DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
Registered number: 06487410 Charity number: 1122939
FIRST STORY LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 11 |
| Independent examiner's report | 12 |
| Statement of financial activities | 13 |
| Balance sheet | 14 - 15 |
| Statement of cash flows | 16 |
| Notes to the financial statements | 17 - 35 |
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022
Trustees
Edward James Baden-Powell, Chair James Victor Waldegrave, Treasurer (resigned 16 November 2022) Carey Scott, Treasurer (appointed 16 November 2022) Aslan Byrne (resigned 16 November 2022) Aziz Bawany Sarah Marshall Sophie Harrison, Teacher Trustee Susan Margaret Horner Bobby Nayyar Ella White
Company registered number
06487410
Charity registered number
1122939
Registered office
44 Webber Street London SE1 8QW
Company secretary
Edward James Baden-Powell
Chief Executive Officer
Antonia Byatt
Accountants
Griffin Stone Moscrop & Co Chartered Accountants 21 - 27 Lamb's Conduit Street London WC1N 3GS
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2022
The trustees (who are also directors of the charity for the purposes of the Companies Act 2006) present their annual report together with the financial statements of First Story (the charity) for the year ended 30 June 2022. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), 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).
Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Structure, governance and management
a. Constitution
The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. The company is registered with the Charity Commission under number 1122939.
b. The board of trustees
The directors of the company are also trustees for the purposes of charity law and under the company's Articles of Association are known as members of the board of trustees.
Under the requirements of the Memorandum and Articles of Association, additional members of the board of trustees are elected at board meetings, based on a proposal discussed and approved by the board of trustees. Trustees are recruited on the basis of their possessing the wide range of skills necessary to support the work of the charity.
While the trustees have overall responsibility for the governance of the charity, the day-to-day operations of First Story were delegated to an executive, Antonia Byatt. There were eight other members of staff to deliver the programme. As a number of the roles are part-time, our full-time equivalent as at the end of the period was eight.
c. Policies adopted for the induction and training of trustees
Before becoming a member of the board, potential trustees are encouraged to attend a board meeting as an observer, as well as First Story events to familiarise themselves with the charity and the context in which it operates.
They are given an overview of: the obligations of the board of trustees; the main documents that set out the operational framework for the charity, including the Memorandum and Articles and the key policies; the current financial plan; and future plans and objectives.
d. Risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Objectives and activities
First Story changes lives through writing. We believe that writing can transform lives, and that there is dignity and power in every young person’s story. First Story brings talented, professional writers into schools serving lowincome communities to work with teachers and students to foster creativity and communication skills. By helping students find their voices through intensive, exciting programmes, First Story helps young people to meet their aspirations and gives young writers the skills and confidence to achieve them.
First Story delivers strategic, comprehensive, high-quality school programmes. We arrange and pay for acclaimed writers to run creative-writing workshops for students in state schools in low-income communities across the country.
We provide:
• consistent, long-term, direct programme delivery in schools with a higher than national average of children eligible for free school meals;
• a critical link between schools in areas of deprivation and leading arts organisations, further and higher education institutions, and the commercial sector, with partnerships allowing us to support talented students’ creative excellence from transition age through secondary school and into professional life; and
• high-profile advocacy in the arts, education, media and mainstream publishing sectors.
First Story schools receive quality-assured support for the whole school community, transforming their creativewriting offer through intensive work with a professional writer for up to 21 students (identified by individual schools as those most in need of support), Continuing Professional Development (CPD) for teachers, events that raise the profile of creative writing in the school, and wider arts engagement.
First Story is committed to addressing educational inequality. We focus on working with schools in which a higher than national average percentage of students are eligible for free school meals.
The objectives for which the charity was established are:
• to advance the education of young students in challenging UK secondary schools by providing and assisting in the provision of facilities not required to be provided by the Local Education Authority for education in creative writing;
• to provide support, opportunities and activities that foster the creativity, literacy and talent of students in challenging UK secondary schools;
• to build the self-confidence, skills and aspirations of students so that they may grow into successful contributing members of society; and
• to promote literature, poetry and creative writing, by inviting, commissioning and maintaining the services of British writers, whether such services require the payment of fees by the charity or otherwise, and encouraging and assisting in promoting, advancing and publishing the works of British writers.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Achievements and performance
a. Achievements and performance
First Story recovered strongly from the pandemic in 2021-22, significantly increasing the number of beneficiaries we were able to reach. We worked with more schools and ran more full intense programmes across all our regions. We were also delighted to return to live events with our university partners across the country, offering young people a very welcome experience of working together after a period of isolation. Our residential, in partnership with Arvon, returned to Lumb Bank offering young people a chance to meet new people and experience a different environment. As a result, we had a strong financial year, generating a higher level of school fees and increasing our corporate income. After a very difficult pandemic we are proud to have generated a surplus which has bolstered our reserves and put us in a strong position for 2022-23.
In 2021-22, we provided residencies in four regions across England. Despite ongoing disruption related to the pandemic, we were able to increase the number of schools in which we delivered the programme from 25 in 2020-21 to 48 in 2021-22. 40% were in London, 21% in East Midlands, 29% in West Yorkshire and 10% in East and North Yorkshire.
We were able to return to in-person events, delivering four regional Connect events in partnership with universities in December and June. Our Young Writers' Festival took place in person in March at the University of Cambridge, and the First Story summer residential took place at the Arvon Lumb Bank writing centre in July.
We also continued to offer some activities adapted as a virtual offer where this best suited schools. This included delivering workshops online when needed due to school closures. The mentorships in partnership with the Rathbones Folio Prize followed a hybrid model with online and in-person meetings that benefited mentees located around the country. We piloted a new online course as part of our CPD provision for teachers, and delivered an extended pilot of our Young Ambassadors’ Programme through online sessions and in-school teacher and writer support. Due to COVID restrictions, we also delivered our writer skills-sharing as two online half-day sessions.
We employed our first Partnerships and Programme Manager North West to develop a strategy for embedding First Story in Greater Manchester and beyond. To support this new activity we also recruited a Regional Advisory Group (North).
In the 2021-22 academic year, we:
- supported 979 young writers from disadvantaged communities through 1,080 hours of intensive regular workshops;
• published 46 professionally produced anthologies featuring work by 918 young people and shared their work through our website and e-newsletter, broadening the diversity of voices both in the public sphere and in publishing;
- reached over 530 young people with three First Story competitions: Six-Word Story, 100-Word Story (in partnership with Vintage) and Eco-poetry;
• reached 78 teachers in disadvantaged schools, working in partnership to deliver Young Writers' Programme and providing resources, in-school workshop participation and CPD to support the teaching of creative writing in partner schools;
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appointed 38 talented, professional, UK-based writers as writers-in-residence, providing them with vital income (FS writers needing to have at least three years’ teaching experience);
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offered a further 49 commissions to writers to write resources, deliver the residential, regional and national writing events and to train other writers;
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hosted a national online skills-sharing day for 25 writers and delivered nine online writers’ fora, sharing the expertise of FS practitioners across the country and ensuring high-quality delivery;
• delivered four regional Connect events offering an intensive creative-writing experience in a university context, attended by 238 students in partnership with the University of Greenwich, University of Hull, University of Huddersfield and Nottingham Trent University;
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Achievements and performance (continued)
• delivered the Young Writers' Festival at the University of Cambridge and in partnership with Newnham College, attended by 220 students and 30 teachers from 12 schools which involved:
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a headline event with First Story ambassador Patrice Lawrence MBE, who was interviewed by three students from partner schools;
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in-person workshops with 18 professional writers;
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a showcase of young people’s writing;
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a talk from First Story alumna and independent publisher, Habiba Desai;
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a tour of the University of Cambridge’s Newnham College and Gardens with current undergraduates; and
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production of a digital festival toolkit to support students and teachers with running in-school writing events;
• extended our partnership with Rathbones Folio prize and offered six year-long mentorships to outstanding Young Writers' Programme alumnae/i with Folio Academy members to support the development of their writing, culminating in a celebration event at the London Library;
• awarded 16 student fellowships to attend an intensive summer residential writing course at Lumb Bank (with the generous support of Team Archie) to inspire and hone the skills of FS’s most committed students;
• supported 25 students through pilot Young Ambassador programme modules: Mentoring, Publishing, and Inspiring Young Leaders, with support from a trained leadership coach, and professionals from the publishers Hachette Children’s Group; and
• partnered with BBC Teach to produce and disseminate revised creative-writing content for KS3 English curriculum, which included six teacher resources to support Inside a Writer’s Mind videos, which were accessed by 2,585 people during June 2022.
b. Advocacy
In June 2022 we held the sixth National Writing Day (NWD). The aim of NWD is to promote the power and pleasure of creative writing and to get the country writing across the day with a focus on schools. It was supported by seven national partners, including Arvon, National Literacy Trust, CLPE, British Library and Hachette. Due to the pandemic some activity was online as many schools were still not confidently operational to organise in-school sessions, although some First Story schools held celebrations. Many other non-First Story schools and non-partner organisations also celebrated National Writing Day in the UK and abroad – 73% of tweets were from the wider community, demonstrating a potential reach of 11.8 million. First Story initiated and developed National Writing Day, and this year we have made the decision to redirect our resources into other priorities of our activity. We are pleased that we have achieved substantial engagement from a broader sector over this time, which we hope will make it sustainable for the future.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Achievements and performance (continued)
c. Impact
We surveyed students using our evaluation framework, both in relation to the Young Writers' Programme and in relation to writing events. Questions are based on our theory of change: the impact of our work on young writers’ confidence, creativity and writing skills. 27% of programme participants completed the survey of our full Young Writers' Programme. Headline results indicate that the programme overall delivers successfully to our theory of change, given that:
• 78.5% of participants reported that creative writing is more fun now that they have done First Story.
• 72.3% of participants reported that First Story has had a positive impact on the way they plan their writing across school.
• 87.1% of participants reported that First Story has allowed them to learn new writing skills and techniques.
• 62% of participants reported that, as well as learning new skills and techniques, they were also more confident in using them.
• 28.7% of participants reported that First Story had given them their first opportunity to edit their creative writing, while 52% reported that, even though they had edited their creative writing previously, they felt more confident to do so now.
• 66% of participants reported that, as a result of First Story, they are more likely to try harder when they find describing or explaining something difficult.
• 40.5% of participants reported that First Story had given them their first real opportunity to experiment with creative writing, while 47.1% reported that, even though they understood how to experiment previously, they felt more confident to do so now.
• 26.6% of participants reported that First Story had given them their first real opportunity to review and reflect on their creative writing, while 33.8% reported that, even though they had done so previously, they felt more confident to do so now.
• 82% of participants reported that, since they have done First Story, they were happier to discuss things with others who hold different views to their own.
• 74.9% of participants reported that, since they have done First Story, they were happier to talk about their culture and background with others.
d. Partners
Numerous partners have helped to extend our mission: Rathbones (Rathbones Folio Prize mentorships), Arvon Foundation (our partner for the summer residentials), BBC Teach to produce classroom resources, Hachette as a development partner for the Young Ambassadors' Programme, and numerous institutions, including libraries, universities, museums and galleries, who have hosted and supported our events and festivals around the country. OUP, Walker Books and Avon Dataset continue to support our publishing.
e. Patron
We were delighted that the then HRH Duchess of Cornwall renewed her patronage of First Story for a further five years in November 2021.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Financial review
a. Income generation
As the country began to recover from the pandemic, many trusts and foundations revised their criteria, and we benefitted from a shift in the sector towards core funding to support sustainability in organisations, as well as a response to increased need in the education sector due to the effects of the pandemic on young people. As a result we had a successful year generating voluntary income for 2021/22 and into 2022/23.
Our strategy to increase the share of our income from school fees continues to deliver well. The combination of increased numbers of schools and an increase in the proportion of year-long programmes contributed to significantly increasing our generated income.
Expenditure
We experienced a higher vacancy rate than expected due to the resignation of two members of staff and a delay in recruiting in Manchester in our first round of recruitment. This lack of capacity resulted in the delay of the delivery of developmental programmes, which reduced some expenditure in 2021-22, realising savings which have contributed to our reserves this year. The small surplus both puts us in a strong position to meet our reserves target and increases stability/investment for delivering our ambitions in 2022/23.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. In particular, as this set of accounts illustrates, First Story has made a significant reduction in fixed staff and associated costs (a reduction that goes well beyond COVID-related savings), while still continuing to maintain income at a similar level. In the trustees’ view, this should help to put the charity on a better and more sustainable financial basis going forward.
For this reason the trustees continue to adopt the going-concern basis in preparing the financial statements. Further details regarding the adoption of the going-concern basis can be found in the Accounting Policies.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Reserves policy
First Story’s trustees have reviewed the charity’s need for reserves in line with the guidance issued by the Charity Commission. The aim of this reserves policy is to safeguard our commitments to the projects we support to ensure that the charity can efficiently and effectively meet the needs of the beneficiaries.
More specifically, we use reserves:
• to allow First Story to provide continuity of programming in schools and other projects if income levels drop or expenditure increases beyond levels that could be forecast, thereby giving time to seek new sources of revenue or to adapt the projects concerned; and
• to provide protection against the ability to continue operating despite catastrophic (or lesser but nonetheless damaging) events by holding the reserves in a designated account.
Our reserves policy takes into account the fact that First Story:
• has no endowment funding and is largely dependent for income at present on donor funding from year to year, which is inevitably subject to fluctuation; and
• carries costs that are inflexible in the short term (the effectiveness of our work relying largely on scale and an ability to fulfil year-long and multi-year programmes of activities).
Our trustees regularly review the actual levels of reserves and perform a full review annually. In developing a reserves target, the trustees consider, in particular, the financial risks associated with income streams and expenditure categories alongside First Story’s ability to meet its commitments from realisable funds.
On this basis, the trustees establish from year to year:
• a minimum reserves level, based on the minimum viable budget for six months’ worth of fixed and staffing costs; and
• a target reserves level, based on nine months’ worth of current operational costs and including all our programme costs, advocacy, outreach work and events, in addition to the minimum viable budget above.
For this financial year:
• the minimum reserves level was £203,866; and
• the target reserves level was £477,795.
At the latest balance-sheet date, the actual level of unrestricted reserves were £353,358.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Plans for future periods
It has become apparent that school closure has had a very detrimental effect on the attainment gap for young people from challenging socio-economic backgrounds and has also had an effect on mental health and socialisation for many young people. First Story’s cohorts of young people are likely to have been detrimentally affected by several months with no access to school and very variable access to online learning. Catching up on elements of the curriculum will not be enough: there are longer-term requirements. First Story is well placed to support students to gain the resilience and skills that they need to become life-long learners.
This year we have seen schools return to face-to-face programmes as well as new demand from Alternative Provision settings. To meet this need, and despite the challenges of 2021/22 brought by the pandemic, First Story is working to expand our reach and offer for the future, especially in areas such as the North West that have been particularly affected by the pandemic. Our strategic priorities over the next three years are as follows:
1.Wider reach
Provide greater numbers of disadvantaged young people with fairer access to high-quality creative learning and enrichment activities and opportunities to develop cultural capital.
• Expand our provision for young people in the North of England by establishing a new hub in Manchester, while continuing to grow in London and East Midlands.
• Scale up the Young Writers' Festival, embracing digital delivery of the festival and other elements of our provision, where it has the potential to reach, engage and benefit more young people.
• Roll out nationally a flagship new CPD offer for teachers, Think Like A Writer, to disseminate and embed our pedagogy in schools.
• Develop our offer for Pupil Referral Units and expand our provision in AP settings to reach the most disadvantaged students.
2.Deeper impact
Positively influence and impact beneficiaries' long-term outcomes by providing ongoing support and development opportunities for Young Writers' Programme alumnae/i.
• Roll out nationally a Young Ambassadors "Year 2" programme, as the heart of our alumnae/i offer, providing ongoing support and access to skills development opportunities.
• Continue to secure partnerships and collaborations with respected universities, arts organisations, the creative industries and others, to expand our portfolio of meaningful progression opportunities open to alumnae/i and to ensure a talent pipeline.
• Establish an alumnae/i council, so that our beneficiaries' voices directly inform our provision for their peers.
• Develop live and digital showcase platforms that enable more of our young writers' works and voices to be heard.
3.Quality and storytelling
Ensure the best possible outcomes for young people by becoming a continuously learning and improving organisation that understands and effectively communicates its impact.
• Update our theory-of-change model, evaluation framework and data collection methodology to ensure that we are accurately and comprehensively capturing outcomes and impacts of our activities.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
• Embed a culture of reflective practice, evaluating everything we do and ensuring that all of our stakeholders' voices are heard and inform decision-making.
• Develop and implement a Communications Strategy to tell our own story better, to share our impact with stakeholders, and to raise awareness and profile.
• Recruit high-profile public figures as First Story Ambassadors, to help raise our profile, to communicate the value of our work, and inspire our beneficiaries.
4.Organisational development
Ensure our business model supports our long-term future sustainability, investing in the resources and capabilities to achieve our aims.
• Increase earned income by (a) continuing incrementally to increase the contribution made by partner schools, and (b) monetising the value of our IP (materials, resources and expertise).
• Support sales of our Young Writers' Programme by (a) simplifying our offer (Year 1 taster followed by a threeyear commitment to our YWP), (b) maximising the value proposition for schools, (c) investing in marketing and business-development knowledge/skills.
• Strengthen our fundraising capacity, continuing to prioritise large multi-year grants, private philanthropic investment and regional funders.
• Expand and develop a diverse talent pool of writers, reflecting the diversity of our beneficiaries. Maintain diversity of our staff team. Continue to work towards greater diversity at board level.
Funds held as custodian
The charity does not hold any funds as a custodian trustee.
Independent examiner
The firm engaged to carry out the independent examination, Griffin Stone Moscrop & Co, has expressed willingness to continue in office.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Statement of trustees' responsibilities
The trustees (who are also the 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 (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial . Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these 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 of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Approved by order of the members of the board of trustees on 25 January 2023 and signed on their behalf by:
................................................
Edward James Baden-Powell Chair
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2022
Independent examiner's report to the trustees of First Story Limited ('the charity')
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 June 2022.
Responsibilities and basis of report
As the trustees of the charity (and 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 charity 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 charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 charity 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.
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.
Signed: Dated: 25 January 2023 Reema Mistry, ACA
Griffin Stone Moscrop & Co Chartered Accountants
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2022
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net movement in funds before other recognised gains Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ 151,561 - - - 151,561 195 143,715 143,910 7,651 7,651 - 7,651 7,651 |
Unrestricted funds 2022 £ 345,133 218,132 1,841 774 565,880 43,543 449,607 493,150 72,730 72,730 280,627 72,730 353,357 |
Total funds 2022 £ 496,694 218,132 1,841 774 717,441 43,738 593,322 637,060 80,381 80,381 280,627 80,381 361,008 |
Total funds 2021 £ 430,586 112,327 2,286 1,658 |
|---|---|---|---|---|
| 546,857 | ||||
| 43,565 468,936 |
||||
| 512,501 | ||||
| 34,356 | ||||
| 34,356 | ||||
| 246,271 34,356 |
||||
| 280,627 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 17 to 35 form part of these financial statements.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 06487410
BALANCE SHEET AS AT 30 JUNE 2022
| Note Fixed assets Tangible assets 13 Investments Current assets Stocks Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds |
20,841 35,737 448,829 505,407 (146,298) |
2022 £ 1,898 1 1,899 359,109 361,008 361,008 7,650 353,358 361,008 |
18,358 10,044 413,596 441,998 (161,372) |
2021 £ - 1 |
|---|---|---|---|---|
| 1 280,626 |
||||
| 280,627 | ||||
| 280,627 | ||||
| - 280,627 |
||||
| 280,627 |
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2022
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the trustees on 25 January 2023 and signed on their behalf by:
................................................
Edward James Baden-Powell Chair
The notes on pages 17 to 35 form part of these financial statements.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2022 £ 36,439 774 (1,980) (1,206) 35,233 413,596 448,829 |
2021 £ 100,511 |
|---|---|---|
| 1,658 - |
||
| 1,658 | ||
| 102,169 311,427 |
||
| 413,596 |
The notes on pages 17 to 35 form part of these financial statements
Page 16
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
1. General information
First Story Limited is a charitable company limited by guarantee, incorporated in the United Kingdom and registered in England and Wales, registered number 06487410. The address of the registered office is 44 Webber Street, London, SE1 8QW.
The financial statements are prepared in sterling, which is the presentation currency of the charitable company, and are rounded to the nearest £1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
First Story 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.
2.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the next twelve months. For this reason they continue to adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general time of the volunteers is not recognised and please refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 17
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
2. Accounting policies (continued)
2.3 Income (continued)
Income arises from fundraising events which promote the work of First Story and is taken to the SOFA in the period in which the event has been held.
Investment income and interest is shown as gross and is included in the accounts when receivable.
The principal source of income for the charity is voluntary income from individuals and organisations, which is analysed further in note 3. Unless there is a contractual arrangement to specify that the donation relates to a specified period, donations are recognised as income when they are received.
Income also arises from fees from workshops and sales of publications that are educational in nature and consistent with the charity's charitable objects. Income is included in the period in which the workshop is held or, for the sales of publications, when the sale is made.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred to support the principal activities of the charity but which are not directly attributed to a particular activity. Support costs are re-allocated to each of the activities on the following basis, which is an estimate based on staff time:
- costs of generating voluntary income (including fundraising events): 14%
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
2.6 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 institution with whom the funds are deposited.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
2. Accounting policies (continued)
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Computer equipment
- 25% on cost
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.
2.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.11 Cash at bank and in hand
Cash at bank and 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.
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
2. Accounting policies (continued)
2.13 Financial instruments
The charity 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 measured at amortised cost using the effective interest method.
2.14 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.
2.15 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
2.16 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Gifts from individuals, trusts and foundations Gifts from corporations Subtotal detailed disclosure |
Restricted funds 2022 Unrestricted funds 2022 £ £ 122,649 295,920 28,912 49,213 151,561 345,133 151,561 345,133 |
Total funds 2022 £ 418,569 78,125 |
|---|---|---|
| 496,694 | ||
| 496,694 |
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
3. Income from donations and legacies (continued)
| Donations Gifts from individuals, trusts and foundations Gifts from corporations Subtotal detailed disclosure Government grants |
Restricted funds 2021 £ 64,480 5,336 69,816 - 69,816 |
Unrestricted funds 2021 £ 356,680 100 356,780 3,990 360,770 |
Total funds 2021 £ 421,160 5,436 |
|---|---|---|---|
| 426,596 | |||
| 3,990 | |||
| 430,586 |
4. Income from charitable activities
| Unrestricted funds 2022 £ Fees receivable from workshops and programmes 214,100 Sales of publications 4,032 218,132 Unrestricted funds 2021 £ Fees receivable from workshops and programmes 108,400 Sales of publications 3,927 112,327 |
Total funds 2022 £ 214,100 4,032 |
|---|---|
| 218,132 | |
| Total funds 2021 £ 108,400 3,927 |
|
| 112,327 |
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
5. Activities for generating funds
Income from fundraising events
| Unrestricted funds 2022 £ Proceeds from fundraising events 1,841 Unrestricted funds 2021 £ Proceeds from fundraising events 2,286 |
Total funds 2022 £ 1,841 |
|---|---|
| Total funds 2021 £ 2,286 |
6. Investment income
| Unrestricted funds 2022 £ Bank interest received 774 Unrestricted funds 2021 £ Bank interest received 1,658 |
Total funds 2022 £ 774 |
|---|---|
| Total funds 2021 £ 1,658 |
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
7. Costs of generating voluntary income
| Cost of fundraising events Reallocated support costs Cost of fundraising events Reallocated support costs |
Restricted funds 2022 Unrestricted funds 2022 £ £ 195 289 - 43,254 195 43,543 Unrestricted funds 2021 £ 245 43,320 43,565 |
Total funds 2022 £ 484 43,254 |
|---|---|---|
| 43,738 | ||
| Total funds 2021 £ 245 43,320 |
||
| 43,565 |
8. Expenditure on charitable activities summarised by fund and by expenditure type
Summary by fund type
| Education through creative writing Education through creative writing |
Restricted funds 2022 Unrestricted funds 2022 £ £ 143,715 449,607 Restricted funds 2021 Unrestricted funds 2021 £ £ 74,216 394,720 |
Total funds 2022 £ 593,322 |
|---|---|---|
| Total funds 2021 £ 468,936 |
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
9. Analysis of charitable activities by key components of resources expended
| Education through creative writing Education through creative writing Analysis of direct costs |
Direct costs 2022 £ 248,899 Activities undertaken directly 2021 £ 152,772 |
Support costs 2022 £ 344,423 Support costs 2021 £ 316,164 |
Total funds 2022 £ 593,322 |
|---|---|---|---|
| Total funds 2021 £ 468,936 |
|||
| Writer-in-Residence fees Cost of publications School trips and residential courses Teacher and writer events Staff costs Travel and subsistence Sundry expenses Cost of Festivals and events Bad debt written off |
Activities 2022 £ 170,800 19,785 18,385 11,086 505 4,153 1,621 22,114 450 248,899 |
Total funds 2022 £ 170,800 19,785 18,385 11,086 505 4,153 1,621 22,114 450 |
|---|---|---|
| 248,899 |
Page 24
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
9. Analysis of charitable activities by key components of resources expended (continued)
Analysis of direct costs (continued)
| Writer-in-Residence fees Cost of publications School trips and residential courses Teacher and writer events Staff costs Travel and subsistence Sundry expenses Cost of Festivals and events Bad debt written off |
Activities 2021 £ 109,200 18,079 1,692 4,915 250 1,492 1,458 15,286 400 152,772 |
Total funds 2021 £ 109,200 18,079 1,692 4,915 250 1,492 1,458 15,286 400 |
|---|---|---|
| 152,772 |
Analysis of support costs
| Staff costs Depreciation Reallocation of support costs Office rent and facilities Printing, postage and stationery Recruitment and training Advertising and publicity Computer and website expenses Insurance Sundry expenses Consultancy Legal and professional governance costs Accountancy and payroll costs Governance costs |
Activities 2022 £ 311,797 83 (43,254) 26,699 2,979 5,403 979 4,877 2,179 125 22,291 1,691 8,454 120 344,423 |
Total funds 2022 £ 311,797 83 (43,254) 26,699 2,979 5,403 979 4,877 2,179 125 22,291 1,691 8,454 120 |
|---|---|---|
| 344,423 |
Page 25
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
9. Analysis of charitable activities by key components of resources expended (continued)
Analysis of support costs (continued)
| Staff costs Reallocation of support costs Office rent and facilities Printing, postage and stationery Recruitment and training Advertising and publicity Computer and website expenses Insurance Sundry expenses Consultancy Legal and professional governance costs Accountancy and payroll costs |
Activities 2021 £ 314,221 (43,320) 12,800 3,907 2,351 626 3,947 2,027 162 8,894 1,257 9,292 316,164 |
Total funds 2021 £ 314,221 (43,320) 12,800 3,907 2,351 626 3,947 2,027 162 8,894 1,257 9,292 |
|---|---|---|
| 316,164 |
Total support costs for the year ended 30 June 2022 amounted to £387,677 (2021 - £359,484). Of the total support costs, £311,474 (2021 - £312,223) was to unrestricted funds and £76,203 (2021 - £47,261) was to restricted funds. From the unrestricted funds £43,254 (2021 - £43,320) have been allocated to Costs of generating voluntary income leaving £268,220 (2021 - £268,903) attributable to Charitable activities.
10. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the accounts | ||
| preparation and independent examination of the Company's annual | ||
| accounts | 5,400 | 6,180 |
| Fees payable to the charity's independent examiner in respect of: | ||
| All other services not included above | 3,054 | 3,112 |
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2022 £ 280,708 22,762 8,327 311,797 |
2021 £ 282,925 22,900 8,396 |
|---|---|---|
| 314,221 |
The average number of persons employed by the charity during the year was as follows:
| Number of management and administrative staff Number of programme staff |
2022 No. 4 4 8 |
2021 No. 4 4 |
|---|---|---|
| 8 |
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the charity comprise the Executive Director, Head of Learning, Head of Development, Operations Manager and Head of Programmes.
Remuneration (including benefits) received during the year by key management personnel of the charity was £180,929 (2021 - £190,743), including employer's national insurance and pension contribution costs.
12. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 30 June 2022, no expenses were reimbursed to Trustees (2021 - the same).
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
13. Tangible fixed assets
| Cost At 1 July 2021 Additions At 30 June 2022 Depreciation At 1 July 2021 Charge for the year At 30 June 2022 Net book value At 30 June 2022 At 30 June 2021 |
Computer equipment £ 899 1,980 |
|---|---|
| 2,879 | |
| 899 83 |
|
| 982 | |
| 1,897 | |
| - |
14. Fixed asset investments
Principal subsidiaries
The following was a subsidiary undertaking of the charity:
| Name | Company | Principal activity | Class of | Holding |
|---|---|---|---|---|
| number | shares | |||
| First Story Enterprises Limited | 07712492 | Dormant | Ordinary | 100% |
| The financial results of the subsidiary for the year were: | ||||
| Name | Net assets | |||
| £ | ||||
| First Story Enterprises Limited | 1 |
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
15. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2022 £ 31,725 2,417 1,595 35,737 |
2021 £ 8,383 108 1,553 |
|---|---|---|
| 10,044 |
16. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
2022 £ 28,108 1 7,689 2,065 108,435 146,298 |
2021 £ 10,139 1 7,043 2,337 141,852 |
|---|---|---|
| 161,372 |
At the balance sheet date deferred income included above was £28,000 of which £10,000 is restricted (2021 - £52,650 unrestricted).
17. Financial instruments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 448,829 | 413,596 |
Financial assets measured at fair value through income and expenditure comprise of cash in bank and at hand.
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
18. Statement of funds
Statement of funds - current year
Unrestricted funds General Funds Restricted funds National Lottery Summer Residential Programme Young Writers Programme PRU Project Writers in residence Oranisational Development - reach and impact Manchester Project Plan Total of funds Statement of funds - prior year Unrestricted funds General Funds Restricted funds National Writing Day National Lottery Dulverton Trust Summer Residential Programme |
Balance at 1 July 2021 £ 280,627 - - - - - - - - 280,627 Balance at 1 July 2020 £ 241,871 - 4,400 - - |
Income £ 565,880 4,999 7,650 48,912 10,000 25,000 35,000 20,000 151,561 717,441 Income £ 477,041 5,336 20,000 35,000 9,480 |
Expenditure £ (493,149) (4,999) - (48,912) (10,000) (25,000) (35,000) (20,000) (143,911) (637,060) Expenditure £ (438,285) (5,336) (24,400) (35,000) (9,480) |
Balance at 30 June 2022 £ 353,358 |
|---|---|---|---|---|
| - 7,650 - - - - - |
||||
| 7,650 | ||||
| 361,008 | ||||
| Balance at 30 June 2021 £ 280,627 |
||||
| - - - - |
Page 30
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
18. Statement of funds (continued)
Statement of funds - prior year (continued)
| Total of funds | Balance at 1 July 2020 £ 4,400 246,271 |
Income £ 69,816 546,857 |
Expenditure £ (74,216) (512,501) |
Balance at 30 June 2021 £ |
|---|---|---|---|---|
| - | ||||
| 280,627 |
A description of each restricted fund is as follows:
National Writing Day – represents funding received from the Authors’ Licensing and Collecting Society (Good Causes) for the purpose of delivering National Writing Day events.
National Lottery fund – represents funding received from The Arts Council England for the purpose of delivering Reverbate project.
Summer Residential Programme – represents funding received from The Archie Lloyd Charitable Foundation for the purpose of delivering Summer residential events.
Young Writers Programme - represents part funding received from: John Lyons Charity for the purpose of delivering 4 Young Writers Programmes in Brent, London; Boots Charitable Trust for the purpose of delivering 2 Young Writers Programmes in Nottingham and; RWHA Charity Fund for the purpose of delivering 1 Short Programme in London.
PRU Project - represents part funding received from The Blue Thread for the purpose of scaling our provision in Alternative Provision settings.
Writers in Residence - represents funding received from Mercers Charitable Foundation, for the purpose of delivering writers in residence projects in London.
Arts Council National Lottery Project Grants - represents funding received from The Arts Council England for the purpose of delivering Organisational Development - reach and impact project.
Manchester Project Plan - represents funding received from Wellington UK Foundation for the purpose of developing the Young Writers Programme in Manchester.
Page 31
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
19. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 July 2021 £ 280,627 - 280,627 Balance at 1 July 2020 £ 241,871 4,400 246,271 |
Income £ 565,880 151,561 717,441 Income £ 477,041 69,816 546,857 |
Expenditure £ (493,149) (143,911) (637,060) Expenditure £ (438,285) (74,216) (512,501) |
Balance at 30 June 2022 £ 353,358 7,650 |
|---|---|---|---|---|
| 361,008 | ||||
| Balance at 30 June 2021 £ 280,627 - |
||||
| 280,627 |
20. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2022 Unrestricted funds 2022 £ £ - 1,898 - 1 17,650 487,757 (10,000) (136,298) 7,650 353,358 |
Total funds 2022 £ 1,898 1 505,407 (146,298) |
|---|---|---|
| 361,008 |
Page 32
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
20. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 1 441,998 (161,372) 280,627 |
Total funds 2021 £ 1 441,998 (161,372) 280,627 |
|---|---|---|
21. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Increase in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by operating activities 22. Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents |
2022 £ 80,381 82 (774) (2,483) (25,693) (15,074) 36,439 2022 £ 216,145 232,684 448,829 |
2021 £ 34,356 - (1,658) (752) 7,824 60,741 100,511 2021 £ 181,665 231,931 413,596 |
|---|---|---|
Page 33
DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
23. Analysis of changes in net debt
| Cash at bank and in hand | At 1 July 2021 £ 413,596 413,596 |
Cash flows £ 35,233 35,233 |
At 30 June 2022 £ 448,829 |
|---|---|---|---|
| 448,829 |
24. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £8,327 (2021 - £8,396).
Included in other creditors at the year end is an amount of £2,066 (2021 - £2,337) of outstanding pension contributions due.
25. Operating licence commitments (office space)
At 30 June 2022 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Not later than | 1 | year | 15,720 | 15,720 |
Licence payments recognised as an expense in the SOFA total £28,820 (2021 - £12,800).
26. Related party transactions
Related parties include the charity trustees, close relatives and key management personnel. Donations received during the year from related parties are noted below:
| Donations received | 2022 £ 1,380 1,380 |
2021 £ 1,380 |
|---|---|---|
| 1,380 |
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DocuSign Envelope ID: FBEFD66C-B68C-4023-9362-7FAFE16E41BA
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
27. Share capital
The charitable company does not have any share capital and is limited by guarantee.
At 30 June 2022 it had 9 members (2021 - 9).
Every member of the charitable company undertakes to contribute such an amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
Page 35