**Charity registration number 1203348**
## **THE HIDDEN 20%**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023**
## **THE HIDDEN 20%**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Miss S Ridley Mr BJ Branson **Charity number** 1203348 **Independent examiner** Evans & Partners 9 Bank Road Kingswood Bristol BS15 8LS
## **THE HIDDEN 20%**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of Trustees' responsibilities|4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 13|
## **THE HIDDEN 20%**
## **TRUSTEES' REPORT** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
The Trustees present their annual report and financial statements for the period ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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 2019).
## **Objectives and activities**
To advance education in the subject of neurodiversity and neurodivergent conditions including ADHD, autism, dyscalculia, dyslexia, dyspraxia and Tourette's. By:
- Producing and sharing a podcast which facilitates discussions on neurodiverse conditions with experts in the field
- Developing a free-to-access website with links to high quality information and online resources.
During the period 1st June 2023 to 31st December 2023 the trustees carried out activities geared towards a 17th January 2024 public launch of our charity and its podcast, The Hidden 20%.
A summary of those activities is:
- Recruiting a podcast producer, social media manager, freelance sound engineer and editor
- Creating a neuro-friendly brand and podcast set
- Designing our free to access website, researching trusted resources to recommend
- Securing a recording studio and designing a set
- Researching and securing reputable guests
- Recording eight podcast episodes
## _Public benefit_
The trustees are aware of the Charity Commission’s guidance on Charity and Public Benefit and confirm that they have complied with the duty of Section 17 of the Charities Act 2011 to have due regard for it. The trustees consider that the information contained within the Trustees' Report about the Charity's aims, activities and achievements demonstrates the benefit to the public.
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## **THE HIDDEN 20%**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
## **Achievements and performance**
## _Significant activities and achievements against objectives_
Whilst the period this report covers predates the public launch of our podcast, and therefore the overwhelmingly positive response we’ve since received, the trustees were satisfied that the eight episodes recorded pre-launch would indeed advance education by ensuring all conditions were covered when researching and selecting guests.
Pre-launch achievements include:
- The Hidden 20% brand and website created
- Recording Studio space found
- Podcast Set developed
- Eight podcast episodes recorded with guests including Carrie Grant and Kit Harington
- Two full time team members recruited to manage the podcast and education content
- Exclusive interview secured with The Times about the charity and the launch of The Hidden 20%
## **Financial review**
Incoming resources for the Charity were £100,200 and expenditure was £69,530. The reserves held at the period end were £30,670, these were all unrestricted.
## _Reserves policy_
The trustees are minded to establish a level of unrestricted funds equivalent to three months of core administration expenditure calculated to be in the region of £30,000. 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 current activities while consideration is given to ways in which additional funds may be raised.
## _Principal funding sources_
Funding came solely from Benjamin Branson [our Chair and Trustee’s] DAF.
## **Structure, governance and management**
The Hidden 20%– ‘The Charity’ - (formerly PrismND) is a registered charity and is governed by its constitution and the Charities Act 2011. Its charity number is 1203348. It was registered as a Charity on 1 June 2023.
The Trustees who served during the period and up to the date of signature of the financial statements were: Miss S Ridley
Mr BJ Branson
## _Recruitment and appointment of trustees_
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.
None of the Trustees have any beneficial interest in the charity.
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## **THE HIDDEN 20%**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
The Trustees' report was approved by the Board of Trustees.
Mr BJ Branson **Trustee**
29 October 2024
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## **THE HIDDEN 20%**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The 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 state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
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## **THE HIDDEN 20%**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE HIDDEN 20%**
I report to the Trustees on my examination of the financial statements of The Hidden 20% (the Charity) for the period ended 31 December 2023.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
## **Oliver Evans FCA Evans & Partners**
9 Bank Road Kingswood Bristol BS15 8LS
Dated: 29 October 2024
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## **THE HIDDEN 20%**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
|||**Unrestricted**|
|---|---|---|
|||**funds**|
|||**2023**|
||**Notes**|**£**|
|**Income from:**|||
|Donations and legacies|**3**|100,200|
|**Total income**||100,200|
|**Expenditure on:**|||
|Charitable activities|**4**|69,530|
|**Total expenditure**||69,530|
|**Net income and movement in funds**||30,670|
|**Reconciliation of funds:**|||
|Fund balances at 1 June 2023||-|
|**Fund balances at 31 December 2023**||30,670|
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
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## **THE HIDDEN 20%**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|**2023**
**Notes**
**£**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Cash at bank and in hand
82,929
**Creditors: amounts falling due within one year**
**11**
(54,845)
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
**The funds of the Charity**
Unrestricted funds|**£**
2,586
28,084|
|---|---|
||30,670|
||30,670|
||30,670|
||30,670|
The financial statements were approved by the Trustees on 29 October 2024
Mr BJ Branson
**Trustee**
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**NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
## **THE HIDDEN 20%**
## **1 Accounting policies**
## **Charity information**
The Hidden 20% is a charity registered in England and Wales. The registered office is 7 Bell Yard, London, WC2A 2JR.
## 1.1 **Reporting period**
The accounting period has been shortened to 31 December, to align with the calendar year. As a result, the period in the accounts is shorter than one year.
## **1.2 Accounting convention**
The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements cover the individual charity.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.3 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.4 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
## **1.5 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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## **THE HIDDEN 20%**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
**(Continued)**
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.6 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.7 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.8 Impairment of fixed assets**
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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## **THE HIDDEN 20%**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
||**Unrestricted**|**Restricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2023**|
||**£**|**£**|
|Grants receivable|100,200|-|
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## **THE HIDDEN 20%**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
## **4 Expenditure on charitable activities**
|||**Unrestricted**|
|---|---|---|
|||**funds**|
|||**2023**|
|||**£**|
||**Direct costs**||
||Staff costs|38,548|
||Depreciation and impairment|369|
||Consulting|20,928|
||Computer running costs|3,889|
||Advertising|1,633|
||Rent|212|
||Repairs|1,332|
||Travel|32|
||Legal & professional|61|
||Accountancy|2,520|
||Bank charges|6|
|||69,530|
||**Analysis by fund**||
||Unrestricted funds|69,530|
|**5**|**Net movement in funds**|**2023**|
|||**£**|
||The net movement in funds is stated after charging/(crediting):||
||Depreciation of owned tangible fixed assets|369|
|**6**|**Independent examiner's remuneration**||
||**Fees payable to the Charity's independent examiner and associates:**|**2023**|
|||**£**|
||Independent examination of the Charity's annual accounts|1,320|
||**Non-independent examination services**||
||Preparation of the Charity's annual accounts|1,200|
## **7 Trustees**
Sarah Ridley, one of the Trustees, received total remuneration during the period of £6,000 administration and bookkeeping services. She was also reimbursed a total of £351 in IT expenses.
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## **THE HIDDEN 20%**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
## **8 Employees**
The average monthly number of employees during the period was:
||**2023**|
|---|---|
||**Number**|
||2|
|**Employment costs**|**2023**|
||**£**|
|Wages and salaries|38,026|
|Other pension costs|522|
||38,548|
There were no employees whose annual remuneration was more than £60,000.
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
|**10**|**Tangible fixed assets**||
|---|---|---|
|||**Fixtures and**|
|||**fittings**|
|||**£**|
||**Cost**||
||Additions|2,955|
||At 31 December 2023|2,955|
||**Depreciation and impairment**||
||Depreciation charged in the period|369|
||At 31 December 2023|369|
||**Carrying amount**||
||At 31 December 2023|2,586|
|**11**|**Creditors: amounts falling due within one year**||
|||**2023**|
|||**£**|
||Other taxation and social security|7,722|
||Other creditors|44,603|
||Accruals and deferred income|2,520|
|||54,845|
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## **THE HIDDEN 20%**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 DECEMBER 2023**_
## **12 Retirement benefit schemes**
|**Retirement benefit schemes**||
|---|---|
||**2023**|
|**Defined contribution schemes**|**£**|
|Charge to profit or loss in respect of defined contribution schemes|522|
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
## **13 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At**|**1**|**June**|**Incoming**|**Resources**|**At 31**|
|---|---|---|---|---|---|---|
||||**2023**|**resources**|**expended**|**December**|
|||||||**2023**|
||||**£**|**£**|**£**|**£**|
|General funds|||-|100,200|(69,530)|30,670|
## **14 Related party transactions**
During the year, Pollen Six Ltd, a company controlled by one of the Trustees, loaned the charity £54,176. £10,000 of which was repaid in the year. At the year end, £44,176 was owed to the related company, and is included within other creditors. The loan was repaid in full after the year end. No interest was charged on this loan.
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