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2024-06-30-accounts

FUTURE FRONTIERS LTD

Report of the Trustees and Financial Statements for the Year Ended 30 June 2024

Registered Charity in England and Wales: 1162470 Registered Company Limited by Guarantee in England and Wales: 08825219 Registered Address: Canopi, 82 Tanner Street, London, SE1 3GN

CONTENTS

CONTENTS
Reference and Administrative Details 3
Report of the Trustees 4
Auditor's Report 23
Statement of Financial Activities 27
Balance Sheet 28
Cash Flow Statement 29
Notes to the Financial Statements 30

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, 82 Tanner Street, London, SE1 3GN

TRUSTEES

Frances Soul (Interim Chair from 25 September 2024) Ben Williams (Chair until 25 September 2024; Resigned 31 December 2024) Heather Burgess Celeste Cheung Lisa Danino-Lewis (Appointed 5 September 2024) Patrick Dempsey Henna Fry (Appointed 29 May 2024) Sebastian Hare Hannah Moffat (Resigned 15 October 2024) Gary Phillips (Appointed 17 July 2023) Ian Cosgrove (Appointed 4 December 2024)

CHIEF EXECUTIVE OFFICER

Emma Bradley (Appointed 27 August 2024) Dominic Baker (Resigned 25 October 2024)

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 Future Frontiers’ activities and impact in 2023/24.

Having served almost four years on the Board as Chair of the Programmes Committee, I am delighted to step up as Interim Chair pending the recruitment of a new Chair in 2025.

Firstly, I would like to express our delight in welcoming the charity’s new CEO, Emma Bradley, who joined us in August 2024 following a competitive recruitment process. Emma brings extensive leadership experience and an exciting vision for the charity’s future, and we look forward to working together to make a difference to the young people we work with.

Our Founder, Dominic Baker, stepped down as CEO after ten years leading the Charity. I wish to say thank you to him for turning an inspirational idea, to give young people from disadvantaged backgrounds access to motivating careers conversations, into the charity it is today.

Since being founded, Future Frontiers has supported more than 11,000 young people, which could only be achieved in partnership with the schools, businesses and supporters who share our commitment to empowering young people to realise their potential.

We have completed the third year of our strategy for 2021-26 - Building Lasting Impact – and continue to see positive indicators of the impact of our activities. This year, 2,784 young people have taken part in the Future Frontiers programme, in partnership with 99 schools and 81 businesses. For the first time, we have worked in 31 London boroughs, which is every borough with a state secondary school.

Alongside our successes and pupils’ achievements, we have had to acknowledge the changing wider financial climate and face some challenging headwinds. This year, we have had to make use of some of our reserves to continue the delivery of our programme and a priority for the coming years is to ensure sustainability to reach even more young people in need.

As we navigate the challenges and change, we wish to thank you - the teachers, business leaders, volunteer coaches, supporters and friends of the charity – who have worked with us to empower young people on their career journeys.

As ever, I also want to give a special thank you to the Future Frontiers team for their commitment to our mission and fantastic work to support pupils to realise their potential.

I look forward to our continued work to change young people’s lives and futures for the better.

FRANCES SOUL

INTERIM CHAIR OF THE BOARD OF TRUSTEES

4

OBJECTIVES AND ACTIVITIES

OBJECTS

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

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

P URPOSE

Vision: A society where equal access to education and career opportunities enables potential to overcome poverty.

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

STRATEGY 2021-26: BUILDING LASTING IMPACT

In 2021 the charity launched a new strategy.

Strategic Statement: 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 young people from lower socio-economic backgrounds.

To achieve this, we committed to three Impact Goals:

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

2. Our programme achieves transformational impact : Our young people will beat the odds. We will rigorously evaluate our programme.

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.

5

THE NEED

We work with schools and businesses across London to deliver an evidence-based programme of career coaching and guidance over two academic years, empowering young people to make informed decisions about their futures.

6

YOUNG PEOPLE IN LONDON

We currently target our support towards young people who are both socio-economically disadvantaged, and who are not predicted to meet the GCSE entry requirements to study A Levels at 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 educational institution.

To better understand the post-16 trajectories of young people who share the characteristics of those we support, in 2023 we 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, 2024, Youth Voice Census Report 2023

  2. Percy, C. & Finlay, I., The Careers & Enterprise Company, 2024, Technical note: Careers education and career readiness

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

  4. Department for Education, 2023, Academic year 2022/23: A Level and other 16 to 18 results

  5. Department for Education, 2023, Academic year 2022/23: 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.

7

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:

PROGRAMME JOURNEY

We work with schools and businesses across London to deliver a programme of career coaching and guidance over two academic years, empowering young people to make informed decisions about their future.

The programme is delivered by a skilled and experienced Programmes team, including Transition Managers: trained programme delivery and careers education professionals who facilitate sessions and work with young people directly.

Year 11 (aged 16)

8

MONITORING AND EVALUATION

We design and implement evaluation plans to understand the impact of our programme and inform further developments.

We measure pupils’ progress in career readiness, career awareness, self-belief and motivation using pupil self-report surveys, including validated questions from the Student Career Readiness Index (SCRI) and questions tailored to our unique programme.

In addition, we have conducted evaluations to track pupils’ post-16 trajectories and analyse this data against comparison groups (formed from national administrative data and commissioned research) to evaluate our impact at these key points on the post-16 journey.

9

ACHIEVEMENTS AND PERFORMANCE

PROGRAMME REACH 2023/24

10

BUSINESS PARTNERS

We work closely with businesses who share our goal of creating opportunities for disadvantaged young people.

Partner Spotlight

This year, the team at Marex worked with us to support young people through career coaching and a range of bespoke events, including a World of Work Day that gave students from a school in Ealing an insight into life on a trading floor. Marex colleagues also took part in challenge events including the London Landmarks Half Marathon, raising money to support even more young people through the programme.

“Our partnership with Future Frontiers plays a pivotal part in supporting us to achieve our strategic priorities. I would highly recommend them to any organisation seeking to engage and develop staff, broaden talent pools, and have a transformative impact on the lives of disadvantaged young people.”

Scott Wenke, Global Head of Talent & Inclusion, Marex

11

IMPACT FOR YOUNG PEOPLE

Development Outcomes

External Evaluation

We have completed a further external evaluation of the Future Frontiers programme with ImpactEd Evaluation.

We are particularly interested in whether the findings reveal a statistically significant impact, which indicates that our programme is making a genuine difference for young people (not due to chance), and that we would expect to see similar results with other young people supported in the same way.

Young people who took part in their four coaching sessions and met with a Sector Role Model in Year 10 demonstrated statistically significant increases in:

We also saw an encouraging reduction in the gap in scores between male and female participants across career readiness, career awareness, self-belief and motivation. For all four of these development goals, girls on average gave lower scores before their coaching sessions than boys. However, across all outcomes, girls’ scores improved to a greater degree by the end of the coaching sessions.

12

CALLUM’S STORY

“Before this programme, I didn’t really think about my future, I only thought about my present. I didn’t know what I was going to do post-16 and was confused about the future. I was also nervous with my GCSEs are coming up.

I found it fun completing the Personality type and Career Pilot quizzes and liked when my coach and I were looking at different sectors and jobs I could do in the future, how much people get paid in those jobs and post-16 routes to get into such roles.

As I am interested in architecture, I just spoke to a person in this industry, my Sector Role Model. We talked about what architects do in their workplace and how long it roughly takes to create one building. I asked questions about group work too, because I like working in groups. Another job I’d consider for the future is being a financial advisor as it is possible to get into it through an apprenticeship, which is my preferable post-16 path. I think apprenticeships are good because you can learn and earn money at the same time. Besides, there’s a schedule, everything is in order - I need this!

There is a big difference between how I felt before the career coaching and now. Before, I didn’t really know what I was going to do after GCSEs - I didn’t even know what apprenticeships and T Levels are - and now I know what to do in the future.

I want to say thank you for career coaching because it really helped me. It is good for programmes like this to exist because they can help young people in many different ways.”

CALLUM’S COACH

“I decided to take on the role of a volunteer career coach because when I was in Year 10 and even when I was a bit older, I had no idea what I wanted to do and I was just going through school. I wish I had this career guidance back then. I think this programme is a good opportunity to help someone in a similar situation.”

Shree Jethwa, Assistant Building Surveyor, AtkinsRéalis

13

RUMAYSAH’S STORY

Rumaysah took part in Future Frontiers career coaching sessions in 2020 as a student at Ark Burlington Danes Academy in Hammersmith & Fulham.

Having found out about legal apprenticeships on the Future Frontiers programme, Rumaysah is now a Solicitor Apprentice at global law firm, Eversheds Sutherland. When the firm signed up for a programme with Future Frontiers this year, Rumaysah jumped at the opportunity to coach a student.

“As a student, the Future Frontiers programme really helped me identify what I was interested in. I spoke about what A Levels I wanted to take and what subjects I was interested in with my coach. I knew that I really liked essay-based subjects. I liked debating and I was part of the debating club, so naturally law became a very apparent job route for me.

When deciding to be a coach for the Future Frontiers programme a couple of things were in my mind. The effect I could have on a student was a big decision maker for me because I really wanted to be part of that process where a student can really see their options and find out what's available to them.

I remember my time at school and not really being sure of what to do, and the Future Frontiers programme really helped me decide and also see what other options are out there. Sometimes you have a certain viewpoint of what options you have, but really the programme shows you that there are so many different things you can do, and you can branch out into anything and move between different fields if you want to as well. Essentially, you don’t know what you don’t know. Being a part of that process to help young people find that out was important to me.

My experience has been great. I think it's been a really eye-opening experience. It's been really nice to see those ‘Aha!’ moments with the students and see where their brain is telling them to go and what their interests actually show, and how that translates into practical advice and what they can see.

For anyone interested in getting involved with the Future Frontiers programme as a coach, I would say it's an amazing experience and an amazing opportunity to help develop those coaching skills.

The programme is a really structured and practical process that will help you learn those skills and really be able to use them, in real life, in real time, with real people.”

14

FINANCIAL REVIEW

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

We have had to make use of some of our reserves to ensure the continuation of programme delivery, and a priority for the coming years is to ensure sustainability and rebuild our reserves to meet our policy.

INCOME

In 2023/24, total income was £1,452,024 (2022/23: £1,535,458) through a combination of income streams:

The charity engages in minimal public fundraising, and does not hold any of its own fundraising events. However, it held successful supporter engagement events in February and October 2024.

EXPENDITURE

In 2023/24, total expenditure was £1,708,247 (2022/23: £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 £427,062 to £854,124 at the end of the 2023/24 financial year.

15

The balance sheet shows total funds of £259,539, including restricted funds of £99,478, and remaining general funds of £160,061. We recognise that this does not meet our reserves policy and a priority is to rebuild our reserves to meet our policy and be in a stronger position to navigate any challenges.

In order to build the sustainability of the charity and replenish reserves the following actions have been taken:

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 updated and reviewed at quarterly Trustee meetings. It identifies the most significant risks, orders them by likelihood of occurrence and their impact, and indicates what action is in hand or is necessary to mitigate the risk.

Key risks identified include:

Mitigations: As a charity working with young people, a key priority is safeguarding. We have a safeguarding log 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. All volunteer coaches receive safeguarding training and are subject to DBS checks,

● Unable to meet school and business partnership targets with increased fees. Mitigations: The strategic review is focused on diversification of income and an increased return on investment of the charity’s activities through a comprehensive, stakeholderinfluenced, assessment and delivery of a revised operating model for FY 2025/26. New forecasting practices have been developed using probability-weighted, real-time data and meetings repurposed to focus on pivoting tactics as required. To ensure a continued robust strategic and financial oversight, the Board and Finance Committee were strengthened during 2024 with the appointment of three new Trustees, including a senior Corporate Finance Professional, a senior Sales Director and a qualified accountant.

• Evaluations fail to show significant impact of the programme. Mitigations: The strategic review includes a review of the charity’s purpose, provision and evaluation framework. There is extensive monitoring and evaluation of the programme, reviewed by the quarterly Trustee Programmes Committee, and provision and measures are modified in line with impact metrics and participant feedback.

16

Other risks identified and managed include inability to retain key staff, CEO transition from Founder-led organisation, consistency of programme delivery, cyber security incident and fraud incident.

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.

17

PLANS FOR FUTURE PERIODS

STRATEGY

Our Strategy for 2021-26 outlined five strategic priorities that will guide our work.

In 2024/25, we will build upon our work last year to progress each of these five areas:

1. Monitoring, Evaluation and Research

We will conduct comprehensive monitoring and evaluation to deliver high

quality formative and summative evaluations in pursuit of maximising our impact.

2. Programme Design and Development

3. Programme Delivery

We will ensure every young person receives personalised, tailored support through improving the quality and consistency of our programme delivery.

4. Sustainability

We will work more closely with the partners and supporters who provide invaluable time and funding, enabling us to support young people. We will introduce new ways for individuals and businesses to contribute to our mission.

5. Operations

We will ensure work across the organisation is delivered through efficient systems and processes. We will invest in our people to maintain a high-performing, supportive culture where all staff are empowered to make a significant contribution to our mission.

PROGRAMME DEVELOPMENT

We continue to review and develop our provision to deliver a sustainable programme that makes a lasting impact for young people.

Youth Voice

We regularly consult with participants to ensure that young people’s lived experiences are at the heart of programme design and development. In the last year, we have responded to young people’s feedback by:

18

Careers Workshop

In preparation for the 2024/25 academic year - through consultations with key stakeholders, including schools, parents and pupils - we have designed a new pupil workshop to be led by Future Frontiers Transition Managers.

The workshop is designed to guide pupils to explore a range of ambitious post-16 pathways and create an individualised action plan to achieve their goals.

Online Coaching Community

Feedback from pupils, teachers and coaches has highlighted an opportunity for pupils to engage with their coaches beyond the 4 weeks of coaching sessions, in particular, to prevent pupils from losing a trusted part of their support network at a critical transition point on their educational journeys. In 2024/25, we will pilot a new Online Coaching Community which will enable pupils and coaches to continue their conversations via a secure online platform with structured checkin points at key milestones, including after the Careers Workshop and when submitting post-16 applications.

STRATEGY REVIEW

In 2024/25, we are reviewing all financial and impact indicators from our 21-26 strategy, as well as shifts in the external landscape, to assess what is working well and where we can improve or add more value. A number of workshops will be held with stakeholders to determine our future focus and priorities, working towards a new operating model for 2025/26.

19

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 nine 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 Income Generation.

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. When a new Trustee appointment is required, the role will be advertised through relevant channels and networks.

Trustee appointments are approved through a first round interview with two Trustees, and a second interview with the Chair of Trustees and CEO. Upon successful interview, the successful applicant will be invited to join the Board of Trustees.

PAY AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

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

20

EQUALITY, DIVERSITY AND INCLUSION

As part of our strategy for 2021-26, we set out a commitment to increase the diversity of our workforce and to take a proactive approach to building an inclusive workplace environment. This is important to effectively support young people from diverse backgrounds in London.

To drive this work alongside our Director of Operations, in January 2023, we established an EDI Group which has led focus groups, surveys and 1:1 conversations to shape the following vision statements which guide our EDI work:

To deliver upon these commitments, so far, we have:

FUNDRAISING

In October 2024, we appointed a new role – the Director of Income Generation – to bring together and oversee the teams responsible for income from our charitable activities: partnerships with schools and businesses, and from fundraising. The Director of Income Generation is line managed by the CEO and provides regular progress reports for the Board of Trustees.

This year, we have worked with one professional fundraiser who provided interim fundraising support. We do not work with any commercial participators to raise funds.

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.

21

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 proper 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

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

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

Auditors

Godfrey Wilson Limited were 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 23 January 2025 and signed on their behalf by:

F J Soul

FRANCES SOUL - INTERIM CHAIR OF THE BOARD OF TRUSTEES

22

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 2024 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 the provisions available for small entities, in the circumstances set out in note 7 to the financial statements, 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within 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 (who are also the directors of the charitable company for the purposes of company law) 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 the trustees 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.

(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.

25

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: 23 January 2025

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

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

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Future Frontiers Ltd

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

For the year ended 30 June 2024

Restricted Unrestricted
Note
£
£
Income from:
Donations
3
312,250
325,179
Charitable activities
4
-
810,345
Other
-
4,250
Total income
312,250
1,139,774
Expenditure on:
Raising funds
-
145,776
Charitable activities
351,993
1,210,478
Total expenditure
6
351,993
1,356,254
7
(39,743)
(216,480)
Reconciliation of funds:
Total funds brought forward
139,221
376,541
Total funds carried forward
99,478
160,061
Net income / (expenditure) and
movement in funds		 2024
Total
£
637,429
810,345
4,250
1,452,024
145,776
1,562,471
1,708,247
(256,223)
515,762
259,539		 2023
Total
£
764,438
761,770
9,250
1,535,458
146,252
1,388,576
1,534,828
630
515,132
515,762

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.

27

Future Frontiers Ltd

Balance sheet

As at 30 June 2024

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
14
Funds
15
Restricted funds
Unrestricted funds
General funds
Total charity funds		 £
161,311
231,380
392,691
(139,144)		 2024
£
5,992
253,547
259,539
99,478
160,061
259,539		 2023
£
9,875
325,159
330,846
656,005
(150,118)
505,887
515,762
139,221
376,541
515,762

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 23 January 2025 and signed on their behalf by

F J Soul

Frances Soul - Chair

28

Future Frontiers Ltd

Statement of cash flows

For the year ended 30 June 2024

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 used in operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash used in investing activities
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		 2024
£
(256,223)
7,072
-
163,848
(10,974)
(96,277)
(3,189)
(3,189)
(99,466)
330,846
231,380		 2023
£
630
7,721
623
(80,526)
39,693
(31,859)
(11,121)
(11,121)
(42,980)
373,826
330,846

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

29

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies

a) Basis of preparation

Future Frontiers Ltd is a charitable company limited by guarantee registered in England and Wales. The registered office address is Canopi, 82 Tanner Street, London, England SE1 3GN.

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.

30

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies (continued)

d) Donated services and facilities (continued)

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

e) Interest receivable

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

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: 2024 2023 Raising funds 8.5% 9.5% Charitable activities 91.5% 90.5%

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.

31

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies (continued) 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.

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.

32

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

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
£
£
386,020
378,418
-
761,770
-
9,250
386,020
1,149,438
-
146,252
364,093
1,024,483
364,093
1,170,735
21,927
(21,297)
Unrestricted		 2023
Total
£
764,438
761,770
9,250
1,535,458
146,252
1,388,576
1,534,828
630

33

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

3. Income from donations

Income from donations
The Allen Overy Shearman Sterling Foundation
Atkins, Faithful & Gould
A&O Shearman
EBM Charitable Trust
Expedition Growth Capital
Goldman Sachs Gives
Heathrow Community Trust
Housing Pathways Trust
Individual Donations
International SOS
Ridge and Partners LLP
Sharegift
St James's Place Charitable Foundation
Talbot Underwriting
The Considered Ask
The David and Elaine Potter Foundation
The Drapers' Charitable Fund
The Forrester Family Trust
The Golden Bottle Trust
The Gosling Foundation
The Peter Stebbings Memorial Charity
The Portal Trust
The Progress Foundation
The Robert Gavron Charitable Trust
The Stewarts Foundation
Walcot Foundation
Wellington Management UK Foundation
Westminster Foundation
William Wates Memorial Trust
Small donations < £5k
Total income from donations		 Restricted
£
£
10,000
-
-
16,450
-
9,100
20,000
-
-
22,500
-
20,000
6,750
-
6,000
-
-
17,943
-
16,381
-
6,450
-
10,000
30,000
-
-
5,000
-
44,000
36,000
-
-
25,000
-
25,000
-
5000
50,000
-
5,000
-
20,000
-
-
15,000
5,000
-
-
20,000
14,500
-
-
35,000
100,000
-
-
25,000
9,000
7,355
312,250
325,179
Unrestricted		 2024
Total
£
10,000
16,450
9,100
20,000
22,500
20,000
6,750
6,000
17,943
16,381
6,450
10,000
30,000
5,000
44,000
36,000
25,000
25,000
5,000
50,000
5,000
20,000
15,000
5,000
20,000
14,500
35,000
100,000
25,000
16,355
637,429

34

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

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

Anonymous
Allen & Overy LLP
Atkins, 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

35

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

4. Income from charitable activities

Income from charitable activities
School income
Business income
Total income from charitable activities		 Restricted
£
£
-
185,070
-
625,275
-
810,345
Unrestricted		 2024
Total
£
185,070
625,275
810,345		 2023
Total
£
161,725
600,045
761,770

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

5. Government grants

The charitable company received no government grants during the current or prior period.

36

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

6. 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 £11,621 (2023:
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
£
111,233
-
-
5,524
-
-
-
-
-
-
116,757
29,019
145,776
£11,003)
Raising
funds
£
107,077
-
-
7,812
-
-
-
-
-
-
114,889
31,363
146,252		 Charitable
activities
£
1,122,963
128,475
-
-
-
-
-
-
-
-
1,251,438
311,033
1,562,471
Charitable
activities
£
986,841
103,959
-
-
-
-
-
-
-
-
1,090,800
297,776
1,388,576		 Support and
governance
costs
£
198,306
-
33,237
-
70,631
8,721
423
11,621
10,041
7,072
340,052
(340,052)
-
Support and
governance
costs
£
164,106
-
33,344
-
92,956
10,177
780
11,003
9,052
7,721
329,139
(329,139)
-		 2024 Total
£
1,432,502
128,475
33,237
5,524
70,631
8,721
423
11,621
10,041
7,072
1,708,247
-
1,708,247
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

37

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

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)		 2024
£
7,072
-
Nil
111
7,600
-		 2023
£
7,721
623
Nil
Nil
7,200
270

One trustee received reimbursement of travel expenses during the year worth £111 (2023: nil).

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorities.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Employees earning more than £60,000 during the year:
Between £60,000 and £70,000
Between £70,000 and £80,000
Between £80,000 and £90,000		 2024
£
1,282,677
117,573
32,252
1,432,502
2024
No.
-
1
-		 2023
£
1,110,222
120,489
27,313
1,258,024
2023
No.
-
1
-

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 £92,774 (2023: £88,635).

Average head count 2024
No.
35		 2023
No.
30

38

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

9. Taxation

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

10. Tangible fixed assets

Cost
At 1 July 2023
Additions in year
At 30 June 2024
Depreciation
At 1 July 2023
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023
11. Debtors
Trade debtors
Prepayments
Accrued income
Other debtors		 £
360
-
360
240
120
360
-
120
Office
equipment		 £
22,054
3,189
25,243
12,299
6,952
19,251
5,992
9,755
2024
£
86,852
23,454
35,425
15,580
161,311
Computer
equipment		 Total
£
22,414
3,189
25,603
12,539
7,072
19,611
5,992
9,875
2023
£
263,600
29,319
16,660
15,580
325,159

39

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

12. Creditors : amounts due within 1 year

Creditors : amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Other creditors
Deferred income (see note 13)
Deferred income
At 1 July 2023
Deferred during the year
Released during the year
At 30 June 2024		 2024
£
18,370
43,181
26,992
251
50,350
139,144
2024
£
41,175
50,350
(41,175)
50,350		 2023
£
11,249
54,370
34,525
8,799
41,175
150,118
2023
£
31,515
41,175
(31,515)
41,175

13. Deferred income

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

14. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 June 2024
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 June 2023		 £
-
99,478
-
99,478
£
-
139,221
-
139,221
Restricted
funds
Restricted
funds		 £
5,992
293,213
(139,144)
160,061
£
9,875
516,784
(150,118)
376,541
General
funds
General
funds		 Total
funds
£
5,992
392,691
(139,144)
259,539
Total
funds
£
9,875
656,005
(150,118)
515,762

40

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

15. Movements in funds

the year ended 30 June 2024
Movements in funds
Restricted funds
Anonymous
E B M Charitable Trust
Ford Britain Trust
Heathrow Community Trust
Housing Pathways Trust
Hyde Park Place Estate Charity
Salters' Charitable Foundation
St James's Place Charitable Foundation
The David and Elaine Potter Foundation
The Gosling Foundation
The Peter Stebbings Memorial Charity
The Portal Trust
The Robert Gavron Charitable Trust
Walcot Foundation
Westminster Foundation
Small funds < £5k
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds
The Allen Overy Shearman Sterling
Foundation
Wimbledon Foundation Community Fund at
The London Community Foundation		 At 1 July
2023
£
-
87,971
-
-
-
-
2,500
10,000
25,000
-
-
-
-
-
-
5,000
6,750
2,000
139,221
376,541
376,541
515,762
 Income
£
10,000
-
20,000
1,000
6,750
6,000
-
-
30,000
36,000
50,000
5,000
20,000
5,000
14,500
100,000
-
8,000
312,250
1,139,774
1,139,774
1,452,024		 £
£
-
10,000
(82,193)
5,778
(20,000)
-
(1,000)
-
(6,750)
-
-
6,000
(2,500)
-
(10,000)
-
(30,000)
25,000
(36,000)
-
(50,000)
-
(5,000)
-
(20,000)
-
(5,000)
-
(14,500)
-
(52,300)
52,700
(6,750)
-
(10,000)
-
(351,993)
99,478
(1,356,254)
160,061
(1,356,254)
160,061
(1,708,247)
259,539
Expenditure
At 30 June
2024
99,478
160,061
160,061
259,539

Purposes of restricted funds

The Allen Overy Shearman Towards supporting young people in Year 11 from Hackney and Sterling Foundation Tower Hamlets to take part in the Future Frontiers programme in 2024/25.

Anonymous

Towards a technology development project.

E B M Charitable Trust

Towards supporting young people in Year 10 to take part in the Future Frontiers programme in 2023/24.

41

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

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

Ford Britain Trust Towards IT equipment. Heathrow Community Trust Towards supporting young people in Year 10 from West London to take part in the Future Frontiers programme in 2023/24.

Towards supporting young people in Year 10 from Ealing to take part in the Future Frontiers programme in 2024/25.

Housing Pathways Trust Towards supporting young people in Year 10 from Ealing to take part in the Future Frontiers programme in 2024/25. Hyde Park Place Estate Towards supporting young people in Year 11 from Charity Westminster to take part in the Future Frontiers programme in 2023/24. 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 Foundation Future Frontiers programme in 2023/24 and 2024/25. The David and Elaine Potter Towards core costs in 2023/24. Foundation The Gosling Foundation Towards supporting young people in Year 11 to take part in the Future Frontiers programme in 2023/24. The Peter Stebbings Memorial Towards supporting young people in Year 10 to take part in the Charity Future Frontiers programme in 2023/24. The Portal Trust Towards supporting young people in Year 10 and Year 11 from Inner London to take part in the Future Frontiers programme in 2023/24. The Robert Gavron Charitable Towards supporting young people in Year 11 to take part in the Trust Future Frontiers programme in 2023/24. Walcot Foundation Towards supporting young people in Year 10 and Year 11 from Lambeth to take part in the Future Frontiers programme in 2023/24. Westminster Foundation Towards supporting young people in Year 10 and Year 11 from Westminster to take part in the Future Frontiers programme in 2023/24 and 2024/25.

Wimbledon Foundation Towards supporting young people in Year 11 from Wandsworth Community Fund at The to take part in the Future Frontiers programme in 2023/24. London Community

42

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

15. Movements in funds (continued)

Small funds < £5k

Consists of funding from: Souter Charitable Trust, Tallow Chandlers’ Benevolent Fund, The Give for Good Russell Family Charitable Trust and The Worshipful Company of World Traders Charitable Trust.

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
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)
(134,281)
(2,500)
(50,000)
(7,789)
-
(5,000)
(7,500)
(294)
(50,000)
(13,400)
(35,000)
(5,000)
(18,500)
(5,000)
-
(8,700)
(364,093)
(90,000)
(1,080,735)
(1,170,735)
(1,534,828)
Expenditure		 £
87,971
-
2,500
-
-
10,000
25,000
-
-
-
-
-
-
-
5,000
6,750
2,000
At 30 June
2023
139,221
-
376,541
376,541
515,762

43

Future Frontiers Ltd

Notes to the financial statements

For the year ended 30 June 2024

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		 2024
£
8,524
-
8,524		 2023
£
18,320
-
18,320

17. Related party transactions

There were no related party transactions during the current period.

In the prior period, Raza Ali, a former trustee of Future Frontiers until 5 May 2023, was also Headteacher of The Chalk Hills Academy. During the prior period, Future Frontiers provided services worth £900 to The Chalk Hills Academy for the delivery of the careers coaching programme. At 30 June 2023, there were no amounts outstanding. All transactions were carried out at arms length.

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

44

futurefrontiers.org.uk

45