2023-06-30-accounts

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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 2023

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

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 - 10
Independent examiner's report	11
Statement of financial activities	12
Balance sheet	13 - 14
Statement of cash flows	15
Notes to the financial statements	16 - 34

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

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 2023

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 (resigned 25 January 2023) Susan Margaret Horner Bobby Nayyar Ella White (resigned 20 September 2023) Geraldine Badcock (appointed 14 June 2023) Hannah Brown (appointed 25 January 2023)

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: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023

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 2023. 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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FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

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 those schools;

• 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 40 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.

Achievements and performance

a. Achievements and performance

In 2022-23, we provided residencies in four regions across England. We were able to achieve a slight increase in the number of schools in which we delivered the programme, from 48 in 2021-22 to 49 in 2022-23. 45% were in Greater London, 24% in East Midlands, 29% in Yorkshire and 2% in Greater Manchester.

We were able to return to in-person events, delivering four regional Connect events (including our first in Manchester) in partnership with universities in December, April and June. Our Young Writers’ Festival took place in March at the University of Cambridge, and the First Story summer residential took place at the Arvon Lumb Bank writing centre in July.

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FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Achievements and performance (continued)

We also continued to offer some activities adapted as a virtual offer where that best suited schools. 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 continued to develop 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. In addition to our in-person skills-sharing day, we delivered a series of online writers’ forums to support writers.

We launched First Story in Manchester, working with new partners Manchester Unesco City of Literature, the Portico Library, Manchester Metropolitan University and Manchester University. We also increased our offer in alternative-provision settings.

In the 2022-23 academic year, we:

• supported 909 young writers from disadvantaged communities through 1,128 hours of intensive regular workshops;

• published 45 professionally produced anthologies featuring work from over 830 young people and shared their work through our website and e-newsletter, as well as our broadcast partnership with BBC Contains Strong Language, broadening the diversity of voices both in the public sphere and in publishing;

• reached over 1,282 young people with three First Story competitions: 6 Word Story, 100 Word Story (in partnership with Vintage) and Eco-poetry;

• reached 49 teachers in disadvantaged schools, working in partnership to deliver our Young Writers’ Programme and providing resources, in-school workshop participation and CPD to support the teaching of creative writing in partner schools with an estimated reach of 12,500 students;

• appointed 39 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);

• offered a further 47 commissions to writers to write resources, to deliver the residential, regional and national writing events and to train other writers;

• hosted a national online skills-sharing day for 26 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 272 students in partnership with the University of Greenwich, Manchester Metropolitan University/Manchester University, University of Huddersfield and Nottingham Trent University;

• delivered the Young Writers' Festival at the University of Cambridge and in partnership with Downing College, attended by 242 students and 32 teachers from 16 schools, which involved:

• • a headline event with headline writer Manjeet Mann, who was interviewed by three students from partner schools;

• in-person workshops with 19 professional writers;

• a showcase of young people’s writing;

• a talk from First Story alumna and Eric Gregory Award winner Mukahang Limbu;

• a tour of the University of Cambridge’s Downing College with current undergraduates; and

• an exhibition with offers from Cambridge University Museums and a book stall;

• continued 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, i.e. Mentoring, Publishing, and Inspiring Young Leaders; and

• partnered with BBC Contains Strong Language to work with three schools for Leeds 2023, including broadcasting on BBC Leeds.

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FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Achievements and performance (continued)

b. Advocacy

We promoted the seventh National Writing Day to First Story schools in 2023, creating a new resource and activity for sharing, through which we reached an estimated 8,600 students across our schools. The hashtag, #NationalWritingDay shared by former partners and others, had a social media reach of 377,000 and generated 1,263 interactions and was trending in the UK on the day.

c. Impact

We surveyed students using our evaluation framework, both in relation to the Young Writers’ Programme and in relation to writing events. Questions were 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, measuring our three outcomes increased confidence, creativity and writing ability. Headline results indicate that the programme overall delivers successfully to our theory of change, given that:

• Overall, 92.6% of students said they would recommend taking part in the Young Writers’ Programme to other students.

• Participants reported that taking part in the programme helped them with confidence and self-belief:

• 87.8% are more confident about sharing their ideas through writing.

• 83.6% are more able to keep going when they find a task difficult.

• 73.1% are more able to talk about their culture and background with others.

• 83.2% are more able to share and talk about their own work with others.

• 83.2% are more likely to make time to write and try to keep improving.

• Participants reported that taking part in the programme helped them to be more creative:

• 92.3% now enjoy and/or appreciate writing.

• 95.7% are more able to come up with their own creative ideas and to develop them.

• 84.6% are more able to work well with others to produce something new.

• 87.6% are more able to use ideas provided by others to develop their own writing.

• 81.63% understand more about what the career of a writer is like.

• Participants reported that taking part in the programme helped develop their knowledge of writing craft and writing skills:

• 85% are more able to communicate ideas in writing more effectively.

• 82.8% know more about writing techniques and how to use them.

• 89.4% understand how to edit, review and reflect on their work.

• 80.2% are more able to make informed choices about how best to express their ideas by experimenting with language and form.

• 89% are more able to take feedback from others and use it to make decisions about next steps in their writing.

We also surveyed teachers as part of our revised and improved evaluation framework. 28 teachers from 25 schools responded to our programme survey. 95% of teachers said they would recommend taking part in a First Story programme to other teachers.

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FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Achievements and performance (continued)

We asked teachers their thoughts on the same outcomes as students, and they were broadly more positive:

• 100% believe students are more confident about sharing their ideas through writing.

• 96% believe their students are more able to keep going when they find a task difficult.

• 92% believe students are more able to talk about their culture and background with others.

• 100% believe students are more able to share and talk about their own work with others.

• 100% believe students are more likely to make time to write and to try to keep improving.

• 96% believe students now enjoy and/or appreciate writing.

• 100% believe students are more able to come up with their own creative ideas and to develop them.

• 96% believe students are more able to work well with others to produce something new.

• 96% believe students are more able to use ideas provided by others to develop their own writing.

• 88% believe students understand more about what the career of a writer is like.

• 100% believe students are able to plan how to communicate ideas in writing more effectively.

• 96% believe students know more about writing techniques and how to use them.

• 92% believe students understand how to edit, review and reflect on their work.

• 100% believe students are more able to make informed choices about how best to express their ideas by experimenting with language and form.

• 96% believe students are more able to use ideas provided by others to develop their own writing.

d. Partners

Numerous partners have helped to extend our mission: Folio Prize (Rathbones Folio Prize mentorships), Arvon Foundation (our partner for the summer residentials), BBC Contains Strong Language for Leeds 2023, Penguin Random House as a partner for our competitions and numerous institutions, including libraries, universities, museums and galleries, who have hosted and supported our events and festivals around the country. OUP and Avon Dataset continue to support our publishing.

e. Patron

We remain hugely grateful for the generous and continuing support of Her Majesty The Queen, who became Patron of First Story as HRH The Duchess of Cornwall in 2011.

Financial review

a. Income generation

We went into the year with a positive starting position, having last year (2021/22) secured new multi-year grants or having entered year 2 or 3 of ongoing projects. This was thanks to 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 2022/23, achieving 92% of our fundraising target. Our strategy to increase the share of our income from school fees continued to deliver well, increasing from 30% in 2021/22 to 33% in 2022/23. The combination of increased numbers of schools and an increase in the proportion of year-long programmes contributed to increasing our generated income significantly. For 2022/23 we achieved 76% of our schools financial target.

b. Expenditure

Given our surplus in 2021/22 and the increase in cost of living, we decided to award our staff and writers a oneoff cost-of-living payment. As our activities returned to in-school provision and to delivering more live events, we also incurred increased expenditure on programmes, events and travel, as per pre-pandemic budgets.

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FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

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.

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 £279,458; and

• the target reserves level was £625,692.

At the latest balance-sheet date, the actual level of unrestricted reserves were £325,045.

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FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

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 alternativeprovision 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.

• Continue to develop the quality of the Young Writers' Festival and build the reach of our Connect events, 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 a Youth Voice pilot project, 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.

• Employ our updated 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. Adapt it further to understand impact in AP settings better.

• 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

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DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

stakeholders, and to raise awareness and profile.

• Work with our First Story Ambassadors, Patron and partners, to help raise our profile, to communicate the value of our work, and to 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 three-year commitment to our YWP); (b) maximising the value proposition for schools; and (c) investing in marketing and communication 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 the 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.

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 year. 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 must:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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.

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FIRST STORY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Approved by order of the members of the board of trustees on 21 November 2023 and signed on their behalf by:

................................................ Edward James Baden-Powell Chair

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FIRST STORY LIMITED (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2023

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 2023.

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:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the 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

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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: 21 November 2023 Reema Mistry, ACA

Griffin Stone Moscrop & Co Chartered Accountants

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FIRST STORY LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2023

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/(losses) Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds 2023 £ 198,780 - - - 198,780 90 206,340 206,430 (7,650) (7,650) 7,650 (7,650) -	Unrestricted funds 2023 £ 299,657 260,260 4,663 2,097 566,677 57,941 537,048 594,989 (28,312) (28,312) 353,357 (28,312) 325,045	Total funds 2023 £ 498,437 260,260 4,663 2,097 765,457 58,031 743,388 801,419 (35,962) (35,962) 361,007 (35,962) 325,045	Total funds 2022 £ 496,693 218,132 1,841 774
				717,440
				43,738 593,322
				637,060
				80,380
				80,380
				280,627 80,380
				361,007

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 34 form part of these financial statements.

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DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 06487410

BALANCE SHEET AS AT 30 JUNE 2023

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	12,517 52,069 444,556 509,142 (190,739)	2023 £ 6,641 1 6,642 318,403 325,045 325,045 - 325,045 325,045	20,841 35,736 448,829 505,406 (146,297)	2022 £ 1,897 1
				1,898 359,109
				361,007
				361,007
				7,650 353,357
				361,007

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DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2023

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 21 November 2023 and signed on their behalf by:

................................................

Carey Scott Treasurer

The notes on pages 16 to 34 form part of these financial statements.

Page 14

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

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 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	2023 £ (903) 2,097 (5,467) (3,370) (4,273) 448,829 444,556	2022 £ 36,438 774 (1,979) (1,205) 35,233 413,596 448,829

The notes on pages 16 to 34 form part of these financial statements

Page 15

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

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.

Page 16

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

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.

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.

Page 17

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

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 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.

2.6 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 bases:

Fixtures and fittings - 25% on cost Computer equipment - 25% on cost

Page 18

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.7 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.

2.8 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.

2.9 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.

2.10 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.

2.11 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.

2.12 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.

2.13 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

Page 19

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.14 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.

2.15 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 Donations Gifts from individuals, trusts and foundations Gifts from corporations Subtotal detailed disclosure	Restricted funds 2023 Unrestricted funds 2023 £ £ 120,780 244,657 78,000 55,000 198,780 299,657 198,780 299,657 Restricted funds 2022 Unrestricted funds 2022 £ £ 122,649 295,920 28,912 49,212 151,561 345,132 151,561 345,132	Total funds 2023 £ 365,437 133,000
		498,437
		498,437
		Total funds 2022 £ 418,569 78,124
		496,693
		496,693

Page 20

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

4. Income from charitable activities

Unrestricted funds 2023 £ Fees receivable from workshops and programmes 255,470 Sales of publications 4,790 260,260	Total funds 2023 £ 255,470 4,790 260,260	Total funds 2022 £ 214,100 4,032
		218,132

5. Activities for generating funds Income from fundraising events

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	£	£	£
Proceeds from fundraising events	4,663	4,663	1,841

6. Investment income

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	£	£	£
Bank interest received	2,097	2,097	774

Page 21

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

7. Costs of generating voluntary income

Cost of fundraising events Reallocated support costs Consultancy Cost of fundraising events Reallocated support costs	Restricted funds 2023 Unrestricted funds 2023 £ £ 90 5,583 - 47,523 - 4,835 90 57,941 Restricted funds 2022 Unrestricted funds 2022 £ £ 195 289 - 43,254 195 43,543	Total funds 2023 £ 5,673 47,523 4,835
		58,031
		Total funds 2022 £ 484 43,254
		43,738

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 2023 Unrestricted funds 2023 £ £ 206,340 537,048 Restricted funds 2022 Unrestricted funds 2022 £ £ 143,715 449,607	Total 2023 £ 743,388
		Total 2022 £ 593,322

Page 22

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. Analysis of charitable activities by key components of resources expended

Education through creative writing Education through creative writing	Direct costs 2023 £ 351,816 Activities undertaken directly 2022 £ 248,899	Support costs 2023 £ 391,572 Support costs 2022 £ 344,423	Total funds 2023 £ 743,388
			Total funds 2022 £ 593,322

Analysis of direct costs

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 2023 £ 234,140 41,714 17,025 24,622 - 9,458 3,029 22,228 (400) 351,816	Total funds 2023 £ 234,140 41,714 17,025 24,622 - 9,458 3,029 22,228 (400) 351,816	Total funds 2022 £ 170,800 19,785 18,385 11,086 505 4,153 1,621 22,114 450
			248,899

Page 23

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. Analysis of charitable activities by key components of resources expended (continued)

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	Activities 2023 £ 343,672 723 (47,523) 32,369 2,837 3,364 2,407 6,129 3,068 95 32,185 2,599 9,647 391,572	Total funds 2023 £ 343,672 723 (47,523) 32,369 2,837 3,364 2,407 6,129 3,068 95 32,185 2,599 9,647 391,572

Page 24

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. Analysis of charitable activities by key components of resources expended (continued)

Analysis of support costs (continued)

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

Total support costs for the year ended 30 June 2023 amounted to £439,095 (2022- £387,677). Of the total support costs, £351,693 (2022 - £311,474) was to unrestricted funds and £87,402 (2022 - £76,203) was to restricted funds. From the unrestricted funds £47,523 (2022 - £43,254) have been allocated to Costs of generating voluntary income leaving £304,170 (2022 - £268,220) attributable to Charitable activities.

10. Independent examiner's remuneration

	2023	2022
	£	£
Fees payable to the Company's independent examiner for the accounts
preparation and independent examination of the Company's annual
accounts	6,140	5,400
Fees payable to the charity's independent examiner in respect of:
All other services not included above	3,507	3,054

Page 25

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

11. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2023 £ 308,152 26,574 8,946 343,672	2022 £ 280,708 22,762 8,327
		311,797

The average number of persons employed by the charity during the year was as follows:

Number of management and administrative staff Number of fundraising staff Number of programme staff	2023 No. 5 1 3 9	2022 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 £201,686 (2022 - £180,929), 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 (2022 - £NIL).

During the year ended 30 June 2023, no expenses were reimbursed to Trustees (2021 - the same).

Page 26

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

13. Tangible fixed assets

14.

Cost At 1 July 2022 Additions At 30 June 2023 Depreciation At 1 July 2022 Charge for the year At 30 June 2023 Net book value At 30 June 2023 At 30 June 2022 Fixed asset investments	Fixtures and fittings £ - 1,327 1,327 - 55 55 1,272 -	Computer equipment £ 2,879 4,140 7,019 982 668 1,650 5,369 1,897	Total £ 2,879 5,467
			8,346
			982 723
			1,705
			6,641
			1,897

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

Page 27

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

15. Debtors

Due within one year Trade debtors Other debtors Prepayments and accrued income	2023 £ 225 217 51,627 52,069	2022 £ 31,725 2,417 1,594
		35,736

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	2023 £ 33,455 1 7,493 2,390 147,400 190,739	2022 £ 28,108 1 7,688 2,066 108,434
		146,297

At the balance sheet date deferred income included above was £37,455 of which £37,445 is restricted (2022 - £28,000 of which £10,000 restricted).

17. Financial instruments

	2023	2022
	£	£
Financial assets
Financial assets measured at fair value through income and expenditure	444,556	448,829

Financial assets measured at fair value through income and expenditure comprise of cash in bank and at hand.

Page 28

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

18. Statement of funds

Statement of funds - current year

Unrestricted funds General Funds Restricted funds Summer Residential Programme Young Writers' Programme PRU Project Oranisational Development - reach and impact First Story Festival Total of funds	Balance at 1 July 2022 £ 353,357 7,650 - - - - 7,650 361,007	Income £ 566,677 12,490 124,790 13,500 28,000 20,000 198,780 765,457	Expenditure £ (594,989) (20,140) (124,790) (13,500) (28,000) (20,000) (206,430) (801,419)	Balance at 30 June 2023 £ 325,045
				- - - - -
				-
				325,045

Page 29

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

18. Statement of funds (continued)

Statement of funds - prior 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	Balance at 1 July 2021 £ 280,627 - - - - - - - - 280,627	Income £ 565,880 4,999 7,650 48,912 10,000 25,000 35,000 20,000 151,561 717,441	Expenditure £ (493,150) (4,999) - (48,912) (10,000) (25,000) (35,000) (20,000) (143,911) (637,061)	Balance at 30 June 2022 £ 353,357
				- 7,650 - - - - -
				7,650
				361,007

Page 30

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

18. Statement of funds (continued)

A description of each restricted fund is as follows:

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; RWHA Charity Fund for the purpose of delivering 1 Short Programme in London; Wellington UK Foundation for delivering Young Writers' Programmes in 5 schools; Amazon in relation to literary partnership;

ALCS for Young Writers' Programmes; and

The Drapers’ Charitable fund for delivery in 2 schools in Tower Hamlets.

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.

Organisational Development - reach and impact project - represents funding received from The Arts Council England National Lottery Project Grants, for the purpose of delivering the project.

Manchester Project Plan - represents funding received from Wellington UK Foundation for the purpose of developing the Young Writers' Programme in Manchester.

First Story Festival – funding received from The Charlotte Aitken Trust for the Young Writers' Festival.

19. Summary of funds

Summary of funds - current year

General funds Restricted funds	Balance at 1 July 2022 £ 353,357 7,650 361,007	Income £ 566,677 198,780 765,457	Expenditure £ (594,989) (206,430) (801,419)	Balance at 30 June 2023 £ 325,045 -
				325,045

Page 31

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

19. Summary of funds (continued) Summary of funds - prior year Balance at 1 July 2021 £ General funds 280,627 Restricted funds - 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 Analysis of net assets between funds - prior year Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Income £ Expenditure £ 565,880 (493,150) 151,561 (143,911) 717,441 (637,061) Restricted funds 2023 Unrestricted funds 2023 £ £ - 6,641 - 1 37,445 471,697 (37,445) (153,294) - 325,045 Restricted funds 2022 Unrestricted funds 2022 £ £ - 1,897 - 1 17,650 487,757 (10,000) (136,297) 7,650 353,358	Balance at 30 June 2022 £ 353,357 7,650 361,007 Total funds 2023 £ 6,641 1 509,142 (190,739) 325,045 Total funds 2022 £ 1,897 1 505,407 (146,297) 361,008

Page 32

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease/(increase) in stocks Increase in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities 22. Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents	2023 £ (35,962) 723 (2,097) 8,324 (16,333) 44,442 (903) 2023 £ 210,358 234,198 444,556	2022 £ 80,380
		82 (774) (2,483) (25,693) (15,074)
		36,438
		2022 £ 216,145 232,684
		448,829

23. Analysis of changes in net debt Cash at bank and in hand	At 1 July 2022 £ 448,829 448,829	Cash flows £ (4,273) (4,273)	At 30 June 2023 £ 444,556
			444,556

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 £8,946 (2022 - £8,327).

Included in other creditors at the year end is an amount of £2,390 (2022 - £2,066) of outstanding pension contributions due.

Page 33

DocuSign Envelope ID: AAF9C9CB-8C64-4CFF-A411-83338E36A451

FIRST STORY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

24. Pension commitments (continued)

25. Operating licence commitments (office space)

At 30 June 2023 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

			2023	2022
			£	£
Not later than	1	year	7,860	15,720

Licence payments recognised as an expense in the SOFA total £32,400 (2022 - £28,820).

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	2023 £ 1,695 1,695	2022 £ 1,380
		1,380

27. Share capital

The charitable company does not have any share capital and is limited by guarantee.

At 30 June 2023 it had 8 members (2022 - 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 they are a member, or within one year after they cease to be a member.

Page 34