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2025-03-31-accounts

WCCF LTD Annual Report

and Independent Examination of Financial Statements

For the year ended 31 March 2025

WCCF Ltd

Company Number: 13804618

Charity Number: 1204602

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Contents
Reference and administrative information 3
Trustees’ annual report 4
Independent Examiner’s Report 20
Statement of financial activities (incorporating an income and expenditure 21
account)
Balance sheet 22
Statement of cash flows 24
Notes to the financial statements 25

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Reference and administrative information

Company number: 13804618 Country of incorporation: United Kingdom Charity number: 1204602 Country of registration: England & Wales Registered office: Studio Smithfield, 1 East Poultry Avenue, London EC1 A 9PT

Trustees:

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Mr Jeffrey Jacobs (Chair of Trustees) Dr Kevin Austin (Treasurer) Ms Lillianne Halfpenny Key management personnel: Ms Laia Gasch (Executive Director) Bankers: The Co-operative Bank Plc PO Box 101, 1 Balloon Street, Manchester, M60 4EP Accountants: Ben Leach Associates 9 Shiregreen Lane Sheffield, S5 6AA

Independent Examiners:

Ben Leach Associates 9 Shiregreen Lane Sheffield S5 6AA

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

The Trustees Annual Report

The Trustees present their report and independent examination of financial statements for the year ended 31 March 2025.

Reference and administrative information set out on page 3 forms part of this report. The independent examination of the financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: 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 medium and large companies under the Companies Act 2006 (Strategic Report and Director’s report).

Our Purpose:

World Cities Culture Forum was founded in 2012 to coincide with the London Olympic Games. Initially, 12 global cities convened with a focus on joint research, sharing common challenges, and learning from one another.

Since then, World Cities Culture Forum (“WCCF”) has grown into a global network of over 45 creative cities (“Partner Cities”) representing over 270m citizens. With a shared belief that we can achieve more by working together and being generous with 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 heart of thriving cities and sustainable communities. We believe in the power of culture to transform lives and places and recognise that collaboration drives change at scale.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Following a governance review in 2020, the Partner Cities recommended that the WCCF project be established as a charitable independent entity.

In December 2021, WCCF was set up as an independent charitable body, with the transfer of all WCCF assets and intellectual property into WCCF Ltd.

Our Vision

We are building a world where culture is at the heart of thriving cities.

Our Mission

We are civic leaders sharing our best ideas and designing culture policies that change lives. World Cities Culture Forum is a network of more than 45 global cities spanning six continents. Together, we are meeting the challenges of the 21st century by placing culture at the 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 review the aims, objectives and activities of the charity each year. This report looks at what the Charity has achieved and the outcomes of its work in the reporting period. The Trustees report on the success of each key activity 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 reviewing the Charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities contribute to the aims and objectives that have been set.

Our Charitable Objectives:

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Beneficiaries of our services:

WCCF is a UK based charitable organisation. Our beneficiaries are the citizens of our Partner Cities (circa 270m million people) who benefit from evidence-based policy, improved leadership, sharing of best practices and collaborations across cities. WCCF helps to scale policies across cities 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 serves cities beyond Partner Cities.

All research and all insights generated through the activity of the 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 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. By providing education and learning services to Partner Cities, including professional development and knowledge sharing opportunities we support and grow civic leaders for culture.

Progress against WCCF Education Object

Activity 1 – WCCF Leadership Exchange Programme, Round 3

WCCF supports city collaborations through a leadership exchange between cities with the aim of undertaking field research about a specific area or subject and finding practical

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

solutions and learnings from senior peers across the globe. WCCF supports this by providing grants to Partner Cities to undertake field research trips.

The programme has an open application process for Partner Cities with an international jury that selects the winning bids against a set criterion (under the supervision of the Trustees). A grant agreement between WCCF and the successful cities is drawn up with outcomes and delivery timeline and an independent evaluation is commissioned to assess the impact of the programme.

WCCF launched the 3[rd] Round of the Leadership Exchange Programme in October 2024, provided support and guidance to cities and received 9 applications for exchanges. Through city outreach and the dissemination of the Leadership Exchange Programme Impact Report, cities were supported to develop exchanges tackling important challenges that would impact not only in their cities but across other cities.

An international jury met in August 2025 and awarded the following 7 proposals:

1. Commemoration in Urban Spaces

Cities: Kyiv, Warsaw, Amsterdam, New York, London

2. Night-Time Economy

Cities: Amsterdam, Cologne, San Francisco, London, Toronto, Dubai, Guangzhou, Stockholm

3. High Street Pedestrianisation

Cities: Barcelona and London

4. Film Cities

Cities: Montréal, Vancouver, Toronto, New York, Los Angeles, London

5. Silver Economy

Cities: London and Guangzhou

6. Creative Economy Workforce Development Cities: Boston and São Paulo

7. Public Art and Co-creation

Cities: Milan and Jakarta

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

The learnings from the Leadership Exchange Programme will be available to all members of the public on the WCCF website.

Activity 2 – The WCCF Annual Summit

WCCF organises an annual event bringing together senior leaders from Partner Cities. The three –day World Cities Culture Summit has been described as a ‘masterclass in cultural policy’ and involved plenaries, workshops and panels. The annual Summit allows city leaders to share ideas and best practice to implement effective policies enhancing the role of culture for the public benefit.

The WCCF Summit helps scale policies across cities worldwide, creating efficiencies and fast tracking the best urban solutions using culture for sustainable economic prosperity and social development.

The 2024 Summit was hosted by the city of Dubai in October with the theme ‘Tomorrow’s Culture: How Will the Next Generation Shape our World?’ . The programme included public sessions, plenaries, panels and workshops with topics addressing the role of youth in reshaping urban life by 2030 and how global cities can support the next generation of creatives. The summit shed light on the efforts of participating cities that support the creative economy and invest in cultural and creative industries.

Cities helped shape the programme and at cities request, in 2024, WCCF continued to offer a dedicated peer to peer session for leaders professional development. WCCF carried out an evaluation of the Summit and feedback from attendees was very positive.

The Summit delivers against WCCF education objective, offering city leaders and policy makers opportunities to improve the knowledge, understanding and best practice to support culture in cities worldwide for the public benefit.

Since becoming an independent charity, WCCF has delivered three Summits:

The learnings from the annual Summit were published and made available for free to all public through a World Cities Culture Trends Report 2025. The report was published in January 2025, has can be downloaded on our website. It has been used by cities beyond

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

our City Partners to educate and inform leaders and policy-makers on current city policy trends.

Activity 3 – The WCCF Digital Accelerator Programme

In the year ending March 2025, WCCF received support from Bloomberg Philanthropies’ Digital Accelerator Programme to develop the World Cities Culture Report as a digital publication including a review the city data framework and the creation of new digital data explorer.

WCCF undertook consultation with cities and working in partnership with OECD, developed a new data framework for the World Cities Culture Report. The data includes cultural infrastructure like museums, theatres, music venues, cinemas, as well as data on access and participation in the arts for all citizens and data on impact of investment in culture in cities.

For the first time, the World Cities Culture Report was developed as an interactive digital platform, offering full multilingual access and a new Data Explorer tool—allowing users to browse, compare, and visualise the world’s most comprehensive cultural data from over 45 cities. Previously available only as a static PDF, the new format has transformed accessibility and engagement

WCCF advances education in the field of the knowledge, understanding, practice and support of the arts and culture in cities. All WCCF activities that aim to enhance cultural data in cities aim to empower city leaders and policy makers with the tools for evidencebased policy making to enhance cultural infrastructure and access to the arts for the public benefit.

Achievements against WCCF’s Research Object

Activity 1 – The World Cities Culture Report, 5[th] edition

WCCF publishes the World Cities Culture Report every three years since 2012. The Report is a compendium of data and policy best practice about culture and world cities. It

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

showcases city innovative programmes, original approaches and responses to the urban challenges. It also highlights emerging trends and developing issues.

In the year ending March 2025, WCCF collated data and case studies from over 40 cities to build the World Cities Culture Report 5[th] edition which was published in October 2025, launched at the 14[th] World Cities Culture Summit in Amsterdam.

The World Cities Culture Report 5[th] Edition was published on the WCCF website, including all available city data on the new Data Explorer which is open source and accessible to the public. WCCF city data is considered the most comprehensive data on cities and culture and is used by policy makers, media and academia. It is the most visited part of the WCCF website.

Activity 2 - Research and Insights

WCCF advances and commissions research into the role that arts and culture in cities play in advancing sustainable economic prosperity and social development. WCCF collaborates with leading universities and global organisations to provide research to advance the role of culture in cities worldwide and promote sustainable economic growth and social prosperity.

All research is available to the public for free on the WCCF website.

In the year ending 31 March 2025, WCCF commissioned and published new research:

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

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.

This builds on WCCF’s body of research, for example, in the year ending March 2024 WCCF commissioned research including:

And in the year ending March 2023:

‘ Creative 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 and providing insights for future city resilience. Research was disseminated through a public event. Activity 3 – Online resources and newsletter

In the year ending March 2025, WCCF’s new website has continued to grow in content and reach wider audiences. It is designed as an online research resource for the public and published a wide range of blogs, articles and 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.

The website offers an open resource and a searchable library of case studies in 45 cities worldwide. Each case study outlines the challenge, a summary of how the city is implementing a new solution through cultural policy and highlights the impact to date. The WCCF website is attracting new viewers and is growing visitors since it launched January 2023.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

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. WCCF social media engagements continues to grow, in the year ending March 2025, our main platforms LinkedIn and Instagram grew by more than 100%.

WCCF’s quarterly free Newsletter called The Golden Thread continues to grow subscriptions from 900 in Year ending March 2024, to 4,200 in October.

Activity 4 - Advocacy

Advocating for the role arts and culture play in cities by acting as a resource for research and best practices in relation to cultural activities in cities. In its advocacy activities, WCCF complies with the Charity Commission’s guidance on campaigning and political activities.

In the year ending March 2025, WCCF has led the following advocacy activities:

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Financial Review – year ending March 2025

WCCF has created a business plan for the period 2023-25 with a defined focus for each year: 2023 (transition), 2024 (impact) and 2025 (sustainability).

Income

In the financial year ending 31 March 2025, WCCF received income of £966,839 (2024: £732,133). All funds received were unrestricted (2024: £39,331 of restricted income).

A breakdown of income is shown in note 2 of the accounts on page 29.

Expenditure

Total expenditure for year ended 31 March 2025 amounted to £779,299 (2024: £725,543). Of which:

In March 2025 staff costs were £344,164 compared to 2024: £368,293.

The Key Management 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 of the accounts on page 32.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Principal risks and uncertainties

WCCF Board of Trustees reviews a strategic risk register twice a year as well as reviewing project risks where appropriate. The Executive Director reviews the risk register on a quarterly basis.

Cashflow is monitored regularly by the operations team to ensure the minimum level of cash does not reduce below one month plus 10% operating costs.

Reserves policy and going concern

WCCF reserves policy states that it will aim to ensure that it has between three- and sixmonths’ 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 opportunities.

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 charity’s liabilities if the Trustees decide the charity is no longer a viable going concern.

In 2025, WCCF reported a surplus of £187,540 (2024: £6,590) with total reserves of £334,977 (2024: £147,437).

It is the Trustees’ intention to ensure that there is adequate working capital, as represented by its unrestricted funds.

As at year end 31st March 2025 unrestricted reserves covered more than three months of operating costs.

The Trustees feel confident that the organisation is a going concern due to continued contributions from partner cities and fundraising activities.

By managing income and expenditure effectively over the year, the Trustees aim to make a financial surplus year-on-year to build up reserves to support the long-term sustainability of the organisation.

The financial results for the year to 31 March 2025 are shown on pages 21 to 23.

Related party transactions

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties outside the normal course of business. Details of all related party transactions can be found in note 5 of the accounts.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Fundraising

The WCCF management team has developed a fundraising strategy and a donations policy. The team has identified expenditure required to generate income and has employed the services 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 adapt with these changes. We do not run telephone or door to door fundraising 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 respect decisions to stop giving.

The following organisations supported WCCF work in the year ending March 2025:

Structure, governance and management

WCCF is a company limited by guarantee, registered in England and Wales, and a registered charity. The company was established under a memorandum and articles of association which established the objects and powers of the charitable company and is governed under its articles of association.

2023 was its first year of operation as an independent charitable organisation.

Governed by a board of three non- executive director Trustees, membership will be reviewed over time and a board recruitment policy developed.

A suite of organisational policies and procedures covering the areas of employment, finance and data protection have been developed and will be reviewed and updated by the board periodically.

In the 12 months to 31 March 2025, the Board met 6 times. In addition, trustees provided significant ongoing support to the organisation throughout the year.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Powers of Board of Trustees 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 of the Charity for that 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 by the Directors.

Appointment of Board of Trustees as Directors

Any person who is willing to act as a Director, and who is permitted by law to do so, may be appointed to be a Director by resolution of the Directors.

Where a maximum number of Directors has been fixed, the appointment of a Director must not cause that number to be exceeded in accordance with the memorandum and articles of association.

All Directors give their time voluntarily and receive no benefits from the Charity. Any expenses reclaimed from the Charity are set out in note 3.2 to the accounts.

The Trustee Board delegates responsibility for the day-to-day activities of the organisation to the Key Management Personnel which is Ms Laia Gasch, the Executive Director, who produces monthly reports on the activities undertaken in managing the Charity including management accounts that explain the financial position of the Charity.

Remuneration policy for key management personnel

Pay and remuneration of the Charity’s key management personnel is set in accordance with WCCF’s pay principles reflecting:

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

The Director is on secondment from the Greater London Authority until June 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 determining the activities undertaken by the 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.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Statement of responsibilities of the trustees

The Trustees (who are also directors of WCCF for the purposes of company law) 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).

Company 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 charitable company 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 adequate 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 Companies Act 2006. 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 charitable company'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 to the assets of the charity in the event of winding up.

The total number of such guarantees on 31st March 2025 was three (2024 three). 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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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Independent Examiners

Ben Leach Associates were appointed in December 2025 to conduct the independent examination of the Charity’s accounts.

The Trustees would like to thank all those who have supported WCCF since its establishment in December 2021 and during 2022, 2023, 2024 and 2025

The Trustees’ Annual Report has been approved by the trustees at a Board meeting on 4[th] December 2025 and signed on their behalf by:

Jeffrey Jacobs

Chair of the Board of Trustees

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Independent Examiner's Report to the Trustees of World Cities Culture Forum

I report to the trustees on my examination of the accounts of World Cities Culture Forum for the year ended 31[st] March 2025.

Responsibilities and basis of report

As the charity’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act, I report in respect of my examination of the charity’s accounts carried out under section 145 of the Charities Act 2011 (‘the Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Ben Leach ACA 9 Shiregreen Lane Sheffield S5 6AA

19/12/2025

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Statement of Financial Activities (incorporating the Income & Expenditure Account) Year ending 31 March 2025

Income (Note 2)
Income from generated funds
Donations
Donations in kind
Charitable Activities
Other income
Total Income
Expenditure (Note 3)
Expenditure on:
Raising Funds
Charitable Activities
Total Expenditure
Net
income/(expenditure)
Transfers between funds
Net movement in funds
Funds balances brought
forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
March 2025
£
£
£
5,500
-
5,500
86,494
-
86,494
859,863
-
859,863
14,982
-
14,982		 March 2024
£
250
98,511
627,109
6,263
966,839
-
966,839		 732,133
40,439
-
40,439
738,860
-
738,860		 20,000
705,543
779,299
-
779,299		 725,543
187,540
-
187,540		 6,590
-
-
-
187,540
-
187,540
147,437
-
147,437		 -
-
140,847
334,977
-
334,977		 147,437

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Balance Sheet as at 31 March 2025

Notes
Fixed Assets
Tangible Assets
7
Current Assets
Debtors
8
Cash at Bank and in hand
Total Current Assets
Creditors: falling due within
one year
9
Net Current
Assets/(Liabilities)
Net Assets/(Liabilities)
Funds of the Charity
Unrestricted Income
General funds
Total Funds		 Total
2025
£
3,729
46,635
431,650
478,285
(147,037)
331,248
334,977
334,977
334,977		 Total
2024
£
4,600
178,798
270,947
449,745
(306,908)
147,437
147,437
147,437
147,437

The notes on the pages 24 to 38 form part of these Financial Statements.

For the year ending 31 March 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved and authorised for issue by the Board of Trustees on 4[th] December 2025, and signed on its behalf by:

Jeffrey Jacobs, Chair of Trustees

Kevin Austin, Treasurer

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Cashflow Statement for the year ending 31 March 2025

Cashflows from operating activities
Surplus for the financial year
Adjustments for:
Charge to depreciation
Interest receivable
Decrease / (increase) in debtors
(Decrease) in creditors
Net cash generated / (spent) by operating activities
Cash flows from investing activities
Payments to acquire tangible fixed assets
Interest receivable
Net cash from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at end of year		 March 2025
March 2024
£
£
187,540
6,590
2,277
1,586
(5,225)
-
132,163
(87,846)
(159,871)
(16,870)
156,884
(96,540)
(1,406)
(3,406)
5,225
-
3,819
(3,406)
160,703
(99,946)
270,947
370,893
431,650
270,947

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Notes to the Financial Statements

1. Accounting policies

A summary of the principal accounting policies all of which have been applied consistently throughout the year, are set out below:

1.2 Statutory information

World Cities Culture Forum is a charitable company limited by guarantee and is incorporated in England.

The registered office address is Studio Smithfield, 1 East Poultry Avenue, London EC1A 9PT

1.3 Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the accounting policies set out in the notes to the financial statements. The financial statements comply with the charity’s 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 Standard applicable in the UK and Republic of Ireland (FRS102 second edition – effective from January 2019).

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The Charity is a Public Benefit Entity as defined by FRS102. The financial statements are prepared in Sterling, which is the functional currency of the Charity.

1.4 Accounting estimates and areas of judgement

In applying the financial reporting framework, the Trustees have made a number 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 outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

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WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

1.5 Going concern

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

The Trustees are confident about the charity’s ability to continue as a going concern while taking into account the current economic climate.

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 review financial indicators and have developed contingency plans for reducing costs if the financial position becomes more challenging.

At the reporting date, the Trustees do not consider that there are any sources of uncertainty for the future of the charity that would result in them needing to change the direction of the charities' operations.

1.6 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.

Gift Aid claimable in relation to qualifying donations received is recognised at the 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 charity would be willing to pay in the open market for such equivalent services or facilities.

Partner City income is recognised in the year for the year in which it is received, and not when the charity has delivered any opportunity that they might wish to take 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.

26

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

1.7 Interest receivable

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

1.8 Fund accounting

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 unrestricted funds earmarked by the trustees for particular purposes.

1.9 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.

1.10 Allocation of costs

Resources expended are allocated to the activity where the cost relates directly to it. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which is an estimated the amount attributable to each activity.

Support and governance costs are re-allocated to each activity based on staff time and the amount attributable to each activity.

27

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

1.12 Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computers and telephone over 3 years

1.13 Debtors

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

1.14 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.

1.15 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.

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 at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

28

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

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 charged in a statement of financial activities represents the contributions payable during the year.

2. Income (current year and prior year)

ar and prior year)
Unrestricted
funds
Restricted
funds
March 2025
£
£
£
5,500
-
5,500
86,494
-
86,494		 March 2024
£
250
98,511
91,994
-
91,994
403,245
-
403,245
47,500
-
47,500
150,000
-
150,000
56,618
-
56,618
202,500
-
202,500		 98,761
349,001
194,832
-
43,945
39,331
859,863
-
859,863
14,982
-
14,982		 627,109
6,263
14,982
-
14,982		 6,263

29

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

2. Income

Unrestricted
funds
Restricted
funds
March 2024
£
£
£
250
-
250
98,511
-
98,511		 9 months
March 2023
£
500
116,677
98,761
-
98,761
349,001
-
349,001
194,832
-
194,832
43,945
43,945
-
39,331
39,331		 117,177
307,848
94,169
10,000
59,071
587,778
39,331
627,109
6,263
-
6,263		 471,088
-
6,263
-
6,263		 -

30

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

2.1. Analysis of Government Grants

March 2025 March 2024
£ £
Greater London Authority Start Up Grant - 29,000
Greater London Authority Leadership Exchange programme - 106,832

There are no unfilled conditions or other contingencies that are attached to the amounts recognised from government grants.

2.2. Donated goods, facilities and services

.2. Donated goods, facilities and services
March 2025 March 2024
£ £
Greater London Authority Staff on Secondment 86,494 98,511

From January 2024, WCCF also benefited from the ‘in kind’ use of serviced office space at University of Central London East, and in the previous year benefited from the ‘in kind’ use of office space at the British Council. Due to specific factors relating to these arrangements, the trustees are not able to account for the value of the donated facilities within the statement of financial activities.

It is estimated that the annual cost of a comparable serviced office within Central London would be £60,000 per annum.

31

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

3. Analysis of expenditure (current and prior year)

Raising Funds
Charitable
Activities
Support &
Governance
£
£
£
-
301,267
42,897
-
248,378
-
40,439
-
75,198
-
-
4,812
-
-
17,594
-
-
3,544
-
-
24,539
-
-
6,262
-
-
3,747
-
-
8,345
-
-
2,277		 Total
£
344,164
248,378
115,637
4,812
17,594
3,544
24,539
6,262
3,747
8,345
2,277
40,439
549,645
189,215
-
189,215
(189,215)		 779,299
-

32

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

3. Analysis of expenditure

Raising Funds
Charitable
Activities
Support &
Governance
£
£
£
-
338,562
29,731
-
106,765
-
20,000
85,129
72,329
-
-
4,654
-
-
12,540
-
-
31,368
-
-
6,339
-
-
1,747
-
-
397
-
-
14,396
-
-
1,586		 Total
£
368,293
106,765
177,458
4,654
12,540
31,368
6,339
1,747
397
14,396
1,586
-
175,087
(175,087)		 -

3.1. Net income/expenditure for the year

.1. Net income/expenditure for the year
March 2025 March
2024
£ £
Net Income/(expenditure) is stated after
charging/(crediting)
Depreciation 2,277 1,586
Independent Examination 1,920 3,500

33

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

3.2. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

ost of key management personnel
Salaries & wages
Social security costs
Pension costs
Other staff costs including welfare & training
Total Staff costs		 March 2025
March
2024
£
£
303,877
314,661
17,979
30,687
9,496
17,510
12,812
5,435
344,164
368,293

Salaries & wages include the remuneration of a full-time Executive Director, seconded to WCCF Ltd and paid for by the Greater London Authority, with total remuneration (including pension contributions and national insurance) of £86,494 (as noted in 2.2. under ‘donated goods, facilities and services’). This agreement is until 3[rd] July 2025 (2024: total in kind £98,511).

No employee received employee benefits greater than £60,000 during the year (excluding employer pension contributions and employers' national insurance) (2024: £nil).

The Charity Trustees were not remunerated nor received any other benefits from employment with the Charity in the year (2024: £nil). No Charity Trustee received payment for professional or other services supplied to the Charity (March 2024: £nil).

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs and board administration totaling £ 3,747 (2024: £ 397).

34

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

4. Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 5 (2024: 7), plus one (the Executive Director) on secondment from the Greater London Authority. Staff costs are apportioned across the activities of the charity as follows:

Charitable Activities
Governance
Support
Total Staff numbers		 March 2025
March 2024
4.4
6.0
0.2
0.2
0.4
0.4
5.0
6.6

5. Related parties and relationships with other organisations

There were no related party transactions in the year ended 31[st] March 2025.

6. Taxation

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

7. Tangible Fixed Assets

.
Tangible Fixed Assets
Cost
B/f 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge
At 31 March 2025
Net Book Value at 31 March 2025
Net Book Value at 31 March 2024		 Computer
Equipment
£
6,832
1,406
8,238
2,232
2,277
4,509
3,729
4,600

35

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

8. Debtors

.
Debtors
Trade debtors
Provision for doubtful debts
Prepayments
Accrued Income
Rent Deposit
Total debtors due within one year		 2025
2024
£
£
49,179
(24,539)
495
7,750
13,750
198,542
(31,369)
-
11,625
-
46,635
178,798

9. Creditors

.
Creditors
Trade creditors
Accruals
Deferred income
Taxation and social security
Total creditors due within one year		 2025
2024
£
£
15,357
13,106
1,920
5,000
127,673
289,238
2,087
(446)
147,037
306,908

Deferred income refers to multi-year city partnership income.

36

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

10. Analysis of net assets between funds (current and prior year) 

Fund balances at 31 March 2025 are represented by:

Fixed assets
Current assets
Current liabilities		 Unrestricted
funds
Restricted
funds
March 2025
March 2024
£
£
£
£
3,729
-
3,729
4,600
478,285
-
478,285
449,745
(147,037)
-
(147,037)
(306,908)
334,977
-
334,977
147,437

Fund balances at 31 March 2024 are represented by:

Fixed assets
Current assets
Current liabilities		 Unrestricted
funds
Restricted
funds
March 2024
9 months to
March 2023
£
£
£
£
4,600
-
4,600
2,780
449,745
-
449,745
532,821
(306,908)
-
(306,908)
(394,754)
147,437
-
147,437
140,847

11.1 Movement in funds current period

Balance
1 Apr 24
Income
Expenditure
Transfer
£
£
£
£		 Balance
31 Mar 25
£
-
-
-
-		 -
147,437
966,839
(779,299)
-		 334,977
147,437
966,839
(779,299)
-		 334,977

37

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

11.2 Movement in funds prior period

unds prior period
Balance
1 Apr 23
Income
Expenditure
Transfer
£
£
£
£
-
24,424
(24,424)
-
-
14,907
(14,907)
-		 Balance
31 Mar 24
£
-
-
-
39,331
(39,331)
-		 -
140,847
692,802
(686,212)
-		 147,437
140,847
692,802
(686,212)
-		 147,437

Africa Research – Deliver research funded by the British Council, engaging key stakeholders in 11 capital cities of Sub-Saharan Africa outlining cultural policies in Africa capitals resulting in a report available for all public and a public webinar.

Mondiacult Research – Funded by the British Council to produce, facilitate and report online public events with international culture leaders and policy makers as part Mondiacult, the UNESCO World Conference on Culture Policies and Sustainable Development.

38

WCCF Ltd (company no.: 13804618, charity no.: 1204602) For the Year ended 31 March 2025

12. Prior year Statement of Financial Activities (incorporating the Income & Expenditure Account) 31 March 2024

Income (Note 2)
Income from generated
funds
Donations
Donations in kind
Charitable Activities
Other income
Total Income
Expenditure (Note 3)
Expenditure on:
Raising Funds
Charitable Activities
Support & Governance
Total Expenditure
Net
income/(expenditure)
Transfers between
funds
Net movement in funds
Funds balances brought
forward
Total funds carried
forward		 Unrestricted
funds
Restricted
funds
March 2024
£
£
£
250
-
250
98,511
-
98,511
587,778
39,331
627,109
6,263
-
6,263
692,802
39,331
732,133
20,000
-
20,000
514,415
39,331
530,456
175,087
-
175,087
686,212
39,331
725,543
6,590
-
6,590
-
-
-
6,590
6,590
140,847
-
140,847
147,437
-
147,437

39