
34,476
20,000
8,560
1,000
(13,968)
116,591| |---|---|---|---| ## **4 Allocation of support costs and overheads** The breakdown of support costs and how these were allocated between Governance and Charitable Activities is shown in the table below: |Independent Examiners’ fee
Bank charges|**Govern-**
**ance**
**Charitable**
**Activities**
**Total**
**Allocated**
**2024**
**Basis of**
**apportion-**
**ment**
Total
allocated
2023
**£000**
**£000**
**£000**
**£000**
£000
**900**
**-**
**900**
**Actual**
840
**94**
**-**
**94**
**Actual**
86
**994**
**-**
**994**
926| |---|---| The independent examiner’s fee was £750 excl. VAT (2023: £700 excl. VAT) for carrying out the independent examination. Registered number: 1123531 10 The Bright Future Trust Report and Financial Statements Year ended 5 April 2024 ## **Notes to the financial statements** _(continued)_ ## **5 Staff costs** The charity has no employees. Employment costs of the administrator are paid by Court Cavendish Limited, a company under the control of Dr C B Patel. ## **6 Movements in restricted and unrestricted funds** |Restricted Funds
Unrestricted Funds|**Balance**
**b/fwd**
**Incoming**
**Resources**
**Transfers**
**Outgoing**
**Resources**
**Balance**
**c/fwd**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
-
1,213,783
245,964
-
(165,132)
**1,294,615**
**1,213,783**
**245,964**
**-**
**(165,132)**
**1,294,615**| |---|---| All funds, both restricted and unrestricted, are represented by bank balances at both 2024 and 2023 Balance Sheet dates. ## **7 Creditors: amounts falling due within one year** Independent Examiners fee accrued £900 (2022: £840). Registered number: 1123531 11