Charity number: 1157547 FUTURE HOPE (U.K.) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Armstrongwatson. Accountants, Business & Financial Advisers
FUTURE HOPE (U.K.) CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examinerfs report Statement of financial activities Balance sheet ststement of cash flows 10 Notes to the financial statements
FUTURE HOPE (U.K.) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Jeremy Ranjan Ghose. Chaimian Lucinda Jane Tite John Adrian Franke Alastair James Bryce Sudhir Maheshwari Alexander Michael Livingstone Charity registered number 1157547 Principal office 107 Abbotsbury Road London W14 8EP Accountants Armstrong Watson LLP Chartered Accountsnts 1 st Floor 24 Blythswood Square Glasgow G2 4BG Page 1
FUTURE HOPE (U.K.) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial ststements of the Charity for the period 1 April 2023 to 31 March 2024. The name of the organisation is Future Hope (U.K.). Future Hope IU.K.) is a Charitable Incorporated Organisation (CIO). The CIO was formed on 25 April 2014 and was registered wth the Charity Commission on 19 June 2014 with number 1157547. The assets and liabilities of the pr&existing Future Hope (U.K.) Trust (Registered Charity Number 1001769) were transfeed to Future Hope (U.K.) CIO on 28 January 2015. Future Hope (U.K.) Trust was struck off the Register of Charities by the Chanty Commission on 1 January 2016 leaving only the CIO, Future Hope (U.K.) existing. The aims and activities of Future Hope (U.K.), the CIO. remain unchanged from the previous charity Future Hope {U.K.) Trust, which was entered on the Register of Charities on 2 February 1991 under the original charitable trust deed. Governing Document The Goveming Document of Future Hope (U.K.) is a Constitution registered on 19 June 2014. Address of registered and principal office 107 Abbotsbury Road London W14 8EP Email.. john.franke@futurehope.net Address of administrative office (for all donations) 107 Abbotsbury Road London W14 8EP Email address.. erica@futurehope.net Website.. www.futurehope.net For further infomiation - Visit www.futurehope.net If you would like further infomiation about the activities of Future Hope (U.K.) or would like to make a donation to help street children, please contact the Administrative Office at the address given above. Future Hope (U.K.) publishes newsletters periodically which provide details of fundraising activities and of how funds are being applied to assist street children. All those who have made a donation or OtherySe expressed an interest in the activities of Future Hope {U.K.l automatically receive copies of these newsletters, either a printed copy or on-line versions subject to the preference selected. If you v¥ish to obtain a print copy of the most recent newsletter, please send a stamped addressed envelope to FLrture Hope (U.K.) at the Administrative Office address given above. For on-line newsletters please register at the website. Supporters of Future Hope The Trustees are pleased to record their sincere thanks to all those who have contributed to the activities of Future Hope {U.K.) during the year ended 31 March 2024. Page 2
FUTURE HOPE (U.K.) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities Objectives and activities for the public benefit The principal objectives of FLrture Hope (U.K.) remain directed towards helping underprivileged children worldwide and in particular the relief of poverty. distress and suffering,. provision of shelter, care, food and clothing, medical supplies and basic treatment, and the provision of education and training to help the children develop into self-supporting adults. Future Hope {U.K.) raises public awareness of issues facing street children through talks given at schools and colleges. social functions and other meetings with current and potential donors and supporters. Future Hope {U.K.) considers that the relief and prevention of povety is of public benefft to all. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewng Future Hope (U.K.)'s aims and objectives and in planning future activities for the year. Future Hope (U.K.) and its predecessor charities have provided support for over 30 years to Future Hope (India). Future Hope (India) provides opportunity through its homes, schools, sports and medical programmes for more than 300 of the most vulnerable children from the streets and slums of Kolkata, India. Future Hope (India) addresses the individual needs of these children and helps them to become independent, self-supporting members of society. The Trustees have made no binding commitment to provide fvnds to Future Hope (India), nor to any other charitable entity. For the avoidance of doubt, Future Hope (India) is a separate Charitable Trust operating in India independently of Future Hope (U.K.). Future Hope Ilndia) is supported by a number of other charitable bodies in addition to Future Hope {U.K.l. These are located in other countries and are also separate independent organisations unconnected to Future Hope {U.K.) Future Hope {U.K.) does not hold any assets in the capacity of Custodian Trustee for other charities. Page 3
FUTURE HOPE (U.K.) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance . Main achievements of the Charity During 2023124, Future Hope {U.K.) continued to develop its fvndraising activities. Ongoing support from individual donors, trusts and foundations has been maintained and expanded. Emails, events, visits and face to face meetings with new and existing supporters maintain relationships and build connections. The regular Supporters Evening and the Annual Newsletter are particularly impactful. Together these efforts enabled a total of £684,000 to be raised, which allowed a significant contribution to the operating costs of Future Hope (India). Remittance5 to India totalled £169,000 during the year. Two significant media initiatives were instnjmental in raising awareness of Future Hope's activities.. a collaboration with supporters involved in audio production in the UK led to the creation of a podcast series, Hope Within The Mango Trees, which allowed Future Hope to share its stories, history, impacts and future plans in a compelling series. A launch event attended by potential new supporters successfully generated widespread media attention and the podcast helped reach new audiences. Further publicity was generated through Future Hope's involvement in the second BBC series of Field of Dreams wth cricket legend Andrew 'Freddie" Flintoff. The series gave viewers a great insight into Future Hope's work and its importance. Interest was strong at the time of broadcast while subsequent views on streaming plafft)mis have built on this. Thirty-seven years on, Future Hope's work remains as crucial as ever, supporting the needs of scarred children from traumatic backgrounds, wth no parents or with parents who cannot cope, and cases of abuse or serious medical conditions. Often these children are not in school. Despite advances in education and poverty alleviation across India, many of the problems that deprived families faced three decades ago persist today. The core objective remains offering hope and opportunity to these children through comprehensive long-term care. Guided by its strategic plan, Future Hope India has continued to grow its impact across all areas of work over the last year through partnerships, expansion, consolidation. and care. They also keep the UN Sustainable Development Goals in sight, analysing how each of their achievements contributes in a small way towards these goals. Although competition for jobs in India remains an issue for young people, Future Hope has continued to build capacity through its collaboration wth generous local partners and has doubled the number of students gaining improved career prospects through training in its skills centre. The medium-term goal of building a sustainable school and homes on acquired land in Rajarhat, outside Kolkata, continues to move forward and it is hoped that construction wll begin during the current year. Funds ontributed by Future Hope (U.K.) viill be a key element of both the capitsl costs of the project as well as recurrent operating expenditure. Fundraising is well under way with major supporters and will remain a priority in the coming year. Successful execution of the project wll be instrumentsl in allowng Future Hope to extend its reach to many more children in the years ahead. Financial review a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 4
FUTURE HOPE (U.K.) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Reserves policy Future Hope {U.K.)'s policy on reserves has previously been to maintain fvnds equivalent to 12 months, operating costs incurred by Future Hope (India). As at September 2023 this equates to approximately £840,000. Looking ahead, factors are noteworthy.. as Future Hope (India) diversifies its fvnding base the Trustees expect that Future Hope (U.K.) wll meet 400h of these operating costs- secondly Future Hope (U.K.) will raise funding to contribute to the capital costs of a major expansion project being undertaken by Future Hope (India) and will hold reserves pending any transfers. For ease of identification of funds, any reserves specifically held for capital expenditure wll be held in a separate bank account. c. Principal funding Future Hope IUK)'s strategy is primarily geared towards support for the charitable activities of Future Hope India. In recent years the Trustees have aimed to maintain financial reserves equivalent to 9-12 months of Future Hope India's operating expenses. At the close of 202314. based on approximate monthly expenses of £75,000 (a figure which fluctuates wth the GBPIINR exchange rate given that Future Hope India's costs are incurred in INR) Future Hope (UK)'s total financial resources of approximately £1.3 million were equivalent to over 17 months. expenses. The Trustees consider it prudent to keep a portion of these reserves under active management to enhance retums, while retaining a portion in liquid balances in order to be able to meet any requests for funding in a timely manner. Structure, governance and management a. Constitution The Charitable Incorporated Organisation (CIO) Future Hope {U.K.) was formed on 25 April 2014 and was registered on 19 June 2014 with number 1157547. The governing instrument of Future Hope IU.K.} is a Constitution dated 19 June 2014. The assets and liabilities of the original charity Future Hope (U.K.) Trust were transferred to Future Hope (U.K.) CIO on 28 January 2015. b. Methods of appointment or election of Trustees The charity is overseen by a Board of Trustees vtho meet regulady to monttor the progress of the charity, to ensure there are proper controls in place. to approve donations for charitable purposes and to agree appropriate accounting policies (and ensure these are properly applied). investment strategy and reserves policy. Trustees are appointed by the Board of Trustees as vacancies arise. Trustees are appointed in accordance with the provisions of the Constitution by a majority vote of the Trustees serving at the time. c. Organisational structure and decisionwmaking policies Fundraising, administration and donor stewardship is provided by Timothy Grandage and Erica Grandage, founders of Future Hope, with support from consultsnts as required with the overall objective of providing efficient and cost-effective administration. Charitable support payments are made via secure intemet banking arrangements subject to control and approval mechanisms agreed by the Trustees. d. Policies adopted for the induction and training of Trustees The Trustees are encouraged to obtain training as required to enable them to effectively carry out their responsibilities. Page 5
FUTURE HOPE (U.K.) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (continued 8. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed. in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Statement of Trustees, responsibilities The Trustees 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). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. induding 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 judgments 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 ststements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose )Mth reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behaK by: Jeremy Ghose I Jeremy Ranjan Ghose Trustee an 28, 2025 14'.59 GMT) Date.. 2810112025 Page 6
FUTURE HOPE (U.K.) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examiner's report to the Trustees of Future Hope (U.K.) ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the 2011 Act,). I report in respect of my examination of the Charitys accounts caffied out under section 145 of the 2011 Act and in carrying out my examination I have foll0vd the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants. which is one of the listed bodies. Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102} in preference to the Accounting and Reporting by Charities". Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understsnd that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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 that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord th those records.. or the accounts do not comply wth the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concems 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. This report is made solely to the Charitys Trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to stste to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not acpt or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Karen Rae (Jan 28, 2025 15..06 GMT) Karen Rae FCCA Dated. 2810112025 Armstrong Watson LLP, 1 st Floor. 24 Blythswood Square, Glasgow. G2 4BG Page 7
FUTURE HOPE (U.K.) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments 674,610 9,638 674.610 9,638 576, 590 5, 629 Total income 684.248 684.248 582,219 Expenditure on: Raising funds Charitable activities 79,390 183,124 79,390 183,124 62,957 677,919 Total expenditure 262,514 262,514 740, 876 Net incomel(expenditure) before net gainsl(losses) on investments Net gainsl{losses) on investments 421,734 16,449 421,734 16,449 (158, 657) (17,529) Net movement in funds 438,183 438,183 (176, 186) Reconciliation of funds: Total funds brought fOard Net movement in funds 893,426 438,183 893,426 438.183 1,069,612 (176, 186) Totsl funds carried forward 1,331,609 1,331,609 893, 426 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 11 to 21 form part of these financial statements. Page 8
FUTURE HOPE (U.K.) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investments 250,936 231,313 250,936 231,313 Current assets Debtors 35,220 1.058,513 39,316 627,29T Cash at bank and in hand 1,093,733 666,613 Creditors.. amounts falling due Ythin one year 10 (13,060) (4, 500) Net current assets 1,080,673 662, 113 Total assets less current liabilities 1.331.609 893, 426 Totsl net assets 1,331,609 893, 426 Charity funds Unrestricted funds General funds 1,331,609 893,426 Total unrestricted funds 1,331,609 893, 426 Total funds 1,331,609 893, 426 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Jeremy Gho£e an 28, 2025 14=59 GMT) Jeremy Ranjan Ghose Trustee Date.. 2810112025 The notes on pages 11 to 21 form part of these financial statements. Page 9
FUTURE HOPE (U.K.) STATEMENT OF CASH FLOVVS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 424,751 (166, 534) Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments 9,639 13,359 128,179) 11,646 5, 629 25, 222 (39, 033) 10,939 Purchase of investments Movement in cash held on investment Net cash provided by investing activities 6,465 2,757 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning ofthe year 431,216 (163,777) 627,297 791,074 Cash and cash equivalents at the end of the year 1,058,513 627,297 The notes on pages 11 to 21 form part of these financial statements Page 10
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wth the Charities SORP (FRS 1021 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 Charities Act 2011. The financial ststements have been prepared to give a Irue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved followng the Charities SORP (FRS 102} published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Future Hope {U.K.) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Qtherwse stated in the relevant accounting policy. 1.2 Going concem Based on the information available the Trustees are confident that Future Hope (U.K.) will continue to generate funds for at least 12 months from the date on vthich these financial statements have been approved allowng it to cover all local costs and to undertake its programme of charitable activity. The Trustees further note that there are no contractual commitments requiring charitable donations to be made at any point in the future, and hen have not identified any material uncertainty relating to going concern and thus continue to adopt the going concem basis of accounting in preparing the accounts. 1.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income re1vable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.4 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 Charity 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 Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page11
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.5 Interest receivable Interest on funds held on deposit is included vthen receivable and the amount can be measured reliably by the Charity- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.6 Gift Aid Where the right to receive Gift Aid has been established, the amount receivable is recognised as donations and legacy income in the Statement of financial activities. 1.7 Taxation Tax recoverable on donations reiVed under Gift Relief is reported gross en the donation is received the tax deducted included in debtors until it is recovered from HM Revenue and Customs. Future Hope {U.K.) is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitsble trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within &*egories covered by Part 10 Income Tax Act 2007 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. 1.8 Inveslments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl{Losses) on investments, in the Ststement of financial activities. 1.9 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. 1.10 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. 1.11 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 wll be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity 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. Page 12
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.12 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instnjments 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. 1.13 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 1.14 Fund accounting General funds are unrestricted fijnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 13
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Donations Gift aid 643,498 31,112 643,498 31,112 674,610 674,610 Unrestricted funds 2023 Total funds 2023 Donations Gift aid 543, 680 32,910 543, 680 32,910 576, 590 576, 590 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Fundraising costs Bank and investment management fees Wages and salaries National insurance contributions Pension costs 23,384 2,305 47,766 4,734 1,201 23,384 2,305 47,766 4,734 1,201 79,390 79,390 Page 14
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds (continued) Unrestricted funds 2023 Total funds 2023 Fundraising costs Bank and investment management fees Wages and salaries National insurance contributions 2,227 2, 712 51,929 4, 904 1, 185 2,227 2, 712 51,929 4, 904 1, 185 Pension costs 62,957 62,957 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Expenditure on charitable activities 178,044 5,080 183,124 ActNitS undertaken directly 2023 Support costs 2023 Total runds 2023 Expenditure on charitsble activities 670, 230 T, 689 677,919 Page 15
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities (continued) Analysis of direct costs Total funds 2024 Total runds 2023 Donations to Future Hope {India) Volunteer expenses 169,664 8,380 656, 000 14,230 178,044 670, 230 Analysis of support costs Total funds 2024 Total funds 2023 Audit fee Governance and other costs 2, 334 855 400 Accountancy fees Independent examination fees 2,495 2,185 2, 400 2, 100 5,080 7, 689 Independent examiners remuneration The independent examinels remuneration amounts to an independent examiner fee of £2,185 (2023 - £2,100), and accountancy services of £2.495 (2023- £2.400). Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 47,766 4,734 1,201 51,929 4, 904 1, 185 53,701 58,018 Page 16
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs (continued) The average number of persons employed by the Charity during the year was as follows.. 2024 2023 Employees No employee received remuneration amounting to more than £60,000 in either year. Key management personnel costs for the year amount to £53,701 (2023- £58,018) Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Fixed asset investments Listed investments Cost or valuation At 1 April 2023 Additions 231,313 28,179 (13,359) 16,449 (11,646) Disposals Revaluations Transfers between classes At 31 March 2024 250,936 Net book value At 31 March 2024 250,936 At 31 March 2023 231,313 Page 17
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments Icontinued) Analysis of investment market value at 31 March 2024 2024 2023 UK Equities Globalloverseas Equities UK Bond funds 46,264 96.601 41,743 16,801 12,485 13,988 16,048 4,635 44,587 99,278 35, 433 6, 839 4, 588 12,462 9, 329 16,016 Globalloverseas Bond funds Propety- UK investment fund Commodities Other investments Cash Total 248.565 228, 532 The following investments represented more than 5% of the total market value of the investments held at 31 March 2024= 2024 2023 Evenlode Income Fund Baillie Gifford American W1 12,461 14,978 17.286 12,461 13,906 12,631 16,167 12, 184 10,897 12,015 Artemis US Select IFSL Evenlode Fidelity UK Moneybuilder Inc JP Morgan US Equity Income Cash 13,657 11,430 26, 955 Debtors 2024 2023 Due within one year Other debtors 35,220 39,316 35,220 39,316 Page 18
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 13,060 4, 500 11. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses Income Expenditure Unrestricted funds General Funds 893,426 684,248 (262,514) 16,449 1,331,609 statement of funds - prior year Balance at 31 March 2023 Balance at 1 Apnl 2022 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 1,069,612 582,219 (740, 876) (17,529) 893, 426 12. Analysis of net assets between funds Analysis of net assets betn funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments 250,936 1,093,733 (13.060} 250,936 1,093,733 (13,060) Current assets Creditors due within one year Total 1,331,609 1,331,609 Page 19
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Analysis of net assets between funds Icontinued) Analysis of net assets betn funds - prior period Unrestncted funds 2023 Total funds 2023 Fixed asset investments 231,313 666,613 (4, 500) 231,313 666,613 (4, 500) Current assets Creditors due wthin one year Total 893, 426 893, 426 13. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) 438,183 (176, 186) Adjustments for: (Gains)Ilosses on investments Dividends, interests and rents from investments Decreasellincrease) in debtors Increasel{decrease} in creditors 16,449 (9,638) 4,096 8,560 17,528 (5, 629) (74T) (1,500) Net cash provided byl(used in) operating activities 457,650 (166, 534) 14. Analysis of cash and cash equivalents 2024 2023 Cash at bank and in hand 1,058,513 627,297 Totsl cash and cash equivalerrts 1,058,513 627,297 Page 20
FUTURE HOPE (U.K.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 627,297 431,216 1.058,513 16. Related party transactions Mr Tim Grandage is the oFfounder and is considered to be key management personnel of Future Hope (U.K.). Mr Grandage is also the C¢>founder of Future Hope (India). During the year donations of £169,664 (2023.. £656,000) were paid to Future Hope (India). Volunteer expenses, which are also considered to be related party transactions, comprise £3,449 {2023.' £4,613) paid to an employee and £4,930 (2023= £9.617) paid to an employee's spouse. Page 21