Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
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 2025
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
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 - 33 |
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
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 2025
Trustees
Edward Baden-Powell Geraldine Badcock Hannah Brown Chloe Holland (appointed 22 January 2025) Susan Horner Sarah Marshall Dina Mistry (appointed 18 June 2025) Bobby Nayyar Carey Scott Lauren Shapiro (appointed 13 November 2024)
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 till 31 January 2025 Sophie Hiscock from 17 February 2025
Accountants
Griffin Stone Moscrop & Co Chartered Accountants 21 - 27 Lamb's Conduit Street London WC1N 3GS
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025
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 2025. 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 are delegated to an executive. Antonia Byatt held that post as CEO up until 31 January 2025 and was then succeeded by Sophie Hiscock, who is the current CEO. There were eleven other members of staff. A number of the roles are part-time, and our full-time equivalent as at the end of the period was nine.
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 and codes of conduct; 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 relating 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: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Objectives and activities
First Story changes lives through writing by delivering strategic, comprehensive, high-quality extracurricular school programmes. 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 low-income 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.
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 cohorts of up to 20 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 2024-25, we provided residencies in four regions across England in 42 schools. 50% were in Greater London, 14% in East Midlands, 24% in Yorkshire and 12% in Greater Manchester. We also piloted a new three-week taster offer in two schools.
We successfully delivered a programme of live events for schools including two Young Writers’ Festivals, one in partnership with Cambridge University and a new partnership with Manchester Metropolitan University, as well as three regional events in partnership with UCL East, Greenwich University and the University of Leicester. Ten students from Bulwell Academy attended a workshop at Bromley House Library for a workshop with crime writer Elly Griffiths, and students from Skinners Academy in London attended a workshop at the Courtauld Gallery with their writer-in-residence Luan Goldie.
In addition to the publication of First Story anthologies of our students’ work, we also amplified the voice of our young writers with the release of a podcast as part of a new oracy pilot project with six of our London schools. Young writers also had their work displayed at the Media Museum and Bradford Central Library as part of a
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Achievements and performance (continued)
People Powered Press/Bradford City of Culture project, and students from Co-op Grange Academy visited a local Leeds radio station, Chapel FM, to perform their work for broadcast.
We ran three national writing competitions for all students at First Story partner schools and awarded the Philip Pyke Prize for First Story alumnae/i to writer Lewis Buxton.
The First Story Young Writers’ Residential took place in partnership with Arvon Foundation at Hebden Bridge in July. We also held a weekend residential for a group of ten First Story alumnae/i from across the country as part of our new Young Creatives strand of activity. That group of young people, aged 16-31, are co-creating and coproducing a new offer to provide more opportunities for First Story's young writers to share their work and to amplify their voice. Funding for this new activity strand has enabled us to appoint a part-time Young Creatives manager, as well as two paid internships in event planning and anthology production. Those paid internships, offered to young people from a similar demographic background to the schools with which we work, provide an important opportunity to gain practical experience and employability skills for those wishing to pursue a career in the creative sector.
We continued to support professional writers to develop their facilitation practice through the provision of workshop resources and our in-person skills-sharing day. We delivered an online training programme in partnership with New Writing North, Apples and Snakes, the Royal Literary Fund and the National Centre for Writing to test the feasibility of a national training programme for writers wishing to develop their facilitation practice with young people in education and community settings, and we have continued to support two writers working in alternative provision settings to look at effective delivery in non-mainstream environments. For the sixth year running, we have partnered with the University of Cambridge to offer a bursary for one of our writers to complete a PGCert in Teaching Creative Writing.
In the 2024-25 academic year, we:
• supported 705 young writers from disadvantaged communities through 827 hours of intensive regular workshops;
• published 40 professionally produced anthologies featuring work from over 658 young people and shared their work through our website, social media posts, e-newsletters and a new podcast available on streaming platforms;
• reached 1,299 young people with our three national competitions: 6 Word Story (supported by Penguin Random House), 100 Word Story (in partnership with Vintage) and our new Tiny Poems competition;
• reached 42 teachers and librarians in disadvantaged schools, working in partnership to deliver our Young Writers’ Programme and providing resources and in-school workshop participation to support the teaching of creative writing in partner schools with an estimated reach of 10,500 students;
• delivered two CPD sessions in partnership with the National Association for Teaching English (NATE) and the English and Media Association;
• appointed 38 talented, professional, UK-based writers as writers-in-residence, providing them with regular freelance income (FS writers needing to have at least three years’ teaching experience);
• offered a further 51 commissions to writers to create resources, to deliver regional and national writing events (including tutoring the residential) and to train other writers;
• hosted a national in-person skills-sharing day for 23 writers and created four shadowing opportunities in partnership with Goldsmiths, University of London;
• delivered three regional Connect events offering an intensive creative-writing experience in a university context, attended by 190 students in partnership with the University of Greenwich, UCL East and the University of Lincoln;
• delivered the annual Young Writers' Festival at the University of Cambridge in partnership with Newnham College, which was attended by over 250 students from 15 schools, with headline speaker Steve Camden, a talk from First Story alumna and doctor, Shakira Irfan, workshops with 19 writers and the opportunity for students to perform their work live at the student showcase;
• ran a pilot Young Writers’ Festival North in partnership with Manchester Metropolitan University, which was attended by over 60 students from four schools, with headline speaker Danielle Jawando;
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Achievements and performance (continued)
• awarded 16 student fellowships to attend an intensive summer residential writing course in Hebden Bridge in partnership with Arvon Foundation (with the generous support of Team Archie) to inspire and hone the skills of FS’s most committed students;
• supported 19 students through the Young Ambassador mentoring programme;
• partnered four outstanding alumnae/i of the Young Writers’ Programme with Folio Academy members for a year-long mentorship to support the development of their writing, culminating in a celebration event at the London Library;
• ran the Philip Pyke Prize for First Story alumnae/i aged over 18 for the second year;
• recruited ten First Story alumnae/i aged 16+ to form our new Young Creatives’ Collective;
• partnered with the London Library to run an evening writing workshop with First Story Ambassador Inua Ellams, which was attended by 14 First Story alumnae/I; and
• provided two paid internships to support our events and anthology activity strands.
b. Impact
We surveyed students, teachers and writers about both the Young Writers' Programme and our creative-writing events, using our evaluation framework based on our theory of change, which assesses the impact of our work on young writers’ confidence, creativity and writing skills. 24% of our young writers completed the survey of our Young Writers' Programme, along with 57% of school staff from our partner schools and 76% of the writers with whom we work.
92% of students and 100% of teachers said that they would recommend taking part in the Young Writers’ Programme, with both writers and teachers rating student outcomes very positively against the three pillars of our theory of change. Further information is contained in our 2024-25 impact report, which is available on our website, but the headline results include:
• Confidence
88% of students felt more confident about sharing their ideas through writing. 80% of students said that they were more likely to make time to write and to try to keep improving their writing. 75% of students felt more able to talk about their culture and background.
96% of teachers believed their students were more able to keep going when they find a task difficult.
“I finally learnt that sharing my ideas and emotions shouldn’t be and isn’t scary, so now I have confidence in doing so!” – First Story student, 2024-25.
• Creativity and self-expression
92% of students felt more able to come up with their own creative ideas and to develop them. 84% of students said that they were more able to work well with others to produce something new. 100% of teachers believe that students now enjoy and/or appreciate writing.
"I have more ideas of what to write, and it has helped me find a style of writing that I like." – First Story student, 2024-25.
• Writing skills
86% of students felt able to communicate their ideas in writing more effectively. 86% of students said they knew more about writing techniques and how to use them. 91% of teachers said their students better understood how to edit, review and reflect on their work. 96% of teachers believed their students were more able to make informed choices about how best to express their ideas by experimenting with language and form.
“I am proud of quite a lot of my pieces ... the writing techniques taught to us have really helped my writing to become more creative and unique." – First Story student, 2024-25.
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Achievements and performance (continued)
c. Partners
Numerous partners have helped to extend our mission: The Writers’ Prize (formerly known as the Rathbones Folio Prize, and our partner for writing mentorships), Arvon Foundation (our partner for the summer residentials), Penguin Random House as a partner for our competitions and numerous institutions, including FM Chapel Radio, libraries, universities, museums and galleries, which have hosted and supported our events and festivals around the country.
d. 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, with several multi-year grants in place, including funding towards developing our offer in Alternative Provision, as well as new funding to support our Young Creatives strand of progression opportunities for First Story alumnae/i and funding to pilot an oracy element of the Young Writers’ Programme with six of our partner schools. Funding for the Young Creatives included the appointment of a new part-time manager to support delivery of that strand of activity.
For 2024-25 we achieved 74% of our schools target due to a slight decrease in numbers of schools, but we achieved 102% of our fundraising target, enabling us to close the year with £40,091 to allocate to our unrestricted reserves.
b. Expenditure
Expenditure on staff was reduced from budget due to vacancy savings. We did not appoint anyone to the vacant post of Fundraising Manager due to a strong fundraising performance during the year.
There was also a saving in programme expenditure due to recruiting slightly fewer schools than budgeted, and some related expenditure falling in July after the year-end. Savings on the fundraising budget were due to the decision to focus on grant philanthropy rather than events, pending a review of our major donor strategy
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 contribution to generated and voluntary income as well as maintaining an efficient fixed staff and associated costs. In the trustees’ view, the charity is 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
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
ensure that the charity can efficiently and effectively meet the needs of the beneficiaries.
More specifically, we use reserves:
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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
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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.
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Our reserves policy takes into account the fact that First Story:
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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
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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:
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a minimum reserves level, based on the minimum viable budget for six months’ worth of fixed and staffing costs; and
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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
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the minimum reserves level was £264,422; and
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the target reserves level was £540,802.
At the latest balance-sheet date, the actual level of unrestricted reserves were £395,400.
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Plans for future periods
The 2025 report from the Education Policy Institute shows that the attainment gap for young people has remained stubbornly persistent, with key stage 4 students from challenging socio-economic backgrounds being around 19 months behind their peers within an education system that has yet to recover from the profound impact of the pandemic. First Story's targeted approach in areas of need and our focus on creative writing as a vehicle to encourage confidence, creativity and writing skills is an effective intervention to support students to build resilience, well-being and transferable life skills, as well as encouraging them to broaden their horizons and to make new connections.
2025-26 marks the final year's delivery of First Story's successful Reach and Impact Strategy, focused on delivering our core Young Writers’ Programme across four regions in England and exploring ways to enhance progression opportunities for the students with whom we work, both in school and after school. We also remain committed to continuing our work in Alternative Provision and exploring ways to adapt the programme to meet the specific needs of students in non-mainstream education.
We are aware that school budgets remain stretched, and so we are mindful of the need for evidence to support the effectiveness of our approach and to show how our Young Writers’ Programme and our associated events deliver tangible benefits for both the young people and their schools. The links between oracy and reading are well known, as is the importance of fostering a sense of literate identity within young people in order for them to become readers and writers for pleasure. As 2026 has been designated by the Department of Education as the National Year of Reading, we will continue to pilot oracy as a strand within the Young Writers’ Programme, as well as demonstrating the effective role we play in helping young people see themselves as writers with voice and agency.
During the next year we shall also be shaping our next five-year strategy, to build on the work that we have already achieved.
Our strategic priorities over the next year are as follows:
a. 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.
• Build back the number of partner schools to 2022-23 levels, with a focus on recruitment of new schools in Greater Manchester and building back the Yorkshire and East Midland regions.
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Roll out a revised “taster” offer to new schools to support recruitment.
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Continue to develop our offer for Alternative Provision settings.
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Maintain a programme of national and regional events, including two Young Writers' Festivals and regional Connect events delivered with university partners.
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Explore new partnerships with creative and cultural partners.
b. Deeper impact
Positively influence and impact beneficiaries' long-term outcomes by providing ongoing support and development opportunities for Young Writers' Programme alumnae/i.
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Relaunch a revised in-school Young Mentors programme to provide ongoing support and access to skills development opportunities for First Story alumnae/i.
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Work alongside our Young Creatives Collective to deliver a youth-led alumnae/i programme via online and inperson events and activities.
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Offer paid internships to provide relevant work experience for First Story alumnae/i interested in pursuing a career in the creative/arts sector.
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Explore ways to embed the Youth Voice oracy pilot project within our core offer.
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Plans for future periods (continued)
c. 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.
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Continue to employ and refine our evaluation framework to capture the outcomes and impacts of our activities and to share these with our schools and partners.
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Champion First Story's pedagogy and efficacy among education professionals.
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Develop more opportunities for our young writers' works and voices to be heard.
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Embed a culture of reflective practice that involves the voices of all our stakeholders and is reflected in the ongoing development of our offer.
• Use National Writing Day to celebrate the benefits and importance of creative writing.
- Deliver an effective communications strategy that communicates the value of our work and inspires our beneficaries, with the support of our First Story Ambassadors, Patron, writers and partners.
• Establish a working group of students, teachers and writers to explore both the potential negative and positive impact of generative AI on creative writing and continue to encourage young people to recognise the importance of finding their own voice.
d. Organisational development
Ensure our business model supports our long-term future sustainability, investing in the resources and capabilities to achieve our aims.
- Identify additional opportunities to earn income through our offer.
• Communicate a clear value proposition to our partner and potential partner schools that addresses their priorities and invest in sales and marketing skills and resources to support a healthy pipeline of potential new schools.
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Secure multi-year grants, private philanthropic investment and regional funders to support longer-term delivery planning.
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Expand and develop a diverse talent pool of writers, reflecting the diversity of our beneficiaries.
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Maintain the diversity of our staff team, and continue to work towards greater diversity at board level.
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Continue to explore meaningful ways to involve our beneficaries in our governance and strategic planning.
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: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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:
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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 26 November 2025 and signed on their behalf by:
................................................
Edward James Baden-Powell Chair
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2025
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 2025.
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: 26 November 2025
Reema Mistry, FCA
Griffin Stone Moscrop & Co Chartered Accountants
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025
| 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 2025 £ 189,174 - - - 189,174 - 147,502 147,502 41,672 41,672 - 41,672 41,672 |
Unrestricted funds 2025 £ 416,319 238,166 3,379 10,617 668,481 50,063 578,327 628,390 40,091 40,091 355,309 40,091 395,400 |
Total funds 2025 £ 605,493 238,166 3,379 10,617 857,655 50,063 725,829 775,892 81,763 81,763 355,309 81,763 437,072 |
Total funds 2024 £ 497,494 276,464 38,110 6,247 |
|---|---|---|---|---|
| 818,315 | ||||
| 78,301 709,750 |
||||
| 788,051 | ||||
| 30,264 | ||||
| 30,264 | ||||
| 325,045 30,264 |
||||
| 355,309 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 16 to 33 form part of these financial statements.
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Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 06487410
BALANCE SHEET AS AT 30 JUNE 2025
| Note Fixed assets Tangible assets 13 Investments Current assets Stocks Debtors 15 Investments 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
1,727 31,190 213,899 396,978 643,794 (208,975) |
2025 £ 2,252 1 2,253 434,819 437,072 437,072 41,672 395,400 437,072 |
19,216 13,683 200,000 429,495 662,394 (310,780) |
2024 £ 3,694 1 |
|---|---|---|---|---|
| 3,695 351,614 |
||||
| 355,309 | ||||
| 355,309 | ||||
| - 355,309 |
||||
| 355,309 |
Page 13
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025
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 26 November 2025 and signed on their behalf by:
................................................
Carey Scott Treasurer
The notes on pages 16 to 33 form part of these financial statements.
Page 14
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
| 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 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 The notes on pages 16 to 33 form part of these financial statements |
2025 £ (43,134) 10,617 - 10,617 (32,517) 429,495 396,978 |
2024 £ (20,889) 6,247 (419) 5,828 (15,061) 444,556 429,495 |
|---|---|---|
Page 15
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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% (2024 - 11%)
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: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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 Current asset investments
Current asset investments comprise bank deposit accounts with a maturity of over three months held for investment purposes.
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.
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.
Page 19
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
2. Accounting policies (continued)
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 Donations Gifts from individuals, trusts and foundations Gifts from corporations |
Restricted funds 2025 Unrestricted funds 2025 £ £ 189,174 366,819 - 49,500 189,174 416,319 Restricted funds 2024 Unrestricted funds 2024 £ £ 152,468 239,997 7,000 98,029 159,468 338,026 |
Total funds 2025 £ 555,993 49,500 |
|---|---|---|
| 605,493 | ||
| Total funds 2024 £ 392,465 105,029 |
||
| 497,494 |
Page 20
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. Income from charitable activities
| Unrestricted funds 2025 £ Fees receivable from workshops and programmes 234,455 Additional tickets & product income 3,711 238,166 |
Total funds 2025 £ 234,455 3,711 238,166 |
Total funds 2024 £ 269,234 7,230 |
|---|---|---|
| 276,464 |
5. Activities for generating funds Income from fundraising events
| Unrestricted funds 2025 £ Proceeds from fundraising events 3,379 Investment income Unrestricted funds 2025 £ Bank interest received 10,617 |
Total funds 2025 £ 3,379 Total funds 2025 £ 10,617 |
Total funds 2024 £ 38,110 |
|---|---|---|
| Total funds 2024 £ 6,247 |
6. Investment income
Page 21
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. Costs of generating voluntary income
| Unrestricted funds 2025 £ Cost of fundraising events 215 Reallocated support costs 49,848 Consultancy - 50,063 |
Total funds 2025 £ 215 49,848 - 50,063 |
Total funds 2024 £ 24,367 42,711 11,223 |
|---|---|---|
| 78,301 |
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 2025 Unrestricted funds 2025 £ £ 147,502 578,327 Restricted funds 2024 Unrestricted funds 2024 £ £ 159,468 550,282 |
Total 2025 £ 725,829 |
|---|---|---|
| Total 2024 £ 709,750 |
Page 22
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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 2025 £ 312,676 Activities undertaken directly 2024 £ 300,030 |
Support costs 2025 £ 413,153 Support costs 2024 £ 409,720 |
Total funds 2025 £ 725,829 |
|---|---|---|---|
| Total funds 2024 £ 709,750 |
|||
| Writer-in-Residence fees Cost of publications Cost of audio production School trips and residential courses School recruitment and marketing Teacher and writer events Writer Development and support Travel and subsistence Sundry expenses Cost of Festivals and events Bad debt written off |
Activities 2025 £ 178,430 61,504 6,573 11,088 992 1,200 8,587 10,860 600 32,842 - 312,676 |
Total funds 2025 £ 178,430 61,504 6,573 11,088 992 1,200 8,587 10,860 600 32,842 - 312,676 |
Total funds 2024 £ 170,903 89,641 - 7,564 - 5,492 4,167 5,276 489 16,578 (80) |
|---|---|---|---|
| 300,030 |
Page 23
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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 Office Costs Recruitment and training Advertising and publicity Computer and website expenses Insurance Sundry expenses Loss on disposal of fixed assets Legal and professional governance costs Accountancy and payroll costs |
Activities 2025 £ 368,527 1,442 (49,848) 33,299 7,772 9,734 397 13,581 2,591 172 - 1,946 23,540 413,153 |
Total funds 2025 £ 368,527 1,442 (49,848) 33,299 7,772 9,734 397 13,581 2,591 172 - 1,946 23,540 413,153 |
Total funds 2024 £ 365,937 1,529 (42,711) 34,320 (124) 6,627 8 9,623 2,462 495 1,838 2,680 27,036 |
|---|---|---|---|
| 409,720 |
Total support costs for the year ended 30 June 2025 amounted to £463,001 (2024 - £452,431). Of the total support costs, £381,546 (2024 - £417,997) was to unrestricted funds and £81,455 (2024 - £34,434) was to restricted funds. From the unrestricted funds £49,848 (2024 - £42,711) have been allocated to Costs of generating voluntary income leaving £331,698 (2024 - £375,286) attributable to Charitable activities.
10. Independent examiner's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the accounts | ||
| preparation and independent examination of the Company's annual | ||
| accounts | 7,560 | 6,762 |
| Fees payable to the charity's independent examiner in respect of: | ||
| All other services not included above | 3,980 | 4,914 |
Page 24
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2025 £ 335,520 23,598 9,409 368,527 |
2024 £ 328,936 27,057 9,944 |
|---|---|---|
| 365,937 |
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 |
2025 No. 3 1 5 9 |
2024 No. 5 1 4 |
|---|---|---|
| 10 |
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the charity comprise the Chief Executive Officer, Head of Programmes, Head of Development and Finance and Operations Manager.
Remuneration (including benefits) received during the year by key management personnel of the charity was £197,098 (2024 - £185,057), 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 (2024 - the same).
During the year ended 30 June 2025, no expenses were reimbursed to Trustees (2024 - the same).
Page 25
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. Tangible fixed assets
| Cost At 1 July 2024 At 30 June 2025 Depreciation At 1 July 2024 Charge for the year At 30 June 2025 Net book value At 30 June 2025 At 30 June 2024 |
Fixtures and fittings £ 1,327 1,327 387 332 719 608 940 |
Computer equipment £ 5,338 5,338 2,584 1,110 3,694 1,644 2,754 |
Total £ 6,665 |
|---|---|---|---|
| 6,665 | |||
| 2,971 1,442 |
|||
| 4,413 | |||
| 2,252 | |||
| 3,694 |
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 |
Page 26
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2025 £ 525 30,665 31,190 |
2024 £ 3,048 10,635 |
|---|---|---|
| 13,683 |
| 16. Current asset investments Deposit accounts - notice deposits > 3 months 17. Creditors: Amounts falling due within one year Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals Deferred income Deferred income at 1 July 2024 Resources deferred during the year Amounts released from previous periods |
2025 £ 213,899 2025 £ 8,566 1 5,552 2,434 89,352 103,070 208,975 2025 £ 154,128 103,070 (154,128) 103,070 |
2024 £ 200,000 |
|---|---|---|
| 2024 £ 8,725 1 8,143 2,579 137,204 154,128 |
||
| 310,780 | ||
| 2024 £ 37,445 154,128 (37,445) |
||
| 154,128 |
Deferred income represents gifts received in advance for the following academic year.
At the balance sheet date deferred income included £8,000 restricted gifts (2024 - £65,478).
Page 27
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
18. Financial instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 610,877 | 629,495 |
Financial assets measured at fair value through income and expenditure comprise of cash in bank and at hand and current asset investments.
19. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Young Writers Residential Alternative Provision Project Young Creatives Programme London Voice Young Writers Festival – Cambridge Young Writers Festival – North Total of funds |
Balance at 1 July 2024 £ 355,309 - - - - - - - 355,309 |
Income £ 668,481 13,500 15,210 59,992 50,971 23,140 26,361 189,174 857,655 |
Expenditure £ (628,390) (3,600) (10,210) (42,470) (42,721) (23,140) (25,361) (147,502) (775,892) |
Balance at 30 June 2025 £ 395,400 |
|---|---|---|---|---|
| 9,900 5,000 17,522 8,250 - 1,000 |
||||
| 41,672 | ||||
| 437,072 |
Page 28
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
19. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Young Writers Residential Young Writers' Programme PRU Project Organisational Development - reach and impact First Story Festival Total of funds |
Balance at 1 July 2023 £ 325,045 - - - - - - 325,045 |
Income £ 658,847 13,945 93,165 23,758 7,000 21,600 159,468 818,315 |
Expenditure £ (628,583) (13,945) (93,165) (23,758) (7,000) (21,600) (159,468) (788,051) |
Balance at 30 June 2024 £ 355,309 |
|---|---|---|---|---|
| - - - - - |
||||
| - | ||||
| 355,309 |
A description of each restricted fund is as follows:
Young Writers Residential – represents funding received from team Archie Charitable Foundation for the purpose of delivering the summer residential.
Alternative Provision Project – represents funding received from The Portal Trust for the purpose of empowering young Londoners excluded from mainstream education or at risk of exclusion.
Young Creatives Programme – represents funding received from the Arts Council England and an anonymous funder to support First Story alumni and other young people to engage in opportunities to develop their skills, co-create new platforms to showcase their writing, and build their networks in the creative industries.
London Voice – represents funding from The Mercers’ Company trustee to the St Paul’s Schools Foundation to deliver the London Voice project which explores how the Young Writers’ Programme can develop oracy skills.
Young Writers Festival – Cambridge represents funding from the Charlotte Aitken Trust for the Young Writers Festival held in partnership with the University of Cambridge.
Young Writers Festival – North represents funding from an anonymous funder to launch the Young Writers Festival North which this year took place in Manchester.
Page 29
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
20. 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 2024 £ 355,309 - 355,309 Balance at 1 July 2023 £ 325,045 - 325,045 |
Income £ 668,481 189,174 857,655 Income £ 658,847 159,468 818,315 |
Expenditure £ (628,390) (147,502) (775,892) Expenditure £ (628,583) (159,468) (788,051) |
Balance at 30 June 2025 £ 395,400 41,672 |
|---|---|---|---|---|
| 437,072 | ||||
| Balance at 30 June 2024 £ 355,309 - |
||||
| 355,309 |
21. 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 2025 Unrestricted funds 2025 £ £ - 2,252 - 1 49,672 594,122 (8,000) (200,975) 41,672 395,400 |
Total funds 2025 £ 2,252 1 643,794 (208,975) |
|---|---|---|
| 437,072 |
Page 30
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
21. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Restricted funds 2024 Unrestricted funds 2024 £ £ Tangible fixed assets - 3,694 Fixed asset investments - 1 Current assets 65,468 596,926 Creditors due within one year (65,468) (245,312) Total - 355,309 22. Reconciliation of net movement in funds to net cash flow from operating activities 2025 £ Net income for the year (as per Statement of Financial Activities) 81,763 Adjustments for: Depreciation charges 1,442 Investments (13,899) Dividends, interests and rents from investments (10,617) Loss on the sale of fixed assets - Decrease/(Increase) in stocks 17,489 (Increase)/Decrease in debtors (17,507) (Decrease)/Increase in creditors (101,805) Net cash used in operating activities (43,134) 23. Analysis of cash and cash equivalents 2025 £ Cash in hand 346,264 Notice deposits (less than 3 months) 50,714 Total cash and cash equivalents 396,978 |
Total funds 2024 £ 3,694 1 662,394 (310,780) 355,309 2024 £ 30,264 1,529 (200,000) (6,247) 1,838 (6,699) 38,386 120,040 (20,889) 2024 £ 379,314 50,181 429,495 |
|---|---|
Page 31
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
24. Analysis of changes in net debt
| Cash at bank and in hand Liquid investments |
At 1 July 2024 £ 429,495 200,000 629,495 |
Cash flows £ (32,517) 13,899 (18,618) |
At 30 June 2025 £ 396,978 213,899 |
|---|---|---|---|
| 610,877 |
25. 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 £9,409 (2024 - £9,944).
Included in other creditors at the year end is an amount of £2,434 (2024 - £2,579) of outstanding pension contributions due.
26. Operating licence commitments (office space)
At 30 June 2025 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Not later than | 1 | year | 8,400 | 8,400 |
Licence payments recognised as an expense in the SOFA total £34,320 (2024 - £34,320).
Page 32
Docusign Envelope ID: 1A38B64E-CF9E-4334-B22B-218B6BF2AA03
FIRST STORY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
27. 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:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Donations received | 866 | 2,110 |
28. Share capital
The charitable company does not have any share capital and is limited by guarantee.
At 30 June 2025 it had 10 members (2024 - 7).
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 33