Company no. 10547581 Chanty no. 1178358 Wise Children Limited Report and Audited Financial Statements 31 March 2022
Wisa Children Limited Referonce and administrative dotails For the ear ended 31 March 2022 Company numb8r 10547581 Charlty number 1178358 Registeréd offic8 and operational addross Spike Island 133 Cumberland Road Bristol BS16UX Truste8s Trustees. who are also dire¢tors under company law. vtho seNed during the year and up lo the date ofthis rewt were as follows.. Matthew Armstrong Judith Dimant legra Galvin Anthony Gayle Pravanya Pillay Clare Reddin9ton Nicholas Rogers Yuko Thomas Resigned 25 April 2022 Artl8tl¢ Dlr¢¢tor Emma Rice Exocutlve Producor Poppy Keeling T•chnlcal Dlre¢tor Simon Baker Bankors Naest 40 Queens Road Bristol BS8 18F ststutory auditorn Godfrey Wilson Limited Charted accountants and ststulory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD
Wl$o Chlldron Llmlt Report of the trustèos For the ear ended 31 March 2022 The Iruslees present their report along wth the financial ststements of the charity for the year ended 31 March 2022, lch are also prepared to meel the requirements for a directors, report and a¢¢ounls for Companies Act purpo$e$. Reference and adminislralive information sel out on page 1 forms part of this report. The financial statements comply wth Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charits'es preparing their accounts in a¢[dance vAth the Finanoal Reporting Standard applicable in the UK and Republic of Ireland. Structure. gov•rnan¢• and manag•m•nt Constitution Wise Children is a private company limited by guarantee gIStered in England & Wales. company number 10547581 and ils goveming document is ils Memorandum and Arts"cles of Association. The company is a reglstered ¢harty, number 1178358. Directors and trust88S The directors of the charitsble company llhe charrty'l are Tts tnjslees for the purpose of charity law and throughout this report are collectivety releed to as the trustees. As set out in the Arbcl8s of Association. the trustees are appointed by the existing Board of Trustees. A member of the 8oard of Trustees must propose such a person for election. Notice shall be given lo the Board of Trustees for the meeting al which il is intended lo propose such persons for eleclien, stating the object of the meeting. the name and address of the person to be proposed, and the name of the board member Policies an<1 procedures at1opted for the induction and training of trustees are ongoing and incerporaled into quarterly Iru$tees' meetings. So¢retary Poppy Keeling vras appointed Company Secretary on 4 August 2022. Prior lo this, the Company had no Company Secretary and is not required to have one by ils Memorandum and Articles of Association. Leadership Artistic Director Emma Rice. Executive Prtxlu¢er Poppy Keeling and Technical Director Simon Baker make up the company's Exe¢ubve Team. managed by antl reporting lo the Iruslees. They are jointly responsible for day-lrtrday running and decision-making. The trustees oversee Executive Team contracts and pay. are set in line with industry standards and reviewed annually.
“Theatre has to reinvent itself in order to survive. That’s always been true, of course, but one of the great pioneers of theatrical reinvention over the last 20 years has been Emma Rice. From Kneehigh to the Globe to Wise Children, she has rewritten every rulebook she’s found and won thousands of inspired theatre converts with every trail she has blazed.”
London’s Old Vic blossoms back to life with a joyous, funny, touching drama from Emma Rice and her Wise Children company. This is a warm, exuberant ensemble piece full of heart and hope – an absolute tonic.'
Emma Rice has thrown away the rulebooks and harnessed the beating heart and slippery soul of Emily Bronte's unwieldy gothic monster, Wuthering Heights, in a wildly imaginative, exhilarating piece of theatre.'
Wl$o Chlldron Llmlt Report of the trustèos For the ear ended 31 March 2022 Our Trainee programme gives talented young professionals the chare to take a paid role on a Wise Children project. Working alongside our wodd-class production leam, Trainees join us as we creale, rehearse and pertomi a new show for national touring. learning first-hand how a large-scale collaboratively devised piece is made. In 2021r22 we employed four Trainees and also created a short paid placement for an emerging Lights"ng Designer. We launched The After School Club. a ne)rk offering ongoing support for School lor Wise Children alumni. Members of the Club get access to bespoke events, surgeries with members of the WC team. discounted lickels lo our shows. and monthly emails news and opportLJnities. Events in 2021122 included sessions on." the importance of practio, led by our Musical Director lan, nfIdenCe and neOrkIng wlh Associate Director Laura Keefe., and appI.ng to the Arts Council with Sophie Moysey, our ACE Relationship Manager. Fundraislng The fundraising landape Still felt unstable after the shocks of the pandemic, th many TnJst$ & Foundations having paused granl-making, or divertsng funds lo Covid-related emergencies. In response to the situation, the Arts Council made ¢hange$ to procedures, meaning we were able to access addity'onal financial support from them. Thi8 included successful applications lo the 2022123 National Portfolio 0rg8nisats.on Extension, the National Lottery Project Grants scheme l%there secured a grant towards the tour of Wuthering Heighl$l and the Culture Recovery Fund. Ail our existing major givers renewed their support of the charity, wth key individuals committing lo mutti-year lunding lor The School for Wise Children. The Wise Children Club brought in £3,134, a significant drop from la$¢ year %there we raised £7,504. This reflects a general Irentj in indiwdual giving in the sector. We look part in the Big Give Christmas Appeal for the first lime, and raised a ltslal of £15,072 in seven days.. £3,000 more than target. The Appeal's match fvnding gave us a compelling reason to ask people to give wthin a fixed ts'me frame, and prompted one donor to give twce a$ much a$ originally pledged once we had used all our mal¢h fvnding. The mpaIgn helped us identify a number of potential new supporters for the future. We received five grants from Trusts and Foundations, a small increase on last year's results. Wise Childn is registed bmth the Fundraising Regulator. and we have never knowingly contravened the Regulator's guidelines or recewed a complaint for our fundraising aclivrties. All activity is carried out by employees of the company and we never make unsolicited approaches lo individuals. This ensures that vulnerable people and other members of the public are protected from fundraising approaches which represent an unreasonable intrusion on a person's privacy, are unreasonaNy persistent, or place undue pressure on a person to give. Flnanclal r•vlew The company is reporting a surplus of £443,136 on a tumover of £2.025,059. One key sotJr¢e of fijnding is Arts Council England". Wise Children is an Arts Council England National Portfolio organisats.on for 2018-23, receiving annual funding of £483,000. In 2021r22, this represent5 24°A of total incorne, a relum to pr&pandemic level5.
Wl$o Chlldron Llmlt Report of the trustèos For the ear ended 31 March 2022 Our other major source of income is Productions, for Ithich we receive a mix of COvPToduction fees (contributions frorn partners towards the creatn of a show). presentation fees (from theatres in respect of the weekty costs of presenting a show) and box office income (unsecured income directly related to b'ckel sales). Wrth each production. v* ty to balance these income sources lo ensure the production can be safely realised bul that il also stands lo benefit from box office success. In 2021122, Production income accounted for 50% of annual income. This is lower than in pre-pandemic years, largely because of additional Covid-related fvndraising, which pushes the proportion of voluntary income higher than in previous years. Other sources of income include grants fr¢)m Trusts & Foundab"ons. with applicats.ons focused on trusts which feel aligned with the organisalion's value5. In 2021r22 the company raised £57,000. Gifts from individuals also represent a small but important part of the company's income and include major gifts, a Christmas Appeal and our privale gimng scheme. The Wise Chiklren Club. We were also successful in applications for emergency funding from the Arty Council, receiving a National Lottery Project Grant (prior lo the pandemic. NPOS were not eligible for this strand of ACE funding) of £100.000 towards Ihe tour of Wuthering Heights and £173,598 in Culture Recovery Funding, a portion of which was directed towards the creabon of Bagdad Cafe. The School for Wise Children brings in a small amtyjnl in parts'cipants, conlribulions, bul due to ils 'pay what you can. model is understood as a Ioss•making activity. In previous years a small amount of ¢gmmer¢ial trading, including programme and other merchandise sales, has also added to annual income. In 2021122 this income line reached £10.500. %thich is a $i9nificanl increase on previous years resuking from our having purchased film and adcast equipment vknich we are now hiring out lo others. Thè current financial climate The Iruslees have considered a range of issues currenuy facing the charty, including the ongoing impacts of Covid-19 and Brexrt, rising inflats.on and the UK'S cosl-of-living crisis. Although Wise Children's business model meant it was able to wthsland the immediate impacts of the pandemic. the long-term effects. combined wth m¢ye recent addOnal i$$ues affecting the UK and international economies, are wde-ranging. These include.. The theatres that commission and CO•produce our wDrk havin9 dramatically reduced income and reserves, and being unable to collaborate us to make new work, or onty being able to support new work vith much dce budgets. Inflation and other major M)dd events disrupting national and global infrastructure and logiglics. and causing prices for services to spiral. The self employed artists, technicians and suppliers Y rely on either leaving the industry or having their resources so decimated that they are no longer available to us, or only in reduced form. In¢ased demanLI for donations from Indidual$ and Trusts and Foundab'ons, combined wlh the cosl-of-living crisis, means fundraising is already much harder.. In 2020, the industry saw a 30% drop in donations to the arts and this barely improved over the course of 2021122.
Wl$o Chlldron Llmlt Report of the trustèos For the ear ended 31 March 2022 The charity is taking the followng steps to mrtigate these threats.. Drawing down reserves to invest in a base for the company, giving us the freedom to make work rithout needing to rely on overstretched theatres. We will also explore the commercial polenbal of our new home, bringing in new sources of income outside of the theatre industry. Making shows on a smaller scale for the next few years, vthile resources are strained. Prioritising relationships wth existr'ng donors. and rewewng our fundraising strategy. Ringfencing the 2021122 year end surplu$ lo support the tour of Wuthering Heights in an unstable climate. Creating an Investment Policy whi¢h will seek to invest a portion of $te$ in a conservative manner, particularfy designed lo try lo offset inflationary costs. The Iruslees consider that the ¢harty will continue as a going con¢em for a period of al least 12 months from the dale on which these financial slemenls are approved due lo the facts that as at 31 March 2022 the charity's cash p0511ion was over £965.000 and ils pnncipal funder. Arts Council England, has extended its funding to March 312023. The Iruslees therefore consider rt appropriale to adopt Ihe going concem basis for the preparation of the accounts, as detsiled in note 1lbl to the financial slatemenls. R•s•rv•s Al 31 March 2022, the company held £654,011 in general reserves and £385,000 in tsvo designated lunds.. £160.000 in an Operational Fund an¢J £225.000 in a Development Fund. The Iruslees aim to maintain an Un$trled Operational Fund at a level of ben three and six months of core expenditure. lo a maximum figure of £160,000. This level will ensure there are sufficient funds available to cover wre running and governance $1$ in the event of the company's dissolution. In addrtion, the trustees are building a Devel¢)pmenl Fund of £250.000, designed to allow the company lo take risks wth new vrk, including through touring. We made a transfer this year to the Development Fund from the general reserve of £25,000, bringing r( to £225,000. Touring theatre is still facing considerable challenges lated lo the pandemic and the cost of living crisis. With the charity commthed to continuing to make and tour live work, the Tru51eey Consider il prudent to maintain general reserves of £300,000. This leaves a balance of general reserves al £354.011. which the charity has used lo purchase and begin renovations on a building Ilhe pur¢hase completed in August 20221. The trustees review the company's reserves policy in detail on a regular basis. Plans for future periods Plans for 2022123 include the UK tour of Wuthering Heights vthich continues on after ils run at the National Theatre. The show is booked lo play in TruTo, Brighton, Norwch, Nottingham, Sundertand, Salford. Edinburgh and Inverness. After that, the show will embark on a five-month tour of America, th dates in New York, San Francisco, Los Angeles and Chicago. This wll be Wise Children's fi'rst inlemalional lour. after a planned tour in spnnglsummer 2020 was cancelled due to the pandemic. Across the year we'll also be developing new work, wth several projects in the pipeline.
Wl$o Chlldron Llmlt Report of the trustèos For the ear ended 31 March 2022 As part of the School for Wise Children, V plan to consolidate Yrk done in 2021122, building on successes and refining the programme. We're also hoping lo run a number of revenue generating ¢ourses in Ameri, alongside the tour of Wutherin9 Hewhts. And finally. 2022123 looks Sel lo be the year that we achieve our dream of finding a home for Vvise Children, as we take over the old Portway Methodist Church in Frome. The Church, vthich we'll rename The Lucky Chance, will be our office, rehearsal and training space. We wll also open it to the public, making rt available to other artists and members of the community. as well as exploring ils potential lo offer a new income stream through Commercial hires. Statemènt of responslbllltlos of tho trusts•s The trustees (who are also directors ol ihe charity for the purposes of company law) are responsible for preparing the trustees, report and the financial $latemenls in a¢¢ordan¢e wth 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 Praclicel. Company law requires the trustees lo prepare financial $lalemenls for each financial year, lthich give true and fair wew of the stsle of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial ststemen15 the Iruslees are required lo.. select suitable accounting policies and then apply them consistenUy', observe the method$ and principles in the Charitie$ SORP., make judgements and accounting estimates that a aSOnable and prudent.. stsle whether applicable UK accountsng standards and statements of recommended practice have been followed, subject to any material departures dis¢1ts5ed and explained In the financial ststements., and prepare the financial siatements on the going concem ba$1$ unle$$ rt 1$ inappropriate to presume that the charity bMII continue in operation. The trustees are responsible for keeping proper aecounting reeords vkni¢h disclose with reasonable accuracy at any time the financial position of the charity and vthich enable them to ensure that the financial statements ¢omply wth the Companies Act 2006. The tnjstees are also responsible for safeguarding the assets of the charity an¢J hence for taking reasonable sleps tor the prevention and detection of fraud and other irregularrties. In so far as the trustees are aware.. there is no relevant audit inforniation of Nthich the charitable company's audrtors are unaware., and the Iruslees have tsken all steps that they ought to have tsken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The trustees are responsible for Ihe maintenance and integrity of the corporate and financial information included on the charitable companls websiie. Legislation in the United Kingdom goveming the preparation and dissemination of financial slatements may differ from legislation in other junsdictions. Members of the charity guarantee to conlribute an amount not exceeding £1 to the assets of the Charity in the event of wnding up. The lotsl number of such guarantees at 31 March 2022 was 8.
Wl$o Chlldron Llmlt Report of the trustèos For the ear ended 31 March 2022 The trustees are members of the charity but Ihis enteS them only lo voting right5. The trustees have no beneficial interest in the charity- Auditors Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to conts.nue in that capacity. Approved by the trustees ¢)n 28 September 2022 and Sned on their behalf by C Reddinglon - Chair N Rogers- Truslee
Independent auditors. report To the membars of Wise Childrnn Limited Oplnion We have audited the financial statements of Wise Children Limrted Ithe 'charity'l for the year ended 31 March 2022 vthich Comprise the slemenl of financial acb'vilies, balance sheet. stslement of cash flows and the related notes lo the financial statements. including a summary of significant accounting policies. The financial reporb'ng framewr)rk that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland IUnf(ed lfj'ngdom Generally Accepted Accounting Pra¢licel. In our opinion, the financial slatemenls.. give a true and fair view of the state of the chartys affairs as at 31 March 2022 and of rts incoming resources and appli¢ion of fesour¢e$, including ils income and expenditure, for the year then ende<l". have been properly prepared in accordance wth Unrted Kingdom Generally Accepted Accounting Practice." ond have been prepared in aCcOrdar the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance Intemats"on31 Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's re$ponsibililies lor the audit of the financial statements section of our report. We are independent of the charity in accordance vrth the ethical requirements that are relevant lo our audit of the financial stslemenls in the UK. including the FRC'S Ethical Slandard. and V have fulfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audrt evidence we havè obtained is sufficient and appropriate to provide a basis for our opinion. Conclu51ons rolatlng to golng concom In auditing the financial slalemenls. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work have performed, we have not identified any material uncertainb'es relating lo events or ¢ondits'on$ th. individually or ¢ollectively, may ¢a$t signfficant doubl on the charty'$ ability lo continue as a going concem for a period of al least t¥blve months from when the financial stslements are authorised for Issue. Our responsibilities and the responsibilities of the trustees wth respect to going concem are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other infom)ation. The olher information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does nol cover the other inlomiation and, except to the extent OtherSe expliCY stated in our report, we do not exp$$ any fom) of assurance conclusion thereon. 10
Independent auditors. report To the membars of Wise Childrnn Limited In conneth'on with our audit of the financial slatements, our responsibility is to read the other information and. in doing so, consider ether the other infomab'on is materially inconsistent wth the financial stslements or our knovAedge obtained in the audi( or othenmse appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine vthelher there 15 a material misslatemenl In the financial slalemenls or a material misstatement of the other infomation. If, based on the N%r)rk we have perfomied, we conclude that there is a material misstatement of this other infomialion. we are required to report that fact. We have nothing to report in this regard. Opinion on other matters proscribod by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit. the information given in the Iruslees. report for the financial year for %thich the financial stslements are prepared Is consistent with the financial stalemenls." and the trustees, report have been prepared in accordance applicable legal requirements. Matt8rs on which we are r8quir8d to report by exception In the light ol the kno%edge and understanding of ihe charity and its environment obtained in the course of the audit, we have not identffied material misstatements in the trustees, report. We have nothing lo report in respect of the followng matters in relation to vknich the Companies Act 2006 requires us to report to you if. in ovf opinion." adequate accounting records have not been kept or relums adequate for our audit have not been received from branches not visited by us". the financial slalemenls are not in agreement wlh the a¢eounting records and rèturns., certain disclosures of trustees, remuneration specified by law are not made., or we have not obtained all the information and eXPlanatn5 necessary for the purposes of our audit. Re$pon$lbllltlg$ of the tru$tse¥ As explained more fully in the trustees, Tesponsibililies statement sel out in the Iruslees, report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal wntrol as they determine 1$ necessary lo enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abilty to conkn'nue as a going concern. dis¢losing. as applicable. matters related to going concern and using the going concem basis of ac¢ounbng unless the trustees either Intend lo Iiquidale the charity or to cease operations, or have no realistic altemab.ve but to do so. Our responsibilities for the udit of the financil statements Our objectives are to obtain reasonable assurance about %thether the financial statements as a whole are free from material misstslement. whether due to fvaud or error. and lo issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS (UK} wll ahvays detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the economi¢ decisions of users taken on the basis of these financial statements.
Independent auditors. report To the membars of Wise Childrnn Limited Irregularities, including fraud, are instances of non•compl1an th laws and regulations. We design procedures in line wth our responsibilities, ouuined above, to detect material misstatements in spect of irregularities. including Iraud. The procedures we carried out and the exienl lo 1¢h they are Capable of detecting irregulanties, in¢lLKling fraud. are detailed below. 111 We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance applicable laws and regulations. Throughout the audit, we remained alert lo possible indbcatyons of non-compliance. 121 We reviewed the charity's policies and procedure5 In relation to.. Identifying, evaluating and complying with laws and regulations, and vknether they were aware of any instances of non-complian¢e', Delecling and responding to the risk of fraud. and vh)ether they v•? aware of any actual, suspected or alleged fraud". and Designing and implementing inlemal tontro15 to mrtwe the risk of non4omplian¢e with laws and regulations, including fraud. 131 We inspecteil the minutes of Iw$lee meetings. 141 We enquired about any non-routine communication wlh regulators and reviewed any reports made to them. 151 We reviewed the financial slalemenl disclosures and assesse(I their compliance h applicable laws and regulations. 161 We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error. 171 We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included.. Testing the appropriateness of journal entries., Assessing judgements and accounting eslimales for p)lenlial bias., Reviewng related party transactions." and Testing transactions that are unusual or outside the nomial course of business. Because of the inherent limitatnS of an audit, there is a risk that we will not detect all irregularits'es, including those leading to a material misststement in the financial stalement$ or non-complian¢e with gulalion. Irregularities that arise due lo fraud Can be even harder lo delecl than those that arise from error as they may involve deliberate concealment or collusion. A further descripbon of our responsibilthes for the audit of the financial statements is located on the Financial Reporting Council's website at.. %wAv.frc.org.uklauditorsresponsibilits'es. This description forms part of our audrtorfs report. 12
Independent auditors. report To the membars of Wise Childrnn Limited Uso of our report This report is made solely to the charity's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charity's members those matters we are require(I to stale lo them in an auditor's report and for no other purpose. To the lullest extent peTmrtted by law, we do not accept or assume responsibility to anyone other than the charity's members as a body, for our audit work, for this report, or for the opinions we have fomied. Dale.. 3 October 2022 Alison Godfrny FCA (Senlor Ststutory Audltorl For and on behalf of.. GODFREY WILSON LIMITED Chartered a¢countanls and stalutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD 13
Wl$g Chlldrgn Llmlted Statom•nt of financial activities (incffj)ornbng an income and expenditure account) For the ear ended 31 March 2022 2022 Total 2021 Total Restricted Unrestricted Note Incoma from: Donations and legacies Charitable activities Investment 179,905 671.763 1,172.443 948 851,668 1,172.443 609,624 344,172 Total In¢om8 179,905 1,845.154 2,02S,OS9 953,796 ExpondSturè on: Raising funds Charitable aciivitses 1,765 141.137 1,439.021 1.76S 1580,158 8,887 690,466 Total oxpondlture 141.137 1,440.786 1581,923 699,353 Not Income and net movoment In funds 38.768 404,368 443.136 254,443 R•¢onclllallon of fund8: Total lunds brought foNtsrd 634.643 634,643 380,200 Totsl funds ¢arrled ford 38.768 1,039.011 1,077,779 634,643 All of the above results are derived from conb'nuing activth'es. There were no other recognised gains or losses other than those stated above. Movements in funds are di$do$ed in note 14 to the accounts. 14
Wl$o Chlldron Llmlt Balance sheet As at 31 March 2022 2022 2021 Note Flxod assèts Tangible assets 10 3,222 Current assets Debtors Cash at bank and in hand 281,468 965,495 264,960 499,821 1.246,963 764,781 Liabilities Creditors.. amounts lalling due wthin 1 year 12 172 406 130,138 N•t currnnt a880ts 1.074,557 634.643 Not a880ts 13 1.077,779 634.643 Funds Restricted funds Unre$trided funds Designated funds General funds 14 38,768 38S,000 654,011 360,000 274.643 Total charlty funds 1077 779 634.643 These accounts have been prepared in accordance %Mth the special provisions applicable to ompanie$ subject lo the small ¢ompanie$' regime. Approved by the trustees on 28 September 2022 an(J sned on their behalf by N Rogers- Trustee 15
Wisa Children Limitsd Stat•ment of Cash flov•S For the ear ended 31 March 2022 2022 Total 2021 Totsl Cash u$od in oporatlng a¢tlvltloS: 443.136 254,443 Net movement in funds Adjustments for". Depreciation charges Dividends, interest and rents from investments Decrease I lincreasel in debtors Increase I Idecreasel in credrtors 925 19481 {16,5081 42.268 156,199 78.751 Ngt cash provid8d by I lus•d Inl opgrating activiti 468,873 331,891 Cash flows from In¥•stlng a¢tlvltlo8: Purchase of tangible fixed assets Dividends, interest and rents from investments {4,1471 Net cash prOvId by I (used In) Inv•stlng a¢tlvltl Incroas• I Id•cr8a801 In cash and cash equlval•nts In the yoar 465.674 331,891 Cash and cash equivalents al the beginning of the year 499,821 167,930 Cash and ¢a¥h 9qulvalents at the gnd of thg year 965 495 499,821 The charity has not provided an anatysis of changes in net debt as il does not have any long lemi financing arrangements. 16
Wl$o Chlldron Llmlt Note$ to rinan¢ial statements For the ear ended 31 March 2022 Accountlng poll¢los a} Basis of preparation The financial statements have been prepared in accordance vAth Accounttng and Repoth'ng by Char((ies". Stslement of Recommended Pra¢b"ce applicable lo charities in preparing their accounts in accordance with the Financial RepThts"ng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191- Icharities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Wise Children Limited meets the definib.on of a public benefit ents.ty under FRS 102. Assets and liabilities are inibally recognised at historical cost or transacbon value unless otherwise staled in the relevant accountin9 policy note. b} Golng concern basls of accounttng The accounts have been prepared on the assumption that the charity is able lo continue as 8 going concern, which the trustees consider appropriate having regard lo the current level of unrestricted reserves. There are no material uncertainties about the ¢harill$ ability to continue as a going concern. c) Income Income is recognised vthen the charity has entidement to the funds. any perforrnance condition5 attached to the item of income have been met. il is pr¢)bable that the InMe will be received and the amount can be MeaSud reliably. Income from the govemmenl and other grants. vA)elher 'c8pilal' grants or 'revenue' grants. 18 recognised %then the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income wll be received and the amount be measured reliably and is not defer. Ineome received in advance of prowsion of theatrical producti¢)ns or training events is deferred until criteria for income recognition are met. d} Interest recelvable Interest on funds held on deposrt is induded when receivable and the amount can be measured reliably by the charity.. this 1$ ntsmally upon notificalitin of the intere51 paid or payable by the bank. •} Funds accounting Unre51ricled funds are available lo spend on activities that further any of the purposes of the charity. Designated funds are unresth.cted funds of the charity lch the trustees have decided al their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specrfi¢ projects being undertaken by the charty. 17
Wl$o Chlldron Llmlt Note$ to rinan¢ial statements For the ear ended 31 March 2022 Accountlng poll¢lo$ l¢ontInu) n Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payrnent to a third party. it is probable that settlement wll be qUId and the amount of the obligation can be measured reliably. 1rrec0verae VAT is charged as a cost against the activity for vthich the expenditure was in¢urred. g) Ajlocation of support and gov•manc& costs Support costs are those functions that assist the of the chartty bul do not directry undertake charitable activities. Governance costs are the costs associated the govemance arrangements of the charity, including the co$t$ of complying wlh ¢on$lilutional and stslulory requirements and any costs associated the strategic management of the charity's aclivify'es. These costs have been allocated in lull lo expendrture on charitable activities which is deemed lo be reflective of the activities of the chanty in this period. h} Tanglblo flx8d ass•ts Depreciation is provided at rates calculated lo vrrile down the cost of each asset to i(s eslimaled residual value over its expected useful life. The depreciab.on rates in use are as follows.. Computer equipment 3 years Items of equipment are capilalised vthere the purchase price exceeds £500. l) btorn Trade and other debtors are recognised at the seitlement amount due after any trade di$¢ounl offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. J} Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturty of Ihree months or less from the date of awuisition ty opening of the deposit or Similar account. kl Credltors Creditors and provisions are recognised Nthere the charity has a present obligation resuf(in9 from a past event that wll probably resuli in the transfer of funds to a third paty and the amount due lo settle the obligation can be MeaSud or eslimaled reliably. Creditors and provisions are normally renised al their settlement amount after allowing for any trade discounts due. l) Flnan¢lal instruments The charitable company only has finanaal assets and financial liabilities of a kind that qualty as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequenuy measured al their settlement value wlh the exception of bank loans which are subsequently recognised al amort15ed cost using the effective interest method. m} Pension costs The company operates a defined ¢ontn"bution pension scheme for its employees. There are no further liabilitses other than that already recognise(l in the SOFA. 18
Wl$o Chlldron Llmlt Note$ to rinan¢ial statements For the ear ended 31 March 2022 Accountlng poll¢lo$ l¢ontInu) n} Termination payments Where an employee receive$ a tennin*ion payment, the cost is renISed at the date that the employee is nolrfie(l. ol Forolgn ¢urron¢y tran$a¢tlon$ Transactions in foreign currencies are translated at rales prevailing at the date of the transaction. Balances denominated in foreign currencie$ are translated at Ihe rate of exchange prevailing at the year end. pl Accountlng •sUmat•$ and key Judg•ments In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and a$$umplions about the ¢arrying values of a$sets and liabilities that are not readily apparent from other sources. The estimates and undedying assumptions are based on hisloncal experience and other factors that are considered lo be relevant. Actual results may differ from these esb'mates. The ests'males and underfwng assumptions are rewewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in Yknich the estimate is rewsed if the revision affects only that period. or in the penod of the reVIsN and future periods rf the revision affects both current and fijture periods. The key sources of estsmats'on uncertainty that have a si9nificanl effect on the amounts recognised in the financial statements are dewe¢iation as de$¢ribed in note 1h above and theatre tsx relief as described below. Theatre Tax Rellef The charity has estimated the credit receivable under Theatre Tax Relief based on its eligible production expendrture incurred during the per. This amount is £142,641 and is included thin income from charitsble activities and accrued income al the year end. As this amount 1$ subject lo review and approval by HMRC. actual results may differ. Prior poriod comparative5: Statement of financial activitiey 2021 Total Restricted Unrestricted Income from: Donation5 and legacies Charitable actiV.eS 20.500 589,124 344,172 609,624 Total Income 20.500 933.296 953,796 Expenditure on: Raising funds Charitable activities 8,887 669,966 8,887 690,466 20,500 Total expenditure 20,500 678,853 699,353 Net Income and net movomont In fvnds 254.443 2S4,443 19
Wl$o Chlldron Llmlt Note$ to rinan¢ial statements For the ear ended 31 March 2022 In¢om• from grnnts and donatlons 2022 Total Restricted Unre$lri¢ted Individual donations Grants receivable for core activrtie$'. Arts Council England Bristol City Council Foyle Foundation Garfield Weston Other smaller and anonymous donations 22,905 11,675 34.580 100.000 657,338 2,750 757.338 2.750 20,000 25.000 12,000 20,000 25.000 12,000 Totsl income from donation¥ 179.905 671,763 8S1,668 Prlor perlod comparatlv•: 2021 Total Restricted Unrestricted Individual donations Grants receivable for core actiwtie$'. Arts Council England Coronavirus Job Relents'on Scheme Bristol City Council The Broughton Famity Charrtable Trust Other smaller and anonymous donations s,000 38,676 43,676 475,000 59,883 1 5.404 475,000 59,883 15,404 10,000 5,661 10.000 5,500 161 Total ineome from donab'ons 20,500 589,124 609,624 4. Incomo from charitablo activities 2022 2021 Income from producb'on contracts Box office and royalties Theatre tax relief Other charitable activities 978.815 37.973 142.641 13,014 8,553 278,680 42,451 14,488 Total Incomo from charltablo actlvltlgs 1,172,443 344,172 All income from charrtable activities in the current and prior period was unrestricted. 20
Wl$o Chlldron Llmlt Note$ to rinan¢ial statements For the ear ended 31 March 2022 S. Gov•rnm•nt grants The charitable company receives govemment grants. defined as funding from Arts Council England, Bristol Cty Council and the Coronavirus Job Retention Scheme to fund charitable aclivilies. The total value of such grants in the period ending 31 March 2022 was £760,088 12021.. £544,883). There are no unfulfilled condrtions or conts"ngencies attaching lo these grants. Total expenditure Support and Raising Charitable govemance funds activities costs 2022 Total Staff costs Inote 81 Depreciation Production costs Touring allowances Rent and rates Insurance Travel and subsistence Printing. postage and stationary Advert15ing and marketing Telecommunicats'ons Computer expenses Accountancy Consultancy Legal and professional Bank charges Other charitable expenditure Fundraising Governance 453.817 328,809 925 782,626 925 522,757 24,000 1S,801 8,532 146,506 11,105 19,063 1,102 4,958 7,100 291 7,325 1,245 26,241 1,765 581 522.757 24,000 15,801 8,532 6,928 11,105 19,063 1,102 4,958 7.100 291 7,325 1,245 139,578 26.241 1.765 581 Sub-totsl 1.765 1.166,393 413,765 1.581,923 Allocation of support and goveman¢e costs 413.765 413,765 Total expgndlture 1,765 1.S80,158 1,581,923 Total governance w$ts ¥%tre £6,081 12020.. £4,600}. 21
Wl$o Chlldron Llmlt Note$ to rinan¢ial statements For the ear ended 31 March 2022 Totsl •xp•ndltur• Iprlor p•rlod compar•llvel Support and Raising Charitable govemance funds acts"vib"es costs 2021 Total Stsff costs Inole 81 Production costs Rent and rates Insurance Travel and subsistence Printing. postage and slats"onary Advertising and marketing Telecommunicab'ons Computer expenses Accountancy Consultancy Legal and professional Bank charges Other charitable expenditure Fundraising 6.303 133,098 187,901 297,312 436.713 187,901 12,800 7,537 10,535 9,520 3,485 808 4,464 8,875 1,250 4,900 1,675 7,806 12.800 7,537 1.813 9,520 3,485 808 4.464 8.875 1,250 3,400 1.675 8,722 1.500 7,806 1.084 Sub-total 8.887 337,527 352,939 899,353 Allocation of support and govemance costs 3S2.939 352,939 Tol81 expgndllur• 690,466 699 353
Wis8 Childron Limited Notes to the financial statemerrts For the ear ended 31 March 2022 7. Not movément in funds This is stsled after charging.. 2022 2021 Depreciation Trustees, remuneration Trustees, reimbursed expenses Auditors. remuneration.. Statutory audit (excluding VATI Other services 925 581 5.SOO 600 4,600 250 Trustees, reimbursed expenses this year comprised travel expenses for one trustee12021'. nill. 8. Staff coyts and numbern staff costs were as follows.. 2022 2021 Salaries and wages Social security costs Pension costs Redundancy costs Freelance production stsff 291,291 25,446 6,886 279,325 23,934 6,616 1,076 125,7e2 459,003 782,626 436,713 One employee eamed between £70.000 and £80,000 dunng the year. 12020.. One employee eamed befven £70,000 and £80,000.) The key management personnel of the charitable MpanY MpriSe the Creative Director and the Executive Producer. The total employee benefrts of the key management personnel were £136,536 12021. £136,946). In the prior year, redundancy payments totalling £1,076 were made. There were no redundancy payments made during this year. 2022 No. 2021 No. Organisation Produth'on Total average head count g. Taxation The charity is exempt from rpOratIOn tax as all its income is charitable and is applied for ¢haritsble purposes. 23
Wis8 Childron Limited Notes to the financial statemerrts For the ear ended 31 March 2022 10. Tangibla fixed assats Office equipment Totsl Cost Al 1 April 2021 Addits'ons in year 4,147 4,147 Al 31 March 2022 4,147 4.147 DeproclaOn Al 1 April 2021 Charge for the year 925 925 Al 31 March 2022 925 925 N•t book valu• At 31 Mah 2022 3,222 3,222 Al 31 March 2021 11. Debtors 2022 2021 Trade debtors Prepayments and accNed income Other debtors 832 273,881 6,755 4,215 239,257 21,488 281.468 264,960 12. Craditors . amounts dua V41th1n 1 year 2022 2021 Trade creditors Accruals Other taxation and social security Other creditors 32.335 38,814 58.970 42.287 25,506 78,025 6,399 20,208 172.406 130,138 24
Wis8 Childron Limited Notes to the financial statemerrts For the ear ended 31 March 2022 13. Analysis of nat assèts bgt*wn funds Restricted funds Designated funds General funds Total funds Fixed assets Current assets Current liabilities 3,222 823.195 172.406 3,222 1,246,963 172,406 38.768 385,000 Nèt as$•ts at 31 March 2022 38.768 385,000 654.011 1,077,779 Prior pgriod comparative Restricted funds Designated lunds General funds Total funds Current assets Current liabilities 360,000 404,781 130,138 764,781 130,138 Net assets al 31 March 2021 360,000 274,643 834,643 25
Wl$e Chlldrgn Llmlt•d Notès to thè financial statements For the ear ended 31 March 2022 14. Movem•nts In funds Transfers between At 31 March funds 2022 At 1 April 2021 Income Expenditure Rastrictod fund$ School for Wise Children Production activitie5 10.500 169.405 110.5001 130.637 38,768 Total rnstrictsd funds 179,905 141,137 Unrestrfctsd funds Designal8d funds.. Operational fund Development fund 160.000 200.000 160,000 225 000 25,000 Total designated funds 360.000 25,000 385 000 General funds 274.643 1,845,154 654,011 1,440,786 25,000 Total unrestrl¢tsd funds 634.643 1.845. 1 $4 1.440.786 1039,011 Total funds 634.643 2,025,059 1,581,923 1,077,779 Purpost$ of restrictod fund• School for Wise Children Donations restricted towards the School for Wise Children. Produth'on actr'vilies To collecl al donatsons restre lo specific productions. Purpos85 of dosignat8d funds Operational fund To maintain a fund of befvn 3 and 6 months core expendrture, to ensu sufficient funds a available lo cover core wnning and govemance costs in the event of the company's dissolution. Development fund To allow the company to take risks Trmth new work and touring, the mpany intends to build this reserve to £250.000. 26
Wl$e Chlldrgn Llmlt•d Notès to thè financial statements For the ear ended 31 March 2022 14. Movem•nts In funds {¢ontlnu•dl Prior period comparative Transfers betsveen At 31 March funds 2021 At 1 April 2020 Income Expenditure Rostrl¢t•d funds School for Wise Children Production activities 15.500 {15.5001 5,000 Total roslrf¢tsd funds 20,500 20,500 Unrestricted funds Design&l8d funds.. Operational fund Development fund 160.000 40.000 160,000 200,000 160,000 Total designated funds 200,000 160,000 360,000 General funtJ$ 180.200 933,296 274 643 678,853 160,000 Total unrestrlctsd funds 380,200 933.296 678.853 634,643 Totsl fund8 380.200 953.796 699.353 634,643 15. Related party transactions During the year, the charity paid Allegra Galvin. trustee. for some consuttancy work tolalling £7,218 12021.. Nill. Al year end, £3.600 vra$ out$landing and included in ¢redilors. The ¢harty also paid Judith Dimanl, Iruslee, for some consuttancy work lotslling £975. No amounlg were oulstsnding at year entj. 27