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2023-03-31-accounts

Charity number 1181088

Annual report and financial statements For the period 1st April 2022 - 31st March 2023

Young Identity

Reference and administrative information

for the year ended 31 March 2023

Charity number 1181088

Registered office and operational address 7 Brooks Road Old Trafford Manchester M16 9GG

Legal name: Wordsmith Awards Trading as Young Identity

Trustees who served during the year and up to the date of this report were as follows: Jonah Earle (Chair)

Tolu Agbelusi Dr Mary Elisabeth Cordingley Guy Perry Sylvia Lee Nasima Begum Rosie Stuart Robert Croll

Key management Shirley May Artistic Director Personnel Nicole May Executive Director Bankers National Westminster Bank 438 Barlow Moor Road Chorlton-Cum-Hardy M21 0NN

Independent examiner

Jennifer Daniel FCCA DChA Slade & Cooper Limited Beehive Mill Jersey Street Manchester M4 6JG

1

Young Identity

Trustees’ annual report

for the year ended 31 March 2023

The trustees present their report and the audited financial statements for the year ended 31st March 2023.

Reference and administrative information on page 1 form part of this report. The financial statements comply with current statutory requirements, the charity’s constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The trustees review the charity's aims, objectives and activities each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The trustees confirm that throughout the planning and implementation of these activities, they have complied with their duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

CHARITABLE PURPOSE

Young Identity’s objectives, as set out in its constitution, are to:

  1. To advance the education of young people, in the study and appreciation of the arts, in particular poetry and literature, including but not exclusively, by organising workshops, performances and other educational programmes as determined by the trustees.

  2. To act as a resource for young people up to the age of 30 living in Manchester by organising poetry workshops and events as a means of:

(a) Advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;

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Young Identity Trustees’ annual report

for the year ended 31 March 2023

(b) Providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons

VISION & MISSION

Young Identity’s vision is of a world in which every young person is equipped with creativity, confidence and self-expression gained through literature, the practice of poetry and performance.

Our mission is to nurture, develop and champion the voices and creativity of underrepresented young people through literature, writing and performance; by giving young people the skills and the platforms to speak out, telling their original stories, sharing their narratives with others and diversifying the arts sector.

Young Identity’s voice cuts through the noise. We are unique, and different and stand out. We believe in the transformative power of the arts in young people’s lives. We develop literacy, critical thinking and active citizenship for young people through experimenting with literature and combined arts.

We create a distinctive range of high-quality creative opportunities, writing and performance workshops, events and participatory work that supports young people from all backgrounds to progress creatively and realise their ambitions. Developing core skills that help young people be more employable, socially included, resilient and enterprising, becoming the writers, performance artists and theatre-makers of tomorrow.

Our ambition is to impact and inspire the artistic and cultural landscape of the North West of England and further afield nationally and internationally.

ACTIVITIES

Young Identity has three main strands which encompass all of our activities:

In the community: We run poetry and performance workshops in communities and schools for young people. We work with schools, services, community champions and groups to engage young people who wouldn’t normally access the arts. We run showcases and events for young people to perform for their communities in ways which

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

provoke community and intergenerational cohesion and dialogue. We work with specific groups of young people through partnerships e.g. the probation service, to offer workshops to young offenders. We offer wellbeing activities for Young Identity members to provide space to discuss concerns that surfaced in workshops and young people’s lives.

Development: We offer specialist classes and developing your practice workshops for young people who want to develop their writing and performance. We offer development pathways for young people to train as performers, facilitators, producers, publishing and arts management professionals. We run an agency to support Young Identity members to obtain and deliver paid commissions as individuals and groups. We support young people to apply for funding to pursue artistic development and mentor YI members taking their first steps into their careers.

Performances, events and publishing: – We run Young Identity’s flagship poetry slam (One Mic Stand) three times a year. We present shows produced by ourselves and/ or as co-productions with leading artists and arts organisations. We perform at events and festivals across the UK and internationally. We publish writers under Young Identity’s Publishing House ‘No disclaimers’. We present writers digitally on Young Identity’s social media and YouTube, as well as through the creation of new poetic videos. Young Identity members are commissioned individually and collectively to devise and perform poetry at festivals, events, tours and for TV programmes and adverts across different mediums.

We achieve our mission through the following activities:

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

Achievements and performance

The charity's main activities are described below. All its charitable activities are undertaken to further Young Identity's charitable purposes for the public benefit.

The impact of Covid reduced the number of commissions and audiences attending events and productions that Young Identity was involved in at the beginning of 2021. However, with the support of our outreach teams, we are beginning to see participants returning, and there has been a steady growth in people attending activities and events.

Over the past 12 months, Young Identity has:

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

as Lostock High, MEA Central, St.Anns, Chorlton High School and Xaverian College.

Particular highlights include:

● Cities Untold. Residency

● Going Places - Conferences. Poetic Justice Values University of Cambridge

The ‘Going Places’ conference held at Cambridge University focused on exploring the Poetic Values inspired by the renowned poem ‘Going Places’ written by Lemn Sissay OBE. This two-day conference took place both online and in-person, allowing for a hybrid experience.

The main objective of the conference was to address the British government's requirement for English schools to incorporate spiritual, moral, social, and cultural development with an emphasis on British Values, commonly referred to as SMSC. It aimed to address the historical prejudices present in this curriculum. Additionally, due to the reduction of poetry in the GCSE curriculum caused by the impact of Covid-19, UK youth poet and journalist Kadish Morris emphasized the

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

importance of poetry in personal growth and urged not to deny it to the next generation. The conference served as a platform to unite young individuals, poets, educators, cultural organisations and policy-makers. Its primary goal was to foster a sense of community and encourage spiritual, moral, social and cultural growth.

The opening session featured special guest poets from Young Identity, while Shirley May (CEO & Artistic Director) and Nicole May (Executive Director) discussed the works of Young Identity as part of the conference program.

Maya, Saf S2E and P.A. Bitez (from Young Identity) were among the notable speakers who not only opened the conference but also participated in a panel discussion centred around spirituality, poetry and British values. Other renowned poets such as Nasima and Billie also attended the conference, further enriching the event with their presence.

● JAWDANCE XL at RICH MIX

Young Identity was invited to bring a team to perform at London’s biggest spoken word night. The collaboration brought Young Identity poets for a five-a-side poetic playoff, with a slight nod to the World Cup. Bringing on the heat from London were the Team Apples and Snakes with Christy Ku, AJ King, Sugar Jay and Iftikhar. Manchester Young Identity team Billie Meredith, Nasima Bee, P.A Bitez, SAF - S2E. Two teams go head to head - London vs Manchester. The night was hosted by Yomi Sode and Kat Francois with headliners Roger Robinson and Malika Booker.

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

Special thanks

Special thanks to our funders the National Lottery Reaching Communities Fund, Arts Council England: National Lottery Project Grants, Paul Hamlyn Foundation, Trafford Housing Trust, commissioning partners and individual donations.

Financial review

Throughout the financial year, Young Identity’s financial team has diligently monitored and managed our resources, ensuring our stability. Our focus is on optimising operational efficiency, identifying new revenue streams, and making necessary adjustments to our expenditure to enhance our overall financial stability. We continuously assess our finances to prioritise initiatives that will foster long-term sustainability. Our commitment to financial discipline remains unwavering, and we proactively make adjustments to ensure a robust financial foundation for the future.

Financial Overview

Like most artistic organisations, YI faced financial challenges throughout 2022-23. We navigated a decrease in income and an increase in expenditure. Despite the obstacles, our commitment to financial prudence and strategic decision-making has allowed us to manage our resources effectively.

Income

Total revenue for the year experienced a decrease of 17%, totalling £192,683. This decline in income is primarily attributed to strategic planning, infrastructure building, irregularity in audience attendance, alongside other external influences.

This year, our work received crucial support from Arts Council England, the National Lottery, the Paul Hamlyn Foundation, and Trafford Housing. Notably, the National Lottery's Reaching Communities funding, granted for a three-year period, plays a pivotal role in sustaining the organisation. This long-term support is specifically directed towards covering the overall costs of running the charity, with a focused emphasis on engagement in the Trafford area.

Expenditure

Whilst budgeting our annual expenditure, we anticipated increases in our overall expenses. Activity and operational costs experienced an increase of 17% compared to

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

the previous year. Total expenditure amounted to £232,211. This increase is linked mostly to rising inflation costs across the UK.

Profitability and Challenges

As a consequence of the income decrease and expenditure increase, our net loss for the year stands at £39,528, reflecting a 97% fall compared to the previous year. Despite these challenges, we are actively implementing strategies to address these issues and ensure a more resilient financial position moving forward.

Acknowledgments and Advancements

Our heartfelt gratitude goes out to our funders, customers and contributors for their unwavering support and commitment during this challenging period. We recognise the hurdles the arts sector face and the UK as a whole and are confident in our collective ability to overcome them and emerge stronger.

As we approach the new financial year, our focus will be on implementing prudent financial practices, exploring new revenue opportunities, and strategically managing our expenses to restore and enhance our financial health. Our commitment to excellence, innovation, and financial prudence will remain steadfast as we strive for continued success.

Reserves policy and risk management

The trustees will consider the level of reserves that is prudent for Wordsmith Awards to have when agreeing the annual budget. Consideration will be given to future strategy, potential redundancy liabilities, and any other significant factors that should be taken into account if the charity were to wind-up or move to new premises.

The specific reserves amount will be agreed by trustees on an annual basis, currently set at £23,300.

Plans for the future

We are committed to improving the quality of our work as a literature and performance organisation. The charity has the following plans for the next year:

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

Structure, governance and management

Young Identity is a charitable incorporated organisation administered by eight trustees and governed by its constitution dated 27th November 2018. It was registered with the Charity Commission on 10th December 2018.

All trustees are appointed by a vote by the trustees for a minimum term of three years. Trustees are permitted to be reappointed for a maximum of two terms (six years). The minimum number of trustees permitted under the constitution is three, and there is no maximum.

The trustees are charity members; nonetheless, this entitles them only to voting rights. The trustees have no beneficial interest in the charity. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

The trustees of Young Identity perform the usual duties of trustees, including appointing and managing the Artistic Director, setting the strategy, and ensuring compliance with financial and other obligations.

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

During the 2022/23 financial year, day-to-day management of the organisation was delegated to the artistic director, who was responsible for ensuring the charity operations are managed efficiently. The CEO/Artistic Director is responsible for:

Remuneration policy for key management personnel,

The trustees set the remuneration for the artistic director in discussion at a full board meeting and review annually.

Risk management

The board of trustees and key management personnel have a rigorous approach to risk management. The organisation’s key risks and risk register are reviewed on an ongoing basis. Young Identity's risk management is a vital component of the organisation's overall operational framework. The risk register is reviewed quarterly to ensure its relevance and effectiveness in addressing potential risks. These reviews are conducted during quarterly board meetings, where risk management is given attention as a regular agenda item.

During these meetings, the board members also establish procedures aimed at mitigating potential risks. This proactive approach allows the organisation to identify and address risks before they escalate and negatively impact its mission and objectives. When assessing risks, Young Identity takes into consideration its appetite for various types of risks. This helps the organisation strike a balance between financial risks and artistic risks. By carefully evaluating these risks, Young Identity can determine the level of tolerance it has for each and make informed decisions regarding when to take risks and when to exercise caution.

The risk management implemented by Young Identity reflects its commitment to fostering a safe and sustainable operating environment. By regularly reviewing and adapting its risk management practices, the organisation can navigate potential

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

challenges effectively and ensure the fulfilment of its mission to support young talent in the literature and arts sector.

The key risks and steps taken to avoid or mitigate them at the point of signing this report are:

Impacts COVID-19 - If there is a resurgence of COVID-19 cases and subsequent lockdowns, there is a possibility of losing commission income due to cancelled or postponed work. To mitigate this risk, we have implemented various scenario planning options in our activities. For instance, we have devised hybrid in-person and online or online-only approaches to our work. We have factored in different public health scenarios based on COVID-19 and created a response plan that we can adapt accordingly.

Cost of Living crisis and changing behaviour to participant and audience engagement

Although we have increased the number of registered participants' engagement and growth in audience, there has been a changing behaviour post covid, especially in the participants' weekly frequency and the commitment to engagement in our programme of activities. When consulting with young people, they have outlined that due to the cost of living crisis, there has been an increase of young people who have to work; as a result, they can’t attend every creating connections workshop each week like they did preCOVID. To address this, we've offered small bursaries to young people when possible. We're also targeting younger participants to engage in a program of activities.

Regarding bookings, many events sell out. However, we've noticed that audience members' booking trends have changed. They now tend to book tickets a week before the show. This is a definite change in our audience behaviour, which is linked to consumer trends and the cost of living crisis across the cultural and commercial sectors. Pre-Covid more people booked 3 weeks in advance of our events.

Financial sustainability - Young Identity has been successful in generating a significant amount of revenue through its mixed-income model, which is largely based on commissions. The organisation has also achieved a major milestone by securing Arts Council England’s NPO status and a multi-year grant from the National Lottery Reaching Communities Fund, which will provide support for its core costs. However, the

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

challenge ahead lies in continuing to develop a mixed-income business model that not only ensures the financial sustainability of the organisation but also enables it to expand its operations to meet the increasing demand. We have developed a new strategy to try to address our commissioning income targets that will be implemented over the next few years.

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Young Identity

Trustees’ annual report

for the year ended 31 March 2023

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practices and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for maintaining the integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees’ annual report has been approved by the trustees on _______ and signed on their behalf by

Name: Jonah Earle

Title: (Chair)

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Independent examiner’s report

to the members of

Young Identity

I report to the charity trustees on my examination of the accounts of the charity for the period ended 31[st] March 2023 which are set out on pages 16 to 25.

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 examiner's statement

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 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.

Jennifer Daniel FCCA DChA Slade & Cooper Limited, Chartered Certified Accountants Beehive Mill, Jersey Street Manchester, M4 6JG

Date ____

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Wordsmith Awards

Statement of Financial Activities

for the period ended 31 March 2023

Unrestricted
funds
Note
£
Income from:
Donations and legacies
-
-
Charitable activities:
3
103,878
Investments
4
62
Total income
103,940
Expenditure on:
Charitable activities:
5
120,401
Total expenditure
120,401
(16,461)
-
-
6
(16,461)
Transfer between funds
-
Net movement in funds for the year
(16,461)
Reconciliation of funds
Total funds brought forward
80,830
Total funds carried forward
64,369
Net income/(expenditure)
before net gains/(losses) on
investments
Realised gains/(losses) on investments
Unrealised gains/(losses) on
Net income/(expenditure) for
the year		 Restricted
funds
£
-
88,743
-
88,743
111,810
111,810
(23,067)
-
-
(23,067)
-
(23,067)
45,710
22,643		 Total funds
2023
£
-
192,621
62
192,683
232,211
232,211
(39,528)
-
-
(39,528)
-
(39,528)
126,540
87,012		 Total funds
2022
£
-
233,045
-
233,045
192,236
192,236
40,809
-
-
40,809
-
40,809
85,731
126,540

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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Wordsmith Awards

Balance Sheet

as at 31 March 2023

Note
£
£
Current assets
Debtors
9
16,534
Cash at bank and in hand
74,823
Total current assets
91,357
Liabilities
Creditors: amounts falling
due in less than one year
10
(4,345)
Net current assets
87,012
Total assets less current liabilities
87,012
Creditors: amounts falling
due after more than one year
-
-
Net assets
87,012
Funds of the charity:
Restricted income funds
11
22,643
Unrestricted income funds
12
64,369
Total charity funds
87,012
2023		 £
£
768
127,092
127,860
(1,320)
126,540
126,540
-
126,540
45,710
80,830
126,540
2022		 £
£
768
127,092
127,860
(1,320)
126,540
126,540
-
126,540
45,710
80,830
126,540
2022
126,540
-
126,540
45,710
80,830
126,540

The notes on pages 18 to 25 form part of these accounts.

Approved by the trustees on _/_/2024 and signed on their behalf by:

Jonah Earle (Chair)

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Wordsmith Awards

1 Accounting policies

Notes to the accounts for the period ended 31 March 2023

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The charity has applied the exemption available to small charities in the Charities SORP (FRS 102) and does not include a Statement of Cash Flows in these Financial Statements.

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: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition - October 2019, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Wordsmith Awards meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b Preparation of the accounts on a going concern basis

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

There are no key judgments which the trustees have made which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

c Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

d Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

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Wordsmith Awards

Notes to the accounts for the period ended 31 March 2023 (continued)

e Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Designated funds are unrestricted funds of the charity which the trustees have decided at 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 specific projects being undertaken by the charity.

f Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

h Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

i Creditors and provisions

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

j Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2 Legal status of the charity

The charity is a charitable incorporated organisation, registered as a charity in England & Wales.

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Wordsmith Awards

Notes to the accounts for the period ended 31 March 2023 (continued)

3 Income from charitable activities

Current reporting period
Commissions
National Lottery
Arts Council England (Planning to Succeed)
Other income
Total
Previous reporting period
Commissions
Arts Council England
Arts Council England (YI in the Community)
Arts Council England Culture Recovery
Arts Council England (Planning to Succeed)
Trafford Housing Trust
Sustainability Fund
Other income
Total
4
Investment income
Bank interest income
Paul Hamlyn Foundation
Paul Hamlyn Foundation		 Unrestricted
£
55,912
-
-
44,000
3,966
103,878
Unrestricted
£
67,444
1,920
-
-
-
-
40,000
35,000
10,686
155,050
2023
£
62
62		 Restricted
£
-
45,588
43,155
-
-
88,743
Restricted
£
-
-
3,955
5,884
43,156
25,000
-
-
-
77,995
2022
£
-
-		 Total 2023
£
55,912
45,588
43,155
44,000
3,966
192,621
Total 2022
£
67,444
1,920
3,955
5,884
43,156
25,000
40,000
35,000
10,686
233,045

All of the charity's investment income arises from money held in interest bearing deposit accounts. All investment income is unrestricted.

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Wordsmith Awards

Notes to the accounts for the period ended 31 March 2023 (continued)

5 Analysis of expenditure on charitable activities

Freelance
Insurance
Marketing
Office expenses
Prizes
Activity costs
Traveling and subsistence
Venue hire
Professional fees
Restricted expenditure
Unrestricted expenditure
Governance costs (Accountancy & IE fees)		 Total 2023
£
200,727
1,032
1,500
6,217
-
14,815
-
-
6,000
1,920
232,211
2023
£
111,810
120,401
232,211		 Total 2022
£
162,687
746
8,919
4,182
299
3,080
1,247
1,800
7,500
1,776
192,236
2022
£
55,296
136,940
192,236

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Wordsmith Awards

Notes to the accounts for the period ended 31 March 2023 (continued)

6 Net income/(expenditure) for the year

This is stated after charging/(crediting): 2023 2022
£ £
Independent examiner's fee - accountancy fee 1,140 1,005
Independent examiner's fees - examination fee 330 315

7 Trustee remuneration and expenses, and related party transactions

No (Two) trustees received travel and subsistence expenses during the year (2022:£109).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

Two trustees Nasima Begum and Tolu Agbelusi received fees, £2,641 and £650 respectively as workshop facilitators during this period.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year.

8 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

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Wordsmith Awards

Notes to the accounts for the period ended 31 March 2023 (continued)

9 Debtors

Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Other creditors and accruals		 2023
£
8,631
7,903
16,534
2023
£
4,345
4,345		 2022
£
-
768
768
2022
£
1,320
1,320

10 Creditors: amounts falling due within one year

11 Analysis of movements in restricted funds

Trafford Housing Trust
Arts Council England (Planning to Succeed)
Arts Council England (Planning to Succeed)
Arts Council England (YI in the
Community)
National Lottery - Reaching Communities
Trafford Housing Trust
Previous reporting period
Arts Council England Culture Recovery
National Lottery Coronavirus Communitiy
Support Fund (CCSF)		 Balance at
1 April
2022
£
-
24,734
20,976
45,710
Balance at
1 April
2021
£
20,555
(1,729)
-
12,207
-
31,033		 Income
£
45,588
43,155
-
88,743
Income
£
3,955
5,884
25,000
-
43,156
77,995		 Expenditure
£
(22,945)
(67,889)
(20,976)
(111,810)
Expenditure
£
(20,559)
(4,155)
(4,024)
(8,136)
(18,422)
(55,296)		 Transfers
£
-
-
-
-
Transfers
£
(3,951)
-
-
(4,071)
-
(8,022)		 Balance at 31
March 2023
£
22,643
-
-
22,643
Balance at 31
March 2022
£
-
-
20,976
-
24,734
45,710

Name of

Description, nature and purposes of the fund

Arts Council England (Planning to Succeed) Supported the continuation of Young Identity.

Support made a significant contribution to the survival of our organisation National Lottery - Reaching Communities during COVID and project activity. Trafford Housing Trust The funding allows us to pilot a writing and performance workshop in the

The funding allows us to pilot a writing and performance workshop in the Trafford area for Trafford residents.

23

Wordsmith Awards

Notes to the accounts for the period ended 31 March 2023 (continued)

12 Analysis of movement in unrestricted funds

General fund
Previous reporting period
General fund
Name of
General fund		 Balance
at 1 April
2022
Income
Expenditure
Transfers
£
£
£
£
80,830
103,940
(120,401)
-
80,830
103,940
(120,401)
-
Balance
at 1 April
2021
Income
Expenditure
Transfers
£
£
£
£
54,698
155,050
(136,940)
8,022
54,698
155,050
(136,940)
8,022
Description, nature and purposes of the fund
The free reserves after allowing for all designated funds		 As at 31 March
2023
£
64,369
64,369
As at 31 March
2022
£
80,830
80,830

13 Analysis of net assets between funds

Current Reporting Period
Tangible fixed assets
Fixed asset investments
Other net current assets/(liabilities)
Creditors of more than one year
Total
Previous Reporting Period
Tangible fixed assets
Fixed asset investments
Other net current assets/(liabilities)
Creditors of more than one year
Total		 General
fund
£
-
-
64,369
-
64,369
General
fund
£
-
-
80,830
-
80,830		 Designated
funds
£
-
-
-
Designated
funds
£
-
-
-		 Restricted
funds
£
-
22,643
22,643
Restricted
funds
£
-
45,710
-		 Total
£
-
-
87,012
-
87,012
Total
£
-
-
127,092
-
127,092

24

Wordsmith Awards

Statement of Financial Activities for the period ended 31st March 2022

Unrestricted
funds
Note
£
Income from:
Donations and legacies
-
-
Charitable activities:
3
155,050
Total income
155,050
Expenditure on:
Charitable activities:
5
136,940
Total expenditure
136,940
6
18,110
Transfer between funds
8,022
Net movement in funds for the year
26,132
Reconciliation of funds
Total funds brought forward
54,698
Total funds carried forward
80,830
Net income/(expenditure) for
the year		 Restricted
funds
£
-
77,995
77,995
55,296
55,296
22,699
(8,022)
14,677
31,033
45,710		 Total funds
2022
£
-
233,045
233,045
192,236
192,236
40,809
-
40,809
85,731
126,540		 Total funds
2021
£
1,382
218,367
219,749
171,880
171,880
47,869
-
47,869
37,862
85,731

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

25