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2023-03-31-accounts

Company no. 07660799 Charity no. 1159291

British Future

Report and Audited Financial Statements 31 March 2023

British Future

Contents

For The Year Ended 31 March 2023

For The Year Ended 31 March 2023
Page
Reference and Administrative Details 1
Report of the trustees 2 - 12
Independent auditors’ report 13 - 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of cash flows 19
Notes to the Financial Statements 20 - 31

British Future

Reference and administrative details

For theyear ended 31 March 2023
Company number 07660799
Charity number 1159291
Registered office and Canopi
operational address 7-14 Great Dover Street
London
SE1 4YR
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Alasdair Murray (Chair)
Ayesha Saran (Vice Chair)
Shailesh Solanki (Vice Chair)
Andrea Als
Robert Duffy
Ed Greig
Howard Jackson
Sam Jacobs
Qari Mohammad Asim MBE
Director Sunder Katwala
Bankers Metro Bank
1 Southampton Row
London
WC1B 5HA
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

British Future

Report of the trustees

For the year ended 31 March 2023

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

The trustees have pleasure in presenting their report and the financial statements of the company for the year ended 31 March 2023.

Structure, governance and management

British Future (“the charity”) is constituted as a company limited by guarantee and is governed by a Memorandum and Articles of Association.

Appointment of trustees

The directors of the charity are its trustees and throughout this report are collectively referred to as the trustees. As set out in the charity’s Articles of Association, trustees are elected by the members of the charity. The trustees have the power to appoint and fill casual vacancies: when a vacancy arises, the board considers the skill set and what gaps there are. New trustees can be nominated by any trustee: they can be recruited by advertisement or by targeting through professional contacts. Potential trustees are invited to apply to the Chair who will arrange an interview with the Nominations Committee.

Induction and training of trustees

Trustees are given an in-depth introduction to the charity and the role of trustee through meetings with other trustees (including the Chair) and meetings with staff (including the Director). New trustees are also given relevant documentation including recent research, meeting minutes and annual reports. Workshops specifically for trustees are held at least once a year.

Organisational structure

A board of at least six and no more than twelve trustees administers the charity. The trustees of the charity are also its company law members. The day-to-day running of the charity is delegated to staff under the leadership of the Director. The board of trustees meets on a quarterly basis primarily to discuss issues of strategic direction both in relation to the running of the charity and the research priorities. They therefore approve an annual strategic plan and budget before the start of the year and then monitor progress against the plan during the year.

Risk management

The charity has established an Operations and Governance Committee (OGC), which meets at least quarterly making quarterly reports and recommendations to the board of trustees for their approval. The OGC has delegated responsibility from the board of trustees for ensuring that there is a framework for accountability; for examining and reviewing all systems and methods of control, both financial and otherwise (i.e. administrative and human resources), as well as risk analysis and risk management; and for ensuring the charity is complying with all aspects of the law, relevant regulations and good practice. The board itself is committed to conducting an annual review of risks as well as acting on recommendations from the OGC.

2

British Future

Report of the trustees

For the year ended 31 March 2023

The Nominations Committee is a sub-committee of the board of trustees and its main aims are to maintain an overview of the composition of the board of trustees and to ensure that the members collectively provide the expertise and experience required for the governance of the board. It also leads on recruitment of the trustees. The Committee meets 2 times a year.

Public benefit

The trustees are conscious of and comply with the charity’s duty to provide public benefit as that term is used in charity law and the Charity Commission’s guidance on public benefit. The charity’s activities are directed toward the fulfilment of the charity’s charitable purposes and the delivery of public benefit.

The principal ways in which the charity provides public benefit is through the provision of objective, unbiased information not otherwise available to the general public on matters relating to cultural identity and integration, migration and equality of opportunity. The information is presented in a variety of ways through diverse media which allow a wide section of the public to have access to the information. The information is “educational” in the charitable sense and valuable to the general public because it is not available from other sources. The widespread use and referencing of the information by academics, educational institutions and mainstream media and commentators alike reflects the ‘need’ for it and the public benefit in providing it. Without information of this sort, it would be hard for the general public and interested academic and other institutions to achieve a full and balanced understanding of issues relating to cultural identity and integration, migration and equality of opportunity.

Objectives and activities

The main objectives for the year reflect those set out in the organisation’s strategy:

Achievements and performance

British Future marked its tenth anniversary in 2022. We used the occasion to set out our vision and strategy for the next decade in the publication ‘Finding Common Ground’, bringing together key stakeholders to share this at a 10th birthday event. An accompanying publication, ‘Jubilee Britain’, demonstrated some of British Future’s key strengths: understanding and narrativising public attitudes and securing reach and projection of our messages through communications, by timing the publication with a relevant peg, the Queen’s Jubilee, in order to maximise media, political and public interest.

3

British Future

Report of the trustees

For the year ended 31 March 2023

We have strengthened our position as a thought leader on issues of identity and immigration, race and integration. We have used evidence and engagement with key audiences to influence understanding and policy on issues of immigration, race and identity. We have identified areas for positive intervention on divisive issues, including ‘culture wars’, immigration and asylum. Our work on events has highlighted positive ways in which civil society and other actors can engage to build inclusive identities and a more cohesive society. The profile of our Hong Kong welcoming project, alongside work to discuss the settlement and integration of other new arrivals, has strengthened our reputation among humanitarian, as well as policy, stakeholders; while the establishment and coordination of the Windrush 75 network has further enhanced our networks on race equality.

Informing the future of immigration policy

Public attitudes to immigration have always been at a central focus of our research and contributions to public discourse.

Running our immigration tracker, conducted by Ipsos-Mori, has offered a solid foundation to enhance this work, as a resource which allows us to give a clear and accurate picture of continuity and shifts in attitudes over a sustained period. We published the 14th wave of this post-2015 series in October 2022, disseminating the findings widely, with significant media coverage. The tracker demonstrates that this has been a period of significant change in public attitudes - with reduced overall salience since 2016, a sustained shift towards more positive attitudes, while there are also polarised views about specific issues, particularly asylum and Channel Crossings, by geography, education and social class, and political perspective. This sustained research has been important to British Future’s reputation for authoritative commentary, reflected in our profile in informing media debate, and we have been able to work closely with a wide range of civic, faith, economic and other stakeholders interested in exploring how to respond to public attitudes.

Our work on public attitudes has also informed British Future’s proposals for alternative policy options, including on asylum and Channel Crossings. We produced a policy report 'Control and compassion' which outlined a plan for a fair and effective UK asylum system, including policy responses to the highly-salient issues of reducing small boat arrivals, backlogs and the use of hotel accommodation. This generated significant public engagement from a range of policy and civic society stakeholders, interested in constructive and effective proposals on asylum.

We were successful in bidding for a project for the Greater London Authority on settlement and integration of asylum seekers. The project has involved working closely with 12 local authorities using a ‘design lab’ method involving a series of workshops and online seminars. Local authorities have run pilot activities and developed new approaches to supporting the integration and settlement of asylum seekers in real time. The project has shown the variation in expertise and capacity between local authorities to support asylum seekers, as well as the urgent challenges which they share. As well as an internal report to the GLA, the team is producing a tool kit which can be accessed by all local authorities.

Immigration was one factor in the UK’s decision to leave the EU. The UK is now in the process of building a new post-Brexit relationship with the EU. From February 2023, we have been working with a consortium of partners in the UK and in Italy on this topic. Our role is to carry out a survey and run focus groups to understand public attitudes and preferences for the future UK-EU relationship in a range of spheres.

4

British Future

Report of the trustees

For the year ended 31 March 2023

The Welcoming Committee for Hong Kongers

We have housed the Welcoming Committee for Hong Kongers within British Future since January 2022. In the year to March 2023 the Welcoming Committee has delivered a comprehensive programme of engagement and research. We have been successful in achieving successive funding from the Department for Levelling Up, Housing and Communities (DLUHC) and are now funded through to March 2024. We are one of five national projects funded by the department.

Funding from the DLUHC has enabled us to recruit a project team: a communications manager, researcher and a part-time administrator. Two of the team are Hong Kongers, adding to the expertise and credibility of the project, which seeks to bridge the ‘welcomers’ and the ‘welcomed’ in a shared effort to unlock the positive contribution of Hong Kongers to UK society.

The Committee has an advisory steering group to help the project extend its legitimacy and reach, across nations and regions, across sectors, among groups led by Hong Kongers and local projects. The advisory group also includes Hong Kongers, as well as others with expertise on immigration, integration and settlement.

We have provided communications support and advice to other projects funded by DLUHC and more widely, including through specialist webinars on working with the media, using social media and creating video content; and through publicising their work, including features in the Guardian, BBC and local media.

The focus of the programme has been employment, locality and education. We have carried out interviews and roundtable events on these topics. Our findings emphasise the importance of policies and practices to spread the gains of immigration to all areas of the UK. They also highlight the need for urgent attention to barriers to employment for new arrivals, and for more consistent welcoming work on the part of schools to help settle new pupils and support families. Our findings are not specific to Hong Kongers and we have worked throughout the year on linking up programmes and support for all people who arrive via humanitarian routes.

We have produced two reports during the year. In July 2022 we published ‘Settling in: Hong Kongers and their new lives in the UK and commenced research and stakeholder engagement on an education report that was published in April 2023, beyond the scope of this report.. We have also produced short articles and have received regular media attention, including from the Guardian, Times and international outlets.

We held three in-person events:

We also held a large number of online seminars and events through our forum and research programme. These covered issues highlighted by the research and stakeholder feedback, including schools and education, cost of living, patterns of settlement and continuing Hong Kong culture in the UK.

5

British Future

Report of the trustees

For the year ended 31 March 2023

The practical experience of coordinating stakeholders involved in welcoming people from Hong Kong has made a significant contribution in our networks and understanding of welcoming challenges access groups - and we are committed to applying the insights from our activities in welcoming people from Hong Kong to the shared and distinct challenges facing other groups and cohorts.

The power of events for social connection

Major events play an important role in our social and economic life that extends far beyond the joy and memories forged of attending a football match, a carnival or a music festival. Major events are among the best opportunities to bring people from different backgrounds together, around shared moments, identities and interests. And events, though transient, can leave behind powerful legacies: for community resilience, health and wellbeing, civic engagement and pride in place. For these reasons, we have continued to focus on events, including through funded opinion poll research for Spirit of 2012, the London Olympics legacy funder, where we contributed to their independent ‘Power of Events inquiry’.

We published our findings from the survey in August 2022 in a report 'Seizing the moment: Why events matter for social connection and shared identity', exploring how occasions such as Eurovision and the Jubilee can act as powerful moments to bridge divides.

British Future has also been exploring the important role that spectator sport can play in bringing people from different walks of life together around a common sense of pride and inclusive placebased identities. A new research project, Shared Goals, has begun examining the potential of club football in the UK to drive social connection among fans in divided and disconnected areas, through polling, focus groups and a series of roundtable discussions with club staff.

Race and identity

Race is becoming more salient in an increasingly diverse Britain. While there has been progress on racial equality in Britain in recent decades, there are still significant and unacceptable gaps in the life chances and everyday experiences of people from different ethnic backgrounds. The increased salience of race has been combined with increased polarisation in media, political and public discourse. British Future have sought to contribute to understanding of the drivers of different perspectives - across generations, ethnic groups and political perspectives - in an effort to ensure that polarisation about the shifting language of race does not derail efforts to make substantive progress on tackling racism and promoting race equality.

In August 2022 we published a collection of essays with the think-tank Bright Blue: 'An agenda for action: Reducing racial inequality in modern Britain'. The collection brought together a wide range of leading decision-makers and opinion formers to share their constructive proposals to address racial disparities in modern Britain. The essays focused on three key areas: opportunity, justice and belonging and a wide range of policy areas including education, employment and health. The collection received media attention and was launched at an in-person event. We also held events on this theme at the Labour and Conservative party conferences, working with Black Equity Organisation and KPMG.

Windrush 75

Our 'Seizing the moment - the power of events' research report in August 2022 identified the 75th anniversary, in June 2023, of the arrival of the ship HMT Empire Windrush, as a significant opportunity to bring people together and to broaden and deepen conversations about race, history and identity in Britain.

6

British Future

Report of the trustees

For the year ended 31 March 2023

Acting on this, we began work on planning and coordinating the anniversary early in 2022. Much of the delivery of this activity was in May/June 2023, beyond the scope of this report. During the year under review we laid the foundations. We set up the Windrush 75 network, a pluralist network of all those interested in marking the anniversary in a significant way, with Windrush campaigner Patrick Vernon as convenor and a steering group of key stakeholders in the race relations space. We developed a brand identity, website, social media channels and a structure of regular online meetings to share and develop plans. By March 2023 the network comprised 300 organisations and individuals.

A January 2023 media intervention achieved significant coverage and attention. In the period to March 2023 we built events partnerships with the Bush Theatre, who were staging Lenny Henry’s play on Windrush; the Imperial War Museum, Royal Albert Hall and Warner Bros. We agreed a partnership with Linking Network to create schools’ resources, as well as funding partnerships with Spirit of 2012 to support new research and publications, and with financial services firm Phoenix Group to support the network. Much of the most significant delivery of outputs was in May-June 2023.

Inclusive histories

There is an increasing public appetite to understand the history of Britain, and to ensure it includes a full range of perspectives that have been historically under-represented. We continued our work on inclusive histories this year, building on our previous work for Historic England with a project funded by the Paul Hamlyn and Esmee Fairbairn Foundations and Art Fund. This project involved a series of desk reviews, interviews and expert roundtable methods to explore how arts and culture practitioners can engage in work on inclusive history while confidently navigating a polarised ‘culture war’ context. A summary report of the findings was published in August 2023. Discussions to expand this programme of work, including through a project on ‘How to talk about Empire’ are also in progress, to fill the significant gaps in evidence of public attitudes, particularly among black and Asian Britons, as well as across majority and minority groups, and to increase the confidence of practitioners and stakeholders as the history of race and Empire and its foundational impact on modern Britain continues to grow.

Publications

The charity issued the following publications during the year:

Events

In addition to events held under the audpices of the Welcoming Committee for Hong Kongers, British Future held the following public events:

7

British Future

Report of the trustees

For the year ended 31 March 2023

Future programme: priorities for 2023-24

We intend to continue our focus on issues of immigration, integration, identity and race. Key areas for our forthcoming programme over the next 12 months include:

Funding

We have made some progress towards our objective of diversifying our funding over time through a sustainable combination of core funding and project work.

During the course of the year our financial position improved. This was a result of some medium and large project grants, including from the Government Department for Levelling Up, Housing and Communities and the European Commission.

Our project funding has increased more than our core funding, although we have the support of a new core funder, the Jubilee Foundation.

With the Hong Kong Welcoming staff, our team size has increased to 10, comprising 9 full time and 1 part-time members of staff.

The Treasurer, Director and Office Manager review the cash flow on a regular basis to ensure that it is up-to-date and that there are the funds required for at least three months (as per the reserves policy) to continue operating.

8

British Future

Report of the trustees

For the year ended 31 March 2023

Financial review

Income

During the year, British Future continued to receive core funding from Barrow Cadbury Trust, Paul Hamlyn Foundation, Sigrid Rausing Trust, Trust for London and Unbound Philanthropy. During the year, core funding was also received from the Jubilee Foundation.

The Charity’s work on housing the Welcoming Committee for Hong Kongers (‘WC4HK’) continued during the year with a further £145k grant from the DLUHC. This major project will continue into 2023/24.

In the year the charity also received income of:

Details of specific projects are set out in note 15 to the accounts.

The charity continues to develop its fundraising programme to ensure it has the funds necessary to carry out its objects and achieve its aims in the longer term.

Expenditure

The charity’s staff team was primarily focused on charitable activities and fundraising efforts during the year with additional external costs incurred to carry out strategic initiatives and to engage additional resources as required.

Results for the year

The charity achieved a surplus of £82,005 for the year (2022 – surplus of £104,129). The surplus arose as a result of funding for core costs and the receipt of grant funds for work that will continue into 2023-24. As a result, the charity ended the year with reserves of £280,163 (2022: £198,158) of which £104,934 (2022: £118,672) is restricted to specific grant funded work.

Thanks to the ongoing support of its original funders and funding from new supporters, the charity has sufficient funds to continue to fulfil its objectives in the short to medium term.

Reserves policy

As a general policy, the board has decided that the charity should hold three months of overhead expenditure in reserves, equivalent to around £125,000. The timing of individual grant payments to the charity can make the positions of reserves at a point in time volatile. Therefore, if the target reserves level is not achieved, we will apply a second measure of carefully monitoring the cash flow forecasts to ensure income and expenditure are in line with the target such that a minimum of £125,000 of cash funds are held in the bank account.

The unrestricted reserves for the charity at 31 March 2023 were £175,229 (2022: £79,486).

Fundamental accounting concepts

As a not-for profit charity that has registered with the Charity Commission, the charity has prepared these accounts in accordance with Statement of Recommended Practice, Accounting and Reporting by Charities (Charities SORP 2015 – FRS 102).

9

British Future

Report of the trustees

For the year ended 31 March 2023

Risk management

British Future has a formal risk management process through which the Leadership Team identifies the major risks to which the organisation may be exposed and has ranked these by likelihood and impact, culminating in a risk control document which is updated on a regular basis. All significant risks, together with current mitigation actions, are reviewed regularly throughout the year by the trustees. The trustees are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

The principal risks and uncertainties identified by the charity are as follows:

▪That the Charity cannot continue to raise sufficient funds for the long term.

To mitigate this, the Charity seeks a mix of core funding to the medium term and project funding to fund specific projects. As the Charity establishes itself as a thought leader, it will be seeking longer term funding to enable greater focus on its operations.

In order to prevent this, the management regularly monitors its speakers, contributors and interlocutors to ensure that our work is both factual and balanced.

New projects are carefully planned by the staff team and, where appropriate, extra resources are built into budgets before they are undertaken.

▪There is significant negative impact on the charity arising from the Covid-19 pandemic.

The charity continues to assess the impact of working from home and other legacy issues in order to improve staff wellbeing.

Remuneration of staff

British Future has a policy of giving discretionary pay increases on an annual basis. These take into account annual inflation and individual team performance whilst ensuring that any increases are affordable in the prevailing circumstances.

10

British Future

Report of the trustees

For the year ended 31 March 2023

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

11

British Future

Report of the trustees

For the year ended 31 March 2023

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Small companies provisions

This report has been prepared in accordance with the special provisions for small companies under Section 415A of the Companies Act 2006. This report was approved by the board on 21 September 2023 and signed on its behalf by

Alasdair Murray

Alasdair Murray - Chair

12

Independent auditors' report

To the members of

British Future

Opinion

We have audited the financial statements of British Future (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

13

Independent auditors' report

To the members of

British Future

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

14

Independent auditors' report

To the members of

British Future

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

15

Independent auditors' report

To the members of

British Future

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

Use of our report

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

Alison Godfrey

Date: 21 September 2023 Alison Godfrey FCA (Senior Statutory Auditor) For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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British Future

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2023

For the year ended 31 March 2023
Restricted Unrestricted
Note
£
£
Income from:
Donations
3
6,000
13,550
Charitable activities
4
300,432
518,706
Total income
306,432
532,256
Expenditure on:
Raising funds
-
97,392
Charitable activities
320,170
339,121
Total expenditure
6
320,170
436,513
7
(13,738)
95,743
Reconciliation of funds:
Total funds brought forward
118,672
79,486
Total funds carried forward
104,934
175,229
Net income / (expenditure) and net
movement in funds		 2023
Total
£
19,550
819,138
838,688
97,392
659,291
756,683
82,005
198,158
280,163		 2022
Total
£
48,700
600,477
649,177
40,015
505,033
545,048
104,129
94,029
198,158

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 15 to the accounts.

17

British Future

Balance sheet

As at 31 March 2023

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
14
Funds
15
Restricted funds
Unrestricted funds
General funds
Total charity funds		 £
44,270
312,850
357,120
(81,009)		 2023
£
4,052
276,111
280,163
104,934
175,229
280,163		 2022
£
4,015
26,759
207,435
234,194
(40,051)
194,143
198,158
118,672
79,486
198,158

Total charity funds

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 21 September 2023 and signed on their behalf by

Alasdair Murray

Alasdair Murray - Chair

18

British Future

Statement of cash flows

For the year ended 31 March 2023

For theyear ended 31 March 2023
Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash used in investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
82,005
1,403
(17,511)
40,958
106,855
(1,440)
(1,440)
105,415
207,435
312,850		 2022
£
104,129
635
3,186
(128,666)
(20,716)
(4,650)
(4,650)
(25,366)
232,801
207,435

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

19

British Future

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

British Future meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. Taking into account the expected grant and contract income over the next 12 months, the trustees have a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received under contracts or service level agreements in advance is deferred until criteria for income recognition are met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

20

British Future

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

e) Interest receivable

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

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been fully allocated on the following basis, which is an estimate of staff time attributable to that activity:

utable to that activity:
2023 2022
Raising funds 16% 8%
Charitable activities 84% 92%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Office equipment 3 years straight line

Items of equipment are capitalised where the purchase price exceeds £500.

j) Debtors

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

k) Cash at bank and in hand

Cash at bank and cash 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.

21

British Future

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

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

n) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

o) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

p) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

22

British Future

Notes to the financial statements

For the year ended 31 March 2023

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Charitable activities
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
3.
Income from donations
Donated professional services and facilities
Other donations
Total income from donations		 Restricted
£
£
3,717
44,983
195,300
405,177
199,017
450,160
-
40,015
82,183
422,850
82,183
462,865
116,834
(12,705)
433
(433)
117,267
(13,138)
Restricted
£
£
-
13,550
6,000
-
6,000
13,550
Unrestricted
Unrestricted		 2022
Total
£
48,700
600,477
649,177
40,015
505,033
545,048
104,129
-
104,129
2023
Total
£
13,550
6,000
19,550

During the current and prior year, the charity benefitted from the use of office space provided by the Barrow Cadbury Trust without charge.

Prior period comparative

Donated professional services and facilities
Other donations
Total income from donations		 Restricted
£
£
-
42,822
3,717
2,161
3,717
44,983
Unrestricted		 2022
Total
£
42,822
5,878
48,700

23

British Future

Notes to the financial statements

For the year ended 31 March 2023

4. Income from charitable activities

Income from charitable activities
Grants
Sigrid Rausing Trust
Trust for London
Barrow Cadbury Trust
Paul Hamlyn Foundation
Unbound Philanthropy
Department for Levelling Up, Housing and Communities
Spirit of 2012
The GL Jubilee Foundation
Contracts
Art Fund
Unbound Philanthropy
Bright Blue
KPMG
Greater London Authority
Labour Together
NCS Trust CIC
Other under £5,000
Total income from charitable activities
Prior period comparative
Grants
Sigrid Rausing Trust
Trust for London
Barrow Cadbury Trust
Paul Hamlyn Foundation
Unbound Philanthropy
Department for Levelling Up, Housing and Communities
Contracts
M&C Saatchi
Historic England
The Together Initiative
KPMG
British Refugee Council
Mela
Commission on Race and Ethnic Disparities
Other under £5,000
Total income from charitable activities
Fondazione Giacomo Brodolini Foundation / EU
Commission		 Restricted
£
£
-
150,000
-
25,000
50,500
-
-
44,000
-
50,000
145,000
-
55,659
-
49,273
-
-
100,000
-
22,205
-
8,333
-
9,253
-
7,000
-
63,558
-
18,700
-
8,000
-
12,657
300,432
518,706
Restricted
£
£
-
75,000
-
50,000
50,300
-
-
40,000
-
110,000
145,000
-
-
60,356
-
12,970
-
6,129
-
6,500
-
11,000
-
5,000
-
10,000
-
18,222
195,300
405,177
Unrestricted
Unrestricted		 2023
Total
£
150,000
25,000
50,500
44,000
50,000
145,000
55,659
49,273
100,000
22,205
8,333
9,253
7,000
63,558
18,700
8,000
12,657
819,138
2022
Total
£
75,000
50,000
50,300
40,000
110,000
145,000
60,356
12,970
6,129
6,500
11,000
5,000
10,000
18,222
600,477

24

British Future

Notes to the financial statements

For the year ended 31 March 2023

5. Government grants

The charitable company receives government grants, defined as funding from the Department for Levelling Up, Housing and Communities to fund charitable activities. The total value of such grants in the period ending 31 March 2023 was £145,000 (2022: £145,000). There are no unfulfilled conditions or contingencies attaching to these grants.

6. Total expenditure

Total expenditure
Project costs
Staff costs (note 8)
Support costs
Trustee indemnity insurance
Audit and legal costs
Sub-total
Total expenditure
Prior period comparative
Project costs
Staff costs (note 8)
Support costs
Trustee indemnity insurance
Audit and legal costs
Sub-total
Total expenditure
Allocation of support and
governance costs
Allocation of support and
governance costs		 Raising
funds
£
-
71,795
-
-
-
71,795
25,597
97,392
Raising
funds
£
-
28,188
-
-
-
28,188
11,827
40,015		 Charitable
activities
£
158,038
369,513
-
-
-
527,551
131,740
659,291
Charitable
activities
£
40,542
327,208
-
-
-
367,750
137,283
505,033		 Support
costs
£
£
-
-
43,905
-
105,730
-
-
622
-
7,080
149,635
7,702
(149,635)
(7,702)
-
-
Support
costs
£
£
-
-
25,093
-
115,287
-
-
2,370
-
6,360
140,380
8,730
(140,380)
(8,730)
-
-
Governance
costs
Governance
costs		 2023 Total
£
158,038
485,213
105,730
622
7,080
756,683
-
756,683
2022 Total
£
40,542
380,489
115,287
2,370
6,360
545,048
-
545,048

25

British Future

Notes to the financial statements

For the year ended 31 March 2023

7. Net movement in funds

This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit (excluding VAT)		 2023
£
Nil
Nil
6,200		 2022
£
Nil
Nil
5,300

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2023
£
406,264
41,237
37,712
485,213		 2022
£
319,461
31,587
29,441
380,489

One employee (2022: one) received remuneration, between £110,000 and £120,000 during the year. Employer pension costs for this employee totalled £11,857 for the year (2022: £11,154).

The key management personnel of the charitable company comprise the trustees and the Director. The total employee benefits of the key management personnel were £136,866 (2022: £143,690).

Average head count 2023
No.
9		 2022
No.
7

26

British Future

Notes to the financial statements

For the year ended 31 March 2023

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Tangible fixed assets

Cost
At 1 April 2022
Additions in year
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 1 April 2022
Debtors
Trade debtors
Prepayments
Accrued income
Other debtors		 2023
£
14,167
21,973
-
8,130
44,270		 Office
equipment
£
4,650
1,440
6,090
635
1,403
2,038
4,052
4,015
2022
£
4,999
11,574
10,000
186
26,759

11. Debtors

27

British Future

Notes to the financial statements

For the year ended 31 March 2023

12. Creditors: amounts due within 1 year

Trade creditors
Accruals
Deferred income (note 13)
Other taxation and social security
Other creditors		 2023
£
17,871
23,456
16,400
23,282
-
81,009		 2022
£
1,766
19,794
8,209
2,847
7,435
40,051

13. Deferred income

At 1 April 2022
Deferred during the year
Released during the year
At 31 March 2023		 2023
£
8,209
16,400
(8,209)
16,400		 2022
£
5,000
8,209
(5,000)
8,209

Deferred income relates to contract income received in advance of the delivery of the associated services.

14. Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2023
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2022		 £
-
104,934
-
104,934
£
-
118,672
-
118,672
Restricted
funds
Restricted
funds		 £
4,052
252,186
(81,009)
175,229
£
4,015
115,522
(40,051)
79,486
Unrestricted
funds
Unrestricted
funds		 £
4,052
357,120
(81,009)
Total
funds
280,163
£
4,015
234,194
(40,051)
Total
funds
198,158

28

British Future

Notes to the financial statements

For the year ended 31 March 2023

15. Movements in funds

Restricted funds
Core restricted
Shared Goals project
Welcome Committee
for Hong Kong
Windrush 75
EU - UK Project
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 April
2022
£
-
3,217
115,455
-
-
118,672
79,486
79,486
198,158		 Income
£
£
50,500
(50,500)
29,239
(11,710)
145,000
(243,686)
32,420
(10,117)
49,273
(4,157)
306,432
(320,170)
532,256
(436,513)
532,256
(436,513)
838,688
(756,683)
Expenditure		 £
£
-
-
-
20,746
-
16,769
-
22,303
-
45,116
-
104,934
-
175,229
-
175,229
-
280,163
Transfers
between
funds
At 31 March
2023		 £
£
-
-
-
20,746
-
16,769
-
22,303
-
45,116
-
104,934
-
175,229
-
175,229
-
280,163
Transfers
between
funds
At 31 March
2023
104,934
175,229
175,229
280,163

Purposes of restricted funds

Core restricted Grants restricted to core funding.

Shared Goals project

Shared Goals aims to harness football’s broad appeal to drive social connection in communities and demonstrate that clubs can play a central role in defusing local tensions. Research will explore what works in uniting people of different backgrounds around their love of their local team. Partnering with two clubs, we will then co-design a messaging campaign in two locations to apply the findings practically – testing how spectator football can be used in different local contexts to reach and connect otherwise divided, disconnected and segregated communities. Research began in February 2022 and will last through to September 2023 when a report will be published.

Welcome Committee for Hong Kong

The Welcoming Committee helps coordinate efforts to support Hong Kongers to settle in the UK, from civil society, communities, business, education and government, across the UK’s nations and regions. It helps welcoming organisations to share their stories, in the media and online. And it conducts research to inform policy and share best practice. It is housed at the independent think tank British Future, which provides governance and a secretariat to support its work.

29

British Future

Notes to the financial statements

For the year ended 31 March 2023

15. Movements in funds (continued) Purposes of restricted funds (continued)

Windrush 75

The Windrush 75 network aims to make 2023 a year of celebrations to mark the 75th anniversary of the Windrush, with everybody invited to take part. The network brings together nearly 500 organisations and individuals invested in marking Windrush 75 in a significant way, to help coordinate their work, with a website and social channels to publicise and amplify activity.The Windrush 75 network aims to broaden public recognition of the contribution of the original Windrush Pioneers; to increase participation in Windrush 75 activities; and to increase public understanding of the history of race and migration to Britain across the decades.

EU - UK Project

British Future has partnered with the Giacomo Brodolini Foundation in Italy and the3million in the UK on an EU-funded project on the future relationship between the EU and the UK. Our main contribution is to understand attitudes and perspectives of the British public on the question of the UK’s future relationship and shared values with EU countries postBrexit. This includes a large-scale public attitudes survey and focus groups in three areas of the UK, both with randomised samples of the public. The findings from this stage of the project will be published during 2023, with the wider project continuing to late 2024.

Prior period comparative

Prior period comparative
Restricted funds
Citizenship project
Core restricted
Shared Goals project
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
Welcome Committee for
Hong Kong		 At 1 April
2021
£
1,405
-
-
-
1,405
92,624
92,624
94,029		 Income
£
£
-
(1,838)
50,300
(50,300)
3,717
(500)
145,000
(29,545)
199,017
(82,183)
450,160
(462,865)
450,160
(462,865)
649,177
(545,048)
Expenditure		 £
£
433
-
-
-
-
3,217
-
115,455
433
118,672
(433)
79,486
(433)
79,486
-
198,158
Transfers
between
funds
At 31 March
2022		 £
£
433
-
-
-
-
3,217
-
115,455
433
118,672
(433)
79,486
(433)
79,486
-
198,158
Transfers
between
funds
At 31 March
2022
118,672
79,486
79,486
198,158

30

British Future

Notes to the financial statements

For the year ended 31 March 2023

16. Related party transactions

Alasdair Murray, a trustee, is also a director of external affairs at KPMG UK, a public limited company (no. 03513178). During the year, British Future received £7,000 of conference income from KPMG UK (2022: £6,500).

Sam Jacobs, a trustee of British Future, is also a trustee of The Together Initiative, a company limited by guarantee (no. 12707290) and a registered charity (no. 1193060). In the prior year, British Future received £6,129 of sales income from The Together Initiative relating to the Remember Together project (2023: £nil).

Robert Duffy, a trustee, is a director of The Policy Institute at King's College London, a Royal Charter company (no. RC000297). During the prior year, British Future paid £1,000 to King's College London for costs relating to the Culture Wars event (2023: £nil).

31