Wise Thoughts Arts Charity Annual Report 2020-2021.
Creative Cultural Hub (CCH) services in Haringey, arts activities across London and further.
Company Reg. 3758786 Charity Reg. 1077616
GFEST 2020 presented 15 stories of BAME, LGBTQI+ groups/ leaders nationally, in partnership with Consortium.
Introduction
As a result of the pandemic, the past year proved to be challenging for all. Wise Thoughts was quick to adapt and despite the challenges, continued to deliver and expand upon the range of activities and services that were offered. New initiatives to help support our service users and communities through the crisis included offering weekly food and essentials parcels for LGBTQI+ people in need until March 2021, telephone befriending, 1-21 support and transferring the delivery of key existing services to an online free to access platform. All activities delivered from the organisations’ ‘Creative Cultural Hub’ (CCH) based within Wood Green Library had to be suspended until such times that are clients can safely return to the library.
A number of new services were developed and delivered to help reduce the impact of the pandemic on our beneficiaries and reiterated the charity’s unique role as both an arts organisation and a community service provider providing services for key marginalised communities both locally and regionally. The charity has continued to remain very productive with the support of COVID-19 related response funding.
The GFEST – Gaywise FESTival programme focused on platforming the voices of BAME LGBTQI+ or QTIPOC that were part of the ‘Emerging With Pride’ project that was commissioned by the LGBT Consortium. The community arts initiatives such as #MoversandShakers and Exotic Movers’ session were delivered online and provided local communities with an opportunity to participate in dance activities whilst locked in isolation and helped to support local and regional health and wellbeing objectives. The sessions draw upon the arts from Black, Asian & Minority Ethnic (BAME) people.
The services’ strand is focused on addressing the needs of local LGBTQI+ communities and older isolated vulnerable people living in Haringey. The Community Connectors delivering the ‘Reach and Connect’ service transitioned to offering support via telephone and coordinating efforts remotely. During the short easing of lockdown in September the organisation coordinated a ‘Party in The Park’ to help bring together our LGBTQI+ services users. On the day that when Pride In Haringey celebrations would have taken place.
Our efforts continue to benefit individuals and organisations other and has reached individuals beyond the margins of our primary target groups. We continue to improve and expanded our partner networks, to help better support the organisation and its programme of work.
Wise Thoughts continue to work collaboratively to help ensure we can best meet our goals.
ACTivate: Our Future, a new(ongoing) initiative following GFEST 2020 to present new art works in new ways.
Statement from the Chair
I have the privilege of presenting the Wise Thoughts annual report and the successes that we have had over the past year. The pandemic posed a mountainous challenge for not just Wise Thoughts but many other charities. Our ability to not only survive and transition the delivery of some vital services to online platforms would not have been possible without the time, energy, and efforts of our CEO and Artistic Director – Niranjan Kamatkar and Programme Manager – Subodh Rathod. They also created, secured funding, and delivered additional interim services to help meet the challenges that our beneficiaries faced. However, I am mindful of the fact that the organisation is now facing a challenge for its survival. With depleting financial resources and funding sources the year ahead shall be extremely challenging. The Board and I along with Niranjan and his team are resolute in our determination to ensure that the vital work done by the charity is sustained.
As you will see in this report, our organisation delivered a unique programme of work created by Niranjan. The programme was a combination of arts activities and community support services delivered via online platforms.
Our programme of activities and services continue to engage and help to transform the lives of individuals from diverse and marginalised communities by building greater understanding, tolerance, and inclusion.
With the funding from the various COVID-19 response funds and key support of volunteers, we have also been able to meet the challenges and ensure support for those most in need and most affected. Feedback from our service users and partners has shown how the work we do is necessary and much appreciated. Niranjan and the other team members continue to work with a range of other statutory and voluntary agencies to inform, develop and deliver initiatives that help to better serve our beneficiaries.
The ‘Emerging with Pride’ project commissioned by Consortium LGBT+ organisations put on camera the voices and concerns of BAME LGBTQI+ communities. The videos created formed part of this year’s ‘GFEST’ festival. The festival was presented online as a result of the pandemic, and it was wonderful to see and hear the voices of those dedicated individuals that work endlessly to serve the most marginalised.
Wise Thoughts had led or were part of key response to better support our primary beneficiaries throughout the pandemic and our team continues to work with diverse individuals and agencies to help ensure the needs of our clients are met.
As Chair I am conscious of the need to make continuous efforts to sustain the programme of work created and delivered by Niranjan and his team. I would like to thank the volunteers, staff and our management team for their incredible dedication and extraordinary commitment to Wise Thoughts values, despite all the pressures. I value the talent and commitment they have shown in the past year.
I hope that 2020/21 that will see a continuation of our programme of work and enable us to deliver high quality services that benefit the groups we support
Bhavini Chavda
Chair of the Board of Trustees
CEO and Artistic Director's Report
The past year has presented the organisation with both great opportunities and challenges due to the lockdowns imposed as a result of COVID-19. The programme of work needed to be quickly adapted to enable us to deliver most of our activities and services online.
Our key annual arts initiative – GFEST was presented entirely online that allowed audiences from various countries to access the live presentations. The festival included the short films created as a part of the specially commissioned ‘Emerging With Pride’ project and helped to exemplify to a larger audience the organisation’s commitment to creating greater platforms for BAME/QTIPOC LGBTQI+ voices and experiences. The development of this project has also helped to shape our forthcoming programme of work for the next two years.
Despite the COVID-19 restrictions, we were still able to offer tailored support for older residents via the ‘Reach and Connect’ service. The Rainbow Network continues to hold regular online meetings and aims to develop a coordinated multi-agency approach to developing activities and initiatives for all LGBTQI+ people based within the Borough.
The past year has also seen the organisation develop a range of initiatives and services to help better support our communities through the pandemic. These additional initiatives were only made possible because of emergency funding from various sources and included temporary employment opportunities for BAME/QTIPOC LGBTQI+ artists, food parcels, 1-2-1 counselling those most isolated and in need.
The forthcoming year will see the organisation working in partnership with a range of local and regional organisations to help better serve our primary beneficiaries.
Summary of Programme of Work 2020- 2021
Wise Thoughts Services
All social meetups and drop-in’s serve as a key 1st point of contact for community members, offering access to information, advice, support, and a free social meeting space provided by both Wise Thoughts and partner agencies. Our services included:
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LGBTQI+ meetups held twice weekly online offering opportunities
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‘Reach and Connect’ is a service providing support for older isolated vulnerable individuals aged 50+. Delivered by a consortium of Public Voice, Mind in Haringey and Vibrance, the service has 8 Community Connectors and 2 are based with Wise Thoughts.
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We piloted a new telephone befriending service for LGBTQI+ isolated and lonely individuals who needed additional support. The service – ‘WISEfriends’ recruited LGBTQI+ volunteers and provided bespoke training to enable them to act as befrienders
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PositiveRainbowHaringey – a peer support and advice service for HIV+ gay, bisexual and MSM men and their partners. Advice and 1-2-1 support were offered via telephone and online.
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Consultation – providing advice on inclusion of LGBTQI+/ BAME communities processes for both local and regional authorities.
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Outreach – weekly health and wellbeing activities such as yoga and dance sessions online that helped to support both physical and mental wellbeing of both existing and new service users.
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Provided temporary employment opportunities for unemployed people to help develop and deliver new initiatives.
Wise Thoughts Arts programme
The annual programme focused on delivering activities online. The activities included:
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Artists talks, performances and readings as a part of the weekly online drop-in’s
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MoversandShakers – free dance and yoga classes offered to local communities to help improve the physical and mental wellbeing and reduce isolation and loneliness for those living alone or were shielding.
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The theme for the 13[th] GFEST was ‘Emerging With Pride’. The entire festival was held online and the focus was on profiling and hearing the voices of minorities within minorities – BAME/ QTIPOC LGBTQI+ individuals. The showcased featured pre-recorded short documentaries of the individuals experience of living through the pandemic and a live webinar on the day their documentary was premiered.
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Webinars as part of development of ‘ACTivate: Our Future’ – the theme for our programme of work for the next two years.
Niranjan Kamatkar – CEO/ Artistic Director
ACTivate: Our Future, a new(ongoing) initiative following GFEST 2020 to present new art works in new ways.
COMPANY LIMITED (BY GUARANTEE)
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| INCOME AND ENDOWMENTS Donations and legacies Voluntary grant income Donations Grants Subsidy towards rent Other trading activities Other fees receivable Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Salaries and wages Social security Pension contributions Insurance Telephone Project costs Rent Travel & subsistence Professional services Administration expenses Depreciation of Plant & machinery Depreciation of Fixtures & fittings Depreciation of Computer equipment Support costs Governance costs Accountancy fees Total resources expended Net Income |
2021 £ 109600 4149 35,855 2,500 _ 152104 74586 98 226788 63114 1801 1195 393 395 137831 7500 5 420 234 411 58 358 _ 213705 3120 216,825 9963 |
2020 £ 94298 3598 - 2,500 __ 100396 - 100396 23250 466 360 698 60398 8750 194 265 438 452 65 435 ____ 95771 3000 98771 1625 |
|---|---|---|
Acknowledgements:
We would like to take this opportunity to thank our funders, partners and sponsors, without their support we would not have been able to progress. The National Lottery Community Fund, Arts Council England, City Bridge Trust, Bridge Renewal Trust, Haringey Council, Homes For Haringey and Sports England
Patrons: Board Members: Baroness Prashar CBE Bhavini Chavda- Chair Lord Dholakia OBE Tim Hoyle – Treasurer Lord Patel Dr Trevor Wood MBE- Secretary Baroness Massey Benjamin Cohen Jon Snow Dr Prof (em) Rainer Schulze Baroness Flather Amy Ashenden (until October 2020) Stephen Twigg Rt. Hon. David Lammy MP
Programme Management Personnel and Staff: Niranjan Kamatkar – CEO/Artistic Director Subodh Rathod – CCH Programme Manager Alice Martin – Community Connector for Reach and Connect Karen Orr – Community Connector for Reach and Connect Cesar Teixeira – WISEfriends coordinator (part time/ contracted until April 2021) Claudia – Assistant to CEO (part time/ contracted until March 2021)
Key Volunteers: Joao – Webmaster (Wise Thoughts / GFEST web), Jude – #Positive Haringey Coordinator / Community outreach and peer support Farah – Wellbeing activities Abdi, Bhavna, Fiona, Katie, Keifer, Marie, Mira, Maciel, John, Jonathan and Seema.
Key Partners & Supporters:
Arts Council England, The National Lottery Community Fund, City Bridge Trust, Haringey Council, Haringey Giving, pinknews.co.uk, Sports England, Yellow and Blue Productions,
Company Reg. 3758786 Charity Reg. 1077616
REGISTERED COMPANY NUMBER: 03758786 (England and Wales) REGISTERED CHARITY NUMBER: 1077616
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FOR
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
Michael Filiou Ltd Chartered Certified Accountants www.michaelfiliou.com Salisbury House 81 High Street Potters Bar Hertfordshire EN6 5AS
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 7 |
| Independent Examiner's Report | 8 | ||
| Statement of Financial Activities | 9 | ||
| Statement of Financial Position | 10 | to | 11 |
| Notes to the Financial Statements | 12 | to | 23 |
| Detailed Statement of Financial Activities | 24 |
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity 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 Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Wise Thoughts is a pioneering arts charity that combines creative use of diverse art forms such as film, visual art. performance and delivers targeted services to help address social justice issues and needs of Lesbian, Gay, Bisexual, Transgender, Queer, Intersex + (LGBTQI+) and Black, Asian and Minority Ethnic (BAME) communities.
Wise Thoughts creates arts projects, develops, delivers training initiatives, and services that help to inform and raise awareness of issues related to cultural identity, ethnicity, sexual health, HIV/AIDS, and human rights. Each initiative is defined by the nature of each issue, the needs of target communities, available resources and uses diverse art forms, including South Asian arts.
The objectives of the charity are (extracted from the Memorandum and Articles of Association):
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To promote principally issue-based Arts from marginalised communities for the benefit of the inhabitants of UK and elsewhere.
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Developing public appreciation of Arts and by improving public access to, and the quality of the arts.
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Promotion of Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome issues through the medium of arts and in particular (but without prejudice to generality of the foregoing) the Company shall seek to bring forth issues related to HIV/AIDS and diverse sexual, cultural and ethnic identities through its creative expressions.
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Develop and deliver the annual LGBTQI+ arts festival 'GFEST- Gaywise FESTival'
There have been no changes in the charity's objectives during the year.
These objectives are achieved by implementing the following policies:
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To improve standards of practice and appreciation of Arts through the development and delivery of training including arts from marginalised communities.
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To provide peer/social support, information, advice and guidance services for LGBTQI+ people .
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To promote, advance, encourage and assist in the practice, presentation and study of arts from marginalised communities.
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To bring forth issues related to HIV/AIDS and diverse sexual, cultural and ethnic identities through the provision of information, guidance, outreach and consultation services.
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To bring together and co-operate the efforts of local authorities, bodies, organisations, societies and individuals concerned or interested in attainment of all or any of the objects of the Charity.
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To commission, arrange, prepare, print, publish, issue and disseminate any programme, pamphlet, book, documents, film, recording or other artistic work and fix, make and receive fees, royalties and other charges therefore and for admission to and otherwise in respect of any exhibition performance or display.
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WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
OBJECTIVES AND ACTIVITIES
Significant activities
As a result of COVID-19 and the lockdown all activities we delivered online.The main activities for the year under review were:
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Presented the 13th GFEST was 'Emerging With Pride'. The entire festival was held online, and the focus was on profiling and hearing the voices of minorities within minorities - BAME/ QTIPOC (Queer, Trans, Intersex, People Of Colour) LGBTQI+ individuals.
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Offered a dedicated food parcels services for LGBTQI+ people in need financially affected by the COVID-19 and a bespoke 1-2-1 support service for isolated individuals through additional funding secured from the Community Fund, Haringey Giving and City Bridge Trust.
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Commissioned Artists talks, performances, readings and held webinars as a part of the development of 'ACTivate: Our Future' - the theme for our programme of work for the next two years. The initial development funded through the Arts Council's Cultural Recovery Fund
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LGBTQI+ online drop-in's held twice weekly offering access to peer support, information, advice, and a free social meeting
-
MoversandShakers - free online dance and yoga classes offered to local communities to help improve the physical and mental wellbeing
-
Piloted 'WISEfriends' a new telephone befriending service for LGBTQI+ isolated and lonely individuals who needed additional support.
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'Reach and Connect' is a service providing support for older isolated vulnerable individuals aged 50+. Delivered by a consortium of Public Voice, Mind in Haringey and Vibrance, the service has 8 Community Connectors and 2 are based with Wise Thoughts
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Commissioned by Consortium of LGBT+ organisation to develop a series of films that focused was on profiling and hearing the voices of minorities within minorities - BAME/ QTIPOC LGBTQI+ individuals' experience of living through the pandemic
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PositiveRainbowHaringey - a peer support and advice service for HIV+ gay, bisexual and MSM men and their partners. Advice and 1-2-1 support were offered via telephone and online.
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Raise funding to support development and delivery of our annual programme of work.
Our annual report offers a comprehensive description of the services and activities offered by Wise Thoughts.
Volunteers
The value of services provided by volunteers is not incorporated in these financial statements. However, payments are made to cover the volunteers' actual expenses which are included in the financial statements.
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WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Principal funding sources
The future of Wise Thoughts services is dependent on continued support from statutory sources and income from grants and donations, which are essential for the maintenance and expansion of services to meet the increasing demand.
Wise Thoughts provides essential services and develops unique arts and training projects that help to profile/meet the needs of marginalised individuals and is supported in part by Local Authority and The National Lottery Community Fund. Over the reporting year we have been successful in bringing in additional funding, however we are aware that funding may become an issue in future years, and we need to monitor this. Wise Thoughts has to continually look for funding from other organisations, charitable and corporate bodies and individual donors.
In the year under review new funding was received from Community Fund, Arts Council and other other organisations.
Reserves policy and Investment powers
The Board of Trustees is responsible for deciding how to invest the Charity's reserves. The appropriate level of reserves is established through an annual review of the Charity's requirements and stated in the financial report. The Treasurer is responsible for proposing to the Board the balance of cash on deposit and investments, and acts on the Board's instructions.
Going concern
The accounts have been prepared on a going concern basis.
The trustees are aware however of material uncertainties that cast doubt on the charity's ability to continue as a going concern. As with most organisations, these material uncertainties are in relation to the ongoing COVID-19 virus outbreak which has had an impact on the operations, donors, suppliers, trustees and volunteers. The trustees have (where appropriate) utilised the grants and benefits available from the organisations and government and are taking all the steps they can to protect the future of the charity.
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WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Review of transactions, financial performance and funds
As shown in the Statement of Financial Activities (page 8) total income for the year to 31 March 2021 amounted to £226,788 (2020 - £100,396) and expenditure in the furtherance of charitable activities totalled £216,825 (2020 - £98,771). Again in a very difficult climate for fundraising due to huge efforts from the management and the high quality of the services, Wise Thoughts was able to attract sufficient income to cover the running costs which resulted in a Net resources surplus of £9,963 (2020 £1,625 Surplus).
Awards totalling £85,766 (2020 £12,584) received in advance towards the project costs have been carried forward under Accruals and deferred income.
The CEO/Artistic director and his team control all costs rigorously. The services are much admired and viewed as important models to emulate, however in these financially challenging times it is extremely difficult to attract necessary funding. The Trustees are addressing the strategic planning essential for the provision of services within the framework of the anticipated funding.
The future of Wise Thoughts services is dependent on continued support from statutory sources and income from grants and donations, which are vital for the maintenance and expansion of services to meet the increasing demand.
Wise Thoughts provides essential services and develops unique arts and training projects that help to profile/meet the needs of marginalised individuals and was supported in part by Local Authority funding. There has been an increase in demand for projects, services and core costs that considerably outweighs the level of funding currently available.
In this very challenging climate, Wise Thoughts is pleased to have had support from London Borough of Haringey, The National Lottery Community Fund, Arts Council and other charitable bodies and individual donors. We have also continued our partnership with Public Voice to deliver the Reach and Connect service.
Total net assets of the charity as at 31 March 2021 were £39,603 (2020 - £29,640). Income received for the year for specific purposes was spent as necessary and unspent balance is carried forward to be utilised next year.
In providing day to day services, the Trustees are mindful of the charity's duty to comply with section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission.
FUTURE PLANS
In light of the current economical climate and the impact from COVID-19 on the programme, the organisation will review its business plan/operational model to help it ensure sustainability and will make any changes needed. It remains committed to supporting the primary beneficiaries of our activities and services (LGBTQI+/BAME people) and will aim to continue delivery of a programme of key activities and associated services.
The organisation plans to continue working strategically at a Borough level, with the Council and other agencies to help achieve our objectives. The current economic climate and reduction in funding available from both statutory and other sources, has had an impact on all small voluntary organisations and will lead to the re-evaluation of any proposed new services by the organisation.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and Appointment of new trustees
Every person who wishes to be a Member and a trustee as such, shall deliver to the Company an application for membership in such form as the Directors require executed by that person.
At the next meeting of the Directors after the receipt of any application for membership, the application shall be considered by the Directors who shall decide upon the admission or rejection of the applicant.
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WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
Wise Thoughts has a Management Committee of up to six members who meet regularly and are responsible for strategic direction and policy of the charity. At present the committee has five members from a variety of backgrounds relevant to the work of the charity. The committee is made up of the trustees, two contracted members - CEO/Artistic Director and the Programme Manager.
A scheme of delegation is in place and day to day responsibility for the provision of services rest with the trustees along with the CEO/Artistic Director and the Programme Manager. The trustees are responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The Artistic Director has responsibility for the day to day operational management of the charity, individual supervision of contracted members and also ensuring that the team continues to develop their skills and working practices in line with good practice.
Induction and training of new trustees
New trustees receive a comprehensive induction package, with information covering the duties of a trustee, a trustee job description and service agreement, an outline of the vision, mission and implementation of the charity's services, the latest Report and Accounts, current year's budget and latest management accounts.
All trustees are invited to familiarise themselves with the operations of Wise Thoughts by meeting the Artistic Director and staff at a weekly Team meeting that reviews service delivery and by appointment when appropriate. Trustees are encouraged to make use of the training and conference opportunities provided by the NVCO and other bodies.
PARTNERSHIPS AND CO-OPERATION WITH OTHER CHARITIES AND ORGANISATIONS
Wise Thoughts is committed to working in partnership with organisations that help to benefit the aims and objectives of the organisation and its programme of work, it has collaborated with other statutory and voluntary organisations in the development and presentation of individual projects that have included arts festivals, conferences and training initiatives within the past year. Staff regularly attend meetings, forums, seminars and consultative processes co-ordinated by local, regional and national government and other community and voluntary organisations. They serve as independent advisors to the local authority and Metropolitan Police Services on policy development, implementation and other matters related to the primary beneficiaries of the organisation and its programme of work. They serve as community lead on the LGBT+ Community Network initiated by Haringey Council.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03758786 (England and Wales)
Registered Charity number
1077616
Registered office
2nd Floor, Wood Green Central Library High Road Wood Green London N22 6XD
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WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Trustees
Ms Bhavini Chavda - Chair Mr Tim Hoyle - Treasurer Mr Benjamin Cohen Dr Trevor John Robert Wood - Secretary Prof Rainer Uwe Willy Schulze Miss Amy Alexandra Ashenden (resigned 9.10.20)
Company Secretary
Ms Bhavini Chavda - Chair
Independent Examiner
Mr Michael Filiou Chartered Certified Accountants Michael Filiou Ltd Chartered Certified Accountants www.michaelfiliou.com Salisbury House 81 High Street Potters Bar Hertfordshire EN6 5AS
Bankers
The Co-operative Bank Plc Business Direct P O Box 250 Skelmerdale WN8 6WT
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees (who are also the directors of Wise Thoughts for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 30 July 2021 and signed on its behalf by:
Ms Bhavini Chavda - Chair - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WISE THOUGHTS
Independent examiner's report to the trustees of Wise Thoughts ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you 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 as 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 examiner's 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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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
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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.
Mr Michael Filiou Chartered Certified Accountants Michael Filiou Ltd Chartered Certified Accountants www.michaelfiliou.com Salisbury House 81 High Street Potters Bar Hertfordshire EN6 5AS
30 July 2021
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WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 6,704 Other activities income 3 - Investment income 4 98 Total 6,802 EXPENDITURE ON Charitable activities Charitable activities - Gross salary - Project costs 111 Employer's NI - Travel and subsistence 5 Telephone 395 Insurance 393 Depreciation 817 Professional services 420 Accountancy fees - WiseOUT - Creative Cultural Hub 74 Project Other - Community Connector - COVID-19 - Employer pension - Total 2,215 NET INCOME 4,587 RECONCILIATION OF FUNDS Total funds brought forward 17,583 TOTAL FUNDS CARRIED FORWARD 22,170 |
Restricted funds £ 145,400 74,586 - 219,986 139 63,114 57,697 1,801 - - - - - 3,120 (16) 43,281 - 10,570 33,709 1,195 214,610 5,376 12,057 17,433 |
2021 Total funds £ 152,104 74,586 98 226,788 139 63,114 57,808 1,801 5 395 393 817 420 3,120 (16) 43,355 - 10,570 33,709 1,195 216,825 9,963 29,640 39,603 |
2020 Total funds £ 100,396 - - |
|---|---|---|---|
| 100,396 - - - - - - - 952 - - 5,535 50,469 5,400 36,415 - - |
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| 98,771 | |||
| 1,625 28,015 |
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| 29,640 |
The notes form part of these financial statements
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WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION 31 MARCH 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 9 3,876 CURRENT ASSETS Debtors 10 - Cash at bank 19,444 19,444 CREDITORS Amounts falling due within one year 11 (1,151) NET CURRENT ASSETS 18,293 TOTAL ASSETS LESS CURRENT LIABILITIES 22,169 NET ASSETS 22,169 FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 2,719 5,505 148,752 154,257 (139,542) 14,715 17,434 17,434 |
2021 Total funds £ 6,595 5,505 168,196 173,701 (140,693) 33,008 39,603 39,603 22,169 17,434 39,603 |
2020 Total funds £ 7,412 - 37,813 37,813 (15,585) 22,228 29,640 29,640 17,583 12,057 29,640 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 10
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 July 2021 and were signed on its behalf by:
Mr Tim Hoyle - Treasurer - Trustee
Ms Bhavini Chavda - Chair - Trustee
The notes form part of these financial statements
Page 11
WISE THOUGHTS
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared 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' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts have been prepared on the going concern basis. However, it must be noted that funding to support core costs remains a challenge and any reduction or failure to secure will have an impact on sustaining the charity's programme of work.
The trustees are aware however of material uncertainties that cast doubt on the charity's ability to continue as a going concern. As with most organisations, these material uncertainties are in relation to the ongoing Covid-19 virus outbreak and lockdown which has had an impact on the operations, donors, suppliers, trustees and volunteers. The trustees have (where appropriate) utilised the grants and benefits available from the organisations and government and are taking all the steps they can to protect the future of the charity.
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - at variable rates on reducing balance Fixtures and fittings - 10% on reducing balance Computer equipment - 20% on reducing balance
Taxation
As a charity, Wise Thoughts is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 12
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
2. DONATIONS AND LEGACIES
| Voluntary grants income Donations Grants Subsidy towards rent Grants received, included in the above, are as follows: Other grants |
2021 £ 109,600 4,149 35,855 2,500 152,104 2021 £ 35,855 |
2020 £ 94,298 3,598 - 2,500 |
|---|---|---|
| 100,396 | ||
| 2020 £ - |
Grants receivable - Basis of valuation
Grants are recorded as receivable at the monetary value which has been agreed and only when all the conditions in relation to the receipt of the grant have been met.
3. OTHER ACTIVITIES INCOME
| Other fees receivable INVESTMENT INCOME Deposit account interest |
2021 £ 74,586 2021 £ 98 |
2020 £ - |
|---|---|---|
| 2020 £ - |
4. INVESTMENT INCOME
continued...
Page 13
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 817 | 952 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses comprise of out of pocket expenses reimbursed to the trustees.
7. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2021 £ 63,114 1,801 1,195 66,110 |
2020 £ 23,250 - 466 |
|---|---|---|
| 23,716 |
The average monthly number of employees during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| Full time | 4 | 2 |
No employees received emoluments in excess of £60,000.
The Charity employed staff during the year in relation to Reach and Connect services and Wisefriends.
continued...
Page 14
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 982 99,414 EXPENDITURE ON Charitable activities Depreciation 952 - WiseOUT - 5,535 Creative Cultural Hub - 50,469 Project Other - 5,400 Community Connector - 36,415 Total 952 97,819 NET INCOME 30 1,595 RECONCILIATION OF FUNDS Total funds brought forward 17,553 10,462 TOTAL FUNDS CARRIED FORWARD 17,583 12,057 9. TANGIBLE FIXED ASSETS Fixtures Plant and and Computer machinery fittings equipment £ £ £ COST At 1 April 2020 and 31 March 2021 24,370 3,964 15,087 DEPRECIATION At 1 April 2020 19,278 3,384 13,347 Charge for year 411 58 348 At 31 March 2021 19,689 3,442 13,695 NET BOOK VALUE At 31 March 2021 4,681 522 1,392 At 31 March 2020 5,092 580 1,740 |
Total funds £ 100,396 952 5,535 50,469 5,400 36,415 |
|---|---|
| 98,771 | |
| 1,625 28,015 |
|
| 29,640 | |
| Totals £ 43,421 36,009 817 36,826 6,595 7,412 |
All of the charity's tangible fixed assets are used directly for its objectives.
Page 15
continued...
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|||
|---|---|---|---|
| Trade debtors Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Net Wages Pension control account No description Accruals and deferred income |
2021 £ 5,400 105 5,505 2021 £ 51,368 252 307 - 88,766 140,693 |
2020 £ - - - 2020 £ - - - 1 15,584 |
2020 £ - - |
| - | |||
| 15,585 |
Page 16
continued...
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.4.20 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 8,112 | 234 | 8,346 |
| Haringey Council | 75 | - | 75 |
| Arts Council of England | 6,146 | - | 6,146 |
| Donations | 3,242 | 1,229 | 4,471 |
| Interest received | 8 | 98 | 106 |
| LGBT Consortium - Fees earned | - | 25 | 25 |
| Haringey - VCS Autumn | - | 3,000 | 3,000 |
| 17,583 | 4,586 | 22,169 | |
| Restricted funds | |||
| Other donations | 1,447 | - | 1,447 |
| Haringey CCCF Core | - | 4,884 | 4,884 |
| The National Lottery Community Fund | 4,847 | - | 4,847 |
| Haringey Council | (1,295) | 1,016 | (279) |
| John Lyon's Foundation | 3,624 | (3,120) | 504 |
| Bridge Renewal Trust | - | 3,699 | 3,699 |
| London Sport Ltd Sportivate | (90) | - | (90) |
| The London Community Foundation | |||
| 1,071 | - | 1,071 | |
| Merkel Insurance | 1,183 | - | 1,183 |
| Neighbourly Ltd | 300 | - | 300 |
| Creative Cultural Hub | - | (3,429) | (3,429) |
| Jackson's Lane | 970 | - | 970 |
| LGBT Consortium - Emerging With Pride | - | 33 | 33 |
| Haringey - Winter and Youthwise | - | 1,000 | 1,000 |
| City of London WAVE 3 - WISEfriends | - | 94 | 94 |
| Sports England - Lunchtime Yoga | |||
| - | 1,200 | 1,200 | |
| 12,057 | 5,377 | 17,434 | |
| TOTAL FUNDS | 29,640 | 9,963 | 39,603 |
continued...
Page 17
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Donations Interest received LGBT Consortium - Fees earned Haringey - VCS Autumn Restricted funds Haringey CCCF Core The National Lottery Community Fund Haringey Council John Lyon's Foundation Bridge Renewal Trust Creative Cultural Hub Arts Council of England - Organisation Development / ACTivate Our Future LGBT Consortium - Emerging With Pride Haringey - Winter and Youthwise City of London WAVE 3 - WISEfriends City of London - WAVE 4 - ACTivate Our Future Sports England - Lunchtime Yoga TOTAL FUNDS |
Incoming resources £ 1,955 1,649 98 100 3,000 6,802 74,586 69,489 1,000 - 3,699 4,071 34,136 22,850 1,000 7,470 485 1,200 219,986 226,788 |
Resources Movement expended in funds £ £ (1,721) 234 (420) 1,229 - 98 (75) 25 - 3,000 (2,216) 4,586 (69,702) 4,884 (69,489) - 16 1,016 (3,120) (3,120) - 3,699 (7,500) (3,429) (34,136) - (22,817) 33 - 1,000 (7,376) 94 (485) - - 1,200 (214,609) 5,377 (216,825) 9,963 |
|---|---|---|
continued...
Page 18
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,064 | (952) | 8,112 |
| Haringey Council | 75 | - | 75 |
| Arts Council of England | 6,146 | - | 6,146 |
| Donations | 2,260 | 982 | 3,242 |
| Interest received | 8 | - | 8 |
| 17,553 | 30 | 17,583 | |
| Restricted funds | |||
| Other donations | - | 1,447 | 1,447 |
| The National Lottery Community Fund | - | 4,847 | 4,847 |
| Haringey Council | 3,408 | (4,703) | (1,295) |
| John Lyon's Foundation | 3,620 | 4 | 3,624 |
| London Sport Ltd Sportivate | (90) | - | (90) |
| The London Community Foundation | |||
| 1,071 | - | 1,071 | |
| Merkel Insurance | 1,183 | - | 1,183 |
| Neighbourly Ltd | 300 | - | 300 |
| Jackson's Lane | 970 | - | 970 |
| 10,462 | 1,595 | 12,057 | |
| TOTAL FUNDS | 28,015 | 1,625 | 29,640 |
continued...
Page 19
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Donations Restricted funds Other donations The National Lottery Community Fund Haringey Council John Lyon's Foundation Public Voice GROUNDWORKS HAIL TOTAL FUNDS |
Incoming resources £ - 982 982 2,616 40,896 13,554 9,200 31,188 1,560 400 99,414 100,396 |
Resources Movement expended in funds £ £ (952) (952) - 982 (952) 30 (1,169) 1,447 (36,049) 4,847 (18,257) (4,703) (9,196) 4 (31,188) - (1,560) - (400) - (97,819) 1,595 (98,771) 1,625 |
|---|---|---|
continued...
Page 20
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,064 | (718) | 8,346 |
| Haringey Council | 75 | - | 75 |
| Arts Council of England | 6,146 | - | 6,146 |
| Donations | 2,260 | 2,211 | 4,471 |
| Interest received | 8 | 98 | 106 |
| LGBT Consortium - Fees earned | - | 25 | 25 |
| Haringey - VCS Autumn | - | 3,000 | 3,000 |
| 17,553 | 4,616 | 22,169 | |
| Restricted funds | |||
| Other donations | - | 1,447 | 1,447 |
| Haringey CCCF Core | - | 4,884 | 4,884 |
| The National Lottery Community Fund | - | 4,847 | 4,847 |
| Haringey Council | 3,408 | (3,687) | (279) |
| John Lyon's Foundation | 3,620 | (3,116) | 504 |
| Bridge Renewal Trust | - | 3,699 | 3,699 |
| London Sport Ltd Sportivate | (90) | - | (90) |
| The London Community Foundation | |||
| 1,071 | - | 1,071 | |
| Merkel Insurance | 1,183 | - | 1,183 |
| Neighbourly Ltd | 300 | - | 300 |
| Creative Cultural Hub | - | (3,429) | (3,429) |
| Jackson's Lane | 970 | - | 970 |
| LGBT Consortium - Emerging With Pride | - | 33 | 33 |
| Haringey - Winter and Youthwise | - | 1,000 | 1,000 |
| City of London WAVE 3 - WISEfriends | - | 94 | 94 |
| Sports England - Lunchtime Yoga | |||
| - | 1,200 | 1,200 | |
| 10,462 | 6,972 | 17,434 | |
| TOTAL FUNDS | 28,015 | 11,588 | 39,603 |
continued...
Page 21
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Donations Interest received LGBT Consortium - Fees earned Haringey - VCS Autumn Restricted funds Other donations Haringey CCCF Core The National Lottery Community Fund Haringey Council John Lyon's Foundation Bridge Renewal Trust Creative Cultural Hub Public Voice GROUNDWORKS HAIL Arts Council of England - Organisation Development / ACTivate Our Future LGBT Consortium - Emerging With Pride Haringey - Winter and Youthwise City of London WAVE 3 - WISEfriends City of London - WAVE 4 - ACTivate Our Future Sports England - Lunchtime Yoga TOTAL FUNDS |
Incoming resources £ 1,955 2,631 98 100 3,000 7,784 2,616 74,586 110,385 14,554 9,200 3,699 4,071 31,188 1,560 400 34,136 22,850 1,000 7,470 485 1,200 319,400 327,184 |
Resources Movement expended in funds £ £ (2,673) (718) (420) 2,211 - 98 (75) 25 - 3,000 (3,168) 4,616 (1,169) 1,447 (69,702) 4,884 (105,538) 4,847 (18,241) (3,687) (12,316) (3,116) - 3,699 (7,500) (3,429) (31,188) - (1,560) - (400) - (34,136) - (22,817) 33 - 1,000 (7,376) 94 (485) - - 1,200 (312,428) 6,972 (315,596) 11,588 |
|---|---|---|
continued...
Page 22
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
14. LEGAL STATUS OF THE CHARITY
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
Page 23
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| INCOME AND ENDOWMENTS Donations and legacies Voluntary grants income Donations Grants Subsidy towards rent Other activities income Other fees receivable Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Salaries and wages Social security Pension contributions Insurance Telephone Project costs Rent Travel and subsistence Professional services Administration expenses Depreciation of Plant & machinery Depreciation of Fixtures & fittings Depreciation of Computer equipment Support costs Governance costs Accountancy fees Total resources expended Net income |
2021 £ 109,600 4,149 35,855 2,500 152,104 74,586 98 226,788 63,114 1,801 1,195 393 395 137,831 7,500 5 420 234 411 58 348 213,705 3,120 216,825 9,963 |
2020 £ 94,298 3,598 - 2,500 |
|---|---|---|
| 100,396 - - |
||
| 100,396 23,250 - 466 360 698 60,398 8,750 194 265 438 452 65 435 |
||
| 95,771 3,000 |
||
| 98,771 | ||
| 1,625 |
This page does not form part of the statutory financial statements
Page 24
REGISTERED COMPANY NUMBER: 03758786 (England and Wales) REGISTERED CHARITY NUMBER: 1077616
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FOR
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
Michael Filiou Ltd Chartered Certified Accountants www.michaelfiliou.com Salisbury House 81 High Street Potters Bar Hertfordshire EN6 5AS
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 7 |
| Independent Examiner's Report | 8 | ||
| Statement of Financial Activities | 9 | ||
| Statement of Financial Position | 10 | to | 11 |
| Notes to the Financial Statements | 12 | to | 23 |
| Detailed Statement of Financial Activities | 24 |
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity 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 Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Wise Thoughts is a pioneering arts charity that combines creative use of diverse art forms such as film, visual art. performance and delivers targeted services to help address social justice issues and needs of Lesbian, Gay, Bisexual, Transgender, Queer, Intersex + (LGBTQI+) and Black, Asian and Minority Ethnic (BAME) communities.
Wise Thoughts creates arts projects, develops, delivers training initiatives, and services that help to inform and raise awareness of issues related to cultural identity, ethnicity, sexual health, HIV/AIDS, and human rights. Each initiative is defined by the nature of each issue, the needs of target communities, available resources and uses diverse art forms, including South Asian arts.
The objectives of the charity are (extracted from the Memorandum and Articles of Association):
-
To promote principally issue-based Arts from marginalised communities for the benefit of the inhabitants of UK and elsewhere.
-
Developing public appreciation of Arts and by improving public access to, and the quality of the arts.
-
Promotion of Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome issues through the medium of arts and in particular (but without prejudice to generality of the foregoing) the Company shall seek to bring forth issues related to HIV/AIDS and diverse sexual, cultural and ethnic identities through its creative expressions.
-
Develop and deliver the annual LGBTQI+ arts festival 'GFEST- Gaywise FESTival'
There have been no changes in the charity's objectives during the year.
These objectives are achieved by implementing the following policies:
-
To improve standards of practice and appreciation of Arts through the development and delivery of training including arts from marginalised communities.
-
To provide peer/social support, information, advice and guidance services for LGBTQI+ people .
-
To promote, advance, encourage and assist in the practice, presentation and study of arts from marginalised communities.
-
To bring forth issues related to HIV/AIDS and diverse sexual, cultural and ethnic identities through the provision of information, guidance, outreach and consultation services.
-
To bring together and co-operate the efforts of local authorities, bodies, organisations, societies and individuals concerned or interested in attainment of all or any of the objects of the Charity.
-
To commission, arrange, prepare, print, publish, issue and disseminate any programme, pamphlet, book, documents, film, recording or other artistic work and fix, make and receive fees, royalties and other charges therefore and for admission to and otherwise in respect of any exhibition performance or display.
Page 1
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
OBJECTIVES AND ACTIVITIES
Significant activities
As a result of COVID-19 and the lockdown all activities we delivered online.The main activities for the year under review were:
-
Presented the 13th GFEST was 'Emerging With Pride'. The entire festival was held online, and the focus was on profiling and hearing the voices of minorities within minorities - BAME/ QTIPOC (Queer, Trans, Intersex, People Of Colour) LGBTQI+ individuals.
-
Offered a dedicated food parcels services for LGBTQI+ people in need financially affected by the COVID-19 and a bespoke 1-2-1 support service for isolated individuals through additional funding secured from the Community Fund, Haringey Giving and City Bridge Trust.
-
Commissioned Artists talks, performances, readings and held webinars as a part of the development of 'ACTivate: Our Future' - the theme for our programme of work for the next two years. The initial development funded through the Arts Council's Cultural Recovery Fund
-
LGBTQI+ online drop-in's held twice weekly offering access to peer support, information, advice, and a free social meeting
-
MoversandShakers - free online dance and yoga classes offered to local communities to help improve the physical and mental wellbeing
-
Piloted 'WISEfriends' a new telephone befriending service for LGBTQI+ isolated and lonely individuals who needed additional support.
-
'Reach and Connect' is a service providing support for older isolated vulnerable individuals aged 50+. Delivered by a consortium of Public Voice, Mind in Haringey and Vibrance, the service has 8 Community Connectors and 2 are based with Wise Thoughts
-
Commissioned by Consortium of LGBT+ organisation to develop a series of films that focused was on profiling and hearing the voices of minorities within minorities - BAME/ QTIPOC LGBTQI+ individuals' experience of living through the pandemic
-
PositiveRainbowHaringey - a peer support and advice service for HIV+ gay, bisexual and MSM men and their partners. Advice and 1-2-1 support were offered via telephone and online.
-
Raise funding to support development and delivery of our annual programme of work.
Our annual report offers a comprehensive description of the services and activities offered by Wise Thoughts.
Volunteers
The value of services provided by volunteers is not incorporated in these financial statements. However, payments are made to cover the volunteers' actual expenses which are included in the financial statements.
Page 2
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Principal funding sources
The future of Wise Thoughts services is dependent on continued support from statutory sources and income from grants and donations, which are essential for the maintenance and expansion of services to meet the increasing demand.
Wise Thoughts provides essential services and develops unique arts and training projects that help to profile/meet the needs of marginalised individuals and is supported in part by Local Authority and The National Lottery Community Fund. Over the reporting year we have been successful in bringing in additional funding, however we are aware that funding may become an issue in future years, and we need to monitor this. Wise Thoughts has to continually look for funding from other organisations, charitable and corporate bodies and individual donors.
In the year under review new funding was received from Community Fund, Arts Council and other other organisations.
Reserves policy and Investment powers
The Board of Trustees is responsible for deciding how to invest the Charity's reserves. The appropriate level of reserves is established through an annual review of the Charity's requirements and stated in the financial report. The Treasurer is responsible for proposing to the Board the balance of cash on deposit and investments, and acts on the Board's instructions.
Going concern
The accounts have been prepared on a going concern basis.
The trustees are aware however of material uncertainties that cast doubt on the charity's ability to continue as a going concern. As with most organisations, these material uncertainties are in relation to the ongoing COVID-19 virus outbreak which has had an impact on the operations, donors, suppliers, trustees and volunteers. The trustees have (where appropriate) utilised the grants and benefits available from the organisations and government and are taking all the steps they can to protect the future of the charity.
Page 3
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Review of transactions, financial performance and funds
As shown in the Statement of Financial Activities (page 8) total income for the year to 31 March 2021 amounted to £226,788 (2020 - £100,396) and expenditure in the furtherance of charitable activities totalled £216,825 (2020 - £98,771). Again in a very difficult climate for fundraising due to huge efforts from the management and the high quality of the services, Wise Thoughts was able to attract sufficient income to cover the running costs which resulted in a Net resources surplus of £9,963 (2020 £1,625 Surplus).
Awards totalling £85,766 (2020 £12,584) received in advance towards the project costs have been carried forward under Accruals and deferred income.
The CEO/Artistic director and his team control all costs rigorously. The services are much admired and viewed as important models to emulate, however in these financially challenging times it is extremely difficult to attract necessary funding. The Trustees are addressing the strategic planning essential for the provision of services within the framework of the anticipated funding.
The future of Wise Thoughts services is dependent on continued support from statutory sources and income from grants and donations, which are vital for the maintenance and expansion of services to meet the increasing demand.
Wise Thoughts provides essential services and develops unique arts and training projects that help to profile/meet the needs of marginalised individuals and was supported in part by Local Authority funding. There has been an increase in demand for projects, services and core costs that considerably outweighs the level of funding currently available.
In this very challenging climate, Wise Thoughts is pleased to have had support from London Borough of Haringey, The National Lottery Community Fund, Arts Council and other charitable bodies and individual donors. We have also continued our partnership with Public Voice to deliver the Reach and Connect service.
Total net assets of the charity as at 31 March 2021 were £39,603 (2020 - £29,640). Income received for the year for specific purposes was spent as necessary and unspent balance is carried forward to be utilised next year.
In providing day to day services, the Trustees are mindful of the charity's duty to comply with section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission.
FUTURE PLANS
In light of the current economical climate and the impact from COVID-19 on the programme, the organisation will review its business plan/operational model to help it ensure sustainability and will make any changes needed. It remains committed to supporting the primary beneficiaries of our activities and services (LGBTQI+/BAME people) and will aim to continue delivery of a programme of key activities and associated services.
The organisation plans to continue working strategically at a Borough level, with the Council and other agencies to help achieve our objectives. The current economic climate and reduction in funding available from both statutory and other sources, has had an impact on all small voluntary organisations and will lead to the re-evaluation of any proposed new services by the organisation.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and Appointment of new trustees
Every person who wishes to be a Member and a trustee as such, shall deliver to the Company an application for membership in such form as the Directors require executed by that person.
At the next meeting of the Directors after the receipt of any application for membership, the application shall be considered by the Directors who shall decide upon the admission or rejection of the applicant.
Page 4
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
Wise Thoughts has a Management Committee of up to six members who meet regularly and are responsible for strategic direction and policy of the charity. At present the committee has five members from a variety of backgrounds relevant to the work of the charity. The committee is made up of the trustees, two contracted members - CEO/Artistic Director and the Programme Manager.
A scheme of delegation is in place and day to day responsibility for the provision of services rest with the trustees along with the CEO/Artistic Director and the Programme Manager. The trustees are responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The Artistic Director has responsibility for the day to day operational management of the charity, individual supervision of contracted members and also ensuring that the team continues to develop their skills and working practices in line with good practice.
Induction and training of new trustees
New trustees receive a comprehensive induction package, with information covering the duties of a trustee, a trustee job description and service agreement, an outline of the vision, mission and implementation of the charity's services, the latest Report and Accounts, current year's budget and latest management accounts.
All trustees are invited to familiarise themselves with the operations of Wise Thoughts by meeting the Artistic Director and staff at a weekly Team meeting that reviews service delivery and by appointment when appropriate. Trustees are encouraged to make use of the training and conference opportunities provided by the NVCO and other bodies.
PARTNERSHIPS AND CO-OPERATION WITH OTHER CHARITIES AND ORGANISATIONS
Wise Thoughts is committed to working in partnership with organisations that help to benefit the aims and objectives of the organisation and its programme of work, it has collaborated with other statutory and voluntary organisations in the development and presentation of individual projects that have included arts festivals, conferences and training initiatives within the past year. Staff regularly attend meetings, forums, seminars and consultative processes co-ordinated by local, regional and national government and other community and voluntary organisations. They serve as independent advisors to the local authority and Metropolitan Police Services on policy development, implementation and other matters related to the primary beneficiaries of the organisation and its programme of work. They serve as community lead on the LGBT+ Community Network initiated by Haringey Council.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03758786 (England and Wales)
Registered Charity number
1077616
Registered office
2nd Floor, Wood Green Central Library High Road Wood Green London N22 6XD
Page 5
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Trustees
Ms Bhavini Chavda - Chair Mr Tim Hoyle - Treasurer Mr Benjamin Cohen Dr Trevor John Robert Wood - Secretary Prof Rainer Uwe Willy Schulze Miss Amy Alexandra Ashenden (resigned 9.10.20)
Company Secretary
Ms Bhavini Chavda - Chair
Independent Examiner
Mr Michael Filiou Chartered Certified Accountants Michael Filiou Ltd Chartered Certified Accountants www.michaelfiliou.com Salisbury House 81 High Street Potters Bar Hertfordshire EN6 5AS
Bankers
The Co-operative Bank Plc Business Direct P O Box 250 Skelmerdale WN8 6WT
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees (who are also the directors of Wise Thoughts for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 30 July 2021 and signed on its behalf by:
Ms Bhavini Chavda - Chair - Trustee
Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WISE THOUGHTS
Independent examiner's report to the trustees of Wise Thoughts ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you 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 as 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 examiner's 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting 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
-
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.
Mr Michael Filiou Chartered Certified Accountants Michael Filiou Ltd Chartered Certified Accountants www.michaelfiliou.com Salisbury House 81 High Street Potters Bar Hertfordshire EN6 5AS
30 July 2021
Page 8
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 6,704 Other activities income 3 - Investment income 4 98 Total 6,802 EXPENDITURE ON Charitable activities Charitable activities - Gross salary - Project costs 111 Employer's NI - Travel and subsistence 5 Telephone 395 Insurance 393 Depreciation 817 Professional services 420 Accountancy fees - WiseOUT - Creative Cultural Hub 74 Project Other - Community Connector - COVID-19 - Employer pension - Total 2,215 NET INCOME 4,587 RECONCILIATION OF FUNDS Total funds brought forward 17,583 TOTAL FUNDS CARRIED FORWARD 22,170 |
Restricted funds £ 145,400 74,586 - 219,986 139 63,114 57,697 1,801 - - - - - 3,120 (16) 43,281 - 10,570 33,709 1,195 214,610 5,376 12,057 17,433 |
2021 Total funds £ 152,104 74,586 98 226,788 139 63,114 57,808 1,801 5 395 393 817 420 3,120 (16) 43,355 - 10,570 33,709 1,195 216,825 9,963 29,640 39,603 |
2020 Total funds £ 100,396 - - |
|---|---|---|---|
| 100,396 - - - - - - - 952 - - 5,535 50,469 5,400 36,415 - - |
|||
| 98,771 | |||
| 1,625 28,015 |
|||
| 29,640 |
The notes form part of these financial statements
Page 9
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION 31 MARCH 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 9 3,876 CURRENT ASSETS Debtors 10 - Cash at bank 19,444 19,444 CREDITORS Amounts falling due within one year 11 (1,151) NET CURRENT ASSETS 18,293 TOTAL ASSETS LESS CURRENT LIABILITIES 22,169 NET ASSETS 22,169 FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 2,719 5,505 148,752 154,257 (139,542) 14,715 17,434 17,434 |
2021 Total funds £ 6,595 5,505 168,196 173,701 (140,693) 33,008 39,603 39,603 22,169 17,434 39,603 |
2020 Total funds £ 7,412 - 37,813 37,813 (15,585) 22,228 29,640 29,640 17,583 12,057 29,640 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 10
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 July 2021 and were signed on its behalf by:
Mr Tim Hoyle - Treasurer - Trustee
Ms Bhavini Chavda - Chair - Trustee
The notes form part of these financial statements
Page 11
WISE THOUGHTS
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared 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' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts have been prepared on the going concern basis. However, it must be noted that funding to support core costs remains a challenge and any reduction or failure to secure will have an impact on sustaining the charity's programme of work.
The trustees are aware however of material uncertainties that cast doubt on the charity's ability to continue as a going concern. As with most organisations, these material uncertainties are in relation to the ongoing Covid-19 virus outbreak and lockdown which has had an impact on the operations, donors, suppliers, trustees and volunteers. The trustees have (where appropriate) utilised the grants and benefits available from the organisations and government and are taking all the steps they can to protect the future of the charity.
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - at variable rates on reducing balance Fixtures and fittings - 10% on reducing balance Computer equipment - 20% on reducing balance
Taxation
As a charity, Wise Thoughts is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 12
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
2. DONATIONS AND LEGACIES
| Voluntary grants income Donations Grants Subsidy towards rent Grants received, included in the above, are as follows: Other grants |
2021 £ 109,600 4,149 35,855 2,500 152,104 2021 £ 35,855 |
2020 £ 94,298 3,598 - 2,500 |
|---|---|---|
| 100,396 | ||
| 2020 £ - |
Grants receivable - Basis of valuation
Grants are recorded as receivable at the monetary value which has been agreed and only when all the conditions in relation to the receipt of the grant have been met.
3. OTHER ACTIVITIES INCOME
| Other fees receivable INVESTMENT INCOME Deposit account interest |
2021 £ 74,586 2021 £ 98 |
2020 £ - |
|---|---|---|
| 2020 £ - |
4. INVESTMENT INCOME
continued...
Page 13
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 817 | 952 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses comprise of out of pocket expenses reimbursed to the trustees.
7. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2021 £ 63,114 1,801 1,195 66,110 |
2020 £ 23,250 - 466 |
|---|---|---|
| 23,716 |
The average monthly number of employees during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| Full time | 4 | 2 |
No employees received emoluments in excess of £60,000.
The Charity employed staff during the year in relation to Reach and Connect services and Wisefriends.
continued...
Page 14
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 982 99,414 EXPENDITURE ON Charitable activities Depreciation 952 - WiseOUT - 5,535 Creative Cultural Hub - 50,469 Project Other - 5,400 Community Connector - 36,415 Total 952 97,819 NET INCOME 30 1,595 RECONCILIATION OF FUNDS Total funds brought forward 17,553 10,462 TOTAL FUNDS CARRIED FORWARD 17,583 12,057 9. TANGIBLE FIXED ASSETS Fixtures Plant and and Computer machinery fittings equipment £ £ £ COST At 1 April 2020 and 31 March 2021 24,370 3,964 15,087 DEPRECIATION At 1 April 2020 19,278 3,384 13,347 Charge for year 411 58 348 At 31 March 2021 19,689 3,442 13,695 NET BOOK VALUE At 31 March 2021 4,681 522 1,392 At 31 March 2020 5,092 580 1,740 |
Total funds £ 100,396 952 5,535 50,469 5,400 36,415 |
|---|---|
| 98,771 | |
| 1,625 28,015 |
|
| 29,640 | |
| Totals £ 43,421 36,009 817 36,826 6,595 7,412 |
All of the charity's tangible fixed assets are used directly for its objectives.
Page 15
continued...
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|||
|---|---|---|---|
| Trade debtors Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Net Wages Pension control account No description Accruals and deferred income |
2021 £ 5,400 105 5,505 2021 £ 51,368 252 307 - 88,766 140,693 |
2020 £ - - - 2020 £ - - - 1 15,584 |
2020 £ - - |
| - | |||
| 15,585 |
Page 16
continued...
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.4.20 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 8,112 | 234 | 8,346 |
| Haringey Council | 75 | - | 75 |
| Arts Council of England | 6,146 | - | 6,146 |
| Donations | 3,242 | 1,229 | 4,471 |
| Interest received | 8 | 98 | 106 |
| LGBT Consortium - Fees earned | - | 25 | 25 |
| Haringey - VCS Autumn | - | 3,000 | 3,000 |
| 17,583 | 4,586 | 22,169 | |
| Restricted funds | |||
| Other donations | 1,447 | - | 1,447 |
| Haringey CCCF Core | - | 4,884 | 4,884 |
| The National Lottery Community Fund | 4,847 | - | 4,847 |
| Haringey Council | (1,295) | 1,016 | (279) |
| John Lyon's Foundation | 3,624 | (3,120) | 504 |
| Bridge Renewal Trust | - | 3,699 | 3,699 |
| London Sport Ltd Sportivate | (90) | - | (90) |
| The London Community Foundation | |||
| 1,071 | - | 1,071 | |
| Merkel Insurance | 1,183 | - | 1,183 |
| Neighbourly Ltd | 300 | - | 300 |
| Creative Cultural Hub | - | (3,429) | (3,429) |
| Jackson's Lane | 970 | - | 970 |
| LGBT Consortium - Emerging With Pride | - | 33 | 33 |
| Haringey - Winter and Youthwise | - | 1,000 | 1,000 |
| City of London WAVE 3 - WISEfriends | - | 94 | 94 |
| Sports England - Lunchtime Yoga | |||
| - | 1,200 | 1,200 | |
| 12,057 | 5,377 | 17,434 | |
| TOTAL FUNDS | 29,640 | 9,963 | 39,603 |
continued...
Page 17
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Donations Interest received LGBT Consortium - Fees earned Haringey - VCS Autumn Restricted funds Haringey CCCF Core The National Lottery Community Fund Haringey Council John Lyon's Foundation Bridge Renewal Trust Creative Cultural Hub Arts Council of England - Organisation Development / ACTivate Our Future LGBT Consortium - Emerging With Pride Haringey - Winter and Youthwise City of London WAVE 3 - WISEfriends City of London - WAVE 4 - ACTivate Our Future Sports England - Lunchtime Yoga TOTAL FUNDS |
Incoming resources £ 1,955 1,649 98 100 3,000 6,802 74,586 69,489 1,000 - 3,699 4,071 34,136 22,850 1,000 7,470 485 1,200 219,986 226,788 |
Resources Movement expended in funds £ £ (1,721) 234 (420) 1,229 - 98 (75) 25 - 3,000 (2,216) 4,586 (69,702) 4,884 (69,489) - 16 1,016 (3,120) (3,120) - 3,699 (7,500) (3,429) (34,136) - (22,817) 33 - 1,000 (7,376) 94 (485) - - 1,200 (214,609) 5,377 (216,825) 9,963 |
|---|---|---|
continued...
Page 18
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,064 | (952) | 8,112 |
| Haringey Council | 75 | - | 75 |
| Arts Council of England | 6,146 | - | 6,146 |
| Donations | 2,260 | 982 | 3,242 |
| Interest received | 8 | - | 8 |
| 17,553 | 30 | 17,583 | |
| Restricted funds | |||
| Other donations | - | 1,447 | 1,447 |
| The National Lottery Community Fund | - | 4,847 | 4,847 |
| Haringey Council | 3,408 | (4,703) | (1,295) |
| John Lyon's Foundation | 3,620 | 4 | 3,624 |
| London Sport Ltd Sportivate | (90) | - | (90) |
| The London Community Foundation | |||
| 1,071 | - | 1,071 | |
| Merkel Insurance | 1,183 | - | 1,183 |
| Neighbourly Ltd | 300 | - | 300 |
| Jackson's Lane | 970 | - | 970 |
| 10,462 | 1,595 | 12,057 | |
| TOTAL FUNDS | 28,015 | 1,625 | 29,640 |
continued...
Page 19
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Donations Restricted funds Other donations The National Lottery Community Fund Haringey Council John Lyon's Foundation Public Voice GROUNDWORKS HAIL TOTAL FUNDS |
Incoming resources £ - 982 982 2,616 40,896 13,554 9,200 31,188 1,560 400 99,414 100,396 |
Resources Movement expended in funds £ £ (952) (952) - 982 (952) 30 (1,169) 1,447 (36,049) 4,847 (18,257) (4,703) (9,196) 4 (31,188) - (1,560) - (400) - (97,819) 1,595 (98,771) 1,625 |
|---|---|---|
continued...
Page 20
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,064 | (718) | 8,346 |
| Haringey Council | 75 | - | 75 |
| Arts Council of England | 6,146 | - | 6,146 |
| Donations | 2,260 | 2,211 | 4,471 |
| Interest received | 8 | 98 | 106 |
| LGBT Consortium - Fees earned | - | 25 | 25 |
| Haringey - VCS Autumn | - | 3,000 | 3,000 |
| 17,553 | 4,616 | 22,169 | |
| Restricted funds | |||
| Other donations | - | 1,447 | 1,447 |
| Haringey CCCF Core | - | 4,884 | 4,884 |
| The National Lottery Community Fund | - | 4,847 | 4,847 |
| Haringey Council | 3,408 | (3,687) | (279) |
| John Lyon's Foundation | 3,620 | (3,116) | 504 |
| Bridge Renewal Trust | - | 3,699 | 3,699 |
| London Sport Ltd Sportivate | (90) | - | (90) |
| The London Community Foundation | |||
| 1,071 | - | 1,071 | |
| Merkel Insurance | 1,183 | - | 1,183 |
| Neighbourly Ltd | 300 | - | 300 |
| Creative Cultural Hub | - | (3,429) | (3,429) |
| Jackson's Lane | 970 | - | 970 |
| LGBT Consortium - Emerging With Pride | - | 33 | 33 |
| Haringey - Winter and Youthwise | - | 1,000 | 1,000 |
| City of London WAVE 3 - WISEfriends | - | 94 | 94 |
| Sports England - Lunchtime Yoga | |||
| - | 1,200 | 1,200 | |
| 10,462 | 6,972 | 17,434 | |
| TOTAL FUNDS | 28,015 | 11,588 | 39,603 |
continued...
Page 21
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Donations Interest received LGBT Consortium - Fees earned Haringey - VCS Autumn Restricted funds Other donations Haringey CCCF Core The National Lottery Community Fund Haringey Council John Lyon's Foundation Bridge Renewal Trust Creative Cultural Hub Public Voice GROUNDWORKS HAIL Arts Council of England - Organisation Development / ACTivate Our Future LGBT Consortium - Emerging With Pride Haringey - Winter and Youthwise City of London WAVE 3 - WISEfriends City of London - WAVE 4 - ACTivate Our Future Sports England - Lunchtime Yoga TOTAL FUNDS |
Incoming resources £ 1,955 2,631 98 100 3,000 7,784 2,616 74,586 110,385 14,554 9,200 3,699 4,071 31,188 1,560 400 34,136 22,850 1,000 7,470 485 1,200 319,400 327,184 |
Resources Movement expended in funds £ £ (2,673) (718) (420) 2,211 - 98 (75) 25 - 3,000 (3,168) 4,616 (1,169) 1,447 (69,702) 4,884 (105,538) 4,847 (18,241) (3,687) (12,316) (3,116) - 3,699 (7,500) (3,429) (31,188) - (1,560) - (400) - (34,136) - (22,817) 33 - 1,000 (7,376) 94 (485) - - 1,200 (312,428) 6,972 (315,596) 11,588 |
|---|---|---|
continued...
Page 22
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
14. LEGAL STATUS OF THE CHARITY
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
Page 23
WISE THOUGHTS (A COMPANY LIMITED BY GUARANTEE)
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| INCOME AND ENDOWMENTS Donations and legacies Voluntary grants income Donations Grants Subsidy towards rent Other activities income Other fees receivable Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Salaries and wages Social security Pension contributions Insurance Telephone Project costs Rent Travel and subsistence Professional services Administration expenses Depreciation of Plant & machinery Depreciation of Fixtures & fittings Depreciation of Computer equipment Support costs Governance costs Accountancy fees Total resources expended Net income |
2021 £ 109,600 4,149 35,855 2,500 152,104 74,586 98 226,788 63,114 1,801 1,195 393 395 137,831 7,500 5 420 234 411 58 348 213,705 3,120 216,825 9,963 |
2020 £ 94,298 3,598 - 2,500 |
|---|---|---|
| 100,396 - - |
||
| 100,396 23,250 - 466 360 698 60,398 8,750 194 265 438 452 65 435 |
||
| 95,771 3,000 |
||
| 98,771 | ||
| 1,625 |
This page does not form part of the statutory financial statements
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