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2023-03-31-accounts

The World Reimagined Limited

Charity No. 1195223

Report and financial statements For the year ended 31 March 2023

The World Reimagined Limited

Report and financial statements

For the year ended 31 March 2023

Contents
Page
Reference and administrative information 1
Trustees’ annual report 2 - 13
Independent auditors' report 14 - 17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 28

The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

Trustees:
Company number:
Charity number:
Registered office:
Auditors:
Bankers
Solicitors		 Chair - Lee Lawrence- (appointed as chair on 1 November 2023)
Chair- Michelle Gayle (resigned on 31 October 2023)
Vice Chair - Lord Jonathan Oates (resigned 31 August 2023)
Trustee - Toni Fola- Alade
Trustee - Sanjay Bhandari
Trustee - Fiona Compton
Trustee - Ruth Ibegbuna
Trustee - Gillian Adebayo Joseph
Trustee - Dean Ricketts
12501914
1195223
The Clock House,
Station Approach, Marlow,
Buckinghamshire, England,
SL7 1NT
Goldwins Limited
75 Maygrove Road
West Hampstead
London NW6 2EG
www.goldwins.co.uk
Nat West Bank
65 Peckham High Street
London
SE15 5RZ
Co Counsel
174 Hammersmith Road
London
W6 7JP

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

The trustees, who are also directors under company law, present their report and financial statements for the year ended 31 March 2023.

The trustees confirm that the financial statements comply with current statutory requirements and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives

The World Reimagined exists to advance the education of the public throughout England and Wales on the The Transatlantic Slave Trade by:

(a) Providing community and national level education to increase individual and collective knowledge about the Transatlantic Slave Trade and its legacies, developing curricula and providing teaching tools and resources through working with students of different ages, their teachers, and the wider community;

(b) Researching and presenting historically factual information about the Transatlantic Slave Trade and its legacies, through the advancement of and engagement with the arts, culture and heritage, by creating public and community-based platforms and events to include seminars and lectures whilst displaying works of art for people to engage with;

Through our work, The World Reimagined advances the promotion of racial harmony for the public benefit by:

(a) promoting knowledge and mutual understanding between different racial groups;

(b) advancing education and raising awareness about different racial groups to promote good relations between persons of different racial groups;

(c) working towards the elimination of discrimination on the grounds of race."

The Trustees of The World Reimagined have regard to the Charity Commission’s guidance on public benefit.

Activities

In the financial year 1 April 2022 - 31 March 2023, The World Reimagined delivered an unprecedented art education programme for racial justice, formed of these strands:

The Journey of Discovery Collection

In 2021-22, The World Reimagined successfully applied to the National Lottery Heritage Fund to create The Journey of Discovery History Collection and associated community engagement. This award was contracted in December 2021.

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

In 2022-23 we launched the Journey of Discovery Collection as a ground-breaking digital platform to house a unique collection of accessible, interactive short-form stories and images that speak to the nine themes of the Journey of Discovery – a narrative framework that invites the public to reimagine the past, present and the future we can create together. This framework and collection sits at the heart of our work to provide accessible means of raising awareness and educating the public about the UK’s history with the Transatlantic Trade in Enslaved Africans and the pursuit of racial justice.

More than 300 stories were contributed by researchers, historians, community heritage organisations, museums, and other cultural institutions to create The Journey of Discovery Collection.

To house the Collection and connect it to the heart of our programme, we built a digital platform that connected all of our work – the public’s experience of the artwork in our sculpture trails and exhibitions; our support and promotion of community organisations; and our full online learning programme, with which more than 250 schools and colleges engaged in 2022-23.

The World Reimagined Sculpture Trails & Exhibitions

In 2022, 3.52 million people engaged with The World Reimagined’s public sculpture trails and exhibitions across 7 cities – with many more seeing the sculptures (NGI Solutions’ Independent Evaluation Report).

With substantial support from local authorities, between August – October 2022, we hosted 103 unique sculptures in 10 trails across 7 cities:

Each trail will be structured in collaboration with host local authorities to connect different parts of the host cities – both local community settings and high traffic central areas - and to be a walk of approximately 90 minutes. Every trail featured one Globe for each of the nine themes of the Journey of Discovery, as well as 1 or 2 Globes created in collaboration with local communities.

Each Globe featured vinyl interpretation that told Globe visitors about The World Reimagined; the name of the artist, the title of the Globe and the Journey of Discovery theme it responded to. Through a QR code, visitors accessed Globe profiles, which shared the artist’s profile and their statement explaining the intention and inspiration of their Globe design, as well as being able to explore the related history on the online

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

Journey of Discovery Collection. The online trail maps also showcased local points of related historical interest.

Across our 7 cities, we also commissioned experienced heritage guides to deliver 26 guided walks through our trails, connecting the artwork and history on a global level to the local context the trails took place in.

Having hosted a successful preview exhibition at Westminster Abbey in August 2023, The World Reimagined also worked with partners to create short-term exhibitions that would act as ‘destinations’ in each host city. These saw us bring together all of the Globes in each respective city at:

Our 2022 exhibition programme then finished with a landmark exhibition of 96 of our globes in Trafalgar Square. The exhibition, supported principally by the Mayor of London and the National Lottery Heritage Fund, took place on 19-20 November 2022, attracted 6,500+ visitors over the weekend and garnered international media attention.

In March 2023, we launched a further exhibition of 36 Globes at the National Maritime Museum in Greenwich, due to run until the end of August 2023.

The World Reimagined Artistic Programme

The sculptures were created through a multi-faceted artistic programme, which, alongside direct artist commissions, saw

The 103 commissions represent what we believe to be the largest multi-artist commission for public exhibitions for racial justice in UK history.

Artists were supported with

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

The World Reimagined Learning Programme

2022-2023 saw the major delivery of The World Reimagined Learning Programme - a creative, transformational and transformative journey for students, teachers and schools towards a future of racial justice. It is formed of three parts:

1. LEARNING OUTCOMES

The Learning Programme builds the mindsets, attitudes and skills needed to understand racial justice and empower learners to overcome divisions, to replace hatred with compassion, to move from despair to hope, and to take actions that make racial justice a reality in our society.

2. CLASSROOM RESOURCES

Developed through unique collaborations between leading creatives and subject specialists, supported by teachers and mental health professionals, the resources contain cross curricular links, have learning journeys mapped out, and are ready to use or adapt to your particular context.

In 2022, we published more than 70 lesson plans, including teaching guides, PowerPoints, worksheets and videos.

3. LEADERSHIP IN TEACHING

Teachers play a vital role in helping young people engage with racial justice – in the spaces they create for students and the behaviours and approaches they model. Accessible online, our Leadership in Teaching masterclasses give teachers:

In 2022, we delivered 8 in person teaching CPD days for participating schools – one in each city - and launched 7 online masterclasses.

In 2022, the primary way that schools engaged with The World Reimagined was to create Globes that were then featured in our Globe trails.

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

With significant support from The World Reimagined team in the form of guides, online training alongside the in-person training, schools created designs that responded to the themes of The World Reimagined. While some schools focused the creation of the Globe on a single year group, often they were used as catalysts for whole school dialogue around the learning.

With support from the Paul Hamlyn Foundation, we were also able to offer two Artist Residencies in each host city to schools relatively new to arts-based learning - in which artist-educators supported participating schools in delivering The World Reimagined programme, the creation of each school's Globe and the development of an ongoing plan for arts-based social impact learning.

Supported by the Arts Council England and the Portal Trust, we were able to offer bursaries for schools to take part in the Globe programme for free.

Alongside the creation of Globes, it was very important to The World Reimagined that the programme was widely available, both within schools taking part in the globe programme, but also beyond those schools and even beyond our host cities. And so we invited schools to take part in the Poetic Programme, in which we recommend schools work through our resources with the objective of creating a poetic response.

We created an additional ‘Exploration through Poetry’ work booklet which exposed students to a host of black writers throughout history to the modern day. Each poem was linked to one of the modules from The Journey of Discovery and has a dedicated task that looks at a specific poetic feature or language device. A set task follows this so students can develop their own writing and poetry skills.

Schools were invited to submit their students' creative work to us so we could showcase it across our platforms. In addition to this we ran a poetry competition where 18 winners were published in The World Reimagined Poetry Anthology alongside poets such as John Agard and Benjamin Zephaniah.

In total, in 2022, 229 schools or learning settings took part in The World Reimagined Learning Programme:

Since September 2022, a further 45 schools have signed up to engage with the programme.

The World Reimagined team found host locations for those school Globes for the exhibition period of August-October 2022. These included libraries, theatres and town halls - and the Globes were all featured on our digital platform so visitors to the main trail could visit the school Globes as well.

The Globes were then returned to the school as a legacy.

The World Reimagined: A Poetic Journey of Discovery

As part of The World Reimagined’s efforts to create a lasting legacy for schools and people’s homes, we created and published a poetry collection – The World Reimagined: A Poetic Journey of Discovery.

Edited by Adam Lowe, this collection features original poetry by: Anthony Joseph, Belinda Zhawi, Benjamin Zephaniah, Cheryl Martin, Connor Allen, Curmiah Lisette, Dorothea Smartt, Ella Otomewo, Eric Ngalle Charles, Henry Stone, John Agard, Karen McCarthy Woolf, Kadija Sesay, Keisha Thompson, Khadijah

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

Ibrahiim, Malika Booker, Marvin Thompson, Mike Garry, Nick Makoha, Otis Mensah, Poetra Asantewa, Raymond Antrobus, Sea Sharp, Shara McCallum, Shirley May, Shivanee Ramlochan, Tanya Shirley, Vanessa Kisuule, Yomi Sode.

The poems invite readers on our Journey of Discovery - nine themes that travel through time, from Mother Africa to The Realities of Being Enslaved and Echoes in the Present; through Still We Rise, Expanding Soul and Reimagine the Future.

This collection also includes work from budding poets from schools across the UK including: Ark Greenwich Free School (London), Bishop Young Academy (Leeds), Broomhill Junior School (Bristol), Cockburn School (Leeds), King’s Leadership Academy (Liverpool City Region), Ladypool (Birmingham), Royton & Crompton (Oldham, Greater Manchester), West Kirby Grammar (Liverpool City Region).

We have gifted 1800+ copies of the collection to schools, with associated lesson plans and learning materials.

The INSPIRE Community Programme

Community is at the heart of the very mission and concept of The World Reimagined:

For The World Reimagined to be effective and truly speak to people, it was vital that The World Reimagined belonged to the communities in which it took place - deeply connected both to the people and organisations who have done such meaningful work on racial justice - and those communities who might not have taken part in these conversations before.

Each host city had its own Community Coordinator, who delivers a locally relevant INSPIRE programme, in which, we supported and invited local organisations of all sizes to develop INSPIRE events and activities aligned to the mission of The World Reimagined, which we showcased and promoted to trail visitors during Aug-Oct 2022 to build audiences and support for the organisations doing this vital work.

Made possible with support from the Esmée Fairbairn Foundation, our INSPIRE programme offered the following means of support:

MONEY:

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

In 2022, we received 129 applications for grant funding and gave more than £80,000 to 80+ community organisations

CAPACITY-BUILDING WORKSHOPS:

The purpose of our INSPIRE programme is to support the people and organisations doing the work of making racial equality a reality to continue and grow their work – and to share it with more people.

To that end, we hosted a series of online workshops - the INSPIRE sessions - in the spring and early summer of 2022 as a key part of our community engagement.

Our intention with these online sessions was to:

The INSPIRE Sessions were hosted by our Senior Programme Manager Carolyn Baguma.

Building on the wisdom shared in these sessions, we co-developed and published a toolkit series with our guest contributors, an easily accessible resource to expand knowledge and build capacity for all.

PROMOTION: We promoted more than 100 events aligned to our mission on our digital platforms to trail visitors and beyond to grow audiences and supporter bases.

The INSPIRE programme also saw us deliver launch and finale events; community workshops and connect with other key elements of our programmatic activity, for example the creation of the Community Globes in each city.

As such, the scale and breadth of our Community Programme is made possible by support from the Esmée Fairbairn Foundation, Arts Council England and the Heritage Lottery Fund - speaking to the robustness of our plans.

The Auction & Globe Sales

Towards the end of 2022, we also sold a number of Globes through auction, in partnership with Bonhams, and direct Globe sales. The proceeds from these sales were to be used in equal parts to:

  1. support The World Reimagined’s ongoing programmes;

  2. 2.create a community grant fund;

  3. 3.artists – through artist commissions (for those artists whose Globes have sold) & a Shared Artist Fund – which makes an equal payment for every Globe that was created.

This work went alongside key functions that made programmatic delivery possible, in particular:

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

o Business Development & Partner Engagement

The successful delivery of The World Reimagined programme – unprecedented in nature, by a rapidly growing, new team in a context defined by COVID uncertainty; rapidly increasing financial insecurity – is a significant achievement.

The World Reimagined is incredibly grateful to all its hundreds of partners –artists, activists, individual donors, community organisations, grant-makers and sponsors who have made our work possible and enriched it beyond measure.

In particular, we would like to extend our thanks to the early support of our Official Presenting Partner Sky that gave us the confidence the whole extent of our vision was possible.

FINANCIAL REVIEW

At the end of the reporting period, The World Reimagined carried forward £243,683 in funds, of which £28,034 were in restricted funds and £215,649 were in unrestricted funds.

The World Reimagined’s fundraising in 2022-23 as a new charity in a difficult national financial context was very encouraging and in line with ambitions for the time period.

Building on our very successful development of diverse income streams in 2021-22, The World Reimagined

had significant diverse income streams in 2022-2023, as significant income was received from:

The Charity also benefited from in-kind support, in particular from our legal representatives Co-Counsel and auction partners Bonhams.

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

Reserve policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

At the time of this Annual Report’s approval by the Trustees, the Charity’s programmatic activities have been profiled to ensure that our funds are in line with this ambition. As the Board develops the future strategy for programmatic activity, this policy is central to its planning.

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The key priority for the charity - in risk mitigation as an early stage charity - is the development of sustainable and varied sources of income over the next 2-3 years and implementing a model of delivery that can be adjusted to the resources available.

Going concern

Having delivered the significant programmatic plans of The World Reimagined in 2022, the Board anticipates a significant shift in scale of the charity’s ongoing activities. At the date of approving the report and accounts, the Board is undergoing a strategy review and planning process for the future.

Principal risks and uncertainties

The World Reimagined successfully navigated the uncertainty of 2021 and 2022 to meet its financial targets and deliver its programme in full, having managed financial, reputational and delivery risks to ensure nothing had significant negative impact on the charity.

As The World Reimagined plans for a new phase of reduced scope and activity - focused on embedding and deepening the legacy of its artistic, learning and heritage programme delivery in 2022 - the trustees consider its principal risks as:

Plans for the future

Having delivered major programmes in 2022 and in the year to date 2023, The World Reimagined has significant assets within its artistic, learning and heritage programmes.

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

One strand of The World Reimagined’s future programming is to embed the legacy of our 2021-2023 programmatic activity by gifting a significant number of our feature Globe sculptures, created by artists, to cultural and educational institutions so that they find permanent homes and can continue to engage the public as a gateway into opportunities to learn about - and engage with - the cause of racial justice.

There has been significant interest in ongoing engagement, as demonstrated by the additional exhibitions secured at the National Maritime Museum in London (March – August 2023) and at Rhodes House in Oxford (June – October 2023). The Board of Trustees - at the date of approving the report and accounts – is currently planning further future strategy and programmatic activity, in line with the significant reduction in scale of the charity’s ongoing activities, as was anticipated.

The World Reimagined is in the advanced stages of securing ongoing multi-year income from an engagement with partners in the United States. The Board is planning for a number of potential profiles of activity until this income is secured.

Structure, governance and management

The World Reimagined is a Company Limited By Guarantee, governed by Articles of Association, registered with the Charity Commission - charity number 1195223.

Trustees are appointed by an ordinary resolution voted on by the Trustees of The World Reimagined. As a relatively new charity, trustees are only due to begin to step down in 2024. Thus far, new Trustees (Lord Jonathan Oates and Sanjay Bhandari) were added to the Board in 2021 following a nomination to the Board and a vote of the Directors (as this was prior to becoming a registered charity). The Trustees will formalise a recruitment process for new trustees in 2023.

The Trustees and Board define, review and approve the strategic direction and overview of the work and budget of The World Reimagined. The Finance Audit and Compliance Committee also took advice from an Independent Advisory, Dej Mahoney.

Programmatic strands of The World Reimagined were led by individual programmatic leadership, including Artistic Director Ashley Shaw Scott Adjaye (Aug 2021-July 2023); Senior Community Manager Carolyn Baguma (Jan 2022 - Oct 2022); Senior Learning Manager Keisha Thompson (Oct 2021 - June 2022) & Sabrina - Reid (June 2022-May 2023); Heritage Lead Esther Lisk-Carew (Dec 2021 Nov 2022); Senior Communications Manager Sahar Beyad (Feb 2021 - Oct 2022); Director of Operations Theresa Olaniran (Sept 2021 – February 2023).

The operations of The World Reimagined have scaled back significantly from January 2023 and

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

Trustee induction and training

All Trustees have signed a Code of Conduct. As a new charity, the Trustees will formalise an induction and training programme for all new and existing trustees in 2023.

Remuneration policy for key management personnel

In 2021-22, payment levels were recommended to and approved by the Board, based on understanding of appropriate salary ranges within the sector, with support from our recruitment consultants EOS Recruitment. Contracts were time-limited in accordance with budget projection and secured income. As part of its future strategic development, The Board will include a defined approach to setting employee pay.

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and 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.

Members of the charity guarantee to contribute an amount not exceeding £1 each to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2023 was 8.The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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The World Reimagined Limited

Trustees` annual report

For the year ended 31 March 2023

Statement as to disclosure to our auditors

In so far as the trustees are aware:

Auditors

Goldwins limited were re-appointed as the auditors of the charity during the year and have expressed their willingness to continue in that capacity.

24 November 2023

The trustees’ annual report has been approved by the trustees on ………………………….

and signed on their behalf by;

DPR

……………………………………. Dean Ricketts Trustee

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Independent Auditor’s Report

To the members of

The World Reimagined Limited

Opinion

We have audited the financial statements of The World Reimagined for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Opinion on financial statements

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, 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 we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorʼs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

-14-

Independent Auditor’s Report

To the members of

The World Reimagined Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Independent Auditor’s Report

To the members of

The World Reimagined Limited

In preparing the financial statements, the trustees are responsible for assessing the Charityʼs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

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Independent Auditor’s Report

To the members of

The World Reimagined Limited

Use of our report

This report is made solely to the charitable company’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 state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

27 November 2023

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The World Reimagined Limited

Statement of Financial Activities (Incorporating The Income And Expenditure Account) For the year ended 31 March 2023

Income from:
Charitable activities
2
Other trading activities
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
4
Total expenditure
Net (expenditure)/income for the year
5
Transfer between funds
Net movements in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 Unrestricted
Funds
Restricted
Funds
Total Funds
Total Funds
2023
2023
2023
2022
£
£
£
£
-
354,995 354,995 1,042,533
1,246,946
- 1,246,946 461,176
1,246,946 354,995 1,601,941 1,503,709
110,839 -
110,839
9,344
1,038,133 1,115,267 2,153,400 588,384
1,148,972 1,115,267 2,264,239 597,728
97,974 (760,272) (662,298) 905,981
- -
-
-
97,974 (760,272) (662,298) 905,981
117,675 788,306 905,981 -
215,649
28,034 243,683
905,981

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

18

The World Reimagined Limited Balance Sheet As at 31 March 2023

Note
FIXED ASSETS
Intangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
CREDITORS: Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
Restricted funds
12
Unrestricted funds
13
TOTAL FUNDS		 2023
2023
2022
2022
£
£
£
£
55,953
12,013
123,796
329,620
81,806
607,279
205,602
936,899
(17,872)
(42,931)
187,730
893,968
243,683
905,981
243,683
905,981
28,034
788,306
215,649
117,675
243,683
905,981		 2023
2023
2022
2022
£
£
£
£
55,953
12,013
123,796
329,620
81,806
607,279
205,602
936,899
(17,872)
(42,931)
187,730
893,968
243,683
905,981
243,683
905,981
28,034
788,306
215,649
117,675
243,683
905,981		 2023
2023
2022
2022
£
£
£
£
55,953
12,013
123,796
329,620
81,806
607,279
205,602
936,899
(17,872)
(42,931)
187,730
893,968
243,683
905,981
243,683
905,981
28,034
788,306
215,649
117,675
243,683
905,981		 2023
2023
2022
2022
£
£
£
£
55,953
12,013
123,796
329,620
81,806
607,279
205,602
936,899
(17,872)
(42,931)
187,730
893,968
243,683
905,981
243,683
905,981
28,034
788,306
215,649
117,675
243,683
905,981
243,683 905,981
243,683 905,981
28,034
215,649		 788,306
117,675
243,683 905,981

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

24 November 2023

These financial statements were approved by the trustees on the ................................................and are signed on their behalf by:

DPR

Dean Ricketts

Trustee

Company Registration Number: 12501914

19

The World Reimagined Limited Statement of cash flows

For the year ended 31 March 2023

Note
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
13
Cash flows from investing activities:
Interest/ rent/ dividends from investments
Proceeds from the sale of property,plant and equipment
Sale/ (purchase) of fixed assets
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
14		 2023
£
-
-
(43,940)		 2023
£
(481,533)
(43,940)
(525,473)
607,279
81,806		 2022
£
-
-
(12,013)		 2022
£
619,292
(12,013)
607,279
-
607,279

20

The World Reimagined Limited Notes to the Financial Statements For the year ended 31 March 2023

1 Accounting policies

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 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. 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 amounts 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 income have been met, it is probable that the income will be received and that 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 for the provision of specified service is deferred until the criteria for income recognition are met.

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

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.

21

The World Reimagined Limited Notes to the Financial Statements For the year ended 31 March 2023

1 Accounting policies

f) 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.

g) 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. Expenditure is classified under the following activity headings:

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

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.

i) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

j) Tangible fixed assets

All fixed assets are initially recorded at cost. Items costing less than £1,000 each are not capitalised, but written off as expense. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Website Development cost - 33% SL

k) Debtors

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

22

The World Reimagined Limited Notes to the Financial Statements For the year ended 31 March 2023

1 Accounting policies

l) 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.

m) 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.

n) 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.

o) Pensions

Please refer to trustees report for pensions' policy.

23

The World Reimagined Limited Notes to the Financial Statements For the year ended 31 March 2023

2 Income from charitable activities
The Portal Trust
Paul Hamlyn Foundation
Arts Council Engalnd
City of London
Prism The Gift Fund
National Heritage Memorial Fund
Esmee Fairbairn Foundation
Birmingham City
Other grants
3 Income from other trading activities
Sponsorship and events		 Unrestricted
Funds
Restricted
Funds
Total Funds
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
-
-
-
-
40,062
40,062
-
58,300
58,300
-
114,000
114,000
-
161,840
161,840
-
202,300
202,300
-
50,000
50,000
-
50,000
50,000
-
-
-
-
11,171
11,171
-
-
-
-
250,000
250,000
-
35,500
35,500
-
355,000
355,000
-
5,000
5,000
-
20,000
20,000
-
44,355
44,355
-
-
-
-
354,995
354,995
-
1,042,533
1,042,533
Unrestricted
Funds
Restricted
Funds
Total Funds
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
1,246,946
-
1,246,946 461,176 - 461,176
1,246,946
-
1,246,946
461,176
-
461,176

24

The World Reimagined Limited Notes to the Financial Statements For the year ended 31 March 2023

4 Analysis of expenditure

Materials
Staff costs
Consultancy Fees
Donations
Subcontractors
Commission
Web Hosting
Storage
Computer and office costs
Internet & Telephone
Sundries
Motor expenses
Accommodation and Meals
Advertising and Promotion
Legal and Professional Fees
Accountancy Fees
Audit fees
Formation Costs
Pension Costs
Other support costs
Bank Charges
Insurance
Travel
Support costs
Total expenditure 2023
Total expenditure 2022		 Raising
funds
Charitable
activities Support costs
2023
Total 2022
£
£
£
£
£
-
307,073
-
307,073
190,115
-
551,577
-
551,577
179,826
-
1,018,394
-
1,018,394
186,739
-
71,600
-
71,600
-
-
8,216
-
8,216
-
-
458
-
458
-
-
-
2,351
2,351
2,132
-
-
9,425
9,425
-
-
8,674
8,674
1,009
-
-
194
194
98
-
-
36,677
36,677
6,000
-
-
50,898
50,898
-
-
-
48,238
48,238
4,532
110,839
-
-
110,839
9,344
-
-
670
670
2,454
-
-
1,030
1,030
467
-
-
4,500
4,500
4,500
-
-
-
-
5,651
-
-
-
-
120
-
-
3,214
3,214
-
-
-
30
30
28
-
-
2,224
2,224
2,147
-
-
27,957
27,957
2,566
110,839
1,957,318
196,082
2,264,239
597,728
-
196,082
(196,082)
-
-
110,839
2,153,400
-
2,264,239
-
9,344
588,384
-
-
597,728

Of the total expenditure £1,115,267 (2022: £254,227) was restricted and £1,148,972 (2022: £343,501) was unrestricted.

25

The World Reimagined Limited Notes to the Financial Statements

For the year ended 31 March 2023

5 NET INCOME/ (EXPENDITURE) FOR THE YEAR

This is stated after charging:

This is stated after charging:
2023 2022
£ £
Auditors’ fees 4,500 4,500

6 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL

Total staff costs were as follows:

Wages and salaries
Social security costs
Employer`s pension contributions		 2023
2022
£
£
494,007
166,052
47,542
13,306
10,028
468
551,577
179,826

Particulars of employees:

The average number of employees (head count based on number of staff employed) during the year was as 23 (2022: 9).

The following number of employees received annual remuneration during the year between:

2023 2022
No. No.
£60,000 - £69,999 1 -

The total employee benefits including pension contributions and Employer`s National insurance of the key management personnel were £113,935 (2022: £65,724).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil) neither were they reimbursed expenses during the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

7 TAXATION

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Intangible fixed assets
Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
At the start of the year
DEBTORS
Trade receivables
Other debtors
Accrued income		 Website costs
Total
2023
2023
£
£
12,013
12,013
43,940
43,940
-
-
55,953
55,953
-
-
-
-
-
-
-
-
55,953
55,953
12,013
12,013
2023
2022
£
£
85,270 62,810
8,681 16,810
29,845 250,000
123,796 329,620

8 Intangible fixed assets

9 DEBTORS

26

The World Reimagined Limited Notes to the Financial Statements For the year ended 31 March 2023

10
CREDITORS: Amounts falling due within one year
Trade creditors
PAYE and social security
Accruals
Other Creditors		 2023
2022
£
£
13,372 22,853
- 13,165
4,500 4,500
- 2,413
17,872 42,931

11 ANALYSIS OF NET ASSETS BETWEEN FUNDS Year Ended 31 March 2023

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Year Ended 31 March 2023
Intangible fixed assets
Net current assets
Net assets at the end of the year		 General
unrestricted
Designated
Restricted
Total funds
£
£
£
£
55,953
-
-
55,953
159,696
-
28,034
187,730
215,649
-
28,034
243,683

12 FUNDS Year Ended 31 March 2023

FUNDS
Year Ended 31 March 2023
The Portal Trust
Paul Hamlyn Foundation
Arts Council Engalnd
City of London
Prism The Gift Fund
National Heritage Memorial Fund
Esmee Fairbairn Foundation
Birmingham City
Other grants
Restricted Funds
General Funds
Total Unrestricted Funds
Total Funds		 At the start of
the year
Incoming
resources Outgoing resources
Transfer
between funds
At the end of the
year
£
£
£
£
£
23,153
- (23,153)
-
-
103,341
58,300 (154,474)
- 7,167
64,717
161,840 (226,557)
-
-
50,000
50,000 (100,000)
-
-
-
-
-
-
-
214,492
- (197,857)
- 16,635
312,603
35,500 (343,871)
- 4,232
20,000
5,000 (25,000)
-
-
-
44,355 (44,355)
-
-
788,306
354,995 (1,115,267)
- 28,034
117,675
1,246,946 (1,038,133) - 326,488
117,675
1,246,946 (1,038,133) - 326,488
905,981
1,601,941 (2,153,400) - 354,522

City of London Neighbourhood Fund awarded The World Reimagined a grant to support the hosting of a trail and related activity within the City of London.

27

The World Reimagined Limited Notes to the Financial Statements For the year ended 31 March 2023

Esmée Fairbairn Foundation awarded The World Reimagined a grant to support the delivery of our INSPIRE programme, in which each host city has its own Community Coordinator, who delivers a locally relevant INSPIRE programme, in which, we support and invite local organisations of all sizes to develop INSPIRE events and activities aligned to the mission of The World Reimagined, which we showcase and promote to trail visitors during Aug-Oct 2022 to build audiences and support for the organisations doing this work.

National Lottery Heritage Fund awarded a grant to The World Reimagined to support the creation of our Journey of Discovery Collection, featuring an online platform to explore history and art around the heritage of our Journey of Discovery as well as community engagement activities that encourage communities to connect more deeply with heritage practice, organisations and venues.

Paul Hamlyn Foundation awarded a grant to The World Reimagined to support a programme of artist residencies in schools. Selected schools - two per host city - receive support from artist educators commissioned by The World Reimagined through an extended residency that sees them deliver The World Reimagined Learning Programme; create a Learning Globe; deliver teacher training; and develop a bespoke plan for how they can further embed arts-based learning for social justice in their teaching practice and culture.

The Portal Trust awarded a grant to The World Reimagined to support the creation of 14 bursaries for one school from every Greater London Borough to take part in the Globe Programme offer of our Learning Programme for free (rather than paying), including additional activation.

13 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities		 2023
2022
£
£
(662,298)
905,981
-
-
205,824
-
(25,059)
-
(481,533)
905,981

14 Analysis of cash and cash equivalents

Cash at bank and in hand
Total cash and cash equivalents		 At 1 April 2022
Cash flows
£
£
£
£
607,279
(525,473)
-
81,806
Other changes
At 31 March 2023
607,279
(525,473)
-
81,806

15 RELATED PARTY TRANSACTIONS

There are no related party transactions to disclose for 2023 (2022: none).

16 LEGAL STATUS OF THE CHARITY

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

28