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2021-03-31-accounts

Charity number: 1059778

Company number: 03236021

(England and Wales)

Wasafiri Limited

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 March 2021

Wasafiri Limited Contents Page For the year ended 31 March 2021

Report of the Trustees 1 to 3
Independent Examiner's Report to the Trustees 4
Statement of Financial Activities 5
Statement of Financial Position 6
Notes to the Financial Statements 7 to 15

Wasafiri Limited Report of the Trustees For the year ended 31 March 2021

The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 March 2021. The Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Wasafiri's aim is to create a dynamic platform for the discovery, publication, promotion and support of international writing, and through that extend the established boundaries of global literary cultures. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)', when reviewing the charitable company's aims and objectives in planning a publishing programme and future activities.

The trust carries out its objectives by:

Publishing four issues of Wasafiri magazine a year in which international writers, especially those from Africa, the Caribbean and Asia, are regularly given the opportunity to have their work featured. This enables the public to access literature that is not readily available in mainstream bookshops or literary magazines. Wasafiri is one of a small number of magazines in Britain that actively promotes cultural diversity and cross-cultural understanding with the aim of opening up the public to international writing worldwide.

Alongside the publication of creative writing, Wasafiri maintains its educational role by publishing essays and articles written by teachers, lecturers and professors that support the intellectual and pedagogical aims of the works it publishes. This significantly extends the reach of the magazine to schools, universities, academic institutions and libraries. The directors will continue to reach the public via a number of different routes, offering both critical analysis as well as creative writing by world writers to new audiences.

Our policy of requesting submissions from the public with no restrictions on subject area or the age, nationality or geographical location of authors, creates a dynamic space for new writing. Wasafiri has a strong equal opportunities policy and pays its contributors, offering many emerging and unpublished writers a chance to be paid for their work. In a similar vein, our New Writing Prize enables the public to enter a high-profile, well-rewarded competition that has no restrictions on age, gender, nationality or location. Entries to the prize and submissions to the magazine come from all corners of the globe, and the longevity of the prize is secured by sponsorship from Queen Mary University London (QMUL) and Routledge/Taylor and Francis UK.

Our aim to make international literature widely available is also pursued through a range of public events. Events are frequently available free of charge and located in different regions of the UK and the world. Such events enable the public to meet and engage in person with the authors the magazine publishes. Last year, in-person events were held in Birmingham, London, Berlin, and Thiruvananthapuram. In this year of global lockdowns, we have welcomed writers and readers from all points on the world map to events focused on writing from Japan, Kenya, Rwanda, Colombia, Argentina, the Caribbean, and from across the Chinese diaspora.

We maintain rigorous channels of communication with our readers through regular news updates on the Wasafiri website, Facebook, Twitter, and Instagram accounts and through monthly electronic newsletters where we share news about our events and those of other organisations in the field of international literature, as well as developments in the careers of the writers we publish.

Wasafiri's social media presence continues to grow, and our revised digital strategy, implemented last year, continues to enable the magazine to increase its reach to all sections of society.

By focusing on these areas, we achieve our aims of increasing public awareness and knowledge of and accessibility to the diverse range of literature that we publish.

CORONAVIRUS STATEMENT

Wasafiri, like all companies across the world, has been impacted by the Covid-19 pandemic. The Wasafiri office team began working from home on 17 March 2020 and the UK government instituted a nationwide lockdown on 23 March. Cancellation of three events, at Goldsmiths College, University of London; at the EACLALS conference in Cardiff; and at the Deptford Literary Festival, resulted in lost income from magazine sales and subscriptions. However, a quick switch to online operations managed to mitigate the worst impacts of the pandemic on the organisation. We are currently in the process of phasing a return to hybrid from-home and from-office working.

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Wasafiri Limited Report of the Trustees Continued For the year ended 31 March 2021

FINANCIAL REVIEW

Significant events

Wasafiri magazine is supported by Arts Council England; Routledge/Taylor and Francis Publishers, part of the Informa Ltd group; and QMUL.

The largest proportion of the magazine's funding comes from Arts Council England under the National Portfolio Organisation programme. This is secure for 2019-2022.

Wasafiri is co-published with Routledge, one of the world's largest publishers of academic and educational products. The magazine has held a rolling contract with Routledge since 2004, which has been renewed every five years to date. The Founder (formerly Editor-in-Chief) negotiated a further seven-year contract from 1 January 2019 until 31 December 2025. This agreement covers one third of the magazine's operational costs alongside the monies received from the Arts Council and in-kind funding from QMUL.

QMUL support is also substantial: it includes free use of a London office space on the college's Mile End campus, overheads, computer equipment, IT support, and the salary costs of one part-time Administration and Programmes Manager. QMUL is committed to supporting the organisation from September 2017 to August 2022.

Reserves

The target reserve is 10 months equivalent of expenditure which the trustees consider to be adequate for the delivery of current commitments.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Wasafiri Limited is a registered charity and is also constituted as a company limited by guarantee. It is governed by its Memorandum and Articles of Association.

Recruitment and appointment of trustees

Recruitment of Trustees is from the subscribers to The Memorandum of Association and such other persons as the directors shall from time to time admit to membership.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity Wasafiri Limited Charity registration number 1059778 Company registration number 03236021 Principal address c/o School of English & Drama Queen Mary College, Mile End Road London E1 4NS

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Dr Alison Jayne Donnell (Resigned: 22 July 2020) Ms Esme Dora Godden Ms Molly Slight Mr Pete Andrew Ayrton Mr Romesh Chitral Gunesekera Ms Susheila Mary Nasta Prof Tessa Anita Mcwatt Ms Victoria Unwin

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Wasafiri Limited Report of the Trustees Continued For the year ended 31 March 2021

Independent examiner

Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW

Approved by the Board of Trustees and signed on its behalf by

............................................................................. 27 October 2021 Ms Victoria Unwin

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Wasafiri Limited Independent Examiners Report to the Trustees For the year ended 31 March 2021

I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity Trustees, who are also directors for the purposes of company law, 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 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 examiners 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 that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the 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

  4. 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.

Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW

27 October 2021

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Wasafiri Limited

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2021

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investments
4
Other income
5
Total
Expenditure on:
Charitable activities
6/7
Total
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
100,820
52,173
-
156
153,149
(129,042)
(129,042)
24,107
70,322
94,429		 Restricted
funds
£
15,800
-
-
-
15,800
(15,800)
(15,800)
-
-
-		 2021
£
116,620
52,173
-
156
168,949
(144,842)
(144,842)
24,107
70,322
94,429		 2020
£
105,546
44,850
499
46
150,941
(137,495)
(137,495)
13,446
56,876
70,322

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03236021

Registered Number :

Wasafiri Limited Statement of Financial Position As at 31 March 2021

Notes
Fixed assets
Tangible assets
13
Current assets
14
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Unrestricted income funds
16
Total funds		 £
2021
141
141
5,966
119,801
125,767
(31,479)
94,288
94,429
94,429
94,429
94,429		 £
2020
228
228
985
97,328
98,313
(28,219)
70,094
70,322
70,322
70,322
70,322

For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Ms Victoria Unwin Trustee 27 October 2021

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Wasafiri Limited Notes to the Financial Statements For the year ended 31 March 2021

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Companies Act 2006.

Wasafiri Limited 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(s).

Going concern

The financial statements are prepared, on a going concern basis, under the historical cost convention.

Funds

The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes.

Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.

There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above

Incoming resources

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.

Donated goods, services and facilities

Donated facilities and services are included in the accounts when they are received and can be reliably measured. They are measured on the basis of the value of the gift in the open market. Donated facilities and services are recognised as income when received and an equivalent amount recognised as an expense under the appropriate heading.

Resources expended

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure.

Taxation

As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and Machinery

20% Straight line

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2021

2. Income from donations and legacies

Donations received
Grants received
Sponsorships received
Analysis of grants received
Arts Council England
British Council
GB Sasakewa Find
Kings College London
Sundry grants
ncome from charitable activities
Unrestricted funds
Promotion of literature and
drama
Subscription income
Single copy sales
New writing prize
Advertising
Events
nvestment income
Bank interest receivable		 Restricted
funds
Unrestricted
funds
£
£
1,800
35,314
14,000
60,506
-
5,000
15,800
100,820		 2021
£
37,114
74,506
5,000
116,620
2021
£
60,506
-
6,000
8,000
-
74,506
2021
£
30,163
5,993
14,814
525
678
52,173
52,173
2021
£
-
-		 2020
£
39,133
61,413
5,000
105,546
2020
£
59,413
500
-
-
1,500
61,413
2020
£
29,493
5,980
7,507
100
1,770
44,850
44,850
2020
£
499
499

3. Income from charitable activities

4. Investment income

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2021

5. Other income

ther income
Unrestricted funds
Sundry income		 2021
£
156
156		 2020
£
46
46

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2021

6. Costs of charitable activities by fund type

osts of charitable activities by fund type
Unrestricted Restricted 2021 2020
funds funds
£ £ £ £
Promotion of literature and
drama
Direct cost
Staff costs - wages & 53,562 - 53,562 37,854
salaries
Staff costs - social security 1,270 - 1,270 1,033
costs
Staff costs - pension 1,223 - 1,223 717
contributions
Editorial costs 16,449 - 16,449 23,369
Contributors 3,474 15,800 19,274 12,700
Production costs 3,451 - 3,451 2,000
New writing prize 5,114 - 5,114 3,720
Events 1,229 - 1,229 5,992
Marketing and website 764 - 764 1,105
Sundry expenses 150 - 150 -
35th Anniversary costs - - - 8,651
86,686 15,800 102,486 97,141
Support costs
Promotion of literature and drama
Management
Staff costs - wages & 25,315 - 25,315 22,304
salaries
Depreciation - owned assets 87 - 87 347
Stationery, office and IT 10,956 - 10,956 10,422
costs
Insurance 1,299 - 1,299 1,299
Professional fees 1,249 - 1,249 3,353
Travel and subsistence (50) - (50) 615
Bank charges 1,447 - 1,447 -
Governance costs
Accountancy fees 2,053 - 2,053 1,453
Cost of trustees' meetings - - - 561
42,356 - 42,356 40,354
129,042 15,800 144,842 137,495

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2021

7. Costs of charitable activities by activity type

Activities Support 2021 2020
undertaken costs
directly
£ £ £ £
Support costs
Promotion of literature and 102,486 42,356 144,842 137,495
drama
nalysis of support costs
2021 2020
£ £
Promotion of literature and drama
Management
Staff costs - wages & 25,315 22,304
salaries
Depreciation - owned 87 347
assets
Stationery, office and IT 10,956 10,422
costs
Insurance 1,299 1,299
Professional fees 1,249 3,353
Travel and subsistence (50) 615
Bank charges 1,447 -
40,303 38,340
Governance costs
Accountancy fees 2,053 1,453
Cost of trustees' meetings - 561
2,053 2,014
42,356 40,354

8. Analysis of support costs

9. Net income/(expenditure) for the year

This is stated after charging/(crediting):

This is stated after charging/(crediting):
2021 2020
£ £
Depreciation of owned fixed assets 87 347
Accountancy fees 2,053 1,453
Staff pension contributions 1,223 717

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2021

10. Staff costs and emoluments

Total staff costs for the year ended 31 March 2021 were:

Total staff costs for the year ended 31 March 2021 were:
2021 2020
£ £
Salaries and wages 78,877 60,158
Social security costs 1,270 1,033
Pension costs 1,223 717
81,369 61,908
2021 2020
Administration and programming 1 1
Editorial 2 2
3 3

12. Comparative for the Statement of Financial Activities

Unrestricted Restricted 2020
funds funds
£ £ £
Income and endowments from:
Donations and legacies 103,546 2,000 105,546
Charitable activities 44,850 - 44,850
Investments 499 - 499
Other income 46 - 46
Total 148,941 2,000 150,941
Expenditure on:
Charitable activities (135,495) (2,000) (137,495)
Total (135,495) (2,000) (137,495)
Net income/expenditure 13,446 - 13,446
Reconciliation of funds
Total funds brought forward 56,876 - 56,876
Total funds carried forward 70,322 - 70,322

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2021

13. Tangible fixed assets

Cost or valuation
At 01 April 2020
At 31 March 2021
Depreciation
At 01 April 2020
Charge for year
At 31 March 2021
Net book values
At 31 March 2021
At 31 March 2020		 Plant and
Machinery
£
7,888
7,888
7,660
87
7,747
141
228

14. Debtors

2021 2020
£ £
Amounts due within one year:
Other debtors 5,966 985
5,966 985
Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 3,218 850
Other creditors - 731
Accruals and deferred income 28,261 26,638
31,479 28,219

15. Creditors: amounts falling due within one year

16. Movement in funds

Unrestricted Funds

General
General		 Balance at
01/04/2020
£
70,322
70,322		 Incoming
resources
£
153,149
153,149		 Outgoing
resources
£
(129,042)
(129,042)		 Balance at
31/03/2021
£
94,429
94,429

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2021

Unrestricted Funds - Previous year

General
General
Purpose of unrestricted Funds
General
Promotion of literature and drama		 Balance at
01/04/2019
£
56,876
56,876		 Incoming
resources
£
148,941
148,941		 Outgoing
resources
£
(135,495)
(135,495)		 Balance at
31/03/2020
£
70,322
70,322

Restricted Funds

Restricted funds
Restricted Funds - Previous year
Restricted funds		 Incoming
resources
£
15,800
15,800
Incoming
resources
£
2,000
2,000		 Outgoing
resources
£
(15,800)
(15,800)
Outgoing
resources
£
(2,000)
(2,000)		 Balance at
31/03/2021
£
-
-
Balance at
31/03/2020
£
-
-

Purpose of restricted funds

Restricted funds

Funds given for specific purposes

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2021

17. Analysis of net assets between funds

Unrestricted funds
General
General
Previous year
Unrestricted funds
General
General		 Tangible
fixed assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
141
94,288
94,429
141
94,288
94,429
Tangible
fixed assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
228
70,094
70,322
228
70,094
70,322

18. Company limited by guarantee

Wasafiri Limited is a company limited by guarantee and accordingly does not have a share capital.

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