**Registered number: 07166643 Charity numbers: 1135638 & SC043973**
## **FUTURE FIRST ALUMNI LIMITED**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2023**
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1 - 2|
|**Trustees' report**|3 - 12|
|**Independent auditors' report on the financial statements**|13 - 17|
|**Statement of financial activities**|18|
|**Balance sheet**|19|
|**Statement of cash flows**|20|
|**Notes to the financial statements**|21 - 37|
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023**
## **Trustees**
Michael Ter-Berg Ata Rahman (appointed 4 December 2023) Christine Gilbert, Chair (resigned 31 December 2022) Nicholas Woodrow (appointed 20 January 2023) Heather Richards (resigned 31 December 2023) Lindsey McMurray Nicholas Buckland, Chair (appointed 1 January 2023) Camilla Camley (appointed 20 January 2023) Adam Davies (resigned 31 December 2022) Amy Finch (resigned 4 August 2023)
## **Company registered number**
07166643
## **Charity registered numbers**
1135638 and SC043973
## **Registered office**
86-90 Paul Street London EC2A 4NE
## **Company secretaries**
Lee Mauve Patron (COO)
## **Executive Team**
Lorraine Langham (CEO) - resigned December 2022
Sue Riley (CEO) - appointed March 2023
## **Independent auditors**
Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Bankers**
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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## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
The Trustees present their annual report together with the audited financial statements of the Company for the year 1 September 2022 to 31 August 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. 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) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **Objectives and activities**
## **a. Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Activities undertaken to achieve objectives**
Future First's vision is for a world where a young person's background does not limit their future.
Its mission is to see every state school and college - and every learner - supported by a thriving and engaged alumni and employee volunteer community which improves students' motivation, confidence and life chances.
Individuals from lower socio-economic backgrounds are under-represented in professional occupations. This is not because of a lack of hard work or talent but instead because of a lack of opportunity. This is an issue for society and business. Young people need to see ‘someone like me’.
We work towards achieving this, through the following guiding principles:
**• Harnessing the power of alumni and employee volunteers** We help alumni and employee volunteers connect with state schools and colleges.
These individuals are a great untapped resource for state schools, colleges and learners. They are relatable role models that can help to dispel myths about gatekept industries, open doors to opportunities and let young people ‘see someone like me’. They build the sense of community around a school and college. In volunteering, they not only support learners, but actively benefit themselves: building communication and empathy and giving back.
**• Building careers capacity in state schools and colleges** We help to create sustainable alumni and employee volunteer communities.
By providing state schools and colleges with the technology, skills and knowledge to develop their alumni and employee volunteer networks, and the training to run volunteer led in person and virtual sessions, we build in school capacity: supporting careers leads, and those delivering curriculum to provide meaningful employability engagement opportunities for their learners.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Objectives and activities (continued)**
## **. Activities undertaken to achieve objectives (cont.)**
- **Mapping our work against the Gatsby Benchmarks**
- Our work is mapped to the nationally recognised Gatsby Benchmarks.
Research shows that schools, particularly those in areas of disadvantage, see greater results in terms of preparing their learners for employability when they achieve the national Gatsby benchmarks.
As the Gatsby Foundation reaches its ten year anniversary, and looks ahead to the next decade, it is highlighting the importance of alumni engagement in schools:
- **Be intentional** : schools should build a focused alumni database to grow the social capital of current learners by creating opportunities for them to meet past students as part of their careers programme.
- **Alumni can enrich employer engagement programmes** : set up talks, arrange visits, provide experiences of workplaces or find mentors.
- **Work with alumni** : to enhance curriculum delivery.
- **Digital is so much more than technology**
- We harness the power of technology to extend volunteer reach and allow young people to ‘see someone like me’.
We manage our alumni, school, employee volunteer and learner relationships through our Future First Hub – a safe, social media style interface that allows our member schools to build and manage every aspect of their alumni and employer network in one place.
It’s a space where young people can find out about sectors, look at vlogs, profiles and see inside industries. It’s a way too for volunteers to give back virtually if they can’t be in schools, breaking down geographical boundaries. In this way, digital is so much more than technology – it supports in person, virtual and online volunteering.
## **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 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).
The latest evidence shows careers education has double the impact for young people experiencing economic disadvantage. Moreover, by connecting students with relatable role models, they benefit from: work experience; insights into industries; information on the variety of jobs; skills that are in high demand; and stories of overcoming challenges.
Our programmes may be a young person’s only experience of the world of work. Research shows that a young person who has four or more meaningful encounters with an employer is 86% less likely to be NEET and can earn up to 22% more during their career.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Objectives and activities (continued)**
## **d. Volunteers**
In support of our mission to see every state school and college in the UK, and every state pupil, supported by a thriving and engaged alumni and employee volunteer community, which improves students’ motivation, confidence and life chances, Future First works closely with a large community of volunteers via our online Future First Hub. Our network of volunteers who support programmes in schools act as accessible and inspirational role models by sharing their stories through a variety of activities, including blogging, online mentoring, networking and careers activities in schools.
We aim to continuously improve and develop our services based on the needs and recommendations of our beneficiaries.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Achievements and performance**
## **a. Main achievements of the Company**
Future First adapted swiftly to Covid-19, running several key contracts, bringing more positive role models virtually into classrooms in 2021 and reaching more learners across the UK than the previous year. The board recognised that contracts won during Covid would be short term, but vital for the mission of the charity during this period. They also identified that the short term nature of this funding would potentially leave a gap in future years’ funding and so took steps to mitigate this.
Planned initial development investment, (already underway before the pandemic) concluded in this operating period on new alumni engagement technology: the Future First Hub, an online portal for all partner schools, colleges and their alumni. Working with key stakeholders, the charity developed the Hub - a safe social media style online platform that now sits at the heart of all our activity and allows Future First’s member schools to build and manage every aspect of their network in one place.
Future First’s capital outlay for this work was carefully matched by employers’ and funders’ support, with significant multi-year commitment secured and a three year investment plan devised to support these ambitious plans.
Whilst this financial year has seen a significant slowdown in timing of funder decisions the charity has acted proactively again, pausing its immediate investment whilst focusing on core school activities. In tandem, a number of new trustees have joined the board, harnessing experience in technology, investment, turnaround and PR. They are supported by a new CEO with expertise in membership, partnership and programme design. Covid had a monumentally negative impact on young people’s career prospects, particularly those from disadvantaged backgrounds. As well as impacting young people’s confidence, nearly half of schools reduced the time learners spent on careers guidance activities and a fifth put these activities entirely on hold. The attainment gap widened to the highest levels in ten years, with the pupils from families who were able to support home learning making better strides towards recovery.
The cost of living crisis, global unrest, the aftermath of the pandemic and a reduction in funding has resulted in a challenging funding landscape and unprecedented competition for funding, impacting the charity sector as a whole, including Future First. Many state schools/colleges are facing increasing pressures on their budgets and activities. With some elements of Future First’s work requiring a contribution from schools, this has a knock-on effect on our own budgets.
That said, since the pandemic, there is greater expectation from volunteers, students and schools that services and activities will be digital. Future First has adapted well to this, and is in a good position to deliver this work.
In the last year we:
- Ran our first ever School Alumni Week campaign, raising awareness of the charity and of the impact of alumni and relatable role models in state schools and colleges.
- Reached over 7000 young people through school workshops and sessions, working to dismantle barriers of disadvantage and helping to level the playing field with their independent school peers.
- Worked with 292 students in rural locations through our Primary programme, focussing on the transition to secondary school and incorporating both alumni and volunteers from the local community.
- Following consultation with schools (with school staff representing 17,000 learners) we developed our membership offer, increasing our focus on resource development (through a Toolkit), CPD (new online sessions) and opportunities to engage with members.
We have over 240,000 relatable role models (alumni and volunteers) registered with the charity, available to contribute via online sessions, workshops, fundraising mentoring and sharing their skills and knowledge on our online Hub.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
The Trustees review the reserve levels of the charity annually, informed by a review of the risk assessment register. This review encompasses the nature of the income including its potential volatility as a result of changes in government policy and expenditure streams, the need to match income with commitments and the nature of reserves. The Trustees also take into consideration the future plans of the charity, the uncertainty over future income streams and other key risks identified during the risk review. The Trustees have determined that the charity should hold free cash reserves sufficient to cover between 1 -3 months’ core operating costs, which equate to approximately £75k - £225k. At £61,433 the current level of unrestricted funds are slightly below the organisation's reserves policy, however the Trustees are confident that the reserves will grow over the next 12 months.
## **c. Principal risks and uncertainties**
The charity maintains an up-to-date risk register that is reviewed quarterly by the trustees. The senior leadership team in conjunction with the Audit, Risk & Finance Committee (A,R&F) reviews the register on a regular basis and ensures it is current and responsive to emerging risks.
The Trustees assess the major risks of the charity at each quarterly Board meeting. Additionally, risks are always considered at more frequent meetings between the Chair and CEO and by the A,R&F committee. 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: staffing capacity, funding in an uncertain climate and ensuring our tech offer continues to meet the needs of key stakeholders. These risks are mitigated by: strong strategic plans along with recruitment plans, funding diversification, and upskilling staff in the charity’s tech offer.
## **d. Financial risk management objectives and policies**
The charity effectively manages its finances and financial risks through a series of procedures and policies.
Monthly management accounts and cash flow are produced and reviewed by the senior leadership team. These accounts are shared with the A,R&F Committee on a quarterly basis. The overall purpose of this standing committee, that reports to the Board of Trustees, is to assist the Board in its duty to supervise the broad direction of the Charity’s financial affairs and to oversee the audit and risk management processes.
A financial report, including management accounts and cashflow are brought to the board on a quarterly basis as well. In April 2023 we appointed Playfair Partnerships as our new accountants, replacing Connected Accounting. This change has provided Future First with even stronger financial risk management.
Future First maintains an up-to-date financial controls document that outlines the financial systems and processes used by the charity. It covers how the finance function works and the key processes, systems and methods used to control the organisation’s finances. This document is reviewed annually.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **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.
The Trustees are also the Directors of the charitable company for the purposes of company law. Details of the Trustees who served throughout the year are included in the Reference and Administrative Details.
## **b. Methods of appointment or election of Trustees**
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The charity’s Articles of Association specify that the number of Trustees shall not be less than 3, but (unless otherwise determined by ordinary resolution) the number of Trustees shall not be subject to any maximum. The usual term of office for a Trustee shall be three years, at the end of which they shall retire. A trustee shall be eligible for reappointment by the trustees for up to a further two terms, each of up to three years. No trustees shall serve for more than nine consecutive years, unless the trustees consider it would be in the best interests of the Charity for a particular trustee to continue to serve beyond that period and that trustee is reappointed in accordance with the Articles.
## **c. Organisational structure and decision-making policies**
The Board of Trustees is responsible for the overall governance of the charity. It sets the general strategy and business plans for the charity, approves an annual budget, monitors performance against the plans and budgets and makes major decisions about strategy, charity development and senior staff appointments. The Trustees’ policy is to meet at least 4 times each year, and in person as the accepted norm. During the current operating period, five Board meetings were held in total, including one additional meeting concerned with signing off the audited accounts for the previous year.
The A,R&F committee was convened in-year with oversight of the charity’s financial planning and reporting, financial policies and procedures, and internal controls and risk management systems. The committee meets a minimum four times a year.
A board representative (currently the Chair) acts as trustee safeguarding lead for the charity, and provides oversight of the charity’s safeguarding policy and procedures, which are reported to the board quarterly.
During the year, the Trustees continued to review their practice measured against the 2016 Charity Governance Code. The Trustees are satisfied that they have applied all the material best practice requirements of the Code.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Structure, governance and management (continued)**
## **d. Policies adopted for the induction and training of Trustees**
All Trustees receive a general introduction to the charity, its organisation, structures and employees. They are provided with copies of policies, procedures, minutes, accounts, budgets, plans and other documents they will need to undertake their role as Trustees. As there are normally only one or two new Trustee appointments each year, induction tends to be done informally and is tailored specifically to the individual. Advantage is taken of specific courses offered by various external organisations as appropriate. Feedback from courses is delivered at Board Meetings.
## **e. Pay policy for key management personnel**
The Trustees consider the Chief Executive Officer and Chief Operating Officer to be the key management personnel of the Charity in charge of directing, controlling, running and operating the Charity on a day to day basis. The pay of the key management personnel is reviewed annually by the Board of Trustees who take into account a wide range of factors.
All Trustees give of their time freely and no Trustee received any remuneration in the current or prior year for their role as Trustees. There were no expenses and other amounts paid to Trustees as disclosed in note 8 to the financial statements.
## **f. Related party relationships**
There are no related parties or connected organisations which either control or significantly influence the decisions and operations of the charity.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Plans for future periods**
The charity has the following strategic priorities in the coming reporting period, allowing it to build on the work in the current period and continue to develop the principles that underpin its activities.
## **Strengthening our volunteer base further**
Building on work this year, the charity will bring a Volunteer Manager into post. This post will enable us to maximise the benefit of our 240,000 strong volunteer alumni network – the greatest resource we have - allowing us to extend our reach further across the UK.
Volunteers are currently managed by our regional operational leads - having a national role will enable the charity to even better support our regional volunteers and unlock the potential of our wider National Network – those volunteers based around the country who are not connected to a particular school or college, but are committed to our cause and keen to get involved in volunteering opportunities.
## We will focus on:
- Convening a **volunteer steering committee** : to support the co-production of resources, training,
- recognition and celebration mechanisms
- **Increasing the virtual volunteering** opportunities available
- **Sharing our learning nationally** : so that others can benefit from our increased knowledge of scaling and delivering volunteering opportunities across the UK online and in person
## **Implementing the roadmap for Future First Hub**
Having co-produced a roadmap for the development of the Future First Hub in the current operating period, Future First will continue to implement this, seeking forward thinking funder support to grow the capacity and value of this resource for more state schools and colleges across the UK. Some key priorities are:
- _**Empowering young people to take ownership of their journey**_ : From interacting with videos about career ideas to asking alumni about apprenticeships, improving the Hub’s potential to create an environment where young people can pursue their interests and have meaningful encounters with relatable role models.
- _**Overcoming barriers**_ : Regardless of where alumni volunteers live, they can connect with the Future First Hub and with their old school community. By connecting young people with role models who have found success by moving away, we can open up sectors that are not obvious in the locality, or in areas of high unemployment.
- _**Fostering civic engagement**_ : The Hub presents opportunities for younger volunteers to engage. Those leaving school can go on to support their old school with ready-made volunteering opportunities that not only support them to gain confidence and learn new skills, but also help shape the futures of their communities. In doing so, we can alter the traditional demographics of volunteer participation, fostering a more diverse volunteer population while supporting its growth, at a time where volunteer numbers are plummeting.
Significant tech developments underpin these priorities, enabling the charity to stay relevant and relatable to key stakeholders.
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## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Plans for future periods (continued)**
## **Further increase our work with employer partners and employee volunteers**
Providing young people with access to a wide range of sectors and employers is vital: both for learners’ knowledge and networks, and for businesses and the economy. In the coming reporting period Future First will seek to develop its existing approach:
- Developing schemes that provide young people with access to fast track apprenticeship opportunities through a range of focused activity;
- Putting a spotlight on previously gatekept industries;
- Seeking strategic employer partners that wish to support ‘cold spots’ in the UK, and increase support in deprived communities;
- Increasing the sectors that we work with.
## **Future First visibility**
The trustees and senior management team are acutely aware of the importance of the space in which the charity operates, and the value we can provide in helping to address Britain’s acute social mobility issues: helping young people ‘see someone like me’, raising aspirations and opening doors to opportunities.
The charity recognizes too that the social mobility charity space is a busy one, and acknowledges the work to be done in both raising this important agenda, and ensuring that resources are used in the most effective way. In the coming operating period the charity is therefore focused on:
**Setting out clearly its priorities in this space** : through consultation with all key stakeholders, through the creation of its manifesto for an equitable education;
**Increasing its strategic alliances with others in the sector** : preparing itself for a new term of government administration and supporting ‘civic society’s’ engagement;
**Developing ways in which more schools can benefit from our support** : seeking to create more open access resources, increase visibility through CPD and conference opportunities.
**Funding diversification** : working to ensure incomes stems from multiple sources including trust funding, employer partners, school memberships and events, enabling us to spread risk and promote long-term financial stability.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Company 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees 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.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, Griffin Stone Moscrop & Co, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 28 May 2024 and signed on their behalf by:
................................................
**Nicholas Buckland OBE** Chair
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE FIRST ALUMNI LIMITED**
## **Opinion**
We have audited the financial statements of Future First Alumni Limited (the 'charitable company') for the year ended 31 August 2023 which comprise the Statement of financial activities, the Balance sheet, the 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006, Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE FIRST ALUMNI LIMITED (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company 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 Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE FIRST ALUMNI LIMITED (CONTINUED)**
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
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**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE FIRST ALUMNI LIMITED (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- carrying out substantive checking to supporting documents on a sample basis of individual transactions within income and expenditure to give comfort that on a sample basis the SOFA does not contain any irregular items; - carrying out walk-through testing to verify that the charity’s accounting systems and controls are being implemented as designed; and
- verifying that material balances within the Balance Sheet are supported by third party evidence to confirm the existence and valuation of these balances at the balance sheet date.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
Page 16
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE FIRST ALUMNI LIMITED (CONTINUED)**
identify during our audit.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and Trustees those matters we are required to state to them in an Auditors' 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 charitable company and its 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 21-27 Lamb's Conduit Street London WC1N 3GS
Date:
Griffin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 17
## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
Investments
4
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**Net expenditure**
Transfers between funds
16
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**71,300**
**390,946**
**1,080**
**463,326**
**29,996**
**666,006**
**696,002**
**(232,676)**
**(27,316)**
**(259,992)**
**321,425**
**(259,992)**
**61,433**|**Restricted**
**funds**
**2023**
**£**
**771,836**
**89,711**
**1,265**
**862,812**
**23,706**
**868,077**
**891,783**
**(28,971)**
**27,316**
**(1,655)**
**24,015**
**(1,655)**
**22,360**|**Total**
**funds**
**2023**
**£**
**843,136**
**480,657**
**2,345**
**1,326,138**
**53,702**
**1,534,083**
**1,587,785**
**(261,647)**
**-**
**(261,647)**
**345,440**
**(261,647)**
**83,793**|Total
funds
2022
£
813,865
574,706
1,915
1,390,486
80,009
1,417,293
1,497,302
(106,816)
-
(106,816)
452,256
(106,816)
345,440|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 21 to 37 form part of these financial statements.
Page 18
## **FUTURE FIRST ALUMNI LIMITED (A company limited by guarantee) REGISTERED NUMBER: 07166643**
## **BALANCE SHEET AS AT 31 AUGUST 2023**
|**Note**
**Fixed assets**
Intangible assets
9
Tangible assets
10
**Current assets**
Debtors
11
Investments
12
Cash at bank and in hand
Creditors: due within one year
13
**Net current liabilities / assets**
**Total assets less current liabilities**
Creditors: due after more than one year
14
**Total net assets**
**Charity funds**
Restricted funds
16
Unrestricted funds
16
**Total funds**|**121,069**
**64,256**
**178,747**
**364,072**
**(431,126)**|**2023**
**£**
**290,083**
**2,325**
**292,408**
**(67,054)**
**225,354**
**(141,561)**
**83,793**
**22,360**
**61,433**
**83,793**|81,558
212,100
179,419
473,077
(396,324)|2022
£
277,757
3,407
281,164
76,753
357,917
(12,477)
345,440
24,015
321,425
345,440|
|---|---|---|---|---|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 28 May 2024 and signed on their behalf by:
................................................
## **Nicholas Buckland OBE**
Chair
The notes on pages 21 to 37 form part of these financial statements.
Page 19
## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of intangible assets
Purchase of tangible fixed assets
Interest received
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 21 to 37 form part of these financial statements|**2023**
**£**
**(93,651)**
**(57,089)**
**(121)**
**2,345**
**(54,865)**
**-**
**(148,516)**
**391,519**
**243,003**|2022
£
(143,886)
(272,538)
(3,481)
1,869
**(274,150)**
**-**
**(418,036)**
809,555
391,519|
|---|---|---|
Page 20
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **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. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Future First Alumni Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 21
**FUTURE FIRST ALUMNI LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **(A company limited by guarantee)**
## **2. Accounting policies (continued)**
## **2.4 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.
## **2.5 Research and development**
Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.
Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Statement of financial activities.
## **2.6 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 institution with whom the funds are deposited.
## **2.7 Intangible assets and amortisation**
Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
Amortisation is provided on the following bases:
|Intellectual property|-|20 %|
|---|---|---|
|Development expenditure|-|33 %|
## **2.8 Tangible fixed assets and depreciation**
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 22
**FUTURE FIRST ALUMNI LIMITED**
# **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.8 Tangible fixed assets and depreciation (continued)**
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
- Office equipment 25% straight line
## **2.9 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.
## **2.10 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 account.
## **2.11 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.12 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.
Page 23
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.13 Pensions**
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
## **2.14 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and legacies**
|**Unrestricted**
**funds**
**2023**
**£**
Donations
276
Grants
71,024
Income from Funders
-
71,300
Unrestricted
funds
2022
£
Donations
25,367
Grants
78,775
Government grants
(420)
Income from Funders
243,202
346,924|**Restricted**
**funds**
**2023**
**£**
6,000
479,355
286,481
771,836
Restricted
funds
2022
£
-
466,941
-
-
466,941|**Total**
**funds**
**2023**
**£**
**6,276**
**550,379**
**286,481**
**843,136**
Total
funds
2022
£
25,367
545,716
(420)
243,202
813,865|
|---|---|---|
Page 24
## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **4. Investment income**
|**Unrestricted**
**funds**
**2023**
**£**
Bank interest receivable
1,080
**Total 2023**
1,080
Bank interest receivable
Total 2022|**Restricted**
**funds**
**2023**
**£**
1,265
1,265
Unrestricted
funds
2022
£
1,915
1,915|**Total**
**funds**
**2023**
**£**
**2,345**|
|---|---|---|
|||**2,345**|
|||Total
funds
2022
£
1,915|
|||1,915|
## **5. Analysis of expenditure by activities**
|Charitable activities
**Total 2023**
Charitable activities
Total 2022|**Activities**
**undertaken**
**directly**
**2023**
**£**
1,079,790
1,079,790
Activities
undertaken
directly
2022
£
912,030
912,030|**Support**
**costs**
**2023**
**£**
454,293
454,293
Support
costs
2022
£
505,263
505,263|**Total**
**funds**
**2023**
**£**
**1,534,083**|
|---|---|---|---|
||||**1,534,083**|
||||Total
funds
2022
£
1,417,293|
||||1,417,293|
Page 25
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **5. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Wages & salaries
Technology costs
Programme costs
Travel, hotels & subsistence
Other staff costs
**Analysis of support costs**
Wages & salaries
Technology costs
Other staff costs
Premises costs
Communications and IT
General office costs
Legal, professional & insurance
Bank interest
Amortisation & depreciation
Governance costs
**6.**
**Auditors' remuneration**
Fees payable to the Company's auditor for the audit of the Company's
annual accounts|**Total**
**funds**
**2023**
**£**
**495,695**
**25,295**
**534,228**
**24,222**
**350**
**1,079,790**
**Total**
**funds**
**2023**
**£**
**213,144**
**48,515**
**47,290**
**13,338**
**22,147**
**5,932**
**47,303**
**2,556**
**45,968**
**8,100**
**454,293**
**2023**
**£**
**5,500**|Total
funds
2022
£
334,484
29,586
522,694
22,052
3,214|
|---|---|---|
|||912,030|
|||Total
funds
2022
£
270,976
61,466
34,002
16,554
33,488
8,346
30,589
-
42,017
7,825|
|||505,263|
|||2022
£
5,000|
Page 26
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **7. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2023**
**£**
**679,352**
**67,220**
**15,969**
**762,541**|2022
£
612,752
60,652
12,065|
|---|---|---|
||||
|||685,469|
The average number of persons employed by the Company during the year was as follows:
||**2023**|2022|
|---|---|---|
||**No.**|No.|
|Staff|**17**|17|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2023**|2022|
|---|---|---|---|
|||**No.**|No.|
|In the band £70,001|- £80,000|**1**|-|
|In the band £80,001|- £90,000|**1**|1|
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 £270,915 (2022 - £261,642), including pension costs.
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL).
Page 27
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **9. Intangible assets**
|**Cost**
At 1 September 2022
Additions
At 31 August 2023
**Amortisation**
At 1 September 2022
Charge for the year
At 31 August 2023
**Net book value**
At 31 August 2023
At 31 August 2022|**Intellectual**
**property**
**£**
**186,783**
**-**
**186,783**
**186,783**
**-**
**186,783**
**-**
-|**Online**
**portal**
**£**
**551,518**
**57,089**
**608,607**
**273,761**
**44,763**
**318,524**
**290,083**
277,757|**Total**
**£**
**738,301**
**57,089**|
|---|---|---|---|
||||**795,390**|
||||**460,544**
**44,763**|
||||**505,307**|
||||**290,083**|
||||277,757|
Page 28
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
|**10.**
**Tangible fixed assets**
**Cost or valuation**
At 1 September 2022
Additions
At 31 August 2023
**Depreciation**
At 1 September 2022
Charge for the year
At 31 August 2023
**Net book value**
At 31 August 2023
At 31 August 2022
**11.**
**Debtors**
**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
**12.**
**Current asset investments**
Notice deposits > 3 months|**2023**
**£**
**109,745**
**180**
**11,144**
**121,069**
**2023**
**£**
**64,256**|**Office**
**equipment**
**£**
**16,762**
**121**|
|---|---|---|
|||**16,883**|
|||**13,355**
**1,203**|
|||**14,558**|
|||**2,325**|
|||3,407|
|||2022
£
48,439
17,731
15,388
81,558
2022
£
212,100|
Page 29
## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **13. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from previous periods|**2023**
**£**
**97,390**
**76,949**
**77,546**
**179,241**
**431,126**
**2023**
**£**
**246,994**
**151,409**
**(246,994)**
**151,409**|2022
£
4,991
21,010
77,917
292,406|
|---|---|---|
||||
|||396,324|
|||2022
£
398,742
221,779
(373,527)|
||||
|||246,994|
|**14.**
**Creditors: Amounts falling due after more than one year**
Accruals and deferred income
**15.**
**Financial instruments**
**Financial assets**
Financial assets measured at fair value through income and expenditure|**2023**
**£**
**141,561**
**2023**
**£**
**243,003**|2022
£
12,477|
|---|---|---|
|||2022
£
391,519|
Financial assets measured at fair value through income and expenditure comprise cash at bank and short term deposits.
Page 30
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **16. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Fund
**Restricted funds**
Allen & Overy
Birmingham Education
Partnership
Devon County Council
The Dulverton Trust
The Esmee Fairbairn
Foundation
Eversheds
The Institute of Physics
John Lyons
Luton Alumni Network
Nick Strong
New Deal
Tottenham Hotspur
Waterloo Foundation
Ashurst: London
Autoraise
Arc Pensions Law
Legal & General
Markerstudy
Taylor Wessing
Other restricted funds
**Total of funds**|**Balance at 1**
**September**
**2022**
**£**
**321,425**
**-**
**-**
**-**
**7,089**
**-**
**-**
**16,926**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**24,015**
**345,440**|**Income**
**£**
**463,326**
**2,250**
**8,828**
**3,750**
**38,620**
**80,060**
**6,000**
**484,639**
**2,000**
**3,000**
**6,250**
**124,517**
**13,125**
**15,000**
**16,140**
**6,200**
**2,760**
**2,000**
**20,000**
**16,779**
**10,894**
**862,812**
**1,326,138**|**Expenditure**
**£**
**(696,002)**
**(3,922)**
**(9,350)**
**(4,079)**
**(42,576)**
**(83,824)**
**(6,156)**
**(482,338)**
**(2,548)**
**(4,137)**
**(7,138)**
**(126,895)**
**(13,395)**
**(15,056)**
**(16,581)**
**(6,898)**
**(4,063)**
**(3,404)**
**(20,266)**
**(16,905)**
**(22,252)**
**(891,783)**
**(1,587,785)**|**Transfers**
**in/out**
**£**
**(27,316)**
**1,672**
**522**
**329**
**-**
**3,764**
**156**
**-**
**548**
**1,137**
**888**
**2,378**
**270**
**56**
**441**
**698**
**1,303**
**1,404**
**266**
**126**
**11,358**
**27,316**
**-**|**Balance at**
**31 August**
**2023**
**£**
**61,433**|
|---|---|---|---|---|---|
||||||**-**
**-**
**-**
**3,133**
**-**
**-**
**19,227**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|
||||||**22,360**|
||||||**83,793**|
Page 31
**FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **16. Statement of funds (continued)**
_Restricted Funds include:_
## _**Allen & Overy**_
Allen & Overy is a law firm that has provided funding for our schools work in Tower Hamlets and Hackney.
## _**Birmingham Education Partnership**_
Birmingham Education Partnership are providing funding to build and grow the schools alumni network in the region, supporting our alumni programmes.
## _**Devon County Council**_
Devon County Council are providing funding to build and grow the schools alumni network in the region, supporting our alumni programmes.
## _**Dulverton Trust**_
The Dulverton Trust are supporting Future First to pilot a refreshed approach to mobilising role models to support primary aged pupils. Over three years, Year 6 pupils at 15 primaries will meet local role models and secondary aged students through a series of workshops designed to build their confidence, motivation and resiliance ahead of their transition to secondary school.
## _**The Esmee Fairbairn Foundation**_
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.
## _**Eversheds**_
Eversheds is a law firm funding schools membershp for two schools, plus a programme of work supporting students' introduction to law as a career.
## _**The Hadrian Trust**_
The Hadrian Trust is a charitable trust funding school membership in Newcastle.
## _**The Institute of Physics**_
Future First is the grantee of funding to deliver the 'Planet Possibility' programme between 2022 and 2024, with an aim to increase uptake of Physics A Level within underrepresented groups. Future First receives funding to deliver governance for the consortium of partners, and deliver the Future First Infinity strand of work to 35 schools in England, Wales, Scotland and Northern Ireland. Future First disburses grants to the four other organisations in the consortium.
## _**John Lyon's Charity**_
John Lyon's Charity is helping five students at five special schools in the Brent and Harrow areas to receive Future First's new workshop only programme, designed to prepare students with special educational needs and disability for life beyond school.
## _**Luton Alumni Network**_
Luton Alumni Network are providing funding to build and grow the schools alumni network in the region, supporting our alumni programmes.
## _**Nick Strong**_
Nick Strong is an individual donor who funded a portion of our mentoring work.
## _**Monmouthshire**_
Monmouthshire have contrubuted funding towards a schools membership in their region.
Page 32
**FUTURE FIRST ALUMNI LIMITED**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **16. Statement of funds (continued)**
## _**New Deal**_
The New Deal for Young People is part of the Greater London Authority and is funding our partnership work in Camden which aims to tackle school exclusions.
## _**Priory Ruskin Academy**_
Priory Ruskin Academy have contirnuted funding towards their school membership as part of our Future First Infinity Programme largely funded by the Institite of Physics. As part of our funding agreement with the IOP, schools make a small contribution to partake in the programme.
## _**Spalding High School**_
Spalding High School have contirnuted funding towards their school membership as part of our Future First Infinity Programme largely funded by the Institite of Physics. As part of our funding agreement with the IOP, schools make a small contribution to partake in the programme.
## _**Tottenham Hotspur**_
Tottenham Hotspur funded work in Haringey and Enfield schools, to build and grow their network.
## _**Waterloo Foundation**_
The Waterloo Foundation has provided funding over three years to expand Future First's work in Wales. They will support a group of schools in Wales to build, engage and mobilise a community of former students.
## _**Worshipful Company of Drapers**_
Worshipful Company of Drapers contributed funding towards school membeships in Camden and Hackney boroughs.
## _**Worshipful Company of Vintners**_
Worshipful Company of Vintners have provided a grant for school memberships in Newham.
## _**Ashurst : London**_
Ashurst: London is a law firm that has provided funding for primary school work and career days for students
## _**Autoraise**_
Autoraise are a charity that supports young people into technical apprenticeships in the vehicle repair industry. They have provided funding for the creation and delivery of workshops supporting students.
## _**Arc Pensions Law**_
Arc Pensions Law are providing funding for Arc a summer work experience programme for students in their London and Leeds offices.
## _**DRD Partnership**_
DRD Partnership are a public relations firm providing funding for our work supporting students across the country and introducing students to careers in public relations.
## _**Legal & General**_
Legal & General are providers of financial services. They have contributed funding towards careers workshops for students.
## _**Lumon**_
Lumon are a finance company who have provided a donation to support and extend Future First's reach and impact.
Page 33
## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **16. Statement of funds (continued)**
## _**Markerstudy**_
Markerstudy are an insruance company who have provided a donation to support Future First's reach and impact.
## _**Taylor Wessing**_
Taylor Wessing are a law firm that provided funding for workshops and insights days for student.
## _Transfer between funds_
Unrestricted funds of £27,316 (2022: £117,559) were transferred to restricted funds in order to support the charitable objectives.
## **Statement of funds - prior year**
|**Unrestricted funds**
General Fund
**Restricted funds**
Bailey Thomas SEND
Cambridgeshire Community
Foundation
The Commercial Education
Trust
The Dulverton Trust
The Esmee Fairbairn
Foundation
The Institute of Physics
Suffolk Community Foundation
John Lyons
Waterloo Foundation
The Fidelity Foundation
**Total of funds**|Balance at
1 September
2021
£
445,326
-
-
-
-
-
-
-
-
-
6,930
6,930
452,256|Income
£
706,469
10,000
3,250
19,543
24,380
51,134
556,711
1,000
3,000
15,000
-
684,018
1,390,487|Expenditure
£
(712,811)
(13,310)
(3,333)
(24,167)
(17,291)
(86,778)
(612,579)
(1,133)
(3,417)
(15,260)
(7,224)
(784,492)
(1,497,303)|Transfers
in/out
£
(117,559)
3,310
83
4,624
-
35,644
72,794
133
417
260
294
117,559
-|Balance at
31 August
2022
£
321,425|
|---|---|---|---|---|---|
||||||-
-
-
7,089
-
16,926
-
-
-
-|
||||||24,015|
||||||345,440|
Page 34
## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. Summary of funds**
## **Summary of funds - current year**
|General funds
Restricted funds|**Balance at 1**
**September**
**2022**
**£**
**321,425**
**24,015**
**345,440**
Balance at
1 September
2021
£
445,326
6,930
452,256|**Income**
**£**
**463,326**
**862,812**
**1,326,138**
Income
£
706,469
684,018
1,390,487|**Expenditure**
**£**
**(696,002)**
**(891,783)**
**(1,587,785)**
Expenditure
£
(712,811)
(784,492)
(1,497,303)|**Transfers**
**in/out**
**£**
**(27,316)**
**27,316**
**-**
Transfers
in/out
£
(117,559)
117,559
-|**Balance at**
**31 August**
**2023**
**£**
**61,433**
**22,360**|
|---|---|---|---|---|---|
||||||**83,793**|
||||||Balance at
31 August
2022
£
321,425
24,015|
|**Summary of funds - prior year**||||||
|General funds
Restricted funds||||||
||||||345,440|
## **18. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
2,325
Intangible fixed assets
290,083
Current assets
341,712
Creditors due within one year
(431,126)
Creditors due in more than one year
(141,561)
**Total**
61,433|**Restricted**
**funds**
**2023**
**£**
-
-
22,360
-
-
22,360|**Total**
**funds**
**2023**
**£**
**2,325**
**290,083**
**364,072**
**(431,126)**
**(141,561)**|
|---|---|---|
|||**83,793**|
Page 35
## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **18. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|Unrestricted
funds
2022
£
3,407
277,757
337,962
(285,224)
(12,477)
321,425|Restricted
funds
2022
£
-
-
135,115
(111,100)
-
24,015|Total
funds
2022
£
3,407
277,757
473,077
(396,324)
(12,477)|
|---|---|---|---|
||||345,440|
|**19.**
**Reconciliation of net movement in funds to net cash flow from operating activities**
**2023**
**£**
Net expenditure for the year (as per Statement of Financial Activities)
**(261,647)**
**Adjustments for:**
Depreciation charges
**1,203**
Amortisation charges
**44,763**
Dividends, interests and rents from investments
**(2,345)**
Decrease/(increase) in debtors
**(39,511)**
Increase/(decrease) in creditors
**163,886**
**Net cash used in operating activities**
**(93,651)**|2022
£
(106,816)|
|---|---|
||1,948
40,068
(1,869)
44,900
(122,117)|
|||
||(143,886)|
|**20.**
**Analysis of cash and cash equivalents**
Cash in hand
Notice deposits (less than 3 months)
**Total cash and cash equivalents**|**2023**
**£**
**178,747**
**64,256**
**243,003**|2022
£
179,419
212,100|
|---|---|---|
||||
|||391,519|
Page 36
## **FUTURE FIRST ALUMNI LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **21. Analysis of changes in net debt**
|Cash at bank and in hand
Liquid investments|**At 1**
**September**
**2022**
**£**
**179,419**
**212,100**
**391,519**|**Cash flows**
**At 31**
**August 2023**
**£**
**£**
**(672)**
**178,747**
**(147,844)**
**64,256**
**(148,516)**
**243,003**|**Cash flows**
**At 31**
**August 2023**
**£**
**£**
**(672)**
**178,747**
**(147,844)**
**64,256**
**(148,516)**
**243,003**|
|---|---|---|---|
||||**243,003**|
## **22. Pension commitments**
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. The pension cost charge represents contributions payable by the charity to the fund and amounted to £15,969 (2022 - £12,065). Amounts totalling £4,537 (2022 - £3,607) were payable to the fund at the balance sheet date and are included in creditors.
## **23. Related party transactions**
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 August 2023.
Page 37