## **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|



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** 

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 

3 



## **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** 


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: 

- Improving the academic progress of socio-economically disadvantaged young people; and 

- Providing educational support to socio-economically disadvantaged young people. 

## 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. 

5 



**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. 


6 



## **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** 

7 



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_ 

3. 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_ 

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

6. 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_ 

8 



## **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: 

- **Pupils eligible for Pupil Premium;** this funding is granted to schools by the government to improve disadvantaged pupils’ education outcomes. 

- **Pupils with average predicted GCSE grades of 3-5 for core subjects** ; these pupils are not predicted to meet the entry requirements for most London sixth forms and are therefore 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. 

## **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. 


9 



## **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** 

- **Career Coaching:** Pupils take part in six hours (four 90-minute) career coaching sessions with a trained volunteer from one of our business partners. Sessions are hosted at our business partners’ offices and facilitated by Future Frontiers Transition Managers. 

**Phase 2** 

- **Bridging Session:** Transition Managers deliver virtual sessions for pupils and parents/carers to provide accessible information about what to expect during the post-16 transition into further education or training. 

- **One-to-one careers interview:** Pupils have a 60-minute careers interview with a Transition Manager at their school to review their goals and develop an action plan towards a post-16 destination that aligns with their career aspirations and predicted GCSE grades, including a first-choice and back-up option. 

- **Action plan:** We share pupils’ action plans with their support network of their school and parents/carers. 

10 



## **Phase 3** 

- **Targeted one-to-one check-ins:** Young people most at risk of not achieving their action plan independently have an additional 30-minute session with a Transition Manager at their school to review their action plan and ensure completion of outstanding post-16 course applications. 

- **Pre- enrolment resources:** We provide pupils and their parents/carers with accessible information, including a checklist of what they need to do to complete post-16 enrolment. 

- **GCSE results week and post-16 enrolment support:** We proactively call pupils and parents/carers, as well as provide a helpline, to help young people understand whether their GCSE grades enable them to enrol on one of their chosen post-16 courses, help to find an alternative course if required, and provide guidance on completing enrolment ready for September. 

## **After the Programme** 

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

- BTEC Level 1 

- BTEC Level 2 

- BTEC Level 3 

- A Levels 

- T Levels 

- Apprenticeship. 

## **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: 

- reviewed the handbook that Year 10 pupils work through during their career coaching sessions to update the activities to better serve young people 

- gave feedback on the one-to-one careers interviews pupils have in Year 11 to highlight which aspects were most helpful 

- shared insights into the barriers that young people are facing as they approach the post16 transition to inform further programme development, drawing upon their own personal experiences of education and careers guidance 

- acted as advocates for the Future Frontiers mission, for example, by joining our first Stay Connected event for our network of partners and supporters 

- took part in skills development sessions on CV writing and networking. 

In 2023/24, our Youth Advisory Group will: 

- develop online content for the Future Frontiers website to provide additional support for young people, for example, helpful resources and top tips 

- create youth-led communications for engaging with partners 

- identify top skills they want to develop with support from Future Frontiers. 

_"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** 

11 



## **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. 



12 



## **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** 

13 



## **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** 



14 



## **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: 

- **demonstrated higher levels of school attendance,** attending an additional 5.6 days of school in a term. If maintained across an academic year, this equates to an additional 17 days in school / 110 hours of learning. 

- **made more progress in GCSE maths** . We observed a statistically significant increase of 6.4% between pupils’ ‘working at’ grades at the start of the programme and their actual GCSE results; this difference was only a 0.9% increase for the control group. 

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. 

15 



## **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: 

- **100%** of pupils entered a post-16 qualification; none were NEET (not in education, employment or training). 

- **93%** of pupils entered a post-16 qualification at an appropriate level (rather than lower, which is a risk for our target pupils). 

- **77%** of pupils entered a post-16 qualification at an appropriate level and in a subject that matches their career aspirations. 

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** 

16 



## **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** ._ 

17 



THANK YOU
IMPACT PARTNERS
*4LLtN & OVEIIY
AUdn8PaeNB
** exped. ition _
MAREX
PROGRAMME PARTNERS
AMTRUST FIIIAIICIAL
FIRST RATE EXCHA14GE
SERVICES
LATHAAI & WATKIIIS
SPARK FOUIIDTtY
AIINALECT
MACMILLAN CAIICER
SVPPORT
5TEWART5
FOUR
ARES MAIIAGEAIENY
surroN WIN50N
FRONTIER ECONOMICS
MARKETAXESS
ARGU5 MEDIA
TAL80T UIIDERWRITING
F5CS
THE MAVERICK GROUP
A5HVR5T
TEIIEO HOLDINGS
FLIIIDAME14TAL MEDIA
MEDIAHUB WORLDWIDE
AXIS CAPITAL
THE7STAR9
GEIITRACK
MINDSHARE
BA14KIt4G CIRCLE
GLOBALWEBIFIDEX
MOIIEYCORP
THOUGHT MACHINE
BLEIIHEIM UIIDERWRITING
GSA CAPITAL
NEWLAIID CHASE
TOXIO MARINE KILII
BLUEBAY ASSE[
MAIIAGEMEI
HIBQB
NÈXY EIIERGY CAPITAL
UK POWER 14ETWORXS
Icp
THE OFFICE GROUP
VELOCITY PAIITIIERS
THE BRIMSH ACADEMY
IFF RESEARCH
PA MEDIA
VIAPLAY
BROADRIDGE FIIIANCIAL
SOLUTIOIIS
INFORIAA
PANTHEON VENTURES
VITALITY UK
IirrERIIATIQNAL SOS
PJT
WEDLAKE BELL
CITADEL
INVESTEC
PRI
WELUNGTOFI
MANAGEME14T
CLEARSTREAM
IQVIA
PUBLIC15 5APIE14T
CONISBEE
ITERABLE
QUINTE55EIITIALLY
WESTPAC
CSM
JELLYF15H
RE-SOURCE5 UK
DC ADV150RY
JM FINII
ROLAIID BERGER
WORLEY
THE DELTA GROUP
KE1114EDYS
RYDER REID
YEXT
DP9
KOTO
SALTERBAXTER
ZAHA HADID ARCHITECTS
EL>F TRADING
LANOOR & FITCH
SMITH & IIEPHEW
ZAIZI
FEVER-TREE
LANGHAM HALL
SOMPO INTERIIATIONAL
IOOPLA
SUPPORTERS
includinft those who wish to remain anonymous
THE
COMSXIERED
oldman
HISCOX
Giiies
UK
.5E*
5WIStE
CH4AIT AOLE
TRV5r
rAr#)
18

## **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: 

- **£761,770** (49.6%) was earned through our charitable activities, including contributions towards programme costs from partner schools and businesses. 

- **£764,438** (49.8%) was income from fundraising, including grants and donations from organisations and individuals. 

- **£9,250** (0.6%) was income from other trading and payments. 

## **EXPENDITURE** 

In 2022/23, total expenditure was **£1,534,828** including: 

- **£1,388,576** (90.5%) on our charitable activities through the delivery of the Future Frontiers coaching programme. 

- **£146,252** (9.5%) on raising funds. 

## **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. 

19 



## **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. 

20 



## **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** 

   - We aim to work with ~3,700 pupils across Years 10 and 11. 

**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. 

21 



## **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. 

22 



## **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. 

23 



## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities Statement of Recommended Practice (SORP); 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable United Kingdom Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charitable company will continue in business. 

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: 

- there is no relevant audit information of which the charitable company’s auditors are unaware; and 

- the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

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** 

24 



## **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: 

- give a true and fair view of the state of the charity's affairs as at 30 June 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

25 



## **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: 

- the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees’ report have been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; 

- the financial statements are not in agreement with the accounting records and returns; 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- ▪ we have not obtained all the information and explanations necessary for the purposes of our audit. 

## **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. 

26 



## **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: 

- identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance; 

- detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and 

- designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud. 

(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. 

27 



## **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<br>Note<br>£<br>£<br>**Income from:**<br>Donations<br>3<br>386,020<br>378,418<br>Charitable activities<br>4<br>-<br>761,770<br>Other<br>-<br>9,250<br>**Total income**<br>386,020<br>1,149,438<br>**Expenditure on:**<br>Raising funds<br>-<br>146,252<br>Charitable activities<br>364,093<br>1,024,483<br>**Total expenditure**<br>6<br>364,093<br>1,170,735<br>7<br>21,927<br>(21,297)<br>**Reconciliation of funds:**<br>Total funds brought forward<br>117,294<br>397,838<br>**Total funds carried forward**<br>139,221<br>376,541<br>**Net income / (expenditure) and**<br>**movement in funds**|**2023**<br>**Total**<br>**£**<br>**764,438**<br>**761,770**<br>**9,250**<br>**1,535,458**<br>**146,252**<br>**1,388,576**<br>**1,534,828**<br>**630**<br>**515,132**<br>**515,762**|2022<br>Total<br>£<br>522,458<br>690,225<br>7,096|
|---|---|---|
|||1,219,779|
|||116,786<br>980,978|
|||1,097,764|
|||122,015<br>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<br>**Fixed assets**<br>Tangible assets<br>10<br>**Current assets**<br>Debtors<br>11<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due within 1 year<br>12<br>**Net current assets**<br>**Net assets**<br>14<br>**Funds**<br>15<br>Restricted funds<br>Unrestricted funds<br>Designated funds<br>General funds<br>**Total charity funds**|**£**<br>**325,159**<br>**330,846**<br>**656,005**<br>**(150,118)**|**2023**<br>**£**<br>**9,875**<br>**505,887**<br>**515,762**<br>**139,221**<br>**-**<br>**376,541**<br>**515,762**|2022<br>£<br>7,098<br>244,633<br>373,826|
|---|---|---|---|
||||618,459<br>(110,425)|
||||508,034|
||||515,132|
||||117,294<br>65,000<br>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:**<br>Net movement in funds<br>Adjustments for:<br>Depreciation charges<br>Loss on disposal of fixed assets<br>Decrease / (increase) in debtors<br>Increase / (decrease) in creditors<br>**Net cash provided by / (used in) operating activities**<br>**Cash flows from investing activities:**<br>Purchase of tangible fixed assets<br>**Net cash provided by / (used in) investing activities**<br>**Increase / (decrease) in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|**2023**<br>**£**<br>**630**<br>**7,721**<br>**623**<br>**(80,526)**<br>**39,693**<br>**(31,859)**<br>**(11,121)**<br>**(11,121)**<br>**(42,980)**<br>**373,826**<br>**330,846**|2022<br>£<br>122,015<br>7,453<br>-<br>(161,244)<br>36,090|
|---|---|---|
|||4,314|
|||(8,263)|
|||(8,263)|
|||(3,949)<br>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:**<br>Donations<br>Charitable activities<br>Other<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>**Total expenditure**<br>**Net income and net movement in funds**|Restricted<br>£<br>£<br>273,964<br>248,494<br>-<br>690,225<br>-<br>7,096<br>273,964<br>945,815<br>-<br>116,786<br>232,034<br>748,944<br>232,034<br>865,730<br>41,930<br>80,085<br>Unrestricted|2022<br>Total<br>£<br>522,458<br>690,225<br>7,096|
|---|---|---|
|||1,219,779|
|||116,786<br>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<br>Allen & Overy LLP<br>Atkins and Faithful+Gould<br>AXIS Specialty Europe SE<br>Coutts<br>Expedition Growth Capital<br>Garfield Weston Foundation<br>Goldman Sachs Gives<br>Hyde Park Place Estate Charity<br>Individual donations<br>Kusuma Trust UK<br>Lawrence Atwell's Charity<br>Management Consultancies Association Awards<br>Marex<br>Salters' Charitable Foundation<br>St James's Place Charitable Foundation<br>Swire Charitable Trust<br>The Charles S French Charitable Trust<br>The Forrester Family Trust<br>The Golden Bottle Trust<br>The Hiscox Foundation<br>The Progress Foundation<br>The Rayne Foundation<br>The Stewarts Foundation<br>The Topinambour Trust<br>Walcot Foundation<br>Wellington Management UK Foundation<br>Westminster Foundation<br>William Wates Memorial Trust<br>Small donations < £5k<br>**Total income from donations**<br>Wimbledon Foundation Community Fund at The<br>London Community Foundation|Restricted<br>£<br>£<br>109,100<br>-<br>-<br>22,200<br>-<br>19,453<br>-<br>5,000<br>134,281<br>-<br>-<br>18,000<br>-<br>40,000<br>-<br>20,000<br>5,000<br>-<br>-<br>26,466<br>25,000<br>-<br>7,789<br>-<br>-<br>12,443<br>-<br>13,450<br>10,000<br>-<br>30,000<br>-<br>-<br>25,000<br>7,500<br>-<br>-<br>25,000<br>-<br>5,000<br>13,400<br>-<br>-<br>15,000<br>-<br>20,000<br>-<br>30,000<br>-<br>6,063<br>18,500<br>-<br>-<br>50,000<br>10,000<br>-<br>-<br>15,000<br>6,750<br>-<br>8,700<br>10,343<br>386,020<br>378,418<br>Unrestricted|**2023**<br>**Total**<br>**£**<br>**109,100**<br>**22,200**<br>**19,453**<br>**5,000**<br>**134,281**<br>**18,000**<br>**40,000**<br>**20,000**<br>**5,000**<br>**26,466**<br>**25,000**<br>**7,789**<br>**12,443**<br>**13,450**<br>**10,000**<br>**30,000**<br>**25,000**<br>**7,500**<br>**25,000**<br>**5,000**<br>**13,400**<br>**15,000**<br>**20,000**<br>**30,000**<br>**6,063**<br>**18,500**<br>**50,000**<br>**10,000**<br>**15,000**<br>**6,750**<br>**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<br>AXIS Specialty Europe<br>Coutts<br>The Clothworkers' Foundation<br>The Childhood Trust<br>ED&F Man<br>Kusuma Trust UK<br>The Give for Good Russell Family Charitable Trust<br>The Gosling Foundation<br>The Linbury Trust<br>The Portal Trust<br>Garfield Weston<br>Goldman Sachs Gives<br>Individual donations<br>The Big ASK<br>The Robert Gavron Charitable Trust<br>The Forrester Family Trust<br>The Progress Foundation<br>Swire Charitable Trust<br>Wellington Management UK Foundation<br>Small donations < £5k<br>**Total income from donations**|Restricted<br>£<br>£<br>5,000<br>9,100<br>5,000<br>-<br>87,114<br>-<br>9,800<br>-<br>-<br>5,000<br>14,550<br>-<br>25,000<br>-<br>5,000<br>-<br>50,000<br>-<br>25,000<br>-<br>35,000<br>-<br>-<br>40,000<br>-<br>30,000<br>-<br>12,394<br>-<br>40,000<br>5,000<br>-<br>-<br>25,000<br>-<br>15,000<br>-<br>25,000<br>-<br>46,000<br>7,500<br>1,000<br>273,964<br>248,494<br>Unrestricted|2022<br>Total<br>£<br>14,100<br>5,000<br>87,114<br>9,800<br>5,000<br>14,550<br>25,000<br>5,000<br>50,000<br>25,000<br>35,000<br>40,000<br>30,000<br>12,394<br>40,000<br>5,000<br>25,000<br>15,000<br>25,000<br>46,000<br>8,500|
|---|---|---|
|||522,458|



**4. Income from charitable activities** 

|School income<br>Business income<br>**Total income from charitable activities**|Restricted<br>£<br>£<br>-<br>161,725<br>-<br>600,045<br>-<br>761,770<br>Unrestricted|**2023**<br>**Total**<br>**£**<br>**161,725**<br>**600,045**<br>**761,770**|2022<br>Total<br>£<br>95,590<br>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)<br>Other direct costs<br>Training, wellbeing and recruitment costs<br>Fundraising costs<br>Premises costs<br>Travel and subsistence<br>Consultancy<br>Governance costs<br>General admin costs<br>Depreciation<br>**Sub-total**<br>Allocation of support and governance costs<br>**Total expenditure**<br>Total governance costs were £11,003 (2022:<br>**Prior period comparative**<br>Staff costs (note 8)<br>Other direct costs<br>Training, wellbeing and recruitment costs<br>Fundraising costs<br>Premises costs<br>Travel and subsistence<br>Consultancy<br>Governance costs<br>General admin costs<br>Depreciation<br>**Sub-total**<br>Allocation of support and governance costs<br>**Total expenditure**|Raising<br>funds<br>£<br>107,077<br>-<br>-<br>7,812<br>-<br>-<br>-<br>-<br>-<br>-<br>114,889<br>31,363<br>**146,252**<br>£10,144)<br>Raising<br>funds<br>£<br>82,714<br>-<br>-<br>2,489<br>-<br>-<br>-<br>-<br>-<br>-<br>85,203<br>31,583<br>**116,786**|Charitable<br>activities<br>£<br>986,841<br>103,959<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,090,800<br>297,776<br>**1,388,576**<br>Charitable<br>activities<br>£<br>632,861<br>82,823<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>715,684<br>265,294<br>**980,978**|Support and<br>governance<br>costs<br>£<br>164,106<br>-<br>33,344<br>-<br>92,956<br>10,177<br>780<br>11,003<br>9,052<br>7,721<br>329,139<br>(329,139)<br>**-**<br>Support and<br>governance<br>costs<br>£<br>138,298<br>-<br>28,128<br>-<br>73,509<br>9,388<br>18,840<br>10,144<br>11,117<br>7,453<br>296,877<br>(296,877)<br>**-**|**2023 Total**<br>**£**<br>**1,258,024**<br>**103,959**<br>**33,344**<br>**7,812**<br>**92,956**<br>**10,177**<br>**780**<br>**11,003**<br>**9,052**<br>**7,721**|
|||||**1,534,828**<br>**-**|
|||||**1,534,828**|
|||||**2022 Total**<br>**£**<br>**853,873**<br>**82,823**<br>**28,128**<br>**2,489**<br>**73,509**<br>**9,388**<br>**18,840**<br>**10,144**<br>**11,117**<br>**7,453**|
|||||**1,097,764**<br>**-**|
|||||**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<br>Loss on disposal of fixed assets<br>Trustees' remuneration<br>Trustees' reimbursed expenses<br>Auditors' remuneration:<br>Statutory audit (excluding VAT)<br>Other services (excluding VAT)|**2023**<br>**£**<br>**7,721**<br>**623**<br>**Nil**<br>**Nil**<br>**7,200**<br>**270**|2022<br>£<br>7,453<br>Nil<br>Nil<br>510<br>6,000<br>-|
|---|---|---|



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<br>Social security costs<br>Pension costs|**2023**<br>**£**<br>**1,110,222**<br>**120,489**<br>**27,313**<br>**1,258,024**|2022<br>£<br>767,089<br>65,988<br>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**<br>**No.**<br>**30**|2022<br>No.<br>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**<br>At 1 July 2022<br>Additions in year<br>Disposals in year<br>At 30 June 2023<br>**Depreciation**<br>At 1 July 2022<br>Charge for the year<br>On disposals<br>At 30 June 2023<br>**Net book value**<br>**At 30 June 2023**<br>At 30 June 2022<br>**11. Debtors**<br>Trade debtors<br>Prepayments<br>Accrued income<br>Other debtors|**£**<br>360<br>-<br>-<br>360<br>120<br>120<br>-<br>240<br>**120**<br>240<br>**Office**<br>**equipment**|**£**<br>26,772<br>11,121<br>(15,839)<br>22,054<br>19,914<br>7,601<br>(15,216)<br>12,299<br>**9,755**<br>6,858<br>**2023**<br>**£**<br>**263,600**<br>**29,319**<br>**16,660**<br>**15,580**<br>**325,159**<br>**Computer**<br>**equipment**|**Total**<br>**£**<br>**27,132**<br>**11,121**<br>**(15,839)**|
|---|---|---|---|
||||**22,414**|
||||**20,034**<br>**7,721**<br>**(15,216)**|
||||**12,539**|
||||**9,875**|
||||7,098|
||||2022<br>£<br>187,785<br>19,434<br>21,834<br>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<br>Accruals<br>Other taxation and social security<br>Other creditors<br>Deferred income (see note 13)<br>**13. Deferred income**<br>At 1 July 2022<br>Deferred during the year<br>Released during the year<br>At 30 June 2023|**2023**<br>**£**<br>**11,249**<br>**54,370**<br>**34,525**<br>**8,799**<br>**41,175**<br>**150,118**<br>**2023**<br>**£**<br>**31,515**<br>**41,175**<br>**(31,515)**<br>**41,175**|2022<br>£<br>5,065<br>41,320<br>27,287<br>5,238<br>31,515|
|||110,425|
|||2022<br>£<br>61,854<br>31,515<br>(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<br>Current assets<br>Current liabilities<br>**Net assets at 30 June 2023**<br>**Prior period comparative**<br>Tangible fixed assets<br>Current assets<br>Current liabilities<br>**Net assets at 30 June 2022**|£<br>-<br>117,294<br>-<br>**117,294**<br>Restricted<br>funds|£<br>-<br>139,221<br>-<br>**139,221**<br>£<br>-<br>65,000<br>-<br>**65,000**<br>Restricted<br>funds<br>Designated<br>funds|£<br>9,875<br>516,784<br>(150,118)<br>**376,541**<br>£<br>7,098<br>436,165<br>(110,425)<br>**332,838**<br>General<br>funds<br>General<br>funds|**Total**<br>**funds**<br>**£**<br>**9,875**<br>**656,005**<br>**(150,118)**|
|---|---|---|---|---|
|||||**515,762**|
|||||Total<br>funds<br>£<br>7,098<br>618,459<br>(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**<br>Anonymous<br>Coutts<br>Hyde Park Place Estate Charity<br>Kusuma Trust UK<br>Lawrence Atwell's Charity<br>Salters' Charitable Foundation<br>St James's Place Charitable Foundation<br>The Charles S French Charitable Trust<br>The Clothworkers' Foundation<br>The Gosling Foundation<br>The Hiscox Foundation<br>The Portal Trust<br>The Robert Gavron Charitable Trust<br>Walcot Foundation<br>Westminster Foundation<br>Small funds < £5k<br>**Total restricted funds**<br>_Designated funds:_<br>Delivery of Strategy<br>General funds<br>**Total unrestricted funds**<br>**Total funds**<br>Wimbledon Foundation Community Fund<br>at The London Community Foundation<br>**Unrestricted funds**|At 1 July<br>2022<br>£<br>-<br>-<br>-<br>25,000<br>-<br>-<br>-<br>294<br>50,000<br>-<br>35,000<br>5,000<br>-<br>-<br>-<br>2,000<br>117,294<br>65,000<br>332,838<br>397,838<br>515,132|Income<br>£<br>109,100<br>134,281<br>5,000<br>25,000<br>7,789<br>10,000<br>30,000<br>7,500<br>-<br>-<br>13,400<br>-<br>-<br>18,500<br>10,000<br>6,750<br>8,700<br>386,020<br>25,000<br>1,124,438<br>1,149,438<br>1,535,458|£<br>**£**<br>(21,129)<br>**87,971**<br>(134,281)<br>**-**<br>(2,500)<br>**2,500**<br>(50,000)<br>**-**<br>(7,789)<br>**-**<br>-<br>**10,000**<br>(5,000)<br>**25,000**<br>(7,500)<br>**-**<br>(294)<br>**-**<br>(50,000)<br>**-**<br>(13,400)<br>**-**<br>(35,000)<br>**-**<br>(5,000)<br>**-**<br>(18,500)<br>**-**<br>(5,000)<br>**5,000**<br>-<br>**6,750**<br>(8,700)<br>**2,000**<br>(364,093)<br>**139,221**<br>(90,000)<br>**-**<br>(1,080,735)<br>**376,541**<br>(1,170,735)<br>**376,541**<br>(1,534,828)<br>**515,762**<br>Expenditure<br>**At 30 June**<br>**2023**|£<br>**£**<br>(21,129)<br>**87,971**<br>(134,281)<br>**-**<br>(2,500)<br>**2,500**<br>(50,000)<br>**-**<br>(7,789)<br>**-**<br>-<br>**10,000**<br>(5,000)<br>**25,000**<br>(7,500)<br>**-**<br>(294)<br>**-**<br>(50,000)<br>**-**<br>(13,400)<br>**-**<br>(35,000)<br>**-**<br>(5,000)<br>**-**<br>(18,500)<br>**-**<br>(5,000)<br>**5,000**<br>-<br>**6,750**<br>(8,700)<br>**2,000**<br>(364,093)<br>**139,221**<br>(90,000)<br>**-**<br>(1,080,735)<br>**376,541**<br>(1,170,735)<br>**376,541**<br>(1,534,828)<br>**515,762**<br>Expenditure<br>**At 30 June**<br>**2023**|
|---|---|---|---|---|
|||||**139,221**|
|||||**-**<br>**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**<br>Allen & Overy LLP<br>AXIS Specialty Europe<br>Coutts<br>ED&F Man<br>Kusuma Trust UK<br>The Clothworkers' Foundation<br>The Gosling Foundation<br>The Linbury Trust<br>The Portal Trust<br>Lawrence Atwell's Charity<br>The Robert Gavron Charitable Trust<br>The Sheldon Trust<br>The Vintners' Foundation<br>Westminster Foundation<br>Small funds < £5k<br>**Total restricted funds**<br>_Designated funds:_<br>Delivery of Strategy<br>General funds<br>**Total unrestricted funds**<br>**Total funds**<br>**Unrestricted funds**<br>The Give for Good Russell<br>Family Charitable Trust|At 1 July<br>2021<br>£<br>10,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>23,737<br>6,334<br>-<br>6,750<br>9,043<br>10,000<br>9,500<br>75,364<br>56,500<br>261,253<br>317,753<br>393,117|Income<br>£<br>5,000<br>5,000<br>87,114<br>14,550<br>25,000<br>9,800<br>5,000<br>50,000<br>25,000<br>35,000<br>-<br>5,000<br>-<br>-<br>-<br>7,500<br>273,964<br>65,000<br>880,815<br>945,815<br>1,219,779|£<br>(15,000)<br>(5,000)<br>(87,114)<br>(14,550)<br>-<br>(9,506)<br>(5,000)<br>-<br>(25,000)<br>(23,737)<br>(6,334)<br>-<br>(6,750)<br>(9,043)<br>(10,000)<br>(15,000)<br>(232,034)<br>(56,500)<br>(809,230)<br>(865,730)<br>(1,097,764)<br>Expenditure|£<br>-<br>-<br>-<br>-<br>25,000<br>294<br>-<br>-<br>50,000<br>-<br>35,000<br>-<br>5,000<br>-<br>-<br>-<br>2,000<br>At 30 June<br>2022|
|---|---|---|---|---|
|||||117,294|
|||||65,000<br>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:<br>Within 1 year<br>Within 1 - 5 years|**2023**<br>**£**<br>**18,320**<br>**-**<br>**18,320**|2022<br>£<br>14,625<br>-|
|||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