The trustees and directors present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Principal activities
The company incorporated on 20 February 2013 and commenced activities on the same day. The principal activity of the company is the promotion and reinterpretation of "Wilson's Tales of The Borders and Scotland". The company converted to charitable status and was granted charity registration on 2 September 2020.
Review of activities and results for the year
The charitable company has been successful in attracting some private support, corporate support and grants from local trusts to support ongoing activities and events.
This has been used together with volunteer input and in kind support to promote the project in the following ways:
- Acquiring Heritage Assets associated with the project;
- Publishing Newsletter and research;
- Presenting and talking at local history and literary events;
- Publishing "Revival Edition" of the tales;
- Running literary competitions for new tales;
- Commissioning display material and using this;
- Recording Tales on film for future use; and
- Continuing to hold events to 'retell' tales in a modern way using a mix of presentational styles and professional and amateur input.
The trustees and directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.
2023 was one in which the organisation continued to try and recover to pre pandemic levels of activity.
We again supported the award of a prize for a new dramatic presentation of a tale, “The Apparition of Flodden” at the DunsPlayfest.
We held our 5th celebratory literary “Beans & Bacon” dinner with its 100 word tale competition as a live event.
We have recruited to our board and are in discussion with a number of potential partners about presentation of further tales in 2024.
Total income for the year amounted to £2,236 (2022: £1,147) against running costs of £1,812 (2022: £2,442) resulting in an operating surplus of £424 (2022: £1,295 deficit).
Total funds at the year end were £7,687 (2022: £7,263) of which £6,505 (2022: £6,081) were unrestricted and £1,182 (2022: £1,182) designated.
Reserves policy
The trustees and directors have reviewed the level of free reserves that are appropriate for the charitable company which are the Unrestricted Reserves held as Net Current Assets. Free reserves are needed to cover any excess of expenditure over income, whether due to timing differences or to shortfalls in funding. It has been determined that the minimum level of Unrestricted Reserves that should be held at any time must be at least £1,000. At the year end the charitable company was at this level.
Risk review
The trustees and directors have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Public benefit
In considering the operation, achievements and performance and finances of the charitable company, the trustees and directors are satisfied that public benefit has been provided in accordance with the Charities Act 2011 and the guidance provided by the Charity Commission.
The charitable company is a company limited by guarantee (No. 08412264) which was incorporated on 20 February 2013 by a Memorandum and Articles of Association, as amended 1 September 2020; and became a registered charity with the Charity Commission (No. 1191108) on 2 September 2020.
The trustees and directors, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
None of the trustees and directors has any beneficial interest in the company. All of the trustees and directors are members of the company and guarantee to contribute £10 in the event of a winding up.
Recruitment and appointment of trustees and directors
Trustees and directors are introduced by existing trustees and directors and are fully briefed before accepting the appointment, they are encouraged to attend a trustees and directors meeting before being appointed.
In accordance with the Memorandum and Articles, at each annual general meeting one-third of the trustees and directors or, if their number is not three or a multiple of three, the number nearest to one third must retire from office. If there is only one trustee and director he or she must retire.
The trustees and directors to retire by rotation shall be those who have been longest in office since their last appointment. If any trustees and directors became or were appointed trustees and directors on the same day, those to retire shall (unless they otherwise agree among themselves) be determined by lot.
If a trustee and director is required to retire at an annual general meeting by a provision of these Articles the retirement shall take effect upon the conclusion of the meeting.
A trustee and director retiring may offer themselves for re-election.
Induction and training of trustees and directors
After their appointment, trustees and directors are further briefed on their responsibilities and are encouraged to identify any gaps in their knowledge. Trustees and directors are appointed on the basis of the expertise that they can bring to the charitable company.
The Trustees' and Directors' report was approved by the Board of Trustees And Directors.
The trustees and directors, who are also the directors of The Wilson's Tales Project for the purpose of company law, are responsible for preparing the Trustees' And Directors' 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 and directors 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 year.
In preparing these financial statements, the trustees and directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees and directors 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.
Exemptions
This report is prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Wilson's Tales Project for the year ended 31 December 2023, which comprise the statement of financial activities, the balance sheet and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation
This report is made to the charity's trustees and directors, as a body, in accordance with the terms of our engagement letter dated 16 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of The Wilson's Tales Project and state those matters that we have agreed to state to the charity's trustees and directors, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Wilson's Tales Project and the charity's trustees and directors as a body, for our work or for this report.
It is your duty to ensure that The Wilson's Tales Project has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Wilson's Tales Project. You consider that The Wilson's Tales Project is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of The Wilson's Tales Project. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Raising funds
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Raising funds
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Wilson's Tales Project is a private company limited by guarantee incorporated in England and Wales. The registered office is 17 Walkergate, Berwick-upon-Tweed, Northumberland, TD15 1DJ.
The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.
The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
At the time of approving the financial statements, the trustees and directors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees and directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees and directors in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees and directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Intangible donations are included at the value of the services provided.
All expenditure is accounted for on an accruals basis. Costs are allocated to appropriate headings, based on the activities to which they are attributable
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
Films
Films created are capitalised as heritage assets at a nominal value of £10. All other costs are written off at creation.
In the application of the charitable company’s accounting policies, the trustees and directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Grants: Community foundation
Film sales
Book sales
Raising funds
Costs of goods sold and other costs
Playfest awards, prizes & expenses
Opening stock of books
Book production costs
Closing stock of books
Administrative expenses
Administrative expenses
Memberships
Professional fees
Paypal charges
Sundry expenses
There were no employees during the year.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The income funds of the charitable company include the following designated funds which have been set aside out of unrestricted funds by the trustees and directors for specific purposes:
There were no disclosable related party transactions during the year (2022: None).