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2023-06-30-accounts

FUTURE FRONTIERS LTD

Report of the Trustees and Financial Statements for the Year Ended 30 June 2023

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

CONTENTS
Reference and Administrative Details 3
Report of the Trustees 4
Auditor's Report 25
Statement of Financial Activities 29
Balance Sheet 30
Cash Flow Statement 31
Notes to the Financial Statements 32

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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

Ben Williams (CHAIR) Raza Ali (Resigned 5 May 2023) Heather Burgess Celeste Cheung (Appointed 12 August 2022) Patrick Dempsey Sebastian Hare Hannah Moffat Gary Phillips (Appointed 17 July 2023) Frances Soul Oliver Thomas (Resigned 17 January 2023)

CHIEF EXECUTIVE OFFICER

Dominic Baker

AUDITOR

Godfrey Wilson Limited 5th Floor Mariner House, 62 Prince Street, Bristol, BS1 4QD

BANK

HSBC

28 Borough High Street, London, SE1 1YB

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REPORT OF THE TRUSTEES

HELLO

On behalf of the Board of Trustees, I am pleased to share with you our report on the charity’s activities and impact in 2022/23.

Since Future Frontiers was founded, we have supported more than 10,000 young people and I would like to take this opportunity to thank everyone who has made this possible.

We have now completed the second year of our strategy for 2021-26 - 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.

This year, we have grown our reach from 1,928 young people in 2021/22 to 2,857 young people from 78 schools in 2022/23.

A key focus over the last year has been rolling out our second year of provision for pupils when they are in Year 11; having piloted with 71 pupils in 2021/22, our amazing programme delivery team were able to provide support for 1,155 Year 11s in 2022/23.

Against the backdrop of the cost of living crisis, a significant challenge this year has been securing business partnerships to engage the number of volunteers we need to support a growing number of Year 10 pupils. In preparation for 2023/24, in which we aim to support ~3,700 young people in London, we have invested in internal capacity and expertise in business development, and are proactively seeking support from our existing network of partners.

Thank you once again to everyone – the teachers, business leaders, volunteer coaches, supporters and advocates – who have worked with us to empower young people on their career journeys and to 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.

I look forward to our continued work to make a difference for young people.

BEN WILLIAMS

CHAIR OF THE BOARD OF TRUSTEES

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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

STRATEGY 2021-26

Our strategy for 2021-26 - Building Lasting Impact - sets out the charity’s plans for the next five years centred around our Strategic Aim:

Between 2021-26, Future Frontiers will design, develop and rigorously evaluate an enhanced multi-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 multiple years. Our programme will inform and inspire, supporting them at each stage of the post-16 application and enrolment process.

2. Our programme achieves 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.

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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.

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THE NEED

We target our support towards disadvantaged young people who face barriers that increase their likelihood of underachieving at school and in further education, which has severe long-term consequences for their life chances.

“Before the programme, there was so much uncertainty and stress about what's going to happen next after GCSEs." Archie, Year 10

"I hadn’t even thought about sixth form, college or A Levels - I didn't even know what T Levels were! You don't really get taught about it at school." Darcy, Year 10

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Whilst we develop our enhanced programme and implement long-term evaluation to understand the programme’s lasting impact for young people’s life chances, we are targeting our support towards disadvantaged young people in London.

In particular, we support young people who are both socio-economically disadvantaged, and who are not predicted to meet the entry requirements for most London sixth forms. These pupils are more likely to face complex post-16 transitions, including choosing from a wide range of technical and vocational courses and moving on to a new college.

To better understand the post-16 trajectories of young people who share the characteristics of those we work with, we have recently worked with Mime Consulting to access historic data from the Department for Education’s National Pupil Database.

*This research includes young people who live in London, are eligible for Free School Meals and have GCSE Attainment 8 between 3-5.

References

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

2. The Careers & Enterprise Company, 2022, Ready for the Future: a review of Careers Education in England 2021/22

  1. Social Mobility Commission, 2021, The road not taken: the drivers of post-16 course selection

4. Department for Education, 2022, Academic year 2021/22: A Level and other 16 to 18 results

  1. Department for Education, 2022, Academic year 2021/22: Level 2 and 3 attainment age 16-25

  2. Department for Education, 2022, Academic year 2020/21: 16-18 destination measures

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

8. Mime Consulting and Future Frontiers, 2023, Data from the Department for Education’s National Pupil Database

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PUPIL TARGETING

We work in partnership with schools in London to target young people aged 14-16 who are at a heightened risk of not fulfilling their potential in their education and careers, in particular:

PUPIL OUTCOMES

We have completed a rigorous theory of change process to design a programme that supports young people to achieve five sequential groups of outcomes that build towards long-term impact.

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MONITORING AND EVALUATION

We have a dedicated Monitoring, Evaluation and Research Team, who are implementing evaluation plans for all five outcomes.

In Year 10, we measure pupils’ progress in career readiness and self-belief using pre- and postself-report surveys, including validated questions from the validated Student Career Readiness Index (SCRI). In Year 11, we measure pupils’ progress through Transition Manager assessment and self-report questions.

To measure the impact on pupils’ engagement and attainment at school, we work with an external evaluator – ImpactEd – to conduct control group comparisons.

To measure longer-term impact on pupils’ post-16 trajectories, we are tracking pupils for three years after the programme and will use this data to conduct analysis against comparison groups formed from national administrative data and commissioned research.

PROGRAMME

We deliver an evidence-based programme of career coaching and guidance for pupils in Years 1011 (aged 14-16) over two academic years to support them to realise their potential at school and achieve post-16 qualifications that build towards secure, fulfilling employment.

The programme is delivered by Future Frontiers Transition Managers, all of whom have experience of working with young people and receive tailored training from our Head of Curriculum (a Level 6 Qualified Careers Advisor) to ensure they can effectively support pupils into further education or training.

Phase 1

Phase 2

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Phase 3

After the Programme

Pupils will study post-16 courses, which may include the following qualifications or a combination:

YOUTH ADVISORY GROUP

Our Youth Advisory Group is composed of young people who have taken part in the first year of the Future Frontiers programme and their purpose is to make sure that young people’s lived experiences are at the heart of programme development. The group meets quarterly and their work feeds into the Programme Sub-committee of the Board of Trustees.

In 2022/23, our Youth Advisory Group:

In 2023/24, our Youth Advisory Group will:

"I signed up for the YAG because I really enjoyed the coaching programme and because I wanted to connect with others my age who I could learn from and develop skills with." Amirah

"I want to inspire young people like me who don't know what to do in their future, and the Youth Advisory Group creates better opportunities for us to explore more." Sukhman

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PARTNERSHIPS

To deliver our programme and maintain a sustainable fundraising model, we work in partnership with state schools, businesses and supporters.

A priority is to ensure that we can deliver a high-quality programme with robust impact evaluation that is accessible to partner schools and reaches young people most in need.

We are grateful to all of our partners and supporters for their help to make a difference for young people.

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ACHIEVEMENTS AND PERFORMANCE

PROGRAMME REACH 2022/23

Since 2013, we have supported more than 10,000 young people.

“As a school we found the whole experience really positive. The business made a real effort to make our students feel welcome and the students were excited to go to such a great workplace in central London. The coaches offered our students guidance and support ranging from careers advice, personal growth and sharing with them their own unique career journeys.”

Assistant Principal, Partner School in Ealing

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BUSINESS PARTNERS AND VOLUNTEERS

We engage businesses to recruit volunteer coaches to support pupils, as an educational employee engagement experience which has a positive societal impact.

Contributions from businesses cover a significant proportion of programme costs. We have also developed an Impact Partnership offer for businesses that want to go above and beyond to deliver social value, for example, by donating and raising funds for Future Frontiers.

“It has been a truly rewarding partnership - over 1,000 colleagues have got involved by participating in fundraising challenges and by volunteering as career coaches for young people. These activities and events have been engaging and inclusive and have made a real difference in lifting colleagues’ spirits to overcome daily pressures.”

James Clarry, COO, Coutts

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IMPACT: PUPIL DEVELOPMENT OUTCOMES

We are pleased to share young people’s progress towards our shorter-term development outcomes, which are important for taking positive next steps into post-16 education or training.

In 2022/23, we worked with 1,702 pupils in Year 10 and 1,155 pupils in Year 11.

“Thank you for teaching me, coaching me, and inspiring me to find out about the career paths and opportunities that may be available in the future. This has made me able to think about my future, which has made me try my best in and out of school to achieve the best I can.”

Aaron, Year 10

IMPACT: EXTERNAL EVALUATION

In 2022, we commissioned ImpactEd to conduct a small-scale preliminary study of Future Frontiers participants’ progress towards our pupil development outcomes of increased engagement and GCSE attainment.

The study involved 71 pupils from 3 schools who participated in the Future Frontiers programme in Years 10 and 11, and a control group of 64 pupils matched for key characteristics, including: school, eligibility for Pupil Premium and attainment at Key Stage 2. Data was collected in Spring 2021, before pupils started the programme, and in Spring 2022.

The findings show that, when compared to a matched control group, Future Frontiers participants:

In addition, a case study with one school found that Future Frontiers participants demonstrated improved behaviour. Future Frontiers participants demonstrated a 12% decrease in negative behaviour points , while the matched control group demonstrated a 9% increase.

We are currently awaiting the findings of a larger-scale study.

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IMPACT: PUPIL DESTINATION OUTCOMES

To evaluate the lasting impact of our programme in line with our theory of change, we are tracking young people for three years to understand their post-16 trajectories, including their entry, completion and achievement of post-16 qualifications, and their progression onwards. We will use this data to complete analysis against comparison groups formed from national administrative data and commissioned research.

Given the time it takes for pupils to complete these stages, so far, we have self-reported post16 entry destination data from a sample of 56 participants who completed the two-year Future Frontiers programme in Summer 2022.

The findings show that:

We will continue to track pupils to understand the lasting impact of our programme on pupils’ post-16 trajectories and life chances.

DYLAN’S STORY

As part of this long-term evaluation, we are speaking with young people about their post-16 journeys. We were delighted to hear from Dylan who was part of the first cohort to complete our two-year programme in 2022 and successfully secured an electrical apprenticeship.

“I am working as an electrician, on an apprenticeship, and I’m getting on well. I have learned loads of different things so far and met lots of different people. I like it because I get to speak to different electricians and learn about other parts of the job.

I’m glad I did an apprenticeship because I think it’s way easier as you get to experience everything whilst learning and it's more practical which suits me. My current boss has offered me a job after my apprenticeship so I think I might stay around here for a bit longer and get more experience, then maybe look for other electrician jobs later on - that’s my current plan for the future.

The programme definitely helped; I wasn't going to do an apprenticeship beforehand because I never knew much about them but the programme gave me the information I needed and made me want to do it.”

Dylan, Electrical Apprentice

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ROSETTIE’S STORY

We spoke to Rosettie when she was in Year 11 to understand the difference that taking part in the Future Frontiers programme over the last two years has made for her.

“Before this, I had no clue what career I wanted. I knew I wanted to do something that involved working with children - I get along with kids, probably because I have lots of siblings - but I did not know the ins and outs such as what my options were or what degrees I could study.

The programme was really helpful - I am a stubborn person sometimes and I thought it was going to be like school and be a bit boring, but it was actually really helpful and fun. The coaches are really good listeners and they really helped us.

I liked that I got to have a one-to-one conversation with a coach who has already gone through experiences that I will have to go through in the future, like GCSEs. It was comforting knowing my coach had been through that and that she knew what she was talking about. I liked talking to my coach, she was nice - we spoke about how I found school and what interested me.

After my coaching sessions, I had two career options in mind: a paediatrician and a nurse.

Going into Year 11, it is more stressful than Year 10 because there is so much to balance at once. You have to pass your exams, you have to figure out what sixth forms you can go to and you have to study in between. On top of that you have to ask yourself “what am I going to do in the future?” - you get a bit stressed when you think about it.

The careers interview with my Transition Manager was helpful and comforting in a way. We talked about what I wanted to do in the future, what interests me, what sixth form I want to go to, and what grades I would need to achieve to become who I want to become.

My plan A is to go into sixth form and do A Levels. My back-up plan is to go to college and then take T Levels or BTECs. To achieve my plan A, I will do lots of revision - as soon as I get home I will be revising! I have to work in order to achieve what I want to achieve.

I am thinking about my future now, that is my drive. Now that I have an idea of ” what to do, I feel assured and more secure - I’m not clueless anymore .

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FINANCIAL REVIEW

Future Frontiers has navigated the economic uncertainties and effects of the cost of living crisis to maintain a stable financial position and strong relationships with schools, businesses and supporters.

Our primary drivers for growth in income compared to 2021/22 include increasing our costs to business partners and increasing fundraising activity in order to support a growing number of young people over an extended period of two academic years.

We have been able to meet our reserves policy and are in a good position to continue our work in line with our strategy for 2021-26.

INCOME

In 2022/23, total income was £1,535,458 through a combination of income streams:

EXPENDITURE

In 2022/23, total expenditure was £1,534,828 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 £356,950 to £713,899 at the end of the 2022/23 financial year.

The balance sheet shows total funds of £515,762, including restricted funds of £139,221, and remaining general funds of £376,541. This meets our reserves policy.

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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. We have a live risk register which is reviewed at quarterly Trustee meetings.

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 upon joining the charity (and have annual top-up training) 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.

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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 multi-year programme that achieves meaningful, long-term impact at the post-16 transition, transforming the life chances of disadvantaged young people.

In 2023/24, we will build upon our work last year to progress each of these five areas:

1. Monitoring, Evaluation and Research We will continue to implement our long-term evaluation plan and use data from the Department for Education to gain further insights into the post-16 transition.

2. Programme Design and Development We will work with our Youth Advisory Group to develop our programme and review ideas for a further extension to our core programme.

3. Programme Delivery

4. Sustainability We will work more closely with businesses to deliver long-term social impact.

5. Operations We will improve our CRM system and continue our drive to support our team to thrive, including the development of our EDI Working Group.

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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 Senior Leadership Team of three Department Directors responsible for Programmes, Operations and Fundraising, and from a Full Leadership Team of six Heads of functions.

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 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.

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FUNDRAISING

Fundraising is led by the Director 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 is focused on major giving from trusts and foundations and major donors, and on corporate partnerships. We also encourage individual and volunteer fundraising.

The Director of Fundraising manages a small team of a Senior 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 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.

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

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TRUSTEES’ STATEMENT OF RESPONSIBILITIES

The Trustees, who are also Directors of Future Frontiers for the purposes of company law, are responsible for preparing our Report of the Trustees and 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 that Trustees prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

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.

In so far as the Trustees are aware, the Trustees confirm that:

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

This report was approved by the Trustees on 2 November 2023 and signed on their behalf by:

BEN WILLIAMS, CHAIR OF THE BOARD OF TRUSTEES

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

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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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:

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.

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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.

▪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.

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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: 2 November 2023

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

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

28

Future Frontiers Ltd

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

For the year ended 30 June 2023

Restricted Unrestricted
Note
£
£
Income from:
Donations
3
386,020
378,418
Charitable activities
4
-
761,770
Other
-
9,250
Total income
386,020
1,149,438
Expenditure on:
Raising funds
-
146,252
Charitable activities
364,093
1,024,483
Total expenditure
6
364,093
1,170,735
7
21,927
(21,297)
Reconciliation of funds:
Total funds brought forward
117,294
397,838
Total funds carried forward
139,221
376,541
Net income / (expenditure) and
movement in funds		 2023
Total
£
764,438
761,770
9,250
1,535,458
146,252
1,388,576
1,534,828
630
515,132
515,762		 2022
Total
£
522,458
690,225
7,096
1,219,779
116,786
980,978
1,097,764
122,015
393,117
515,132

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.

29

Future Frontiers Ltd

Balance sheet

As at 30 June 2023

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
14
Funds
15
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
325,159
330,846
656,005
(150,118)		 2023
£
9,875
505,887
515,762
139,221
-
376,541
515,762		 2022
£
7,098
244,633
373,826
618,459
(110,425)
508,034
515,132
117,294
65,000
332,838
515,132

Total charity funds

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

Approved by the trustees on 2 November 2023 and signed on their behalf by

Ben Williams - Chair

30

Future Frontiers Ltd

Statement of cash flows

For the year ended 30 June 2023

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
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		 2023
£
630
7,721
623
(80,526)
39,693
(31,859)
(11,121)
(11,121)
(42,980)
373,826
330,846		 2022
£
122,015
7,453
-
(161,244)
36,090
4,314
(8,263)
(8,263)
(3,949)
377,775
373,826

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

31

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

1. Accounting policies

a) Basis of preparation

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

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.

Income received from business impact partnerships consists of an unrestricted donation and income for services. The donation is recognised on the date the impact partnership contract is signed, as this is when the charity is deemed to have entitlement to the funds and receipt is probable. The income for services is recognised in the period in which the services are delivered.

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.

32

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

e) Interest receivable

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

f) Funds accounting

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

g) Expenditure and irrecoverable VAT

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

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

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of direct costs as follows:

2023 2022
Raising funds 9.5% 10.6%
Charitable activities 90.5% 89.4%

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.

33

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

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 sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

34

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Charitable activities
Other
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income and net movement in funds		 Restricted
£
£
273,964
248,494
-
690,225
-
7,096
273,964
945,815
-
116,786
232,034
748,944
232,034
865,730
41,930
80,085
Unrestricted		 2022
Total
£
522,458
690,225
7,096
1,219,779
116,786
980,978
1,097,764
122,015

35

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

3. Income from donations

Income from donations
Anonymous
Allen & Overy LLP
Atkins and Faithful+Gould
AXIS Specialty Europe SE
Coutts
Expedition Growth Capital
Garfield Weston Foundation
Goldman Sachs Gives
Hyde Park Place Estate Charity
Individual donations
Kusuma Trust UK
Lawrence Atwell's Charity
Management Consultancies Association Awards
Marex
Salters' Charitable Foundation
St James's Place Charitable Foundation
Swire Charitable Trust
The Charles S French Charitable Trust
The Forrester Family Trust
The Golden Bottle Trust
The Hiscox Foundation
The Progress Foundation
The Rayne Foundation
The Stewarts Foundation
The Topinambour Trust
Walcot Foundation
Wellington Management UK Foundation
Westminster Foundation
William Wates Memorial Trust
Small donations < £5k
Total income from donations
Wimbledon Foundation Community Fund at The
London Community Foundation		 Restricted
£
£
109,100
-
-
22,200
-
19,453
-
5,000
134,281
-
-
18,000
-
40,000
-
20,000
5,000
-
-
26,466
25,000
-
7,789
-
-
12,443
-
13,450
10,000
-
30,000
-
-
25,000
7,500
-
-
25,000
-
5,000
13,400
-
-
15,000
-
20,000
-
30,000
-
6,063
18,500
-
-
50,000
10,000
-
-
15,000
6,750
-
8,700
10,343
386,020
378,418
Unrestricted		 2023
Total
£
109,100
22,200
19,453
5,000
134,281
18,000
40,000
20,000
5,000
26,466
25,000
7,789
12,443
13,450
10,000
30,000
25,000
7,500
25,000
5,000
13,400
15,000
20,000
30,000
6,063
18,500
50,000
10,000
15,000
6,750
19,043
764,438

36

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

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

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
£
£
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		 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

4. Income from charitable activities

School income
Business income
Total income from charitable activities		 Restricted
£
£
-
161,725
-
600,045
-
761,770
Unrestricted		 2023
Total
£
161,725
600,045
761,770		 2022
Total
£
95,590
594,635
690,225

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

5. Government grants

The charitable company received no government grants during the year. The total value of such grants in the period ending 30 June 2022 was £2,000 from the Education and Skills Funding Agency. There were no unfulfilled conditions or contingencies attaching to these grants in 2021/22.

37

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

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 £11,003 (2022:
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
£
107,077
-
-
7,812
-
-
-
-
-
-
114,889
31,363
146,252
£10,144)
Raising
funds
£
82,714
-
-
2,489
-
-
-
-
-
-
85,203
31,583
116,786		 Charitable
activities
£
986,841
103,959
-
-
-
-
-
-
-
-
1,090,800
297,776
1,388,576
Charitable
activities
£
632,861
82,823
-
-
-
-
-
-
-
-
715,684
265,294
980,978		 Support and
governance
costs
£
164,106
-
33,344
-
92,956
10,177
780
11,003
9,052
7,721
329,139
(329,139)
-
Support and
governance
costs
£
138,298
-
28,128
-
73,509
9,388
18,840
10,144
11,117
7,453
296,877
(296,877)
-		 2023 Total
£
1,258,024
103,959
33,344
7,812
92,956
10,177
780
11,003
9,052
7,721
1,534,828
-
1,534,828
2022 Total
£
853,873
82,823
28,128
2,489
73,509
9,388
18,840
10,144
11,117
7,453
1,097,764
-
1,097,764

38

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

7. Net movement in funds

This is stated after charging:

Depreciation
Loss on disposal of fixed assets
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit (excluding VAT)
Other services (excluding VAT)		 2023
£
7,721
623
Nil
Nil
7,200
270		 2022
£
7,453
Nil
Nil
510
6,000
-

In the prior year two trustees received reimbursement of travel and compliance expenses during the year worth £510.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2023
£
1,110,222
120,489
27,313
1,258,024		 2022
£
767,089
65,988
20,796
853,873

One employee (2022: one) earns more than £60,000. Total earnings fell within the £70,000 to £80,000 bracket (2022: £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 £88,635 (2022: £83,135).

Average head count 2023
No.
30		 2022
No.
22

9. Taxation

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

39

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

10. Tangible fixed assets

Cost
At 1 July 2022
Additions in year
Disposals in year
At 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
On disposals
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022
11. Debtors
Trade debtors
Prepayments
Accrued income
Other debtors		 £
360
-
-
360
120
120
-
240
120
240
Office
equipment		 £
26,772
11,121
(15,839)
22,054
19,914
7,601
(15,216)
12,299
9,755
6,858
2023
£
263,600
29,319
16,660
15,580
325,159
Computer
equipment		 Total
£
27,132
11,121
(15,839)
22,414
20,034
7,721
(15,216)
12,539
9,875
7,098
2022
£
187,785
19,434
21,834
15,580
244,633

40

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

12. Creditors : amounts due within 1 year

12. Creditors : amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Other creditors
Deferred income (see note 13)
13. Deferred income
At 1 July 2022
Deferred during the year
Released during the year
At 30 June 2023		 2023
£
11,249
54,370
34,525
8,799
41,175
150,118
2023
£
31,515
41,175
(31,515)
41,175		 2022
£
5,065
41,320
27,287
5,238
31,515
110,425
2022
£
61,854
31,515
(61,854)
31,515

Deferred income consists of income received in advance of school and business programme

14. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 June 2023
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 June 2022		 £
-
117,294
-
117,294
Restricted
funds		 £
-
139,221
-
139,221
£
-
65,000
-
65,000
Restricted
funds
Designated
funds		 £
9,875
516,784
(150,118)
376,541
£
7,098
436,165
(110,425)
332,838
General
funds
General
funds		 Total
funds
£
9,875
656,005
(150,118)
515,762
Total
funds
£
7,098
618,459
(110,425)
515,132

41

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

15. Movements in funds

Restricted funds
Anonymous
Coutts
Hyde Park Place Estate Charity
Kusuma Trust UK
Lawrence Atwell's Charity
Salters' Charitable Foundation
St James's Place Charitable Foundation
The Charles S French Charitable Trust
The Clothworkers' Foundation
The Gosling Foundation
The Hiscox Foundation
The Portal Trust
The Robert Gavron Charitable Trust
Walcot Foundation
Westminster Foundation
Small funds < £5k
Total restricted funds
Designated funds:
Delivery of Strategy
General funds
Total unrestricted funds
Total funds
Wimbledon Foundation Community Fund
at The London Community Foundation
Unrestricted funds		 At 1 July
2022
£
-
-
-
25,000
-
-
-
294
50,000
-
35,000
5,000
-
-
-
2,000
117,294
65,000
332,838
397,838
515,132		 Income
£
109,100
134,281
5,000
25,000
7,789
10,000
30,000
7,500
-
-
13,400
-
-
18,500
10,000
6,750
8,700
386,020
25,000
1,124,438
1,149,438
1,535,458		 £
£
(21,129)
87,971
(134,281)
-
(2,500)
2,500
(50,000)
-
(7,789)
-
-
10,000
(5,000)
25,000
(7,500)
-
(294)
-
(50,000)
-
(13,400)
-
(35,000)
-
(5,000)
-
(18,500)
-
(5,000)
5,000
-
6,750
(8,700)
2,000
(364,093)
139,221
(90,000)
-
(1,080,735)
376,541
(1,170,735)
376,541
(1,534,828)
515,762
Expenditure
At 30 June
2023		 £
£
(21,129)
87,971
(134,281)
-
(2,500)
2,500
(50,000)
-
(7,789)
-
-
10,000
(5,000)
25,000
(7,500)
-
(294)
-
(50,000)
-
(13,400)
-
(35,000)
-
(5,000)
-
(18,500)
-
(5,000)
5,000
-
6,750
(8,700)
2,000
(364,093)
139,221
(90,000)
-
(1,080,735)
376,541
(1,170,735)
376,541
(1,534,828)
515,762
Expenditure
At 30 June
2023
139,221
-
376,541
376,541
515,762

42

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

15. Movements in funds Purposes of restricted funds Anonymous Towards a technology development project. Coutts Towards the development and delivery of an enhanced two-year programme of career coaching and guidance for disadvantaged young people.

Hyde Park Place Estate Towards supporting young people from Westminster to take part Charity in the Future Frontiers programme in 2022/23 and 2023/24. Kusuma Trust UK Towards supporting disadvantaged young people to take part in the Future Frontiers programme in London in 2022/23. Lawrence Atwell's Charity Towards supporting young people, including from Skinners' Academy, to take part in the Future Frontiers programme in 2022/23.

Salters' Charitable Foundation Towards supporting young people to take part in the Future Frontiers programme in 2023/24. St James's Place Charitable Towards the salary of a Transition Manager to deliver the Future Foundation Frontiers programme in 2022/23 and 2023/24. The Charles S French Towards supporting young people from North East London to Charitable Trust take part in the Future Frontiers programme in 2022/23. The Clothworkers' Foundation Towards IT equipment. The Gosling Foundation, The Towards supporting young people to take part in the Future Hiscox Foundation and The Frontiers programme in 2022/23. Robert Gavron Charitable Trust The Portal Trust Towards supporting disadvantaged young people to take part in the Future Frontiers programme in Inner London boroughs in 2022/23.

Walcot Foundation Towards supporting young people from Lambeth to take part in the Future Frontiers programme in 2022/23.

Westminster Foundation Towards supporting disadvantaged young people from Westminster to take part in the Future Frontiers programme in 2022/23 and 2023/24.

Wimbledon Foundation Towards supporting young people from Wandsworth to take part Community Fund at The in the Future Frontiers programme in 2023/24. London Community Foundation

Small funds < £5k Consists of funding from: Ashurst LLP, Souter Charitable Trust, Tallow Chandlers’ Benevolent Fund and The Hedley Foundation.

43

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

15. Movements in funds (continued) Purposes of designated funds Delivery of Strategy

Towards supporting the implementation of the updated five year strategic plan (2021-2026). This fund has been fully spent in 2022/23.

Prior period comparative

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

44

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2023

16. Operating lease commitments

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

follows:
Amount falling due:
Within 1 year
Within 1 - 5 years		 2023
£
18,320
-
18,320		 2022
£
14,625
-
14,625

17. Related party transactions

Raza Ali, a trustee of Future Frontiers until 5 May 2023, 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 (2022: £900). At 30 June 2023, there were no amounts outstanding (2022: £900). All transactions were carried out at arms length.

Oliver Thomas, a trustee of Future Frontiers until 17 January 2023, is also a director of Expedition Growth Capital Limited. During the year, Future Frontiers received £2,000 for impact partnership activities and the use of Future Frontier's logo, along with an £18,000 unrestricted donation (2022: £Nil). At 30 June 2023, £20,000 was outstanding (2022: £Nil).

45

future FRONTIERS futurefrontiers.org.uk Registered with FR FUNDRAISING REGULATOR