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2023-03-31-accounts

Company no. 06173274 Charity no. 1119898

Guy Fox History Project Limited Report and Unaudited Financial Statements

31 March 2023

Guy Fox History Project Limited

Reference and administrative details

For theyear ended 31 March 2023
Company number 06173274
Charity number 1119898
Registered office and Unit LF 2-9
operational address The Leathermarket
Weston Street
London
SE1 3HN
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Catherine Drennan (appointed 15 March 2023)
Simon Harper
Lana Kamffer (resigned 31 March 2023)
Kimberley Swan
Company secretary Kourtney Harper
Bankers NatWest Bank
Waterside Court
Chatham Maritime
Kent
ME4 4RT
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Guy Fox History Project Limited

Report of the trustees

For the year ended 31 March 2023

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

The charity is controlled by its governing document, a Memorandum of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Risk management

The trustees have assessed potential risks to the charity and taken action to put into place systems to mitigate those risks. Over the year the trustees will be reviewing and revising its policies regarding business risks, financial risks, health and safety risks and other identifiable risks.

Objectives and activities

The charity’s objectives are to advance the education of children in the history, arts and cultural heritage of London and other educational projects as the Board sees fit.

Achievements and performance

During this year, we continued to rebound after the Covid-19 pandemic, undertaking two projects that resulted in two new books: ‘How the World REALLY Works: Philanthropy’ and ‘How the World REALLY Works: Dispute Resolution’.

Launching these new books reminded the world that we are still here. As a result, we have started development discussions with various partners about future projects. As we close the year, we look forward to our new project ‘History Rocks: The Constitution’.

‘How the World REALLY Works: Philanthropy’

We partnered with UBS Optimus Foundation, plus children at DeBeauvoir Primary School on a project about philanthropy. The book (Number 10 in the series) was published in November 2022. It has also been ‘translated’ into American English.

‘How the World REALLY Works: Dispute Resolution’

We partnered with Jones Day, Berkeley Research Group and Blackstone Chambers, plus children at Tower Bridge Primary School on a project that explored different types of dispute and how to resolve them. The book (11th in the series) was launched in January.

Financial review

Incoming resources were £40,614 (2022: £80,930) and resources expended were £56,825 (2022: £39,612). The deficit for the year is a result of increased project costs as we are further into the cycle for our How the World Really Works projects.

2

Guy Fox History Project Limited

Report of the trustees

For the year ended 31 March 2023

Our Financial Supporters in 2022/2023:

Thank you to UBS Optimus Foundation, Jones Day, Berkeley Research Group and Blackstone Chambers and to everyone who supported us via donations. Thank you to our YouTube viewers and anyone who uses AmazonSmile. We have seen the income from these sites increase year-on-year.

The trustees consider the finances of the charity as set out on pages 6 to 18 to be satisfactory.

Reserves policy

The board of trustees reviews the level of our reserves regularly, with careful attention to our current risk model, future plans and the anticipated financial demands that these will bring. Trustees bear in mind that, while our organisation must adapt to rising costs, regulatory requirements, staffing needs and fluctuations in the charity sector, our primary objective is to ensure that we are fulfilling our charity’s objectives.

Excess / Deficit of reserves

If our reserves are in excess of our current equation, the board will initiate an educational project or publication (including a reprint of a current resource) that will fulfill our charity’s aims.

In the event of a deficit, the board will initiate a cost-reduction exercise that may include changes to full-time employment status, office relocation or cessation of supplier services.

Review

Trustees review the policy and the equation annually (in March) or as deemed appropriate by a simple majority vote.

How we calculate our reserves

----- Start of picture text -----
Equation Calculation for 2023 to 2024
Overhead expenditure x Current rate of £20,966.72 x 10% = £23,063.39
inflation
Employ creative director £33,600
Employ administrative assistant £20,160
Specific financial risks identified during review £3,500 (Office relocation)
Planned capital expenditure £5,000 (purchase of new computer)
Total reserves target: £85,323.39
----- End of picture text -----

Public benefit

The trustees have had regard to the Charity Commission’s guidance on public benefit. The charity is deemed to deliver public benefit through immersive educational projects with children. The projects aim to develop lifelong learning skills, vocational awareness, and an understanding of financial literacy and heritage topics. Tangible project outputs may include educational resources that are produced and shared, free, with children and families.

3

Guy Fox History Project Limited

Report of the trustees

For the year ended 31 March 2023

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 31 August 2023 and signed on their behalf by

Simon Harper - trustee

4

Independent examiner's report

To the trustees of

Guy Fox History Project Limited

I report to the trustees on my examination of the accounts of Guy Fox History Project Limited (the charitable company) for the year ended 31 March 2023, which are set out on pages 6 to 18.

Responsibilities and basis of report

As the trustees of the charitable 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 charitable 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 the charitable company'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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Alison Godfrey

Date: 31 August 2023 Alison Godfrey FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House

62 Prince Street Bristol BS1 4QD

5

Guy Fox History Project Limited

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2023

Restricted Unrestricted
Note
£
£
Income from:
Donations
-
3,299
Charitable activities
3
31,500
4,885
Other trading activities
-
492
Investments
-
438
Total income
31,500
9,114
Expenditure on:
Charitable activities
34,162
22,663
Total expenditure
4
34,162
22,663
5
(2,662)
(13,549)
Reconciliation of funds:
Total funds brought forward
63,513
115,715
Total funds carried forward
60,851
102,166
Net income / (expenditure) and net
movement in funds
2023
Total
£
3,299
36,385
492
438
40,614
56,825
56,825
(16,211)
179,228
163,017
2022
Total
£
7,267
72,664
611
388
80,930
39,612
39,612
41,318
137,910
179,228

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 15 to the accounts.

6

Guy Fox History Project Limited

Balance sheet

As at 31 March 2023

----- Start of picture text -----
2023 2022
Note £ £ £
Fixed assets
Tangible assets 8 3,425 159
Investments 9 1 1
3,426 160
Current assets
Stock 10 318 -
Debtors 11 4,269 63,456
Cash at bank and in hand 159,047 118,647
163,634 182,103
Liabilities
Creditors: amounts falling due within 1 year 12 (4,043) (3,035)
Net current assets 159,591 179,068
Net assets 14 163,017 179,228
Funds 15
Restricted funds 60,851 63,513
Unrestricted funds
Designated funds 19,311 17,613
General funds 82,855 98,102
Total charity funds 163,017 179,228
----- End of picture text -----

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 31 August 2023 and signed on their behalf by

Simon Harper - trustee

7

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies

a) Basis of preparation

Guy Fox History Project Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Group accounts

The charity has one wholly controlled subsidiary, Guy Fox Limited (registered company number 05604082). Guy Fox History Project has taken advantage of the exemption under the Charities SORP FRS102 to prepare group accounts on the basis that the consolidated income is less than £1m. The accounts of Guy Fox Limited are publicly available from Companies House.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of general unrestricted reserves totaling £82,855. There are no material uncertainties about the charity's ability to continue as a going concern.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

8

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. 100% of these costs have been allocated to charitable activities, as the charity does not expend any significant resources on raising funds.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment

5 years

Items of equipment are capitalised where the purchase price exceeds £500.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

9

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

n) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note (i) above.

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
Restricted
£
£
-
7,267
72,664
-
-
611
-
388
72,664
8,266
26,325
13,287
26,325
13,287
46,339
(5,021)
2,748
(2,748)
49,087
(7,769)
Unrestricted
2022
Total
£
7,267
72,664
611
388
80,930
39,612
39,612
41,318
-
41,318

10

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

3. Income from charitable activities

Book sales
Educational project grants
HTWRW: Philanthropy
HTWRW: Dispute Resolution
History Rocks: The Constitution
Restricted
£
£
-
4,885
-
-
16,500
-
15,000
-
31,500
4,885
Unrestricted
2023
Total
£
4,885
-
16,500
15,000
36,385
2022
Total
£
-
45,664
27,000
-
72,664

4. Total expenditure

Project costs
Freelance talent
Postage, carriage and stationery
Travel and subsistence
Other office costs
Depreciation
Premises expenses
Computer and internet
Accountancy fees
Insurance
Sub-total
Allocation of support and governance costs
Total expenditure
£
£
35,539
-
1,300
-
1,019
-
540
-
1,161
-
283
-
13,693
-
876
-
-
1,620
-
794
54,411
2,414
2,414
(2,414)
56,825
-
Support and
governance
costs
Charitable
activities
2023
Total
£
35,539
1,300
1,019
540
1,161
283
13,693
876
1,620
794
56,825
-
56,825

Total governance costs were £1,600 (2022: £1,320)

11

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

4. Total expenditure (continued) Prior period comparative

Project costs
Freelance talent
Postage, carriage and stationery
Child protection costs
Travel and subsistence
Other office costs
Depreciation
Premises expenses
Computer and internet
Accountancy fees
Bank charges
Insurance
Sub-total
Allocation of support and governance costs
Total expenditure
£
£
14,460
-
7,461
-
472
-
597
-
250
-
535
-
46
-
13,364
-
588
-
-
1,320
-
49
-
470
37,773
1,839
1,839
(1,839)
39,612
-
Charitable
activities
Support and
governance
costs
2022
Total
£
14,460
7,461
472
597
250
535
46
13,364
588
1,320
49
470
39,612
-
39,612

12

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

5. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiner's remuneration:
Independent Examination (including VAT)
2023
£
283
8,737
Nil
Nil
1,600
2022
£
46
8,489
Nil
Nil
1,320

6. Staff costs and numbers

The key management personnel of the charitable company comprise the trustees. The total employee benefits of the key management personnel were £Nil (2022: £Nil).

7. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

8. Tangible fixed assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Total
£
6,654
3,549
10,203
6,495
283
6,778
3,425
159

13

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

9. Investments

Market value at 1 April 2022 and 31 March 2023
Historical cost:
At 1 April 2022 and 31 March 2023
2023
£
1
1
2022
£
1
1

The investment represents 100% of the issued share capital of Guy Fox Limited (company registration no. 05604082). The company undertakes non-charitable trading activities for the charity and donates its available profits to the charity.

10. Stock

Stock
11. Debtors
Accrued income
Prepayments
Amounts owed by group undertakings
12. Creditors : amounts due within 1 year
Trade creditors
Accruals
Deferred income (note 13)
2023
£
318
2023
£
1,019
3,250
-
4,269
2023
£
273
1,620
2,150
4,043
2022
£
-
2022
£
51,664
3,022
8,770
63,456
2022
£
1,239
1,796
-
3,035

14

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

13. Deferred income

At 1 April 2022
Deferred during the year
Released during the year
At 31 March 2023
Deferred income relates to income received in advance of delivery.
2023
£
-
2,150
-
2,150
2022
£
-
-
-
-

14. Analysis of net assets between funds

Tangible fixed assets
Investments
Current assets
Current liabilities
Net assets at 31 March 2023
Prior period comparative
Tangible fixed assets
Investments
Current assets
Current liabilities
Net assets at 31 March 2022
£
£
-
-
-
-
60,851
19,311
-
-
60,851
19,311
£
£
-
-
-
-
63,990
17,613
(477)
-
63,513
17,613
Restricted
funds
Restricted
funds
Designated
funds
Designated
funds
£
3,425
1
83,472
(4,043)
82,855
£
159
1
100,500
(2,558)
98,102
General
funds
General
funds
Total
funds
£
3,425
1
163,634
(4,043)
163,017
Total
funds
£
159
1
182,103
(3,035)
179,228

15

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

15. Movements in funds

Restricted funds
HTWRW: Philanthropy
Total restricted funds
Designated funds:
Reprint funds
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
HTWRW: Dispute
Resolution
History Rocks: The
Constitution
At 1 April
2022
£
42,975
20,538
-
63,513
17,613
17,613
98,102
115,715
179,228
Income
£
£
-
(18,442)
16,500
(15,646)
15,000
(74)
31,500
(34,162)
3,935
(2,237)
3,935
(2,237)
5,179
(20,426)
9,114
(22,663)
40,614
(56,825)
Expenditure
£
-
-
-
-
-
-
-
-
-
Transfers
between
funds
At 31
March
2023
£
24,533
21,392
14,926
60,851
19,311
19,311
82,855
102,166
163,017

Purposes of restricted funds HTWRW: Philanthropy

Funded by the UBS Optimus Foundation, in this project we worked with students at DeBeauvoir Primary School to create a children's guide to philanthropy.

HTWRW: Dispute Resolution

Funded by Blackstone Chambers, BRG, and Jones Day, in this project we worked with students at Tower Bridge Primary School to create a children's book about resolving disputes.

History Rocks: The Constitution

Funded by Blackstone Chambers, this project will explore the British Constitution, and students at Tower Bridge Primary School will create an illustrated children’s guide to the British Constitution.

16

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

15. Movements in funds (continued) Purposes of designated funds

Reprint funds This fund pays for the reprint of books for distribution to the community.

Prior period comparative
Restricted funds
HTWRW: Economy Video
HTWRW: The City
2020 Vision
HTWRW: Philanthropy
Total restricted funds
Designated funds:
Reprint funds
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
HTWRW: Dispute
Resolution
At 1 April
2021
£
752
9,284
4,390
-
-
14,426
19,707
19,707
103,777
123,484
137,910
Income
£
£
-
(3,500)
-
(9,284)
-
(4,390)
45,664
(2,689)
27,000
(6,462)
72,664
(26,325)
-
(2,094)
-
(2,094)
8,266
(11,193)
8,266
(13,287)
80,930
(39,612)
Expenditure
£
2,748
-
-
-
-
2,748
-
-
(2,748)
(2,748)
-
Transfers
between
funds
At 31
March
2022
£
-
-
-
42,975
20,538
63,513
17,613
17,613
98,102
115,715
179,228

16. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years
2023
£
2,228
-
2,228
2022
£
3,537
-
3,537

17

Guy Fox History Project Limited

Notes to the financial statements

For the year ended 31 March 2023

17. Related party transactions

During the year, Guy Fox Limited charged Guy Fox History Project Limited £nil (2022: £7,000) for consultancy and design and £Nil (2022: £6,000) for secondment. At the end of the year, £6,526 (2022: £8,770) was owed to Guy Fox History Project Limited.

The spouse of Simon Harper, trustee, is employed by Guy Fox Limited and was seconded to Guy Fox History Project Limited during the year, receiving remuneration of £14,984 (2022: £7,000).

18