## **GOOD THINKING**
## **UNAUDITED TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
**REGISTERED CHARITY NO: 1147404**
**GOOD THINKING TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **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 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 2 Victoria Street Westminster London SW1H 0ND
A C Mole LLP Chartered Accountant Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
-1-
**GOOD THINKING TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees present their report and financial statements for the year ended 5 April 2024.
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 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 £239,317 in donations and associated Gift Aid during the year (2023: £139,999).
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.
-2-
**GOOD THINKING TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024**
Material Grants to Institutions:
|Top-Top Set Maths Project
Full Fact
Sense about Science
Other grants
Total|**2024**
£Nil
£4,000
£3,000
£2,430
£9,430|**2023**
£68,400
£4,000
£Nil
£3,881
£76,281|
|---|---|---|
As planned, the Top-Top Set Maths Project ended after the Summer 2023 term.
Euclid, a new maths initiative, started in September 2023.
Euclid offers free online tutoring to secondary school pupils, who demonstrate a gift for mathematics. There is a fourstage admission process which test the pupil’s ability in mental arithmetic, maths facts, problem solving and the ability to learn new maths.
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.
A grant of £3,000 was made to Sense about Science in support of their work to RAG rate policies for evidence transparency in an election year.
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.
JMKA Education continue to assist with the running of the Maths Masterclass project and other Maths projects and there are plans to employ an experienced teacher to help develop Euclid.
It is anticipated that there will be 500 pupils in the Euclid program by January 2025. There will also be a program to start running a Year 6 program to find students from a wider range of backgrounds.
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**GOOD THINKING TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024**
## **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 surplus of £31,400 (2023: Deficit of £74,316) have been transferred to the accumulated funds of the charity.
## **Reserves**
The reserves of the Charity at the period end are £40,228 (2023: £8,828). The unrestricted funds of the charity amounted to £40,228 (2023: £6,228). The free reserves of the Charity amounted to £39,986 (2023: £5,713).
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' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
- 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 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 Singh Trustee
Date: 4 December 2024
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**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS 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 2024, 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:
- (1) accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 LLP Chartered Accountants Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Date: 4 December 2024
-5-
## **GOOD THINKING**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 5 APRIL 2024**
|**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**
**£**
238,133
1,183
1
**239,317**
205,317
**205,317**
34,000
**34,000**
6,228
**40,228**|**Res-**
**tricted**
**£**
-
-
-
**-**
2,600
**2,600**
(2,600)
**(2,600)**
2,600
**-**|**Total**
**2024**
**£**
238,133
1,183
1
**239,317**
207,917
**207,917**
31,400
**31,400**
8,828
**40,228**|**Unres-**
**tricted**
**£**
113,766
6,152
281
**120,199**
188,315
**188,315**
(68,166)
**(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**|
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**GOOD THINKING BALANCE SHEET**
## **FOR YEAR ENDED 5 APRIL 2024**
|**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|**2024**
**£**
242
242
14,643
32,523
47,166
7,180
39,986
40,228
40,228
-
40,228|**2023**
**£**
515|
|---|---|---|
|||515
1,878
45,710|
|||47,588
39,275|
|||8,313
8,828
6,228
2,600
8,828|
Approved by the board on 4 December 2024 and signed on its behalf by:
S Singh Trustee
-7-
**GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **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**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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.
## **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.
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**GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **1 Accounting policies (continued)**
## **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 recognised 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 no 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**
**£**
238,133
238,133|**Res-**
**tricted**
**£**
-
-|**Total**
**2024**
**£**
238,133
238,133|**Unres-**
**tricted**
**£**
113,766
113,766|**Res-**
**tricted**
**£**
19,800
19,800|**Total**
**2023**
**£**
133,566
133,566|
|---|---|---|---|---|---|---|
## **3 Charitable Activities - Income**
|**Charitable activities**
Lectures and presentations|**Unres-**
**tricted**
**£**
1,183
1,183|**Res-**
**tricted**
**£**
-
-|**Total**
**2024**
**£**
1,183
1,183|**Unres-**
**tricted**
**£**
6,152
6,152|**Res-**
**tricted**
**£**
-
-|**Total**
**2023**
**£**
6,152
6,152|
|---|---|---|---|---|---|---|
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## **GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **4 Charitable Activities – Expenditure**
|**Unres-**
**tricted**
**£**
**Charitable grants**
Charitable donations (Detailed
in Trustees' Annual Report)
9,430
**Research and education activities**
Salaries
44,061
Pension contributions
1,589
Training
450
Legal and professional fees
49,158
Consultancy fees
93,323
Post, stationery and computer
112
consumables
Computer costs
2,380
Marketing
1,981
Telephone and internet
142
Insurance
274
Travel and subsistence
-
Credit card charges
19
Transaction charges
392
Sundries
35
Depreciation
**Support costs**
273
Governance costs
Independent examination fee
1,698
195,887
**Total expenditure**
205,317|**Res-**
**tricted**
**£**
-
2,600
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,600
2,600|**Total**
**2024**
**£**
9,430
46,661
1,589
450
49,158
93,323
112
2,380
1,981
142
274
-
19
392
35
273
1,698
198,487
207,917|**Unres-**
**tricted**
**£**
58,281
34,168
1,367
-
25,467
64,104
72
244
1,352
119
273
426
32
434
60
266
1,650
130,034
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|
## **5 Staff Costs and Trustees’ Emoluments**
During the year 1 person was employed by Good Thinking (2023: 1 ). The average number of employees was 1 during the year (2023: 1). Gross salaries paid during the year amounted to £46,661 (2023: £42,168).
None of the Trustees received remuneration for their work as Trustees. The Trustees incurred expenses of £205 on behalf of the charity during the year ended 5 April 2024 (2023: £120). £Nil was still to be reimbursed at the yearend (2023: £Nil).
-10-
**GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **6 Fixed Assets**
## **7**
|**Cost**
At 6 April 2023
Additions
At 5 April 2024
**Depreciation**
At 6 April 2023
Charge for the year
At 5 April 2024
**Carrying amount**
At 6 April 2023
At 5 April 2024
**Debtors**
Accrued income
Prepayments
Other debtors
Gift aid recoverable|**Computer**
**Equipment**
**£**
819
-
819
304
273
577
515
242
**2024**
**£**
284
1,201
210
12,948
14,643|**Total**
**£**
819
-|
|---|---|---|
|||819|
|||304
273|
|||577|
|||515
242
**2023**
**£**
256
1,078
-
544
1,878|
|Trade creditors
Accruals and deferred income
Social security|**2024**
**£**
253
5,947
980
7,180|**2023**
**£**
370
38,104
801
39,275|
|---|---|---|
> **8 Creditors – amounts due in less than one year**
-11-
**GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **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**
**06.04.23**
**£**
2,600
2,600
6,228
8,828
**Balance**
**06.04.22**
**£**
8,800
8,800
74,344
83,144|**Income**
**£**
-
-
239,317
239,317
**Income**
**£**
19,800
19,800
120,199
139,999|**Expend-**
**iture**
**£**
(2,600)
(2,600)
(205,317)
(207,917)
**Expend-**
**iture**
**£**
(26,000)
(26,000)
(188,315)
(214,315)|**Balance**
**05.04.24**
**£**
-|
|---|---|---|---|---|
|||||-|
|||||40,228|
|||||40,228|
|||||**Balance**
**05.04.23**
**£**
2,600|
|||||2,600|
|||||6,228
8,828|
Donations were received in the previous year from John Lyons Charity. These donations were received to support Schools with the additional costs of running the Top-Top set Maths project. This fund was fully utilised in the year.
-12-
**GOOD THINKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **10 Analysis of net assets between funds**
|Fixed assets
Net current assets
Fixed assets
Net current assets|**Unres-**
**tricted**
**£**
242
39,986
40,228
**Unres-**
**tricted**
**£**
515
5,713
6,228|**Res-**
**tricted**
**£**
-
-
-
**Res-**
**tricted**
**£**
-
2,600
2,600|**Total funds**
**2024**
**£**
242
39,986
40,228
**Total funds**
**2023**
**£**
515
8,313
8,828|
|---|---|---|---|
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