The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the 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 charity's objects are ‘for the public benefit, the relief and assistance of children in need in any part of the world who are without parents or have parents that cannot take care of them due to their own poverty, by supporting local organisations to cater for their educational, psychological, medical and nutritional needs.'
The charity has the following aims:
Raising awareness of the immense hardship faced by children in poverty by leveraging social media for individuals and personal networks to connect with corporates.
Providing materials to schools and orphanages (for example: books, desks, beds, clothing, and toys).
Sponsoring the education of disadvantaged children over the course of their childhood and teenage years by providing funds to those experiencing severe hardship.
Providing ongoing support to disadvantaged children through a structured ‘Sponsor a Child’ program from birth until the age of sixteen.
Increasing the availability of personal mentors to young people by creating corporate programs for employees to visit schools and orphanages to foster their personal development and create formative relationships.
Creating transformative and sustainable projects by guiding schools and orphanages with mentoring, advice, and hands on support through remote and onsite visits.
Generating funds through the sale of digital media, created by volunteers of the Wish to Learn Foundation, e.g., guided meditations, spiritual songs, and coaching podcasts.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity funded the following projects during the year:
Unique Homes Orphanage for Girls
The orphanage is located in Jalandhar, a city in the Indian state of Punjab. The orphanage houses 85 girls and is managed by the Bhai Ghanayya Ji Charitable Trust. During 2024, the charity collected clothing donations in the US and then transported these to the orphanage. We also conducted a site visit to ensure the positive welfare of the girls and understand how the funds were being used.
Hatun Munay SAC
The charitable trust is located in Peru. Wish to Learn did not make any grants during the 2024 year for the under privileged children at the local government school. Last year this was for school supplies- books, stationery and reading materials. This year our team has provided support to the trustees by way of volunteering time to coach the trustees and leadership of the school.
During the year, funds were raised for the general objectives of the charity. The charities reserves increased by £1,419 during the year (from £8,499 to £9,918).
Due to the current reserves and low level of expenditure, the trustees consider that the charity has adequate resources to continue through 2025. They have concluded that the charity can continue as a going concern for the foreseeable future.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
In 2024 there were no freelancers used, however, in the following year freelancers are expected to be used who will be writing to request funds from corporations on behalf of the charity. This is expected to cost in the region of £5,000 and £6,000 per annum. Sufficient reserves will be kept to cover these additional outgoings.
The expected level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity has outlined a number of objectives for 2025. The charity is focused on expanding the membership base, increasing donation income, and recruiting more volunteers. To achieve these goals, the charity intends to invest funds into fundraising campaigns by working with professional fund raising organisations.
The charity is a company limited by guarantee and its governing documents are its Memorandum and Articles of Association.
The trustees, 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:
Potential new trustees are recommended from current trustees. The trustees then make enquires as to their background, which includes a review of their CV. An interview is held with the candidate and a decision as to whether the candidate should be appointed a trustee of the charity is made by the Board of Trustees.
None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The affairs of the charity are governed by the Board of Trustees. They are responsible for setting the strategic direction of the charity, consideration of reserves, risk management, performance review, and setting general organisational policy.
The charity’s registered office address is 3rd Floor, Great Titchfield House, 14-18 Great Titchfield Street, London W1W 8BD. The charity’s web address is wishtolearn.org.
The Trustees’ report has been prepared in accordance with the provision applicable to companies subject to the small companies’ regime.
The trustees' report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wish to Learn for the year ended 31 December 2024, which comprise the statement of financial activities 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 https://www.icaew.com/regulation.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 2 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Wish to Learn and state those matters that we have agreed to state to the charity's trustees, 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 Wish to Learn and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Wish to Learn 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 Wish to Learn. You consider that Wish to Learn 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 Wish to Learn. 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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Wish to Learn is a private company limited by guarantee incorporated in England and Wales. The registered office is 3rd Floor, Great Titchfield House, 14-18 Great Titchfield Street, London, W1W 8BD.
The financial statements have been prepared in accordance with the charity's Company Memorandum and Articles, 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 charity is a Public Benefit Entity as defined by FRS 102.
The charity 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 charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
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 charity reviews the carrying amounts of its tangible and intangible 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).
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 charity 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 charity's balance sheet when the charity 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 charity’s contractual obligations expire or are discharged or cancelled.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
During the year the charity entered into the following transactions with related parties:
£3,881.55 of expenses have been reimbursed to a Trustee. These were charitable purchases on behalf of the charity, recognised in the accounts of a prior year.