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2022-06-30-accounts

FUTURE FRONTIERS LTD

Report of the Trustees and Financial Statements for the Year Ended 30 June 2022

Registered Charity in England and Wales: 1162470 Registered Company Limited by Guarantee in England and Wales: 08825219 Registered Address: Canopi, 7-14 Great Dover Street, London, SE1 4YR

CONTENTS

Reference and Administrative Details 3
Report of the Trustees 4
Auditor's Report 17
Statement of Financial Activities 21
Balance Sheet 22
Cash Flow Statement 23
Notes to the Financial Statements 24

2

REFERENCE AND ADMINISTRATIVE DETAILS

FUTURE FRONTIERS

Also known as FUTURE FRONTIERS LTD Registered Charity in England and Wales: 1162470

Registered Company Limited by Guarantee in England and Wales: 08825219 Registered Address: Canopi, 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:

Ben Williams (CHAIR) Raza Ali Heather Burgess Patrick Dempsey Sebastian Hare Hannah Moffatt Frances Soul Oliver Thomas

CHIEF EXECUTIVE OFFICER

Dominic Baker

AUDITORS

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

BANK

HSBC

28 Borough High Street, London, SE1 1YB

3

REPORT OF THE TRUSTEES

HELLO

Thank you for your interest in Future Frontiers.

On behalf of the Board of Trustees, I am pleased to share with you our report on the charity’s activities and impact in 2021/22.

This was the first year of our strategy for 2021/22, Building Lasting Impact, which was developed following an extensive review of our work to date, and of the challenges that disadvantaged young people are currently facing which perpetuate vicious cycles of poverty in society.

Having identified poor post-16 transitions as one of the root causes of inequality in society, our new strategy outlines our commitment to focus all of our energy on supporting disadvantaged young people aged 14-16 to navigate this crucial point on their education journeys.

During the 2021/22 academic year, we have prioritised programme review, development and testing to extend our existing career coaching provision into an enhanced two-year programme of personalised support, including 1:1 guidance through choosing, applying for and enrolling on post-16 courses.

Alongside this, we have continued to steadily grow our reach from 1,297 young people in 2020/21 to support 1,928 young people in 2021/22. Whilst the early part of the year continued to see some disruption due to the Covid-19 pandemic, we have now returned to in-person programme delivery.

In addition, we have grown our Monitoring, Evaluation and Research team to ensure that we are well placed to understand our programme’s strengths and areas for development, and have continued to invest in external evaluation.

In 2022/23, we will roll out our new extended programme for a larger cohort of young people and work with over 3,500 pupils in Greater London. We look forward to learning more valuable lessons which will help to strengthen our support for pupils to ensure that our programme makes a meaningful difference for pupils’ entry, completion and achievement of Level 3 qualifications that open the doors to life-changing opportunities.

Thank you to everyone – the teachers, business leaders, volunteer coaches, supporters and advocates – who works with us to empower young people on their career journey and break persistent cycles of disadvantage.

A special thank you also to the Future Frontiers team for their excellent work this year and relentless commitment to supporting pupils to realise their potential.

We look forward to our continued work together.

BEN WILLIAMS

CHAIR OF THE BOARD OF TRUSTEES

4

OBJECTIVES AND ACTIVITIES

OBJECTS

As set out in the charity’s governing document, the charity’s objects are specifically restricted to the following:

To advance the education of the public and relieve poverty, including but not limited to:

P URPOSE

VISION

Our Vision is of a society where equal access to education and career opportunities enables potential to overcome poverty.

MISSION

We provide disadvantaged young people with the guidance, networks and opportunities they need to realise their potential at school and achieve post-16 qualifications that build towards secure and fulfilling employment.

STRATEGY 2021-26

This year, we published our strategy for 2021-26, Building Lasting Impact, which sets out the charity’s plans for the next five years centred around our key Strategic Aim.

Between 2021-26, Future Frontiers will design, develop and rigorously evaluate an enhanced two-year programme that achieves meaningful, long-term impact at the post-16 transition, transforming the life chances of disadvantaged young people.

To achieve this, we have committed to three Impact Goals:

1. Exceptional, tailored support for every young person : Every young person will receive intensive, personalised support over a two-year period. Our programme will inform and inspire, supporting them at each stage of the post-16 application and enrolment process.

2. Our programme achieved transformational impact : Our young people will beat the odds. We will rigorously evaluate our programme and track the destinations of our young people. We will understand the extent to which our programme leads to significant increases in our key post-16 destination outcomes. This means we will have confidence that our programme achieves meaningful long-term impact for young people.

3. We are scale ready : With confidence in the level of impact our programme achieves, we will be able to make informed decisions about our scalability. We will have the infrastructure in place to support thousands more young people, including a plan for delivering our programme outside of London.

We are guided by five Strategic Priorities: 1. Monitoring, Evaluation and Research; 2. Programme Design and Development; 3. Programme Delivery; 4. Sustainability; and 5. Operations.

For more information about our plans for 2022-26, please see Plans for Future Periods on Page 13.

5

THE NEED

Research shows that disadvantaged young people persistently underachieve at school and in further education, which has severe long-term consequences for their future opportunities and life chances. In particular, as young people approach the post-16 transition into education or training, lower-attaining pupils are more likely to face the complexities of moving on to a new school or college and of choosing from an overwhelming array of vocational courses.

Without personalised support and guidance, lower-attaining, disadvantaged young people are at risk of making poor post 16-transitions, which we have identified as one of the root causes of inequality in England.

References:

  1. Department for Education, 2020, Key Stage 4 Performance 2019 (revised)

  2. Youth Employment UK, 2020, Youth Voice Census Report 2020

  3. Social Mobility Commission, 2021, The Road not taken: the drivers of course selection,

  4. Department for Education, 2020, A level and other 16 to 18 results: 2018 to 2019 (revised)

  5. Department for Education, 2021, Level 2 and 3 attainment by young people aged 19

  6. Impetus, 2016, The Road Most Travelled? The 16-19 journey through education and training

  7. Office for National Statistics, 2022, Education, Social Mobility and Outcomes for Students Receiving Free School Meals in England: Initial findings on earnings outcomes by demographic and regional factors

6

PUPIL TARGETING

We target young people aged 14-16 who are both socio-economically disadvantaged and lowerattaining, which indicates that they are at a heightened risk of not fulfilling their potential in their education and careers.

We work in partnership with schools in London to enrol cohorts of 20 pupils in line with our targeting guidelines:

PUPIL OUTCOMES

We have completed a rigorous theory of the change process to ensure that our programme will support pupils to achieve five sequential groups of outcomes that build toward long-term impact.

Young people develop their: ● career readiness ● self-belief

Young people enter a post-16 qualification that:

Young people are more likely to complete their qualifications.

Young people are more likely to achieve a full Level 2 qualification (GCSE equivalent) by age 17 and a full Level 3 qualification (A Level equivalent) by age 19.

Young people make positive onwards progress to higher level learning, an apprenticeship or employment.

MONITORING AND EVALUATION

We have recently invested in growing our Monitoring, Evaluation and Research team from one to three members of staff, and are implementing evaluation plans for all five outcomes.

During our two-year programme, we will measure pupils’ progress in career readiness and selfbelief using pre- and post- self-report surveys, including validated questions from the validated Student Career Readiness Index (SCRI).

We will work with an external evaluator to evaluate pupils' engagement and attainment at school against comparison groups.

We will then track pupils for three years to capture data on post-16 entry, completion, achievement, and progression, and use this to conduct an analysis against comparison groups formed from national administrative data and commissioned research.

7

PROGRAMME

We deliver a two-year evidence-based programme of career coaching and guidance for pupils in Years 10-11 (aged 14-16) to support them to make positive post-16 transitions into well-fitting courses that build towards secure and fulfilling employment.

The delivery of the programme is overseen by a dedicated Future Frontiers Transition Manager who is there to provide consistent support for pupils, coaches and teachers.

In the first year of the programme, young people will discover and develop their sense of self, interests and goals through six hours of career coaching sessions and information to prepare them for the post-16 transition.

In the second year, they will draw upon their learning and receive personalised 1:1 support from their Transition Manager to make an action plan and secure their place on a post-16 course that aligns with their career interests and GCSE grades.

PARTNERSHIPS

We work in partnership with schools to enrol target pupils and with businesses to recruit volunteer coaches to support pupils, as an educational employee engagement experience which has a positive societal impact. Contributions from businesses cover the majority of programme costs and we also seek voluntary income to ensure that schools are able to implement a highquality programme at an accessible cost.

VOLUNTEERS

The Future Frontiers programme relies on the dedication of our volunteer coaches, who are recruited through our partnerships with businesses.

8

ACHIEVEMENTS AND PERFORMANCE

PROGRAMME REACH 2021/22

9

PROGRAMME IMPACT

Year 10 Pupils (aged 14-15)

We are pleased to share the achievements of young people and their progress towards our Develop outcomes, demonstrating their commitment to the programme, to their goals for the future and to their own development as they approach the post-16 transition.

This year, we have worked with 1,857 pupils in Year 10.

10

Year 11 Pupils (aged 15-16)

This year, we delivered a small pilot of our new provision of 1:1 personalised post-16 transition support with 71 pupils in Year 11.

In Autumn 2022, will work with the Education Development Trust to track pupils’ post-16 destinations and complete an internal analysis of how many pupils’ entry destinations align with their actual GCSE grades and career interests.

External Evaluation by University of Derby: Pupils’ Ability to Make Positive Post-16 Transitions

Between 2018-20, we commissioned the University of Derby to complete an external evaluation of the impact of our career coaching programme on young people’s ability to make positive post16 transitions into education or training. The findings showed that, when compared to a control group, Future Frontiers participants demonstrated significant improvements in:

These positive changes were equal to or better than other career interventions for young

people.

Further analysis of the same group of pupils showed that Future Frontiers participants were more confident in deciding their intended next steps at age 16.

11

FINANCIAL REVIEW

Future Frontiers has continued to navigate the disruption and consequences of the Covid-19 pandemic to maintain a stable financial position and strong relationships with schools, businesses and supporters.

Our primary drivers for growth in income compared to 2020-21 include increasing the number of school and business partners we work with and their contributions towards programme delivery, enabling us to support more young people. As we work with more pupils and extend our programme over two years, we have also increased our fundraising activity and are grateful for the support we have received in the form of grants and donations.

Our increased expenditure is chiefly due to delivering more programmes, supporting 1,928 young people in 2021/22, compared to 1,297 in 2020/21.

During the year, we have been able to add to our reserves and to meet our reserves policy.

The charity is in a strong position to continue our work in line with our strategy for 2021-26 and increase the number of young people we support annually.

INCOME

In 2021/22, total income was £1,219,779 through a combination of income streams:

EXPENDITURE

In 2021/22, total expenditure was £1,097,764, including:

RESERVES

Future Frontiers’ reserves policy is to maintain a sufficient level of reserves to enable activities to be continued, taking account of potential risks and contingencies that may arise from time to time.

The Board of Trustees has set the charity's reserves requirement as at least three but not more than six months of average recurring operating costs. This is calculated using the average monthly expenditure within the annual budget.

According to this policy, the charity needs to ensure general reserves of between £257,686 to £515,372 at the end of the 2021/22 financial year.

The balance sheet shows total funds of £515,132, including restricted funds of £117,294, designated funds of £65,000 and remaining general funds of £332,838 . This meets our reserves policy.

12

RISK MANAGEMENT

The Trustees are committed to ongoing risk management for the charity and its resources, including the monitoring of the charity’s financial position and management accounts.

As a charity working with young people, a key priority is safeguarding. We have a safeguarding risk register on which staff record all safeguarding concerns, which are regularly reviewed by the Trustees. All staff are trained in our safeguarding policy and procedures and must sign to confirm agreement.

GOING CONCERN

The Trustees have a reasonable expectation that the charitable company has adequate resources to continue for the foreseeable future, with the projected retention and growth of our partnerships and supporters. The Board continues to adopt the going concern basis in preparing the financial statements.

PLANS FOR FUTURE PERIODS

STRATEGY 2021-26

Our strategy for 2021-26 outlines the five Strategic Priorities that will guide our work to design, develop and rigorously evaluate an enhanced two-year programme that achieves meaningful, longterm impact at the post-16 transition, transforming the life chances of disadvantaged young people.

In 2022/23, we will build upon our work this year to progress each of these five areas:

1. Monitoring, Evaluation and Research

2. Programme Design and Development

3. Programme Delivery

4. Sustainability

5. Operations

13

YOUTH ADVISORY GROUP

Since Spring 2021, we have worked with our Youth Advisory Group comprised of Future Frontiers alumni to ensure that we are placing pupils’ lived experiences at the heart of what we do.

In 2021/22, the Youth Advisory Group have revised out pupil onboarding activities to ensure they are informative and engaging, and contributed to our research into the barriers young people face during the post-16 transition.

In 2022/23, a priority is to develop the ways we engage parents/carers during the programme.

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENT

Memorandum and articles incorporated 23/12/2013, as amended by special resolution registered at Companies House on 22/04/2015.

CONSTITUTION

Future Frontiers is a registered charity (1162470) and company limited by guarantee (08825219) in England and Wales.

STATEMENT OF PUBLIC BENEFIT

Trustees have paid due regard to the guidance issued by the Charity Commission on public benefit and are satisfied that the charity complies.

ORGANISATIONAL STRUCTURE

The charity is governed by a Board of Trustees consisting of eight professionals with expertise in education, charity, public policy, business strategy and fundraising. The Board is responsible for decisions relating to charity governance and strategic direction.

There are 2 sub-committees:

  1. Programmes sub-committee, which reviews programmatic decisions including programme monitoring and safeguarding. This group oversees the annual safeguarding policy review.

  2. Finance sub-committee, which reviews the charity’s financial activities including the annual budget and variance reporting.

The management of the charity is led by the CEO, with support from a team of six Heads of Department responsible for Programmes, Programme Delivery, Data and Impact, Partnerships, Fundraising and Operations.

BOARD OF TRUSTEES

Trustees are appointed under the terms of the Articles of Association. Regular reviews are conducted to determine skills gaps in the Board, and Trustee service-terms are reviewed every

14

three years. When a new Trustee appointment is required, recruitment will begin through networks of the Board, management, and partnerships, and extended to formal advertisement and channels if necessary.

Trustee appointments are approved through interview with the Chair of Trustees, CEO, and one other Trustee. Upon successful interview, the successful applicant will be invited to join the Board of Trustees.

No Trustees have a beneficial interest in the company. All of the Trustees are members of the Company and guarantee to contribute £1 in the event of winding it up.

PAY AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

The salary of the CEO is set by the Board of Trustees and reviewed annually.

FUNDRAISING

Fundraising is led by the Head of Fundraising, who is line managed by the CEO and provides regular progress reports for the Board of Trustees, which includes a dedicated Trustee for Fundraising.

Our fundraising strategy encompasses trusts and foundations, individuals and major donors, and corporations, with input from the Head of Partnerships for the development of corporate partnerships.

The Head of Fundraising manages a small team, including a Fundraising Manager and a Fundraising Coordinator.

We do not employ any third party professional fundraisers or work with any commercial participators to raise funds on behalf of the charity.

Future Frontiers is registered with the Fundraising Regulator and follows the Code of Fundraising Practice. We have a Volunteer Fundraising Agreement in place to support individual and corporate volunteers with fundraising in line with the Code, and provide a named point of contact for ongoing monitoring and support in the delivery of fundraising activities.

We have not received any complaints in relation to fundraising for Future Frontiers.

We follow and promote fundraising best practice amongst the Future Frontiers team and volunteer fundraisers to ensure that all current and potential donors, including vulnerable people, are protected from unreasonable intrusion on their privacy, unreasonably persistent approaches, or undue pressure to give.

TRUSTEES’ STATEMENT OF RESPONSIBILITIES

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:

15

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 confirm that:

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.

Auditors

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

Approved by the Trustees on 3 November 2022 and signed on their behalf by

BEN WILLIAMS

CHAIR OF THE BOARD OF TRUSTEES

16

Independent auditors' report

To the members of

Future Frontiers Ltd

Opinion

We have audited the financial statements of Future Frontiers Ltd (the 'charity') for the year ended 30 June 2022 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.

17

Independent auditors' report

To the members of

Future Frontiers Ltd

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:

Other matter

The financial statements for the year ended 30 June 2021 were not audited because the charity was below the statutory audit threshold.

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.

18

Independent auditors' report

To the members of

Future Frontiers Ltd

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.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

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.

19

Independent auditors' report

To the members of

Future Frontiers Ltd

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: 7 November 2022

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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Future Frontiers Ltd

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

For the year ended 30 June 2022

Restricted Unrestricted
Note
£
£
Income from:
Donations
3
273,964
248,494
Charitable activities
4
-
690,225
Other
-
7,096
Total income
273,964
945,815
Expenditure on:
Raising funds
-
116,786
Charitable activities
232,034
748,944
Total expenditure
6
232,034
865,730
Net income and movement in funds
7
41,930
80,085
Reconciliation of funds:
Total funds brought forward
75,364
317,753
Total funds carried forward
117,294
397,838		 2022
Total
£
522,458
690,225
7,096
1,219,779
116,786
980,978
1,097,764
122,015
393,117
515,132		 Restated
2021
Total
£
358,916
444,818
-
803,734
111,906
547,440
659,346
144,388
248,729
393,117

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.

Prior period income and expenditure have been reclassified to reflect the requirements of the Charities SORP (FRS 102) and to be comparable with the current year. The restatements are purely reclassifications of income and expenditure and do not affect net income.

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Future Frontiers Ltd

Balance sheet

As at 30 June 2022

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
Designated funds
General funds
Total charity funds		 £
244,633
373,826
618,459
(110,425)		 2022
£
7,098
508,034
515,132
117,294
65,000
332,838
515,132		 2021
£
6,288
83,389
377,775
461,164
(74,335)
386,829
393,117
75,364
56,500
261,253
393,117

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 3 November 2022 and signed on their behalf by

Ben Williams - Chair

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Future Frontiers Ltd

Statement of cash flows

For the year ended 30 June 2022

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash provided by / (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		 2022
£
122,015
7,453
(161,244)
36,090
4,314
(8,263)
(8,263)
(3,949)
377,775
373,826		 2021
£
144,388
4,481
11,862
(50,040)
110,691
(4,734)
(4,734)
105,957
271,818
377,775

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

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Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

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.

Future Frontiers Ltd 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 note.

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. 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 item 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 in advance of delivery of programmes 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.

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.

24

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

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 allocated between cost of raising funds and expenditure on charitable activities based on the proportion of direct costs as follows:

2022 2021
Raising funds 10.6% 17.0%
Charitable activities 89.4% 83.0%

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:

Computer equipment 3 years straight line
Office equipment 3 years straight line

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.

25

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

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) Operating leases

Leases which do not transfer substantially all the risks and rewards of ownership to the charity are classified as operating leases.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

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.

26

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

2. Prior period comparatives: statement of financial activities (restated)

Income from:
Donations
Charitable activities
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income and net movement in funds
3.
Income from donations
Allen & Overy LLP
AXIS Specialty Europe
Coutts
The Clothworkers' Foundation
The Childhood Trust
ED&F Man
Kusuma Trust UK
The Give for Good Russell Family Charitable Trust
The Gosling Foundation
The Linbury Trust
The Portal Trust
Garfield Weston
Goldman Sachs Gives
Individual donations
The Big ASK
The Robert Gavron Charitable Trust
The Forrester Family Trust
The Progress Foundation
Swire Charitable Trust
Wellington Management UK Foundation
Small donations < £5k
Total income from donations		 Restricted
£
£
247,246
111,670
-
444,818
247,246
556,488
-
111,906
189,312
358,128
189,312
470,034
57,934
86,454
Restricted
£
£
5,000
9,100
5,000
-
87,114
-
9,800
-
-
5,000
14,550
-
25,000
-
5,000
-
50,000
-
25,000
-
35,000
-
-
40,000
-
30,000
-
12,394
-
40,000
5,000
-
-
25,000
-
15,000
-
25,000
-
46,000
7,500
1,000
273,964
248,494
Unrestricted
Unrestricted		 2021
Total
£
358,916
444,818
803,734
111,906
547,440
659,346
144,388
2022
Total
£
14,100
5,000
87,114
9,800
5,000
14,550
25,000
5,000
50,000
25,000
35,000
40,000
30,000
12,394
40,000
5,000
25,000
15,000
25,000
46,000
8,500
522,458

27

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

3. Income from donations (continued) Prior period comparative:

Allen & Overy LLP
Bridgepoint Charitable Trust
Coutts
National Lottery COVID-19 Fund
Lawrence Atwell's Charity
The Linbury Trust
The Portal Trust
The Sheldon Trust
Wellington Management UK Foundation
Westminster Foundation
The Vintners' Foundation
Drapers' Charitable Fund
The David and Elaine Potter Foundation
The Rayne Foundation
Swire Charitable Trust
Small donations ≤ £5k
Total income from donations		 Restricted
£
£
10,000
-
24,750
-
18,540
-
67,939
-
6,334
-
25,000
-
23,737
-
6,750
-
30,000
-
10,000
-
9,043
-
-
25,000
-
31,500
-
20,000
-
25,000
15,153
10,170
247,246
111,670
Unrestricted		 2021
Total
£
10,000
24,750
18,540
67,939
6,334
25,000
23,737
6,750
30,000
10,000
9,043
25,000
31,500
20,000
25,000
25,323
358,916

4. Income from charitable activities

Income from charitable activities
School income
Business income
Total income from charitable activities		 Restricted
£
£
-
95,590
-
594,635
-
690,225
Unrestricted		 2022
Total
£
95,590
594,635
690,225		 Restated
2021
Total
£
50,540
394,278
444,818

All income from charitable activities in the prior year was unrestricted.

5. Government grants

The charitable company receives government grants, defined as funding from the Education and Skills Funding Agency to fund support activities. The total value of such grants in the period ending 30 June 2022 was £2,000 (2021: £72,450 from The National Lottery Community Fund and the Coronavirus Job Retention Scheme). There are no unfulfilled conditions or contingencies attaching to these grants in 2021/22.

28

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

6. Total expenditure

Total expenditure
Staff costs (note 8)
Other direct costs
Training, wellbeing and recruitment costs
Fundraising costs
Premises costs
Travel and subsistence
Consultancy
Governance costs
General admin costs
Depreciation
Sub-total
Allocation of support and governance costs
Total expenditure
Total governance costs were £10,144 (2021:
Prior period comparative
Staff costs (note 8)
Other direct costs
Training, wellbeing and recruitment costs
Fundraising costs
Premises costs
Travel and subsistence
Consultancy
Governance costs
General admin costs
Depreciation
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising
funds
£
82,714
-
-
2,489
-
-
-
-
-
-
85,203
31,583
116,786
£5,098)
Raising
funds
£
77,717
-
-
1,700
-
-
-
-
-
-
79,417
32,489
111,906		 Charitable
activities
£
632,861
82,823
-
-
-
-
-
-
-
-
715,684
265,294
980,978
Charitable
activities
£
319,676
68,826
-
-
-
-
-
-
-
-
388,502
158,938
547,440		 Support and
governance
costs
£
138,300
-
28,126
-
73,509
9,388
18,840
10,144
11,117
7,453
296,877
(296,877)
-
Support and
governance
costs
£
98,145
-
22,461
-
24,359
9,823
12,750
5,098
14,310
4,481
191,427
(191,427)
-		 2022 Total
£
853,873
82,823
28,126
2,489
73,509
9,388
18,840
10,144
11,117
7,453
1,097,762
-
1,097,762
Restated
2021 Total
£
495,538
68,826
22,461
1,700
24,359
9,823
12,750
5,098
14,310
4,481
659,346
-
659,346

29

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

7. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' / Independent examiner's remuneration:
Statutory audit (including VAT)
Independent examination (including VAT)		 2022
£
7,453
Nil
510
7,200
-		 2021
£
4,481
Nil
Nil
-
3,498

Two trustees received reimbursement of travel and compliance expenses during the year worth £510 (2021: £nil).

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2022
£
767,089
65,988
20,796
853,873		 2021
£
441,844
42,844
10,850
495,538

One employee (2021: one) earns more than £60,000. Total earnings fell within the £70,000 to £80,000 bracket (2021: £70,000 - £80,000).

The key management personnel of the charitable company comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £83,135 (2021: £80,911).

Average head count 2022
No.
22		 2021
No.
13

9. Taxation

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

30

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

10. Tangible fixed assets

Cost
At 1 July 2021
Additions in year
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021
11. Debtors
Trade debtors
Prepayments
Accrued income
Other debtors		 £
-
360
360
-
120
120
240
-
Office
equipment		 £
18,869
7,903
26,772
12,581
7,333
19,914
6,858
6,288
2022
£
187,785
19,434
21,834
15,580
244,633
Computer
equipment		 Total
£
18,869
8,263
27,132
12,581
7,453
20,034
7,098
6,288
2021
£
82,643
746
-
-
83,389

31

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

12. Creditors : amounts due within 1 year

Creditors : amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Other creditors
Deferred income (see note 13)
Deferred income
At 1 July 2021
Deferred during the year
Released during the year
At 30 June 2022		 2022
£
5,065
41,320
27,287
5,238
31,515
110,425
2022
£
61,854
31,515
(61,854)
31,515		 2021
£
12,481
-
-
-
61,854
74,335
2021
£
124,375
61,854
(124,375)
61,854

13. Deferred income

Deferred income consists of income received in advance of school and business progamme delivery.

14. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 June 2022
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 June 2021		 £
-
117,294
-
117,294
£
-
75,364
-
75,364
Restricted
funds
Restricted
funds		 £
-
65,000
-
65,000
£
-
56,500
-
56,500
Designated
funds
Designated
funds		 £
7,098
436,165
(110,425)
332,838
£
6,288
329,300
(74,335)
261,253
General
funds
General
funds		 Total
funds
£
7,098
618,459
(110,425)
515,132
Total
funds
£
6,288
461,164
(74,335)
393,117

32

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

15. Movements in funds

Restricted funds
Allen & Overy LLP
AXIS Specialty Europe
Coutts
ED&F Man
Kusuma Trust UK
The Clothworkers' Foundation
The Gosling Foundation
The Linbury Trust
The Portal Trust
Lawrence Atwell's Charity
The Robert Gavron Charitable Trust
The Sheldon Trust
The Vintners' Foundation
Westminster Foundation
Small funds ≤ £5k
Total restricted funds
Designated funds:
Delivery of Strategy
General funds
Total unrestricted funds
Total funds
Unrestricted funds
The Give for Good Russell
Family Charitable Trust		 At 1 July
2021
£
10,000
-
-
-
-
-
-
-
-
23,737
6,334
-
6,750
9,043
10,000
9,500
75,364
56,500
261,253
317,753
393,117		 Income
£
5,000
5,000
87,114
14,550
25,000
9,800
5,000
50,000
25,000
35,000
-
5,000
-
-
-
7,500
273,964
65,000
880,815
945,815
1,219,779		 £
(15,000)
(5,000)
(87,114)
(14,550)
-
(9,506)
(5,000)
-
(25,000)
(23,737)
(6,334)
-
(6,750)
(9,043)
(10,000)
(15,000)
(232,034)
(56,500)
(809,230)
(865,730)
(1,097,764)
Expenditure		 £
-
-
-
-
25,000
294
-
50,000
-
35,000
-
5,000
-
-
-
2,000
At 30 June
2022
117,294
65,000
332,838
397,838
515,132

33

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

15. Movements in funds

Purposes of restricted funds Allen & Overy LLP Towards supporting disadvantaged young people to take part in the Future Frontiers programme in career cold spots. AXIS Specialty Europe and Towards supporting disadvantaged young people to take part in the The Give for Good Russell Future Frontiers programme. Family Charitable Trust Coutts Towards the development and delivery of an enhanced two-year programme of career coaching and guidance for disadvantaged young people. ED&F and Man Towards the development and delivery of careers guidance provision for disadvantaged young people. Kusuma Trust UK Towards supporting disadvantaged young people to take part in the Future Frontiers programme in London in 2022/23. The Clothworkers' Foundation Towards IT equipment. The Gosling Foundation and Towards supporting disadvantaged young people to take part in the The Robert Gavron Charitable Future Frontiers programme in 2022/23. Trust The Linbury Trust Towards supporting disadvantaged young people to take part in the Future Frontiers programme in career cold spots. The Portal Trust Towards supporting disadvantaged young people to take part in the Future Frontiers programme in Inner London boroughs in 2022/23. Lawrence Atwell's Charity, Towards supporting disadvantaged young people to take part in the The Sheldon Trust and The Future Frontiers programme in London. Vintners' Foundation Westminster Foundation Towards supporting disadvantaged young people to take part in the Future Frontiers programme in Westminster. Small funds < £5k Consists of funding from: Schroder Charity Trust, Tallow Chandlers’ Benevolent Fund, The Lake House Charitable Foundation, Charles S French Charitable Trust and The Hedley Foundation. Towards supporting disadvantaged young people to take part in the Future Frontiers programme.

Purposes of designated funds Delivery of Strategy Funds have been designated to 2022/23 for the purpose of supporting the implementation of the updated five year strategic plan (2021-2026).

34

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

15. Movements in funds (continued)

Prior period comparative

Restricted funds
Allen & Overy LLP
Bridgepoint Charitable Trust
Coutts
Lawrence Atwell's Charity
National Lottery COVID-19 Fund
The Linbury Trust
The Portal Trust
The Sheldon Trust
The Vintners' Foundation
Westminster Foundation
Wellington Management UK Foundation
Walcot Foundation
Small funds < £5k
Total restricted funds
Designated funds:
Delivery of Strategy
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 July
2020
£
-
-
-
-
-
-
-
-
-
-
-
9,000
8,430
17,430
-
231,299
231,299
248,729		 Income
£
10,000
24,750
18,540
6,334
67,939
25,000
23,737
6,750
9,043
10,000
30,000
-
15,153
247,246
56,500
499,988
556,488
803,734		 £
(24,750)
(18,540)
-
(67,939)
(25,000)
-
-
-
-
(30,000)
(9,000)
(14,083)
(189,312)
-
(470,034)
(470,034)
(659,346)
Expenditure		 £
10,000
-
-
6,334
-
-
23,737
6,750
9,043
10,000
-
-
9,500
At 30 June
2021
75,364
56,500
261,253
317,753
393,117

35

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2022

16. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2022
£
14,625
-
14,625		 2021
£
3,176
-
3,176

17. Related party transactions

Raza Ali, a trustee of Future Frontiers, is also Headteacher of The Chalk Hills Academy. During the year, Future Frontiers provided services worth £900 to The Chalk Hills Academy for the delivery of the careers coaching programme (2021: £Nil). At 30 June 2022, £900 was outstanding. All transactions were carried out at arms length.

36

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