WCCF Ltd World Cities Culture Forum (company no.: 13804618. charity no.: 1204602) Forthe Year ended 31 March 2024 WORLD CITIES CULTURE FORUM Annual Report and Independent Examination of Financial Statements For the year ended 31 March 2024 WCCF Ltd Company Number 13804618 Charity Number: 1204602 IIN "ADVSOfft* 0212025 COMPANIES HIXJSE A10
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WCCF Ltd World Cities Culture Forum (company no.: 13804618. charity no.: 1204602) Forthe Year ended 31 March 2024 Contents Reference and administrative information Trustees. annual report Independent Examiner's Report 18 Statement of f inancial activities (incorporating an income and expenditure account) Balance sheet 20 Statement of cash flows 21 Notes to the financial statements 22
WCCF Ltd World Cities Culture Forum {¢ompany no.: 138¢)4618. charity no.: 1204602) For the Yearended 31 March 2024 Reference and administrative information Company number: 13804618 Country ot incorporation.. Unired Kingdom Charitynumber: 1204602 Country of registration: England & Wales Registered office: CityHall. Kamal Chunchieway. London. England. E16 1ZE Trusiees: Trustees, who are also (Jirectors under company law. who served duringthe year and up to the date ofthis reportwere as follows: Mr Jeff rey Jacobs {Chaii of Trustees) Dr Kevin Austin (rreasurerl Ms Lillianne Halfpenny Key management personnel: Ms Laia Gasch (Executive Director) Bankers: The Co-operative Bank PIC PO Box 101. 1 Balloon Street. Manchester, M60 4EP Accountants: Kreston Reeves LLP. 2nd Floor.168 Shoreditch High Street. London. E1 6RA Independent Examiner: Sirnon Goodridge FCA Knox Cropper LLP 65-68 Leadenhall Street, Lonoon. EC3A 2AD
WCCF Ltd World Cities Culture Forum (Company no.: 13804618, ¢haiity no.: 12046021 Forthe Yearended 31 March 2024 The Trustees Annual Report The Trustees present their report and financial statements for the year ended 31 March 2024. Reference and administrative information set out on page 1 torms part of this report. The financial statements comply with current statutory requirements, the memorandum an(J articles of association, the requirements of a directors. report as required under company law. and the Statement of Recommended Practice- Accountingand Reportingbycharities.. SORP applicable to charities preparing their accounts in accordance with FRS 102. Since the Charitable Company qualifies as small under section 383. the strategic report required of mediurn and Large companies under the Companies Act 2006 (Strategic Report and Director's report) Regulations 2013 is not required within the first ten months of Charity Registration. Therefore. the report of the Trustees has been prepared in accordance viith the special prowsions applicable to companies subject to the small companies. regime. Our Purpose: World Cities Culture Forum was founded in 2012 to coincide with the London Olympic Games. Initially. 12 global cities convene(I with a focus on joint research. sharing common challenges, and learning from one another. Since then. Wortd Cities Culture Forum I"WCCF-} has grown into a global network of over 40 creative cities I"Partner Citles") representing over 270m citizens. With a shared belief thatwe can achieve more byworkingtogerher and beinggenerouswith ideas. we share best practice and design cultural policies to benefit all aspects of city life. WCCF supports civic leadership and champions culture as an essential driver for the social and economic success of fair and sustainable cities. Our vision is to build a world where culture is at the hean of thriving cities and sustainable communities. We believe in the power of culture to transform lives and places and Tecognise that collaboration drives change at scale.
WCCF Lld World Cities Culture Forum (company no.: 13804618. ¢h8rlty no.: 1204602) For the Year ended 31 March 2024 Following a governance review in 2020. the Partner Cities recommended that the WCCF project be eslablished as a charitable independent entity. In December 2021. WCCF was set up as an independent charitable body. wtth the transfer of allWCCF assets and intellectual propertyintoWCCF Ltd. Ourwision We are building a world where culture is at the heart of thriving cities. Our Mission We are civic leaders sharing our best ideas 8nd designing culture policies that change lives. World Cities Culture Forum is a network of more than 40 global cities spanning six continents. Together. we are meeting the challenges of the 21st century by placing culture atthe heart of city planning and investment. Our Values We believe in the power of culture to transform people, place and planet. We empower global civic leaders to create the equitable. prosperous and sustainable global cities of the future. We are generous with our ideas and collaborate to drive change. Objectives and activities: The Trustees reviewthe aims. objectives and activities of the Charity each year. This report looks atwhatthe Charity has achieved and the outcomes ofits work in the reporting period. The Trustees report on the success of each key actiwty and the benefits the Charity has brought to its key beneficiaries. The review also helps the Trustees ensure the Charity's aims, objectives and activities remain focused on its stated purposes. The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewingthe Charitys aims and objectives and in planning its future activities. In particular. the Trustees consider how planned activities contribute to the aims and obje¢tivesthat have been set. Ourcharitable Objectives: To develop and improve the knowledge. understanding, practice and support ofthe arts and culture in cities worldwide by educating city leaders and policy makers to empower them to enhance Cultural infrastructure and access to the arts forthe pubtic benefit. and
WCCF Ltd Wortd Cities Culture Forum (company no.: 13804618, charity no.: 1204602) Forthe Year ended 31 March 2024 To promote the study and research of the role that arts and culture in cities worldwide can play in promoting sustainable development and social development, provided that the results and application ot such study and research are disseminated to the public at large. Beneficiaries of our $eNi¢es: WCCF is a UK based charitable organisation. Our beneficiaries are the citizens of our Partner Cities Icirca. 270m million people) who benefit from evi(Jence-based policy, improved leadership. sharing of best practices and collaborations across cities. WCCF helps to scale policies across cilies world-wide. creating efficiencies and fast tracking the best urban solutions. The majority of WCCF'S output is available free to the wider public and therefore WCCF activities and thought leadership also seNes cities beyond Partner Cities. Ail research and all insights generated through the activityofthe charity of WCCF are made available to the public and published on the website. Achievements & Performance World Cities Culture Forum advances education in the field of the knowledge. understanding. practice and support of the arts and culture in cities. All WCCF education and leadership training actiwties aim to enhance cultural infrastructure in cities including museums. theatres, music venues. cinemas. and production spaces for the public benefit. WCCF also aims io enhance access io the ans for all cilizens by promoting policies that encourage participation and equitable access. By providingeducation and learning services to Partner Cities, including professional development and knowledge sharing opportunities we support and growcivic leadersfor culture. Progress against WCCF Education Object To develop and improve the knowledge. understandin& practice an¢Y support ofthe arts and culture in citiesworldwi.de by educating city leaders and policy makersto empower them to enhance cultural intrastructure and access to the arts for the public benefit- Activity 1- WCCF Leadership Exchange Programme WCCF supports city collaborations through a leadership exchange between cities with the aim of undertaking field iesearch about 8 specific area or sutr)ject and finding practical
WCCF Ltd World Cities Culture Forum l¢ompany no.: 13804618. charlty no.: 1204602} Forthe Year ended 31 March 2024 solutions and learningsfrom seniorpeersacro$sthegiobe.WCCFsupportsthis byproviding grants to Partner Cities to undertake field research trips. The programme has an open application process for Partner Cities with an internationaljury that selects the winning bids against a set criterion lunder the supeNision of the Trustees). Agrant agreement betweenWCCFand the successtulcities is drawn up with outcomes and elivery timeline and an independent evaluation is commissioned to assess the impact OY the programme. WCCF has supported 11 city exchanges as part of the Leadership Exchange Programme. offering professional development and knowledge sharing between cities tackling important Ghallenges including- Improving access to culture for citizens Growing affordable creative space Supportingartists through new funding models Supportingcultural organisations to be more sustainable WCCF commissioned an independent evalualion of the Leadership Exchange Programme and published an impact report in November 2023: Leadership Exch8nge Progr8mme Impact Report2023. The impact report highlights the tangible outcomes that the Leadership Exchange Programme has had on cultural policy and programmes in cities around the world. supporting creativity and cultural expression. Oulcomes include- 1. Accelerated new policies to protect attoTdable workspace for creatNes in London, Austin, Sydney8nd Amsterdam. 2. Leveraged city funding for inf(iarives to engage and represent indigenous and first nation cultures in Sydney and Toronto. 3. Replicated successful models to decentralise culture. celebrate neighbourhoods and take artto people's doorstep in London and Buenos Aires, Montrealand Lisbon. 4. Fast tracked innovative policies in Newyork and London to contribute to zero-waste and to protect culture at risk.
WCCF Ltd World Cities Cultvre Forum (company no.: 13804618. charity no.: 12046021 For the Year ended 31 March 2024 5. Shared different approaches to Colle and use data on the city's cultural inlrastructure in Amsterdam. Austin. Barcelona. Chengdu. London. Los Angeles. Milan, Montreal, and Stockholm. 6. Replicated and built on policies to protect culture 8t risk in Newyork usinga tried and tested initiative from London. 11 82/ 22 77/ 185 80/ 15 59/ The learnings from the Leadership Exchange Programme and the Impact Report are available to all members ofthe public on the WCcFvbSlte. A¢tlvity2-TheWCCFAnnualSummit WCCF organises an annual event bringing together senior leaders from Partner Cities. The three -day World Cities Culture Summit has been described as 8 'maste¥class in cultural policy. and involved plenaries. workshops and panels. The annual Summit allows city leaders to share ideas ano best practice to implement effective F)olicies enhancing the role of culture for ihe public benefit. The WCCF Summit helps scale policies acTOSS Clties wor1dVde. creating efficiencies arKI fasttrackingthe best urban solutions usingculturefor sustainable economic prosperity and social development. The 2023 Summit was hosted by the City of Sao P8ulo in October. A programme including three plen8ry$essions. 10 panels and 16workshops was offered to city leaders with topics addressing pressing issues including how best to protect and grow cultural infrastructure and enable access to cultural participation for all citizens. Cities helped shape the
WCCF Ltd World Clties Culture Forum l¢ompany no.: 13804618, charity no.: 1204602) Forthe Year ended 31 March 2024 programme and at cities request. in 2023, WCCF offered for the first time ever a dedicated peer to peer session for leaders professional development and a regional Meeting for Asia Pacific cities. WCCFcarried outan evaluation ofthe Summitandfeedbackfrom attendees and the overall rating of their experience was 9.1 110. The survey also showe¢J that. as a result of attending Ihe Summit.. 86% followed up with another city delegate 75% forged new partnerships 42% leveraged additional funding or gained support for a new cultural policy Some of the attendees feedback included: 'the Summit is unparalleleo in its support to global cultural practitioners A world stsge to share value of culture and best global practices.: 'A wtal and relevant Forum from which we learn so much.. The Summit (Jelivers against WCCF education objective, offering city leaders and policy makers opportunities to improve the knowledge. understanding and best practice to support culture in cities worldwi(Je for the public benefit. Since becomingan independent charity. WCCF has delivered three Summits: Helsinki. Finland on 5-7 October 2022 Sao Paulo Brazil in October 2023 Dubai UAE.2024 For the first time. the learnings from the annual Summit were published and made available for free to all public through a World Cities Culture Trends Report 2024. The report was published in J8nuary2024. hascan be downloadedonourwebsite. It has been used bycities beyond our City Partners to educate and inform leaders and policy-makers on current city policy trends. Activity 3-The WCCF Academy WCCF Academy includes public webinars. led by city speakers and experts. examining pressing urban challenges and solutions in detail. These are accessible for public benefit.
WCCF Ltd World Cities Culture Forum (¢ompany no.: 13804618. ¢harfty no.: 1204602) For the Year ended 31 March 2024 In 2023. WCCF hosted public webinars on= inclusive Cultural Olympiads- the future of cultural policy in African cities" Artificial Intelligence in the Creative Industries: the Role of Cultural Policy in Shaping Post-COVID Urban Futures. These webinars are le(J by city experts and attended by a mix of civic leaders. emerging policy-makers and students. In 2023. public trom across 100 cities attended WCCF online public webinars. Overall. WCCF advances education in the field ol the knowledge. understanding. practice and support of the arts and culture in cities. All WCCF education and leadership training activities aim to enhance cultural infrastructure in cities including museums. theatres. music venues. cinemas, and production spaces for the public benefit. WCCF also aims to enhance access to the arts for all citizens by promoting policies that encourage participation and equitable access. Achievements agalnst WCCF'S Research Object To promote the stULly and research of the role that aris anLI culture in cities worldwide can play in pTomoting sustainable development and social development, provided that the results and application of such study an(1 research are disseminated to the public at large. Activity 1- The World Citles Culture Report 2022 WCCFpublishesatriennialWortd Citiesculture Report, which is acompendium ofdata and policy best practice aboLrt culture and world cities. The report showcases City innovative programmes. ori@nal approaches and responses tothe urban challenges. It also highlights emerging trends and developing issues. The World Cities Culture Report 2022 was Launched at the World Cities Culture Summit in Helsinki. In the year ending March 2024. the World Cities Culture Report 2022 was published on the WCCF website. including all available city data which is open source and accessible to the public. WCCF city data is considered the rnost compreherbsive data on cities and culture and is used by policy makeis. media and academia. It is the mostvisited part of the WCCF website. We are currently leading a digital transformation to support the next edition of the Report, due in 2025. This is supported by the Bloombeig Philanthropies Digital Accelerator
WCCF Ltd World Cities Culture Forum l¢ompanyno.: 13804618. ¢harity no.: 1204602) Forthe Yearended 31 March 2024 Programme and will make our data accessible to even more people and support data-led policymaking. Actlvlty 2- Research and Inslghts WCCF advances and commissions research intothe role that ans and cultufe in cities play in advancingsustainable economic prosperityand socialdevelopment. WCCFcollaborates with leading universities and global organisations to provide research to advance the role of uliure in cities worldwide and promote sustainable economic grovrth and socialprosperity. All research is available to the public for free on theWCCFwebsite. In the year ending31 March 2024. WCCF commissioned and published newresearch= 'African Alternatives: the future of Creative cities. in collaboration with the British Council and Andani.Africa and featuring 12 Sub-saharan African capitals. Research was disserninated through a public webinar and the Report has the most viewed report on our website. World Cities CultureTrends Report2023 outlining 10 emergingtrends on culture in global cities with case studies from cities around the wori(l. This builds on WCCF'S body of research. forexample. in the yearending March 2023WCCF cornmissioned research including: 'Culture with a Social Purpose. with the University of the Arts London IUALI and (Jisseminated the findings ihrough a report and a public masterclass online 'Cfeatlve Recovery: The Role of Culture Policy in Shaping Post-covid Urban Futures 2022. research led with Kings College London exploring cultural policies created during the COVID-19 pandemic an(J providing insights foi future city resilience. Research was disseminated through a public event.This new research contributes to the collective knowledge and understanding of the role of culture in cities worldwide. and how it can play a role in advancing Sustainable economic prosperity and social development. Activlty 3- Online resources and newsletter In January 2023. WCCF launched a new website. The newwebsite is designed as an online research resource for the public. It published a wide range of city case studies to advance the knowledge and understanding of the role of culture in cities including in areas like climate change. health. young people. infrastructure. education and community engagement.
WCCF Ltd World Cities Cullure Forum (company no.: 13804618. charity no.: 1204602} For the Year ended 31 March 2024 The website offers an open resource and a searchable library of case stu(Jies in 45 cities woildwide. Each case study outlines the challenge. a summary of how the city is implementing a new solution through cultural policy and highlights the impacl to date. The WCCF website is attracting newviewers and is growingvisf(ors since January2023. The WCCF social media strategy also disseminates best practice across global cities and highlights areas where culture contributes to advancing sustainable economic prosperity and social development. In 2023, WCCF developed a quarterly New51etter called The Golden Thread, with currently over 900 subscriptions to Ihe newsletter is a free resource to the public. Activity 4- Advocacy Advocating for the role arts and cultuie play in cities by acting as a resource for research and best practices in relation to cultural activities in cities. In tis advocacy activities. WCCF complies with the Charity Commission's guidance on campaigning an¢J political activities. In the year ending March 2024. WCCF has led the following advocacy activities= Shared WCCF research findings and insights with several global organsiations including UNESCO, OECD. Eurocities. G20. British Council. Launched 'A Goal for Culture.. The Sao Paulo Manifesto. in 2023 supporting UNESCO'S call for a dedicated Sustainable Development Goal for Culture post-2030. This builds on previous advocacy activities including-. Delivered a 5eiies of public webinaTS With Oobal panels to advocate for the role ot culture as part ot UNESCO in collaboraiion with the B Titish Council and the Ministry of Culture in Mexico (Augusi 20221- Delivered a public panel in collaboration with UCLG (United Cities and Local Government) atthe UNESCOWorld Conferenceon CulturalPoliciesandSustainable Development-MONDIACULT2022 (September 20221- 10
WCCF Ltd World Cities Culture Forum (company no.: 13804618. charity no.: 1204602) Forthe Year ended 31 March 2024 Financial Review-year ending March 2024 WCCF has created8 business planfortheperiod 2023-25with adefinedfocusforeachyear: 2023 Itransitionl, 2024 limpactl and 20251sustainabilityl- Income In the financial year ending 31 March 2024. WCCF received income of £732.13319 months ending March 2023- £588.2651. Of this, only 5% of income was restricte(J funds £39.331 19 months ending March 2023.. £59.0711 and £692.80219 months ending March 2023: £529.1941 were unrestricted. Income from Partnership City Network. including the Summit conference- year ending March 2024 £349.001 19 months to March 2023.- È307.8481 Income for the Leadership Exchange Programme- year ending March 2024 £194.832 19 months to March 2023.. £94.1691 Income from Donations in kind: year ending March 2024 £98.511{9 monthsto March 2023.. £116.6771 Income in advance (Partnership City Network contributions and funding for aciivities to take place the following year). year ending March 2024 £289,238 19 months to March 2023.. £378.0211 Carryforward.. Atthe end of31 March 2024. we carried forward £147.437 unrestrictedfunds 12023.. £140,847) and no restricted funds19 months to March 2023.. Nil). A breakdown of income is shown in note 2 ofthe accounts on page 27. Expenditure Total expenditureforyear ended 31 March 2024 amounteo to £725.54319 months to March 2023= £425.4711 Ofwhich: Charitable Activities: year ending March 2024 £530.45619 months to March 2023- £327.4711 Personnel Support & Governance= year en(Jing March 2024 £175,08719 months to March 2023: £98.0001
WCCF Ltd World Cities Culture Forum (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2024 Stafl costs have increased as we have grown as an organisation. WCCFhas been incredibly appreciative of the benefit of using free serviced office space for the past 2 years. The Key Managemenl Personnel is the Executive Director. supported by a team of 6 staff members covering Partner Cities Relationships. Research and Advocacy. and Leadership Exchange programmes. The Executive Director's salary is covered by the Greater London Authority as a secondment. A breakdown of expenditure is shown in note 3 olthe accounts on page 30. Prln¢lpal risks and uncertainties WCCF Board of Trustees reviews a strategic risk register tr4i¢e a year as well as reviewing project risks where appropriate. The Executive Director reviews the risk register on a quarterly basis. Cashflow is monitored regularlybythe operationsteamtoensurethe minimum levelolcash does not reduce belowone month plus 10% operatingcosis. Reserves poilcy and going concern WCCF reserves policy states that il will aim lo ensuTe that it has bemieen thiee- and six- months, worth of reserves in case they are needed to cover its operational expenses, a reduction in income or increase in expenditure due to unforeseen circumstances or to engage in new opporiunities. This would allow for the delivery of any projects which have started. the opportunity to source new income streams and three months. worth of wind-up costs to discharge all the charily's liabilities if the Trustees decide the charity is no longer a viable going concem. In 2024, WCCF reported a surplus of£6.590 {2023.. £162.7941. with a total reserves fund of £147,437 {2023- £140.8471. At 31 March 2024 there was £4,600 {2023: £2.7801 in a designated fixed asset fund. This represents the net book value of fixed assets. It is the Trustees. intention to ensure that there is adequate working capital. as represented by its unrestricted funds. As at year end 31 st March 2024 unrestricted reserves covered more than three months of operating costs. 12
WCCF Ltd World Cities Culture Forum (company no.: 13804618. charity no.: 1204602) For the Year ended 31 March 2024 The Trustees feel confident that the organisation is a going concern due to the success in contributions from the Partnercities and thefundraising activities includinga 3-year funding support of £750,000 confirmed in May2024Yrom Bloomberg Philanthropies. By managing income and expenditure effectively over the year, the Trustees aim to make a financial surplus year-on-yearto build up reseNes to support the long-term sustainability of the organisation. The financial resultsforthe yearto 31 March 2024 are shown on pages 21 to 42. Related party transactions There are nodonationsfrom retated partieswhich areoutsidethe normalcourseofbusiness and no restricted (donations from related parties outside the normal course of business. Details of all related party transactions can be found in note S of the accounts. Fundraising The WCCF management team has developed a fundraising strategy and a don8tions policy. The team has identified expenditure required to generate income and has employed the seiceS of a fundraising consultant. All fundraising practices are within the values and principles of the organisation. WCCF has a clear due diligence procedure and undertakes due diligence on every organisation that it receives funds from. The regulatory landscape for fundraising is evolving and we will continue to monitor and adaptwith these changes. We do not run telephone or door to doorfundraising campaigns. We have ensured we are in line with the GDPR data protection regulations and all other relevant codes of Conduct. We do not pressure supporters to make gifts and respecr decisions to stop giving. The following organisations supported WCCF work in the year ending March 2024: Bloomberg Philanthropies The British Council The Greater London Aulhority University ofArts Lon(Jon Kings College London 13
WCCF Ltd World Cities Culture Forum l¢ompany no.: 13804618. ¢harity no.: 1204602) For the Yeai ended 31 March 2024 Structure. governance and managernent WCCF is a company limited by guarantee, registered in England and W8les. and a registered chavity- The company was established under a mernorandum and articles of association which esiablishedthe objects and powers ofthecharitable companyand isgoverned under its articles of association. 2023 was rts firstyear of operation as an independent charitable organisation. Governed by a boafd ofthree non- executive directorTrustees. membershipwill be reviewed over time and a board recruitment policy developed. The City Advisory Committee. whose members are nominated by City Partners and are geographically representative of the forum. meet quarterly. London's Deputy Mayor for Culture and Creative Industries Justine Simons chairs the committee. Asuite of organisational policies and procedures coveringthe areas of employment. finance and data protection have been developed and will tse reviewed and updated by the board periodically. In the 12 months to 31 March 2024, the Board met 6 times. In addition. trustees provided signiticant ongoing support to the organisation throughout the year. Powers ol Board of Twstees as Directors Subject to the provisions of the Act. the Articles and any Special Resolution. the Directors shall be responsible for the management of the Charity's business and may exercise all the powers ofthe Charityforthat purpose. No alteration of the Articles or any Special Resolution shall invalidate any prior act of the Directors. A meeting of the Directors at which a quorum is present may exercise all the powers exercisable bythe Directors. Appointment of Board of Trustees as Direciors Any person who is willing to act as a Director. and who is permitted by law to do so, may be 8ppointed to be a Director by resolution of the DirectOTS. Where a maxirnum number of Directors has beenfixed. the appointment of a Director must not causelh8t numberto beexceeded in accordance withthe memorandumand articles of association. 14
WCCF Ltd World Cities Culture Forum (company no.: 13804618, Charity no.: 12046021 Forthe Yearended 31 March 2024 All Directors give iheir time voluntarily and receive no benefits from the Charity- Any expenses reclaimedfrom the Charity are setout in note 3.2to the accounts. The Trustee Board delegates responsibility foi the tlay-to-day activities of the organisation to the Key Management Personnel which is Ms Laia Gasch, the Executwe Directoi, who produces monthly reports on the activtties Undertaken in managing the Charity including management accounts that explain the financial position of the Charity. Remuneration policy for key management personnel Payand remuneration ofthe Charity's key managementpersonnel is set in accordance with WCCF'S pay principles reflecting: The overall financial position of the charity. Considerations of internal equity. i.e.. that the pay of those carrying out a similar role will remain broadly equivalent. that difference between those at the bottom of the pay scale and those at the top should not be excessive- and also. ourcommitments to become a London Livingwage Employer- Increases in the cost of living- Comparisons wilh the exteTnal job market to ensure WCCF remains competitive and supports the retention ofteam members: The relative levels of responsibility and contribution of individuals across the organisalion. The Director is on secondmenttrom the Greater London Authority untiljune 2025. Public benefit The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance, published by the Commission. in determiningthe activities vn(Jertaken bythe Charity- The Trustees are satisfied that the aims and objectives of the Charity. and the activities reported above to achieve the aims. meet these principles. 15
WCCF Ltd World Cities Culture Forum (company no.: 13804618. ¢harity no.: 1204602) Forthe Yearended 31 March 2024 Statement of responsibilities olthe trustees The Trustees Iwho are also (Jirectors of WCCF for the purposes of company lawl are responsible Yor preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and Yair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure. of Ihe charitable company for that period. In preparingthese financial statements, the trustees are required to: Select suitable accounting policies and then apply them consistently: ObseNe the methods and principles in the Charities SORP: Make judgements and estimatesthat are reasonable and prudent- State whether applicable UK Accounting standards and statemenls of recommended practice have been followed. subject to any material departures disclosed an(J explained in the financial statements. Prepare the f inancialstatements on the going concern basis unless it is inappropTiate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure thatthe financial statements complywith the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence fortaking reasonable steps for the prevention and detection of fraud and othei irregularities. The Trustees are responsible Yor the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differfrom legislalion in other jurisdictions. Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees on 31st March 2024 was three 12023 three). The Trustees are memf)ers of the chartty. but this entitles them onlyto voting rights. The Trustees have no beneficial interest in the charity. 16
WCCF Ltd World Cities Culture Forum (company no.: 1381M618, charity no.: 1204602) Foi the Year ended 31 March 2024 A¢countant8 Kreston Reeves LLP continued as the charitable ¢ompan¥sac¢ountants duringtheyear ond has expressed its willingness to continue in that capacity. Knox Cropper were appointed in October 2024 to conduct the independent examination of the Charitys accounts. The Trustees would like to thank 811 those who have supported WCCF slnce It8 establishment in December 2021 and during 2022. 2023 and 2024. The Twstees. Annu81 Report ha$ been opproved bythe trustee$ at a Board meeting on 12th Decemb6r 2024 and signed on their behalf ty. JeffreyJa¢obs Chair of th? Board of Trustees 17112124 17
WCCF Ltd World Cities Culture Forum (Company no.: 13804618. ¢harity no.: 12046021 For the Year ended 31 March 2024 Independont examIn5 r•port to th• memb•ws of Worfd Cttl•s Culturn Forum I reF to the membs of Ihe (wilable cOmY on my examinatNJn of the financial statements of thg charitable CnpanY Ihe year eThled 31 March 2024. Responslbllllles and bas1$ of rnwt As the trustees ofthe ch24itsble company {8nd also its tJre¢tors for the ofLJJnpany law} you are responsible the pparati0Th of the financial ststements in accordance wrth the rewirements of the Companies Act 2(K6 {Ihe 2006 Acr). Having satisfied myself that the financial stalements ol the charitable u>mpany are Mt required to be audited for thi% year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the char[lab MpanY'S financial stalements carried out untjer seCn 145 of the Charities Act 2011 1.the 2011 Act'l. In carying out my examination I hove folk)wed Ihe DIrectn$ gwen bythe Charity Commission under section 145151{b) of Ihe 2011 ACL Ind•pendent xamlnef$ statem•n¢ The charitable company's gross Mclne excoeded £250.000 and l am qualrfied to undertake the examinabon by being a qualffjed memiw of ICAEW. I have rMpleted my examinatron. I confirm that no rnaterial matters have come to my attention (other than that disclosed below} which gNes me cause to belipvo that: 20[.. or the finanaal stements do not accons with suth reccffds: or the financial statements ¢Jo not comply 7Mth relevant accounting requiremenls under section 396 of the Companies A£t 20C6 other Ihan any requirement thal the financial statements gNe a Irue and fairf view which is not a matter u)nsidered as part of an independent examinalion: or the financial slatements have not been prepared in acxordancg ¥&ilh the Charitw SORP (FRS102). I have no nCem$ •rwJ have come across rK• olher mattors in nnectn with the examination lo which attenn shtyjkl be drawn in IhLs fep(vt kn onjerlo enable a proper understandin9 of the financial slatements lo be Teached. 19112124 Simon Goodridge FCA Knox Cropper LLP 68 Leadenhl Stree( London ECIA 2AD 18
WCCF Ltd World Cities Culture Forum {¢ompany no.: 13804618. charity no.: 1204602) For the Year ended 31 March 2024 Statement of Financial Activities (incorporating the Income & Expenditure Account) Year ending 31 March 2024 Unrestricted funds Restricted funds 9monthsto March 2023 March 2024 Income (Note 2) Income from generatgd fund5 Donations Donations in kind Ch8fltable Activities Other income 250 98.511 587.778 6.263 692.802 250 98.511 627,109 6.263 732.133 500 116,677 471,088 39.331 Total Ineome 39.331 588.265 Expenditure (Note 3) Exp¢nditur• on- Raising Funds Chari18ble Activrties Support & Governance Total Expend•tUTe 20.000 514.415 175.087 686.212 20,000 530,456 175,087 725.S43 39.331 327.471 98.000 39,331 425,471 Net In¢omellexpendlture) 162.794 Transfers between funds Net movementin funds 590 6,$90 162,794 Funds b8Lanees brought forward 140,847 140.847 121,9471 Total fund$ carriedlorw8rd 147.437 147.437 140.847 All of the above results are derived from continuing activities. There were no other recognised gains or losses otherthan those stated above. Movements in funds are disclose(J in Note 11 to the financial statements. 19
WCCF Ltd World Cities Culture Forum fcompany no.: 13804618. charity no.: 1204602) Forthe Year ended 31 March 2024 Balance Sheat as at 31 Mareh 2024 Totsl Total 2023 Notes Flxed Assets Tangibl• Ass•ts Current Asts•t8 Debtors Cash Bankand in hand rot4iCurr8ntAs•ts 1780 178.P 270,947 449,745 161,928 370.893 532,B21 Creditors: f8111nE due vfflhin one yesr Net Current As$ets/(Liabilities) Net As$•tsl(Ubilltles) {306,9} 1394,7541 141837 138.067 147.437 140.847 Funds of the Charlty Restricted Income Unrestficted Income Gen¢ralfund8 142.837 138.067 2,780 Fixèd Ass•t Fund Tolal Funds 142.437 140.847 The rtotes on the following pages fomi partof thase Finaneialslatements. Fortheyearending31 March 2024. ttte companywas entitled toexemptionfrom audit under seetion 477 of th? Companies Act 2¢)06 relating io small companies. The members have requir&d the company to obtsin an audit of its financial ststements for the year in question in aOrdanCe with 88etion 476 of the A¢t. The directors acknowledge thèir responsibilities for complwng with the requirements of the Act th respect to accovntine reco8 and the preparation of financial statements. These financi81 statemenis have been prepar•d in accordance with th¢ provisions applicable to companies subject to ihè sm8U eompaniès. regim•. Th¢ finan¢i8L 8tst¢mgnts wert opproved and 8uthorrs¢d for issue by the Board of Tiustees on 12th December 2024, anil signed on ns behalfby. JeffreyJ8cobs, Chair of Tru8tso¥ K1n Au¥lin.TTeasuTeT 17112124 19112124 20
WCCF Ltd World Cities Culture Forum (company no.: 13804618. charity no.: 1204602) For Ihe Year ended 31 March 2024 CashfLow Statement torthe year ending 31 March 2024 March 2024 March 2023 Cashflows from operating activities DeficitVSurpLus for the financial year 6,S90 162.794 Adjustments for: Charge to depreciation Ilncreasel I decrease in debiors IDecTeasel l increase in creditors 1.586 (16.870) {87.846) 646 126.4781 182,629 Net eash generated from operatlng a¢tivitles 196.S40) 319.591 Cash flows from investing activities Payments to acquiret8ngible fixed assets (3.406) 13,4261 Net cash from Investlng activitie¥ (3.406) 13.4261 Net increase in cash and cash equivalents 199.946) 316.165 Cash and cash equivalenls at the beginning of the year 370,893 54,728 Cash and cash equivalents at end ofyear 270.947 370,893 21
WCCF Ltd World Cities Culture Forum {company no.: 13804618. ¢harlty no.: 12046021 For the Year ended 31 March 2024 Notes to the Financial Statements Accounting policies A summary of the Pfincipal accounting policies all of which have been applied consistently throughout the year, are set out below- Statutory information World Cities Culture Forum 1$ a charitable company limited by guarantee and is incorporated in England. The registered office address is City Hall. Kamal Chunchie Way. London. E16 IZE. Basis of preparation The financial ateMentS have been prepared under the historical cost convention and in accordance with the accounting policies set out in the notes to the financial staiements. The financial statements comply with the charivs governing document. the Charities Act 2011. the accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting St8ndard applicable in the UK and Republic of Ireland IFRS102 second edition - ehectivefTom January2019). Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy or note. The Charity is a Public Benefit Entity as defined by FRS102. The financial slatements are prepared in Steiling. which is the functional currency of the Charity- Accounting estirnates and areas of judgement In applying the financial reporting framework. the Trustees have mad8 a numbeT of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual ouicomes could differ from those estimates. Any significant estimaies and judgements affecting these financial staiements are Oetailed within the relevant accounting policy below. 22
WCCF Ltd World Cities Culture Forum (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2024 Going concern The Trustees consider that there are no material uncertainties about the charity's ability to continue as a goingconcern. The Trustees are confideni about the charity's ability to continue as a going concern while taking into account the current economic climate. Thistakes account of the pertormance of the Charity duringthe first year of operations. The pipeline of future income remains robust. and conversations are strong with repeating and new potential City Partners and fundraising prospects. We continue to tightly control expenditure and regularly reviewfinancial indicators and have developed contingency plans for reducing costs if the financial position becomes more challenging. Al the reportingdate,the Trustees do not considerihatthere are any sources otuncertainty for the future of the charity that would result in them needing to change the direction of the charities, operations. Income Income is recognised when the charity has entitlement to the funds, any perforrnance conditions attache(J io ihe income have been met. it is probable that the income will be received andthat the amountcan be measured reliably. Incomefrom governmentand other grants. whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlementtothefunds. any pertormance conditionsattached tothe grants have been met. it is probable that the income will be received. andthe amount can be measured reliably and is not deferred. Gift Aid claimable in relation to qualifying donations receive(J is recognised atthe time of the donation. Donations in kind represent professional services or facilities which are recognised in income on the basis of the value of the gift to the charity. Typically. this is the amount the charitywould be lling to pay in the open market for such equivalent services or facilities. Partner City incorne is recognised in the year forthe year in which it is received. and not when the charity has delivered anyopportunitythatthey mightwish totake advantage of. Income received in advance of the provision of a specified project is deferred until the criteria for income recognition are met, or related expenditure has occurred. 23
WCCF Ltd World Cilies Culture Forum (company no.: 13804618. ¢harlty no.: 1204602) For the Year ended 31 March 2024 Interest recelvable 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 bythe bank. Fund accountlng Restricted funds are to be used for specific purposes as laid down by the donor or grant provider. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resources received or generated for charitable purposes. Designated funds are unrestricte(J funds earmarked bythetrustees for particular purposes. Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal orconstructive 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 eadings.. Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it. as well as the cost of any activities with a fundraising purpose Expenditure on charitable activities includes the costs of producing reports. events and publications undertaken to further the purposes of the charity and their associated supportcosts Other expenditure represents those items not falling into 8ny other heading Irrecoverable VAT is charged as a cost against the activity for which the expenditure wa5 incurred. 1.10 Allocalion of costs Resources expendeij are allocated to the 8Ctivity where the cost relates directly to it. However. the cost of overall direction anfl administration of each activity, comprising the 24
WCCF Ltd World Clties Culture Forum {company no.: 13804618, charity no.: 1204602 Forthe Year ended 31 March 2024 salary and overhead costs of the central function. is apportionetl on the following basis which is an estimated the amount attributable to each activity. Governance and Support Costs Support and goveTnance costs are re-allocated to each activity baled on staff time and the amount attributable to each activity. Governancecosts arethecosts associatedwiththegovernancearrangements otthe charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity's activities. 1.11 Operating leases WCCF has no operalingleasesfortheyear ended 202412023= nil). 1.12 Tangible fixed assets Items of equipment are capi181ised where Ihe purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Oepieciation is provided at rates calculated to write down the cost of each asset to its estimaied residualvalue over its expected useful life. The depreciation rates in use are as follows- Computers and telephone over 3years 1.13 Debtors Trade and other debtOTS are Tecognised at the settlement amount due after any trade (Jiscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.14 Ca$h at bankand 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 lessfrom the date of acquisition or openingof the deposit or similar account. 1.15 Creditors and provisions Creditors and provisions are recognised where the charity has a pTesent 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 25
WCCF Ltd World Cities Culture Forum (Gompany no.: 13804618, charity no.: 12046021 For the Year ended 31 March 2024 Provisions are normally recognised at their settlement amount after allowing for any tfade discounts due. 1.16 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 attheir settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.17 Pensions The Charity is a member of an auto enrolment workplace Group Personal Pension scheme. The scheme is a multi-employer defined contribution plan for certain employees who meet certain criteria as prescribed by the Pensions Act 2008. The costs of the plan charge(J in a statement ot financial activities represents the contributions payable (luringthe year. 26
WCCF Ltd World Cities Culture Forum (company no.: 13804618. charity no.: 12046021 Forthe Year ended 31 March 2024 Income (current year and prioryear) Current Year Unrestricted funds Restricted March 2024 9 months to funds March 2023 Donations Oonations & Gifts Donated goods. facilKties and seNices Totsl Donjtlons 250 98.511 2SO 98.S11 500 116.677 98.761 98.761 117.177 Charitable Activities Education.. Partnership CItyNeOrk & Summit Leadeiship Exchange Programme Rese8rch." Regron81 Events & Advocacy Research & Development Total CharitableA¢tivftle$ 349,001 349,001 307,848 194,832 194,832 94,169 43,945 10.000 59,071 471.088 39,331 39.331 39.331 627.109 587.778 Other Income 6.263 6.263 6.263 6.263 Total Otherlncome TOTAL INCOME 692.802 39.331 732.133 588.265 27
WCCF Ltd World Cities Culture Forum Icompanyno.: 13804618, charity no.: 12046021 Forthe Yearended 31 Mar¢h 2024 2. Income (Prior Year9 months to March 2023) Prior Year Unrestricted funds Restricted 9 months to 6 months to funds March 2023 June 2022 Donations Donations & Gilts Donated goods. facilities and seNice$ Tot81 Donatlons 500 116.677 500 116.677 77.785 117.177 117.177 77.785 Charitable Aclivilies Education.- Partnership City Network & Summit Resegrch.- Leadership Exchange Programme Regional Events & Advocacy Rese8Tch & Development Total Charitable A¢tivfti¢s 307.848 307,848 94,169 94.169 107.614 lo.0 10.000 59,071 59,071 59.071 471.088 412.017 107.614 Other Incomo Total Othorlncomo TOTAL INCOME 529.194 59.071 588.265 185,399 28
WCCF Ltd World Cities Culture Forum (cornpany no.: 13804618. charity no.: 1204602) Forthe Yearended 31 March 2024 2.1. Analysis of Government Grants March 2024 9 months to March 2023 Greater London Authority Greater London Authority S18rtUpGrant Leadership Exchange programme 36.000 94,169 106,832 There are no unfille(J conditions or other contingencies thai are attached to ihe amounts recognised from government grants. 2.2. Donated goods. facilities and setrvices March 2024 9 months to March 2023 Greater London Authority St8ff on Secondment 98.511 116.677 Donations in kind are treaied as unrestricted funds. From January2024. WCCF benefitedtothe'inkind. useofservicedoffice space at University of Central London East, and prior year benefited to the 'in kind, use of office space at the British Council. The equivalent commercialvalue of office space would be around £60.000 per annum. 29
WCCF Ltd World Cities Cullure Forum (company no.: 13804618, charity no.: 121)4602) For the Year ended 31 March 2024 Analysis of expenditure (current and prior year) Current Year Raising Funds charitable Activities Support & Governance Total Staff costs INote 3.21 Project DelNery Professional, legal & finance Accountancy & payro Office & 8dminist18tion Bad ¢Jebt write off Bank fees & foieign exchange Premises costs Board expenses Communication ¢osts Depreciation sU10t81 338.562 106.765 29,731 368,293 106,765 20.000 85,129 72.329 177,458 4.654 12.540 31.368 4.654 12,540 31,368 6,339 6.339 1.747 397 14,396 1.586 175,087 1.747 397 14,396 1,586 725,543 20.000 530.456 Allocation of support & governance costs Total Expenditure 175.087 1175.0871 20,000 705.543 725.543 Where sums originallydenominaied in foreign currency have been included in expen(Jiture, the basis on which those Sums have been translated into sterling lor the currency in which the accounts are drawn upl are at the spot rate on the dayof change. 30
WCCF Ltd World Cities Culture Forum (company no.: 13804618. charity no.: 1204602) For the Year ended 31 March 2024 Analysis of expenditure (Prioryear9 months to March 2023) Prioryear Raising Funds Charitable Activities Support & Governance Total Staff Costs (Note 3.21 Project Delivery Professional. lègal & finance Accountancy & payroll Office & 8dministration Bad debt write off Bank fees & foreign exchange Premises costs Board expenses Communication costs Oepreciation Sub-total Allocation of support & governance costs Total Expenditure 170.748 122.256 23.316 194.064 122.256 34.467 36.250 70.717 15.154 12,288 15.154 12.288 6.521 6,521 1.735 1.065 1,025 646 1,735 1.065 1,025 646 321.471 98.000 425,471 98.000 198.0001 425,471 425.471 Where sums originally denominated in foreign currency have been included in expenditure. the basis on which those sums have been translated into sterling lor the currency in which the accounts are drawn upl are at the spot rate on the dayofchange. 31
WCCF Ltd World Cities Culture Forum (company no.: 13804618, Charlty no.: 1204602) For the Year ended 31 March 2024 3.1. Net incomelexpenditure forthe year Mar¢h 2024 9 months to March 2023 Nel Incomellexpenditurel is stated after chargingllcTediting) Depreciation Tax advisory fees Aecountaney seNices Independent Examination 1.586 646 2.990 7.722 3.500 3.2. Analysis of staff costs, trustee remuneration and expenses. and the cost of key management personnel March 2024 9 months to March 2023 Salaries & wages Social security Costs Pension costs Other siaff costs incLvding welf8re & training Total Staff costs 314,661 30,687 17,510 5.435 368,293 154,153 21,720 12.698 5,493 194,064 Salaries include full-time Executive Director seconded and paid by the Greater London Authority with a total remuneration. including pension contributions of £98.511 las noted in 2.2. under 'donated goods, facilities and services'l- This agreement is until > July 2025.19 monthsto March 2023: total in kind £67,920). No employee received employee benefits greater than £60.000 during the year (excluding employer pension contributions and employers. national insurance) {9 months to March 2023: £nill. The Charity Trustees were not remunerated nor received any other benefits from employmentwith the Chartyin the year{9 months to March 2023.. £nil}. No CharityTrustee 32
WCCF Ltd World Cities Culture Forum (company rbo.: 13804618. Gharity no.: 1204602) Forthe Year ended 31 March 2024 received payment for professional or other semces supplied to the Charity19 months to March 2023- £nil). Trustees. expenses represent the payment or reimbursement of travel and subsistence costs and board administration totaling E 397 {9 monthsto March 2023: £1.064). Staff numbers The average number of employees (head count base(J on number of staff employed) during the year was the Executive Director plus 619 months to March 2023: 51 Staff are split across the activities of the Charity as follows- March 2024 9 monthsto March 2023 Charitable Activilies Governance Support Total Staff numbers Related parties and relationships with other organisations No Trusiees identified themselves as having relationships with other organisations, being in positions of responsibility within sponsoring organisations. All confirmed they did not have overall control ofthe decision to sponsorldonate totheWCCF. None of our Trustees receive remuneration or other benefit from Iheir work with Ihe Charity. During the year no unrestTicted donations were received from organisations connected to Trustees or key management personnel {9 months to 2023: £nill. The Executive Director is a staff member ofthe Greater London Authority and seconded toWCCF. Within the year there were no restricted grants from Greater London Authority. No Trustee5 contributed personal donations in 202419 months to March 2023: £nill. There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 33
WCCF Ltd World Cities Culture Forum Icompanyno.: 13804618, charity no.: 1204602} For the Year ended 31 March 2024 Tangible Fixed Assets Computer Equipment Cost Blf 1 April 2023 Additions 3,426 3.406 6,832 At 31 March 2024 Depreciatlon At 1 April 2023 Charge At 31 March 2024 1.$86 2.232 Nèt Book Value at 31 Mar¢h 2024 4.600 Net Book Value at 31 March 2023 2.135 Debtors 2024 2023 Trade debtors Provision for doubtlul ¢JeblS Accrued Income 198.S42 131.3691 11.625 178.798 161.928 Total debtors due wlthin one year 161,928 Creditors 2024 2023 Trade credr(ors Accruals Deferred income 14.954 5.01)0 289.238 (2.2841 306.908 11.940 7.442 378.021 12,6491 394,754 Tax and Social security Total ¢rediTtors due within oneyear 34
WCCF Ltd World Cities Culture FoTum (company no.: 13804618. charity no.: 12046021 For theyear ended 31 March 2024 Deterred income refers to unrestricted Partner City fee income and Leadership Exchange Programrne activity received in advance for the year 2024-25. (9 months to March 2023.. £378.0211. 9.1 Deferred Income 2024 2023 As 811 April 2023 Deferred in the year Released in theyear As ai 31 March 2024 378.021 289,238 378.021 289,238 378,021 378,021 10. Analysis of net assets between funds (current and prioryear) Fund balances at 31 March 2024 are represenied by- Uniestricted funds Restricted funds March 2024 March 2023 Fixed assets Current asseis Current liabilities 4.6 449.745 1306.9081 147.437 2.780 532.821 1394.7541 140,847 449.745 (306.908) 147.437 Fund balances at 31 March 2023 are represented by= Unrestricted funds Restricted funds 9 months to March 2023 6 months to June 2022 Fixed assets Current asseis Current liabilities 2.780 532.821 1394.7541 140.847 2.780 532.821 1394.754) 140.847 190.178 1212,1251 121.9471 35
WCCF Ltd World Cities Culture Forum {company no.: 13804618, ¢harity no.: 1204602) For the Year ended 31 March 2024 11.1 Movement In funds Current period Balance 1Apr23 InGorne Expendituro Transfer Balance 31 Mar24 Restricted Funds Africa Research Mondi8cult Reseai¢h 24.424 14.907 39.331 124.4241 114.9071 {39.331} Ttrtal restricted funds Unrestrfcted Funds Fixed Assets General Funds 2.780 138.067 140.847 11.5861 1684,6261 {686.2121 3.406 13.4061 4,600 142,837 143,437 692.802 Tot41 unrestricted lund3 692.802 Totsl Funds 140.847 732.133 (725.5431 147,437 Africa Research- Deliver research funtjed by the British Council. engaging key st8keholders in 11 capital cities of Sub-S8h8ran Africa outLining cultural policies in Africa capitals resuliing in a report available tor all public and a public webinar. MondlBeultResearch-Funded by the British Councilto produce. facilil8te and report online publie events with iniern8tional Culture leaders and policy makeis as part Mondiacult. the UNESCO Worl Conference on Culture Policies an(J Susiainable Developmeni. 36
WCCF Ltd World Cities Culture Forum {company no.: 13804618. charlty no.: 1204602) Forlhe Yearended 31 March 2024 11.2 Movement in funds prior period Balance 1Ju122 In¢ome Expendlture Transfer Balan¢e 31 Mar 23 RestrTCted Funds Africa Research Mondiacult Research Culture Policies Pilot Research Culture Recovery Total r•$trlcted fvnds 19,435 13.256 23.5C 119,4351 113,256} 123.5001 2,880 59.071 12,8801 159.0711 Unrestrlcted Funds Fixed Assets General Funds 16461 1365.7541 1366.4001 3.426 13,4261 2,780 138,067 140.847 121.9471 121.947) $29.194 529.194 Total unrestricted fund$ TotalFunds (21.947) 588.265 1425,471) 140.847 Afr1¢8 Re$earch- Delrver research funded by the British Council. engaging key stakeholders in 11 capital cities of Sub-S8haran Alrica outlining cultural policies in Africa capitals resulting in a report 8V8ilable foi all public and a public webinar. Mondi8¢ultResear¢h-Funded bythe British Council to produce. facititateand report online public evenis with international culture leaders and policy makers as part Mondiacult. the UNESCO World Conference on Culture Policies and Sustainable Development. Gulture Pollcles Pilot R•search - Funded by the Universty of the Arts London. Instttute of Storytelling for a collaborative event that took place in October 2022. Culture Re¢overy- Funded by King$ College London. to Tese8r¢h the role of Culture policy in Post COVID Urban Futures. 37
WCCF Ltd World Cities Culture Forum Icompany no.: 13804618, ¢h8rity no.: 1204602) For the Yèar ended 31 Mar¢h 2024 12. Prior year Statement of FinancialActivities {incorporatingthe Income & Expenditure Account) 9 months to 31 March 2023 Unrestri¢ied funds Restricted funds 9 months to March 2023 Income (Note 21 In¢ometrom oenerated funds Donations Donaiions in kind Charit8ble Activtiies Other income 500 116.677 471.086 116.677 412.017 59,071 Total Incomo 529.194 59.071 588.265 Expenditure (Note 31 Expendiiure on: Raising Funds Chariiable Activrties Support & Governance Total Expendhure 268,400 98.oc 366.400 59.071 327,471 98.000 425.471 S9.071 Net incomel{expenditure) 162,794 162,794 Transfers between funds Net movernent in funds" 162,794 162.794 Funds baLBnces brought fovward 121.9471 121.94 Total funds Cathed forward 140.847 140.847 38