Company registration number.. 08310741 Charity registration number" 1152337 The Magic Future Foundation (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 Fruition Advisory LLP 29 Wood Street Stratford Upon Avon Warwickshire CV37 6JG
The Magic Future Foundation Contents Reference and Administrative Details Trustees, Report 2to3 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t014
The Magic Future Foundation Reference and Administrative Details Trustees Mr Stefan Wissenbach Mrs Diana Natalie Wissenbach Mr Graham Defries Mr Tom Alexander Spanner Mr Maximilian Wissenbach Miss Alexandra Wissenbach Secretary Mrs Diana Natalie Wissenbach Charity Registration Number 1152337 Company Registration Number 08310741 The charity is incorporated in England. Registered Office 29 Wood Street Stratford Upon Avon WaNickshire CV37 6JG Independent Examiner Fruition Advisory LLP 29 Wood Street Stratford Upon Avon WaNickshire CV37 6JG Page 1
The Magic Future Foundation Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Trustees Mr Stefan Wissenbach Mrs Diana Natalie Wissenbach Mr Graham Defries Mr Tom Alexander Spanner Mr Maximilian Wissenbach Miss Alexandra Wissenbach Objectives and activities Objects and aims The charity was set up to raise funds to support outstanding organisations and causes that are helping people achieve their dreams by building opportunity through education and inspiration, both locally and globally. On 10th September 2019, the family founders of the charity were hit by personal tragedy with the sudden death of their son, Oliver Wissenbach (wNw.oliverwissenbach.com) at the age of 25. The family founders subsequently decided they would like to build 100 schools in honour of Oliver Wissenbach. Public benefit Funds raised are used to build new schools in Nepal, Senegal, Mali, Malawi, Burkina Faso, Haiti, Guatemala and Nicaragua. The schools enable generations of underprivileged to receive an education and break the cycle of poverty and illiteracy. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievements and perfomiance The charity has continued to raise money via individual donors. individual fundraisers and through its own fundraising events. The goal is to have 30 schools built and operational by August 2025, and the trustees are confident in achieving this objective. Financial review During the year unrestricted income was £135.043 (2023.. £174.6515) and unrestricted expenditure was £138,498 {2023'. £303,879), resulting in unrestricted funds at the balan sheet date of £43,706 (2023. £47,161). Page 2
The Magic Future Foundation Trustees. Report Policy on reserves The Trustees have reviewed the reserves of the charity and the nature if the anticipated income and expenditure. The Trustees have confirmed their strategy of holding reserves equal to 6 months operational expenditure. This is currently being achieved. Structure, governance and management Nature of governing document The charity is a charitable company limited by guarantee. It is govemed by a memorandum and articles of association. Its objects are to enable and encourage access to the internet for underpriviledged groups, to advance the education and training of the general public on efficient and appropriate use of the internet and enhan the development of individual capabilities, competences, skills and understanding in this area, and to increase the employment opportunities of under privileged groups on the basis of such education and training. Small companies provision statement This report has been prepared in accordan with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 23 December 2024 and signed on ito hAh2lf hii. Mr Stefan Wissenbach Trustee Page 3
The Magic Future Foundation Statement of Trustees. Responsibilities The trustees (who are also the directors of The Magic Future Foundation for the purposes of company law) are responsible for preparing the trustees. report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordan with the provisions in the Companies Act 2006 relating to small companies. 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 reSoUrs, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to= select suitable accounting policies and apply them consistently- obseNe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitsble company will continue in business. The trustees are responsible for keeping proper accounting records that can 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. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the Maintenan and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Approved by the trustees of the charity on 23 December 2024 and signed on its behalf by.. Mr Stefan Wissenbach Trustee Page 4
The Magic Future Foundation Independent Examiner's Report to the trustees of The Magic Future Foundation ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of The Magic Future Foundation as required by section 386 of the 2006 Act: or 2. the accounts do not accord with those records" or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]- I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. A4,1.11. d,. Michelle Vincent 29 Wood Street Stratford Upon Avon Warwickshire CV37 6JG 23 December 2024 Page 5
The Magic Future Foundation Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Note Income and Endowments from: Donations and legacies Other trading activities 109,568 25,475 109,568 25,475 Total income 135,043 135,043 Expenditure on: Raising funds Charitable activities (48,539) (89,959) (48,539) (89,959) Total expenditure {138,498) (138,498) Net expenditure (3,455) {3,455) Net movement in funds (3,455) {3,455) Reconciliation of funds Total funds brought forward 47,161 47,161 Total funds carried forward 12 43,706 43,706 Unrestricted funds Total 2023 Note Income and Endowments from: Donations and legacies Other trading activities 169,633 4,982 169,633 4,982 Total income 174,615 174,615 Expenditure on: Raising funds Charitable activities (27,012) (276,867) (27,012) 276,867 Total expenditure 1303,879) 303,879 Net expenditure (129,264) 129,264 Net movement in fijnds {129,264) (129,264) Reconciliation of funds Total funds brought forward 176,425 176,425 Total funds carried forward 12 47,161 47,161 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 12. The notes on pages 8 to 14 fomi an integral part of these financial statements. Page 6
The Magic Future Foundation (Registration number: 08310741) Balance Sheet as at 31 March 2024 2024 2023 Note Current assets Cash at bank and in hand 45,608 49,890 Creditors: Amounts falling due within one year (1.902) 43,706 {2,729) 47,161 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds 43,706 47,161 Total funds 12 43,706 47,161 For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476., and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordan with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 23 December 2024 and sianed on their behalf by" Mr Stefan Wissenbach Trustee The notes on pages 8 to 14 fomi an integral part of these financial statements. Page 7
The Magic Future Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charity status The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otheiSe stated. Statement of compliance The financial statements have been prepared in accordan with Accounting and Reporting by Charities- Statement of Recommended practi (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)} (issued in October 20191 (Charities SORP {FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation The Magic Future Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othewise stated in the relevant accounting policy notes. Going concern The financial statements have been prepared on a going concem basis on the grounds that the trustees will provide funds to support the charity. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Income and endowments All income is recognised On the charity has entitlement to the income. it is probable that the income will be received and the amount of the income re1vable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page 8
The Magic Future Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and ServIS for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature neSSary to support them. Grant provisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of reSoUrs, for example, allocating propety costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees's meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finan Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 9
The Magic Future Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least te1ve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date. they are presented as non-current liabilities. Trade creditors are recognised initialty at the transaction pri and subsequently measured at amortised cost using the effective interest method. Foreign exchange Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balan sheet date are reported at the rates of exchange prevailing at that date. The results of overseas operations are translated at the average rates of exchange during the period and their balan sheets at the rates ruling at the balan sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate). other exchange dIfferenS are recognised in the Statement of Financial Activities in the period in which they arise except for= 11 exchange differences on transactions entered into to hedge rtain foreign currency risks (see above}., 21 exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income. and 3} in the case of the consolidated financial statements. exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur {therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity. Fund structure Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity. Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the Substan of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 10
The Magic Future Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 Recognition and measurement All financial assets and liabilities are initially measured at transaction pri (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction pri excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settie on a net basis, or to realise the asset and settie the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership. has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 3 Income from donations and legacies Unrestricted Total 2024 Total 2023 General Donations and legacies., Donations 109,568 109,568 169,633 169,633 109,568 109,568 4 Income from other trading activities Unrestricted funds General Totsl funds Total 2023 Other income from other trading activities 25,475 25,475 4,982 25.475 25,475 4,982 Page11
The Magic Future Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 S Expenditure on raising funds al Costs of generating donations and legacies Unrestricted Total 2024 Total 2023 General PR costs 17,608 17,608 10,036 b) Costs of trading activities Unrestricted Total 2024 Total 2023 General Costs of goods sold Events and conferences 165 30.765 165 30,765 442 16,534 16,976 30.930 30,930 6 Expenditure on charitable activities Unrestricted Total 2024 Total 2023 General Note Grant funding of activities Allocated support costs Governan costs 79,171 9.960 828 79,171 9,960 828 263,922 12,473 472 89,959 89,959 276,867 Page 12
The Magic Future Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 7 Analysis of governance and support costs Governance costs Unrestricted funds General Totsl 2024 Total 2023 Independent examiner fees Examination of the financial statements 828 828 472 828 828 472 8 Grant-making Below are details of material grants made to institutions 2024 2023 Name of institution buildon Activity Building schools in Africa 79,171 263,922 9 Trustees remuneration and expenses No trustees, nor any persons connected with them, have reiVed any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 10 Taxation The charity is a registered charity and is therefore exempt from taxation. 11 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals 150 677 1,902 1,902 1,902 2,729 Page 13
The Magic Future Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 12 Funds Balance at 1 April 2023 Incoming resources Resources expended Balance at 31 March 2024 Unrestricted funds General 47,161 135,043 {138,498) 43,706 Balance at 1 April 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestricted funds General 176,425 174,615 303,879 47,161 13 Analysis of net assets between funds Unrestricted funds General Total funds at 31 March 2024 Current assets Current liabilities 45,608 1,902 45,608 1,902 Total net assets 43,706 43,706 14 Related party transactions During the year the charity made the following related paty transactions" Wissenbach Enterprises LLP (An entity controlled by Mr & Mrs Wissenbach) During the year £6,000 was paid to Wissenbach Enterprises LLP for the provision of office facilities {2023.. £12,000 was paid to Mr & Mrs Wissenbach directly). At the balance sheet date the amount due tolfrom Wissenbach Enterprises LLP was £Nil (2023 - £Nil). Page 14
The Magic Future Foundation Statement of Financial Activities by fund for the Year Ended 31 March 2024 Unrestricted Funds Total Total Unrestricted Unrestricted Funds Funds 2024 2023 Income and Endowments from: Donations and legacies other trading activities 109,568 25,475 169,633 4,982 Total income 135,043 174,615 Expenditure on: Raising funds Charitable activities (48,539) (27,012) (89,959) (276,867) Total expenditure (138,498) (303,879) Net expenditure (3,455) (129,264) Net movement in funds (3,455) (129,264) Reconciliation of funds Total funds brought fotward 47,161 176,425 Total funds carried fotward 43,706 47,161 This page does not fom part of the statutory financial statements. Page 15
The Magic Future Foundation Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies {analysed below) other trading activities (analysed below) 109,568 25,475 169,633 4,982 Total income 135,043 174,615 Expenditure on: Raising funds (analysed below) Charitable activities (analysed below) (48,539) (89,959) (27,012) (276,867) Total expenditure 138,498 303,879 Net expenditure 3.455 129,264 Net movement in fiJnds (3,455) (129,264) Reconciliation of funds Total funds brought fotward 47,161 176,425 Total funds carried forward 43,706 47,161 This page does not fom part of the statutory financial statements. Page 16
The Magic Future Foundation Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Donations and legacies Appeals and donations 109,568 169,633 109,568 169,633 Other trading activities Sales of purchased goods 25,475 4,982 25,475 4,982 Raising funds Publicity costs Materials Fundraising events Sundry expenses (17,608) (165) (30,765) {1) (48,539) (10,036) (442) (16,534) (27,012) Charitable activities Grants payable institutions Administration support Foreign currency {gains)Ilosses Travelling Printing, postsge and stationery Sundry expenses Accountancy fees Bank charges Accountancy fees (79,171) (6,110) {823) (1,389) (98) (58) {360} (1,122) (828} (89,959) (263,922) (12,040) (131) (151 (101 (58) (219) (472) (276,867) This page does not fom part of the statutory financial statements. Page 17