## **THE WILBUR AND NISO SMITH FOUNDATION** ## **UNAUDITED** ## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 JUNE 2022** Page **1** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **CONTENTS** ||Page| |---|---| |Charity Reference and Administrative Details|3| |Trustees Annual Report|4 - 9| |Independent Examiners Report|10| |Statement of Financial Activities|11| |Balance Sheet|12| |Notes to the Financial Statements|13 - 23| ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2022** ## **Trustees** Mokhiniso Rakhimova Smith Sebastian Davey Ruth Sorby (appointed 3rd March 2022) ## **Charity registered number** 1161513 ## **Registered office** Unit 9 5-7 Wells Terrace London N4 3JU ## **Principal operating office** Unit 9 5-7 Wells Terrace London N4 3JU ## **Accountants** Mercer & Hole LLP 72 London Road St Albans Hertfordshire AL1 1NS ## **Bankers** C. Hoare & Co. 37 Fleet Street London EC4P 4DC1 Credit Suisse CH-8070 Zurich 0835 ## **Independent Examiner** Steve Robinson FCA Silbury Court 420 Silbury Boulevard Milton Keynes MK9 2AF Page **3** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT, YEAR END 30 JUNE 2022** The trustees present their annual report and financial statement of the activities and position of The Wilbur & Niso Smith Foundation for the year ended 30[th] June 2022. ## **1. REFERENCE AND ADMINISTRATIVE DETAILS** The Wilbur & Niso Smith Foundation is as a Charitable Incorporated Organisation (CIO), registered with the Charity Commission in England and Wales, charity number 1161513. The CIO always works under the name The Wilbur & Niso Smith Foundation. The Wilbur & Niso Smith Foundation is based and administered in the United Kingdom. The registered address is Unit 9, 5-7 Wells Terrace, London, N4 3JU. The Foundation operates from the same address. ## **TRUSTEES** The trustees who held office during the year were as follows: Wilbur Addison Smith (deceased 13th November 2021) Mokhiniso Rakhimova Smith (1[st] May 2015 – present day) Sebastian Davey (6th October 2020 – present day) Ruth Sorby (3[rd] March 2022 – present day) ## **2. STRUCTURE, GOVERNANCE AND MANAGEMENT** The Wilbur & Niso Smith Foundation is a Charitable Incorporated Organisation (CIO), governed by its Constitution dated 1[st] May 2015, and registered with the Charity Commission. The management of the CIO is conducted by its trustees. During this period, the CIO employed one full-time member of staff to oversee its running. When appropriate, additional trustee recruitment is conducted by the current trustees by invitation. The CIO works with additional freelance support staff. The number of trustees must be a minimum of three at any time and new Trustees may be appointed for a renewable term of three years. No trustee receives remuneration or other benefit from their work with the Foundation. ## **3. OBJECTIVES AND ACTIVITIES** The CIO’s objectives are for the benefit of the general public. The CIO aims: - to promote and assist in the advancement of the arts and culture, in particular but not limited to the art of literature, and to extend and increase appreciation, knowledge and understanding of the same - • to promote and assist in the advancement of education, in particular but not limited to education relating to or associated with the art of literature - advance other such purposes that are exclusively charitable according to the law of England and Wales as the trustees in their absolute discretion think fit Page **4** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **REVIEW OF ACTIVITIES** The CIO’s focus throughout 2021-2022 was to continue to provide digital opportunities for readers and aspiring writers, alongside expanding the impact of the flagship programme, the Wilbur Smith Adventure Writing Prize. The Prize’s ethos remains, ‘An Adventure for Everyone’. The CIO encouraged more readers to participate, introducing them to the shortlisted novels, alongside celebrating the authors’ success. Outside of the Prize, the CIO continued to strengthen relationships with other literacy and literature organisations to reach more beneficiaries and drive greater impact than would be possible alone. The CIO began planning to create additional income streams to support the Foundation’s work into the future. The Foundation continued to engage with its community in a digital manner and started to consider a return to some inperson work going forward. ## **2021 WILBUR SMITH ADVENTURE WRITING PRIZE** The annual Wilbur Smith Adventure Writing Prize supports and celebrates the best adventure fiction of the last year. The Prize accepts entries in three categories: Best Published Novel, Best Unpublished Manuscript, and the Author of Tomorrow, for short stories by young writers, aged 21 and under. After a hiatus due to Covid-19, the £10,000 Best Published Novel award returned. Taking inspiration from the previous year’s online event success, this year’s Prize included author-led digital events and recorded interviews with each writer, alongside discussion sheets for book clubs. All events were free to attend and recorded. The terms and conditions for the Best Unpublished Manuscript, in partnership with Bonnier Books, UK were challenged and resulted in a disqualification. This ultimately led to no winner being awarded in the unpublished category for 2021’s Prize. Instead, five remaining authors on the shortlist accepted the offer of one-to-one editorial support, to further help them to reach the standard necessary for submission to publishers and agents. The CIO’s working relationship with a freelance literary consultant culminated in September 2021, upon their retirement. Ten young writers shortlisted for the Author of Tomorrow worked with a professional editor before their stories were published in 2021’s digital anthology, _Strength, Sacrifice and Sea Monsters_ . The anthology is available in the CIO’s partner, Worldreader’s open library, to anyone, anywhere in the world with internet access. An additional 80 young writers were commended and could request bespoke feedback. The overall prize-winners were announced at an online awards ceremony on 15[th] September 2021: ## **Best Published Novel | Prize: £10,000** _Miss Benson’s Beetle_ by Rachel Joyce (UK) ## **Author of Tomorrow, in partnership with** _**Worldreader**_ ## **16-21 Years | Prize: £1,000 and digital publication** _The Paths We Tread Together_ by Charis Odoki (UK) ## **12-15 Years | Prize: £100 and digital publication** _The Fisherman_ by Heather Chapman (UK) Page **5** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **11 and Under | Prize: £100 and digital publication** _Burning_ by Aaron Ding (Australia) ## **Wilbur and Niso’s commendation, Prize: £200 and digital publication;** _The Graves on the Mountain_ by Joseph Dodd (UK) Previous participating writers saw success with the winner of 2020’s Best Unpublished Manuscript _, Cave Diver_ by Jake Avila, being published in August 2021 in the UK and Australia. Additionally, author Emma Bamford, shortlisted in 2019 for her unpublished manuscript, _These Yellow Sands_ , published the novel with the new title, _Deep Water_ , in the UK and USA in June 2022. ## **2022 WILBUR SMITH ADVENTURE WRITING PRIZE** As in previous years, the CIO invited a voluntary panel of librarians and library staff to select the long- and shortlists for the Best Published Novel and organised a judging panel of literary or adventure experts to select the final winner. 2022’s expert panel comprised Jon Coates, book reviewer for the Daily Express and deputy news editor for the Sunday Express; Dwayne Fields, explorer, broadcaster and the first black Briton to go to the North Pole; Pip Stewart, explorer and writer; and Rachel Joyce, author and winner of the 2021 Wilbur Smith Adventure Writing Prize. The CIO received 129 submissions for 2022’s Best Published Novel, a submission total level with previous years. Three online events with the published shortlisted writers took place over the summer (with one falling into next year’s reporting). The events were well-attended and recorded to be made available at a later date. The Reader’s Vote returned with the public invited to place three votes for their favourite novels on the shortlist, giving the CIO a call to action to involve the public more widely in the Prize. Their votes collated, counted towards one seat on the judging panel. Book group discussion sheets and recorded interviews were made available to readers, online. The CIO’s offer for unpublished writers, in partnership with Bonnier Books UK, was redesigned for 2022’s prize cycle and going forward. The Foundation has learned it is more impactful for a writer’s long-term career to receive one-toone editorial support, to develop their craft and assist them in making their manuscript the best it can be, than it is to be immediately awarded a publishing deal. Consequently, the Best Unpublished Manuscript award transitioned into the New Voices award. The programme sees writers submit opening chapters and a plot outline, with five being selected for a one-to-one mentoring and editorial programme, to take their idea to complete first draft. New Voices continues to receive support from publisher Bonnier Books and entry fee waivers were made available to those for whom payment is not possible. The Author of Tomorrow award received 476 submissions. The awards ceremony was planned again as a virtual event, with the intention of returning in-person in 2023. The CIO continues to shun paid advertising, instead using organically grown networks, partnerships and word of mouth to increase profile of the Prize. Page **6** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **OTHER ACTIVITY** The CIO was saddened by the passing of Wilbur Smith in November 2021. Founder, trustee and Wilbur Smith’s wife, Niso Smith, confirmed the CIO’s future and expressed a renewed vigour to deliver work in line with the Foundation’s mission. The Foundation partnered with literary magazine Write On! to provide promotion for the published authors, literary insights for readers and publication opportunities for aspiring writers through a series of interviews, features and a showcase. The CIO accepted an invitation from the Stationers’ Company to run an online Literary Evening for their membership, hosted by veteran BBC Radio 4 and BBC World Service broadcaster, Peter Day, with two of the published shortlisted authors. The CIO continued its partnership with Pen to Print to host a series of events with industry professionals, with seven taking place over this period. Topics included, _Commissioning Non-Fiction, Screen vs. Page, Road Stories, Narrative Drive_ , and _Building a World._ Participants attended from across the world _._ Together with Pen to Print, the CIO piloted a set of Agent Surgeries, with nine writers invited to submit work and then participate in a one-to-one session with a literary agent working in their genre. Feedback from participants was overwhelmingly positive. 206 books were donated over the period to partner charities and deserving readers. Over the course of the year, the Foundation worked with 26 volunteers across multiple projects. Each volunteer played a vital role in supporting the CIO’s mission. The CIO’s partners at Worldreader continued to host the Author of Tomorrow anthology in their online library. One writer accepted the opportunity to have his title, _With the Wind it Went_ , translated into Spanish ( _Y con el viento se fue),_ for readers in the Americas. The freelance Communications Coordinator, supported by the wider Wilbur Smith brand, resigned in September 2021. A new coordinator was in place for seven months, for which the Foundation received 15 hours per month in kind. The Foundation’s social media channels were viewed as an extension of Wilbur Smith’s and this joined up approach continues to benefit the CIO’s ambition to increase reach and advance adventure writing as a genre. Towards the end of the year, the CIO turned its attention to income generation. Work began to develop a set of online writing classes, and to undertake a period of fundraising consultancy. Both projects are scheduled to take place in the next reporting period. All CIO trustees are aware of their obligations, paying due care and attention to ensure the CIO’s work delivers public benefit as per the Charity Commission’s guidelines. ## 4. **ACHIEVEMENTS AND PERFORMANCE** A total of 665 entries were received from 58 different countries for the 2022 Wilbur Smith Adventure Writing Prize. The shortlists were diverse across the categories, with published authors hailing from the UK, UK/Norway, Canada and Nigeria; New Voices authors from the USA, Australia/South Africa and the UK; and the Authors of Tomorrow from the UK, USA, Malaysia, Singapore and Mexico. With a concealed review process where possible, the CIO is pleased with this genuine diversity and global reach. Of the volunteers, 14 were librarians and library staff who joined the voluntary review panel for the Best Published Novel. The selected team were dedicated and insightful, sharing their knowledge of the books and events with their communities as well as conducting their reviewing responsibilities. Their involvement continues to be highlight of the calendar. New discussion sheets for reading groups continue to be accessed and downloaded via the CIO’s website. Circa 75 guests joined the live online interviews with the authors shortlisted for the Best Published Novel, with an additional 50 joining for the Stationers’ Company Literary Evening. Page **7** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** _‘I don’t often do events (not my normal comfort zone) but I’d do something with you both again any day of the week. :) Thank you for making it fun.’_ ## - ## **Writer participating in Best Published Novel online interview** _‘Fascinating session listening to Giles and Lizzie, both really articulate and passionate about their work. Thank you, for another great insight into the writing mind.’_ ## - **Attendee of Best Published Novel online interview** Despite the challenges faced during 2021 regarding the Best Unpublished Manuscript award, the further editorial development was well-received by the shortlisted writers who accepted it. _'I'm so thankful to be shortlisted by the Foundation, and for the opportunity and inspiration that Wilbur Smith, and Niso, gave to me. The Adventure Writing Prize is a gift to writers such as myself, and has fulfilled a dream I never thought possible. I always aspired to write like Wilbur, as I always thought his vivid storytelling had the unique ability to transport me to a completely different, authentic world, and become part of that adventure myself. [This] encourages me to keep working at it and keep writing. So, I wish to thank you all in that regard.'_ ## - ## **Shortlisted Unpublished author** 1,201,074 words were read for the 2021 Author of Tomorrow competition and ten writers, aged 10-21 years, were shortlisted. Twelve volunteer readers supported the Foundation to review the entries. The ten shortlisted received one-to-one editorial feedback, vital for a serious writer of any age. _‘I can't thank The Wilbur & Niso Smith Foundation enough for this learning experience for [my son] - we are so touched by the generosity we received! I migrated to Australia 20 years ago and English is my second language. Sometimes I find the things I can do to help [his] writing are very limited. The professional comments and edits from both you and [the editor] are so valuable […] I am extremely glad to see [he] can learn so much from them.’_ ## - **Mother of Author of Tomorrow author** Additionally, the ten shortlisted writers from the previous year re-joined the team as judges, developing their literary criticism. In 2022, the CIO received 476 entries from 52 countries for the Author of Tomorrow. Since publication, the 2021 anthology, _Strength, Sacrifice and Sea Monsters,_ has been read over 25,000 times. The Author of Tomorrow empowers young writers but also supports the bid to increase global literacy levels. The Agent Surgery pilot was successful with ten writers and two agents involved. _‘I'm looking at my novel draft with fresh eyes. The writing support that WNSF offers to people like myself, an unwaged immigrant working alone up North, is invaluable […] It has spurred me on to continue believing in my story and get it finished.’_ ## - ## **Participating Writer** The seven online industry events in this period were well-attended, reaching a total of circa 200 attendees. Recorded content from all live events is being shared incrementally on YouTube. The CIO’s YouTube content receives 1,000+ viewed minutes per month. _'This event has been at the top of excellent! The speaker/author is so knowledgeable, about other authors and how their works fit into the writing process as examples, as well as his own thought process. Thank you.'_ _'Brilliant session. Thank you for taking the time to provide us with such valuable insight. It has given me so much food for thought.’_ - **Participants of industry-led online events** Page **8** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **5. FINANCIAL REVIEW** All activities undertaken by the CIO came in on budget. Incoming resources totalled £146,515; of which £144,655 were donations and £1,860 other income. The trustees authorised no transfer from the expendable endowment. Due to the ongoing effects of Covid-19, the CIO’s output remained focused on digital work, in order to continue to deliver its aims. The Wilbur Smith Adventure Writing Prize has been restructured to be more impactful for unpublished writers, and to provide additional engagement opportunities for published authors and readers. The CIO has no deficit. At Year End June 2022, the CIO’s financial position is secure, with no concern as to continuation. The Foundation will balance its focus on programme delivery with developing alternative income streams, in order to shape its future. The trustees have decided that there is no need for a formal reserves policy; they have agreed to provide funds as needed from time to time to ensure the Foundation can carry out planned charitable activity. As per Charity Commission guidance, with an income of over £25,000 the CIO has completed an independent examination. Approved by the Board of Trustees on 28 April 2023 and signed on their behalf by **Sebastian Davey 28 April 2023** Page **9** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2022** I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 June 2022 which are set out on pages 11 to 23. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the charity’s trustees 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 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 EXAMINERS 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. Signed……………………………………………………. Date: 28 April 2023 ## **Steve Robinson FCA** **Silbury Court 420 Silbury Boulevard Milton Keynes MK9 2AF** Page **10** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022** ||**Note**||**Restricted**
**funds**
**2022**
**£**||**Unrestricted**
**funds**
**2022**
**£**||**Endowment**
**funds**
**2022**
**£**||**Total**
**funds**
**2022**
**£**||**Total**
**funds**
**2021**
**£**| |---|---|---|---|---|---|---|---|---|---|---|---| |**INCOME FROM:**|||||||||||| |Donations|**2**||5,000||139,655||-||144,655||45,970| |Other income|**3**||||1,860||-||1,860||12,174| |**TOTAL INCOME**|||||141,515||-||146,515||58,144| ||||||||||||| |**EXPENDITURE**
**ON:**|||||||||||| |Charitable activities|**4**||||84,219||-||89,219||72,758| |**TOTAL**
**EXPENDITURE**|||||84,219||-||89,219||72,758| |**NET**
**EXPENDITURE**|||||57,296||-||57,296||(14,614)| |Transfers between
Funds|**11**||||-||-||-||-| |**NET MOVEMENT**
**IN FUNDS**|||||57,296||-||57,296||(14,614)| |**RECONCILIATION**
**OF FUNDS:**|||||||||||| |Total funds brought
forward|||||19,528||92,123||111,651||126,265| |**TOTAL FUNDS**
**CARRIED**
**FORWARD**|||||76,824||92,123||168,947||111,651| All income and expenditure derive from continuing activities. The notes on pages 13 to 23 form part of these financial statements. Page **11** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **BALANCE SHEET AS AT 30 JUNE 2022** ||||||**2022**||||2021| |---|---|---|---|---|---|---|---|---|---| ||**Note**||**£**||**£**||£||£| |**CURRENT ASSETS**|||||||||| |Debtors|**9**||6,739||||5,914||| |Cash at bank and in hand|||166,921||||111,444||| ||||173,660||||117,358||| |**CREDITORS**: amounts
falling due within one year|**10**||(4,713)||||(5,707)||| |**NET CURRENT ASSETS**|||||168,947||||111,651| |**NET ASSETS**|||||168,947||||111,651| ||||||||||| |**CHARITY FUNDS**|||||||||| |Restricted funds|**11**||||-||||-| |Endowment funds|**11**||||92,123||||92,123| |Unrestricted funds|**11**||||76,824||||19,528| |**TOTAL CHARITY FUNDS**|||||168,947||||111,651| The financial statements were approved by the Trustees on 28 April 2023 and signed on their behalf, by: ## ……………………………………… ## **Sebastian Davey** The notes on pages 13 to 23 form part of these financial statements. Page **12** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** ## **1.1 Basis of preparation of financial statements** The Wilbur and Niso Smith Foundation is a charitable incorporated organisation registered with the Charity Commission for England and Wales (registered no. 1161513). The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities are to promote and assist in the advancement of the arts and culture, and education. The 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 the Charities SORP (FRS 102) published 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. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. The Wilbur and Niso Smith Foundation constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound. 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. ## **1.2 Fund accounting** Unrestricted funds 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. Expendable endowments are distinguishable from income funds in that there is no actual requirement to spend or apply the capital unless, or until, the Trustees decide to spend it. If the Trustees exercise the power to spend or apply the capital of the expendable endowment, the relevant funds become unrestricted funds or restricted income funds depending on whether the terms of the gift permit expenditure for any of the Charity's purposes, or only for specific purposes. ## **1.3 Income recognition** All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Page **13** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. ## **1.4 Expenditure recognition** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes all costs incurred on furthering the objects of the Charity. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity. ## **1.5 Support costs allocation** Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with the running of the Charity and compliance with constitutional and statutory requirements. An analysis of these costs is included in Note 6. Page **14** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** ## **1.6 Debtors and creditors receivable / payable within one year** Debtors are recognised when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Creditors are recognised when the Charity has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic benefits. ## **1.7 Financial instruments** The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows: Debtors — Gift Aid claim including repayment supplement is a basic financial instrument and is considered to be a debt instrument measured at amortised cost as detailed in Note 9. Prepayments are not financial instruments. Cash at bank — is classified as a basic financial instrument and is measured at face value. Liabilities — accruals are classified as financial instruments and are measured at amortised cost as detailed in Note 10. ## **1.8 Pensions** When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. ## **1.9 Tax** The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it is able to take advantage of applicable Charity tax exemptions for UK corporation tax purposes. ## **1.10 Going concern** The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The Trustees have agreed to provide funds as need from time to time to ensure the Foundation can carry out planned charitable activity. ## **1.11 Critical accounting estimates and areas of judgment** The only judgement which has been made in the process of applying the above accounting policies that has had a significant effect on amounts recognised in the financial statements is the estimate of the value of gifts in kind. Page **15** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **2. INCOME FROM DONATIONS** ||**Restricted**
**funds**||**Unrestricted**
**funds**||**Endowment**
**fund**||**Total**
**funds**||Total
funds| |---|---|---|---|---|---|---|---|---|---| ||**2022**||**2022**||**2022**||**2022**||2021| ||**£**||**£**||**£**||**£**||£| |Donations|5,000||131,265||**-**||136,265||41,125| |Gifts in kind – Book
donation|-||1,435||**-**||1,435||-| |Gifts in kind –
Accountancy|-||1,200||**-**||1,200||850| |Gifts in kind – Office
Space|-||-||**-**||-||270| |Gifts in kind -
Professional Fees|-||5,555||**-**||5,555||3,525| |Gifts in kind -
Grants|-||200||-||200||200| ||||||||||| |Total 2022|||139,655||**-**||144,655||45,970| ||||||||||| |Total 2021|-||45,970||-||45,970||| Page **16** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **3. OTHER INCOME** ||**Unrestricted**
**funds**||**Endowment**
**fund**||**Total funds**||Total funds| |---|---|---|---|---|---|---|---| ||**2022**||**2022**||**2022**||2021| ||**£**||**£**||**£**||£| |Other income|1,860||-||1,860||12,174| ||||||||| |Total 2022|1,860||-||1,860||12,174| Page **17** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES** ||**Activities**
**undertaken**
**directly**||**Grant**
**funding of**
**activities**||**Support**
**costs**||**Total**||Total| |---|---|---|---|---|---|---|---|---|---| ||**2022**||**2022**||**2022**||**2022**||2021| ||**£**||**£**||**£**||**£**||£| |Advancement of Arts and
Culture|64,412||16,000||8,807||89,219||72,758| |Total 2022|64,412||16,000||8,807||89,219||| In 2022, £84,019 of the expenditure on charitable activities was from unrestricted funds. Grants payable are analysed in Note 5. Support costs are analysed in Note 6. ## **5. GRANTS PAYABLE** |||**2022**||2021| |---|---|---|---|---| |||**£**||£| |Worldreader||5,000||5,000| |Prizes for authors as detailed in
Trustees’ report||11,000
16,000||1,300| |Total||||6,300| Page **18** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **6. SUPPORT COSTS** |||**Advancement**
**of Arts**||**Total**||Total| |---|---|---|---|---|---|---| |||**2022**||**2022**||2021| |||**£**||**£**||**£**| |Email||386||386||149| |Bank Charges||572||572||883| |Governance costs||1,080||1,080||900| |Professional fees||-||-||-| |Office space||3,240||3,240||3,064| |Accountancyfees||1,200||1,200||850| |Insurance||543||543||543| |Postage||338||338||188| |Travel||-||-||79| |Computer running costs
Subsidies
Subscriptions||529
322
597||529
322
597||185
-
-| |||||||| |Total 2022||8,807||8,807||7,077| |||||||| |Total 2021||7,077||7,077||| Governance costs above include the fees payable to the Independent Examiner of £1,080 (2021 - £900) in relation to the Examination of the financial statements. ## **7. NET INCOME/(EXPENDITURE)** This is stated after charging: ||**2022**||2021| |---|---|---|---| ||**£**||£| |Independent Examiners’ Remuneration|1,080||900| During the year, no Trustees received any remuneration (2021 - £nil). During the year, no Trustees, who are considered to be the Key Management Personnel of the Charity, received any employee benefits (2021 - £nil). During the year, no Trustees received any reimbursement of expenses (2021 - £nil). Page **19** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **8. STAFF COSTS AND EMPLOYEE BENEFITS** ||**2022**||2021| |---|---|---|---| ||**£**||£| |Wages and salaries|40,000||40,000| |Social security costs|4,387||4,306| |Otherpensioncosts|1,013||2,363| |Employment allowances
Prioryearemployment allowances|(4,387)
-||(4,000)
(3,000)| ||41,013||39,669| The average number of persons employed by the Charity during the year was as follows: |**2022**|2021| |---|---| |**No.**|No.| |1|1| No employee received remuneration amounting to more than £60,000 in either year. ## **9. DEBTORS** ||**2022**||2021| |---|---|---|---| ||**£**||£| |Other debtors|5,000||-| |Prepayments|1,739||5,914| ||6,739||5,914| ## **10. CREDITORS: Amounts falling due within one year** ||**2022**||2021| |---|---|---|---| ||**£**||£| |Other creditors|3,633||3,907| |Accruals|1,080||1,800| ||4,713||5,707| Page **20** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **11. STATEMENT OF FUNDS** ## **STATEMENT OF FUNDS - CURRENT YEAR** ||||||||||| |---|---|---|---|---|---|---|---|---|---| ||**Balance at 1**
**July 2021**||**Income**||**Expenditure**||**Transfers**
**in/ out**||**Balance at**
**30 June**
**2022**| |**Restricted funds**|||||||||| |Editor Fund|-||5,000||(5,000)||-||-| |**Unrestricted fund**|-||5,000||(5,000)||-||-| |General Fund|19,528||141,515||(84,219)||-||76,824| ||||||||||| |**Endowment fund**|||||||||| |EndowmentFund|92,123||**-**||-||-||92,123| ||||||||||| |Total of funds|111,651||146,515||(89,219)||-||168,947| |**STATEMENT OF FUNDS- PRIOR YEAR**|**STATEMENT OF FUNDS- PRIOR YEAR**|**STATEMENT OF FUNDS- PRIOR YEAR**|||||||| |---|---|---|---|---|---|---|---|---|---| ||**Balance at 1**
**July 2020**||**Income**||**Expenditure**||**Transfers**
**in/ out**||**Balance at**
**30 June**
**2021**| |**Restricted fund**|||||||||| |HMS Adventure
Fund
Prize
Communications|
-
-||-
-||-
-||-
-||-
-| |**Unrestricted fund**|**-**||**-**||**-**||**-**||**-**| |General Fund|31,506||58,144||(70,122)||-||19,528| ||||||||||| |**Endowment fund**|||||||||| |Endowment Fund|94,759||-||(2,636)||-||92,123| ||||||||||| |Total of funds|126,265||58,144||(72,758)||-||111,651| The Endowment Fund represents an initial £300,000 donation (including attributable Gift Aid) made in 2015 from Wilbur Smith given as an expendable endowment such that the Trustees can spend the income arising and also, at their discretion, the capital of the fund, on any of the objects and purposes of the Charity. The Restricted Fund income represents funds received for the HMS Adventure project. The project took place in July 2019 and was aimed at providing primary school children the opportunity to participate in creative writing activities as well as experience life on board an old warship. Page **21** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **12. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** |||**Restricted**
**fund**||**Unrestricted**
**fund**||**Endowment**
**fund**||**Total**
**funds**| |---|---|---|---|---|---|---|---|---| |||**2022**||**2022**||**2022**||**2022**| |||£||**£**||**£**||**£**| |Current assets||5,000||76,537||92,123||173,660| |Creditors due within
one year||-||(4,713)
71,824||-||(4,713)| |||||||92,123||168,947| ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR** |||**Restricted**
**fund**||**Unrestricted**
**fund**||**Endowment**
**fund**||**Total**
**funds**| |---|---|---|---|---|---|---|---|---| |||**2021**||**2021**||**2021**||**2021**| |||£||£||£||£| |Current assets||-||25,235||92,123||117,358| |Creditors due within
one year||-||(5,707)||-||(5,707)| |||-||19,529||92,123||111,651| Page **22** of **23** ## **THE WILBUR AND NISO SMITH FOUNDATION** ## **13. RELATED PARTY TRANSACTIONS** In the period, there were the following related party transactions: Mokhiniso Smith, a trustee, is also a director of Orion Mintaka (UK) Limited. During the year Orion Mintaka (UK) Limited provided the Charity with a financial donation totalling £50,000 (2021 - £40,000). At the year-end no amounts were repayable in respect of these donations. During the year Mokhiniso Smith, a Trustee, provided the Charity with gifts in kind for book donations of £819 (2021: £nil), professional fees totalling £2,489 (2021: £3,525), grants totalling £200 (2021 - £200) and office space totalling £nil (2021: £270). Sebastian Davey, a Trustee, provided the Charity with gifts in kind of professional fees totalling £3,066 (2021: £nil). During the year Mercer & Hole provided the Charity with gifts in kind totalling £1,200 (2021 - £850) towards the cost of accountancy services. At the year-end no amounts were repayable in respect of this gift in kind. There were no other donations from Trustees or related parties. Page **23** of **23**