REGISTERED COMPANY NUMBER: 09265109 (England and Wales) REGISTERED CHARITY NUMBER: 1163023
BRIGHTER FUTURE INITIATIVE (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
BRIGHTER FUTURE INITIATIVE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Trustees' Report | 2 | to 3 |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Balance Sheet | 6 | |
| Notes to the Financial Statements | 7 | to 11 |
| Detailed Statement of Financial Activities | 12 |
BRIGHTER FUTURE INITIATIVE
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 OCTOBER 2022
| Trustees | Mr Nasar Mahmood |
|---|---|
| Ms Halima Mahmood | |
| Mr Hussan Mahmood | |
| Registered office | 19-21 Broughton Street |
| Manchester | |
| M8 8LZ | |
| Registered company number | 09265109 (England and Wales) |
| Registered charity number | 1163023 |
| Independent examiner | Riley Moss 2018 Limited |
| Riley House | |
| 183-185 North Road | |
| Preston | |
| Lancashire | |
| PR1 1YQ |
Page 1
BRIGHTER FUTURE INITIATIVE (REGISTERED NUMBER: 09265109)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2022
The trustees present their report and the financial statements for the year ended 31 October 2022. The trustees, who are also directors of Brighter Future Initiative for the purposes of company law and who served during the year and up to the date of this report are set out on page 1.
Objectives and activities
The principal aims and objectives of the charitable company are:
-to support such general charitable purposes as the trustees may in their absolute discretion determine, in particular but not exclusively:
-
to advance education and training;
-
to relieve poverty
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to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life;
-
to promote social inclusion for the public benefit by working with people within socially and economically disadvantaged areas of manchester (such as Rusholme, Cheetham Hill, Moss Side and Clayton) who are socially excluded on the grounds of their ethnic origin, religion, belief or creed (in particular, members of the muslim community) and to relieve the needs of such people and assist them to integrate into society. While planning the objectives and activities, the trustees have considered the Charity Commission's guidance on public benefit.
Achievement and performance
During this period a number of initiatives were supported through provision of grants. These included the following:
-
British Muslim Heritage Centre: The Centre aims to provide diverse facilities for people in UK and abroad. Facilities include social, economic, community cohesion and development. Provisions for education, training, and exhibitions are also made available. The Centre fulfils a variety of social and economic functions and assists in the affirmation of cultural identity and plurality.
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Gift of Knowledge: An educational charity that offer grants to individuals pursuing faith based education.
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Jamiat ul Muslimin: Religious education charity
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S Iqbal: For the provision of free Brazilian Ju Jitsu classes to children in Manchester City Centre
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Usmania Welfare Trust provides education, health and financial support to poor and needy people in third world countries.
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Humanity Care Relief: a UK based international relief and development charity established in 2015
-
Families in Need CIO: A Manchester based poverty relief charity that is currently engaged in building rent free family housing for widows, orphans and the homeless in Pakistan with sewing machine workspace provision together with necessary training so residents can earn an independent living.
Financial review
Full details of income and expenditure for the year are set out in the Statement of Financial Activities on Page 5. The board of trustees reviews the reserve policy on an annual basis to ensure adequate funds are available to cover management and administration and support costs.
Page 2
BRIGHTER FUTURE INITIATIVE (REGISTERED NUMBER: 09265109)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2022
Structure, governance and management
Brighter Future Initiative is a company limited by guarantee (company registration number 09265109) and incorporated on 15 October 2014 as Acquire Trust. The company's name was changed to Brighter Future Initiative on 13 March 2015. It was registered as a charity on 5 August 2015 (charity number 1163023). The company is governed by its Memorandum & Articles of Association. The directors, who are the trustees in charity law, are responsible for the overall management and control of the company working with other persons on an entirely voluntary basis.
Trustees are appointed in accordance with Brighter Future Initiative's constitution. The trustees have kept up to date with all the relevant aspects of their role and responsibilities, assured in the knowledge that the necessary controls not only exist but function effectively, thus enabling the trustees to focus their efforts on maximising the charity's cash flow. Trustees constantly review the major risks to which the charity is exposed and systems are established to mitigate these.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 22 June 2023 and signed on its behalf by:
Mr Hussan Mahmood - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRIGHTER FUTURE INITIATIVE (REGISTERED NUMBER: 09265109)
Independent examiner's report to the trustees of Brighter Future Initiative ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Farook Patel FCA
Riley Moss 2018 Limited Riley House 183-185 North Road Preston Lancashire PR1 1YQ
22 June 2023
Page 4
BRIGHTER FUTURE INITIATIVE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2022
| Notes Income and endowments from Donations and legacies 2 Investment income 3 Total Expenditure on Charitable activities 4 Charitable activity Professional costs Total NET INCOME/(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward |
2022 Unrestricted fund £ 1,410 27,500 28,910 28,060 525 28,585 325 210,401 210,726 |
2021 Total funds £ - 6,180 6,180 57,040 475 57,515 (51,335) 261,736 210,401 |
|---|---|---|
The notes form part of these financial statements
Page 5
BRIGHTER FUTURE INITIATIVE (REGISTERED NUMBER: 09265109)
BALANCE SHEET 31 OCTOBER 2022
| Notes Fixed assets Investment property 9 Current assets Debtors: amounts falling due within one year 10 Cash at bank Creditors Amounts falling due within one year 11 Net current assets Total assets less current liabilities NET ASSETS Funds 12 Unrestricted funds: General fund Total funds |
2022 Unrestricted fund £ 233,633 2,801 3,266 6,067 (28,974) (22,907) 210,726 210,726 210,726 210,726 |
2021 Total funds £ 233,633 2,801 10,145 12,946 (36,178) (23,232) 210,401 210,401 210,401 210,401 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22 June 2023 and were signed on its behalf by:
Mr Hussan Mahmood - Trustee
The notes form part of these financial statements
Page 6
BRIGHTER FUTURE INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
1. Accounting policies
Basis of preparation
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
Investment property
Investment property is shown at most recent trustee valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
continued...
BRIGHTER FUTURE INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2022
1. Accounting policies - continued
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash and bank in hand, trade debtors and other debtors. A specific provision is made for debts for which recoverability is in doubt. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.
2. Donations and legacies
3.
4.
5.
| 2022 £ Donations 1,410 Investment income 2022 £ Rents received 27,500 Charitable activities costs Support Direct costs (see Costs note 5) £ £ Charitable activity 27,270 790 Professional costs - 525 27,270 1,315 Support costs Management Finance £ £ Charitable activity 790 - Professional costs - 525 790 525 |
2021 £ - |
|
|---|---|---|
| 2021 £ 6,180 |
||
| Totals £ 28,060 525 |
||
| 28,585 | ||
| Totals £ 790 525 |
||
| 1,315 |
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BRIGHTER FUTURE INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2022
5. Support costs - continued
Support costs, included in the above, are as follows:
Management
| 2022 Charitable activity £ Rates and water 592 Sundries 198 Repairs and renewals - 790 Finance 2022 Professional costs £ Accountancy fees 525 |
2021 Total activities £ 8,172 - 6,368 14,540 2021 Total activities £ 475 |
|---|---|
6. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 October 2022 nor for the year ended 31 October 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2022 nor for the year ended 31 October 2021.
7. Staff costs
No employee received emoluments of more than £60,000 (2021 : None).
The average monthly numbers of employees (including the trustees) during the year was 3 and (2021: 3)
8. Company limited by guarantee
Brighter Future Initiative is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
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BRIGHTER FUTURE INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2022
| 9. Investment property Fair value At 1 November 2021 and 31 October 2022 Net book value At 31 October 2022 At 31 October 2021 10. Debtors: amounts falling due within one year Trade debtors 11. Creditors: amounts falling due within one year Trade creditors VAT Other creditors Accruals and deferred income 12. Movement in funds Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.11.21 £ 210,401 210,401 Incoming resources £ 28,910 28,910 |
2022 £ 2,801 2022 £ - 1,925 21,875 5,174 28,974 Net movement in funds £ 325 325 Resources expended £ (28,585) (28,585) |
|||
|---|---|---|---|---|---|
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continued...
BRIGHTER FUTURE INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2022
12. Movement in funds - continued
Comparatives for movement in funds
| Comparatives for movement in funds | ||||
|---|---|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS |
At 1.11.20 £ 261,736 261,736 as follows: Incoming resources £ 6,180 6,180 |
Net movement in funds £ (51,335) (51,335) Resources expended £ (57,515) (57,515) |
At 31.10.21 £ 210,401 210,401 Movement in funds £ (51,335) (51,335) |
|
13. Related party disclosures
There were no related party transactions for the year ended 31 October 2022.
Page 11
BRIGHTER FUTURE INITIATIVE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2022
| Income and endowments Donations and legacies Donations Investment income Rents received Total incoming resources Expenditure Charitable activities Charitable activity Support costs Management Rates and water Sundries Repairs and renewals Finance Accountancy fees Total resources expended Net income/(expenditure) |
2022 £ 1,410 27,500 28,910 27,270 592 198 - 790 525 28,585 325 |
2021 £ - 6,180 6,180 42,500 8,172 - 6,368 14,540 475 57,515 (51,335) |
|---|---|---|
This page does not form part of the statutory financial statements
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