COMPANY REGISTRATION NUMBER: 8121715 CHARITY REGISTRATION NUMBER: 1151481
WISDOM SANCTUARY LIMITED Company Limited by Guarantee Unaudited Financial Statements
30 June 2021
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2021
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 - 8 |
| Independent examiner's report to the trustees | 9 |
| Statement of financial activities (including income and | |
| expenditure account) | 10 |
| Statement of financial position | 11 |
| Notes to the financial statements | 12 - 18 |
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2021.
Reference and administrative details Registered charity name WISDOM SANCTUARY LIMITED Charity registration number 1151481 Company registration number 8121715 Principal office and registered 7 Avery Way office Allhallows Rochester Kent ME3 9PX The trustees Foday Lansana Josephine Lansana Alfred Lansana Company secretary Josephine Lansana Independent examiner Milton Sawyerr Kebbe Kouroma & Co 54 Hansol Road Bexleyheath Kent DA6 8JG
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
The daily management including the implementation of strategy and decision is approved by the Trustees Board and the spiritual side of the church's operations is delegated to the Leadership Board, whose members are elected by the Pastor with the support of Board members.
Risk Management
The Board of Trustees is committed to ensuring that the long-term health and survival of Wisdom Sanctuary Limited (WSL) is maintained through an effective risk management framework. Strategic decisions are consequently taken in the context of risk exposure arising from the charity’s operations and the resources available to mitigate this.
The all-important and ever-increasing role of risk management by the charity continues to retain currency due to the evolving social and economic changes that affects the operations of the charity. A hands-on approach is required to identify and manage these risks, identifying any opportunities resulting from the process and promptly taking necessary action.
The Trustees among other things have the principal duty of risk management, identifying, reviewing and managing the risks to which the charity is exposed and to ensure appropriate controls are established to provide reasonable protection and insurance against fraud and error.
WSL has developed risk-management tools to help ensure that we identify and manage key risks which could affect WSL’s ability to deliver and achieve its strategic charitable aims and objectives. This reduces uncertainty and allows the charity to be innovative and manage change effectively. Wisdom Sanctuary Limited maintains a risk register that the trustees review regularly to assess and measure the nature and impact of risks on the organisation and provide appropriate mitigation where necessary.
Accountability
The Board of Trustees has overall responsibility for establishing an effective system of internal controls, including overall risk management. This involves review and appraisal of our approach to risk through our assurance framework and oversight by the Board.
There is also a designated Safeguarding Officer who manage the legal safeguarding performance standards and quality of our operational services and projects. In practice, WSL records identifiable risks in the risk register and then assess them in terms of impact and record any actions taken to manage or mitigate the risk. We divide risks into two categories:
Strategic Risk
| Strategic Risk | |
|---|---|
Risk |
Mitigating Factors |
| The ability to fund delivery of core projects and overheads |
Ensuring the provision of support for beneficiaries to comply with regulatory, legal and funding (donor) compliance requirements. We continue to oversee the planning, monitoring and managing each project activity. Our medium to long term focus is on monitoring core costs, continually improving the quality of our services and developing our management skills to improve our effectiveness in delivering project activities |
| Not Achieving financial sustainability in the medium term |
The Trustees in conjunction with the Pastors manage WSL finance to ensure we continue to meet the medium to long term objectives, maintaining adequacy of reserves and effective cash flow. |
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2021
Operational Risk
Management of risk is embedded into our everyday business activities, and we have well-established processes and policies to handle this. Operational level risks are managed and reviewed quarterly by the Trustees Board.
There are internal policies and quality assurance systems in place at WSL. To the best of our ability, we work to comply with regulations as well as aspiring to adopt best practice in our operations. These policies are subject to a rolling programme of review to ensure they are up to date and reflect service and practice development.
Trustees Indemnity Insurance
Wisdom Sanctuary Limited insurance policy covers its trustees against liability in respect of action brought by third parties, subject to the conditions set out in the Charities Act. Such qualifying third-party indemnity insurance remains in force as of the date of approving the trustees annual report.
OBJECTIVES AND ACTIVITIES
Wisdom Sanctuary Limited (WSL) remains a fellowship of Christian Believers under the lordship of Jesus Christ. We are not a denominational church, and our primary aim is to spread the Gospel of Jesus Christ to people of all the nations and to conform them to His image, by the power of the Holy Spirit. We hold the unity of the Body of Christ as sacred and hold no opposition to the different denominations. We believe that the only true basis of Christian fellowship is His (Agape) love, which is greater than any emphasis on doctrinal differences, which only serves to divide the Body of Christ.
Public Benefit Statement
The primary aim for the formation of the charity remains the advancement of the Christian faith. The Trustees comply with their duty in section 4 of the 2006 Act to uphold the guidance published by the Charity Commission in exercising their powers and duties. The Charity rents a building for our weekly fellowship services at Sydenham in Southeast London. The venue has additional meeting rooms for teaching of our young children and youths and other church activities.
The Pastoral remit entrusts the Pastor and the Board of Trustees to be responsible for the spiritual wellbeing of the members at this venue in Sydenham. This is enhanced by the provision of church activities listed below which include:
Weekly sermons and messages from the pulpit Mid-week services Regular baby dedications (Christenings) Prayer/intercessory meetings Memorial services Hospital and Home visitations Marital counselling Bereavement counselling Baptism for members within the premises
All Wisdom Sanctuary Limited activities are available to Christians and non-Christians, members and attendees with no access restrictions. We continue to attract the wider community to our worship services, celebrating Christian festivals including Easter, Christmas and New Year eve’s church celebrations. We were unable to carry out some of these activities over the past year due to Covid restrictions.
We remain committed to holding regularly worship services every Sunday mornings, mid-week Bible studies on Wednesday (online) and prayer meetings on Fridays. All our Sunday morning services, conferences and special events are streamed live on other social media platforms like Facebook and You Tube. This makes our programmes and activities more accessible to a wider audience and
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2021
community, both nationally and internationally. This year has seen a continual increase in online attendances and participations in our services and programmes, and this online engagement has become the new normal.
SIGNIFICANT ACTIVITIES
Children's Ministry
The Children’s Ministry is a thriving department attracting children between 2 years to 11 years and is a major growth area of the church. However, due to the Covid 19 pandemic, we reverted to holding these services online on Saturday Evening. It originally covered the age range of 2-12 years old, but the online classes have been limited to 6-12, because of the difficulty in managing younger kids online.
We have 4 volunteers for the classes we run. Our schedule runs through a four-week rotation. All volunteers hold a current enhanced DB. Our designated lead person oversees this ministry and works out the logistics and rota with the leadership of the church.
Main Children’s Church
Classes: Ages 6-9 Ages 10-12
These classes are structured with innovative and fun activities, using art and craft for visual learning and demonstrations. Lessons consist of exciting Bible storytelling, that engages the children and is quite explorative. This promotes discussion and questions and answer sessions among them to allow the children to express their feelings, thoughts and understanding of the Bible lessons.
Quizzes and team-games are used as part of lesson plans which are diverse, structured and age appropriate. These are all pre-planned with the emphasis of exploring God in a creative manner. We explore Bible stories topically and through chapter chunks of the Old and New Testaments. Children always have a memory verse that they learn weekly, scripture devotionals and special prayer times. We continue to strive to promote moral and spiritual values in the children.
Each week, children are encouraged to praise and worship by singing collaboratively before the lessons. Birthdays continue to be celebrated each week. The Children’s Christmas party in December was not held due to the Covid restrictions and social distancing rules. Parents play an active role to ensure their kids are participating and regular communication is made with them to follow up on work and assignments given to their kids.
Security
We have a robust security system to monitor children in class and within the premises. CCTV cameras provide additional security. Furthermore, the facility has a security system in place with regular stewards who ensure a safe environment for the children and the workers. There is also a fire evacuation procedure for the church.
Youth Ministry
As with the Children’s Ministry, all Youth Ministry volunteers have undergone DBS checks and attended child protection training as part of Wisdom Sanctuary Limited’s Child Protection policy. Youth Ministry also operates within the church’s safeguarding regulations regarding young people within the church.
The Youth Ministry in Wisdom Sanctuary continues to be open to young people within the church and between the ages of 13-18, which like the adult congregation come from diverse cultural backgrounds. Over the course of the last year, the Youth Ministry was limited in its activities because of the Covid 19 pandemic and had their meeting moved online.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2021
It continues to function as one group in its study of the Bible and subsequent discussions and has been continuing its in-depth study of the Gospels which includes theological, social and personal topics for discussion. All study series incorporate not only historic, social aspects and illustrative activities, but also personal application.
Personal devotion continues to feature as part of their lessons and the Youth share from their experiences, to demonstrate their faith in everyday life as an example to the young people in the group. The youth are also encouraged to share their experiences, questions and challenges within the group, which offers space for group discussions and thought-provoking interactive activities. In a climate where there is limitation of opportunity for social interaction for the group beyond Sundays, these experiences help to establish relationships between the young people and develop their communication and social skills.
Wisdom Women of Valour Ministry (Women’s Department)
The Women’s ministry remains a powerful resource and growing force for good in the church which see an ever-increasing value placed on their activities that impacts the church in a positive way. Their primary objective to harness the spiritual, emotional, mental and physical resources of the women into one main goal of empowering the women (married or single) of the church to becoming productive and successful in their spiritual walk with God and in their homes as wives, partners, parents and businesswomen.
Their meetings are held on the third Saturday of each month and is a major tool of evangelism for attracting other women within the community. Their growth in size and importance remains a notable feature of their operations. Their activities include prayer, discussions of women’s issues, movies, visits from guest ministers and special teaching presentations by members to the group. Bible studies focus on great Biblical women characters and their impact on their communities and how those attributes could be replicated in their lives. The Wisdom Women of Valour ministry continue to play a pivotal role in the life of the ministry.
Over the past year, the Wisdom Women of Valour hosted a hugely successful one week “Back to School prayer and fasting meeting online for the children at the end of August 2020. This was very well attended and attracted women locally, nationally and internationally with distinguished Women pastors and leaders participating in the weeklong event. The strong emphasis on prayer remains a prime driver of the fellowship and the growing desire for intercession to combat all kinds of issues being faced by the members and their families provide a conducive environment for members to set time apart to be with God.
In February 2021, WOV hosted another successful and well attended “Arise and Shine Women Conference” online with Pastor Marjorie Esemowei as the distinguisher guest speaker. The attendance was great and attracted viewership both nationally and internationally.
The women’s Christmas dinner 2020 was cancelled due to the Covid 19 Pandemic. These events are also geared towards attracting people of the local community to get involved in our charity work and the response continues to be very encouraging.
Men's Ministry (The Wisdom Men Fellowship )
The “Wise Men Fellowship” established in June 2016 with the desire to build a strong network among the men to address their spiritual and other needs experienced a major setback in regular meeting because of the Covid 19 lock down and restrictions. The fellowship continues to employ strategies to engage the men to hold regular scheduled meetings, and the gloomy climate engendered by the lockdown posed a serious challenge, but the fellowship resorted to online meetings twice a month on Sunday evenings.
The issues affecting men remain, whilst men continue to be very reserved and quiet about their problems. The aim of the forum provides a platform in galvanizing the men of the church to be more
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2021
active and involved in the running of the church. We are still working hard to attract new male members to the fellowship, compared to our female counterparts and we have experienced a slight increase in their attendance at our online service on Sundays. We continue to encourage the men to devote time for the fellowship and developing new strategies to make the fellowship more attractive to their needs.
Our Volunteers
WSL had 45 volunteers last year to deliver services and projects as diverse as advice, health and wellbeing, participating in events. The different departments in the church assist in managing and reviewing how we attract, support and retain our volunteers – assessing our policies and processes to establish best practice across the charity. We held regular departmental meetings online which including training volunteers and discussing issues as they arise. This increases the appeal for volunteering and increase the effectiveness and impact of their work and wellbeing.
THE Covid 19 pandemic lockdown experienced countrywide limited our ability to host our 8th Anniversary conference with guest ministers as was originally planned. We marked the event in our online service on the Last Sunday of October 2020.
Membership Drive
The drive to encourage visitors to become members and participate in handling different aspects of the church’s activities remain a prime focus of the ministry. The pandemic impacted seriously on this drive but saw a great increase on our viewership for our online services and the live streaming is greatly helping to promote the church and its relevance.
Evangelism
The provision of social media platforms like YouTube and Facebook and its wide reach have allowed us to re- strategize and put more emphasis on reaching people through these media rather than the traditional street evangelism. These have now become the primary tools used in winning new members to the fold and have seen a marked increase in the interest shown in promoting our church and its activities. However, we still continue to engage family members, colleagues and people on a one-to-one basis about the gospel of Jesus Christ in our local communities some of whom have subsequently attended our weekly online services and became part of the positive change we are bringing to the community.
COVID 19 - March 2020
The COVID19 pandemic continues to gravely impact our activities and operations, the cost of the impact still being felt into the new year. The United Kingdom was in lock down from March 2020 to June 2021. It mandated the suspension of all face-to-face church meetings and services. We, as a matter of course had to resort to online /zoom meetings to hold virtual services from home. This continued to the end of the financial year only resuming face to face fellowship at the end of June 2021. The hope of returning to normal as the virus continues to pose a major threat to the entire world remains to be seen but the future remains bleak.
This pandemic also had a major impact on our financial position and health as the recession and uncertainty saw a significant drop in our offerings and contributions from members, which forms the major source of sustenance of the ministry.
ACHIEVEMENT AND PERFORMANCE
Our online Sunday worship services over the past year continue to attract new members from the strong teaching of the word of God and making it relevant in a practical way. Topical interactive Bible study sessions online during our weekly Bible study have greatly enhanced understanding of the word of God in a practical way and continues to be a source of spiritual enlightenment and even enrichment. It remains a major attraction and interest to members who use this forum to learn more about the Bible and ask questions to enhance their knowledge and understanding.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2021
The regular Friday Prayer meetings were held online and was popular among members and visitors, especially with the looming destruction and threat to life the pandemic posed. This platform also provided an outlet for addressing their individual spiritual needs and well as engage in meaningful intercession and supplication. Corporate intercessions for the church, our country and for the needs of others is a regular feature of these meetings. The huge turnout at these meetings, as people have sought to improve their relationship with God through the medium of prayer was a great achievement and testimonies abound of answers to their petitions. Praise and worship experience also have been a major feature of our services and is hugely appealing to members and visitors alike.
The last year saw the biggest increase in our online viewership reaching several thousand views for our weekly broadcasts, since we began live streaming our services. This was partly due to the lockdown, and it is our hope to convert these huge numbers into attendees and members when face to face church meetings resume.
The church continues to grow spiritually as is evidenced in the lives of the members. The church has established its relevance in adding value and a new dimension of wisdom teachings, worship and fellowship to members and non-members alike who continue to use our services.
We have an active website where all our recorded services can be viewed. We continue to upgrade our website with new information about our services and operations to make it user friendly and easily accessible. Our active presence on the major social media platforms is proving to be a great asset to the church
FINANCIAL REVIEW
Funding for the year's activity was obtained from various sources as detailed on page 15. We ended the year with a surplus of £8,594 (2020, Surplus of £6,106).
We continue to be robust in ensuring we meet our financial obligations through wise financial decisions and risk mitigation. Financial viability for the ministry is a necessity for survival and maintaining our strong commitment to having a tight lid on how we use our resources underpins that necessity.
We formally launched our Building fund project called “Buy A Brick” campaign in September 2020 to raise funds for procuring a building for our meetings and operations. This has raised over £16,000 from donations and contributions from members and the general public. The initial target is to raise £100,000 and we continue in this effort to make this goal a reality. This fund is designated to that specific purpose of buying a building for the ministry. We also have a Women’s Ministry Account to fund the yearly activities and the needs of the fellowship. All other income and funds received are not specific to any project and are therefore classified as unrestricted.
Reserve Policy
The Trustees recognize the need to develop and implement a free reserves policy. Wisdom Sanctuary Limited reserves policy is to maintain sufficient level of reserves to enable operating activities to continue, considering the potential risks and contingencies that may arise from time to time to challenge the successful implementation of our daily operations.
The trustees reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission and have set reserves at a level equivalent to three months running costs. This policy is reviewed annually.
Future Plans
The negative effect of the Covid 19 pandemic on some members and visitors alike to the church on their financial wellbeing was marked and saw increasing hardship to meet the basic needs. This has increased the need for setting up a debt counselling service to help to relieve the stresses of financial
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2021
burdens. We currently provide information to access government agencies and quasi government bodies set up to offer advice and counselling to those undergoing financial hardship.
We have not been able to conduct Christian workshops and seminars this financial year due to the Covid 19 pandemic to reach people in the wider community with the Gospel of Jesus Christ through evangelism. We aim to make this a priority when normalcy returns. We use the social media platforms to reach them.
Our commitment to building a strong foundation for the ministry and meeting its objectives remains our primary focus. The attendant challenge of increasing our human and financial resources to meet our objectives remain and have hardened our resolve to overcome them by taking wise financial decisions and guided by the rules of the Charities Commission and our financial procedures.
We have been steadfast in trying to establish a good working template for the ministry and maintain our commitment to improving our operations to achieve our aims and objectives of being a viable 21st century church to spread the Gospel of Jesus Christ. We continue to lay a strong foundation for the eight years of our existence with its attendant challenges. The church is here I believe will work to help us achieve our objectives in terms of growth in membership and activities and corporate governance.
The trustees' annual report was approved on 22 March 2022 and signed on behalf of the board of trustees by:
Foday Lansana Pastor and Chair of Trustees
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of WISDOM SANCTUARY LIMITED
Year ended 30 June 2021
I report to the trustees on my examination of the financial statements of WISDOM SANCTUARY LIMITED ('the charity') for the year ended 30 June 2021.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements 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
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the financial statements 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.
Milton Sawyerr Independent Examiner Kebbe Kouroma & Co 54 Hansol Road Bexleyheath Kent DA6 8JG
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 30 June 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 61,396 | 61,396 | 82,693 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 61,396 | 61,396 | 82,693 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 52,802 | 52,802 | 76,587 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 52,802 | 52,802 | 76,587 | |
| ============================ | ============================ | ============================ | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net income and net movement in funds | 8,594 | 8,594 | 6,106 | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 68,346 | 68,346 | 62,240 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total funds carried forward | 76,940 | 76,940 | 68,346 | |
| ============================ | ============================ | ============================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 12 to 18 form part of these financial statements.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Statement of Financial Position
30 June 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 12 | 1,948 | 374 | |
| Current assets | ||||
| Debtors | 13 | 9,295 | 13,646 | |
| Cash at bank and in hand | 67,842 | 56,404 | ||
| ---------------------------- | ---------------------------- | |||
| 77,137 | 70,050 | |||
| Creditors: amounts falling due within one year | 14 | 2,145 | 2,078 | |
| ---------------------------- | ---------------------------- | |||
| Net current assets | 74,992 | 67,972 | ||
| ---------------------------- | ---------------------------- | |||
| Total assets less current liabilities | 76,940 | 68,346 | ||
| ---------------------------- | ---------------------------- | |||
| Net assets | 76,940 | 68,346 | ||
| ============================ | ============================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 76,940 | 68,346 | ||
| ---------------------------- | ---------------------------- | |||
| Total charity funds | 16 | 76,940 | 68,346 | |
| ============================ | ============================ |
For the year ending 30 June 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 22 March 2022, and are signed on behalf of the board by:
Foday Lansana Trustee
The notes on pages 12 to 18 form part of these financial statements.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 7 Avery Way, Allhallows, Rochester, Kent, ME3 9PX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2021
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably.
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legacy income is recognised when receipt is probable, and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2021
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2021
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Tithes and offerings | 61,396 | 61,396 | 82,693 | 82,693 |
| ============================ | ============================ | ============================ | ============================ | |
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Charitable activity costs | 43,487 | 43,487 | 66,136 | 66,136 |
| Support costs | 9,315 | 9,315 | 10,451 | 10,451 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 52,802 | 52,802 | 76,587 | 76,587 | |
| ============================ | ============================ | ============================ | ============================ | |
| Expenditure on charitable activities by activity type | ||||
| Activities | ||||
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Charitable activity cost | 43,487 | 1,759 | 45,246 | 69,589 |
| Governance costs | – | 7,556 | 7,556 | 6,998 |
| ---------------------------- | ------------------------ | ---------------------------- | ---------------------------- | |
| 43,487 | 9,315 | 52,802 | 76,587 | |
| ============================ | ======================== | ============================ | ============================ |
5. Expenditure on charitable activities by fund type
6. Expenditure on charitable activities by activity type
7. Analysis of support costs
| Analysis of | ||||
|---|---|---|---|---|
| support costs | ||||
| activity | Total 2021 | Total 2020 | ||
| £ | £ | £ | ||
| Premises | 218 | 218 | 215 | |
| Communications and IT | 957 | 957 | 932 | |
| General office | 584 | 584 | 357 | |
| Governance costs | 7,556 | 7,556 | 8,948 | |
| ------------------------ | ------------------------ | ---------------------------- | ||
| 9,315 | 9,315 | 10,452 | ||
| ======================== | ======================== | ============================ | ||
| 8. | Net income | |||
| Net income is stated after charging/(crediting): | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 776 | 363 | ||
| ============== | ============== |
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2021
9. Independent examination fees
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 700 | 700 |
| Other financial services | 830 | 835 |
| ------------------------ | ------------------------ | |
| 1,530 | 1,535 | |
| ======================== | ======================== |
10. Staff costs
The average head count of employees during the year was 1 (2020: 1). The average number of full-time equivalent employees during the year is analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Number of staff | 1 | 1 |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
11. Trustee remuneration and expenses
The following trustees received remuneration from the charity during the year.
| 2021 | 2020 | |
|---|---|---|
| Pastor Foday Lansana | £ | £ |
| Gross Pay | 34,000 | 34,000 |
| Employers’ NI contribution | 3,478 | 3,496 |
| Pension contribution | 1,665 | 1,670 |
| Martha Lansana | 2021 | 2020 |
| £ | £ | |
| Gross Pay | – | 1,500 |
| Employers' NI Contribution | – | 108 |
| Pension Contribution | – | 59 |
| The following trustees received payments for expenses during the year. | ||
| 2021 | 2020 | |
| £ | £ | |
| Travel and telephone expenses | ||
| William George | – | 500 |
| Foday Lansana | – | 3,000 |
| Josephine Lansana | 2,000 | 1,600 |
| Office Rent | ||
| Foday Lansana | 3,250 | 1,950 |
- 16 -
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2021
12. Tangible fixed assets
| Equipment | Total | ||
|---|---|---|---|
| £ | £ | ||
| Cost | |||
| At 1 July 2020 | 6,731 | 6,731 | |
| Additions | 2,350 | 2,350 | |
| ------------------------ | ------------------------ | ||
| At 30 June 2021 | 9,081 | 9,081 | |
| ======================== | ======================== | ||
| Depreciation | |||
| At 1 July 2020 | 6,357 | 6,357 | |
| Charge for the year | 776 | 776 | |
| ------------------------ | ------------------------ | ||
| At 30 June 2021 | 7,133 | 7,133 | |
| ======================== | ======================== | ||
| Carrying amount | |||
| At 30 June 2021 | 1,948 | 1,948 | |
| ======================== | ======================== | ||
| At 30 June 2020 | 374 | 374 | |
| ======================== | ======================== | ||
| 13. | Debtors | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Other debtors | 9,295 | 13,646 | |
| ======================== | ============================ | ||
| 14. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 1,290 | 1,220 | |
| Social security and other taxes | 601 | 603 | |
| Other creditors | 254 | 255 | |
| ------------------------ | ------------------------ | ||
| 2,145 | 2,078 | ||
| ======================== | ======================== |
15. Pensions and other post-retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,665 (2020: £1,729).
- 17 -
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2021
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 30 June 202 | |||
| 1 July 2020 | Income | Expenditure | 1 | |
| £ | £ | £ | £ | |
| General funds | 68,346 | 61,396 | (52,802) | 76,940 |
| ============================ | ============================ | ============================ | ============================ | |
| At | At | |||
| 1 July 2019 | Income | Expenditure | 30 June 2020 | |
| £ | £ | £ | £ | |
| General funds | 62,240 | 82,693 | (76,587) | 68,346 |
| ============================ | ============================ | ============================ | ============================ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| £ | £ | |||
| Tangible fixed assets | 1,948 | 1,948 | ||
| Current assets | 77,137 | 77,137 | ||
| Creditors less than 1 year | (2,145) | (2,145) |
||
| ---------------------------- | ---------------------------- | |||
| Net assets | 76,940 | 76,940 | ||
| ============================ | ============================ | |||
| Unrestricted | Total Funds | |||
| Funds | 2020 | |||
| £ | £ | |||
| Tangible fixed assets | 374 | 374 | ||
| Current assets | 70,050 | 70,050 | ||
| Creditors less than 1 year | (2,078) | (2,078) |
||
| ---------------------------- | ---------------------------- | |||
| Net assets | 68,346 | 68,346 | ||
| ============================ | ============================ |
17. Analysis of net assets between funds
- 18 -