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2023-03-31-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 2023

Wasafiri Limited Contents Page For the year ended 31 March 2023

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 14

Wasafiri Limited Report of the Trustees

For the year ended 31 March 2023

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 2023. 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 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 ensure that the magazine's work reaches 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 across the world, 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 as well as online. 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 London and Cardiff, in addition to online events which welcomed writers and readers from all points on the world map and workshops focused on autofiction.

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.

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 2023

FINANCIAL REVIEW

Significant events

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 funding for 2023-2026.

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.

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 (Appointed: 30 April 2022) Mr Romesh Chitral Gunesekera (Resigned: 14 November 2022) Dr Elizabeth Attree (Resigned: 20 July 2022) Dr Yvonne Battle-Felton Dr Kavita Bhanot Mr Rishi Dastidar Dr Juliana Mensah Ms Carol Sidney

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Wasafiri Limited Report of the Trustees Continued For the year ended 31 March 2023

Independent examiner

(Resigned: 20 July 2022) Dr Florian Stadtler Ms Kimberly McIntosh 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

............................................................................. 03 November 2023 Dr Florian Stadtler

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Wasafiri Limited Independent Examiners Report to the Trustees For the year ended 31 March 2023

I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2023.

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 2023

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investments
4
Other income
Total
Expenditure on:
Charitable activities
5/6
Total
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
101,421
53,411
1,771
101
156,704
(148,866)
(148,866)
7,838
127,491
135,329		 Restricted
funds
£
-
-
-
-
-
(7,209)
(7,209)
(7,209)
7,209
-		 2023
£
101,421
53,411
1,771
101
156,704
(156,075)
(156,075)
629
134,700
135,329		 2022
£
147,266
47,692
2
-
194,960
(154,689)
(154,689)
40,271
94,429
134,700

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03236021

Registered Number :

Wasafiri Limited Statement of Financial Position As at 31 March 2023

Notes
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Restricted income funds
14
Unrestricted income funds
14
Total funds		 £
2023
169,287
169,287
(33,958)
135,329
135,329
135,329
-
135,329
135,329		 £
2022
165,702
165,702
(31,002)
134,700
134,700
134,700
7,209
127,491
134,700

For the year ended 31 March 2023 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

03 November 2023

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Wasafiri Limited Notes to the Financial Statements For the year ended 31 March 2023

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 2023

2. Income from donations and legacies

Unrestricted funds
Donations received
Grants received
Sponsorships received
Gifts in kind
Analysis of grants received
Arts Council England
British Council
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		 2023
£
600
60,506
5,000
35,315
101,421
2023
£
60,506
-
60,506
2023
£
30,477
9,698
11,806
560
870
53,411
53,411
2023
£
1,771
1,771		 2022
£
20,600
86,351
5,000
35,315
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

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2023

5. Costs of charitable activities by fund type

osts of charitable activities by fund type
Unrestricted Restricted 2023 2022
funds funds
£ £ £ £
Promotion of literature and
drama
Direct cost 17,760 - 17,760 -
Staff costs - wages & 50,650 - 50,650 60,250
salaries
Staff costs - social security - - - 760
costs
Staff costs - pension 925 - 925 1,167
contributions
Editorial costs 7,675 - 7,675 4,765
Contributors 9,185 - 9,185 9,143
Production costs 4,603 - 4,603 2,482
New writing prize 4,750 - 4,750 5,075
Events 3,725 - 3,725 9,213
Marketing and website 620 - 620 945
Podcast 1,817 7,209 9,026 11,491
101,710 7,209 108,919 105,291
Support costs
Promotion of literature and drama
Management
Staff costs - wages & 25,315 - 25,315 25,315
salaries
Depreciation - owned assets - - - 141
Stationery, office and IT 10,850 - 10,850 11,614
costs
Insurance 1,523 - 1,523 1,378
Professional fees 5,961 - 5,961 7,951
Travel and subsistence 308 - 308 663
Bank charges 1,056 - 1,056 844
Governance costs
Accountancy fees 2,077 - 2,077 1,453
Cost of trustees' meetings 66 - 66 39
47,156 - 47,156 49,398
148,866 7,209 156,075 154,689

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2023

6. Costs of charitable activities by activity type

Activities Support 2023 2022
undertaken costs
directly
£ £ £ £
Support costs
Promotion of literature and 108,919 47,156 156,075 154,689
drama
nalysis of support costs
2023 2022
£ £
Promotion of literature and drama
Management
Staff costs - wages & 25,315 25,315
salaries
Depreciation - owned - 141
assets
Stationery, office and IT 10,850 11,614
costs
Insurance 1,523 1,378
Professional fees 5,961 7,951
Travel and subsistence 308 663
Bank charges 1,056 844
45,013 47,906
Governance costs
Accountancy fees 2,077 1,453
Cost of trustees' meetings 66 39
2,143 1,492
47,156 49,398

7. Analysis of support costs

8. Net income/(expenditure) for the year

This is stated after charging/(crediting):

This is stated after charging/(crediting):
2023 2022
£ £
Depreciation of owned fixed assets - 141
Accountancy fees 2,077 1,453
Staff pension contributions 925 1,167

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2023

9. Staff costs and emoluments

Total staff costs for the year ended 31 March 2023 were:

Total staff costs for the year ended 31 March 2023 were:
Salaries and wages
Social security costs
Pension costs
Administration and programming
Editorial		 2023
£
50,650
-
925
51,575
2023
2
2
4		 2022
£
60,250
760
1,167
62,177
2022
2
2
4

The total employee benefits including pension contributions of the key management personnel were £35,773.

No employees received remuneration in excess of £60,000 in the year (2022: £nil).

10. 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 (2022:£nil).

No charity trustee received payment for professional or other services supplied to the charity (2022:£nil). The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2022:£nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2022:£nil).

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2023

11. Comparative for the Statement of Financial Activities

Unrestricted Restricted 2022
funds funds
£ £ £
Income and endowments from:
Donations and legacies 128,566 18,700 147,266
Charitable activities 47,692 - 47,692
Investments 2 - 2
Total 176,260 18,700 194,960
Expenditure on:
Charitable activities (143,198) (11,491) (154,689)
Total (143,198) (11,491) (154,689)
Net income 33,062 7,209 40,271
Reconciliation of funds
Total funds brought forward 94,429 - 94,429
Total funds carried forward 127,491 7,209 134,700

12. Tangible fixed assets

Cost or valuation
At 01 April 2022
At 31 March 2023
Depreciation
At 01 April 2022
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 Plant and
machinery
£
7,888
7,888
7,888
7,888
-
-

13. Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income		 2023
£
2,881
31,077
33,958		 2022
£
1,400
29,602
31,002

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Wasafiri Limited

Notes to the Financial Statements Continued For the year ended 31 March 2023

14. Movement in funds

Unrestricted Funds

Balance at Incoming Outgoing Balance at
01/04/2022 resources resources 31/03/2023
£ £ £ £
General
General 127,491 156,704 (148,866) 135,329
127,491 156,704 (148,866) 135,329
Unrestricted Funds - Previous year
Balance at Incoming Outgoing Balance at
01/04/2021 resources resources 31/03/2022
£ £ £ £
General
General 94,429 176,260 (143,198) 127,491
94,429 176,260 (143,198) 127,491

Purpose of unrestricted Funds

General

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes of promotion of literature and drama.

Restricted Funds

Balance at Incoming Outgoing Balance at
01/04/2022 resources resources 31/03/2023
£ £ £ £
Restricted funds 7,209 - (7,209) -
7,209 - (7,209) -
Restricted Funds - Previous year
Balance at Incoming Outgoing Balance at
01/04/2021 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 2023

Purpose of restricted funds

Restricted funds

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

15. Analysis of net assets between funds

Unrestricted funds
General
General
Restricted funds
Previous year
Unrestricted funds
General
General
Restricted funds
Restricted funds		 Tangible
fixed assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
-
135,329
135,329
-
135,329
135,329
Tangible
fixed assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
-
127,491
127,491
-
7,209
7,209
-
134,700
134,700

16. Company limited by guarantee

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

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