FutureSense Foundation Town Hall, Market Place, Newbury, Berkshire, RG14 5AA Tel: 01635 889393 FutureSenseFoundation.org
Dear supporter
It is once again my pleasure to present the FutureSense Foundation Annual Report for 2021-22.
For our Foundation, the end of another financial year provides an opportunity to reflect on our achievements and to start thinking about what we want the charity to deliver in the next 12 months. 2022 has certainly been a milestone year for us: having been able to recover from the 2 years of COVID related restrictions and to bounce back to full strength is nothing short of an amazing result that everyone across the organisation has contributed to and made possible.
What the past year has however, once again, shown us is just how interconnected the world is as a global economy and the impact of factors outside our control on our lives and our businesses. While the year started with the global COVID pandemic still dominating our lives, it was soon followed by the war in Ukraine, the energy crisis resulting in high inflation, with rising interest rates posing a challenge for economic growth, jobs, and cost of living in many parts of the world.
At the same time, we have been seeing the impact of global warming and climate change, with extreme temperatures, heavy rains and flooding causing devastation to communities around the world. 2022 has for many been a year that they would like to put behind them, hoping for a fresh start in 2023.
As a socially motivated organisation, we have a responsibility to be aware what is going on around us and to play our part to make a difference to lives and communities around the world. While we may not directly be able to affect the lives of those in war torn areas or help those struggling with the cost-of-living crisis, we can enable our community of young leaders to be more aware and think about how each one of them can join us in making a difference to the world around us.
Over 80% of the young students who participated in our overseas programmes this year, have stated in their final survey that, after their programme, they considered themselves to be Global Citizens and were committed to creating a better world. The two or four weeks that these young students spend on our programmes is not only an opportunity for them to contribute to local communities but for us to help them make sense of the wider world and global issues to help ignite their compassion to contribute to a better world.
I am excited about the opportunity that 2023 can provide for the Foundation to play an even bigger part in shaping the future world around us. We are set to see our programme participants more than double providing us the opportunity to plan not only how we can channelise the energy these young leaders bring into our projects and communities but also how through our work and in-country discussions we can inspire them to become active global citizens.
Finally, the Foundation would not exist without the tremendous efforts of our volunteers, donors and supporters and I thank each and everyone!
The FutureSense Foundation is a registered charity (Charity No. 1132101). It is a company limited by guarantee and not having a share capital. Incorporated in England and Wales, company number 6907320 having a registered office Unit 2, Uffcott Farm, Wiltshire SN4 9NB.
FutureSense Foundation Town Hall, Market Place, Newbury, Berkshire, RG14 5AA Tel: 01635 889393 FutureSenseFoundation.org
With best wishes Arvind Malhotra Founder and Chief Executive
The FutureSense Foundation is a registered charity (Charity No. 1132101). It is a company limited by guarantee and not having a share capital. Incorporated in England and Wales, company number 6907320 having a registered office Unit 2, Uffcott Farm, Wiltshire SN4 9NB.
Company Registration Number : 06907320 (England and Wales)
Futuresense Foundation Unaudited Financial Statements For the year ended 31 August 2022
Futuresense Foundation Contents
For the year ended 31 August 2022
| CONTENTS | PAGE |
|---|---|
| Company Information | 3 |
| Director's Report | 4 |
| Accountant's Report | 5 |
| Income Statement | 6 |
| Statement of Financial Position | 7 |
| Detailed Income Statement | 8 |
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Futuresense Foundation
Company Information
For the year ended 31 August 2022
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| Directors | Arvind Malhorta |
|---|---|
| Stefano Battain | |
| Prakriti Malhotra | |
| Company number | 06907320 |
| Registered office | Suite 5 The Old Town Hall |
| Market Place | |
| Newbury | |
| Berkshire | |
| RG14 5AA | |
| Accountant | Hill Accounting Services T/A The Friendly Accountant |
| Chartered Accountant | |
| 42 Lapin Lane | |
| Basingstoke | |
| Hampshire | |
| RG22 4XH | |
| UK |
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Futuresense Foundation
Director's Report
For the year ended 31 August 2022
The directors present their report and the Unaudited Financial Statements of the company for the year ended 31 August 2022.
Directors of the company
The following directors held office during the whole of the period: Arvind Malhorta
Prakriti Malhotra Stefano Battain
Statement of director's responsibilities
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare such financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), FRS 105
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to;
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select suitable accounting policies and then apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies within Part 15 of the Companies Act 2006.
Signed on behalf of the board of directors
..................................
Arvind Malhorta (Director)
Approved by the board on: 26 May 2023
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Futuresense Foundation
Accountant's Report
For the year ended 31 August 2022
Accountant's Report to the board of directors on the preparation of the unaudited statutory accounts of Futuresense Foundation for the year ended 31 August 2022.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Futuresense Foundation for the year ended 31 August 2022 which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com/.
This report is made solely to the Board of Directors of Futuresense Foundation, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Futuresense Foundation and state those matters that we have agreed to state to the Board of Directors of Futuresense Foundation, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com/.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Futuresense Foundation and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Futuresense Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Futuresense Foundation. You consider that Futuresense Foundation is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Futuresense Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hill Accounting Services T/A The Friendly Accountant Chartered Accountant 42 Lapin Lane Basingstoke Hampshire RG22 4XH UK Date: 26 May 2023
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Futuresense Foundation Income Statement
For the year ended 31 August 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Turnover | 170,992 | 92,284 |
| Cost of events | (87,631) | - |
| Total cost of charitable activities | (162,574) | (113,386) |
| Administrative expenses | (11,384) | (11,645) |
| Profit/(Loss) | (90,597) | (32,747) |
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Futuresense Foundation Statement of Financial Position
For the year ended 31 August 2022
| Fixed assets Current assets Creditors: Amounts falling due within one year Net current assets/(liabilities) Total assets less current liabilities Creditors: Amounts falling due more than one year Net assets/(liabilities) Capital and reserves |
2022 £ 611 15,591 (115,913) (100,322) (99,711) (47,474) (147,185) (147,185) |
2021 £ - 8,809 (15,397) |
|---|---|---|
| (6,588) | ||
| (6,588) (50,000) |
||
| (56,588) | ||
| (56,588) |
(1) General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Suite 5 The Old Town Hall, Market Place, Newbury, Berkshire, RG14 5AA.
(2) Average number of employees
During the year, the average number of employees including director was 0 (2021:0)
For the year ending 31 August 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS105, The Financial Reporting Standard applicable to the Micro-entities Regime.
Approved by the board of directors on 26 May 2023 and signed on behalf of the board by:
.............................
Arvind Malhorta (Director)
Company registration number. 06907320
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Futuresense Foundation
Statement of Financial Activities For the year ended 31 August 2022
This section does not form part of the statutory accounts.
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Resources from generated funds | ||
| Challenges Events | 110,599 | 89,784 |
| Gift Aid | 8,645 | 2,500 |
| Group Support | 51,748 | - |
| Total resources generated | 170,992 | 92,284 |
| Events Cost | 87,631 | - |
| Net resources available for charitable activities |
83,361 | 92,284 |
| Charitable activities | ||
| Education Initiatives | 87,081 | 70,292 |
| Health | 31,100 | 25,104 |
| Livelihood Support Total charitable activities |
6,220 124,401 |
5,021 100,147 |
| Fundraising Support | 38,173 | 13,743 |
| Governance | 11,384 | 10,871 |
| Total resources used | 173,958 | 125,031 |
| Net resources generated | (90,597) | (32,747) |
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Independent Examiner’s Report to the Trustees (Executive Committee) Futuresense Foundations Company limited by guarantee
I report on the attached accounts of the association for the year ended 31 August 2022
Respective Responsibilities of trustees and examiner
The Association’s trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required (under section 43(2) of the Charities Act 1993) for this year and that an independent examination is needed.
It is my responsibility:
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To examine the accounts (sec.43(3) of the 1993 Act)
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To follow the procedures laid down in the general Directions given by the Charity Commission (sec.43(7)(b) of the 1993 Act)
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To state whether particular matters have come to my attention.
Basis of Independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of accounting records kept by the association 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 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 I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination no matter has come to my attention:-
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1 which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records and to prepare accounts which accord with accounting records and comply with the accounting requirements have not been met: or
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
JESSICA ROACH CHARTERED ACCOUNTANT 42 LAPIN LANE BASINGSTOKE HAMPSHIRE RG22 4XH