FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
REPORT AND STATUTORY ACCOUNTS
YEAR ENDED 31 MARCH 2024
Charity number: 1194590
FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
I N D E X
Year ended 31 March 2024
| Page | |
|---|---|
| General Information | 2 |
| Report of the Trustees | 3 |
| Independent Examiner’s report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10 |
1
FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
G E N E R A L I N F O R M A T I O N
Year ended 31 March 2024
| Trustees | Patrick John R Jenkins | (Chairman) |
|---|---|---|
| Finola Mary McDonnell | ||
| Andreas Ernst Ferdinand | Utermann | |
| Lucy Rosamund Kellaway | ||
| Rita Dhut | ||
| Diane Margaret Maxwell | ||
| Clare Eleanor Woodman | ||
| Claer Marie Robertson | ||
| Veronica Ahiagbede Kan-Dapaah | ||
| Hannah Leigh Sarney | ||
| Correspondence and principal address | Bracken House | |
| 1 Friday Street | ||
| London | ||
| EC4M 9BT | ||
| Charity number | 1194590 | |
| Independent examiner | David Mellor ACA CTA | |
| Dixon Wilson | ||
| 22 Chancery Lane | ||
| London | ||
| WC2A 1LS |
2
FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
R E P O R T O F T H E T R U S T E E S
Year ended 31 March 2024
The Trustees present their annual report and accounts of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and with the 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).
Administrative information
The FT Financial Literacy and Inclusion Campaign is a charity registered with the Charity Commission, registration number 1194590. It is constituted by a trust deed dated 9 April 2021.
Structure, governance and management
The trustees who have served in the year are those shown on page 2.
New trustees are appointed in accordance with the trust deed. Responsibilities for the appointment of any trustee, or the discharge of an outgoing trustee, vests with the trustees. Responsibility for the induction of any new trustee, which involves awareness of the approach of the charity and an understanding of a trustee’s duties, lies with the trustees.
The trustees meet periodically to monitor the progress of the content production and consider the outreach of the campaign.
Objectives and activities
The purposes of the charity as set out in its governing document are specifically restricted to the advancement of education and the relief of poverty for the benefit of the public, particularly through the promotion of financial literacy among young people, women and disenfranchised communities.
The main activities in relation to those purposes for the public benefit identified in the accounts consists of the creation of educational content which offers a multi-media introduction course to sound money management. The course introduces the basic building blocks of finance required to navigate a challenging economic climate and help young people realise their life ambitions.
The charity has 7 paid staff. It also has the support of 35 volunteers and 10 part-time contractors to assist with design work, workshop delivery and content production.
Public benefit
The trustees, having regard to the Public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011; consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.
Financial review
The trustees consider the current financial position to be satisfactory. There is sufficient cash from individual philanthropy and institutional funding, which comprise the principal sources of funding, to provide support for their chosen charitable causes. The trust had net assets of £982,250 as of 31 March 2024 (2023 - £640,393), of which £693,655 is attributable to the unrestricted fund (2023 - £597,176) and £288,595 is attributable to the restricted fund (2023 - £43,217). This consisted of cash at bank of £984,603 (2023 - £690,533), receivables of £5,307 (2023 - £2,000) and payables of £12,219 (2023 - £54,758). In the year to 31 March 2024 the trust had net incoming resources of £96,479 attributable to the unrestricted fund (2023 - £221,040) and £245,378 attributable to the restricted fund (2023 - £43,217).
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2024
Reserves policy
The trust holds £984,603 in cash reserves as of 31 March 2024 (31 March 2023 - £690,533). There are sufficient reserves to ensure the charitable incorporated organisation’s continued operations for at least 6 months of regular outgoings, estimated at £360,000 based on present financial obligations (2023 - £210,000).
Risk management
FT FLIC’s key financial risks relate to the possible removal of FT support, a significant reduction in major gifts and the potential fluctuation in the value of investments or investment returns. FT FLIC’s key governance and operational risks relate to potential trustee conflicts of interest, a failure to safeguard beneficiary welfare, and reputational or compliance risks arising from new partnerships and sponsors.
Achievements and performance
This year, FT FLIC launched our full curriculum resources for free download on our online Learning Hub. The resources have been created by our team of experienced teachers, and endorsed by the PSHE Association, the resource quality assurer for personal, social, health and economic education in schools. They comprise a series of expertly crafted lessons for Year 7 to Year 13 students and are provided alongside a suite of ‘teacher toolkits’, empowering educators to deliver content with ease and confidence. FT FLIC lessons include a range of interactive activities, dynamic videos, relatable case studies and quizzes.
Each resource is being tested and improved through workshops and close collaboration with maths teachers. Positive feedback from teachers and students on the usefulness of this feature content demonstrates how FT FLIC’s curriculum is a valuable resource for helping schools increase students' maths attainment levels.
We’ve made great strides in expanding the distribution of our curriculum across secondary schools this past year. Since the full curriculum was launched at the end of last year, 475 educators from different schools have independently accessed FT FLIC resources through our Learning Hub. Our team has directly collaborated with 60 schools to implement the curriculum in their specific setting. This ranges from our three pilot ‘Platinum’ schools that are implementing the full curriculum across all year groups, to our ‘Bronze’ schools that are using the resources in one-off sessions.
By promoting the resources through teacher conferences and outreach supported by the PSHE Association we have been able to rapidly scale our distribution to schools across the UK. Establishing strong relationships with multiacademy trusts across England has also enabled us to establish a coherent rollout within multiple settings.
Several schools across the UK have implemented the full FT FLIC financial education curriculum across all year groups and are working closely with us on our curriculum evaluation. By contributing to our ongoing evaluation process, these beacon schools play a crucial role in helping us measure the impact of our initiatives and shape how we refine and adapt our content for different settings.
We continued our partnership with the Manchester United Foundation to scale our in-person delivery of financial education across the UK - including this year for the first time in Northern Ireland. So far, nearly 700 students have received financial education sessions through the FT FLIC x Manchester United Foundation Partnership. Our partnership with the foundation includes training their School Partnership Officers to deliver sessions in small settings, and our team co-delivering sessions with them in larger school settings.
4
FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2024
This year the Association of British Insurers (ABI) awarded FT FLIC a three-year grant to support financial wellbeing among healthcare workers, carers, service personnel and those in precarious employment across the UK. This funding enables us to develop a suite of engaging and accessible learning resources for these target beneficiaries, sharing financial management insights and techniques most relevant to the circumstances and pressures they are navigating.
Our first major project delivered through this grant was a nationwide awareness-raising campaign in time for National Carers Week 2024. Our widely viewed campaign shared crucial financial information through online resources and social media content to help raise awareness of the financial support available to carers.
We achieved over 2.1 million views across Instagram and TikTok from our work on the National Carers Week campaign, the launch of our Money Talks series and our continued work burnishing our resources with engaging, educational and shareable video content for both young people and adults. We have reached over 4.6 million views across all of our social media content.
Alongside creating a core set of eight adult learning modules for the FT FLIC Learning Hub, our ABI grant has enabled us to establish new partnerships with major employers to test, iterate and develop adapted resources for their workforce. Our first employer collaboration for this programme has been with the Royal Marines, who we have already started to work with to customise our core adult learning modules on budgeting, earning and borrowing.
In May, the FT FLIC team travelled to the Commando Training Centre in Devon to run focus group sessions with 50 serving Marines, drawing intelligence to adapt each learning module to their particular context and needs.
In partnership with the Financial Times, FT FLIC hosted a compelling virtual event titled "The True Cost of Childcare" to mark International Women’s Day on 8th March 2024. The lively one-hour discussion, hosted by FT FLIC trustee Claer Barrett, attracted 52,805 views during its live broadcast on X. The one-hour event was subsequently edited into an episode of the Financial Times' award-winning Money Clinic podcast hosted by Claer Barrett, "Fixing Women's Financial Future," which has been downloaded over 22,000 times. The total reach for this event across those who watched live in person, on X and Youtube, and those who listened to the Money Clinic and or downloaded the podcast was over 75,000.
In May 2024, the Education Committee, chaired by Robin Walker MP, published their findings from their inquiry into the current state of financial education in England, ten years after financial education was added to the national curriculum. FT FLIC contributed critical evidence to this examination that calls on the Government to bolster the subject in primary and secondary schools and at the post-16 level, emphasising that providing children with age-appropriate, comprehensive financial education is essential.
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2024
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on
15 October 2024 and signed on their behalf by:
P J R Jenkins
Trustee
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
I N D E P E N D E N T E X A M I N E R ’ S R E P O R T
Year ended 31 March 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
I report to the trustees on my examination of the accounts of the charitable incorporated organisation for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the charitable incorporated organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
I report in respect of my examination of the charitable incorporated organisation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am a partner has provided accounting assistance services to the charitable incorporated organisation and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charitable incorporated organisation as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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 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.
DAVID MELLOR ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS
Date: 15 October 2024
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 31 March 2024
| Unrestricted | Restricted | ||||
|---|---|---|---|---|---|
| income | income | Total | Total | ||
| Note | Fund | Fund | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Donations and legacies: | |||||
| Donations received | 4 | 481,125 | 267,783 | 748,908 | 578,481 |
| Other income | 4,993 | - | 4,993 | 175 | |
| Interest received | 24,338 | - | 24,338 | 638 | |
| Total income and endowments | 510,456 | 267,783 | 778,239 | 579,294 | |
| Expenditure on: | |||||
| Raising funds: | |||||
| Costs of generating voluntary income | 5 | 14,635 | - | 14,635 | 9,627 |
| Charitable activities: | |||||
| Governance costs | 7 | 70,284 | - | 70,284 | 57,389 |
| Charitable expenditure | 6 | 329,058 | 22,405 | 351,463 | 248,021 |
| Total resources expended | 413,977 | 22,405 | 436,382 | 315,037 | |
| Net incoming resources | 96,479 | 245,378 | 341,857 | 264,257 | |
| Net movement in funds | 96,479 | 245,378 | 341,857 | 264,257 | |
| Reconciliation of funds: | |||||
| Total funds brought forward at 31 March 2023 | 597,176 | 43,217 | 640,393 | 376,136 | |
| Total funds carried forward at 31 March 2024 | 693,655 | 288,595 | 982,250 | 640,393 |
All income and expenditure derive from continuing activities.
Funds held in the restricted income fund relate to donations received that are reserved for specific projects (see note 4 for a breakdown).
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
B A L A N C E S H E E T
At 31 March 2024
| Note | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible fixed assets | 8 | 4,559 | 2,618 |
| 4,559 | 2,618 | ||
| Current assets | |||
| Cash at bank – unrestricted income | 696,008 | 647,316 | |
| Cash at bank – restricted income | 288,595 | 43,217 | |
| Debtors | 9 | 5,307 | 2,000 |
| 989,910 | 692,533 | ||
| Liabilities | |||
| Creditors: amounts falling due within one year | 10 | (12,219) | (54,758) |
| Net current assets | 977,691 | 637,775 | |
| Net total assets | 982,250 | 640,393 | |
| The funds of the charity | |||
| Unrestricted income fund | 693,655 | 597,176 | |
| Restricted income fund | 288,595 | 43,217 | |
| Total charity funds | 982,250 | 640,393 | |
| The financial statements set out on page 7 - 17 were approved by the Trustees on | 2024 and were | ||
| signed on their behalf by: |
P J R Jenkins
Trustee
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
S T A T E M E N T O F C A S H F L O W S
Year ended 31 March 2024
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| income | income | Total | Total | |
| Fund | Fund | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Net movement in funds | 96,479 | 245,378 | 341,857 | 264,257 |
| Add back depreciation | 2,054 | - | 2,054 | 845 |
| Add back amortisation | - | - | - | 3,845 |
| Increase / (decrease) in creditors | (42,539) | - | (42,539) | (31,004) |
| Increase in debtors | (3,307) | - | (3,307) | (2,000) |
| Net cash generated from operating activities | 52,687 | 245,378 | 298,065 | 235,943 |
| Purchase of fixed assets | (3,995) | - | (3,995) | (2,475) |
| Net cash generated from investment activities | (3,995) | - | (3,995) | (2,475) |
| Net cash generated from all activities | 48,692 | 245,378 | 294,070 | 233,468 |
| Change in cash and cash equivalents | 48,692 | 245,378 | 294,070 | 233,468 |
| Cash and cash equivalents brought forward | 647,316 | 43,217 | 690,533 | 457,065 |
| Cash and cash equivalents carried forward | 696,008 | 288,595 | 984,603 | 690,533 |
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2024
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The financial statements 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 (FRS 102 SORP) effective on 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charitable incorporated organisation constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The Trustees consider that there are no material uncertainties about the charitable incorporated organisation’s ability to continue as a going concern.
(b) Fund accounting policy
The charity comprises of an unrestricted income fund and a restricted income fund. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the charity. Restricted funds are those that are conditional on being used for a particular purpose.
(c) Income
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
Donations are recognised when the charitable incorporated organisation has entitlement to the income, there is reasonable assurance of receipt and the amount of income can be measured reliably.
(d) Tangible fixed assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
(e) Depreciation
Amortisation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class Depreciation method and rate Computer equipment straight line over 3 years Office furniture straight line over 7 years
(f) Intangible fixed assets
Intangible assets are stated at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
11
FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2024
1. Accounting Policies (continued)
(g) Expenditure and liabilities
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charitable incorporated organisation to the 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 accruals basis.
The charity has creditors which are measured at settlement amounts.
The charity accounts for basic financial instruments on initial recognition at the amount receivable or payable adjusted for any related transaction costs. Subsequent measurement is at amortised cost.
(h) Debtors
Debtors are measured on initial recognition at settlement amount. Subsequently, they are measured at the cash or other consideration expected to be received.
(i) Donated goods, facilities and services
Donations are recognised in the period when it is probable that the economic benefits associated with the donated goods, facilities and services will flow to the charity and provided they can be measured reliably. An equivalent amount is included as expenditure under the relevant heading in the Statement of Financial Activities.
Donated facilities and services provided to the charity are measured and included in the accounts on the basis of their value to the charity i.e. the amount that the charity would pay in the open market for an alternative item that would give the same benefit to the charity as the donated item.
(j) Taxation
The charity is exempt from tax on income and gains falling within sections 521-536 of the Income Taxes Act 2007 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
The charity is registered for Gift Aid.
2. Trustees’ remuneration and expenses
The Trustees all give their time and expertise freely without any form of remuneration or other benefit in cash or kind.
3. Employees
The charitable incorporated organisation had five employees during the year (2023 – four).
One employee received emoluments over £80,000 in the year (2023 – one employee).
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2024
4. Donations received
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Voluntary donations | 448,940 | 379,949 |
| Restricted donations | 267,783 | 173,242 |
| Donated services and facilities | 32,185 | 25,290 |
| 748,908 | 578,481 |
A donation of £217,333 is restricted to an adult learning project.
A donation of £50,450 is restricted to the salary and costs of the social media officer.
Restricted donations – prior period
A donation of £55,025 is restricted to an adult learning project.
A donation of £75,000 is restricted to curriculum design and teacher training projects. A donation of £43,217 is restricted to exploring potential US expansion.
The charity has received the support of 35 volunteers who provide direct support to assist with design work, workshop delivery and content production. The services provided by volunteers are not recognised as income in accordance with the Charities SORP.
5. Costs of generating voluntary income
| Publicity Amortisation Fundraising regulation fees |
2024 £ 14,585 - 50 14,635 |
2023 £ 5,732 3,845 50 |
|---|---|---|
| 9,627 |
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2024
6. Charitable Activities
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Project Expenditure | ||
| Young, gifted and broke event | - | 270 |
| Financial Times Weekend | - | 132 |
| Manchester school workshop | 1,449 | 94 |
| Eden Park workshop | - | 90 |
| Birmingham school workshop | 132 | 934 |
| Blackburn school workshop | - | 673 |
| Newcastle school workshop | - | 448 |
| Shoreditch Park workshop | - | 131 |
| City of London Academies Trust general expenditure | 37,458 | 29,502 |
| 39,039 | 32,274 | |
| Support Costs associated with project expenditure (see note 7) | £ | £ |
| Staff remuneration | 211,734 | 161,805 |
| Payroll taxes | 22,976 | 15,297 |
| Pension contributions | 26,786 | 18,237 |
| Health insurance | 1,887 | 907 |
| Staff recruitment costs | 319 | 822 |
| Subscriptions | 768 | - |
| Rent | 12,573 | 12,010 |
| Insurance | 605 | 501 |
| Research | 1,575 | - |
| Printing, postage & stationary | 1,553 | - |
| Website costs | 8,101 | 6,168 |
| Legal & professional | 22,721 | - |
| Travel & subsistence | 826 | - |
| 312,424 | 215,747 | |
| Total charitable expenditure | 351,463 | 248,021 |
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2024
7. Allocation of support costs and overheads
The breakdown of support costs and how these have been allocated between Governance and Charitable Activities is shown in the table below:
| is shown in the table below: | ||||
|---|---|---|---|---|
| Charitable | ||||
| activities | Governance | Total | Basis of | |
| £ | £ | £ | allocation | |
| Staff remuneration | 211,734 | 25,518 | 237,252 | Staff time |
| Payroll taxes | 22,976 | 3,488 | 26,464 | Staff time |
| Pension contributions | 26,786 | 3,945 | 30,731 | Staff time |
| Health insurance | 1,887 | 274 | 2,161 | Staff time |
| Staff recruitment costs | 319 | 46 | 365 | Staff time |
| Subscriptions | 768 | 112 | 880 | Staff time |
| Rent | 12,573 | 1,827 | 14,400 | Staff time |
| Insurance | 605 | 88 | 693 | Staff time |
| Research | 1,575 | 229 | 1,804 | Staff time |
| Printing, postage and stationery | 1,553 | - | 1,553 | Usage |
| Website costs | 8,101 | - | 8,101 | Usage |
| Legal & professional | 22,721 | - | 22,721 | Usage |
| Travel & subsistence | 826 | - | 826 | Usage |
| Entertainment and gifts | - | 7,639 | 7,639 | Usage |
| Bank charges | - | 72 | 72 | Usage |
| Computer costs | - | 5,924 | 5,924 | Usage |
| Depreciation | - | 2,054 | 2,054 | Usage |
| Independent examination fees | - | 1,986 | 1,986 | Usage |
| Accountancy, bookkeeping and management fees | - | 17,082 | 17,082 | Usage |
| 312,424 | 70,284 | 382,708 |
Allocation of support costs and overheads – prior period
| Charitable | ||||
|---|---|---|---|---|
| activities | Governance | Total | Basis of | |
| £ | £ | £ | allocation | |
| Staff remuneration | 161,805 | 32,066 | 193,871 | Staff time |
| Payroll taxes | 15,297 | 3,101 | 18,398 | Staff time |
| Pension contributions | 18,237 | 3,703 | 21,940 | Staff time |
| Health insurance | 907 | 180 | 1,087 | Staff time |
| Staff recruitment costs | 822 | 163 | 985 | Staff time |
| Rent | 12,010 | 2,390 | 14,400 | Staff time |
| Insurance | 501 | 100 | 601 | Staff time |
| Website costs | 6,168 | - | 6,168 | Usage |
| Entertainment and gifts | - | 997 | 997 | Usage |
| Computer costs | - | 1,837 | 1,837 | Usage |
| Depreciation | - | 845 | 845 | Usage |
| Independent examination fees | - | 1,890 | 1,890 | Usage |
| Accountancy, bookkeeping and management fees | - | 10,117 | 10,117 | Usage |
| 215,747 | 57,389 | 273,136 |
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2024
| 8. Tangible Fixed Assets Computer Office equipment equipment £ £ Cost At 1 April 2023 3,492 170 Additions 3,995 - At 31 March 2024 7,487 170 Depreciation At 1 April 2023 1,031 13 Charge for the year 2,030 24 At 31 March 2024 3,061 37 Carrying amount At 31 March 2024 4,426 133 At 31 March 2023 2,461 157 |
Total £ 3,662 3,995 |
|---|---|
| 7,657 | |
| 1,044 2,054 |
|
| 3,098 | |
| 4,559 | |
| 2,618 |
| 9. Debtors Donations receivable Other debtors |
2024 £ 5,000 307 5,307 |
2023 £ 2,000 - |
|---|---|---|
| 2,000 | ||
| 10. Creditors PAYE creditors Salary creditors Other creditors Other accruals |
2024 £ 10,817 763 - 639 12,219 |
2023 £ 7,625 - 45,883 1,250 |
| 54,758 |
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2024
11. Financial assets and liabilities
The following are financial liabilities that qualify as basic financial instruments and are initially recognised at transaction value and subsequently measured at their amortised cost.
| Financial assets Debtors Financial liabilities Creditors |
2024 £ 5,307 5,307 £ 12,219 12,219 |
2023 £ 2,000 |
|---|---|---|
| 2,000 | ||
| £ 53,508 |
||
| 53,508 |
12. Analysis of charitable funds
| Unrestricted fund Restricted fund Total |
Balance brought forward Income Expenditure £ £ £ 597,176 510,456 (413,977) 43,217 267,783 (22,405) 640,393 778,239 (436,382) |
Balance carried forward £ 693,655 288,595 |
|---|---|---|
| 982,250 |
The Restricted Fund’s assets are held as Cash at Bank.
Analysis of charitable funds – prior period
| Unrestricted fund Restricted fund Total |
Balance brought forward Income Expenditure £ £ £ 376,136 406,052 (185,012) - 173,242 (130,025) 376,136 579,294 (315,037) |
Balance carried forward £ 597,176 43,217 |
|---|---|---|
| 640,393 |
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FT FINANCIAL LITERACY AND INCLUSION CAMPAIGN
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2024
13. Related party disclosures
The trustees received no emoluments or reimbursement of expenses for their services to the charity in the current or previous year.
There were no related party transactions to disclose in the current or previous year.
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