Structure, governance and management
The current serving FT FLIC trustees are:
Patrick John R Jenkins (Chairman)
Finola Mary McDonnell
Andreas Ernst Ferdinand Utermann
Lucy Rosamund Kellaway
Diane Margaret Maxwell
Clare Eleanor Woodman
Claer Marie Robertson
Veronica Ahiagbede Kan-Dapaah
Hannah Leigh Sarney
The trustees meet periodically to monitor the progress of the content production and consider the outreach of the campaign.
Statement of Trustees’ responsibilities
In accordance with the law applicable to charities in England and Wales, FT FLIC’s trustees oversee 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:
- 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;
- 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 also 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.
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.
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 charity has 5 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.
With the threshold for auditing of UK charities being for those with income of over £1m (and FT FLIC’s income falling below this level) in accordance with the requirements of the Charities Act 2011 (‘the Act’) the charity commissioned an independent examination of our accounts by the chartered accountancy firm, Dixon Wilson.
In carrying out the examination Dixon Wilson followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act, in addition to duly applying the Financial Reporting Council’s revised ethical standards.
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.
Additional financial scrutiny is provided by an audit committee who convene regularly. It is comprised of:
Stephen Jones (independent chair)
George Binney (Financial Controller)
The trustees consider the current financial position to be satisfactory. There is sufficient cash from individual philanthropy and institutional funding to provide support for their chosen charitable causes. The trust had net assets of £640,393 as of 31 March 2023 (31 March 2022–£376,136), of which £597,176 is attributable to the unrestricted fund (31 March 2022–£376,136) and £43,217 is attributable to the restricted fund (31 March 2022–£nil). This consisted of cash at bank of £690,533 (31 March 2022–£457,065), receivables of £2,000 (31 March 2022–£nil) and payables of £54,758 (31 March 2022–£85,762). In the year to 31 March 2023 the trust had net incoming resources of £221,040 attributable to the unrestricted fund (period 25 May 2021 to 31 March 2022–£376,136) and £43,217 attributable to the restricted fund (period 25 May 2021 to 31 March 2022–£nil).
The principal risks faced by the charity lie in its ability to fulfil Employer’s, Public and Trustees liabilities under exceptional circumstances. The trustees have taken a policy with Aviva Insurance to mitigate the financial impact of these risks.
FT FLIC embraces positive and transparent relationships with supporters and external organisations. We recognise that while seeking funding presents a range of valuable opportunities it also presents risks, and it is therefore necessary to carefully consider all aspects of our relationships with partners.
Our overriding guiding principles are to seek support from and partner with organisations that enable us to achieve the charity’s mission—while protecting our reputation and without compromising our integrity, to ensure that ultimately we are always working in the best interests of our beneficiaries.
The association of FT FLIC with the Financial Times as a highly respected brand and organisation means the most valuable assets we have are our brand and reputation. Protecting these alongside demonstrating our credibility will be the core consideration in our discussions with potential major donors and partners and we are led by Charity Commission guidance on connections with a non-charity.
Conflicts of interests
The FT FLIC trustee board will make funding decisions based only on what’s best for the charity. Trustees will not allow personal interests, or the interests of people or organisations connected to board members, to influence these decisions.
Any conflicts of interest will be recorded in the minutes of FT FLIC trustee board meetings, together with the key points and decision(s) made, in sufficient detail to allow an understanding of the issue and the basis on which the decision was made.
When deciding whether to accept any particular donation, the executive director, Chair, and trustees will demonstrate that they have acted in the best interest of the charity, and that association with any particular donor does not compromise FT FLIC’s ethical position, harm its reputation or put future funding at risk. We use a comprehensive due diligence process to standardise our research for each potential partner organisation. Every funder needs to comply with all relevant legislation, including money laundering rules, compliance with organisational ESG policy, the Bribery Act and Charity Commission guidance, including terrorism and political activity.
Legal and admin details
As set out in our Governing document lodged with the UK Charity Commission, the objectives of the charity 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.’
Name of organisation:
FT FLIC (Financial Literacy and Inclusion Campaign)
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.
1 Friday Street
London EC4M 9BT
20 Cursitor Street
London EC4A 1LT
T +44 (0)20 7831 9222
DX 138 Chancery Lane
Accountants and Auditors
David Mellor ACA CTA
Dixon Wilson Chartered Accountants
22 Chancery Lane
London, WC2A 1LS
Tel: +44 (0)20 7680 8100