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2022-03-31-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 2022

Wasafiri Limited Contents Page For the year ended 31 March 2022

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 16

Wasafiri Limited Report of the Trustees For the year ended 31 March 2022

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 2022. 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

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 Edinburgh and London, in addition to online events which welcomed writers and readers from all points on the world map to online events focused on writing from Kenya, Rwanda, Colombia, Argentina, the Caribbean, and from across the Chinese diaspora, in addition to workshops focused on writing for climate action and justice.

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. However, a quick switch to online operations managed to mitigate the worst impacts of the pandemic on the organisation. We have currently adopted hybrid from-home and from-office working, which is functioning well.

The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

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Wasafiri Limited Report of the Trustees Continued For the year ended 31 March 2022

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. The magazine has secured Arts Council England National Portfolio Organisation extension year funding for 2022-2023.

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. The agreement between Wasafiri and QMUL was renewed on 1st April 2022 for a further 5 years to 31st March 2027.

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:

Ms Esme Dora Godden Ms Molly Slight (Appointed: 03 December 2018) (Resigned: 01 April 2022) Mr Pete Andrew Ayrton (Resigned: 01 October 2021) Mr Romesh Chitral Gunesekera Ms Susheila Mary Nasta (Resigned: 31 October 2021) Prof Tessa Anita Mcwatt (Resigned: 31 October 2021) Ms Victoria Unwin

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Wasafiri Limited Report of the Trustees Continued For the year ended 31 March 2022

Independent examiner

(Resigned: 31 January 2022) Dr Elizabeth Attree Dr Yvonne Battle-Felton (Appointed: 31 January 2022) Dr Kavita Bhanot Mr Rishi Dastidar (Appointed: 31 January 2022) Dr Juliana Mensah Ms Carol Sidney (Appointed: 31 January 2022) Dr Florian Stadtler 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

............................................................................. Dr Florian Stadtler

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Wasafiri Limited Independent Examiners Report to the Trustees For the year ended 31 March 2022

I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2022.

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

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Wasafiri Limited

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2022

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
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
128,566
47,692
2
-
176,260
(143,198)
(143,198)
33,062
94,429
127,491		 Restricted
funds
£
18,700
-
-
-
18,700
(11,491)
(11,491)
7,209
-
7,209		 2022
£
147,266
47,692
2
-
194,960
(154,689)
(154,689)
40,271
94,429
134,700		 2021
£
116,620
52,173
-
156
168,949
(144,842)
(144,842)
24,107
70,322
94,429

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03236021

Registered Number :

Wasafiri Limited Statement of Financial Position As at 31 March 2022

Notes 2022 2021
£ £
Fixed assets
Tangible assets 13 - 141
- 141
Current assets
Debtors 14 - 5,966
Cash at bank and in hand 165,702 119,801
165,702 125,767
Creditors: amounts falling due within one year 15 (31,002) (31,479)
Net current assets 134,700 94,288
Total assets less current liabilities 134,700 94,429
Net assets 134,700 94,429
The funds of the charity
Restricted income funds 16 7,209 -
Unrestricted income funds 16 127,491 94,429
Total funds 134,700 94,429

For the year ended 31 March 2022 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:

Dr Florian Stadtler Trustee

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Wasafiri Limited Notes to the Financial Statements For the year ended 31 March 2022

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:

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2022

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
3. Income from charitable activities
Unrestricted funds
Promotion of literature and
drama
Subscription income
Single copy sales
New writing prize
Advertising
Events
4. Investment income
Unrestricted funds
Bank interest receivable		 Restricted
funds
Unrestricted
funds
£
£
-
55,915
18,700
67,651
-
5,000
18,700
128,566		 2022
£
55,915
86,351
5,000
147,266
2022
£
79,206
7,145
-
-
86,351
2022
£
28,911
6,554
10,390
1,025
812
47,692
47,692
2022
£
2
2		 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
£
-
-

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

5. Other income

ther income
Sundry income 2022
£
-
-		 2021
£
156
156

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2022

6. Costs of charitable activities by fund type

osts of charitable activities by fund type
Unrestricted Restricted 2022 2021
funds funds
£ £ £ £
Promotion of literature and
drama
Direct cost
Staff costs - wages & 50,290 - 50,290 53,562
salaries
Staff costs - social security 9,164 - 9,164 1,270
costs
Staff costs - pension 2,723 - 2,723 1,223
contributions
Editorial costs 4,765 - 4,765 16,449
Contributors 9,143 - 9,143 19,274
Production costs 2,482 - 2,482 3,451
New writing prize 5,075 - 5,075 5,114
Events 9,213 - 9,213 1,229
Marketing and website 945 - 945 764
Sundry expenses - - - 150
Podcast - 11,491 11,491 -
93,800 11,491 105,291 102,486
Support costs
Promotion of literature and drama
Management
Staff costs - wages & 25,315 - 25,315 25,315
salaries
Depreciation - owned assets 141 - 141 87
Stationery, office and IT 11,614 - 11,614 10,956
costs
Insurance 1,378 - 1,378 1,299
Professional fees 7,951 - 7,951 1,249
Travel and subsistence 663 - 663 (50)
Bank charges 844 - 844 1,447
Governance costs
Accountancy fees 1,453 - 1,453 2,053
Cost of trustees' meetings 39 - 39 -
49,398 - 49,398 42,356
143,198 11,491 154,689 144,842

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2022

7. Costs of charitable activities by activity type

Activities Support 2022 2021
undertaken costs
directly
£ £ £ £
Support costs
Promotion of literature and 105,291 49,398 154,689 144,842
drama
nalysis of support costs
2022 2021
£ £
Promotion of literature and drama
Management
Staff costs - wages & 25,315 25,315
salaries
Depreciation - owned 141 87
assets
Stationery, office and IT 11,614 10,956
costs
Insurance 1,378 1,299
Professional fees 7,951 1,249
Travel and subsistence 663 (50)
Bank charges 844 1,447
47,906 40,303
Governance costs
Accountancy fees 1,453 2,053
Cost of trustees' meetings 39 -
1,492 2,053
49,398 42,356

8. Analysis of support costs

9. Net income/(expenditure) for the year

This is stated after charging/(crediting):

This is stated after charging/(crediting):
2022 2021
£ £
Depreciation of owned fixed assets 141 87
Accountancy fees 1,453 2,053
Staff pension contributions 2,723 1,223

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2022

10. Staff costs and emoluments

Total staff costs for the year ended 31 March 2022 were:

Total staff costs for the year ended 31 March 2022 were:
2022 2021
£ £
Salaries and wages 75,605 78,877
Social security costs 9,164 1,270
Pension costs 2,723 1,223
87,492 81,369

No employee earned more than £60,000 during the year (nil:2021).

2022 2021
Administration and programming 2 1
Editorial 2 2
4 3

11. Trustee remuneration and related party transactions

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021:£nil).

No charity trustee received payment for professional or other services supplied to the charity (2021:£nil). The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021:£nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2021:£nil). There are no related party transactions to disclose for 2022 (2021:none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related partie

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2022

12. Comparative for the Statement of Financial Activities

Income and endowments from:
Donations and legacies
Charitable activities
Other income
Total
Expenditure on:
Charitable activities
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
13. Tangible fixed assets
Cost or valuation
At 01 April 2021
At 31 March 2022
Depreciation
At 01 April 2021
Charge for year
At 31 March 2022
Net book values
At 31 March 2022
At 31 March 2021
14. Debtors
Amounts due within one year:
Other debtors		 2022
£
-
-		 Plant and
machinery
£
7,888
7,888
7,747
141
7,888
-
141
2021
£
5,966
5,966

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

15. Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income		 2022
£
1,400
29,602
31,002		 2021
£
3,218
28,261
31,479

16. Movement in funds

Unrestricted Funds
General
General
Unrestricted Funds - Previous year
General
General
Purpose of unrestricted Funds
General
Promotion of literature and drama		 Balance at
01/04/2021
£
94,429
94,429
Balance at
01/04/2020
£
70,322
70,322		 Incoming
resources
£
176,260
176,260
Incoming
resources
£
153,149
153,149		 Outgoing
resources
£
(143,198)
(143,198)
Outgoing
resources
£
(129,042)
(129,042)		 Balance at
31/03/2022
£
127,491
127,491
Balance at
31/03/2021
£
94,429
94,429

Restricted Funds

Incoming Outgoing Balance at
resources resources 31/03/2022
£ £ £
Restricted funds 18,700 (11,491) 7,209
18,700 (11,491) 7,209

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Wasafiri Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

Restricted Funds - Previous year
Incoming Outgoing Balance at
resources resources 31/03/2021
£ £ £
Restricted funds 15,800 (15,800) -
15,800 (15,800) -
Purpose of restricted funds
Restricted funds
Funds given for specific purposes
Analysis of net assets between funds
Tangible Net current Net Assets
fixed assets assets /
(liabilities)
£ £ £
Unrestricted funds
General
General - 127,491 127,491
Restricted funds
Restricted funds - 7,209 7,209
- 134,700 134,700
Previous year
Tangible Net current Net Assets
fixed assets assets /
(liabilities)
£ £ £
Unrestricted funds
General
General 141 94,288 94,429
Restricted funds
141 94,288 94,429

17. Analysis of net assets between funds

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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