Company registration No: 06574151 Registered charity No: 1124171
Trustees’ Report & Unaudited Financial Statements
For the year ended 31 December 2022
Mazars LLP 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS
Futures for Kids Charity information
| Chairman | Emma Davey |
|---|---|
| Trustees | Catherine Birch |
| Michal Bussi | |
| Emma Davey | |
| Charlie Jones | |
| Patrick Kenny | |
| Gerald Turner | |
| Secretary | Gerald Turner |
| Company registration number | 06574151 |
| Registered charity number | 1124171 |
| Registered office | c/o Mazars LLP |
| 30 Old Bailey | |
| London | |
| EC4M 7AU | |
| Independent examiner | Nicola Wakefield |
| Mazars LLP | |
| 6 Sutton Plaza | |
| Sutton Court Road | |
| Sutton | |
| Surrey | |
| SM1 4FS | |
| Bankers | Metro Bank |
| One Southampton Row | |
| London | |
| WC1B 5HA | |
| Solicitors | Clifford Chance LLP |
| 10 Upper Bank Street | |
| London | |
| E14 5JJ |
Futures for Kids
Contents
| Page | |
|---|---|
| Trustees’ report | 1 - 4 |
| Independent Examiner’s report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 12 |
Futures for Kids Trustees’ report for the period ended 31 December 2022
The Trustees (who are also Directors for the purpose of company law) present their report and unaudited financial statements for the year ended 31 December 2022, which have been prepared in accordance with the Companies Act 2006, Statement of Recommended Practice, Accounting and Reporting by Charities (FRS 102), issued by the Charity Commission and applicable UK accounting standards.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a charitable company limited by guarantee (Reg. No. 06574151) incorporated on 23 April 2008 and is governed by its memorandum and articles of association. It is registered as a charity with the Charity Commission (Reg. No. 1124171).
New trustees are appointed by the existing trustees. The Memorandum of Association provides for a minimum of three trustees with no maximum.
The trustees seek to meet quarterly to agree the strategy and areas of activity for the charity, including consideration of grant making, reserves and risk management policies and performance.
Trustees
The trustees set out below have held office at any time from 1 January 2022 to the date of this report:
Catherine Birch Michal Bussi Emma Davey Charlie Jones Patrick Kenny Gerald Turner
Trustees’ induction and training
The trustees received training on their roles and responsibilities when the charity was incorporated on 23 April 2008 and have received updates as needed since that time. A Trustee Code of Conduct form was introduced in 2011 and is reissued each year to remind them of these responsibilities.
Related parties
All trustees give their time freely and no trustee remuneration was paid in the year. Details of related parties are given in note 8 to the financial statements.
Risk management
Major risks facing the charity have been considered and appropriate procedures are in place to mitigate the exposure to these risks.
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Futures for Kids Trustees’ report (continued) for the year ended 31 December 2022
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The charitable objects for which Futures for Kids is incorporated, as set out in the Memorandum and Articles of Association, are:
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1) To make grants (including but not limited to contributions "in-kind") and interest-free loans for purposes, including (without limitation) to charities which seek to relieve hardship, poverty, sickness and distress among children and young people, or to improve the education or employment prospects of children and young people, and to provide other forms of financial and administrative support for such charities;
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2) To make grants to individuals for general charitable purposes;
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3) To advance in life and relieve the needs of children and young people;
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4) To advance the education of the public in the subjects of hardship, poverty, sickness and distress, among children and young people;
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5) The relief of the physical and mental sickness and poor health of children and young people;
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6) The relief of financial hardship of children and young people; and
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7) Any other charitable purposes.
The charity was set up by a group of like-minded people to raise funds for the benefit of selected charities which take a longer-term view of improving the lives of children around the world.
Futures for Kids is a charitable organisation which receives donations for the benefit of children and young people. It provides financial support through grants to existing charities with whom it builds long-term relationships.
The charity also educates and raises awareness of the needs of children and young people by hosting events and publishing information on its website, http://www.futuresforkids.org
ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT
The charity’s activities are designed to further the charitable objects set out in its governing document, the memorandum and articles of association. 2022 began to see FFK’s fundraising activities return to closer to pre-Covid levels:
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It received donations from individuals and organisations in the futures and options industry and elsewhere, including one substantial donation from a large futures exchange, as well as benefiting from the proceeds of the IDX Gala Dinner hosted by FIA – the first such dinner since 2019.
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It educated the public in the needs of children and young people through events and the dissemination of information about the charities it supports.
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It hosted a Golf Day in July 2022 to raise funds.
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It continued to implement its grant-making policy by supporting core charities, with the opportunity to make its first ad hoc donation to a smaller charity since pre-Covid.
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Futures for Kids Trustees’ report (continued) for the year ended 31 December 2022
In addition to donations, the charity benefits greatly from the support of FIA, as set out in note 8, and other organisations and individuals who volunteer and sponsor the costs of events. As with the support from FIA, it is not practicable to value this support as the motivation is philanthropic and not financial.
Grant making policy
The policy for grant making is to support registered UK charities which work for the relief of hardship, poverty, sickness and distress among children and young people, to improve the education or employment prospects of children and young people, and to provide other forms of financial and administrative support for such charities .
The Trustees developed the grant-making policy to ensure that it furthers the objects, effectively and efficiently.
Due to reduced funds as a result of limited fund-raising activities, the charity was not able to make one-off donations to individual charities to fund specific needs, as it normally does. It did, however, continue to support “core” charities helping them to continue to deliver their vital services at a critical time of need during the pandemic.
The charities which received grants during 2022 included:
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WeSeeHope – works with children and young people in Sub-Saharan Africa who have been affected by or infected with HIV/AIDS. It seeks to provide foundations of hope for the future for the children it works with, within their own communities. www.weseehope.org.uk
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Leadership Through Sport and Business – a national social mobility charity that gives bright, ambitious young people who face disadvantage access to careers in accounting and finance. www.leadershipthroughsport.org/
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EducAid – a charity providing education in Sierra Leone. http://www.educaid.org.uk/
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Kids in Kathmandu Nepal - a charity that supports orphans and disadvantaged children and young adults living in and around Kathmandu, Nepal by providing support to assist in advancing their education and developing their skills, capacities and capabilities to enable them to participate in society. www.kidsinkathmandu.com
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Moroccan Children’s Trust – a charity aiming to support and improve conditions for vulnerable children and their families in Morocco. www.moroccanchildrenstrust.org
FINANCIAL REVIEW
Overview of results
The total income for the charity for this year was £193,033 (2021: £37,217).
During the year the Trustees used the income to commit to grants totalling £155,000 (2021: £67,000). The remaining funds will continue to be held in reserve for use in further grant making rounds in 2023.
The total expenditure on administering the charity’s activities, fund raising and governance for the year to 31 December 2022, amounted to £18,711 (2021: £18,014).
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Futures for Kids Trustees’ report (continued) for the year ended 31 December 2022
Reserves policy
As at 31 December 2022, the charity had total funds carried forward of £36,594 (2021: £17,272). The policy is to distribute all reserves towards grant making, which the charity will do during 2023. The charity will continue its grant making through future donations and activities to generate funds.
Public Benefit
All Trustees give their time voluntarily and receive no benefit from the charity. None of the Trustees were reimbursed any expenses and this is disclosed in the notes to the financial statements. The charity's trustees have complied with the duty in section 16 of the Charities Act 2011 to have due regard to the Public Benefit guidance published by the Charity Commission when delivering the charity’s objects, administering the charity, carrying on its activities, planning future activities and setting the grant making policy for the year and for the future.
The benefit of the charity’s work is clear, financial support through grants to charities whose objects are aligned with those of the charity. There is no detriment or harm arising on the charity’s activities. The charities which are supported provide benefit to those sections of the public which are defined by their respective objects, children with life-limiting conditions and children in poverty. The charities make no charge for their work.
There is no private benefit arising on the charity’s work.
PLANS FOR THE FUTURE
The Trustees plan to continue to receive donations and pass these on to selected charities, building relationships with these charities in the process. So far in 2023, FFK has been able to host its annual Golf Day as well as a Fun Run. Trustees continue to explore further fundraising opportunities.
Awareness of the charity was raised further by more international participation at the FIA IDX Gala Dinner in June 2023. This will continue into 2024.
The Trustees also plan to continue to communicate to the public, supporters and donors the needs of children and young people and the value of the work of the charities which they support.
The board aims to bring new trustees onboard to replace recent departures and plans to recruit further trustees in the coming months. The board is also in discussion with FIA to strengthen its administrative support where appropriate. There are also plans to review the organisation’s processes and legal arrangements in the coming months.
Statement of trustees’ responsibilities
Company law requires the Trustees to prepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the financial year and of its surplus or deficit for the year. In doing so the Trustees are required to:
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Ensure compliance with the charity’s governing documents and current statutory requirements;
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• Select suitable accounting policies and then apply them consistently;
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Make sound judgements and estimates that are reasonable and prudent; and
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Futures for Kids Trustees’ report (continued) for the year ended 31 December 2022
- Prepare the financial statements on the going concern basis unless it is appropriate to presume that the charity will not continue in operation.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees 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.
Independent Examiner
A resolution to re-appoint Nicola Wakefield as Independent Examiner will be proposed at the AGM in accordance with the Companies Act 2006.
On behalf of the Board of Trustees
………………………………… Emma Davey Trustee
Date: ………………………… Sep 22, 2023
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Independent Examiner’s report to the trustees of Future for Kids
I report on the financial statements of Futures For Kids for the year ended 31 December 2022, which are set out on pages 7 to 12.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(b) of the 2011 Act.
This report, including my statement, has been prepared for and only for the charity’s trustees as a body. 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 an independent examiner’s 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 examination work, for this report, or for the statements I have made.
Basis of independent examiner’s report
My examination was carried out in accordance with the 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as 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 financial statements 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, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of Futures For Kids in accordance with section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principals of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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Independent Examiner’s report to the trustees of Future for Kids
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Nicola Wakefield (Sep 22, 2023 13:11 GMT+1)
Nicola Wakefield FCA Member of the Institute of Chartered Accountants in England and Wales Mazars LLP 6 Sutton Plaza Sutton Court Road Sutton Surrey SM1 4FS
Date: Sep 22, 2023
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Company registration No: 06574151 Registered charity No: 1124171
Futures for Kids
Statement of financial activities For the year ended 31 December 2022
| Year to 31 | Year to 31 | ||
|---|---|---|---|
| December | December | ||
| Notes | 2022 | 2021 | |
| £ | £ | ||
| Income | |||
| Donations received | 3 | 173,173 | 10,051 |
| Activities for generating | |||
| funds | 17,960 | 19,800 | |
| Other income | 1,887 | 7,365 | |
| Interest received | 13 | 1 | |
| Total income | 193,033 | 37,217 | |
| Expenditure | |||
| Cost of generating funds | 4 | 12,222 | 10,899 |
| Grant-making activity | 4, 5,6 | 161,489 | 74,115 |
| Total expenditure | 4 | 173,711 | 85,014 |
| Net movement in funds | 19,322 | (47,797) | |
| Balance at the start of the | |||
| year | 17,272 | 65,069 | |
| Balance at the end of the | |||
| year | 36,594 | 17,272 |
The charity’s income and expenditure all relate to continuing operations.
The charity has no recognised gains or losses other than the net movement in funds for the year shown above.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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Company registration No: 06574151 Registered charity No: 1124171
Futures for Kids
Balance sheet as at 31 December 2022
| Notes | 31 December | 31 December | |
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Current assets | |||
| Debtors | 9 | 9,340 | 5,841 |
| Cash at bank and in hand | 31,724 | 15,691 | |
| Total current assets | 41,064 |
21,532 | |
| Current liabilities | |||
| Liabilities: Amounts falling due within one year | 10 | (4,470) | (4,260) |
| Net assets | 36,594 |
17,272 | |
| Represented by | |||
| Unrestricted fund | 36,594 | 17,272 | |
The Trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (“The Act”) and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the charity as at 31 December 2022 and of its surplus for the year then ended in accordance with the requirements of section 396 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the charity.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and were approved by the board on ……………….......... Sep 22, 2023 and signed on its behalf by:
…………………………………………….
Emma Davey Trustee
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Futures for Kids
Notes to the financial statements for the year ended 31 December 2022
1 Accounting policies
1.1 Basis of accounting
The financial statements are prepared under the historical cost convention, and in accordance the Companies Act 2006, the Statement of Recommended Practice Accounting applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)).
Futures for Kids meets the definition of a public benefit entity under FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.2 Income
Voluntary income is received by way of donations and legacies and is included in full in the Statement of Financial Activities when the charity has received or is entitled to the donations when probable.
1.3 Expenditure
All expenditure is accounted for on an accruals basis and, in accordance with the requirement of the SORP, has been classified under headings that aggregate all costs related to that category.
1.4 Grants payable
Grants payable are payments made in furtherance of the charitable objectives of the charity. Grants are recognised upon an obligation being created in accordance with FRS 102, once approval has been given by the Trustees to pay grants and this intention has been conveyed to the recipient.
1.5 Charitable activities
Costs of charitable activities includes grants made and costs of generating funds and governance.
1.6 Support costs
Support costs have been allocated between the activity of generating funds and grant-making activity on the basis of their type (Note 4).
1.7 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 the statutory independent examination together with Trustees’ expenses.
1.8 Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives of Futures for Kids and have not been designated for other purposes.
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Futures for Kids
Notes to the financial statements for the year ended 31 December 2022
- 2 Income
The income arises on the charity’s principal activity to receive donations and carry out activities for generating funds for the relief of hardship, poverty, sickness and distress among children and young people.
3 Donations
| Donations from FIA and other industry participants |
2022 £ 173,173 |
2021 £ 10,051 |
|---|---|---|
4 Expenditure
| Grant making activity (note 5) Support costs & governance (see below) £ £ Costs of generating funds - 12,222 Grant-making activity 155,000 6,489 155,000 18,711 |
2022 2021 £ £ 12,222 10,899 161,489 74,115 173,711 85,014 |
|---|---|
Support costs & governance can be analysed as follows:
| Event expenses Other expenses Bank charges Independent examiner’s fees Company Secretarial fees |
2022 £ 12,222 662 180 4,470 1,177 18,711 |
2021 £ 10,899 200 349 4,260 2,306 |
|---|---|---|
| 18,014 |
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Futures for Kids
Notes to the financial statements for the year ended 31 December 2022
| 5 Grants Leadership Through Sport & Business WeSeeHope Educaid Kids in Kathmandu Nepal Moroccan Children’s Trust 6 Governance Independent Examiner’s fees Company Secretarial fees Bank charges |
2022 £ 20,000 100,000 20,000 10,000 5,000 |
2021 £ 20,000 20,000 20,000 7,000 - |
|
|---|---|---|---|
| 155,000 | 67,000 | ||
| 2022 £ 4,470 1,177 180 5,827 |
2021 £ 4,260 2,306 349 6,915 |
7 Trustees’ remuneration & reimbursed expenses
No Trustees received any remuneration for services to the charity (2021: £nil).
During the current year and previous period, no trustees were reimbursed for any expenses.
8 Related party transactions
Emma Davey and Charlie Jones, who are trustees of Future for Kids are also employees of FIA, which hosts fundraising dinners and golf events with the surplus being donated to Futures for Kids. Donations received during the year amounted to £53,064 (2021: £2,735).
FIA also provides financial and administrative support to the charity without making any charge. It is not practical to value this gift because the motivation was philanthropic and not financial.
| 9 | Debtors | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Prepayments and accrued income | 9,340 | 5,841 |
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Futures for Kids
Notes to the financial statements for the year ended 31 December 2022
| 10 Creditors: Amounts falling due within one year Accruals 11 Commitments |
2022 £ 4,470 |
2021 £ 4,260 |
|---|---|---|
There were no commitments as at 31 December 2022 or 31 December 2021.
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