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2021-08-31-accounts

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

REGISTERED COMPANY NUMBER: 07166643 (England and Wales) REGISTERED CHARITY NUMBER: 1135638

Report of the Trustees and Financial Statements for the Year Ended 31 August 2021

Future First Alumni Limited

(A Company Limited by Guarantee)

Griffin Stone Moscrop & Co 21-27 Lamb's Conduit Street

London WC1N 3GS

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Contents of the Financial Statements for the Year Ended 31 August 2021

Page
Company Information 1
Report of the Trustees 2
Report of the Independent Auditors 17
Statement of Financial Activities 21
Balance Sheet 22
Cash Flow Statement 23
Notes to the Cash Flow Statement 24
Notes to the Financial Statements 25

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Company Information for the Year Ended 31 August 2021

Trustees

Company registered number

Charity registered number

Registered office

Company secretary

Chair

Independent auditors

Bankers

Mr Adam Deji Davies Ms Amy Finch Ms Christine Gilbert, Chair Ms Lindsey McMurray, Treasurer Ms Sally Nelson Ms Heather Richards (appointed on 2 July 2021) Mr Michael Ter-Berg

07166643

1135638 and SC043973

86-90 Paul Street London EC2A 4NE

Ms Laura Underwood

Ms Christine Gilbert

Griffin Stone Moscrop & Co 21-27 Lamb's Conduit Street London WC1N 3GS

The Co-operative Bank plc PO Box 250 Skelmersdale WN8 6WT

United Trust Bank One Ropemaker Street London EC2Y 9AW

Virgin Money Jubilee House Gosforth, Newcastle upon Tyne NE3 4PL

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the Year Ended 31 August 2021

The Trustees (who are also Directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Future First Alumni Limited (the charitable company) for the year ended 31 August 2021. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP), Accounting and Reporting by Charities appropriate to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Trustees declare that, in carrying out their duties and in preparing this report, they have had due regard to the guidance issued by the Charity Commission on public benefit.

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

The company's objectives are:

To act as a resource for young people up to the age of 26 living anywhere in the world by providing advice and assistance and organising programmes of educational and other activities as a means of:

b. Activities for achieving objectives

Future First’s vision is a world where a young person’s background does not limit their future. Its mission is to see every state school and college supported by a thriving and engaged alumni community which improves students’ motivation, confidence and life chances.

To enable us to work towards this vision we have four key strategic aims. All of our programmes and services knit together to ensure continued progress in delivering these aims:

1. Extend reach and impact : reach more young people and support them more effectively;

2. Design and trial new interventions : pilot new ways to help transform the lives and futures of young people with the help of relatable role models;

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

3. Build a national alumni movement : create a movement to celebrate alumni networks in state schools;

4. Develop our organisational effectiveness : become a more effective, efficient, responsive and flexible organisation.

We deliver a number of key activities to enable us to meet our vision and mission. Firstly, our fully serviced Future First Pro membership provides schools with the support and advice of an expert Alumni Programme Manager. Whatever a school’s priorities and context, we work collaboratively to build and engage their alumni network, creating bespoke programmes that meet schools’ needs and interests.

In addition, schools have use of our bespoke technology through which they can host and engage their alumni community. Once schools have developed and are comfortably delivering on their alumni strategy, they may choose to move to our Future First Tech membership with continued use of our technology.

We work with schools to use their established alumni networks to tackle longstanding issues in schools, for example to target young people at risk of not being in education, employment or training and raise their confidence, motivation and resilience through repeat interventions with alumni role models. We also work with a number of employer partners to provide world of work insights to young people who may not otherwise have the opportunity. We design interventions in collaboration with our partners to create maximum impact and insight into the company and sector in question, giving students the chance to develop their employability skills, build a professional network and raise motivation and confidence. These opportunities equally provide employers with memorable employee volunteering opportunities, and help organisations to raise their profile and diversify their talent pipeline.

c. Public benefit

Annually, when reviewing the charity’s aims and objectives and approving the strategic plan for the coming year, Future First’s Board of Trustees refer to the Charity Commission’s guidance on public benefit. Together, Trustees and the senior leadership team ensure that the charity’s work continues to deliver demonstrable public benefit which can be evidenced by the impact of Future First on its beneficiaries.

The outcomes produced by our programmes are supported by independent research. The Education and Employers Taskforce (2012) has found a positive relationship between the number of employer encounters while at school and the impact on young people’s confidence in progression towards ultimate career goals, the likelihood of them not being in education, employment or training (NEET), and their earning potential. They have also found that student participation in career talks with volunteers from the world of work can motivate students to work harder and achieve more and can influence future plans and subject choices (2019). More recently, the Behavioural Insights Team report into effective careers interventions for disadvantaged young people (2021) advocates for ‘creating social capital for young people with more limited networks’. This is a need which can be effectively met by alumni role models, and has been reinforced by an independent literature review commissioned by Future First. The review concluded that engagement with school and school work is strongly related to positive relationships within the school community, and that exposure to role models can impact attitudes and feelings of academic belonging (CfEY 2021).

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Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

Achievements and performance: 2020/21

A year like no other

For thousands of young people up and down the country, life simply isn’t fair. Their life chances are determined by their start in life. These teenagers bear the burden of multiple inequalities; social, economic and political. Their backgrounds prevent them from reaching their potential in life. And for some young people this leads to unemployment, anti-social behaviour, crime and addiction. Covid-19 has increased these inequalities.

All young people have been impacted by the pandemic, with missed learning impacting on confidence, resilience and motivation to study. But disadvantaged young people have been most affected, and the effects will be felt for years to come. Young people from disadvantaged backgrounds have an even lower chance of getting a job compared to their more affluent peers.

Future First exists to address this gap. We know that introducing alumni as relatable role models to disadvantaged young people is a powerful force for change, showing them a future that can be theirs. This in turn builds their motivation to study and confidence that they will be successful later in life. And, as the pandemic continues to hit hard, the need for our work has never been greater.

The year at a glance

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

We also spent time laying the groundwork for future success, using time not in schools to build better systems and processes, training our staff and developing our plans and resources.

The year in detail

In the financial year 2021 we piloted new approaches to our work with schools and colleges, and have since launched a four-tiered membership offer, giving all schools and colleges a way to work with us to develop their former student community regardless of their context and work with alumni to date. Our core programme, Future First Pro , sees an expert Future First Alumni Programme Manager work alongside school or college staff to connect past pupils with today’s students - usually a class or year group. The students attend a series of workshops with the alumni - focussed around school priorities and chosen from a menu of options - aimed to boost their motivation and confidence and give them an insight into the range of opportunities available to them. Schools are also supported to deliver sessions themselves, helping embed the practice of harnessing alumni volunteer support across the school. We continue to produce inspirational resources, such as videos and posters, to showcase the successes of past pupils. And we support students to return to school to speak at assemblies, act as buddies and mentors, raise funds or consider becoming school governors. Future First works at a whole school level, as well as through targeted workshops and mentoring interventions.

All schools have access to our alumni management technology. A new platform, the Future First Hub , was developed over the year and launched in time for the new academic year. The Hub will help schools and colleges to build thriving on-line role model communities, and for the first time current students will be able to safely explore the destinations of alumni, and gather insights and advice about different pathways chosen by people like them.

Our work with employer partners allows us to expand on the offer for the young people we work with, providing world of work insights to young people who may not otherwise have the opportunity. We design interventions in collaboration with our partners to create maximum impact and insight into the company and sector in question, giving students the chance to develop their employability skills, build a professional network and raise motivation and confidence. These opportunities equally provide employers with memorable employee volunteering opportunities, and help organisations to raise their profile and diversify their talent pipeline.

Extending reach and impact: reaching more young people and delivering outcomes

Alumni programmes

Listening to our stakeholders and learning from them is crucially important to us. Through interviews, surveys and structured group sessions we listened closely to the needs of head teachers, senior leadership teams, careers and PSHE leads, as well as alumni volunteers and young people. From this we developed a range of different membership packages. Our new membership offer allows our member schools to select the support they need wherever they are on their alumni journey. We piloted new approaches in 2020/21 ready to fully launch in September 2021.

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

Future First Pro is our fully managed service for schools who want to maximise the potential of their alumni network through the support and guidance of Future First’s staff. The package includes a dedicated programme manager, three facilitated workshops, CPD for teaching staff, invitations to events, tailor-made posters and digital resources featuring former students, and priority access to opportunities provided by our funders and employers, including insight days and work experience opportunities. FF Pro suits schools who need us to do some of the work for them or want to boost their existing alumni programmes through our strategic support and a suite of high-impact and tried-and-tested activities

Future First Lite is designed for schools with an established alumni network but who are looking for refreshed direction, innovation, ideas and support with their alumni engagement strategy. We will work with the school at the beginning of each year to help it craft a winning alumni strategy to deliver the school’s goals and support young people through activity with relatable role models.

Future First Tech gives schools that can resource their alumni development work in-house the tools and technology to do so.

Future First Free allows all state schools to access resources and research, share ideas about working with alumni and join online events. It’s perfect for schools that don’t have the resources to establish a thriving alumni network but still want to connect with former pupils on an ad-hoc basis.

All four memberships are supported by our brand new technology, the Future First Hub . The Hub, developed during 2020/21 and launched in September 2021, has been designed with school, student and alumni feedback in mind. It helps schools build a safe online community for current and former students alike, allowing young people to build networks, access advice and insights, and engage with unique content and opportunities.

We finished our two year pilot to take our work into primary schools, funded by the KPMG Foundation. 20 schools benefited from role model communities, with all schools receiving four workshops in the year as well as a variety of digital resources and virtual activity to help pupils link subjects to careers and build confidence and motivation to study. The feedback from pupils and schools was very positive although in terms of sustainability, cost is proving a barrier.

We were thrilled that the Welsh Government became the first UK administration to put alumni at the heart of efforts to boost young people’s career prospects. Building on a trial in 10 schools in the South Wales Valleys, we partnered with the Valleys Taskforce to create a new toolkit aimed at helping all Welsh state secondary schools and colleges to build thriving alumni networks. The step-by-step guide to setting up a network contains resources and real-life examples of different types of schemes, as well as templates that Welsh schools can use to recruit former pupils and generate interest amongst their students.

We were pleased to begin partnerships with two Multi Academy Trusts. Schools from both Star Academies and the Creative Education Trust are working with Future First over multiple years to establish thriving alumni communities. The approach allows cross school collaboration and gives alumni volunteers the opportunity to support across multiple schools, extending the reach and impact of former student communities.

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

The Careers and Enterprise Company supported us to defer and adapt activity due to be delivered in the first lockdown. As a result, we could continue to support schools and young people across all 12 opportunity areas with a range of virtual workshops and digital content showcasing relatable role models.

Employer programmes

In the year, we worked with Ashurst LLP, Taylor Wessing LLP, Legal & General, The Wellcome Trust and Arc Pensions Law. Our employer partners supported us to give disadvantaged young people unique opportunities to gain valuable insight and experience across a range of sectors. With activities ranging from mentoring to virtual workshops and work experience programmes, the partnerships help employers to promote their company and sector to diverse young people.

We were pleased to be able to offer students across the country the opportunity to take part in employer partner activity. In the year, we established a new partnership with Legal & General, delivering virtual insight days to students from Blackpool to Sheffield. Elsewhere, our partnership with Taylor Wessing expanded to Liverpool, where students from two local schools benefited from four developing skills workshops at the law firm.

Designing and trialling new interventions: piloting new ways to connect young people with role models

We delivered our highly effective Future Me mentoring programme for a second year. This year, we were able to connect 463 students, from schools across the UK, with mentors for nine weeks of support via an online platform. The support ranged from advice on working from home during school closures, how to develop resilience, help with university and job applications and an insight into the mentors’ careers.

In the words of one mentee: “Mentoring has really helped me to understand the options and routes available to me in the future. My mentor has been amazing and she has given me great tips and advice on how I can progress through my educational journey.''

Having now developed a tried and tested model, with excellent feedback from mentors, mentees and school staff, from 2021/22 we will be offering mentoring as an additional service to our member schools.

We were delighted to be granted funding from the Commercial Education Trust to deliver our Commerce in the Classroom programme for a second year. 560 students in five schools, stretching from Kent to Sunderland, attended workshops supported by former students and other volunteers working in international trade and commerce. The workshops provided students with an insight into various careers in the sector and opportunities to develop transferable skills. By the end of the workshops, 90% of students told us that they knew about different jobs available in international trade, compared to 33% before the workshops, and 72% of students told us that they thought they were capable of getting a job in international trade, compared to 42% before the workshops. The funding also allowed us to produce a video showcasing careers in the international trade industry, allowing us to give young people across the country an insight into this important industry.

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

We culminated our ‘bridging the gap’ project, providing ‘near peer’ role models to Year 6 pupils to help prepare them for the transition to secondary. The project, funded by the SHINE Trust, saw secondary school students mentor primary pupils through a series of workshops. By the end of the project, 88% of the primary pupils agreed that they had learnt a lot from their mentor about life at secondary school, and 95% of pupils were looking forward to starting secondary school. Secondary student mentors reported an increased belief that they would be successful in the future, felt they were better leaders by the end of the project, and noted more confidence in communicating with a variety of people. This project has given us valuable insight and has informed our refreshed offer to primary schools.

Our work to pilot alumni networks in special schools developed in the year. Funding from the John Lyon’s Charity allowed us to establish an alumni community for Shaftesbury High School in Harrow, and we were delighted to be able to deliver workshops to 65 young people with special educational needs. The students met four different alumni role models, who worked with them to complete activities relating to future pathways and supported the students to reflect on the skills they have gained through school. Special schools tell us that they most value our workshops, and we are pleased to have secured funding to trial an adapted programme for special schools in 2021/22, with more workshops and training for school staff to deliver workshops themselves.

To support young people during the lockdowns and ensure they could benefit from work experience and employer encounters, Future First teamed up with the Widening Participation Medics Network to develop a virtual work experience pack for students interested in careers within the health and social care sector. The pack was shared by new Future First partner the Prince's Trust during its campaign with the Department of Health and Social Care to promote the sector. The health and social care pack complements the ‘working in the third sector’ pack created in spring 2020, and both are now being used in over 1,000 schools.

Partnering with the Tottenham Hotspur Foundation, we established a pilot working with young people in Alternative Provision and in Haringey schools. The pilot, which uses the power of role models and mentoring, continues into next year and has sparked interest from other premier league clubs.

We commenced a ground breaking partnership as a result of development funding granted by the Esmee Fairbairn Foundation. The approach will support young people from racialised communities at risk of exclusion, and is being led by a unique alliance of three voluntary organisations. An update on the outcome of this pilot will be provided in next year’s report.

Building a national alumni movement: raise the profile of alumni networks in state schools

Our significant and ever-growing network of state school alumni volunteers make our work possible. By August 2021, we had almost 275,000 individuals registered to support schools and colleges across the UK, which includes nearly 6,000 students who left school or college in 2021 and want to stay in touch and inspire the next generation.

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

We know that many people want to support our work but may not be able to volunteer for their old school. Perhaps the school no longer exists, or does not have an active alumni community. To address this, we established a National Alumni Network, giving everyone the opportunity to be a state school role model and provide current students with advice about life beyond school. We have shared more than 15 volunteering opportunities with our national alumni, giving volunteers the opportunity to take part in virtual panels which were streamed to students, attend workshops in our primary member schools, and create digital profiles and posters showcasing their advice.

We were delighted to establish a number of fruitful partnerships during the year, helping us to raise the profile of the value of alumni role models and extend and deepen our impact. Chartered psychologist and author, Fiona Murden, has written about how science proves the importance of role models and has partnered with us to strengthen our work to develop young people’s emotional intelligence and strengthen their wellbeing. Other new partnerships included the Northern Power Women network which has assisted us in raising our profile and brand awareness through conferences, discussions and virtual media.

We reviewed and refreshed our communications. We re-launched our termly newsletter for stakeholders, showcasing the diverse range of alumni activity that takes place in our member schools and encouraging volunteers to offer their support. We also updated our website, segmenting it by visitor type so that everyone can find what they need when exploring the site.

Developing organisational effectiveness: become a more effective, efficient, responsive and flexible organisation

Like many charities, the pandemic impacted our financial stability because of diverted and delayed funding, and increased competition for support from Trusts and Foundations. Last year we reported a restructure and cost reductions in order to stabilise the charity’s finances. To improve our financial position, we spent this year laying the foundations for the future, cultivating and establishing new partnerships, improving our offer to schools at a lower cost, and strengthening our fundraising capacity, systems and approaches. We were pleased to meet our income target for the year and establish many promising partnerships for the future, helping us to take our offer to even more schools at an even lower price.

A major step forward this year was the development of our brand new technology for alumni, schools and their students. The Future First Hub will be instrumental in enhancing our offer for schools, supporting alumni to volunteer in diverse ways, and extending our reach to many more young people. The flexibility offered by the technology also allows us to support employers to establish online volunteering opportunities for employees, giving young people even more interaction with the world of work and a range of role models from different industries and sectors. We are now turning our attention to user engagement, ensuring the Hub is content rich to encourage repeat use. We began work on a marketing communications strategy to drive user generated content, which we expect to see come to fruition in the following year.

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

Achievement of strategic priorities is only possible with a motivated and high performing staff team. We have invested in staff learning and development, helping to nurture talent and drive retention. We welcomed two Kickstarters in the year, both former students from our partner schools. They have supported us to enhance our social media engagement with 18-24 year olds, and attract more volunteers to create user generated content. We have also strengthened key functions such as fundraising and marketing communications by using specialists and contractors over fixed periods, helping us to maintain a cost effective, agile staff structure.

Financial Review

a. Fundraising activities and income generation

We entered financial year 2021 knowing it would be a challenging year. With employer partners and trusts and foundations freezing budgets or diverting funds to frontline charities, we needed to refresh our fundraising strategy and re-build our pipeline of opportunities. Income targets were set in the context of the uncertainty, and also reflected the scheduled end of two significant contracts for the charity, with the Careers and Enterprise Company and several Uni Connect partners. We were pleased to meet income targets through diversification of income streams, establishing relationships with new funders and partners, and sales directly to schools and multi-academy trusts.

Fee income from partner schools and colleges is an important part of our income mix. For September 2020, we introduced a new fee of £2,250 for the Future First Pro programme, based on what schools and our own data told us was the ceiling price for our programme. We were pleased to exceed our sales target for the year, helping us to reach many more young people across the country. Our fundraising strategy is still focussed on securing more investment to further reduce the programme cost for schools, ensuring an alumni community is available to young people across the UK.

We restructured the organisation from September 2020 and cut all but essential costs to ensure we were in the best possible position to confront the uncertain funding climate. Our Trustees agreed to a draw on reserves to strengthen key functions, resulting in a planned deficit in the year. This has helped the charity lay the foundations to build back the reserves from financial year 2022.

We rely on the generous support of companies, grant-making foundations and individuals. Without this support, Future First would simply not exist. We would particularly like to record our thanks to the following for their support:

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

Future First is registered with the Fundraising Regulator. Though we are also registered with the Charities Aid Foundation which allows us to receive donations via our website, we do not approach the general public for donations, and we do not employ any third parties to fundraise on the charity’s behalf.

Our small fundraising team is familiar with the Institute of Fundraising’s Fundraising Codes of Practice and we are committed to upholding the very highest standards in our fundraising. We do not ask for support from those we know to be - or suspect to be - vulnerable. This includes the young people we work with.

We investigate the source of any material unsolicited donation before accepting, to ensure it is a valid, legally compliant and ethical source of funding for the charity.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

c. Reserves policy

Future First Alumni Ltd needs cash reserves to:

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

As the charity’s activities expand, the intention is that the unrestricted reserves should grow in line with this expansion, aiming to maintain reserves equivalent to up to four months of annual expenditure. At the end of this financial year, the charity’s reserves are in line with this policy, with unrestricted reserves of £445,326. In the year, Trustees approved use of some of the charity’s reserves to invest in strengthening the programme and key functions, to ensure the charity is fit to thrive in the post-pandemic world.

Remuneration

Remuneration for the Chief Executive and Directors is decided by the Chair and the Trustee lead on Human Resources and reported to the Board of Trustees. It is based upon individual performance during the preceding year. Salary increases are considered in line with the cost of living and are decided each September by the Board of Trustees. Pay rises in addition to this depend on employee performance. The pay of new staff is set according to our banded salary brackets and takes into account relevant experience. Future First is committed to paying all staff, including temporary staff, the London Living Wage.

Structure, governance and management

a. Constitution

Future First Alumni Limited (formerly The Camden Future First Network) was incorporated on 23 February 2010 as a charitable company limited by guarantee (company registration number 07166643; registered charity number 1135638). Initially, the charity was established to work with state schools in the London Borough of Camden.

On 14 February 2012, the articles of association were amended to extend the scope of the charity’s work to cover state schools throughout England and Wales. On 19 February 2013, the articles of association were further amended to extend the scope of the charity's work to include the rest of the world. On 4 February 2019, the articles of association were amended to incorporate administrative changes and the objects were amended to specify the prevailing charity legislation in each separate jurisdiction across the United Kingdom.

b. Method of appointment or election of Trustees

Future First aims to have a Board of Trustees that not only has a strong commitment to its vision but also has the expertise and skills to drive progress towards its mission. Potential Trustees are recruited by formal application processes (including application and interviews). They are then interviewed by the Chair and one or more serving Trustees. They must also undergo an enhanced Disclosure and Barring Service check before they can become a Trustee. On appointment, all new Trustees undergo an induction programme which includes a history of the charity, a review of its work including challenges and risks, its governance structure and discussion of individual Trustee roles and responsibilities. Within that. New Trustees are given the Charity Commission’s CC3 The essential trustee: what you need to know, what you need to do and the Charity Governance Code to help familiarise them with the requirements and responsibilities of their role. All new Trustees undertake online safeguarding training.

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

c. Organisational structure and decision making

Ultimate responsibility for governance of Future First lies with the Board of Trustees, who meet each quarter to review the activities and financial position of the charity and to assess the risks affecting it, including operational, financial and regulatory risks. The current Board of Trustees brings a wide mix of relevant skills, capabilities and experiences from the education, charity and business sectors.

The Board of Trustees delegate day-to-day operational management to the senior leadership team, and the delegation authority is outlined in a Delegation Framework. Having undertaken a restructure in July 2020, the senior leadership team comprised the CEO, the Business Services Director, two Programme Directors and the Partnerships Director in 2020/21.

d. Risk management

The charity maintains an up-to-date risk register and operates a risk management policy. The senior leadership team reviews the register monthly as standard, or more frequently, if necessary, in response to emerging issues. The team has a focus on those risks with the highest ratings and where the risk has emerged or risen since the previous review, ensuring that monitoring is stringent and mitigating actions are put in place quickly.

The Trustees assess the major risks of the company at each quarterly Board meeting. However, risks are always considered at more frequent meetings between Chair and CEO. The Board of Trustees is satisfied that systems and procedures are in place to mitigate the charity’s exposure to the major risks.

The Board of Trustees consider the most pertinent risks to be:

These risks are mitigated by:

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

Plans for future periods

We are ambitious about our future, keen to grow further and build on what we have established, ensuring we reach the young people who are most in need of relatable role models. Over the past decade, we have built a strong network of state school alumni volunteers and have reached over half a million young people via over 1200 schools.

The year to 31 August 2021 focused on laying the groundwork from which to extend our reach and impact, and we are pleased to have met our strategic objectives in the year. The next year will focus on embedding these changes, growing our reach and directing our work to where it is most needed. We will do this by strengthening our marketing and communications function, developing employer partnerships and building stronger relationships with other organisations. We will continue to focus on strengthening our finances, so we are in the strongest possible position to invest in innovation.

The subsequent year of the strategy will see us achieving rapid growth thanks to a sound organisational structure, solid processes and a diverse range of services for our customers, so we can deliver real impact for as many young people as possible.

1. Extend reach and impact

The new year will see us fully launch our new programme and membership offers. We will embed our product development cycles to ensure our customer voice is heard and feedback is used to improve our service, so that our work is as impactful as possible. We will develop our sales and marketing capacity, creating collateral and campaigns to drive sales to schools and engage more alumni and students.

We will expand our work in Wales through generous funding from the Waterloo Foundation and Monmouthshire County Council. We also plan to expand into Scotland, in partnership with the prestigious David Hume Institute. We’ll be bringing the benefits of alumni networks to two Edinburgh schools: Gracemount High and Tynecastle High.

Between 2019 and 2021 we piloted an adapted alumni programme in 20 primary schools thanks to funding from the KPMG Foundation. The insights from delivering both this programme and the ‘bridging the gap’ programme, supporting the Year 6 transition to secondary schools, has allowed us to create a refreshed programme combining the best of both approaches. We will be piloting the new programme in 15 primary schools over the next three years, thanks to funding from the Dulverton Trust.

We will also be refreshing our offer for employers, supporting them to create exciting employee volunteering opportunities and meet ESG goals while allowing us to subsidise the membership fee for schools in key areas.

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DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

2. Design and trial new interventions

We spent some of the past year getting beneath the entrenched issues in schools, both regionally and nationally, and developing alumni interventions to address these issues. We are pleased to have secured funding to tackle racialised exclusions in Camden, with support from the Esmee Fairbairn Foundation. The pilot will test the power of role models in preventing exclusions in Camden schools. If successful, it will provide a scalable intervention that could be rolled out more widely to combat the disproportionate exclusions of racialised communities. We are working with two Black-led community groups, the Winch and SYRDC (the Somali Youth Resource and development Centre) plus Camden’s school improvement partnership, Camden Learning, to support two local schools - Acland Burghley and the UCL Academy. This groundbreaking partnership will provide relatable role model mentors to pupils at risk of exclusion to see whether we can make a real and meaningful difference to their lives and life chances. The pilot will run until Spring 2022 and will be reported on more fully in the next annual report.

We will continue to trial our work in partnership with the Tottenham Hotspur Foundation. The pilot will see young people being mentored by relatable role models, and an online Hub established to support local schools and showcase employment opportunities in football clubs.

We will deliver the programmes funded for the new year to trial interventions, namely the third phase Commerce in the Classroom project and refreshed programmes of work in special schools and primary schools. We have also identified maintaining wellbeing and preventing mental health issues as a priority for young people impacted by the pandemic, and an area where alumni can offer significant support, and are actively seeking funding to develop our work in this area.

3. Build a national alumni movement

We will grow and strengthen the offer to our National Alumni, helping more people volunteer their time and more schools to share the stories from diverse role models with their students.

We will invest in our marketing and communications function. This will help us to increase the number of schools and employers engaging with us. Through this work, we will deliver more campaigns, helping to build our following of young people who will directly benefit from the content and opportunities we’ll make available to them. We will continue to build relationships with key stakeholders to grow our brand and raise the profile of the importance of alumni networks for state schools.

4. Develop our organisational effectiveness

The development roadmap for the Future First Hub continue, and has been directly informed by user feedback. The Hub is also being developed to support internal processes, helping to streamline systems and create efficiencies.

Organisational development will be a focus. We want to maintain the morale of our motivated and talented team, and will do this through a learning and development offer to support personal development and growth.

We paused our work to establish future working arrangements while uncertainty around the pandemic and restrictions remained. In the new year we will finalise these arrangements in consultation with staff and will develop and update policies and procedures.

15

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Trustees’ Report for the

Year Ended 31 August 2021

Trustees' responsibilities statement

The Trustees (who are also Directors of Future First Alumni Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who is a Trustee at the time when this Trustees' report is approved has confirmed that:

This report was approved by the Trustees on 31 January 2022 and signed on their behalf by:

................................................

Christine Gilbert

Chair, Future First

16

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Report of the Independent Auditors to the Trustees of Future First Alumni Limited

Opinion

We have audited the financial statements of Future First Alumni Limited for the year ended 31 August 2021 which comprise the Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

17

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Report of the Independent Auditors to the Trustees of Future First Alumni Limited

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report 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, except to the extent otherwise explicitly stated in our report, 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 inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

18

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Report of the Independent Auditors to the Trustees of Future First Alumni Limited

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

19

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Report of the Independent Auditors to the Trustees of Future First Alumni Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Smith (Senior Statutory Auditor) For and on behalf of Griffin Stone Moscrop & Co Chartered Accountants & statutory auditor 21-27 Lamb's Conduit Street London WC1N 3GS 2/4/2022

Date:.............................................

20

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Statement of Financial Activities for the

Year Ended 31 August 2021

Unrestricted
funds
£
Notes
INCOMING RESOURCES
Incoming resources from generated
funds
Donation and legacies
5
104,231
Investment income
6
2,937
Incoming resources from charitable
activities
Careers support for schools
440,349
Total incoming resources
547,517
RESOURCES EXPENDED
Costs of generating funds
Fundraising trading: cost of goods sold
and other costs
7
78,719
Charitable activities
Careers support for schools
8
519,010
Governance costs
10
4,500
Total resources expended
602,229
NET INCOMING/(OUTGOING)
RESOURCES BEFORE TRANSFERS
(54,712)
Gross transfers between funds
19
(6,146)
Net incoming/(outgoing) resources
(60,858)
RECONCILIATION OF FUNDS
Total funds brought forward
506,184
TOTAL FUNDS CARRIED FORWARD
445,326
CONTINUING OPERATIONS		 Restricted
funds
£
297,372
-
71,217
368,589
-
367,805
-
367,805
784
6,146
6,930
-
6,930		 31.8.21
Total
funds
£
401,603
2,937
511,566
916,106
78,719
886,815
4,500
970,034
(53,928)
-
(53,928)
506,184
452,256		 31.8.20
Total
funds
£
184,199
1,881
948,551
1,134,631
104,988
1,234,934
4,200
1,344,122
(209,491)
-
(209,491)
715,675
506,184

All incoming resources and resources expended arise from continuing activities. The statement of financial activities includes all gains and losses recognised in the year.

The notes form part of these financial statements.

21

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee) Company number 07166643

Balance Sheet

At 31 August 2021

Unrestricted
funds
£
Notes
FIXED ASSETS
Intangible assets
14
38,357
Tangible assets
15
1,875
40,232
CURRENT ASSETS
Debtors
16
126,459
Investments
17
210,231
Cash in hand
498,795
835,485
CREDITORS
Amounts falling due within one year
18
(430,391)
NET CURRENT ASSETS
405,094
TOTAL ASSETS LESS CURRENT
LIABILITIES
445,326
NET ASSETS
445,326
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
6,930
-
6,930
-
-
100,529
100,529
(100,529)
-
6,930
6,930		 31.8.21
Total
funds
£
45,287
1,875
47,162
126,459
210,231
599,324
936,014
(530,920)
405,094
452,256
452,256
445,326
6,930
452,256		 31.8.20
Total
funds
£
96,394
5,263
101,657
80,607
207,294
328,910
616,811
(212,284)
404,527
506,184
506,184
506,184
-
506,184

These financial statements have been prepared in accordance with the provisions applicable to the small companies’ regime. The financial statements were approved by the Board of Trustees on 31 January 2022 and were signed on its behalf by:

.............................................

Ms C Gilbert, Chair

The notes form part of these financial statements.

22

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Cash Flow Statement for the Year Ended 31 August 2021

Notes
Net cash inflow from operating
activities
1
Returns on investments and servicing
of finance
2
Capital expenditure and financial
investment
3
Increase/(decrease) in cash in the
period		 31.8.21
£
277,354
(6,940)
-
270,414		 31.8.20
£
(124,293)
(57,187)
-
**(181,480) **
Reconciliation of net cash flow to
movement in net debt
3
Increase/(decrease) in cash in the period
Cash outflow from increase in liquid
resources
Movement in cash in the period
Net debt at 1 September
Net debt at 31 August		 270,414
2,937
273,351
536,204
809,555		 (181,480)
3,064
(178,416)
714,620
536,204

The notes form part of these financial statements.

23

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Cash Flow Statement for the

Year Ended 31 August 2021

1. RECONCILIATION OF NET (OUTGOING)\INCOMING RECONCILIATION OF NET (OUTGOING)\INCOMING RESOURCES TO RESOURCES TO NET CASH
INFLOW FROM OPERATING ACTIVITIES
31.8.21 31.8.20
£ £
Net (outgoing)\incoming resources (53,928) (209,491)
Depreciation charges 3,158 4,114
Amortisation charges 58,037 66,398
Loss on disposal of fixed assets 240 177
Interest received (2,937) (1,881)
Decrease/(increase) in debtors (45,851) 187,341
Increase/(decrease) in creditors 318,635 (170,951)
Net cash inflow from operating activities 277,354 (124,293)
2. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW
STATEMENT
31.8.21 31.8.20
£ £
Returns on investments and servicing of finance
Interest received 2,937 1,881
Increase/decrease of other investments (2,937) (3,064)
Net cash inflow for returns on investments and servicing
of finance - (1,183)
Capital expenditure and financial investment
Purchase of intangible fixed assets (6,930) (56,004)
Purchase of tangible fixed assets (10) -
Net cash outflow for capital expenditure and financial
investment (6,940) (57,187)
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1.9.20 Cash flow At 31.8.21
£ £ £
Net cash
Cash in hand 328,910 270,414 599,324
Liquid resources
Current asset investments 207,294 2,937 210,231
Total 536,204 273,351 809,555
The notes form part of these financial statements.

24

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England, Wales and Scotland. The address is 86-90 Paul Street, London, EC2A 4NE.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention, the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.

The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £1.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar amount. Current asset investments represent bank deposits which mature more than three months after the date.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the statement of financial position date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

25

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees to further any of the Charity’s purposes.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes; restricted income funds or endowment funds.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the Charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between activities they contribute to on a reasonable, justifiable and consistent basis.

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

Redundancy / termination payments

Redundancy and termination payments are amounts payable as a result of the ending of employment, resulting either from the decision by the executive to terminate employment or the employee’s decision to accept voluntary redundancy. Payments are recognised on an accruals basis when that decision has been made to end the employment.

26

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible asset

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets represent:

Amortisation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful life of the asset as follows:

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

4. LIMITED BY GUARANTEE

The company is limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

27

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

5. DONATIONS AND LEGACIES

Unrestricted Restricted Total funds
funds funds 2021
£ £ £
Donations 42,629 - 42,629
Grants 46,189 74,000 120,189
Government Grant Income 1,413 - 1,413
Income from funders 14,000 223,372 237,372
104,231 297,372 401,603
Unrestricted Restricted Total funds
funds funds 2020
£ £ £
Donations 24,169 - 24,169
Grants 36,000 - 36,000
Government Grant Income 63,490 63,490
Income from funders - 60,540 60,540
123,659 60,540 184,199
6. INVESTMENT INCOME
31.8.21 31.8.20
£ £
Bank interest receivable 2,937 1,881
7. FUNDRAISING TRADING: COST OF GOODS SOLD AND OTHER COSTS
31.8.21 31.8.20
£ £
Fundraising costs 78,719 104,988

28

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

8. CHARITABLE ACTIVITIES COSTS

Direct costs
Support costs
Direct costs
Support costs		 Unrestricted
funds
£
295,356
223,654
519,010
Unrestricted
funds
£
520,022
233,147
753,169		 Restricted
funds
£
185,893
181,912
367,805

Total funds
2021
£
481,249
405,566
886,815


Total funds
2020
£
802,767
432,167
1,234,934
Restricted
funds
£
282,745
199,020
481,765

9. ANALYSIS OF SUPPORT AND DIRECT COSTS

Support costs:

Staff costs
Technology Costs
Programme Costs
Premises
Communications and IT
General office
Legal, professional & insurance
Miscellaneous costs
Amortisation & depreciation
Wages & salaries
Social security costs
Pension costs		 Careers
support
for schools
£
72,588
23,951
22,550
765
36,391
6,804
25,480
264
61,195
139,043
14,822
1,713
405,566		 2021
£
72,588
23,951
22,550
765
36,391
6,804
25,480
264
61,195
139,043
14,822
1,713
405,566		 2020
£
61,523
-
-
110,556
26,388
9,568
18,948
5,954
70,513
118,389
8,303
2,025
432,167

29

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

9. ANALYSIS OF SUPPORT AND DIRECT COSTS – continued

Direct costs:

Technology costs
Programme costs
Travel, hotels & subsistence
Data entry and delivery
Wages & salaries
Social security costs
Pension costs
GOVERNANCE COSTS
Auditors' remuneration
NET INCOMING/(OUTGOING) RESOURCES
Net resources are stated after charging/(crediting):
Auditors' remuneration
Depreciation – owned assets
Development costs amortisation
Computer software amortisation
Other pension costs		 Careers
support
for schools
£
7,979
40,370
5,117
49
382,671
36,347
8,717
481,249		 2021
£
7,979
40,370
5,117
49
382,671
36,347
8,717
481,249
31.8.21
£
4,500
31.8.21
£
4,500
3,158
-
58,037
11,078		 2020
£
27,380
22,207
45,197
10,424
626,128
58,875
12,556
802,767
31.8.20
£
4,200
31.8.20
£
4,200
4,114
-
66,398
16,018

10. GOVERNANCE COSTS

11. NET INCOMING/(OUTGOING) RESOURCES

Net resources are stated after charging/(crediting):

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.

During the year, no trustee received reimbursement of expenses (2020: £135 was reimbursed to one Trustee).

30

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

13. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
Redundancy		 31.8.21
£
562,611
51,874
11,078
3,808
629,371		 31.8.20
£
826,717
77,834
16,018
10,694
931,263

The average monthly number of employees during the year was as follows:

31.8.21 31.8.20
18 27
The number of employees whose emoluments fell within the following bands was:
31.8.21 31.8.20
£60,000 - £69,999 - 1
£70,000 - £79,999 1 -

The number of employees whose emoluments fell within the following bands was:

Key management personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £284,073 (2020: £199,157), including pension costs.

14. INTANGIBLE FIXED ASSETS

COST
At 1 September 2020
Additions
At 31 August 2021
AMORTISATION
At 1 September 2020
Amortisation for year
At 31 August 2021
NET BOOK VALUE
At 31 August 2020
At 31 August 2021		 Intellectual
property
£
186,783
-
186,783
186,783
-
186,783
-
-		 Online
portal
£
272,050
6,930
278,980
175,656
58,037
233,693
96,394
45,287		 Total
£
458,833
6,930
465,763
362,439
58,037
420,476
96,394
45,287

31

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

15. TANGIBLE FIXED ASSETS

15. TANGIBLE FIXED ASSETS
Office
equipment
£
COST
At 1 September 2020 18,434
Additions 10
Disposals (1,687)
At 31 August 2021 16,757
DEPRECIATION
At 1 September 2020 13,171
Charge for year 3,158
Eliminated on disposal (1,447)
At 31 August 2021 14,882
NET BOOK VALUE
At 31 August 2020 5,263
At 31 August 2021 1,875

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments and accrued income

CURRENT ASSET INVESTMENTS
Notice deposits > 3 months		 31.8.21
£
113,826
833
11,800
126,459
31.8.21
£
210,231		 31.8.20
£
11,056
27,515
42,036
80,607
31.8.20
£
207,294

17. CURRENT ASSET INVESTMENTS

32

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 September
Resources deferred during the year
Amounts released from previous years
At 31 August 2021		 31.8.21
£
63,240
44,820
18,928
403,932
530,920		 31.8.20
£
23,697
36,443
4,419
147,725
212,284
143,825
397,843
(142,926)
398,742

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
The Commercial Education Trust -
Commerce in the Classroom
John Lyon's Charity - piloting alumni
networks in special schools
KPMG Foundation - piloting alumni
networks in primary schools
SHINE Trust - Bridging the Gap project
The Fidelity Foundation - the Future
First Hub
TOTAL FUNDS		 At 1.9.20
Net
movement
in funds
Transfers
between
funds
At 31.8.21
£
£
£
£
506,184
(54,712)
(6,146)
445,326
-
(1,305)
1,305
-
-
(216)
216
-
-
(4,540)
4,540
-
-
(84)
84
-
-
6,930
-
6,930
-
784
6,146
6,930
506,184
(53,928)
-
452,256

33

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

19. MOVEMENT IN FUNDS – continued

Net movement in funds included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Careers and Enterprise Company – Opportunity
Areas Extension 2019
Careers & Enterprise Fund 2018 Part A
The Commercial Education Trust - Commerce in the
Classroom
John Lyon's Charity - piloting alumni networks in
special schools
KPMG Foundation - piloting alumni networks in
primary schools
SHINE Trust - Bridging the Gap project
The Esmee Fairbairn Foundation - Inspiring Inclusion
project
Cambridgeshire Community Foundation
The Fidelity Foundation - the Future First Hub
TOTAL FUNDS		 Incoming
resources
£
547,517
41,696
29,333
24,075
12,700
74,000
16,450
16,866
188
153,281
368,589
916,106		 Resources
expended
£
(602,229)
(41,696)
(29,333)
(25,380)
(12,916)
(78,540)
(16,534)
(16,866)
(188)
(146,351)
(367,805)
(970,034)		 Movement
in funds
£
(54,712)
-
-
(1,305)
(216)
(4,540)
(84)
-
-
6,930
784
(53,928)

34

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

19. MOVEMENT IN FUNDS – continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Careers and Enterprise Company –
Opportunity Areas Round 1
Careers & Enterprise Fund 2018 Part A
Commercial Education Trust
UBS
Wates Foundation & Wates Family
Enterprise Trust
Careers and Enterprise Company –
Opportunity Areas Extension 2019
John Lyon's Charity
KPMG Foundation
Pears Foundation – Future Me Online
Mentoring
SHINE Trust
TOTAL FUNDS		 At 1.9.19
Net
movement
in funds
Transfers
between
funds
At 31.8.20
£
£
£
£
725,475
(193,427)
(25,864)
506,184
-
(153)
153
-
(2,984)
(496)
3,480
-
(5,661)
(687)
6,348
-
(1,448)
215
1,233
-
293
(385)
92
-
-
(207)
207
-
-
(4,070)
4,070
-
-
(8,637)
8,637
-
-
(191)
191
-
-
(1,453)
1,453
-
(9,800)
(16,064)
25,864
-
715,675
(209,491)
-
506,184

35

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

19. MOVEMENT IN FUNDS – continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Careers and Enterprise Company – Opportunity
Areas Round 1
Careers & Enterprise Fund 2018 Part A
Commercial Education Trust
UBS
Wates Foundation & Wates Family Enterprise Trust
Careers and Enterprise Company – Opportunity
Areas Extension 2019
John Lyon's Charity
KPMG Foundation
Pears Foundation – Future Me Online Mentoring
SHINE Trust
TOTAL FUNDS		 Incoming
resources
£
668,930
21,246
157,146
15,230
4,513
8,749
146,257
12,700
76,000
15,000
8,860
465,701
1,134,631		 Resources
expended
£
(862,357)
(21,399)
(157,642)
(15,917)
(4,298)
(9,134)
(146,464)
(16,770)
(84,637)
(15,191)
(10,313)
(481,765)
(1,344,122)		 Movement
in funds
£
(193,427)
(153)
(496)
(687)
215
(385)
(207)
(4,070)
(8,637)
(191)
(1,453)
(16,064)
(209,491)

The Esmee Fairbairn Foundation - Inspiring Inclusion project

The Esmee Fairbairn Foundation has granted funding to establish the partnership, governance arrangements, research base, policies and evaluation framework for a programme assessing the impact of relatable role model mentors on young people who are at risk of exclusion. The programme is being trialled in two schools until Spring 2022.

Cambridgeshire Community Foundation

The Cambridgeshire Community Fund has provided funding to support the development of an alumni community in a school in Cambridgeshire.

The Fidelity Foundation - the Future First Hub

The Fidelity Foundation granted funds to support the development of a new online platform for schools, alumni volunteers and young people. The Future First Hub was launched in September 2021 and has been designed to help schools create thriving online alumni communities, giving alumni more ways to volunteer their time online. Additionally, for the first time students will be given safe online access to the alumni community so they can explore pathways taken by former students and absorb insights and advice, as well as gaining access to digital content and opportunities. The carried forward surplus of the fund of £6,930 comprises the carrying value of the capitalised development expenditure commissioned under the grant, recognised from the platform go live date of September 2021.

36

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

19. MOVEMENT IN FUNDS – continued

The Careers and Enterprise Company (CEC)

The Careers and Enterprise Company originally provided funding for a combination of alumni programme memberships and World of Work day workshops for schools and colleges in target areas through two funds - Careers & Enterprise Fund 2018 Part A and Careers and Enterprise Company – Opportunity Areas Extension 2019. This activity was due to be delivered in summer 2020, and was cancelled as a result of school closures. The funds were deferred to the next financial year and activity was adapted and delivered to schools between September 2020 and March 2021.

The Commercial Education Trust – Commerce in the Classroom project

After a successful phase one Commerce in the Classroom project in 2019/20, the Commercial Education Trust agreed to fund a second phase over the autumn and spring terms 2020/21. The project saw volunteers from the international trade and commerce sectors work with over young people in five schools to provide students with an insight into the sector and an opportunity to develop transferable skills. The funding was also used to produce a video showcasing careers in the international trade and commerce sectors, to share with young people across the country.

John Lyon's Charity - piloting alumni networks in special schools

The John Lyon's Charity provided a two year grant spanning 2019 to 2021 to fund the establishment of an alumni community in Shaftesbury High School, a special needs school in Harrow.

KPMG Foundation - piloting alumni networks in primary schools

The KPMG Foundation provided a grant of £150,000 over two years (2019-21) to pilot alumni community building in primary schools. The grant funded the development of relatable role model communities in 20 schools across the country, and four workshops per school using volunteer support.

Pears Foundation – Future Me Online Mentoring

Pears Foundation provided a grant of £15,000 towards the delivery of an online mentoring programme in summer term 2020, while students were studying at home.

The SHINE Trust – bridging the gap project

The SHINE Trust funded a project providing students moving from Year 6 to Year 7 with 'nearpeer' role models as they transition to secondary-school life. Most of the delivery occurred during the summer term 2021, with secondary school students working with Year 6 pupils in feeder primaries to boost their confidence and give them an insight into life at secondary school.

The Wates Foundation– impact and evaluation

The Wates Foundation provided a grant spanning April 2019 to March 2020 to help Future First develop its impact monitoring and evaluation systems.

Transfer between funds

Unrestricted funds of £6,146 (2020, £25,864) were transferred to restricted funds in order to support the charitable objectives.

37

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total funds Total funds
funds funds 2021 2020
£ £ £ £
Intangible assets 38,357 6,930 45,287 96,394
Tangible fixed assets 1,875 - 1,875 5,263
Current assets 835,485 100,529 936,014 616,811
Creditors less than 1 year (430,391) (100,529) (530,920) (212,284)
NET ASSETS 445,326 6,930 452,256 506,184

21. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined contribution plans

The amount recognised in income or expenditure in relation to defined contribution plans was £11,078 (2020: £16,018).

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. Contributions of £2,728 (2020: £4,420) were payable to the fund as at the balance sheet date.

22. FINANCIAL INSTRUMENTS

Financial assets measured at fair value through income and
expenditure
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost		 2021
£
809,555
116,969
926,524
68,431		 2020
£
536,204
72,965
609,169
27,597

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand and current asset investments.

Financial assets measured at amortised cost comprise trade debtors and accrued income.

Financial liabilities measured at amortised cost comprise trade creditors and accruals.

38

DocuSign Envelope ID: 3981F277-2E41-4131-80EA-E02007679603

Future First Alumni Limited (A Company Limited By Guarantee)

Notes to the Financial Statement for the

Year Ended 31 August 2021

23. RELATED PARTY DISCLOSURES

Trustee Deji Davies provided a donation of £5,000 which contributed to the delivery of the Future Me Online Mentoring programme.

Trustee Christine Gilbert is also a Trustee for the KPMG Foundation, who have provided a grant for £150,000 to cover financial years 2020 and 2021. Christine was not involved in KPMG Foundation's decision to offer the grant to Future First.

Trustee Lindsey McMurray provided a donation of £10,000 in financial year 2020 which contributed to the delivery of the Future Me Online Mentoring programme.

39