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2023-04-05-accounts

GOOD THINKING

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR

THE YEAR ENDED 5 APRIL 2023

REGISTERED CHARITY NO: 1147404

GOOD THINKING TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

CONTENTS

Reference and administration information
Trustees’ report
Independent examiner’s report
Statement of financialactivities
Balance sheet
Notes to the financialstatements		 Page
1
2 – 4
5
6
7
8 – 13

GOOD THINKING REGISTERED CHARITY NO. 1147404 REFERENCE AND ADMINISTRATION INFORMATION

Trustees

Trust contact and principal office

S L Singh M D Willcox P J D Laws

S J Cook Morley House 36 Acreman Street Sherborne Dorset DT9 3NX

PROFESSIONAL ADVISORS

Bankers

Independent examiner

Barclays Bank Plc Barclays Private Bank One Stanhope Gate London W1K 1AF

A C Mole Accountants Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX

-1-

GOOD THINKING TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their report and financial statements for the year ended 5 April 2023.

The reference and administration information set out on page 1 forms part of this report.

Structure, governance and management

Constitution

Good Thinking was constituted by Trust Deed on 8 February 2012 as amended 12 January 2015. It was registered with the Charity Commission on 23 May 2012, registered charity number 1147404.

Recruitment and appointment of trustees

In selecting persons to be appointed as trustees, the Trustees take into account the benefits of appointing that person and the contribution that they can make to the Charity.

There shall be at least two trustees. The statutory power of appointing new trustees shall be exercisable.

Risks

During the year the Trustees undertook a thorough assessment of the major risks to which the Charity is exposed. Procedures and strategies were implemented to minimise these risks where not already in place. The key risks identified are external and relate to the legal interpretation of the Charity’s activities and how the financial climate affects charitable giving and the security of the Charity’s assets.

The Trustees continue to mitigate against these risks through regular meetings with employees and external consultants to review the Charity’s activities and strategies. The Trustees also utilise the expertise from external investment and banking advisors in order to safeguard the Charity’s assets and consider alternative options. The Trustees have a policy of seeking external legal advice for employment matters and for other matters of a legal nature.

Controls and procedures are regularly reviewed by the Trustees and updated as necessary. This includes protecting against fraud through approval procedures for all payments and receipts and ensuring rigorous controls on bank accounts through appropriate signatory mandates.

Objectives and activities

Objectives

Trustees shall hold the trust fund and its income upon trust to apply them for such charitable purposes as the Trustees in their absolute discretion deem fit.

The mission statement of the Charity is “To encourage curious minds and promote rational enquiry”.

Achievements and performance

The charity received £139,999 in donations and associated Gift Aid during the year (2022: £154,626).

Grants are awarded to individuals and institutions in furtherance of the charitable objects and taking due consideration of the Charity Commission published guidance on the operation of Public Benefit requirements. Grants have been made to UK-based institutions and individuals, particularly in the field of education. Reports are received and discussions conducted between the Trustees and recipients to monitor and assess the effectiveness of the grants and research activities.

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GOOD THINKING TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023

Material Grants to Institutions:

Top-Top Set Maths Project
Full Fact
Other grants
Total		 2023
£68,400
£4,000
£3,881
£76,281		 2022
£81,600
£4,000
£Nil
£85,600

Schools running the Top-Top Set Maths Project continued to suffer from the effects of the challenges presented by COVID-19. During the year, a further two schools dropped out of the project, but it continued to run in five schools (the institutions receiving grants are detailed below). There are still plans to extend further in the future. Grants are made to the schools to cover the additional costs of running the project. A national competition called the Junior Maths Challenge is used to measure the impact of the programme. The competition awards Kangaroo Gold, Gold, Silver and Bronze certificates to students if they score in the top 3%, 6%, 20% and 40% respectively. If the programme is successful, the participating schools should see an increase in students receiving these certificates. The charity gives a standardised score to each year group by assigning points for each certificate divided by the size of the year group.

A grant of £4,000 was made to Full Fact to support the team of independent fact checkers and campaigners who find and expose bad information and counter the harm it does.

Good Thinking’s own research activities continued in the year and the Charity also provided factsheets for the website advising the public of findings of various campaigns and raising awareness.

Plans for the future

The Trustees have reviewed the future grant-making strategy and beneficiaries have been identified. An appropriate system for monitoring grants has been put in place.

The Charity plans to continue to research and challenge misleading claims in order to encourage rational thinking and educate the public.

The Top-Top Set Maths Project will not continue after the 2022/23 academic year. Several schools dropped out of the project, both during and after the COVID-19 pandemic, due to logistical issues surrounding delivering the Top-Top Set tuition.

JMKA Education continue to assist with the running of the Maths Masterclass project and other Maths projects, with a view to developing a new online Maths tutoring project to be launched in late 2023.

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GOOD THINKING TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.

Financial review

Financial results

Total net movement of funds for the year amounting to a deficit of £74,316 (2022: Deficit of £10,634) have been utilised from the accumulated funds of the charity.

Reserves

The reserves of the Charity at the period end are £8,828 (2022: £83,144) of these £2,600 are restricted and £6,228 unrestricted. The free reserves of the Charity amounted to £5,713 (2022: £73,634).

It is the Trustees’ policy to apply the reserves in grants. The incidence of grants is uneven and reserves are therefore held to meet need as it arises.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.

…………………….

S L Singh Trustee

Date: 15 January 2024

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF GOOD THINKING

I report to the Trustees on my examination of the accounts of Good Thinking (the Charity) for the year ended 5 April 2023, which are set out on pages 6 to 13.

Responsibilities and basis of report

As the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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

Sarah Twist FCA DChA A C Mole Chartered Accountants Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Date: 16 January 2024

-5-

GOOD THINKING STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Interest received
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net (expenditure)/income
for the year before transfers
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unres-
tricted
£
113,766
6,152
281
120,199
188,315
188,315
(68,116)
(68,116)
74,344
6,228		 Res-
tricted
£
19,800
-
-
19,800
26,000
26,000
(6,200)
(6,200)
8,800
2,600		 Total
2023
£
133,566
6,152
281
139,999
214,315
214,315
(74,316)
(74,316)
83,144
8,828		 Unres-
tricted
£
138,403
-
23
138,426
150,860
150,860
(12,434)
(12,434)
86,778
74,344		 Res-
tricted
£
16,200
-
-
16,200
14,400
14,400
1,800
1,800
7,000
8,800		 Total
2022
£
154,603
-
23
154,626
165,260
165,260
(10,634)
(10,634)
93,778
83,144

-6-

GOOD THINKING BALANCE SHEET AS AT 5 APRIL 2023

Notes
Fixed assets
Computer equipment
6
Current assets
Debtors
7
Cash at bank and in hand
Liabilities
Creditors: Amounts falling due within
one year
8
Net current assets
Net assets
The funds of the charity
Unrestricted funds
9
Restricted funds
9		 2023
£
515
515
1,878
45,710
47,588
39,275
8,313
8,828
6,228
2,600
8,828		 2022
£
710
710
40,759
55,039
95,798
13,364
82,434
83,144
74,344
8,800
83,144

Approved by the board on 15 January 2024 and signed on its behalf by:

…………………….

S L Singh Trustee

-7-

GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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) (issued October 2019) charities SORP (FRS102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in these notes.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Fund accounting policy

Unrestricted Funds – The funds are held so that they can be used in accordance with the Charity’s objects at the discretion of the Trustees.

Restricted Funds – The funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

Income

Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations and any associated income tax reclaimable from H M Revenue & Customs are recognised on a receivable basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement is required and the amount can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with

regulation and good practice.

Grants payable are payments made to individuals and institutions in furtherance of the Charity’s charitable objectives. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has fulfilled the conditions.

-8-

GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

Cash and bank in hand

Cash at bank and in hand comprise of cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

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

Financial instruments

The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in the income statement.

Critical Accounting Estimates and Judgements

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are not critical accounting estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2 Donations and legacies

Donations
Donations and legacies		 Unres-
tricted
£
113,766
113,766		 Res-
tricted
£
19,800
19,800		 Total
2023
£
133,566
133,566		 Unres-
tricted
£
138,403
138,403		 Res-
tricted
£
16,200
16,200		 Total
2022
£
154,603
154,603

3 Charitable Activities - Income

Charitable activities
Lectures and presentations		 Unres-
tricted
£
6,152
6,152		 Res-
tricted
£
-
-		 Total
2023
£
6,152
6,152		 Unres-
tricted
£
-
-		 Res-
tricted
£
-
-		 Total
2022
£
-
-

-9-

GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

4 Charitable Activities – Expenditure

Unres-
tricted
£
Charitable grants
Charitable donations (Detailed
in Trustees' Annual Report)
58,281
Research and education activities
Salaries
34,168
Employer's NI
-
Pension contributions
1,367
Legal and professional fees
25,467
Consultancy fees
64,104
Research and development
-
Post, stationery and computer
72
consumables
Computer costs
244
Marketing
1,352
Telephone and internet
119
Insurance
273
Travel and subsistance
426
Credit card charges
32
Transaction charges
434
Sundries
60
Depreciation
Support costs
266
Governance costs
Independent examination fee
1,650
130,034
Total expenditure
188,315		 Res-
tricted
£
18,000
8,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,000
26,000		 Total
2023
£
76,281
42,168
-
1,367
25,467
64,104
-
72
244
1,352
119
273
426
32
434
60
266
1,650
138,034
214,315		 Unres-
tricted
£
71,200
37,891
8
950
292
36,088
144
120
-
1,656
140
231
10
32
465
94
39
1,500
79,660
150,860		 Res-
tricted
£
14,400
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,400		 Total
2022
£
85,600
37,891
8
950
292
36,088
144
120
-
1,656
140
231
10
32
465
94
39
1,500
79,660
165,260

5 Staff Costs and Trustees’ Emoluments

During the year 1 person was employed by Good Thinking (2022: 1 ). The average number of employees was 1 during the year (2022: 1). Gross salaries paid during the year amounted to £42,168 (2022: £37,891).

The charity considers its key management personnel to comprise the Trustees.

None of the Trustees received remuneration for their work as trustees. The Trustees incurred expenses of £120 on behalf of the charity during the year ended 5 April 2023 (2022: £Nil). £Nil was still to be reimbursed at the year end (2022: £Nil).

6 Related Party Transactions

There were no related party transactions during the current or previous year.

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GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

6 Fixed Assets

7

Cost
At 6 April 2022
Additions
Disposals
At 5 April 2023
Depreciation
At 6 April 2022
Charge for the year
Eliminated on disposal
At 5 April 2023
Carrying amount
At 6 April 2022
At 5 April 2023
Debtors
Accrued income
Prepayments
Gift aid recoverable		 Computer
Equipment
£
749
169
(99)
819
39
271
(6)
304
710
515
2023
£
256
1,078
544
1,878		 Total
£
749
169
(99)
819
39
271
(6)
304
710
515
2022
£
525
724
39,510
40,759

8

Creditors – amounts due in less than one year

Trade creditors
Accruals and deferred income
Social security		 2023
£
370
38,104
801
39,275		 2022
£
781
11,831
752
13,364

-11-

GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

9 Statement of funds

Restricted funds
Top-Top Set Maths Project
Total restricted funds
Unrestricted funds
General
Total Funds
Restricted funds
Top-Top Set Maths Project
Total restricted funds
Unrestricted funds
General
Total Funds		 Balance
06.04.22
£
8,800
8,800
74,344
83,144
Balance
06.04.22
£
7,000
7,000
86,778
93,778		 Income
£
19,800
19,800
120,199
139,999
Income
£
16,200
16,200
138,426
154,626		 Expend-
iture
£
(26,000)
(26,000)
(188,315)
(214,315)
Expend-
iture
£
(14,400)
(14,400)
(150,860)
(165,260)		 Balance
05.04.23
£
2,600
2,600
6,228
8,828
Balance
05.04.23
£
8,800
8,800
74,344
83,144

Donations were received during the year of £19,800 from John Lyon’s Charity. These donations were received to support schools with the additional costs of running the Top-Top Set Maths Project. £19,800 of the funds were spent during the year.

-12-

GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

10 Analysis of net assets between funds

Fixed assets
Net current assets
Fixed assets
Net current assets		 Unres-
tricted
£
515
5,713		 Res-
tricted
£
-
2,600
2,600
Res-
tricted
£
-
8,800
8,800		 Total funds
2023
£
515
8,313
8,828
Total funds
2022
£
710
82,434
83,144
6,228
Unres-
tricted
£
710
73,634
74,344

-13-