THE WEMBLEY TO SOWETO FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
Charity Registration No. 1156984
THE WEMBLEY TO SOWETO FOUNDATION Legal and Administrative Information
Trustees
John Phillips
Dame Janet Suzman Alex N. Goodman (Resigned on 19 November 2022) David Magliano (Appointed on 19 November 2022)
Charity No.
1156984
Registered Address
2nd Floor 16 Stratford Place London W1C 1BF
Independent Examiners
Moore Kingston Smith LLP Chartered Accountants Betchworth House 57-65 Station Road Redhill Surrey RH1 1DL
www.mooreks.co.uk
THE WEMBLEY TO SOWETO FOUNDATION
| CONTENTS | PAGE |
|---|---|
| Report of the Directors and Trustees | 1-3 |
| Indepdendent Examiners' Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7-9 |
THE WEMBLEY TO SOWETO FOUNDATION Trustees' Report For the Year Ended 28 February 2022
The Trustees present their Annual Report, together with the unaudited financial statements, for the year ended 28 February 2022.
Structure Governance and Management
The charity was registered on 8 May 2014 as a Charitable Incorporated Organisation.
The Charity is governed by its constitution. There are three Trustees and a CEO. During the period, the Trustees have individually met with the CEO on a number of occasions to discuss strategies for the charity.
The Trustees were chosen by their different knowledge and expertise. The CEO who is also the promoter of the charity invited the Trustees to take up their appointment and they agreed to do so.
Objectives and Activities
The objects and activities of the charity, as fully described in its constitution are:
(1) For the public benefit to advance education in the UK and internationally by:
(a) The provision of training to persons who are in need by reason of age, ill health, disability, financial hardship or other disadvantage, in photography and other visual media and communication skills, in order to better enable such persons to express themselves and improve their quality of life and thereby also raise public awareness of the issues and experiences they encounter; and
(b) Supporting and advising other charities, groups and organisations carrying out development projects in the use of photography and other visual media to advance the education of and/or to relieve poverty or other hardship suffered by such persons.
(2) To advance in life and help young people through:
(a) The provision of recreational activities provided in the interest of social welfare, designed to improve their conditions of life; and
(b) Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.
Achievements and Performance during the year
The charity through its promotion, publicity and events has attracted prominent global donors who provide continued support.
During the year the charity continued to work on and confirm, after lengthy research and development, partnerships with The British Council, The Qatar Foundation and Street Child United for both The Qatar Street Child World Cup and the 2022 FIFA World Cup. The W2S documentary feature film continued its development, with Alleycats Films coming on board as a Coproducer. Further commitments were made by Participant Media, Getty, LA Galaxy, Leica LA and The Maiden Factor to provide opportunities for disadvantaged young people living in Los Angeles. With Maiden Factor a project continues its development to teach disadvantaged girls from across the globe using the yacht “Maiden” as a travelling teaching space. Not only have two of our former students been confirmed as the official photographers of the project, two have been selected as ambassadors for the project along with worldwide celebrities Whoopi Goldberg and Jamie-Lee Curtis.
Page One
THE WEMBLEY TO SOWETO FOUNDATION Trustees' Report (continued) For the Year Ended 28 February 2022
Outlook for the coming year and future plans
Upcoming plans include courses run through various sporting events and organisations, including:
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the completion of a project to train young people in the LA Projects using students as teachers
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An exhibition at BAFTA and the Leica LA gallery US exhibiting work produced in the planned LA project.
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Further courses in Honduras, Colombia and Washington DC in collaboration with the World Bank.
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Continue film project charting UK students as teachers working with their US counterparts
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Courses with Street Child United at Cricket World Cup 2023 and FIFA World Cups 2022 & 2026
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Continue to work with Sussex-based charities on various outreach projects on The South Coast
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Large-scale exhibitions in Brighton, London, Washington DC and Los Angeles
The charity plans to continue to exhibit students' work wherever possible from the courses, in order to raise awareness and further funding.
Funding has been secured for some events, and being sourced for others from individual and corporate donors as well as various charitable foundations. Leica have agreed to supply cameras and funding for the 2022 LA project.
Financial Review and Reserves Policy
At the year end, the charity raised no income and incurred expenditure of £2,382 resulting in a deficit of £2,382 and a cumulative deficit on unrestricted reserves of £12,424.
The trustees are hopeful of escalating funding in the next year so that the charity can be self-sufficient and achieve a surplus in reserves.
It is the Trustees’ aim to maintain unrestricted funds, which will be the free reserves of the charity, at a level which exceeds approximately six months unrestricted expenditure.
Public Benefit
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning future activities.
Trustees
The following Trustees have served during the period:
John Phillips Dame Janet Suzman Alex N. Goodman (Resigned on 19 November 2022) David Magliano (Appointed on 19 November 2022)
One trustee has been appointed and one trustee has resigned during the period.
Legal and Administrative Information
The charity is registered as a CIO by the Charity Commission, number 1156984.
Page Two
THE WEMBLEY TO SOWETO FOUNDATION Trustees. Report (continued) For the Y•ar Ended 28 February 2022 Rl$k Managwnont Athough the charity rLnlinues to in¢rease ils income. it is still partially reliant on generous loans. The continued risk to the charity is possibly bwng unable to rais¢ adequate funds in future. This risk 1$ being managed by the ¢onslant endeavourto ralsg fvnds. stat•m¢nt of the Trwtso•' Re8pon8lbllltlo The Trustees are responsible for preparing the Trustees, Report and the financlal stslements in aldance with appfi¢abl$ law and United Kingdotn Accounting Standards (Unfted lQngdom Generally Accepted AcUnting PraGbce}. Tha law applicablo lo charities Sn England & Wales requires the Trustees lo prepare finanty81 ststemenls for each financ4al period which give a true and fair view of tho slate of the affair5 of the ¢h8rity and of the incoming resources and application of r8sour¢98 of the tharity for that period. In preparing these financial 8latementS. the Trustees a required to: select suilable ar£ounling pollaes and then apply them consistenuy, ob¥erve the method• an(J pfiiiciplvs ii) tli¥ Choiilies SORP". makejudgements and esttmales that are reasonable and prudent- stale whether appliozble UK Accounln9 Standards have beert followed, subJe¢l to any material departures disdosed and explained in the finanaal slalernents., and prepare the finanfji41 &taternents on Lhe goiny n1n basis unless it Is Inappioprlate to PSue that th¢ charity will o)nlinue in operation. The Trustees are responsible for keeping proper accounting recxjrds vthich disclose with reasonable accJJracy at any time the finencA81 position of the charity and whith enable them to ensu that the ffinancial statements cornply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the Provisions of the Trust deeds. They are also responsible for saleguarding the assets of the charity and hen¢¢ fortaking reasonable steps for the prevention and detection offraud and other irregularitiès. staternent of dl$¢lo$ur¢ ta Ind•ndént Examln•rs In $0 far as the TNslee$ are aware.. there 1$ no relevant information of vthich the charitable companls Indapgndenl Examiner is unovrare: the Trusl¢es have taken all ¥tep5 that th&y ought to h8¥e tsken to make th¢mselves aware of any relevant infomiation and lo e3tsbll$h that the Independenl Examiner is aware of that InfOTration. By Order ofthe 8oard D. Magliano Tru$te• 2nd Floor 16 Slratford Place London W1C 1BF Date: Pag• Thre•
THE WEMBLEY TO SOWETO FOUNDATION Independent Examiner's Report to the Members of The Wembley to Soweto Foundation
I report on the accounts of The Wembley to Soweto Foundation for the year ended 28 February 2022, which comprise the Statement of Financial Activities, Balance Sheet and related notes.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust’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 Act.
Independent examiner’s statement
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 a member of the ICAEW, 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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1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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2) the accounts do not accord with those records; or
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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.
Betchworth House 57-65 Station Road Redhill Surrey RH1 1DL
Date:
Paul E M Samrah On behalf of Moore Kingston Smith LLP Chartered Accountants
Page Four
THE WEMBLEY TO SOWETO FOUNDATION Statement of Financial Activities For the Year Ended 28 February 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Note | Funds | Funds | |
| 2022 | 2021 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Charitable Activities | - | - | |
| Total Operating Income | - | - | |
| EXPENDITURE | |||
| Charitable Activities | 2 | 2,382 | 2,031 |
| Total Operating Expenditure | 2,382 | 2,031 | |
| Net Operating (Expenditure)/ Income | (2,382) | (2,031) | |
| Net Movement in Funds | (2,382) | (2,031) | |
| Total Funds Brought Forward | (10,042) | (8,011) | |
| Total Funds Carried Forward | (12,424) | (10,042) |
The statement of financial activities includes all gains and losses recognised in the year and all income and expenditure derives from continuing activities.
Page Five
THE WEMBLEY TO SOWETO FOUNDATION Balance Sheet AS at 28 February 2022 2021 Curr•ntAB•e Stock Cthsh at bank And In nd 378 3,378 378 3.378 Credltarn: Amounts f•lllng du• wlthln on• ymr N•t U•blllll 12.424 10,042 Accwnul•t•d Fund• Unr••lrfGt•d Fund$- G•nw41 12.424 10.042 Apprnved by th• Tw•t••$ 4)n 2 g No8b&[ 01 d •ign•d Qn b b•11 ty.- TNAt••- D. Magll•no Pag• SIX
THE WEMBLEY TO SOWETO FOUNDATION Notes to the Financial Statements For the Year Ended 28 February 2022
1. Accounting Policies
(a) Accounting basis and standards
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a public benefit entity for the
purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
(b) Going Concern
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions, including the impact of the Covid-19 pandemic, that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charity's forecasts and projections and have taken account of pressures on income. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees are hopeful of escalating funding in the next year so that the charity can be self-sufficient and achieve a surplus in reserves. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
(c) Income
All income is recognised when there is an entitlement to the funds, the receipt is probable and the amount can be measured reliably.
(d) Resources expended
Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. 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 benefit will be required in settlement and the amount of the obligation can be measured reliably.
Governance costs comprise the cost of running the charity, including external accountancy, Trustees' legal advice and constitutional and statutory compliance costs. These have been included in support costs.
(e) Stock
Stock is valued at the lower of cost and net realisable value.
(f) Fund Accounting
Funds held by the Charity are either:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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THE WEMBLEY TO SOWETO FOUNDATION Notes to the Financial Statements (continued) For the Year Ended 28 February 2022
1. Accounting Policies (Contd)
(g) Critical Accounting Estimates and Areas of Judgement
In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have made a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk or material adjustment in the next financial year.
(h) Cash Flow Statement
The Charity has taken the exemption available in paragraph 7.1B of FRS 102 and has not prepared a cash flow statement.
(i) Financial Instruments
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less.
Debtors and creditors
Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price.
2. Expenditure
| Expenditure directly allocated to activities Project travel and accommodation Support costs allocated to activities Independent Examiner's fees Storage rental |
Direct Costs £ - - - |
Support Costs £ - 1,262 1,120 2,382 |
Total 2022 £ - 1,262 1,120 |
|---|---|---|---|
| 2,382 |
Page Eight
THE WEMBLEY TO SOWETO FOUNDATION Notes to the Financial Statements (continued) For the Year Ended 28 February 2022
2. Expenditure (Contd)
| Expenditure directly allocated to activities Project travel and accommodation Support costs allocated to activities Independent Examiner's fees Storage rental |
Direct Costs £ (159) - - (159) |
Support Costs £ - 1,230 960 2,190 |
Total 2021 £ (159) 1,230 960 |
|---|---|---|---|
| 2,031 |
Included within support costs are governance costs of £1,262 (2021: £1,230).
All expenditure on charitable activities was unrestricted.
3. Employee Information
There were no employees during the year.
4. Trustees and Key Management Personnel
Key management personnel include the Trustees of the Charity and the CEO.
The Trustees received no remuneration or benefits in kind from the Charity. No Trustees were reimbursed expenses during the period.
5. Taxation
The Charity is not liable to Corporation Tax as the income is of an exempt nature.
6. Creditors: Amounts falling due within one year
| Creditors: Amounts falling due within one year Accruals Other creditors |
2022 £ 1,322 14,480 15,802 |
2021 £ 1,230 12,190 |
|---|---|---|
| 13,420 |
All creditors are financial instruments and are measured at present value.
7. Movement in Funds
| Movement in Funds | ||||||
|---|---|---|---|---|---|---|
| Unrestricted funds - general | 1 March 2021 £ (10,042) |
Incoming £ - |
Outgoing £ (2,382) |
28 | February 2022 | |
£ (12,424) |
8. Related Party Transactions
Included within creditors at the Balance Sheet date is £13,310 (2021: £10,960) owed to the CEO.
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