**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. 1 of 15 **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 2 of 15 **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 3 of 15 ## **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 4 of 15 ## **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**| 5 of 15 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance - with section 476, - The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting - records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. 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 6 of 15 ## **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 7 of 15 ## **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** 8 of 15 ## **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**| 9 of 15 ## **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**| 10 of 15 ## **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| 11 of 15 ## **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**| 12 of 15 ## **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**| 13 of 15 ## **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 14 of 15 ## **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. 15 of 15