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2022-07-31-accounts

Future-Fit Foundation (Limited by Guarantee)

Consolidated Financial Statements for the year ended 31 July 2022

Charity No: 1154245 Company No: 8608656

Future-Fit Foundation

Financial Statements for the year ended 31 July 2022

CONTENTS
Report of the Trustees 2-11
Consolidated Statement of Financial Activities 12
Consolidated Balance Sheet 13
Consolidated Statement of Cash Flow 14
Notes to the Consolidated Financial Statements 15-24
Independent Examiner’s Report 25

1

Future-Fit Foundation

REPORT OF THE TRUSTEES

The trustees who are directors of the charity for the purposes of the Companies Act 2006 present their report with the consolidated financial statements of the group for the year ended 31st July 2022. The trustees confirm that the annual report and the financial statements comply with current statutory requirements, the requirements of the Charity’s governing document and the provisions of Charities 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).

1. Administrative Details

1.1. Name: Future-Fit Foundation

Registered address: Gillani & Co, 13 Limes Court, Conduit Lane, Hoddesdon, Hertfordshire, EN11 8EP.

Registered company number: 8608656 Registered charity number: 1154245

Martin Allen Lisa Attenborough Paul Clements-Hunt (chair) Craig Fergusson Catherine Harris Rachel Sandby-Thomas, CB Bob Willard

1.3. Staff

Dr Geoff Kendall (Chief Executive Officer) Martin Rich (Executive Director)

1.4. Principal advisers

Legal advice is generously provided pro bono by Baker & McKenzie. Accountancy services are generously provided by Knox Cropper.

2

Future-Fit Foundation

REPORT OF THE TRUSTEES (continued)

2. Structure, Governance and Management

New trustees are appointed by resolution of the existing trustees. When considering the recruitment of new trustees, the trustees take into account the skills and experiences required by the charity and seek to ensure that the trustee body as a whole contains sustainable development, business, investment and charitable expertise.

New trustees are given copies of the Memorandum and Articles, the latest Annual Report and Financial Statements, minutes of the 3 previous trustee meetings, copies of any useful strategy documents, the Charity Commission’s Essential Trustee , and copies of the charity’s Conflict of Interest Policy, Trustee Expenses Policy, Anti-Bribery Policy, Reserves Policy and Financial Controls Policy. They must also complete a Fit and Proper Persons Declaration, a Declaration of Interests and sign a Code of Conduct.

Future-Fit Foundation is a registered company and registered charity. The trustees of the charity are also the members and directors of the company.

The board has established two sub-committees with delegated authority:

3

Future-Fit Foundation

REPORT OF THE TRUSTEES (continued)

3. Objectives and Activities

Sustainable development means “development which meets the needs of the p resent without compromising the ability of future generations to meet their own needs.”

a) To develop a long-term funding model to enable the charity to carry out its aims and work;

b) To continue the development of the Future-Fit Business Benchmark; and

c) To develop working partnerships with global businesses, financial organisations, leading sustainability organisations and any other key stakeholders.

4

Future-Fit Foundation

REPORT OF THE TRUSTEES (continued)

As the Covid-19 pandemic continued through the reporting period, the trustees and executive team explored every available avenue to secure both short- and long-term funding to enable the charity to keep functioning. Unfortunately, we were unable to secure sufficient philanthropic funding, which had the dual impact of the organisation being unable i) to retain or replace team members, and ii) to earn sufficient income due to lack of resources or the ability to commit to supporting community members (Accredited Partners, Pioneers, etc.) for another full year. Finally, the pressures of dealing with all of this also led to significant health issues for one of the executive who decided they needed to step away from daily activities at the end of 2021.

As a result, the board agreed in early 2022 a plan to ‘dock the ship’ by the end of June 2022, whereby all liabilities and contracts could be honoured, all resources and work to date made open source through the Changemaker Community, and all other elements of the organisation put into hibernation mode. Such pre-emptive actions would preserve the work and reputation of the charity and enable operations to be restarted in the future should funding and market dynamics allow. Furthermore, both executives agreed to maintain the publicly available resources (website, Benchmark methodology, Changemaker Community, etc.) on a pro bono basis for as long as was needed. This plan was duly delivered as of June 2022.

The charity is led on a day-to-day basis by Dr Geoff Kendall (Chief Executive Officer) and Martin Rich (Executive Director), both of whom were full time and salaried up until the end of June 2022, reporting to the board. From that date both individuals remained employed on an unpaid basis, maintaining the core functions of the organisation such that operations could be restarted as and when funding allow. Since December 2022 Martin Rich has restarted being paid from the proceeds of delivering a specific project for a European bank (see Section 5.6).

The charity ’s former eight other full -time and two part-time salaried staff were able to find other employment or educational opportunities during the financial year. Jahangir Kaba (former Finance Director) has continued to oversee financial and reporting matters paid on an as-needs basis.

Numerous other individuals have contributed greatly to the charity’ s work over the last year on a pro bono basis. The team is truly grateful to them all and has sought to recognize key individuals in the published work.

5

Future-Fit Foundation

REPORT OF THE TRUSTEES (continued)

4. Achievements and Performance

a) To develop a long-term funding model to enable the charity to carry out its aims and work

The plan for this financial year was to grow income and/or raise grant funding to weather the Covid-19 pandemic, and ideally enable the charity to reach break-even in 2024. Unfortunately, the effects of the pandemic stayed with us for the entirety of the financial year severely limiting both possible funding routes.

Interest in our community programs (Pioneers, Changemakers, Accredited Partner & Certified Professional) continued to be strong, but paying even modest membership fees proved a challenge for many in the tough financial conditions. Furthermore, the charity was faced with the dillema of charging for a year’s membership when it could not be certain of being able to honour that commitment for the full year.

The charity was able to raise grant funding of £80,000 from a high net worth individual to explore the creation of a new business network co- founded by one of the charity’s largest Development Council corporate members. Sadly, despite initially positive signs, the initiative failed to obtain the buy- in of the company’s CEO and stall ed.

As a result of all these factors and as outlined in Section 3.4, the decision was taken to halt all operational activity by June 2022 thereby ensuring that the charity’s work to date would remain freely available and the organisation would be in a sufficient state to relaunch activities in the future when resources allowed.

b) To continue the development of the Future-Fit Business Benchmark

The Future-Fit Business Benchmark has been developed from a set of systems science principles that must be met in order to maintain a sustainable planet on which humanity and other life can flourish on Earth forever. The benchmark consists of a set of 23 BreakEven Goals, each with a corresponding progress indicator, that businesses must achieve to – reach social and environmental break-even that is, become fully “Future -F it”. It also – incorporates a set of 24 Positive Pursuits categories of actions that businesses can take to restore past damage to the system conditions and help others make progress toward future-fitness.

6

Future-Fit Foundation

REPORT OF THE TRUSTEES (continued)

Further development of the Benchmark during this period was not possible due to lack of resources. However, the core Benchmark methodology can be found online via the charity’s fully integrated ‘learning hub’ whereby all the guidance is available as one easily accessible resource (https://benchmark.futurefitbusiness.org). All other tools and resources, such as the Risk Profiler tool, can be accessed for free through the charity’s Changemaker Community (https://www.futurefit.community/spaces/9314908/feed).

c) To develop working partnerships with global businesses, financial organisations, leading sustainability organisations and any other key stakeholders

Business implementation

Early adopter businesses and financial institutions have continued to embrace the Benchmark as a management tool to help them set targets and priorities, and to serve as a holistic framework through which to integrate truly sustainable practices throughout the whole business (including their supply chains). They are also helping to guide how the Benchmark could improve their extra-financial reporting, using the assessment – – methodology to capture their commitment and progress toward and beyond extrafinancial break-even in a succinct, meaningful way.

Further development of this community during this period was not possible due to lack of resources. However, we are aware of many organisations around the world using the Benchmark methodology and are confident that this number will continue to grow meaning our work will continue to have a positive impact for many years to come.

Sustainability organisations and other key stakeholders

The Accredited Partner and Certified Professional program had over 70 Certified Professionals across six continents at the start of this reporting period. These programs were closed during the year, but former members are continuing to use the Future-Fit methodology as part of their work and growing the global community of users as a result.

4.2. Details of fundraising performance

Grant income received in the year has come primarily from two awards - £80k as the only instalment of a 2-month award from a high net worth individual, and c.£48k as the only instalment of a 5-year award from Shell Foundation to help with shuttering operations and maintaining core IT and reporting functions. The charity has also earned c.£194k of income from a range of sources, primarily annual membership fees from Development Council and community members, and from partnering with organisations to help develop the realworld applicability of the Benchmark.

The charity is grateful to receive significant in-kind support from Baker & McKenzie and Knox Cropper.

7

Future-Fit Foundation

REPORT OF THE TRUSTEES (continued)

Readers are advised to visit www.futurefitbusiness.org for a full understanding of the charity’s activities, objectives and achievements.

5. Financial Review

Due to the ongoing effects of the Covid-19 pandemic and the decision to cease operational activities, the total income generated by the charity fell compared to the previous financial year, receiving c.£138k of grant income and a further c.£194k of earned income. The charity nonetheless managed to finish the year in a positive financial position, with no ongoing liabilities or significant overheads. There was no visibility of ongoing income (see Section 5.6), but the charity is well positioned for a fresh injection of capital in due course.

The grant income was received from Shell Foundation of c.£48k and from two high net worth individuals of £80k and £10k respectively. The c.£194k of earned income came primarily from Development Council and community membership fees, and activities with corporate and financial institution partners to develop real-world applicability of the Benchmark.

The charity’s principal expenditure during the period covered by the annual report was on salaries, tax and National Insurance for the team’s work developing the B enchmark and promoting the charity. The other major items of expenditure relate to office space for the team, and IT and website costs.

In light of the ongoing Covid-19 pandemic, and the heightened risk to income that represented, the executive team continued to minimise expenditure as much as possible. The team mostly worked from home throughout the year, but a small office space was maintained to enable those with limited space to have flexibility when the regulations allowed. Travel costs continued to be zero with the global travel restrictions. With regard to income, community program and related income fell as operations were carefully curtailed. Extensive efforts were also made to find new sources of grant funding, as well as exploring new rounds of support from existing funders, although this proved extremely difficult as grant-makers were inundated with the fallout from the pandemic.

8

Future-Fit Foundation

REPORT OF THE TRUSTEES (continued)

The trustees have agreed to try and hold / have available a minimum of three months’ reserves. As of the end of the reporting period, the charity had negligible ongoing expenditure and hence is in alignment with this policy. The total restricted reserves at the year-end amounted to £10,189.

The charity had no deficit at the end of the year and does not anticipate future deficits.

The charity currently maintains a modest balance of funds, all of which are held with CAF bank. As all of the capital is currently allocated to salary and expenses in the short-term, none is available for investment. However, the trustees will review how funds are invested when larger sums are in hand.

The trustees seek to invest ethically, sustainably and in line with the objects of the charity, considering social and environmental impact. The trustees will try to balance financial return and social return and will actively consider investments with a potentially lower financial return in order to have assurance that the investments have a positive impact on society and the environment and are in l ine with the charity’s objects .

5.6. Post-reporting period update

In Q4 2022 the charity was asked by a large European bank to help it develop an online tool for SME clients, based on the Future-Fit methodology. The board agreed to undertake this work and use the income to pay Martin Rich to deliver the project and explore whether market conditions had improved sufficiently to consider restarting broader operations. A 3- year plan has subsequently been developed based around firstly relaunching the community programs (Pioneers, Accredited Advisors and Changemakers) with the help of some external partners, and then, when funding allows, restarting development of the core Benchmark IP. At time of writing, the charity is waiting to hear from one of its former funders as to whether they will provide a modest amount of catalytic capital and thus give the board confidence to move forward with this plan.

9

Future-Fit Foundation

REPORT OF THE TRUSTEES (continued)

6. Plans for Future Periods

The charity’s primary objective for the year 2022/23 is to obtain sufficient funding to restart community program operations and scale these to be self-financing, thereby growing the global impact of the organisation’s existing work. This will in turn create a platform from which to restart development of the Future-Fit Business Benchmark methodology either through excess income from the community programs and/or philanthropic funding.

7. Public Benefit

10

FuturFit Foundation TRusfEES' RESPONSIBILITIES IN RELATIOII TO THE FINANCtAL sfATEMErits The trustees are aLso the directrKs of Futurepfft Foundatiw for the purp)ses of company law) are reswnsitle for preparing the ReFQrt of the Tnjstees and the financial state￿Ents in accordance with applIca￿e law and United ￿rIJd0M knnting Standarts {United Kingdom ffftrdlty AC￿pted AccountiThJ Practi￿). Company law requires ￿ chaTitatAe company trustees to prepare finanaal statements for eath financial year which give a InE aTrJ fair vieél of ts state of affairs of the charitsble company arKI of the IncornirMJ resour￿5 application of re5cur￿, irKtuding the income arKI exFenditure, of the charitable company for that Feri(Jd. In preparirKJ those financial ststements, the trustees are required to selett suitable accounting ￿1(yeS arKd apth them corsistenty. observe the methods prinaples in the Ctrh3rity SORP; make judgements and estimates that are reasonable arKI prLkkn¢ ststs whether applicable UK accountiTrJ stsndards have been fd10%￿d, subject to any material departures disdosed and wlairEd in ttE finan(ial statements; prepare the financial statements on the gcing (c￿M basis unless it is inapwopriate to presume that the charitsble c(xnpany will continue in iKsintss. The trustees a￿ reswnsible for keeping proper ￿cOuntir￿j records whhth di5cb)se with reasonable accuracy at any time the finanaal [A￿ltiOn of the tharitsble company and to enable th￿n to ensure that the fInar￿la1 Staten￿nts comply with the CLinpanies kt 2CKJ6. They are also responsible for safeguarding the assets of the tharitable ccffipany and her￿e for takirn) reasonable 5tep5 for the prevention arKI detect)n of fraud cther irrewlaritie5. The trustees are resE*Msible for the maintenarKe and inbjrity of the corporate financhil Inf(￿rnatIon irKluded on the charitable comparfs wetsits. This rewrt has been wepired in accordantr with the specFal provisions of Part 15 of the Companies Att 2006 relatiThJ to small c￿panieS. By Order of the Trustees Paul aements-Hunt (Chair) ....... li

Future-Fit Foundation

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31[st] JULY 2022

Notes
INCOME FROM
Grants and donations
2
Charitable activities
3
Investments
Other Income
TOTAL
EXPENDITURE ON
Raising funds
4
Charitable expenditure
5
TOTAL
Net Income/(Expenditure) for
the year
Transfers between funds
NET MOVEMENT IN FUNDS
Total Funds Brought Forward
Total Funds Carried Forward		 Un-
restricted
Funds
£
90,081
96,695
-
97,748
284,524
-
334,583
334,583
(50,059)
-
(50,059)
40,467
(9,592)		 Restricted
Funds
£
47,781
-
-
-
47,781
-
85,520
85,520
(37,739)
-
(37,739)
47,928
10,189		 Total
2022
£
137,862
96,695
-
97,748
332,305
-
420,103
420,103
(87,798)
-
(87,798)
88,395
597		 Total
2021
£
215,582
330,885
-
71,842
618,309
-
741,598
741,598
(123,289)
-
(123,289)
211,684
88,395

The group ’s income and expenditure all relate to continuing activities and there are no gains or losses other than those shown above.

The notes form part of these financial statements.

12

Future-Fit Foundation LI AT HEET LY2 Notes 2022 2021 Charity Group Charity Group FXXED ASSETS Tangible Assets Investments 1,089 1,089 5,041 5,041 1,090 1,089 5,042 5,041 CURRENT ASSETS Debtors Cash at Bank and in hand 8,729 65,665 154 381 220,046 6,525 163 817 170,342 5,980 17,226 CREDrfoRS: Amounts falling due within one year NET CURRENT ASSETS io {5,757) 223 (17,718) 1492) 146,934) 173,112 (86,9881 83,354 NEf ASSETS 597 178 154 FUNDS Restricted Funds Unrestricted Funds li 12 10.189 10,189 47,928 130 226 47,928 1,313 597 L78, 154 88,395 The Company is exempt from the requirements relating to preparir¥J audited accounts in accordan with Section 477 of the Companies Att 2006. The meM￿rS have not required the Company to obtsin an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for.. a) ensuring that the company keeps accounting records which comply with section5 386 and 387 of the Companies Act 2006 and; b) preparing financial statements which give a true and fair view of the state of affairs of the company a5 at the end of each financial year and of its profit or loss for each financial year in accordan with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Com nies Act 2006 relating to financial ststements, so far as applicable to the company. The financial behalf by: Paul Clementg-Hunt (Chairl rea rove Craig ergusson (Trusteel Company Registration NumtRr'. 08608656 Charity Registration Numtkr.. 1154245 The notes form part of these financial ststements. 13

Future-Fit Foundation

CONSOLIDATED STATEMENT OF CASH FLOW AS AT 31[ST] JULY 2022

Cash flows from operating activities:
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Dividends and interest from investments
Purchase of property, plant and equipment
Proceeds from sale of assets
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period
Reconciliation of net income/(expenditure) to net cash
activities
Net income/(expenditure) for the reporting period
Deficit on writing down the property, plant and equipment
Depreciation charges
(Increase)/decrease in debtors
Increase/(decrease) in creditors
(Increase)/decrease in stock
Net cash provided by/(used in) operating activities		 2022
2021
£
£
(155,320)
(104,465)
-
-
-
(1,691)
-
1,353
-
-
-
(338)
(155,320)
(104,803)
163,817
268,620
8,497
163,817
flow from operating
2022
£
2021
£
(87,798)
(123,289)
2,318
-
1,634
4,578
(2,204)
61,428
(69,270)
(47,182)
-
-
(155,320)
(104,465)		 2021
£
(104,465)
-
(1,691)
1,353
-
(338)
(104,803)
268,620
163,817
(104,465)

14

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

1 Accounting Policies

a) Basis of preparation of accounts

These financial statements consolidate the results of the Charity and its wholly-owned subsidiary, Future-Fit Ltd, on line by line basis. A separate Statement of Financial Activities for the Charity itself is not presented because the Charity has taken advantage of the exemptions afforded by the Companies Act 2006 and SORP 2019.

b) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity 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 the donors which have been raised by the Charity for particular purposes.

d) Resources expended

All expenditure is accounted for on an accruals basis and has been included under expenses categories that aggregate all costs for allocation to activities.

e) Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basis financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

15

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

Tangible fixed assets are stated at cost less depreciation. Depreciation if provided at rates calculated to write off the cost of the fixed asset, less their estimated residual value, over their expected useful life on the following basis:

Computer equipment - over 3 years

16

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

2. Voluntary income

Swiss Philanthropy Foundation
The Shell Foundation
Golden Bottle Trust
HMRC–JRS
Donations		 Unrestricted
Funds
2022
Restricted
Funds
2022
Total
Funds
2022
Total
Funds
2021
-
-
-
166,764
47,307
47,307
34,255
-
-
-
2,500
-
474
474
12,041
90,081
-
90,081
22
90,081
47,781
137,862
215,582

COMPARATIVE VOLUNTARY INCOME

Swiss Philanthropy Foundation
The Shell Foundation
Golden Bottle Trust
HMRC–JRS
Donations
3.
Income from charitable activities
Corporate income		 Unrestricted
Funds
2021
Restricted
Funds
2021
Total
Funds
2021
-
166,764
166,764
-
34,255
34,255
2,500
-
2,500
-
12,041
12,041
22
-
22
2,522
213,060
215,582
Unrestricted
and Total
2022
Unrestricted
and Total
2021
£
£
96,695
330,885
96,695
330,885		 Unrestricted
Funds
2021
Restricted
Funds
2021
Total
Funds
2021
-
166,764
166,764
-
34,255
34,255
2,500
-
2,500
-
12,041
12,041
22
-
22
2,522
213,060
215,582
Unrestricted
and Total
2022
Unrestricted
and Total
2021
£
£
96,695
330,885
96,695
330,885		 Total
Funds
2021
166,764
34,255
2,500
12,041
22
215,582
96,695
330,885

17

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

4. Activities for generating funds

ctivities for generating funds
2022 2021
The analysis of activities for generating funds for the year is as £ £
follows:
Core foundation funding - -
- -

5 . Charitable activities expenditure

-------------- 2022 -------------- -------------- 2022 -------------- -------------- 2022 -------------- ------------ 2021 -------------- ------------ 2021 -------------- ------------ 2021 --------------
Direct Project Total Direct Project Total
Costs Support 2022 Costs Support 2021
Costs Costs
£ £ £ £ £ £
Future-Fit Benchmark - - 7,545 7,545
Impact Valuation Project II 37,118 37,118 36,909 36,909
FF and the UNGC - - 15,886 15,886
CJRS 474 474 12,041 12,041
Swiss Philanthropy 47,928 47,928 118,836 118,836
Project Support Costs 334,583 334,583 550,381 550,381
85,520 334,583 420,103 191,217 550,381 741,598

Included in Project Support costs are legal fees of £13 (2021: £2,736).

Net Income/(Expenditure) is stated after charging
Independent examination fee		 2022
2021
£
£
4,480
2,730

18

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

6. Staff and Related costs

Wages and Salaries
Social Security Costs
Pension Costs
The average number of employees during the year was:		 2022
2021
£
£
317,106
542,653
37,239
60,431
5,168
12,071
359,513
615,155
No
6
13

The remuneration of Senior Management amounted to £142,672 (2021: £133,100). One employee received emoluments of more than £60,000 (2021: three ). The number of employees whose emoluments fell within the following bands were:

2022 2021 60,001 - 70,000 - 1 – 70,001 80,000 - 1 – 80,001 90,000 1 -

Trustees Remuneration and Benefits

One trustee received £19,000 representing invoices raised through The Blended Capital Group.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.

19

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

7. Fixed Assets – Charity and Group

Cost:
At 1stAugust 2021
Additions
Disposals
At 31stJuly 2022
Depreciation:
At 1stAugust 2021
Charge for the period
Charge on disposal
At 31stJuly 2022
Net Book Value:
31stJuly 2022
31stJuly 2021		 Equipment
£
20,138
-
(11,448)
8,690
15,097
1,634
(9,130)
7,601
1,089
5,041

8. Investments

Investment in subsidiary (Note 15) Charity
Group
Charity
Group
2022
2022
2021
2021
£
£
£
£
1
-
1
-
1
-
1
-

9. Debtors

btors
Trade debtors
Other debtors
VAT
Inter-company balance
Prepayments		 Charity
Group
Charity
Group
2022
2022
2021
2021
£
£
£
£
-
7,817
-
2,500
150
-
1,500
1,500
-
-
1,169
1,379
-
-
62,050
-
790
912
946
1,146
940
8,729
65,665
6,525

20

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

10. Creditors: Amounts falling due within one year

editors: Amounts falling due
within one year
Deferred income
Other Creditors
Taxation and Social Security
Inter-company
VAT
Accruals		 Charity
Group
Charity
Group
2022
2022
2021
2021
£
£
£
£
-
10,189
27,682
66,267
2,712
4,184
1,158
1,314
-
-
16,209
16,209
1,133
-
-
-
-
167
-
-
1,912
3,178
1,885
3,198
5,757
17,718
46,934
86,988

11. Restricted funds – Charity and Group

Shell Foundation Emergency Fund
CJRS
Swiss Philanthropy Foundation
COMPARATIVE 2021
Future-Fit Business Benchmark
Impact Valuation Project II
FF and the UNGC
CJRS
Swiss Philanthropy Foundation		 Balance
1/8/21
Incoming
Resources
Resources
Expended
Balance
31/7/22
£
£
£
£
-
47,307
(37,118)
10,189
-
475
(475)
-
47,928
-
(47,928)
-
47,928
47,782
(85,521)
10,189
Balance
1/8/20
Incoming
Resources
Resources
Expended
Balance
31/7/21
£
£
£
£
7,545
-
(7,545)
-
2,654
34,255
(36,909)
-
15,886
-
(15,886)
-
-
12,041
(12,041)
-
-
166,764
(118,836)
47,928
26,085
213,060
(191,217)
47,928

Restricted funds represent the grant awarded from Shell Foundation which provides funding of the essential administration costs to ensure the Charity remains functioning whilst it is in the process of restarting revenue generating operations.

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Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

12. Unrestricted funds

Charity General Reserve
Subsidiary General Reserve
Consolidated General Reserve		 Balance
1/8/21
£
130,226
(89,759)
40,467		 Net
Outgoing
Resources
£
(139,102)
89,043
(50,059)		 Balance
31/7/22
£
(8,876)
(716)
(9,592)
COMPARATIVE 2021
Charity General Reserve
Subsidiary General Reserve
Consolidated General Reserve		 Balance
1/8/20
£
233,033
(47,434)
185,599		 Net
Incoming
Resources
£
(102,807)
(42,325)
(145,132)		 Balance
31/7/21
£
130,226
(89,759)
40,467

13. Analysis of net assets between funds

Tangible Fixed Assets
Net Current Assets
COMPARATIVE 2021
Tangible Fixed Assets
Net Current Assets		 Restricted
£
-
10,189
10,189
Restricted
£
-
47,928
47,928		 Un-
Restricted
£
1,089
(10,681)
(9,592)
Un-
Restricted
£
5,041
35,426
40,467		 Total
£
1,089
(492)
597
Total
£
5,041
83,354
88,395

14. Related Party Transactions

There were no related party transactions during the year.

22

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

15. Trading subsidiary

Future-Fit Ltd was incorporated in the UK as a wholly owned subsidiary of the Future-Fit Foundation, on 30 August 2018 (Company number 11542791), with an issued share capital of £1. The company started trading in February 2019.

Future-Fit Ltd summary results for the year ended 31 July 2022 were as follows:

Turnover
Cost of Sales
Gross (Loss)/Profit
Administrative Expenses
Operating (Loss)/Profit
Interest
Profit/(loss) before Taxation
Gift Aid
Profit/(Loss) for the financial year
Current assets
Liabilities
Capital and Reserves
Called up share capital
Retained earnings
Net Assets
The following are the inter-company transactions
during the year and balances held at the year end.
Balance due to Future-Fit Foundation
Future-Fit Foundation income entitlement during the year		 2022
£
144,794
(52,558)
92,236
(3,193)
89,043
-
89,043
-
89,043
12,383
(13,100)
(717)
1
(717)
(716)
(1,133)
55,558		 2021
£
71,816
(105,681)
(33,865)
(8,460)
(42,325)
-
(42,325)
-
(42,325)
12,346
(102,104)
(89,758)
1
(89,759)
(89,759)
62,050
105,681

23

Future-Fit Foundation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] JULY 2022

16. Consolidated Prior Year Comparatives

The breakdown between funds of income and expenditure for the year ending 31[st] July 2021 was as follows:

INCOME FROM:
Grants and donations
Charitable Activities
Other income
Total Income
EXPENDITURE ON:
Raising Funds
Charitable Activities
Total Resources Expended
Net income/(expenditure) for the year
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
2,522
330,885
71,842
405,249
-
550,381
550,381
(145,132)
185,599
40,467		 Restricted
Funds
£
213,060
-
-
213,060
-
191,217
191,217
21,843
26,085
47,928		 Total
2021
£
215,582
330,885
71,842
618,309
-
741,598
741,598
(123,289)
211,684
88,395

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF FUTURE- FIT FOUNDATION (‘the Group ’ ) FOR THE YEAR ENDED 31 JULY 2022

I report to the charity trustees on my examination of the consolidated accounts of the Group comprising the Future-Fit Foundation (‘the Charitable Company ’) and its subsidiary undertaking for the year ended 31 July 2022.

Responsibilities and basis of report

As the trustees of the Charitable Company (and also its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’) and Companies Act 2006 (‘the 2006 Act’) and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both the Charitable Company and the Group are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the Companies Act and are eligible for independent examination, I report in respect of my examination of the consolidated accounts. I have carried out my examination under section 145 of 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 Charities Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the consolidated accounts present a ‘true and fair’ view a nd my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

Since the Charitable Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records with respect to the Charitable Company and its subsidiary undertaking were not kept 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 applicable 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.

Shoaib Arshad Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD

Date: 20 April 2023

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