Company Registration Number: 08973811 Charity Registration Number: 1159508 REFUGEE FUTURES LTD (a Company Limited by Guarantee) REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ADDSGPWI 1511012024 COMPANIES HOUSE A07
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REFUGEE FUTURES LTD {2 Company Limited by Guarantee) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Pages Trustees, Annual Report (including Direetors? Report) I to8 Independent Examlner?5 Report Statement of Flnancial Aelivitieslsummary Ineome and Expendlture Account 10 Balance Shett Notes to the Financial Statements 12to 17
Page I REFUGEE FUTURES LTD {a Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 APRIL 2024 The trustees present thetr report and the unaudited fmancial statements of the charitable company for the year ended 30 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing documents, the Charities Act 2011 and 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, published in October 2019. Tru$tee$ of the Charity The directors of the charitable company are its trustees for the purposes of charity law. Deiails of the trustees who have served during the year and since the year end can be found on page 8. OBJECTS AND ACTIVITIES The primary object of the charity reads as follows: "The promotion ofsocial inclusionfor ihepubli¢ benefii among people who are refvSe, asylum seekers and iheir dependenls, wiihin bui noi limiled io Siockion on Tees and surrounding areas, who are socially elded on ihe grounds ofiheir social and economic posiiion, by.. (A) working with oihers to provide education and training in ihe English language and ideniified employability skills,. (B) ossisling refygees and asylum seekers io become morÉfully iniegraled inio locol communilies,. (C) Ihe provision offacililies and evenlsfor ihe locol community.. (D) raising public awareness of¢he issues affecling refvgees and asylum seekers,, and (E) working collaborotively with other organisations in providing relevant services, facililies and informaiion to refugees and asylum seekers. For ihe purpose ofihis clause 'socially excluded, means being exeludedfrom society, or pari ofsociety, as a result of being a member ofa socially and economically deprived community. Our vision is that Stockion and surrounding ar¢a 15 welcoming and inclusive to refugees and people seeking asylum so that they feel they belong, are able io maximise their skills and abilities and flourish within the community. Our values are characterised by key drivers for our mission: being welcoming, diverse and inclusive and enabling integration and belonging. The trustees have considered the Charity Commission's general guidance on publi¢ benefit in Connection with its objectives and achievement5. ACHIEVEMENTS AND PERFORMANCE During the past year we have continued to develop the foundations on which to suslain our efforts lo fulfil our mission and strategic aims and to increase our impact whilst recognising the range of risks we face.
Page 2 REFUGEE FUTURES LTD (a Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT UNCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 APIUL 2024 General background It has been a year in which the conlext for those seeking asylum in our Country has been full of uncertainty and ¢hall¢ng¢ arising from: Significant delays in handling applications resulting in a huge backlog of cases which causes a sense of powerlessness, anxiety and frustration. Lack of clarity about the timing and validity of the proposed Rwanda deportation scheme; The impact of decisions to stop using hotels in which many asylum seekers had been accommodated iemporarily and relocating them to other venues which attracted much public debate as to their suitability; A chronic shortage of suitable housing available locally resuliing in many challenging experiences for (a) those who had to move on from Home Office accommodation on gaining Leave to Remain and (b) those with responsibility at the local Council for providing housing for individuals and families who would otherwise be destitute. Our approach is to identify gaps in quality and quantity of support for refugees and people seeking asylum in our town, and to assess whether it is within our strategic aims to commit resource to doing something about this. Our ethos is to work ollaboratively and inclusively across our community, with the participation of people with lived experience and ¢ommunity-led groups, rather than working in competition with other5. Charitable aetlvllles We are moving into the fal year of our three-year strategy which includes four aims to structure and maintain focus in delivery of our vision. Our charitable activities and achievements over the past year are presented under each of these aims. Providing opportunitit$ for asylum seekers and refugees to be wel¢om¢d and ineluded, In eollAboratlon wlth other orgAnbsation$ Welcome Project We set up this project to engage with asylum seekers newly dispersed io the town, working collaboratively with other parties who have a responsibility lo provide infomialion and support to ihese new residents. The project impacts the Itves of these asylum seekers by providing practical knowledge of how to fmd your way around, where lo seek support and how to access integration opportunities. In the last few months of the year a core team of sessional workers with lived experience, speaking more than five of the most spoken languages amongst the asylum seeking community in Stockion, were recruited to deliver 'Welcome to ihe UK. workshops. One full time lead plus sessional workers and volunteers wilh lived experience have delivered: 1-2-1 welcome sessions to 121 asylum seekers who have recently arrived in Stockton: 'Welcome to the UK, Workshops to 62 p¢opl¢' A pilot orientation walk to eight peopl¢. The Project also involves: Signposting advice. refeal$ and follow up. Referrals to volunteering opportunities which have been taken up by 31 people (260/0 of people who attended a l- 2-1 session); Working with Siockton Council, Mears (the housing provider) and the British Red Cross; Working with drop.in projects, family, health advice and community led groups.
Page 3 REFUGEE FUTURES LTD (a Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 APRIL 2024 ACHIEVEMENTS AIYD PERFORMANCE (Continued) Enabling and enhancing access to services to develop confidence, skills and abilities Action Asylum Projeet (parl ofa nalional scheme) This project provides opportunities for people seeking asylum to get out and about in the area and to meet and volunteer alongside other people in Stockton. We set up this project in response to an invitation to deliver this type of activity, designed by Action Asylum, who still part fund our costs. These activities are unrelated to particular skills. many do noi require significant English language skills. and have included tree planting, helping out at festivals, supporting evenis and trips for older people with dementia and bike maintenance workshops. One part time volunteer support co-ordinator plus two sessional staff and volunteers delivered.. Engagement of 79 people in 53 different volunteering activities; 273 attendances in total undertaking 1,179 hours of volunw service. Skills Match Project This project is aimed at enabling people seeking asylum 10 have opportunities to get involved in different activities, using and developing existing skills. In this way they can make a real contribution, build their confidence, improve well-bein& provide opportunity for developing English language and employability skills. It is our goal that a high proportion of participants are able to find appropriate jobs shortly after being granted leave to remain. The Programme Manager has worked closely with the Volunteer Support Coordinator 10 deliver., 21 volunteer work placements in seven organisations (Positive Support for You, North Tees Hospital, the North East Ambulance Service, Age Concern, Refugee Futures, Sustrans and Bread & Burter Thing) enabling people to utilise and develop existing skills. Support to five people who have subsequenrly been employed by iheir placement provider Asses5menl sUPPOrt to nine people who are looking for a placement Engagement of 23 organisations willing to host a placement and 23 more in discussion Training, awareness raising and ongoing support to refugees and asylum seekers who are on pla¢ement as well as host organisations. Working wlth others to promote narratlves that positively encourage a stnse of belonging Crealing Opportunities for Refugees and People Seeking Asylum and Other people Lbving in Stocklon to MeeL Volunteer and Work Together Our work especially the volunteering activities and placements - creates spaces and opportuntties for people to meet and build greater understanding of each other and for people seeking asylum and refugees to develop a sense of belonging. Research Project in collaboration with Durham University Five peer researchers who speak a range of languages were recruited to undertake a survey about people's understanding and experience of integration in Siockion. 78 people were interviewed including nine who had left Stockton and moved to other places. The research found that access to housing and employmenl were key factors in decisions to stay or leave. How welcome people felt in their inilial weeks and months had an influence on feelings about staying in Stockton. in particular people talked about the importance of opporninities to connect with others and to feel they were making a contribution during the period when they are seeking asylum, cannot work and feel constrained and disempowered by the limited rights and agency they have as an asylum seeker.
Page 4 REFUGEE FUTURES LTD (a Company Limited by Guaranlee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 APRtL 2024 ACHIEVEMENTS AND PERFORiVLANCE (Continued) Beeomlng a trusted and sustainable organisation working to high standards Solid foundations have been laid including.. Key policies and procedures agreed by Trustees and an implementation timetsble put in place. Investing in board training and development. Inclusive culture being embedded to reflect our values. Trnslees We acknowledge. with much gratitude, the commitment of our fellow Trustees in guiding us through the past year. as we move forward with strong momentum, d¢spiie it b¢ing only our third y¢ar in op¢ration. R¢cently we have strengthcned th¢ Board by appointing two more tru5tees'. A Trustee Finance Lead who is a retired Chartered Accountant having Worked internationally with NGOS, at UN and UNICEF. In reiirement she qualified as a psycholherapeutic rounsellor. A trustee who has held a range of senior roles in the NHS, including CEO of a local hospital. We have invested in board training and d¢velopment including peer learning sessions about developing a diverse board with the charity 'Gerting on Board,. We continue to work hard on Trustee recruitment wilh the aim of developing a more diverse group in tems of age, gender, skill and experience - including lived experience of the asylum process. Siaffand Volunteer Team We a150 acknowledge the immense amount of work done by our staff team and volunteers. Two new appoinrmenis were made during the year increasing the staff team to five individuals (a full time equivalent of 3.63). We believe that we have now reached a critical mas5 of staff resource to Cover, effectively. the range and Style of work to which we are committed. Thi5 is a foundation on which further resource can be added to achieve greater quanlity of engagement, without loss of quality. We are proud of the high quality and commitment of the team and the way, under Heather Petch's excellent leadership as Execuiive Director, and Jess Wratten as Programme Manager, that they funciion so effectively as a ¢reative and hard-working team. It is part of our modus operandi to include volunteers with lived experience of the asylum process, to work with us. This past year two exceptional individuals one from Sudan, the oiher from Syria (although he is Kurdish), have offered substantial contributions to our work- they have now moved on, one to sessional work with us and Durham University. FINANCIAL REVIEW Total income for the year amounted to £174,801 (2023.. £140,623) of whith £90,385 (2023.. £57,847) was restricted. Expenditure of £178,286 (2023- £110,956) was incU¢d of which £102,795 (2023.. £31,960) was for restricted purposes. At 30 April 2024, the charity had unrestricted funds of £34.882 (2023: £25.957). The trustees are satisfied with the financial position of the organisation at 30 April 2024 and are confident that the strategies in plac¢ will lead to th¢ organisation being able to fulfil its growth objectives. Investment Policy The trustees have power to invest any money not immediaiely required for the furtherance of the charity's objects in or upon such investments, securities or property as may be thought fit, subjecl to such conditions (if any) and such consent (if any) as may from time to time be irnpos¢d or required by law.
Page S REFUGEE FUTURES LTD (a Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORD FOR THE YEAR ENDED 30 APL 2024 ACHIEVEMENTS AND PERFORMANCE (Continued) Reserves Policy The trusie¢s hav¢ ¢stablished a policy of maintaining a rninimum level of cash-backed unrestricted reserves sufficienl to cover Ihree months criticaucore costs, excluding those cosls direclly financed by restricted grants. Based on current levels of expenditure, the trustees esiimate a requirement for minimum reserves of circa £25.000 to cover net operational costs. This level of cash-backed unrestricted reserves was achieved at 30 April 2024 and 30 April 2023. As we continue to grow in 202412025, our aim is to continue to grow reserves to maintain compliance. PLANS FOR FUTURE PERIODS The next phase of our development is about reaching a critical mass of resource ihat is able to support the susiained development of our front-line projects, and our arrangements with various partners and support active participation of people with lived experience in all activitie5 and levels of our charity. Trustees are pleased that increasing numbers of refijgees and people seeking asylum are engaging with and influencing every aspect of the organisalion in supporting people to have an improved sense of hope and well-being, to flourish in Slockton and lo consider staying in the area when they get leave to remain. A summary of key developments is listed below. These developments are underpinned by those trusts that have supported us with grants, and we are grateful to them for all they contribute - without them we could do lirtle, but as we deliver our frontline ambitions. we believe this also fulfils our grant-makers ambitions as well. We look forward lo building new funding partnerships in the year ahead. We expect at least 300 people will engage directly in one or more of our activities and enabling an increasing number to engage in a journey from welcome lo becoming r¢ady for work. Through working Collaboratively with others, in particular grass-roots groups and front-line services, we will reach greater number of people indirectly and are looking at our strategy for doing so and how we will capture the impact of ihis approach. Welcome Funding from Stockton Borough Council requires us to extend and adapt our welcome work to include refugees who have come to Stockton via other routes eg Afghans and Ukrainians. We aim to work in collaboration with oth¢rs to develop a shared approach to welcome across the borough and to provide 1-2-1 welcome sessions lo 200 people seeking asylum, as well as have indirect irnpact on a larger group of people being supported by organisations and groups we collaborate with. With support from sessional staff and volunteers we plan to deliver thre¢ sets of 'Welcome to UK, workshops to 180 people in the year ahead and to conduct orientation walks twice a month lo 180 people. We will assess the adequa¢y of ESOL provision in the town and what added value Refugee Futures can bring Volunleering actlvltles and volunteer work placements 100 people will engage with Action Asylum volunteering activilies, attending 80 events, including a broader range of types of activity. We are planning to grow the range of Skills Match- volunteer placement opporninities, including more within Refugee Futures and aim to support 40 people in placements in 15 host or8anisations. We are currently completing a more rigorous assessment of training needs and availability based on our pilot delivery period which will result in more effective delivery of trdining and support for placement organisations and people being placed, including 1-2-1 sessions. We plan to raise funds to increase the rUent Volunteer Support Coordinator role to full time, and introduce a business sector development role.
Page 6 REFUGEE FUTURES LTD (a Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR EIYDED 30 APRIL 2024 PLANS FOR FUTURE PERIODS (Continued) Positive narratlves Dr Lauren Martin, Associate Professor at Durham University. has secured impact funding from the University to underpin lh¢ research work in Stockton. Dr Martin will also be volunteering one day per week with Refugee Futures over the coming year as part of her sabbatical leave to co-ordinate Ihe impact work Including creating safe spaces for increased dialogue and understanding between refugees, asylum seekers and other groups, in particular front-line staff. and to support ways we as a charity and the Borough as a whole can assess the longer-terni impact of our role and interventions. We will continue to seek opportunities for promoting positive narratives thal challenge negative stereotypes in particular through creating opportunities for connection between different groups. Mindful that following th¢ General Election, Immigration Issues are likely to be Ihe subject of continuing debate both in parliament and in the m¢dia, and therefore of ontinuing interest to the local community. A Sustainable Orginisation Keyprlorilies Develop an imwt framework and monitoring and evaluation tools Take appropriate steps io deliver our ndraising strategy Review the Arti¢les of Association to ensure they are appropriate in all respects for our modus operandi Governanee mailers Continue to develop the Board with recruitment and induction of new Trustees Recruit a new Chair, in the light of Ruth Hi¢ks taking on the role on an interim basis, enabling Peter Chapman to reiire from the Chair, and for a period take on the role of Vice Chair (both appointed to these respective roles at the Board meeting on 18 June 2024). Sus¢aln our efforls lo Ilve oul our etlios Grow sessional staff and volunteers with lived experience Deepen our approach and culture of equality, equity. diversity and inclusion, particularly how we include the engagemeni and influence of people with lived experience, and the development of the advisory group Malnloln Imporlanl roullne motters Finalise staff and volunteer handbook and assess and deliver training and well-being support for the tearn. R¢view annually all policies, procedures and the risk register STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Doeument The organisation is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association daied 2 April 2014, and was registered with the Charity Commission from 5 December 2014. In the event of the company being wound up, members are required to contribute an amount not exceeding £10. New Objects were consented to by the Charity Commission on 17 January 2023. The key purpose was to align the Objects in our governing document more closely and explicitly to the goals and vision adopted by Trustees in respect of the asylum seeker and refugee communTrty in Stockton and surrounding area.
Page 7 REFUGEE FUTURES LTD (a Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR EIYDED 30 APIUL 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Appointment of Trustees New trustees are appointed on the recommendation of existing trusieeslmembers through an open process. following interviews. including those responding to any advertised recruitment process. There is a required minimum of three trustees but no maximum number. Trustee$, Induetion and Tralning New trustees are provided with Charity Commission guidance for new trustees, along with finance and process documentslion, Articles of Association and minutes of previous trustees, meetings. We also plan to offer mentors for new trustees and an introduction to the projects and other activities of the charity. All trustee5 are encouraged to attend appropriate inlernal/external training ¢v¢nls to facilitate the undertaking of their roles and responsibililies. Organisalion The management and administration of the charity is under the control of the Irustees who met six times in the past year. Day io day operational matters are delegated to the Executive Director, Heather Petch, who works closely with the staff tearn and volunteers and is regularly supported by the Chair. Risk Management The trustees have developed a risk register and approved a risk management framework to which the charity will work. Both documents are regularly reviewed to ensure the trustees are in a posiiion to mitigate any risks arising.
Page 8 REFUGEE FUTURES LTD (a Company Limited by Guaranlee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 APRIL 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charity Name: Refugee Futures Ltd Charity Registration Number: 1159508 Company Registration Number: 08973811 (England and Wales) Directors and Truslees: Mr P J Chapman Mr W Williams Mrs U R Hicks Ms C Macdonald Ms S Mansaray Mr A M Quraishi Ms C Jones (appoinred 06.02.24) Mr S Pleydell (appointed 18.06,24) Executlve Director: Ms H Petch OBE Registered Office: Catalyst House 27 Yarni Road Stockton-on-Tees TS18 3NJ Independent Examiner: Mr J Lester FCA Baines Jewitt Limited Chartered Accountants Spitfire House 19 Falcon Court Preston Farm Industrial Estate Stockton-on-Tee5 TS18 3TU Bankers: Natwesl 123 High Street Stockton-on-Tees TS18 INW This report has been pr¢par¢d in accordance wilh the special provisions of Part 15 of th¢ Companies Act 2006 relating to small companies, Approval This report was appTov¢d by the directorsltrustee5 on by.. and signed on their behalf QLIKcLf Mrs U R Hicks Chair of Trustees r PJ Ch8pm8n Viee Chair of Trustees
Page 9 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REFUGEE FUTURES LTD (a Company Limited by Guaranlee) I report to the charity trustees on my examination of the accounts of the company for the year ended 30 April 2024 which are set out on pages 10 to 17. Responsibilities and Basis of Report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Comm ission under section 145(5)(b} of the 201 l Act. Independent Examiner'$ Statement I have completed my examination. I confim ihat no matters have come to my attention in connection with the examination giving me cause to b¢lieve that in any material respect: accounting records were not kepi in respect of the company as required by section 386 of the 2006 Act. or the accounts do not accord with those re¢ords' or the accounts do not comply with the accounting requiremen15 of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a maller considered as part of an independenl examinaiion. or the accounts have not been prepared in accordance with the methods and principles of ihe Statement of Recommended Practi¢¢ for accounting and reporting by charities applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr J Lester FCA Baines Jewitt Limlted Chartered Aeeountants Spitfire House 19 Faleon Court Preston Farm Industrial Estate STOCKTON ON TEES TS18 3TU Dated: I Ilvoyi................. JLIAJW
Page 10 REFUGEE FUTURES LTD (a Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 (including Summary Income gnd Expenditure Account) Unre5trlcted Funds 2024 2023 Restricted Funds 2024 2023 Tot•1 Funds 2024 2023 Notes INCOME Grants and donations Inv¢simenl income 82,800 1,616 82,584 192 90J85 57,847 173,185 1,616 140,431 192 TOTAL INCOME 84,416 82.776 90J85 57,847 174,801 140.623 EXPENDITURE ChlIable activiti¢5 75.491 78,996 102.793 31.960 178,286 10.956 TOTAL EXPENDITURE 75,49) 78,996 102.795 31.960 178,286 110,956 Net incofflel(expenditure) ror the year 8,92S 3,780 (12.410) 25.887 {3,485) 29,667 Recon¢ili4tion of funds: Total funds brought forward 14 25,957 22,177 26,088 201 52,045 22,378 Total Funds Carried Forward 13&14 34082 25,957 13,678 26,088 48,560 52,045 The Stsiement of Financial Activities includes all gains and losses rccognised in the year. All income and expenditure deriv¢ from ntInUin8 aclivilies. The notes on pages 12 to 17 fonn part of th¢s¢ financial 51atements
Page 11 REFUGEE FUTURES LTD (a Company Limited by Guarantee) (Company Registration Number: 08973811) BALANCE SHEET AS AT 30 APIUL 2024 2024 2023 Note FIXED ASSETS Tangible assets Jo 3,317 3,391 CURRENT ASSETS Debtors and prepayments Cash at bank and in hand li 1,000 56,226 2,420 59,894 57,226 62,314 CURRENT LIABILITIES Creditors: Amounts falling due within one year 12 (11,983) (13.660) NET CURRENT ASSETS 45,243 48,654 NET ASSETS 48,560 52,045 FUNDS Unrestricted general funds Restricted funds 13&14 34,882 13,678 25,957 26,088 48,560 52,045 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. For the year ending 30 April 2024 the company was enlitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. Th¢ members have not required the company to obtain an audit of lis accounts for th¢ year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements wcre approved and authorised for issue by the Board on Signed on behalf of the Board of Directors: Q-d. Mrs U R Hicks Chair of Trustees Mr P J Chapman Vice Chair of Trustees The not¢5 On pages 12 to 17 forni part of these financial stalem¢nts
Page 12 REFUGEE FUTURES LTD (a Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES (a) General Informalion and Basis of Preparatlon Refugee Futures Ltd is a private company limited by guarantee registered in England. In the event of the charity being wound up, Ihe liability in respect of the guarantee is limited to £ l O per member of the charity. The address of the registered office is given in the charity inforniation on page 8 of these financial statements. The nature of the charity's principal activities and objectives are to advance education and social welfare and for Stockton to be welcoming and inclusive to refugees and those seeking asylum in the area. The charity constitutes 8 public benefit enlity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, Ihe Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 201 I, the Companies Act 2006 and UK Generally Accepted Accounting Practice, The financial statemen15 ar¢ prepared on a going concern basis under the historical cost convenlion. They are pr¢s¢nted in pounds sterling, whi¢h is the functional currency of the Charity, and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless olher4¥ise stated. (b) Income Recognition All income is recognised once the charity has entitlemenl 10 that income, there is sufficient certainty of receipt and it is probable that the income will be received, and the amount of income can be measured reliably. Grants and Donations Where donors specify thai grants or donations must be used in a future accounting period, the income is deferred until those periods,. Where donors impose ¢ondilions which have to be fulfilled before the charity be¢omes entitled to use such income, the income is deferred until the period in which the pre-condition5 are met. Where donors specify that grants or donations are for a particular restricted purpose, which does not amount to pre-conditions regarding entitlement, the income is included in incoming reserves within restricted funds when received. {c) Resources Expended Resources expended are recognised in ihe Statement of Financial Activities on an accruals basis, inclusive of V A T. Individual costs are allocated between the various headings in the Slaiement of Financial Activities by reference to their underlying nature or the reason for which those cost5 were incued, on an estimated percentage basis. (d) UDrestritted 8nd Restrlcted Funds Unrestricted funds comprise income received or gen¢rdted by reference to the general objects of the charity without further specified puryJ)se. Such funds may however be designated by the twstees for specific purposes from time to time. Restricted funds are those donated for a specified purpose as laid down by the donor or as the r¢5uIt of a speciftc appeal or application. Such funds are kept separate from the unrestricted funds of the charity and only related expenditure is charged against them.
Page 13 REFUGEE FUTURES LTD (a Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES (Continued) (e) Tangible Fixed Assets and Depreciation Tangible fixed assets are capitalised and depreciated at 20Vo per annum on the reducing balance basis so as to write off each asset over its estimated useful life. (f) 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. (g) Ca$h at Bank and In Hand Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short malurity of three months or less from the date of acquisition or opening of the deposit OT similar account. (h) Creditor$ and Provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in Ihe transfer of funds to a third party and the amount due lo settle the obligalion can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. (i) Pension Costs Contributions, which are payable into the personal pension plans of individual members of staff, are charged to the Statement of Financial Activities in ihe period io which they relate. li) Going Contern The financial staiements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustee5 have considered the level of funds held and the exp¢cl¢d level of income and expenditure for 12 months from authorising these financial Statements. The budgeted income and expenditure is sufficient with levels of reserves for the charity to be able to continue as a going concern. LEGAL STATUS OF THE CHARITY The charity is a company limited by guarantee registered in England and Wales and has no share capital. The liability of each member in the event of winding up is limited to £1 O. INCOME FROM GRANTS AND DONATIONS Unrestric¢ed Fund5 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Grants Services 81,500 ijoo 82,584 70,136 20,249 55,599 2,248 151,636 21,549 138,183 2,248 82,800 82,584 90J8S 57,847 173,185 140,431 The charity benefits from the involvement and support of its many volunteers. In accordance with FRS 102 and the Chariiies SORP (FRS 102). the economic contribution of general volunteers is nol r¢cognised in the accounts.
Page 14 REFUGEE FUTURES LTD {2 Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 INVESTMENT INCOME Unrestrlcted Fund5 2024 2023 Restricted Fund$ Total Funds 2024 2023 2024 2023 Bank interest 1,616 192 1,616 192 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Fund5 2024 2023 Restrlcted Funds 2024 2023 Total Funds 2024 2023 Costs directly allotated to actlvltles: Staff costs Office and oiher rent Siorng¢ unil supplies Insurance Printing, posiage, siationcry, publicity and markeling Recruitment Telephone Subscriptions Trav¢1 and volunie¢r expenses Computcr Costs Training Refreshmenls Sundry expenses PToje¢ts and a¢livities Dcpreciation 41,184 d,S14 55 1,667 33,407 1.802 273 1,246 87.129 35 91 27.475 30 128J13 4.549 146 1,667 60.882 1.832 275 .246 3,903 132 S45 902 198 1,821 iJio 229 741 623 164 1,142 83 1.051 867 276 394 300 4.423 636 5,046 538 393 50 260 177 1,201 832 4,770 428 939 1,202 4,621 2,457 6,356 767 1,134 673 424 1.319 1,286 1,883 389 291 74 680 83 80 738 J.060 3,140 758 192 192 37J18 41.126 102,795 30,783 160,113 71,909 Support costs (sec below) Govcrnance cosls (sec below) 10,922 7,251 29.862 8,008 1,177 10,922 7,251 31,039 8,008 TOTAL RESOURCES EXPENDED 75,491 78.996 102.795 31,960 178,286 110,936 Support Costs Consultancy fees Finan¢e and administration 25,260 4.602 25,260 5,779 10,922 .177 10,922 10,922 29,862 1,177 10,922 31,039 Govtrnince Costs Accountancy and ind¢p¢ndent examination Legal and professional f¢¢s Board ¢xpens¢s Board iraining and development 3,480 185 348 3,238 3,960 4,048 3,480 185 3,960 4,048 3,238 7,251 8,008 7,251 8.008 NET INCOME/(EXPENDITURE) FOR THE YEAR This is staled after charging.. 2024 2023 Independent Examiner's and other accountancy fees: external S¢tinY other costs (2023 comparative figure includes £660 under provision from 2022) 1,160 2J20 I,ioo 2,860
Page IS REFUGEE FUTURES LTD (a Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 STAFF COSTS AND NUMBERS 2024 2023 Gross wages and salaries Employer's national insurance costs Pension contributions (see nore 8) 118.792 5a25 4,196 59,902 980 128,313 60,882 No employee received emoluments of more than £60,000. The total remuneration cost for Key Management Personnel during the year was £29,624 (2023: £9,067). The average total headcount and average full-time equivalent (FTE) number of employees during the year was as follows.. 2024 No 2024 FTE 3.63 2023 2023 FTE 1.75 Management. administration and project staff PENSION SCHEME The pension costs of £4,196 (2023.. £980) represent payments to defined contribution pension schemes operated in the names of individual employtes of the charity. At the balance sheet dale, there were contributions of £1,938 (2023.. £213) outstanding. TAXATION As a registered charity, Refugee Futures Ltd is exempt from tax on its income under Section 505 of ihe Taxes Act 1988 provided that such income is applied for charitable purposes only. 10. TANGIBLE FIXED ASSETS Flxtures & Equipment Cost Ai beginning of year Additions in year 3,583 684 At 30 April 2024 4,267 Depreciation At beginning of year Charge for year 192 758 At end of year Net Book Value At beginning of year At end of year 950 3J91 3J17 11. DEBTORS AND PREPAYMENTS Total 2024 Total 2023 Trade debtors Prepayments and accrued income 1,000 2,420 1,000 2,420
Page 16 REFUGEE FUTURES LTD (a Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APIUL 2024 12. CREDITORS: Amounts falling due within one year Total 2024 Toial 2023 Accruals and deferred income Taxation and social security 5,918 6,065 13,660 11,983 13,660 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestri¢¢ed Fund$ . Restrlcted Funds Total Tangible fixed assets Cash at bank and in hand oiher net as5etsl(liabililies) 3,317 42,548 (JO,983) 3J17 S6,226 (10,983) 13,678 34,882 13,678 48.560 14. STATEMENT OF FUNDS AsAt 01.05.23 ASA¢ 30.04.24 Incorne Expenditur¢ Unrestricted funds 25,957 84,416 75,491 34,882 Restricted funds.. Action Asylum Project Skills Match Welcome Project Staff Wellbeing Running Costs and Executive Director 1,613 16,510 7,965 15,938 10,206 34,241 s,000 25,000 17,899 19,936 39,J36 824 25,000 (348) 6,780 3,070 4,176 26,088 90J85 102,795 13.678 Total funds 52,045 J 74,801 178,286 48,560 AsAt 01.05.22 AsAt 30.04.23 lTr¢fjm¢ Exp¢ndltur¢ Unrestricted funds 22,177 82,776 78,996 25,957 Restricted funds: Action Asylum Project Skills Match Welcom¢ Project 201 17.090 25,500 15,257 15,678 8,990 7,292 1,613 16.510 7.965 201 57.847 31,960 26,088 Total funds 22,378 140,623 110,956 52,045 Restrieted Funds Aclion Asylum Projecl - part funded by the Task Force Trust and engages asylum seekers in volunteering events, together with other local residents. Skills Malcli provides opportunities for longer volunteering opportunitie5 and is funded by the Allen Lane Foundation, the Goshen Trust (via Tees Valley Community Foundation), the William Leech Charity, Learning Curve (via the Durham Community Foundation), Awards for All and Fairer Stockton.
Page J7 REFUGEE FUTURES LTD (a Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APIUL 2024 14. STATEMENT OF FUNDS (continued) Restricted Funds (eontinued) Welcome Projecl - offers a welcome and orientation service to all people seeking asylum who are placed by the Home Office in Stockton and is part of the Tees Valley-wide Ariadne Project funded by the CommLmity Foundation (and in Stockton also by NHS Resilience Fund). Slaff Wellbelng - the staff wellbeing fund of £5,000 15 SUPPOrted by The Charity of Sir Richard WThittington. The w¢llbein8 fund is to resource any inputs or activities deemed helpful for staff wellbein8, Runnlng Cosls and Erecullve Direclor- this represents the first year of three years funding towards running costs and in particular the executive director's costs for leading the organisation and to deliver on the three-year strategy to support refugee integration in Stockton. Again, this funding is provided by The Charity of Sir Richard Whittington. This year's funding has been used against the employment Costs of the executive director. IS. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS In 2024, no remun¢rdtion or expenses were paid to any trustee or any person connected to them, In 2023, fees totalling £5.324 were paid to AJK Accounting Services Ltd, a company owned by forn)er trustee Mr A J Kumpalume (resigned 02.03.23) for the provision of bookkeeping and administrative services to the charity. Such paymenrs were made in accordance with the governing document of the chariiable company.