REGISTERED COMPANY NUMBER: 06083408 (England and Wales) REGISTERED CHARITY NUMBER: 1120297
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
WIMBLEDON ARTS
Chariot House Limited Chartered Accountants
44 Grand Parade Brighton East Sussex BN2 9QA
WIMBLEDON ARTS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Independent Examiner's Report | 7 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 20 |
| Detailed Statement of Financial Activities | 21 |
WIMBLEDON ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Wimbledon Arts is a not-for-profit arts and education charity promoting literacy and culture for the community. It produces a major annual festival, Wimbledon Bookfest, for the public as well as community-based writing projects. It runs a year-round education programme with schools - 'Word Up', supporting literacy for children and young people across socio-economic groups.
The charity's office is based in Merton in Wimbledon Library and the main geographical reach of the work is across South London Boroughs and neighbouring Surrey.
The Festival works with the public, private & voluntary sectors for delivery. Key partners include University of Roehampton, Merton libraries & schools and a range of community and arts organisations. It works with local and national partners across publishing, education, business and the public and voluntary sectors for delivery. It offers a range of ways for young people in particular to access and engage with culture - through programmes in film, performance, volunteering, student panels and work experience, as well as author events, competitions, writing projects and workshops.
The Festival is committed to inclusion and diversity in its production and participation.
The trustees have considered the Charities Commission guidance on public benefit whilst forming its objectives.
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WIMBLEDON ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENT AND PERFORMANCE
Public Events
Wimbledon BookFest continued to run two public festivals in 2022. Decisions around Covid- 19 and restrictions on events and audience behaviour were still unknown. The outside open-air model offered flexibility and running two festivals gave a provision for risk with changing circumstances eg if further lockdowns occurred. The key focus of 2022 was rebuilding audiences. In total 94 events were held with audiences of over 11,000 attending in-person.
Each Festival had its own flavour:
SUNRISE: 9 - 15 June 2022
Included both fiction giants and political events focused on Ukraine and the Russian invasion. Duration: 7 days No of events: 46
Speaker highlights: Nobel Laureate, Abulrazak Gurnah, Susannah Clarke's only live event, Julian Barnes and a live Zoom from Ukraine with Prospect Magazine and to Afghanistan with Untold.
SUNSET: 22 - 26 Sept 2022
The Sunset Festival saw the return of some of the broader focus of our events including comedy, sports nights, wine tasting and food events.
Duration: 5 days. No of events: 45
The festival site was remodelled in 2022 with an open site which gave a more enhanced visitor offering and the opportunity for exhibitors and refreshments. The site was free to attend for non-ticket purchasers and allowed 'dwell time' for people to stay on-site longer. The SUNSET Festival had the addition of a 'street piano'.
Out of Festival Events:
A number of our of festival events including the first public events at New Wimbledon. The Festival hosted a high profile publication launch for the artist Ai Weiwei's paperback of his memoir. A further event was held at New Wimbledon Theatre in partnership with Alzheimer's UK for the Barbara Windsor's biography hosted by her husband Scott Mitchell and David Walliams. The closing event of the year was at Wimbledon Library with the author Jessie Burton.
Digital Events
A combination of audio and video recordings were released for a limited period in December - free of charge to view.
Schools Event & Projects:
Education Programme - Word Up
Participants:13,342 Schools: 95 (56 junior, 44 secondary) 7 London Boroughs
The education programme continues to be a very packed year-long programme of activity. It is primarily aimed at South-West London schools with an emphasis on the Borough of Merton and, increasingly, Wandsworth. 13,342 students from 95 primary and secondary schools took part in a Wimbledon BookFest project in 2022.
The biggest achievement in 2022 was the return of live in-person events for schools with 25 live events being held in the year. These included an amazing one-off event for secondary school racially minoritized students with 7 secondary schools attending - Black & Great. Events mainly took place at the SUNRISE and SUNSET Festivals as well a mini-festival of events at New Wimbledon Theatre. These culminated in a 'once in a lifetime' event with the astronaut Tim Peake. We did not relay events digitally as we did in 2020 and 2021 and concentrated on live delivery for the student experience.
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WIMBLEDON ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
Author & Writer Events for Schools
Events Held: 28 Audience: 22,238 Schools attending: 73
Focus was on producing live in-person events for schools and students in 2022 for primary and secondary students. Diversity is at the heart of these events. Highlights included authors Lenny Henry, Jaqueline Wilson, Phil Earle, Alex Wheatle, Maggie Aderin-Peacock, Tim Peake, Elle McNicol and a special musical collaboration with Michael Morpurgo with the Kanneh -Mason family.
Author events took place on site at the Festival Villages at both Sunrise and Sunset Festivals.
Young Writers' Competition
2022 Theme: The Tree Participants: 7,200 Schools: 72 (junior: 40, secondary: 32)
An anthology of the winning poems and stories published. An in-person prize-giving took place at New Wimbledon Theatre with the author David Almond.
Young Writers' Academy
Participants: 63 Schools: 18
This ran for the second year for year 11 and 6th form students. It was developed from a digital course to a hybrid - zoom and in-person model, to give students exposure to high level creative writing on-site at university.
Page to Stage Workshops
The festival worked with Bhuchar Boulevard in supporting 6 schools workshops of Artichoke Hearts by Sita Brahmachari in its development for theatre. The activity culminated in a rehearsed reading with the author and theatre adaptor Sudha Bhuchar at New wimbledon Theatre.
Gifted Books
1,2223 were gifted to state school children. Chosen titles for 2022 were Renee Germain's Black and Great and Marcus Rashford's - You are a Champion for Merton state schools.
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WIMBLEDON ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
Financial position
Wimbledon Arts is supported by ticket sales, sponsorship, gifts and grants. In 2022 Wimbledon Arts continued to feel the impact of the Covid-19 pandemic. Audiences had not returned to pre-pandemic levels and not only was the festival hit by a slow return of audience to events but also unexpected cost increases from its suppliers in costs such land hire, marquees and set up.
The total income for the year was £540,416 (2021: £529,215). Total expenditure was £616,120 (2021: £530,482).
Taking into account income and expenditure, the charity made a net loss of £75,704 (2021: £1,267) for the year.
Going Concern
Given the size of the deficit in 2022, to ensure the charity continued to operate as a going concern, the charity implemented a number of measures for its 2023 activity. Sponsorship from long term partners was paid upfront which enabled cashflow for the year.
The festival returned to a single 10-day model as it had done pre-pandemic. It focused on cost reduction and switched to working with community partners and hiring existing venue spaces, as opposed to building a marquee structure. This has a net cost saving of £67.5k and also improves the organisation's environmental impact.
Wimbledon BookFest has committed to using existing venue spaces in the medium term as it rebuilds its financial stability. The festival has been asked to commission for two additional arts partner programme in 2024, both of which will bring in additional income with minimal additional expenditure. It will continue to hold its autumn festival in partner venues, containing costs following the loss in 2022.
VAT
The charity was advised of a retrospective obligation to register for VAT. A specialist consultant was appointed to carry out a detailed VAT analysis during 2023 and subsequently to deal with HMRC on behalf of the charity. Discussions with HMRC are ongoing but a provision will be made for the repayment of any liability once an agreement has been reached.
Reserves policy
The policy of the trustees is to build a surplus that covers three to six months turnover to meet unexpected challenges in income generation, and in order for the charity to continue its current activities while considering ways to raise additional funds.
The charity reserves were in deficit as of 31 December 2022 with the unrestricted fund standing at £(56,315) (2021 surplus: £19,389). This short term deficit was funded by long term sponsorship of £62,500 which was received in advance of the 2023 season. The steps taken by the charity to restructure its business model and operations should enable the charity to reduce the deficit at 31 December 2023 and return to a positive position by the end of December 2024.
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.
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WIMBLEDON ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
Wimbledon Arts has eight trustees who are also directors and are responsible for the governance and management of the charity..
Trustees & Staff
The full board of Trustees meets quarterly and regularly reviews financial reports. There are named trustees with specific responsibilities for programming, diversity, education, youth engagement, sponsorship and grants. The board is 80% female. It is undergoing a review and skill and representation audit and will be recruiting for additional members. The board has a Strategy and Resilience working group to focus on the strategic vision and sustainability of the organisation. They meet 6-8 times a year. It has additional advice from experts who attend meetings as observers and it also has an editorial advisory board.
The charity's practices are regularly reviewed.
Fiona Razvi is the Festival CEO and is paid a salary. She has been delegated with the day to day management of the charity's operations. Amanda Mallen is the Festival Manager and is paid a salary. Both paid staff stood down as board members in August 2022.
Payment to suppliers and freelance staff are negotiated individually based on the services provided and are reviewed on an annual basis.
The trustees are not remunerated but can claim travel and reasonable expenses.
The trustees, also the directors for the purpose of company law, who served during the year, up to the date of signature of the financial statements are:
Lord I M McNicol, (Chair), House of Lords Katharine Davies, Educational Consultant Alice Skinner, Commissioning Editor Susan Woodman, Lawyer David Shriver, Business Executive (appointed 8 February 2023)
Risk management
The trustees regularly 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. Reviews take place at trustee meetings. A risk register is held and updated regularly.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06083408 (England and Wales)
Registered Charity number
1120297
Registered office
35 Wimbledon Hill Road London SW19 7NB
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WIMBLEDON ARTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
K R Davies Lord I M M Nicol D M O Shriver (appointed 8/2/2023) A Skinner M Vokos S M Woodman G Malley (resigned 23/2/2022) A Mallen (resigned 1/8/2022) F Razvi Director Of Wimbledon Arts (resigned 1/8/2022) L De Santa Rita Silva (resigned 14/3/2023)
Independent Examiner
Dr Shona F Wardrop C.A. Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Approved by order of the board of trustees on 30 October 2023 and signed on its behalf by:
Lord I M Mc Nicol - Trustee Dated: 30.10.23
Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WIMBLEDON ARTS
Independent examiner's report to the trustees of Wimbledon Arts ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
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.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WIMBLEDON ARTS
Independent examiner's statement - matters of concern identified
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of Scotland, which is one of the listed bodies.
I have completed my examination.
I would bring to the readers attention the comments in the trustee report concerning the significant deficit incurred in the year and the steps being taken to address this, as well as further comments concerning the financial future of the charity in light of the substantial amount of vat which will be due to HMRC. The charity has taken steps to amend its operational model which a view to breaking even in year one, and returning to a positive position in year two and the support of its sponsors has enabled the charity to draw up its future plans to return to financial sustainability.
At this point, the charity has implemented a strategy to enable it to continue as a going concern, but there continues to be some uncertainty pending the formal agreement with HMRC in regards to the vat liability which has yet to be finally quantified.
I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
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; and
-
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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Dr Shona F Wardrop C.A. The Institute of Chartered Accountants of Scotland
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
30 October 2023
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WIMBLEDON ARTS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 58,685 Charitable activities 4 Wimbledon Bookfest 354,992 Educational programme 111,652 Investment income 3 2 Other income 15,085 Total 540,416 EXPENDITURE ON Charitable activities 5 Wimbledon Bookfest 427,396 Educational programme 188,724 Total 616,120 NET INCOME/(EXPENDITURE) (75,704) RECONCILIATION OF FUNDS Total funds brought forward 19,389 TOTAL FUNDS CARRIED FORWARD (56,315) |
2021 Total funds £ 63,831 407,508 39,128 5 18,743 529,215 376,245 154,237 530,482 (1,267) 20,656 19,389 |
|---|---|
The notes form part of these financial statements
Page 9
WIMBLEDON ARTS
BALANCE SHEET 31 DECEMBER 2022
| 2022 Unrestricted fund Notes £ CURRENT ASSETS Debtors 12 63,792 Cash at bank and in hand 10,181 73,973 CREDITORS Amounts falling due within one year 13 (130,288) NET CURRENT ASSETS/(LIABILITIES) (56,315) TOTAL ASSETS LESS CURRENT LIABILITIES (56,315) NET ASSETS (56,315) FUNDS 15 Unrestricted funds (56,315) TOTAL FUNDS (56,315) |
2021 Total funds £ 14,712 15,159 29,871 (10,482) 19,389 19,389 19,389 19,389 19,389 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.
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 October 2023 and were signed on its behalf by:
I M McNicol - Trustee (Dated: 30.10.23)
The notes form part of these financial statements
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WIMBLEDON ARTS
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ (9,980) (9,980) 2 2 20,000 (15,000) 5,000 (4,978) 15,159 10,181 |
2021 £ (102,057) (102,057) 5 5 - - - (102,052) 117,211 15,159 |
|---|---|---|
The notes form part of these financial statements
Page 11
WIMBLEDON ARTS
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Increase in debtors Increase/(decrease) in creditors Net cash used in operations |
2022 £ (75,704) (2) (49,080) 114,806 (9,980) |
2021 £ (1,267) (5) (8,189) (92,596) (102,057) |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/1/22 | Cash flow | At 31/12/22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 15,159 | (4,978) | 10,181 |
| 15,159 | (4,978) | 10,181 | |
| Debt | |||
| Debts falling due within 1 year | - | (5,000) | (5,000) |
| - | (5,000) | (5,000) | |
| Total | 15,159 | (9,978) | 5,181 |
The notes form part of these financial statements
Page 12
WIMBLEDON ARTS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest
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.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and recept is expected. if the amount is not known, the legacy is treated as a contingent asset.
Sponsorship is recognised in the period to which the sponsorship relates.
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.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
Financial Instruments
The charity elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instrument.
continued...
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WIMBLEDON ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES - continued
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction cots and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted a a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have ben acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognized at transaction price and subsequently measured at amortised cost using the effective interest method.
Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and association 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| Donations Gift aid Other income |
2022 £ 39,051 19,634 - 58,685 |
2021 £ 39,811 3,384 20,636 |
| 63,831 |
continued...
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WIMBLEDON ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Deposit account interest INCOME FROM CHARITABLE ACTIVITIES Wimbledon Educational Bookfest programme £ £ Events income 225,563 91,652 Sponsorships 120,929 - Grants 8,500 20,000 354,992 111,652 Grants received, included in the above, are as follows: |
2022 £ 2 2022 Total activities £ 317,215 120,929 28,500 466,644 |
2021 £ 5 2021 Total activities £ 192,561 111,625 142,450 |
| 446,636 | ||
| The Taylor Family Foundation London Borough of Merton Arts Council |
2022 £ 20,000 2,000 6,500 28,500 |
2021 £ 8,000 1,500 132,950 |
| 142,450 |
4. INCOME FROM CHARITABLE ACTIVITIES
| Grants received, included in the above, are as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| The Taylor Family Foundation | 20,000 | 8,000 |
| London Borough of Merton | 2,000 | 1,500 |
| Arts Council | 6,500 | 132,950 |
| 28,500 | 142,450 |
5. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Wimbledon Bookfest Educational programme |
Direct Costs (see note 6) £ 423,669 187,454 611,123 |
Support costs (see note 7) £ 3,727 1,270 4,997 |
Totals £ 427,396 188,724 |
| 616,120 |
Page 15
continued...
WIMBLEDON ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Staff costs Events Marketing Travel and entertaining Administration Rent Books and publications 7. SUPPORT COSTS Wimbledon Bookfest Educational programme 8. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Statutory accounts and independent examination |
2022 2021 £ £ 190,683 157,178 254,986 198,201 55,954 33,135 7,412 8,904 47,104 67,953 14,572 4,622 40,412 55,382 611,123 525,375 Governance costs £ 3,727 1,270 4,997 2022 2021 £ £ 2,500 3,480 |
|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
The majority of the trustees received no remuneration, benefits or other expenses in the year to 31 December 2022.
However, In the year ended 31 December 2021, F Razvi received £60,000 for services provided as Festival Director and A Mallen received £31,500 for consultancy and management services. Both continued to receive remuneration as employees of the charity for the year ended 31 December 2022, but resigned as directors on 1 August 2022).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Page 16
continued...
WIMBLEDON ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. STAFF COSTS
| Total | Total | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Wages and Salaries | 77,999 | |
| Social security and tax | 4,083 | |
| Pensions costs | 16,303 | |
| Other staffing costs | 92,347 | |
| ------------ | ----------- | |
| 190,733 | 157,375 | |
| ======= | ======= | |
| Other staffing costs consist of; |
| The average monthly number of employees during the year was as follows: | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Management and administration | 2 | 2 | ||
| The number of employees whose employee benefits (excluding employer pension costs) | exceeded £60,000 was: | |||
| 2022 | 2021 | |||
| £60,001 - £70,000 | 1 | 1 | ||
| The total remuneration of key management personnel, including employers national | insurance and employers | |||
| pension contributions was £69,139 (2021; £64,809) | ||||
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| Unrestricted | ||||
| fund | ||||
| £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 63,831 | |||
| Charitable activities | ||||
| Wimbledon Bookfest | 407,508 | |||
| Educational programme | 39,128 | |||
| Investment income | 5 | |||
| Other income | 18,743 | |||
| Total | 529,215 | |||
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Wimbledon Bookfest | 376,245 |
continued...
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WIMBLEDON ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| Educational programme | 154,237 | ||
| Total | 530,482 | ||
| NET INCOME/(EXPENDITURE) | (1,267) | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 20,656 | ||
| TOTAL FUNDS CARRIED FORWARD | 19,389 | ||
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade debtors | 52,852 | 9,179 | |
| Other debtors | 10,448 | 5,041 | |
| Prepayments and accrued income | 492 | 492 | |
| 63,792 | 14,712 | ||
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Other loans (see note 14) | 5,000 | - | |
| Trade creditors | 38,980 | 5,667 | |
| VAT | 10,307 | - | |
| Other creditors | 5,196 | - | |
| Accruals and deferred income | 62,500 | - | |
| Accrued expenses | 8,305 | 4,815 | |
| 130,288 | 10,482 |
continued...
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WIMBLEDON ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
14. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Other loans 15. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/1/22 £ 19,389 19,389 Incoming resources £ 540,416 540,416 At 1/1/21 £ 20,656 20,656 |
2022 2021 £ £ 5,000 - Net movement At in funds 31/12/22 £ £ (75,704) (56,315) (75,704) (56,315) Resources Movement expended in funds £ £ (616,120) (75,704) (616,120) (75,704) Net movement At in funds 31/12/21 £ £ (1,267) 19,389 (1,267) 19,389 |
|---|---|---|
continued...
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WIMBLEDON ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 529,215 529,215 |
Resources Movement expended in funds £ £ (530,482) (1,267) (530,482) (1,267) |
|---|---|---|
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
17. POST BALANCE SHEET EVENTS
During the year the charity recognised that it was liable to register for vat in respect of its sponsorship income and has been working to establish the full extent of the liability. It is currently in negotiations with HM Revenue & Customs to arrive at a settlement. Discussions are ongoing, but the full liability is expected to be in the region of £65,000.
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WIMBLEDON ARTS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Other income Investment income Deposit account interest Charitable activities Events income Sponsorships Grants Other income No description Total incoming resources EXPENDITURE Charitable activities Staff costs Events Marketing Travel and entertaining Administration Rent Books and publications Support costs Governance costs Accountancy and legal fees Total resources expended Net expenditure |
2022 £ 39,051 19,634 - 58,685 2 317,215 120,929 28,500 466,644 15,085 540,416 190,683 254,986 55,954 7,412 47,104 14,572 40,412 611,123 4,997 616,120 (75,704) |
2021 £ 39,811 3,384 20,636 63,831 5 192,561 111,625 142,450 446,636 18,743 529,215 157,178 198,201 33,135 8,904 67,953 4,622 55,382 525,375 5,107 530,482 (1,267) |
|---|---|---|
This page does not form part of the statutory financial statements
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