Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED ST 31 MARCH 2024 Charity Registration No. 1180845
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES CONTENTS Page Trustees, Annual Report Independent examiner's report Stslemenl of Financial Activities Balance Sheet Notes to the Financial Statements
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 ST The Trustees present their report and financial statements for the year ended 31st March 2024 for the Charitable Incorporated Organisation. The financial statements have been prepared in accordance with the Charitable Incorporated Organisation's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published {FRS 1021 {effective 1 St January 20191. OBJECTIVES AND ACTIVITIES The object of the Charitable Incorporated Organisation is, for the public benefit, to relieve the needs of young people under the age of 25 with Special Educational Needs and Disabilities (SEND) by the provision of facilities for training and work experience designed to assist with developing their confidence, capabilities, skills and employability. Public Benefit In considering the objeGtives and activities, the Trustees have considered the Charity Commission's guidance on Public Benefit to ensure that the organisalion is meeling its Public Benefit requirements. ACHIEVEMENTS AND PERFORMANCE The café was open from Tuesday to Friday during school term time. On Monday aflernoons we open it for some of our most vulnerable pupils who have various mental health needs. These pupils use the Café facilities to make Iheir own lunch and to then bake cakes to sell in the café from Tuesday to Friday. We continue lo provide work experience to students, through helping to prepare food and serve customers, as well as to be a source of reasonably priced, well-prepared food for the local community. Some trainees have moved on to other forms of work experience or internship. Employment at the café has given them new skills and an increased confidenGe to use these skills in other work places. Trainees have moved on lo placements at the Liverpool Women's Hospital or the Delta Marriot Hotel. Sandy Park Café is a key part of an employment strategy to ensure these young people gain the necessary, experience. knowledge and skills to move on to the next stage of their lives. We have supported the salary costs of two assisted apprentices, one has moved on to a permanent job and the other is Ljndertaking her apprentiGeship at the moment with a view to an opportunity of future employment. 20 Students have been provided work experience opportunities with the café during the year. They have worked through a programme of skills development that includes cleaning, seNing, preparation of food, using specialist equipment. and customer servi. The skills trainees have acquired help Ihem with the next step of their employment programme. The progress each trainee has made has been excellent. One of the main successes has been the increased confidence and social skills that trainees exhibit after their work experience at the cafè. The staff have played a crucial role in this development, and the programme has been very well designed to ensure this success.
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 ST FINANCIAL REVIEW Total income for the year was £29,682 (2023-. £33,364) including rent of £6,581 12023.. £5,053), of which £nil 12023.. £nil) related lo funding for projects upon which restrictions are placed. Total expenditure for the year was £36,442 (2023.. £40,718) leaving a deficit for the year of £6,760 {2023'. deficit £7,354). At 31st March 2024 the Charitable Incorporated Organisation's reseNes stood at £25,763 12023.. £32,523), of which £4,025 {2023: £5.031) represented restricted reserves. Risk Managernent The main risks to which the Charitable Incorporated Organisation is exposed as identified by the Trustees have been considered and systems have been established to mitigate those risks. Reserves Policy Reserves are defined by the Charity Commission as unrestricted funds expendable at the discretion of the Trustees in furtherance of the Charity's objects. The Trustees reserves policy has been agreed in accordan with the Charity Commission Guidance. The reserves policy is set to ensure that the charity is operating with sufficient unrestricted free reserves to avoid financial difficultias and has been sot at a minimum level of three months of operating costs. As at the end of the financial year the unrestricted funds totalled £21,738 less unrestricted fixed assets of £1,985 and intangible assets of £1,356 leaving free unrestricted reserves of £18,397. The Charitable Incorporated Organisation requires £8,859 for three months, operating costs. The truslees plan for the balan of the unrestricled will be the continuation of activities and replacement of equipment when needed. Plans for the future To continue lo ensure students with SEND are given opportunities to develop work-based skills to demonstrale to potential employers the skills our students have, to develop the cafe as a community hublfacility. We will also use any profit to support the salary of a young person on an assisted apprenticeship that would help them get a full-lime job. STRUCTURE, GOVERNANCE AND MANAGEMENT Student Futures is a registered Charitable Incorporated Organisation (CIO). number 1180845 formed on 26th November 2018, under the terms of their constitution 1 olh April 2018. There must be al least three charity trustees, if the numbers falls below this minimum, the remaining trustees, may act only lo call a meeting of the charity trustees, or appoint a new charity trustee. There is no maximum number of charity trustees that may be appointed lo the CIO.
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES TRUSTEES. REPORT FOR THEYEAR ENDED 31- MARCH 2024 The first trustees appointed will remain in Offi as follows; Mark Hilton three years (Reappointed October 2022 for 3 years) three years (Reappointed March 2022 for 3 years) three years {Reappointed March 2022 for 3 years) two years (Reappointed May 2024 for 3 years) Keith McDowall Paul Bibby Julia Casimo Apart from the first charity trustees, every trustee must be appointed for a term of three years by resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustee, the charity trustees must have regard to the skills, thowledge and experience needed of the effective administration of the cio. The charity trustees will make available to each new charity trustee, on or before his or her first appointrnent. A copy of the current version of thls constitution, and A copy of the CIO'S latest trustee, Annual Report and Ststement of Accounts. REFERENCE AND ADMINISTRATIVE DETAILS Student Futures Name Charlty number Address & Office 1180845 Sandfield Park School South Drive, Sandfield Park Liverpool, L12 1 LH The members of the Board of Trustees are as follows: P Bibby J Casimo M Hilton K McDowall Independent examiner Ying Huang ACCA clo LCVS 151 Dale Street, Liverpool, L2 2AH Trustees Bankers Santsnder UK PIC Bindle Road Bootle Merseyside L30 4GB Signed on behalf of the Trustees M Hllton, Trustee
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STUDENT FUTURES I report on the accounts of the Charitable Incorporated Organisalion for the year ended 31st March 2024 which is set out on pages 6 to 15. Res ective res onsibilities of trustees and examiner The Charitable Incorporated Organisation's Trustees are responsible for the preparation of the accounts. The Charitable Incorporated Organisation's Trustees consider that an audit is not required for Ihis year under seclion 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to-. examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission {under section 145(5){b) of the Charities Act, and to state whether particular matters have come to my attention. Basis of inde endent examiners statement My examination was carried out in accordan with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charitable Incorporaled Organisation and a comparison of Ihe aGGounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do nol provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair. view and the report is limiled to those matters set out in the statement below. In connection with my examination, no matter has come to my attention.. Inde endent examiner's statement {1) which gives me reasonable cause to believe that in any material respect the requirements.. lo keep accounting records in accordance with section 130 of the Charities Acl. to prepare accounts which accord wilh the accounting records and comply with the accounting requirements of the Charities Acl have not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 81gMd by.. Name: Ying Huang Relevant professional qualification or body.. ACCA Address.. c/0 LCVS 151 Dale Street, L2 2AH Dated.. 1/16/202 5 DF0S1AE92EBD4B6
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 ST Notes Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Income and Endowments from Donations and legacies Charitable activities Other trading activities 10,109 12,992 6,581 10,109 12,292 6,581 15,030 13,281 5,053 3b Total income 29,682 29,682 33,364 Expenditure on Charitable activities 35,436 1,006 36,442 40,718 Total expendlture 35,436 1,006 36,442 40,718 Net incomel(expenditurel. net movement in funds (5,754) {1,0061 {6,760) {7,354) Total funds brought foard 9, 11 27,492 5,031 32,523 39,877 Total funds Carried forward 9, 11 21,738 4,025 25,763 32,523 The notes on pages 8 to 15 form part of these accounts. Ati the above amounts relate to continuing activities of Ihe Charitable Incorporated Organisation.
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES BALANCE SHEET AS AT 31 MARCH 2024 ST Notes 31st March 2024 31°March 2023 Fixed assets Tangible fixed assets Right of use asset 6,010 1,356 7,513 9,491 7,366 17,004 Current assets Debtors Cash at bank and in hand 20,442 16,354 20,442 16,354 Current liabilities Creditors: amounts falllng due within one year (2,045) (835) Net current assets 18,397 15,519 Total assets less current liabilities 25,763 32.523 Funds: Unrestricted fvnds Restricted fvnds 9,10 9,11 21,738 4,025 27,492 5.031 25.763 32,523 Approved by Trustees on ... . M Hilton, Trustee
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. Limited Liability ST The charity is a Charitable Incorporated Organisalion limited by guarantee. Each member's liability is limited to £10. 2. Accounting Policies Basis of Accounting The financial slatements have been prepared in accordance with the Statement of Recommended Practice= Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (SORP 20191 (effective 1st January 2019) and Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the Charitable Incorporated Organisation. Monetary amounts in these financial slatements are rounded to the nearest £. The financial statements have been prepared under the historioal cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notels} to these accounts. The Charitable Incorporated Organisation has taken advanlage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going concem At the time of approving the aG¢ounls, the Trustees have a reasonable expéctation that the Charitable Incorporated Organisation has adequate reserves to continue in operational existence for the foreseeable future. The Trustees Gontinue to adopl the going concern basis of accounting in preparing the accounts. Fund accounting Unrestricted funds are the Charitable Incorporated Organisation, free reserves available for the Trustees to apply in accordance with the Charitable Incorporated Organisation's objectives. Restricted funds are subject to specific restrictive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure. Income recognition All income is recognised onTr the Charitable Incorporaled Organisalion has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the inGome will be received. and the amount of income re1vable can be measured reliably. Donations and legacies comprise of donations which are recognised in Ihe accounts when received, with the exptIOn of known legaGies which are accounled for when their receipt is certain. Income from charitable activities is recognised on an accrual's basis except for grants receivable, which are recognised on the date on which their unconditional payment is confirmed by the donor. Other Income relates to rental income and is recognised when the amount is certain.
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ST Fixed Assets Capital expenditure is stated in the balan sheet at cost less accumulated depreciation. Depreciation is provided to write off the cost of each asset over its expected useful life as below: Calering Equipment Right of use assets Expenditure recognition Liabilities are recognised as soon as there is a legal or conslructive obligation committing the Charitable Incorporaled Organisation lo that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual's basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as speGified by the donor. Expenditure on charitable activities relate to the operation of the Charitable Incorporated Organisation comprising of direct charitable expenditure to meet the objectives of the Charitable Incorporated Organisation. Support and governance costs relate to the management and operation of the organisalion and also compliance with constitutional and slatutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been 8pproved by the Charitable Incorporated Organisalion. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. 20 /0 per annum reducing balance basis Depreciated over the term of the lease Flnancial instruments The Charitable Incorporated Organisation has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 lo all of its financial instruments. Financial instruments are recognised in the Charitable Incorporated Organisalion's balance sheet when the Charitable Incorporated Organisalion becomes party to the contraclual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the finanGial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to seltle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction pri including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as reGeivable wilhin one year are not amortised.
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ST Basic financial liabilities Basic financial 118bilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaclion, where the debt instrument is measured at the present value of Ihe future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised Gost, using the effeclive interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charitable Incorporated Organisation's contractual obligations expire or are discharged or canlLed. Critical accounting estimates and judgements In the appliGation of the Charitable Incorporated Organisation's accounting policies, the Trustees are required to make judgements, estimates and assumptions about Ihe carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. AGtual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years. All expenditure is accounted for on an accrual's basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Cost of charitable activities relate to the operation of the Charitable Incorporated Organisation comprising of direct charitable expenditure to meet the objectives of the Charitable Incorporated Organisation. Support and governance costs relate to the management and operation of the organisation and also Gompliance with Gonstitulional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the Charitable Incorporaled Organisation. Taxation Income and gains are exernpt from taxation as they are received and applied for charitable purposes only. The Charitable Incorporated Organisation benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. The Charitable Incorporated Organisation is nol able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. 10
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ST 3. Income and endowments from: Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Donations and legacies Donalions 10,109 10,109 15,030 Donations and legacies income for 2023 related wholly to unrestricted fund. b. Charitable activities Café Income 12,992 12,992 13,281 Charitable activities income for 2023 related wholly to unrestricted fund. Other trading activities Rental income 6,581 6,581 5.053 other trading activities income for 2023 related wholly to unrestricted fund. Direct Support & charitable Governance Expenditure Costs 4. Expenditure on charitable activities Total 2024 Total 2023 Provision of facilities for training and work experience for Special Educational Needs and Disabilities under 25 years old 2,856 36,442 40,718 33,586 analysed as follows 2024 2023 Direct Charitable Expenditure.. Café expenses Waste disposal and cleaning Ulilities Property repair and refurbishment Equipment Supported apprenticeship costs Depreciation Deprecation right of use 12,071 999 6,480 1,409 243 2,746 1.503 8,135 17,884 2,148 3,447 4,227 918 1,878 8,135 33,586 38,637
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ST 2024 2023 Support and governance costs.. Insurance Student expenses Travel expenses Telephone and broadband Sundry expenses Bank charges AGcountancy 631 371 737 208 855 149 301 835 850 2,856 2,081 Total expenditure on Gharitable activities 36,442 40,718 £1,006 (2023.. £1,258) of the above expenditure is restricted expenditure. b. Staff Costs There were no employees during the year up to 31st March 2024 and 31st March 2023. The Trustees are not remunerated for their services and are not included in the above number of employees. No out-of-pocket expenses were reimbursed to Trustees during the year. 5. Tangible fixed assets Catering Equipment Total Cost Balance at 1 st April 2023 Additions 23,813 23,813 Balance at 31st March 2024 23,813 23,813 Depreciation Balance at 1 $1 April 2023 Charge for the year 16,300 1,503 16,300 1,503 Balance at 31st March 2024 17,803 17,803 st Net book value at 31 March 2024 6,010 6,010 Nel book value at 31st March 2023 7,513 7.513 12
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ST 6. Right of use assets Building Lease Total Cost Balance al 1 Sl April 2023 Additions 40,675 40,675 Balance at 31st March 2024 40,675 40,675 Depreciation Balance at 1 sl April 2023 Charge for the year 31,184 8,135 31,184 8,135 Balance at 31, March 2024 39,319 39,319 Net book value at 31st March 2024 1,356 1,356 Net book value a131St March 2023 9,491 9,491 The charity holds a peppercorn lease of a Lancashire Rose. This is a five-year lease with A J Bell Trust dated 14th May 2019. 7. Debtors There were no debtors at 3151 March 2024 {2023'. £Nil) 8. Creditors: amounts falling due within one year 2024 2023 Accruals 2,045 835 2,045 835 9. Analysis of net assets between funds 2024 Right of Use Tangible Assets Fixed Assets Net Current Assets Total Unrestricted Funds General Fund 1.356 1.985 18,397 21,738 Restricted Funds Liverpool Cily Council 4,025 4,025 Totals 1,356 6,010 18,397 25,763 13
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ST 2023 Right of Use Tangible Assets Fixed Assets Net Currenl Assets Total Unrestricted Funds General Fund 9,491 2,482 15,519 27,492 Restricted Funds Liverpool City Council 5,031 5,031 Totals 9,491 7,513 15,519 32,523 10. Unrestricted Funds Movements in the year Income Expenditure 2024 Reserves at beginning of year Reserves at end of year General Fund 27,492 29,682 {35,436) 21,738 Movements in the year Income Expenditure 2023 Reserves at beginning of year Reserves at end of year General Fund 33,588 33,364 {39,460> 27,492 General Fund is used to finance the Charitable Incorporated Organisation general activities and core costs as outlined in the Trustees, Report. 11. Restricted Funds Movements in the Year Income Expenditure 2024 Reserves at beginning of year Reserves at end of year Liverpool City Council 5,031 (1,006) 4,025 5,031 (1,006) 4,025 14-
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ST Movements in the Year Income Expenditure 2023 Reserves at beginning of year Reserves at end of year Liverpool City Council 6,289 11,258) 5,031 6,289 11,2581 5,031 These are monies given to the Charitable Incorporated Organisation lo be spent at the disGretion of Ihe Board of Trustees for specific charitable purposes, as follows.. Liverpool City Council - Contribution towards catering equipment 12. Related Parties Mark Hillon a trustee is also a unremunerated director of the main supplier Food for Thought Merseyside Limited a private company limited by guarantee without share capital for the value of £9,47012023'. £12,088) (company number 054559261. 15
Docusign EnvelopÈ ID." OA41AEAF41344F33-9AE5-941A3AA49DAE STUDENT FUTURES DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 ST 2024 2023 INCOME Donations Café income Rental income 10.109 12,992 6,581 15,030 13,281 5,053 Total Income 29,682 33,364 EXPENDITURE Charitable activities Café expenses Waste disposa1 and Cleaning Utilities Telephone and broadband Equipment Student expenses Insurance Supported apprenliceship costs Travel expenses Property repair and refurbishment Bank charges Accountancy fees Sundry expenses Depreciation Depreciation Right of use 12,071 999 6,480 855 243 371 631 2,746 17,884 2,148 3,447 918 737 208 4,227 301 835 1,409 850 149 1,503 8,135 1,878 8,135 Total expenditure on charitable activities 36,442 40,718 Net {expenditurel in the year {6,760) (7,354) {This page does not form part of the statutory financial statements) 16_