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2025-03-31-accounts

Company registration number: 02721623 Charity registration number: 1020295

The Sanctuary Trust Limited

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2025

KM Chartered Accountants 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG

The Sanctuary Trust Limited

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 5
Statement of Trustees' Responsibilities 6
Independent Auditors' Report 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 to 25

The Sanctuary Trust Limited

Reference and Administrative Details Reference and Administrative Details
Trustees Mr C M Cowan
Mr J A Edwards
Mr E M Fowler
Reverend C R McCann
Reverend S Riding
Secretary Mrs K O'Brien
Senior Management / Leadership Mr D Lackner-Smith, Founder / Ambassador
Team Mrs K O'Brien, Head of People
Mr R Rowe, Head of Development
Mrs J Rowley, Head of Operations
Mr J Wigley, CEO
Charity Registration Number 1020295
Company Registration Number 02721623
The charity is incorporated in England and Wales.
Registered Office Globe House
Moss Bridge Rd
Rochdale
OL16 5EB
Auditor KM
Chartered Accountants
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG
Bankers National Westminister Bank PLC
Town Hall Square
Rochdale
OL16 1LL

Page 1

The Sanctuary Trust Limited

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2025.

Trustees

Mr C M Cowan

Mr J A Edwards

Mr E M Fowler

Reverend C R McCann Mrs L E Mills (resigned 21 October 2024) Reverend S Riding

Objectives and activities

Objects and aims

The Sanctuary Trust is a practical expression of God's love, providing support and encouragement for people who are homeless or seeking to take control of their lives through drug, alcohol or other homeless-related problems.

The trust’s aim is to help people to take a full place in society and live independently, and to give vulnerable people opportunity to improve their quality of life by providing a stable environment which enables them to take greater responsibility for their lives.

The Trustees are mindful of the Charity Commission guidance on public benefit. We believe that our activities make a significant difference to the lives of our clients and benefit the local communities in which we work. Our activities are planned to improve the lives of homeless people and to reduce homelessness.

Review of activities and achievements

In the year under review, the Charity’s activities have continued to be directed to meet the need of those people who are homeless, at risk of homelessness or are otherwise affected through drug, alcohol or other homeless-related problems.

These activities have continued across the Greater Manchester region and North West Wales region where demand for our services has continued to increase, and where our response has both adapted and expanded, whilst being faced with a continuing pressure from the funding challenges placed on many of our key stakeholder funders.

This expansion has particularly been seen in North West Wales with new services being provided in our traditional locations and with traditional services being provided in new locations. Our Greater Manchester provision has also grown with new services being provided in the communities that we are well known in.

Our main commissioners in these areas have provided great support to our initiatives and we have been able to continue our residential offerings and provide on street support to those with nowhere else to turn. Our support services have provided practical support to help to prevent those who would otherwise become homeless. The support provided by our commissioners has been augmented by the generosity of our grant funders and other regular donors who provide support in monetary and in other practical ways.

The reputation of the Charity is underpinned by a dedicated team of staff and volunteers who lead the projects which deliver the most important outcomes, and without which we would be unable to make a difference in places where it is most needed. In addition to these ‘front line’ staff, the wider team have provided support to clients and colleagues with new initiatives, fundraising, care and concern, and good governance.

Page 2

The Sanctuary Trust Limited

Trustees' Report

The Charity’s social value contribution has grown with the placements for social work students from Salford University being extended into Manchester Metropolitan University and the University of Chester and through our involvement in multi-disciplinary discussions across the wider third sector and public sector teams.

In reflecting on the past year, we recognise the need to continue to deliver our vision through our whole team making a real difference in the neighbourhoods where we live and work, and we remain determined to reducing homelessness in these areas, with the support of fellow providers, funders and commissioners.

Plans for future periods

The Charity remains firmly fixed on its pledges to:

To deliver these pledges the Charity has updated its supporting objectives to enable it to:

  1. Create and Transform Homes with Purpose

Develop and renovate high-quality, affordable homes that reflect the aspirations of people with lived experience of homelessness or those at risk—providing safe, dignified places to thrive.

  1. Deliver with Integrity and Vision

Operate as a well-led, values-driven charity committed to ethical leadership, continuous improvement, and meaningful impact.

  1. Grow Sustainably and Responsibly

Maintain a strong, sustainable operating model that supports long-term growth and enables us to extend our reach and deepen our support.

The Charity continues to demonstrate progress in all of these areas and has exciting plans for the years ahead which it is determined to deliver.

Financial review

The charity’s principal funding sources during the year were service contract income £1,197,580 (2024: £716,984), housing benefits received £1,039,755 (2024: £903,052) and a contribution received from the Welsh Assembly of £175,009 (2024: £162,346). Other sources of income received are shown in notes 4, 5, 6, 7 and 8 to the accounts. These resources have been used to provide accommodation and support to homeless and other vulnerable people.

With this expansion of services with new and exisiting commissioners, this has resulted in the charity reporting an increase in surplus for the year of £134,785 (2024: £13,616 deficit), further details of which are shown in the statement of financial activities on page 11. The charity's financial position at the end of the year is shown on the balance sheet (page 12), which shows that the charity's funds have been increased from £388,435 at 31 March 2024 to £523,220 at the end of the current year. These funds are further split between restricted and unrestricted. At the year end The Sanctuary Trust has restricted funds of £60,970 (2024: £108,450) and unrestricted funds of £462,250 (2024: £279,985), which can be seen in greater detail in note 22.

The Trustees consider the state of the charity's affairs to be satisfactory and look to the future with confidence.

Page 3

The Sanctuary Trust Limited

Trustees' Report

Policy for managing risk and reserves

The trustees have assessed the risks and uncertainties to which the charity is exposed and consider the principal areas to be as follows:

The trustees are satisfied that systems are in place to mitigate the charity’s exposure to major risks. As part of that process, the trustees have implemented a risk management strategy, which comprises:

It is the policy of the charity to maintain free reserves, which are unrestricted funds less fixed assets included therein (see note 22 to the accounts), at a level which equates to approximately three to four months unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs and to respond to emergencies which may arise from time to time.

The amount of free reserves available at 31 March 2025 was £175,794 (2024: £103,077). The trustees are aware of the surplus earned in this financial year, which is a result of the planned investments in prior years done with the aim of growing the charity. The charity continues its programme of additional income generation and close cost management and will continue to monitor the financial position of the charity so that reserves move towards the target level.

Volunteers

The charity is very fortunate to have a large number of people who are willing to volunteer to assist in furthering the objects of providing support and encouragement for people who are homeless. There are formal processes in place to ensure that volunteers have appropriate training or experience and that they meet all legal requirements.

During the year the average number of volunteers that the charity had was 40 (2024: 45), with the decrease arising following changes to one of the projects in North Wales.

Structure, governance and management

Nature of governing document

The Sanctuary Trust Limited is a company limited by guarantee governed by its memorandum and articles of association dated 9 June 1992. It is registered as a charity with the Charity Commission.

Organisational Structure

A board of trustees, who meet on a regular basis, administer the charity. The Charity’s leadership team (led by its CEO) are appointed by the board to manage the day to day operations of the organisation. The Sanctuary Trust is an accredited Living Wage employer and reviews its levels of pay on an annual basis in order to continue to remunerate all employees in excess of these minimums.

Page 4

The Sanctuary Trust Limited

Trustees' Report

Recruitment and appointment of trustees

The Board seek to appoint trustees as vacancies arise or if they become aware that a person with appropriate skills and experience is available and willing to join the board.

Trustees’ induction and training

There is no formal training provided for trustees but they are advised to read the literature available from the Charity Commission and they are made aware of their general duties and responsibilities as part of the recruitment process and once they join the board and attend meetings.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 16 September 2025 and signed on its behalf by:

......................................... Mrs K O'Brien Secretary

Page 5

The Sanctuary Trust Limited

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Sanctuary Trust Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 its 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 proper accounting records that can 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 governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on 16 September 2025 and signed on its behalf by:

......................................... Mrs K O'Brien Secretary

Page 6

The Sanctuary Trust Limited

Independent Auditor's Report to the Members of The Sanctuary Trust Limited

Opinion

We have audited the financial statements of The Sanctuary Trust Limited (the 'charity') for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 7

The Sanctuary Trust Limited

Independent Auditor's Report to the Members of The Sanctuary Trust Limited

Opinion on other matter prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page 8

The Sanctuary Trust Limited

Independent Auditor's Report to the Members of The Sanctuary Trust Limited

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Page 9

The Sanctuary Trust Limited

Independent Auditor's Report to the Members of The Sanctuary Trust Limited

...................................... Mark Heaton FCCA DchA (Senior Statutory Auditor) For and on behalf of KM, Statutory Auditor

1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG

16 September 2025

Page 10

The Sanctuary Trust Limited

Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income from:
Donations
4
Charitable activities
5
Other trading activities
6
Investment income
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
£
13,189
2,479,951
47,213
9,607
39,563
2,589,523
(50,834)
(2,356,424)
(2,407,258)
182,265
182,265
279,985
462,250		 Restricted
£
30,968
9,400
-
-
-
40,368
-
(87,848)
(87,848)
(47,480)
(47,480)
108,450
60,970		 Total
2025
£
44,157
2,489,351
47,213
9,607
39,563
2,629,891
(50,834)
(2,444,272)
(2,495,106)
134,785
134,785
388,435
523,220		 Unrestricted
£
8,953
1,836,223
53,392
2,715
-
1,901,283
(68,690)
(1,835,987)
(1,904,677)
(3,394)
(3,394)
283,379
279,985		 Restricted
£
39,080
60,052
-
-
-
99,132
(636)
(108,718)
(109,354)
(10,222)
(10,222)
118,672
108,450		 Total
2024
£
48,033
1,896,275
53,392
2,715
-
2,000,415
(69,326)
(1,944,705)
(2,014,031)
(13,616)
(13,616)
402,051
388,435

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown are shown in note 22.

The notes on pages 14 to 25 form an integral part of these financial statements.

Page 11

The Sanctuary Trust Limited

(Registration number: 02721623) Balance Sheet as at 31 March 2025

Note
Fixed assets
Tangible assets
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: Amounts falling due within one year
18
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
19
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
22		 2025
£
347,730
203,172
328,428
531,600
(175,721)
355,879
703,609
(180,389)
523,220
60,970
462,250
523,220		 2024
£
242,392
100,038
167,628
267,666
(121,623)
146,043
388,435
-
388,435
108,450
279,985
388,435

The financial statements on pages 11 to 25 were approved by the trustees, and authorised for issue on 16 September 2025 and signed on their behalf by:

Carl McCann (Sep 29, 2025 14:22:33 GMT+1)

......................................... Reverend C R McCann Trustee

The notes on pages 14 to 25 form an integral part of these financial statements. Page 12

The Sanctuary Trust Limited

Statement of Cash Flows for the Year Ended 31 March 2025

Note
Cash flows from operating activities
Net (expediture)/ income
Adjustments to cash flows from non-cash items
Depreciation
16
Investment income
7
Interest payable
9
Profit on disposal of tangible fixed assets
Working capital adjustments
(Increase)/decrease in debtors
17
Increase in creditors
18
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
7
Purchase of tangible fixed assets
16
Proceeds from sale of tangible assets
Net cash flows from investing activities
Cash flows from financing activities
Interest payable and similar charges
9
Value of new loans obtained during the period
Repayment of loans and borrowings
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2025
£
134,785
21,390
(9,607)
7,446
(39,563)
114,451
(103,134)
50,950
62,267
9,607
(191,556)
104,391
(77,558)
(7,446)
185,000
(1,463)
176,091
160,800
167,628
328,428		 2024
£
(13,616)
20,898
(2,715)
-
-
4,567
11,681
25,288
41,536
2,715
(2,352)
-
363
-
-
-
-
41,899
125,729
167,628

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 14 to 25 form an integral part of these financial statements. Page 13

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Globe House Moss Bridge Rd Rochdale OL16 5EB

These financial statements were authorised for issue by the trustees on 16 September 2025.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The Sanctuary Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income

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

Donations

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Page 14

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Land and buildings Plant and machinery Computer equipment Motor vehicles

Depreciation method and rate

5% per annum reducing balance basis 20% per annum reducing balance basis 33% per annum straight line basis 25% per annum reducing balance basis

Page 15

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade debtors

Trade debtors are amounts due from organisations for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Page 16

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 Judgements and key sources of estimation uncertainty

Judgements

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 periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The depreciation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgements are made as to the estimated useful life of the assets; these are regularly reviewed to reflect the changing environment.

Deferred and accrued income

Deferred and accrued income is based on the assumption that the amounts received or to be received are recognised in the period in which the service was provided. Any amounts estimated are based on past experiences and amounts received following the year end. These judgements are regularly reviewed to reflect the changing environment.

4 Income from donations

Unrestricted

Donations from institutions
Donations from individuals
Gift aid reclaimed		 General
£
1,940
6,937
4,312
13,189		 Restricted
£
5,089
22,767
3,112
30,968		 Total
2025
£
7,029
29,704
7,424
44,157		 Total
2024
£
13,471
30,510
4,052
48,033

Page 17

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

5 Income from charitable activities

Unrestricted
General
£
Housing benefits
1,039,755
Service contracts
1,197,580
Rent received
55,157
Welsh Assembly contribution
175,009
Grants received
12,450
2,479,951
Grants received, included in the above, are as follows:
Action Together
-
Garfield Weston Foundation
6,500
Screwfix Foundation
4,950
Wales Council for Voluntary
Action
1,000
Albert Gubay Foundation
-
Conwy food bank
-
12,450		 Restricted
£
-
-
-
-
9,400
9,400
-
-
-
-
-
9,400
9,400		 Total
2025
£
1,039,755
1,197,580
55,157
175,009
21,850
2,489,351
-
6,500
4,950
1,000
-
9,400
21,850		 Total
2024
£
903,052
716,984
53,841
162,346
60,052
1,896,275
5,758
-
-
-
17,963
36,331
60,052

6 Income from other trading activities

Charity shop sales
7
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
General
£
47,213
47,213
Unrestricted
General
£
9,607
9,607		 Total
2025
£
47,213
47,213
Total
2025
£
9,607
9,607		 Total
2024
£
53,392
53,392
Total
2024
£
2,715
2,715

Page 18

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

8 Other income

Profit on disposal of tangible fixed assets Unrestricted
funds
General
£
39,563		 Total
2025
£
39,563		 Total
2024
£
-

9 Expenditure on raising funds

a) Costs of trading activities

Charity shop running costs Unrestricted
General
£
43,388
43,388		 Total
2025
£
43,388
43,388		 Total
2024
£
69,326
69,326

Included in the above are the salary costs apportioned to running the shop, £30,670 (2024: £40,026)

b) Investment management costs

Interest payable on loan Unrestricted
General
£
7,446
7,446		 Total
2025
£
7,446
7,446		 Total
2024
£
-
-

Page 19

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

10 Expenditure on charitable activities

Note
Costs on delivering
charitable service
Depreciation cost
Governance costs
11
Staff costs		 Unrestricted
General
£
747,910
17,674
57,999
1,532,841
2,356,424		 Restricted
£
63,670
3,711
1,409
19,058
87,848		 Total
2025
£
811,580
21,385
59,408
1,551,899
2,444,272		 Total
2024
£
536,392
20,898
24,927
1,362,488
1,944,705

11 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Legal fees		 Unrestricted
funds
General
£
3,824
54,175
57,999		 Restricted
funds
£
1,036
373
1,409		 Total
2025
£
4,860
54,548
59,408		 Total
2024
£
6,000
18,927
24,927

12 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

Audit fees
Profit on disposal of tangible fixed assets
Depreciation of fixed assets
Loan interest payable		 2025
£
4,860
(39,563)
21,385
7,446		 2024
£
6,000
-
20,898
-

Page 20

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

13 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Other staff costs		 2025
£
1,379,021
106,049
84,731
12,768
1,582,569		 2024
£
1,268,576
93,189
29,864
10,885
1,402,514

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

charity during the year expressed as full time equivalents was as follows:
Administrative
Direct charity work		 2025
No
5
51
56		 2024
No
4
49
53

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the charity were £119,068 (2024 - £109,303).

14 Auditors' remuneration

Audit of the financial statements 2025
£
4,860		 2024
£
6,000

15 Taxation

The charity is a registered charity and is therefore exempt from taxation on its exempt activities.

Page 21

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

16 Tangible fixed assets

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
Eliminated on disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Land and
buildings
£
437,068
178,356
(150,996)
464,428
214,654
14,949
(88,314)
141,289
323,139
222,414		 Plant,
machinery and
computer
equipment
£
92,267
-
(7,767)
84,500
74,327
4,504
(6,734)
72,097
12,403
17,940		 Motor vehicles
£
5,500
13,200
(1,500)
17,200
3,462
1,937
(387)
5,012
12,188
2,038		 Total
£
534,835
191,556
(160,263)
566,128
292,443
21,390
(95,435)
218,398
347,730
242,392

Included within the net book value of land and buildings above is £269,431 (2024 - £165,876) in respect of freehold land and buildings and £53,708 (2024 - £56,537) in respect of leaseholds.

17 Debtors

Trade debtors
Prepayments
Accrued income
Other debtors		 2025
£
109,648
38,672
51,402
3,450
203,172		 2024
£
18,303
26,897
50,077
4,761
100,038

Page 22

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

18 Creditors

Trade creditors
Loans - The Wales Council for Voluntary Action
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
47,531
3,148
26,920
15,326
82,796
175,721		 2024
£
39,278
-
21,065
12,160
49,120
121,623

19 Creditors: amounts falling due after one year

Loan - The Wales Council for Voluntary Action (2-5 years)
Loan - The Wales Council for Voluntary Action (over 5 years)		 2025
£
23,817
156,572
180,389

The charity took out a loan during the year, amounting to £185,000. As part of the security for the loan, a charge has been placed against the property in which the loan was used to purchase. The current interest rate for the loan is 6%, and is expected to be fully paid by October 2049.

20 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Between one and five years		 2025
£
246,358
1,060,689
1,307,047		 2024
£
103,748
257,293
361,041

21 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £84,731 (2024 - £29,863).

Page 23

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

22 Funds

Unrestricted
General fund
Fixed asset fund
Restricted
Purchase and improvement
Tweedale Street
Albert Gubay Foundation
grant
Conwy food bank
Action Together
Total funds
Unrestricted
General funds
Fixed asset fund
Restricted
Purchase and improvement
Tweedale Street
Albert Gubay Foundation
grant
Conwy food bank
Action Together
Total funds		 Balance at 1
April 2024
£
103,077
176,908
279,985
62,568
2,424
29,231
14,227
108,450
388,435
Balance at 1
April 2023
£
92,248
191,131
283,379
65,861
6,176
37,010
9,625
118,672
402,051		 Incoming
resources
£
2,589,523
-
2,589,523
-
-
40,368
-
40,368
2,629,891
Incoming
resources
£
1,901,283
-
1,901,283
-
17,963
75,411
5,758
99,132
2,000,415		 Resources
expended
£
(2,389,584)
(17,674)
(2,407,258)
(3,128)
(2,424)
(68,069)
(14,227)
(87,848)
(2,495,106)
Resources
expended
£
(1,888,102)
(16,575)
(1,904,677)
(3,293)
(21,715)
(83,190)
(1,156)
(109,354)
(2,014,031)		 Transfers
£
(127,222)
127,222
-
-
-
-
-
-
-
Transfers
£
(2,352)
2,352
-
-
-
-
-
-
-		 Balance at
31 March
2025
£
175,794
286,456
462,250
59,440
-
1,530
-
60,970
523,220
Balance at
31 March
2024
£
103,077
176,908
279,985
62,568
2,424
29,231
14,227
108,450
388,435

Page 24

The Sanctuary Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

23 Analysis of net assets between funds

23 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
£
285,958
531,600
(174,919)
(180,389)
462,250
Unrestricted
funds
£
176,908
224,700
(121,623)
279,985		 Restricted
£
61,772
-
(802)
-
60,970
Restricted
£
65,484
42,966
-
108,450		 Total funds
at 2025
£
347,730
531,600
(175,721)
(180,389)
523,220
Total funds
at 2024
£
242,392
267,666
(121,623)
388,435

24 Related party transactions

There were no related party transactions in the year.

Page 25