IRIS Accounts Productionv24.1.9.2OtherCompany accountsTruefalsePounds1.4.2331.3.2431.3.24FYFRS 102Independent examinerSmall companies regime for accountsFullCharities SORPtruetruetruetruetruefalsetruefalsetrue00 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037587862023-03-31037587862024-03-31037587862023-04-012024-03-31037587862022-03-31037587862022-04-012023-03-31037587862023-03-3103758786ns0:CharitableCompanyLimitedByGuarantee2023-04-012024-03-3103758786ns15:PoundSterling2023-04-012024-03-3103758786ns11:FRS1022023-04-012024-03-3103758786ns11:IndependentExaminationCharity2023-04-012024-03-3103758786ns11:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103758786ns11:FullAccounts2023-04-012024-03-3103758786ns11:CharitiesSORP2023-04-012024-03-3103758786ns16:EnglandWales2023-04-012024-03-3103758786ns11:RegisteredOffice2023-04-012024-03-3103758786ns0:Trustee12023-04-012024-03-3103758786ns0:Trustee22023-04-012024-03-3103758786ns0:Trustee32023-04-012024-03-3103758786ns0:Trustee42023-04-012024-03-3103758786ns0:Trustee52023-04-012024-03-3103758786ns0:Trustee62023-04-012024-03-3103758786ns11:CompanySecretary12023-04-012024-03-3103758786ns0:TotalUnrestrictedFunds2023-04-012024-03-3103758786ns0:TotalRestrictedIncomeFunds2023-04-012024-03-3103758786ns0:Activity92023-04-012024-03-3103758786ns0:TotalUnrestrictedFundsns0:Activity92023-04-012024-03-3103758786ns0:Activity9ns0:TotalRestrictedIncomeFunds2023-04-012024-03-3103758786ns0:Activity92022-04-012023-03-3103758786ns0:Activity102023-04-012024-03-3103758786ns0:TotalUnrestrictedFundsns0:Activity102023-04-012024-03-3103758786ns0:Activity10ns0:TotalRestrictedIncomeFunds2023-04-012024-03-3103758786ns0:Activity102022-04-012023-03-3103758786ns0:Activity132023-04-012024-03-3103758786ns0:TotalUnrestrictedFundsns0:Activity132023-04-012024-03-3103758786ns0:TotalRestrictedIncomeFundsns0:Activity132023-04-012024-03-3103758786ns0:Activity132022-04-012023-03-3103758786ns0:TotalUnrestrictedFunds2023-03-3103758786ns0:TotalRestrictedIncomeFunds2023-03-3103758786ns0:TotalUnrestrictedFunds2024-03-3103758786ns0:TotalRestrictedIncomeFunds2024-03-3103758786ns0:TotalUnrestrictedFundsns10:WithinOneYear2024-03-3103758786ns0:TotalRestrictedIncomeFundsns10:WithinOneYear2024-03-3103758786ns10:WithinOneYear2024-03-3103758786ns10:WithinOneYear2023-03-3103758786ns10:PlantMachinery2023-04-012024-03-3103758786ns10:FurnitureFittingsToolsEquipment2023-04-012024-03-3103758786ns10:ComputerEquipment2023-04-012024-03-310375878622023-04-012024-03-3103758786ns10:OwnedAssets2023-04-012024-03-3103758786ns10:OwnedAssets2022-04-012023-03-3103758786ns0:TotalUnrestrictedFunds2022-04-012023-03-3103758786ns0:TotalRestrictedIncomeFunds2022-04-012023-03-3103758786ns0:TotalUnrestrictedFundsns0:Activity92022-04-012023-03-3103758786ns0:Activity9ns0:TotalRestrictedIncomeFunds2022-04-012023-03-3103758786ns0:TotalUnrestrictedFundsns0:Activity102022-04-012023-03-3103758786ns0:Activity10ns0:TotalRestrictedIncomeFunds2022-04-012023-03-3103758786ns0:TotalUnrestrictedFundsns0:Activity132022-04-012023-03-3103758786ns0:TotalRestrictedIncomeFundsns0:Activity132022-04-012023-03-3103758786ns10:PlantMachinery2023-03-3103758786ns10:FurnitureFittings2023-03-3103758786ns10:ComputerEquipment2023-03-3103758786ns10:FurnitureFittings2023-04-012024-03-3103758786ns10:PlantMachinery2024-03-3103758786ns10:FurnitureFittings2024-03-3103758786ns10:ComputerEquipment2024-03-3103758786ns10:PlantMachinery2023-03-3103758786ns10:FurnitureFittings2023-03-3103758786ns10:ComputerEquipment2023-03-31

REGISTERED COMPANY NUMBER: 03758786 (England and Wales)

REGISTERED CHARITY NUMBER: 1077616















REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


FOR



WISE THOUGHTS
(A COMPANY LIMITED BY GUARANTEE)



WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024












Page




Report of the Trustees  

1


to


5



Independent Examiner's Report  

6




Statement of Financial Activities  

7




Statement of Financial Position  

8


to


9



Notes to the Financial Statements  

10


to


21



WISE THOUGHTS (REGISTERED NUMBER: 03758786)



(A COMPANY LIMITED BY GUARANTEE)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2024




The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).


OBJECTIVES AND ACTIVITIES

Objectives and aims

Wise Thoughts is a pioneering arts charity that combines creative use of diverse art forms such as film, visual art. performance and delivers targeted services to help address social justice issues and needs of Lesbian, Gay, Bisexual, Transgender, Queer, Intersex + (LGBTQI+) and Black, Asian and Minority Ethnic (BAME) communities.

Wise Thoughts creates arts projects, develops, delivers training initiatives, and services that help to inform and raise awareness of issues related to cultural identity, ethnicity,physical and mental health, Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome (HIV/AIDS) and human rights. Each initiative is defined by the nature of each issue, the needs of target communities, available resources and uses diverse art forms, including South Asian arts.

The objectives of the charity are (extracted from the Memorandum and Articles of Association):

1. To promote principally issue-based Arts from marginalised communities for the benefit of the inhabitants of UK and elsewhere.

2. Developing public appreciation of Arts and by improving public access to, and the quality of the arts.

3. Promotion of HIV/AIDS issues through the medium of arts and in particular (but without prejudice to generality of the foregoing) the Company shall seek to bring forth issues related to HIV/AIDS and diverse sexual, cultural and ethnic identities through its creative expressions.

These objectives are achieved by implementing the following policies:

1. To improve standards of practice and appreciation of Arts through the development and delivery of arts projects and arts training that includes arts from marginalised communities.

2. To promote, advance, encourage and assist in the practice, presentation, and study of arts from marginalised communities.

3. To provide peer/social support, information, advice and guidance services for LGBTQI+ people .

3. To promote, advance, encourage and assist in the practice, presentation and study of arts from marginalised communities.

4. To bring forth issues related to HIV/AIDS and diverse sexual, cultural, and ethnic identities through the provision of information, guidance, outreach, and consultation services.

5. To bring together and co-operate the efforts of local authorities, bodies, organisations, societies, and individuals concerned or interested in attainment of all or any of the objects of the Charity.

6. To commission, arrange, prepare, print, publish, issue, and disseminate any programme, pamphlet, book, documents, film, recording or other artistic work and fix, make and receive fees, royalties, and other charges therefore and for admission to and otherwise in respect of any exhibition performance or display.



WISE THOUGHTS (REGISTERED NUMBER: 03758786)



(A COMPANY LIMITED BY GUARANTEE)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2024



OBJECTIVES AND ACTIVITIES

Significant activities

Significant Activities delivered under Wise Thoughts arts programme included:

1. Commissioning artists to create new works that are showcased on the organisation's website site, YouTube and other social media channels.

2. Working in partnership with other UK and India based organisations to create the #MADHU and #HIStories multimedia arts projects and deliver arts workshops.

3. Artists talks, performances and readings as a part of the weekly drop-in's and during South Asian Heritage, Black and LGBTQI+ History Months.

4 South Asian dance workshops for young people in Haringey in partnership with Haringey Youth Services


Activities delivered under the Wise Thoughts health and wellbeing programme included:

1. LGBTQI+ meetups #gayWISE and #womxnWISE held online and onsite.

2. Weekly yoga and dance sessions to support both physical and mental wellbeing of both existing and new service users.

3. #PositiveRainbowHaringey - a peer support and advice service for HIV+ gay, bisexual and Men who have Sex with Men (MSM) and their partners. Advice and 1-2-1 support were offered via a weekly health stall, telephone and online.

4. Consultation - providing advice on inclusion of LGBTQI+/ BAME communities processes for both local and regional authorities.

5. Provided temporary freelance employment opportunities for unemployed people to help develop and deliver new initiatives.

6. Delivered yoga sessions for young people, as part of the summer activities programme for London Borough of Haringey..

Our annual report offers a comprehensive description of the services and activities offered by Wise Thoughts.

Volunteers

The value of services provided by volunteers is not incorporated in these financial statements. However, payments are made to cover the volunteers' actual expenses which are included in the financial statements.

FINANCIAL REVIEW

Principal funding sources

The future of Wise Thoughts services is dependent on continued support from statutory sources and income from grants and donations, which are essential for the maintenance and expansion of services to meet the increasing demand.

Wise Thoughts provides essential services and develops unique arts and training projects that help to profile/meet the needs of marginalised individuals and is supported in part by Local Authority and The National Lottery Community Fund. Over the reporting year we have been successful in bringing in additional funding, however we are aware that funding may become an issue in future years, and we need to monitor this. Wise Thoughts has to continually look for funding from other organisations, charitable and corporate bodies and individual donors.

In the year under review new funding was received from Community Fund, Haringey Council, other organisations and donors.



WISE THOUGHTS (REGISTERED NUMBER: 03758786)



(A COMPANY LIMITED BY GUARANTEE)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2024



FINANCIAL REVIEW

Reserves policy and Investment powers

The Board of Trustees is responsible for deciding how to invest the Charity's reserves. The appropriate level of reserves is established through an annual review of the Charity's requirements and stated in the financial report. The Treasurer is responsible for proposing to the Board the balance of cash on deposit and investments, and acts on the Board's instructions.

Going concern

The accounts have been prepared on a going concern basis.


The trustees are aware however of material uncertainties that cast doubt on the charity's ability to continue as a going concern. As with most organisations, these material uncertainties are in relation to the ongoing long term impact of COVID-19 virus and the ongoing Cost-of-Living crisis  which has had an impact on the operations, donors, suppliers, trustees and volunteers. The trustees have (where appropriate) utilised the grants and benefits available from the organisations and government and are taking all the steps they can to protect the future of the charity.


Review of transactions, financial performance and funds

As shown in the Statement of Financial Activities (page 9) total income for the year to 31 March 2024 amounted to £84,308 (2023 - £158,218) and expenditure in the furtherance of charitable activities totalled £99,428  (2023 - £104,343).  Again, in a very difficult climate for fundraising, even after huge efforts from the management and the high quality of the services, Wise Thoughts was not able to attract sufficient income to cover the running costs which resulted in a Net resources deficit of £-15,120 (2023 - £53,875 Surplus).


The CEO/Artistic director and his team control all costs rigorously. The services are much admired and viewed as important models to emulate, however in these financially challenging times it is extremely difficult to attract necessary funding. The Trustees are addressing the strategic planning essential for the provision of services within the framework of the anticipated funding.


The future of Wise Thoughts services is dependent on continued support from statutory sources and income from grants and donations, which are vital for the maintenance and expansion of services to meet the increasing demand.


Wise Thoughts provides essential services and develops unique arts and training projects that help to profile/meet the needs of marginalised individuals and was supported in part by Local Authority funding. There has been an increase in demand for projects, services and core costs that considerably outweighs the level of funding currently available.


In this very challenging climate, Wise Thoughts is pleased to have support from  London Borough of Haringey, The National Lottery Community Fund and individual donors.


Total net assets of the charity as at 31 March 2024 were £85,850 (2023 - £100,970). Income received for the year for specific purposes was spent as necessary and unspent balance is carried forward to be utilised next year.


In providing day to day services, the Trustees are mindful of the charity's duty to comply with section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission.


FUTURE PLANS

In light of the current economical climate and the impact from COVID-19 on the programme, the organisation continues to review its business plan/operational model to help it ensure sustainability and will make any changes needed. It remains committed to supporting the primary beneficiaries of our activities and services (LGBTQI+/BAME people) and will aim to continue delivery of a programme of key activities and associated services.


The organisation plans to continue working strategically at a Borough level, with the Council and other agencies to help achieve our objectives. The current economic climate and reduction in funding available from both statutory and other sources, has had an impact on all small voluntary organisations and will lead to the re-evaluation of any proposed new services by the organisation.




WISE THOUGHTS (REGISTERED NUMBER: 03758786)



(A COMPANY LIMITED BY GUARANTEE)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2024



STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.


Recruitment and Appointment of new trustees

Every person who wishes to be a Member and a trustee as such, shall deliver to the Company an application for membership in such form as the Directors require executed by that person.

At the next meeting of the Directors after the receipt of any application for membership, the application shall be considered by the Directors who shall decide upon the admission or rejection of the applicant.

Organisational structure

Wise Thoughts has a Management Committee of up to seven members who meet regularly and are responsible for strategic direction and policy of the charity. The committee members are from a variety of backgrounds relevant to the work of the charity. The committee is made up of the trustees, two contracted members - CEO/Artistic Director and the Programme Manager.

A scheme of delegation is in place and day to day responsibility for the provision of services rest with the trustees along with the CEO/Artistic Director and the Programme Manager. The trustees are responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The Artistic Director has responsibility for the day-to-day operational management of the charity, individual supervision of contracted members and ensuring that the team continues to develop their skills and working practices in line with good practice.

Induction and training of new trustees

New trustees receive a comprehensive induction package, with information covering the duties of a trustee, a trustee job description and service agreement, an outline of the vision, mission and implementation of the charity's services, the latest Report and Accounts, current year's budget and latest management accounts.

All trustees are invited to familiarise themselves with the operations of Wise Thoughts by meeting the CEO/Artistic Director and staff at a weekly Team meeting that reviews service delivery and by appointment when appropriate. Trustees are encouraged to make use of the training and conference opportunities provided by the National Council of Voluntary Organisations (NVCO) and other bodies.

PARTNERSHIPS AND CO-OPERATION WITH OTHER CHARITIES AND ORGANISATIONS

Wise Thoughts is committed to working in partnership with organisations that help to benefit the aims and objectives of the organisation and its programme of work, it has collaborated with other statutory and voluntary organisations in the development and presentation of individual projects that have included arts festivals, conferences, and training initiatives within the past year. Staff regularly attend meetings, forums, seminars, and consultative processes co-ordinated by local, regional and national government and other community and voluntary organisations. They serve as independent advisors to the local authority and Metropolitan Police Services on policy development, implementation and other matters related to the primary beneficiaries of the organisation and its programme of work. They serve as community lead on the LGBT+ Community Network initiated by Haringey Council.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03758786 (England and Wales)


Registered Charity number

1077616




WISE THOUGHTS (REGISTERED NUMBER: 03758786)



(A COMPANY LIMITED BY GUARANTEE)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2024



Registered office

2nd Floor, Wood Green Central Library

High Road

Wood Green

London

N22 6XD


Trustees

Ms Bhavini Chavda - Chair

Mr Tim Hoyle - Treasurer

Mr Benjamin Cohen

Dr Trevor John Robert Wood MBE - Secretary

Prof Rainer Uwe Willy Schulze

Mr Sakib Khan

Ms Katie Wood (resigned 28.4.23)


Company Secretary

Ms Bhavini Chavda - Chair


Independent Examiner

Mr Michael Filiou

Michael Filiou Ltd

Chartered Certified Accountants

www.michaelfiliou.com

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS


Bankers

The Co-operative Bank Plc

Business Direct

P O Box 250

Skelmerdale

WN8 6WT


This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


Approved by order of the board of trustees on 19 July 2024 and signed on its behalf by:






Ms Bhavini Chavda - Chair - Trustee


INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WISE THOUGHTS



Independent examiner's report to the trustees of Wise Thoughts ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.


Responsibilities and basis of report

As the charity's trustees of the Company (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 accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.


Independent examiner's statement

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


1.

accounting records were not kept in respect of the Company as required by Section 386 of the 2006 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.









Mr Michael Filiou


Michael Filiou Ltd

Chartered Certified Accountants

www.michaelfiliou.com

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS


19 July 2024



WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024



2024


2023


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


INCOME AND ENDOWMENTS FROM

Donations and legacies

2

1,157


80,511


81,668


157,327



Other activities income

3

1,450


-


1,450


750


Investment income

4

1,190


-


1,190


141


Total

3,797


80,511


84,308


158,218



EXPENDITURE ON

Charitable activities

Project costs

-


1,810


1,810


9,387


Charitable activities

1,207


-


1,207


3,496


Rent

3,847


3,653


7,500


7,500


Travel and subsistence

461


-


461


355


Telephone

787


-


787


636


Insurance

446


-


446


444


Depreciation

527


-


527


611


Professional services

35


-


35


35


Subscriptions

223


-


223


396


Accountancy fees

3,960


-


3,960


3,480


Creative Cultural Hub

-


79,772


79,772


75,393


Training costs

-


2,700


2,700


2,610


Total

11,493


87,935


99,428


104,343



NET INCOME/(EXPENDITURE)

(7,696

)

(7,424

)

(15,120

)

53,875


Transfers between funds

10

6,408


(6,408

)

-


-


Net movement in funds

(1,288

)

(13,832

)

(15,120

)

53,875



RECONCILIATION OF FUNDS

Total funds brought forward

23,912


77,058


100,970


47,095



TOTAL FUNDS CARRIED FORWARD

22,624


63,226


85,850


100,970




WISE THOUGHTS (REGISTERED NUMBER: 03758786)



(A COMPANY LIMITED BY GUARANTEE)



STATEMENT OF FINANCIAL POSITION

31 MARCH 2024



2024


2023


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


FIXED ASSETS


Tangible assets

8

2,034


2,719


4,753


5,280



CURRENT ASSETS


Cash at bank

24,028


62,280


86,308


99,055



CREDITORS


Amounts falling due within one year

9

(3,438

)

(1,773

)

(5,211

)

(3,365

)


NET CURRENT ASSETS

20,590


60,507


81,097


95,690



TOTAL ASSETS LESS CURRENT

LIABILITIES

22,624


63,226


85,850


100,970



NET ASSETS

22,624


63,226


85,850


100,970


FUNDS

10

Unrestricted funds

22,624


23,912


Restricted funds

63,226


77,058


TOTAL FUNDS

85,850


100,970



The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.



WISE THOUGHTS (REGISTERED NUMBER: 03758786)



(A COMPANY LIMITED BY GUARANTEE)



STATEMENT OF FINANCIAL POSITION - continued

31 MARCH 2024


These financial statements have been prepared in accordance with and delivered in accordance with the special provisions applicable to small charitable companies subject to the small companies regime.




The financial statements were approved by the Board of Trustees and authorised for issue on 19 July 2024 and were signed on its behalf by:






Ms Bhavini Chavda - Chair - Trustee






Mr Tim Hoyle - Treasurer - Trustee



WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024



1.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.



The accounts have been prepared on the going concern basis. However, it must be noted that funding to support core costs remains a challenge and any reduction or failure to secure will have an impact on sustaining the charity's programme of work.



The trustees are aware however of material uncertainties that cast doubt on the charity's ability to continue as a going concern. As with most organisations, these material uncertainties are in relation to the ongoing Covid-19 virus outbreak and lockdown which has had an impact on the operations, donors, suppliers, trustees and volunteers. The trustees have (where appropriate) utilised the grants and benefits available from the organisations and government and are taking all the steps they can to protect the future of the charity



The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':




the requirements of Section 7 Statement of Cash Flows.



Income


All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.



Expenditure


Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.



Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Plant and machinery

-

at variable rates on reducing balance


Fixtures and fittings

-

10% on reducing balance


Computer equipment

-

20% on reducing balance



Taxation

As a charity, Wise Thoughts is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.


Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.



WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



1.

ACCOUNTING POLICIES - continued



Fund accounting


Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.

DONATIONS AND LEGACIES


2024


2023

£   

£   



Voluntary grants income

76,858


121,719




Donations

1,157


1,907




Grants

-


22,451




Subsidy towards rent

3,653


11,250



81,668


157,327





Grants received, included in the above, are as follows:



2024


2023

£   

£   



Other grants

-


22,451





Grants receivable - Basis of valuation


Grants are recorded as receivable at the monetary value which has been agreed and only when all the conditions in relation to the receipt of the grant have been met.


3.

OTHER ACTIVITIES INCOME


2024


2023

£   

£   



Other fees receivable

1,450


750




4.

INVESTMENT INCOME


2024


2023

£   

£   



Deposit account interest

1,190


141






WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



5.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):




2024


2023

£   

£   



Depreciation - owned assets

527


611




6.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.



Trustees' expenses


There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.



Trustees' expenses comprise of out-of-pocket expenses reimbursed to the trustees.


7.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


funds


funds


funds

£   

£   

£   



INCOME AND ENDOWMENTS FROM


Donations and legacies

2,636


154,691


157,327




Other activities income

750


-


750



Investment income

141


-


141



Total

3,527


154,691


158,218




EXPENDITURE ON


Charitable activities


Project costs

-


9,387


9,387



Charitable activities

3,496


-


3,496



Rent

1,250


6,250


7,500



Travel and subsistence

355


-


355



Telephone

636


-


636



Insurance

444


-


444



Depreciation

611


-


611



Professional services

35


-


35



Subscriptions

396


-


396



Accountancy fees

3,480


-


3,480



Creative Cultural Hub

-


75,393


75,393



Training costs

25


2,585


2,610



Total

10,728


93,615


104,343




NET INCOME/(EXPENDITURE)

(7,201

)

61,076


53,875



Transfers between funds

5,108


(5,108

)

-




WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



7.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued


Unrestricted


Restricted


Total


funds


funds


funds

£   

£   

£   



Net movement in funds

(2,093

)

55,968


53,875




RECONCILIATION OF FUNDS


Total funds brought forward

26,005


21,090


47,095




TOTAL FUNDS CARRIED FORWARD

23,912


77,058


100,970



8.

TANGIBLE FIXED ASSETS


Fixtures



Plant and


and


Computer



machinery


fittings


equipment


Totals

£   

£   

£   

£   



COST


At 1 April 2023 and 31 March 2024

24,370


3,964


15,087


43,421




DEPRECIATION


At 1 April 2023

20,404


3,541


14,196


38,141




Charge for year

307


42


178


527




At 31 March 2024

20,711


3,583


14,374


38,668




NET BOOK VALUE


At 31 March 2024

3,659


381


713


4,753




At 31 March 2023

3,966


423


891


5,280




All of the charity's tangible fixed assets are used directly for its objectives.



WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023


£   

£   



Trade creditors

1,731


365




Accruals and deferred income

3,480


3,000



5,211


3,365






WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



10.

MOVEMENT IN FUNDS


Net


Transfers




movement


between


At



At 1.4.23


in funds


funds


31.3.24


£   

£   

£   

£   



Unrestricted funds


General fund

6,558


(9,146

)

6,408


3,820




Haringey Council

806


-


-


806




Arts Council of England

6,146


-


-


6,146




Donations

4,471


-


-


4,471




Interest received

106


-


-


106




Other income

1,800


1,450


-


3,250




LGBT Consortium - Fees earned

25


-


-


25




Haringey - VCS Autumn

3,000


-


-


3,000




Charity Trust

1,000


-


-


1,000



23,912


(7,696

)

6,408


22,624




Restricted funds


Arts Council Managed Funds-Gaywise

LGBT arts festival

32,091


-


-


32,091




Other donations

1,447


-


-


1,447




Haringey CCCF Core

6,645


(1,460

)

1,460


6,645




The National Lottery Community Fund

17,687


(2,914

)

(7,868

)

6,905




Haringey Council

(3,345

)

-


-


(3,345

)



John Lyon's Foundation

504


-


-


504




Bridge Renewal Trust

3,699


-


-


3,699




London Sport Ltd Sportivate

2,830


-


-


2,830




The London Community Foundation


21,344


-


-


21,344




Merkel Insurance

1,183


-


-


1,183




Neighbourly Ltd

300


-


-


300




Homes for Haringey

4,050


-


-


4,050




Creative Cultural Hub

1,571


(2,700

)

2,700


1,571




Emerging with Pride

17,000


-


-


17,000




Jackson's Lane

970


-


-


970




Public Voice

17,221


-


(3,050

)

14,171




Arts Council of England - Organisation

Development / ACTivate Our Future

(28,123

)

(350

)

350


(28,123

)



LGBT Consortium - Emerging With Pride

(19,567

)

-


-


(19,567

)



Haringey - Winter and Youthwise

(6,000

)

-


-


(6,000

)



City of London WAVE 3 - WISEfriends

94


-


-


94




Sports England - Lunchtime Yoga


1,200


-


-


1,200




City Bridge Trust - COVID-19

4,257


-


-


4,257



77,058


(7,424

)

(6,408

)

63,226




TOTAL FUNDS

100,970


(15,120

)

-


85,850





WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



10.

MOVEMENT IN FUNDS - continued



Net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

2,347


(11,493

)

(9,146

)



Other income

1,450


-


1,450



3,797


(11,493

)

(7,696

)



Restricted funds


Haringey CCCF Core

-


(1,460

)

(1,460

)



The National Lottery Community Fund

76,858


(79,772

)

(2,914

)



Haringey Council

3,653


(3,653

)

-




Creative Cultural Hub

-


(2,700

)

(2,700

)



Arts Council of England - Organisation

Development / ACTivate Our Future

-


(350

)

(350

)


80,511


(87,935

)

(7,424

)



TOTAL FUNDS

84,308


(99,428

)

(15,120

)





WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



10.

MOVEMENT IN FUNDS - continued



Comparatives for movement in funds



Net


Transfers




movement


between


At



At 1.4.22


in funds


funds


31.3.23


£   

£   

£   

£   



Unrestricted funds


General fund

10,132


(8,682

)

5,108


6,558




Haringey Council

75


731


-


806




Arts Council of England

6,146


-


-


6,146




Donations

4,471


-


-


4,471




Interest received

106


-


-


106




Other income

1,050


750


-


1,800




LGBT Consortium - Fees earned

25


-


-


25




Haringey - VCS Autumn

3,000


-


-


3,000




Charity Trust

1,000


-


-


1,000



26,005


(7,201

)

5,108


23,912




Restricted funds


Arts Council Managed Funds-Gaywise

LGBT arts festival

-


32,091


-


32,091




Other donations

1,447


-


-


1,447




Haringey CCCF Core

6,645


-


-


6,645




The National Lottery Community Fund

4,847


12,840


-


17,687




Haringey Council

(3,345

)

-


-


(3,345

)



John Lyon's Foundation

504


-


-


504




Bridge Renewal Trust

3,699


-


-


3,699




London Sport Ltd Sportivate

(90

)

2,920


-


2,830




The London Community Foundation


3,814


17,530


-


21,344




Merkel Insurance

1,183


-


-


1,183




Neighbourly Ltd

300


-


-


300




Homes for Haringey

4,050


-


-


4,050




Creative Cultural Hub

(1,061

)

2,632


-


1,571




Emerging with Pride

-


17,000


-


17,000




Jackson's Lane

970


-


-


970




Public Voice

1


19,134


(1,914

)

17,221




Arts Council of England - Organisation

Development / ACTivate Our Future

-


-


(28,123

)

(28,123

)



LGBT Consortium - Emerging With Pride

33


10,000


(29,600

)

(19,567

)



Haringey - Winter and Youthwise

(3,201

)

(57,328

)

54,529


(6,000

)



City of London WAVE 3 - WISEfriends

94


-


-


94




Sports England - Lunchtime Yoga


1,200


-


-


1,200




City Bridge Trust - COVID-19

-


4,257


-


4,257



21,090


61,076


(5,108

)

77,058




TOTAL FUNDS

47,095


53,875


-


100,970





WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



10.

MOVEMENT IN FUNDS - continued



Comparative net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

2,047


(10,729

)

(8,682

)



Haringey Council

730


1


731




Other income

750


-


750



3,527


(10,728

)

(7,201

)



Restricted funds


Arts Council Managed Funds-Gaywise

LGBT arts festival

15,863


16,228


32,091




The National Lottery Community Fund

88,520


(75,680

)

12,840




Haringey Council

6,250


(6,250

)

-




London Sport Ltd Sportivate

2,920


-


2,920




The London Community Foundation


2,530


15,000


17,530




Creative Cultural Hub

2,632


-


2,632




Emerging with Pride

-


17,000


17,000




Public Voice

21,719


(2,585

)

19,134




LGBT Consortium - Emerging With Pride

10,000


-


10,000




Haringey - Winter and Youthwise

-


(57,328

)

(57,328

)



City Bridge Trust - COVID-19

4,257


-


4,257



154,691


(93,615

)

61,076




TOTAL FUNDS

158,218


(104,343

)

53,875





WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



10.

MOVEMENT IN FUNDS - continued



A current year 12 months and prior year 12 months combined position is as follows:



Net


Transfers




movement


between


At



At 1.4.22


in funds


funds


31.3.24


£   

£   

£   

£   



Unrestricted funds


General fund

10,132


(17,828

)

11,516


3,820




Haringey Council

75


731


-


806




Arts Council of England

6,146


-


-


6,146




Donations

4,471


-


-


4,471




Interest received

106


-


-


106




Other income

1,050


2,200


-


3,250




LGBT Consortium - Fees earned

25


-


-


25




Haringey - VCS Autumn

3,000


-


-


3,000




Charity Trust

1,000


-


-


1,000



26,005


(14,897

)

11,516


22,624




Restricted funds


Arts Council Managed Funds-Gaywise

LGBT arts festival

-


32,091


-


32,091




Other donations

1,447


-


-


1,447




Haringey CCCF Core

6,645


(1,460

)

1,460


6,645




The National Lottery Community Fund

4,847


9,926


(7,868

)

6,905




Haringey Council

(3,345

)

-


-


(3,345

)



John Lyon's Foundation

504


-


-


504




Bridge Renewal Trust

3,699


-


-


3,699




London Sport Ltd Sportivate

(90

)

2,920


-


2,830




The London Community Foundation


3,814


17,530


-


21,344




Merkel Insurance

1,183


-


-


1,183




Neighbourly Ltd

300


-


-


300




Homes for Haringey

4,050


-


-


4,050




Creative Cultural Hub

(1,061

)

(68

)

2,700


1,571




Emerging with Pride

-


17,000


-


17,000




Jackson's Lane

970


-


-


970




Public Voice

1


19,134


(4,964

)

14,171




Arts Council of England - Organisation

Development / ACTivate Our Future

-


(350

)

(27,773

)

(28,123

)



LGBT Consortium - Emerging With Pride

33


10,000


(29,600

)

(19,567

)



Haringey - Winter and Youthwise

(3,201

)

(57,328

)

54,529


(6,000

)



City of London WAVE 3 - WISEfriends

94


-


-


94




Sports England - Lunchtime Yoga


1,200


-


-


1,200




City Bridge Trust - COVID-19

-


4,257


-


4,257



21,090


53,652


(11,516

)

63,226




TOTAL FUNDS

47,095


38,755


-


85,850





WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



10.

MOVEMENT IN FUNDS - continued



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

4,394


(22,222

)

(17,828

)



Haringey Council

730


1


731




Other income

2,200


-


2,200



7,324


(22,221

)

(14,897

)



Restricted funds


Arts Council Managed Funds-Gaywise

LGBT arts festival

15,863


16,228


32,091




Haringey CCCF Core

-


(1,460

)

(1,460

)



The National Lottery Community Fund

165,378


(155,452

)

9,926




Haringey Council

9,903


(9,903

)

-




London Sport Ltd Sportivate

2,920


-


2,920




The London Community Foundation


2,530


15,000


17,530




Creative Cultural Hub

2,632


(2,700

)

(68

)



Emerging with Pride

-


17,000


17,000




Public Voice

21,719


(2,585

)

19,134




Arts Council of England - Organisation

Development / ACTivate Our Future

-


(350

)

(350

)



LGBT Consortium - Emerging With Pride

10,000


-


10,000




Haringey - Winter and Youthwise

-


(57,328

)

(57,328

)



City Bridge Trust - COVID-19

4,257


-


4,257



235,202


(181,550

)

53,652




TOTAL FUNDS

242,526


(203,771

)

38,755




11.

RELATED PARTY DISCLOSURES



There were no related party transactions for the year ended 31 March 2024.




WISE THOUGHTS



(A COMPANY LIMITED BY GUARANTEE)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



12.

LEGAL STATUS OF THE CHARITY



The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.