COMPANY REGISTRATION NUMBER: 8121715 CHARITY REGISTRATION NUMBER: 1151481
WISDOM SANCTUARY LIMITED Company Limited by Guarantee Unaudited Financial Statements
30 June 2023
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2023
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 2 |
| Independent examiner's report to the trustees | 8 |
| Statement of financial activities (including income and | |
| expenditure account) | 9 |
| Statement of financial position | 10 |
| Notes to the financial statements | 11 to 17 |
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2023
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 2023.
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 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
The day-to-day management including the implementation of strategy, are approved by the Trustees Board, and the churches spiritual operations and activities, in particular are delegated to the Board of Trustees whose members are elected by the Pastor in consultation with the Trustees Board members.
Risk Management
The Board of Trustees is committed to ensuring that the long-term health and survival of Wisdom Sanctuary 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.
Wisdom Sanctuary has developed risk-management tools to help ensure that we identify and manage key risks which could affect its 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.
The charity has a risk register to enable us to better identify, manage and mitigate the risks and facilitate a proper reporting procedure to the Trustees.
Accountability
The Board of Trustees has overall responsibility for establishing an effective system of internal controls, including overall day to day risk management. This involves review and appraisal of our approach to risk through our assurance framework and oversight by the Board. Their work is complemented by our Financial advisory team.
We also appointed a designated Safeguarding Officer who manage the safeguarding performance standards and quality of our operational services and projects. In practice, the risk registers and records identifiable risks and then assesses them in terms of impact and document any actions taken to deal with the risks. Risks into divided 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. Wisdom Sanctuary continues to directly 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 in cost effective ways. |
| Not Achieving financial sustainability in the medium term |
The Trustees in conjunction with the Pastors manages the charity’s finance to ensure we continue to meet the medium to long term objectives, maintaining adequacy of reserves and effective cash flow. |
Operational Risk
Management of risk is embedded into our daily business activities, and we have established processes and policies to handle this. Operational level risks are managed and reviewed quarterly by the Trustees and financial adviser.
We have established practical comprehensive internal policies and quality assurance systems in place
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
at Wisdom Sanctuary and 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. The correct assessment of risk greatly assists in our ability to fund delivery of core projects and overheads.
Trustees Indemnity Insurance
Wisdom Sanctuary provides insurance to 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 will remain in force for the life of the charity.
OBJECTIVES AND ACTIVITIES
Wisdom Sanctuary is founded as a fellowship of Christian Believers under the lordship of Jesus Christ. Our primary purpose is to make Jesus Christ our Lord and Saviour known to all the world and to conform to His image through the power of the Holy Spirit. We do not belong to any denomination, neither are we opposed to denominations, only when they create differences in Christian doctrines, that have led to the division of the Body of Christ. We believe that the only true basis of Christian fellowship is our emphasis on the Person and principles of Jesus Christ, which overrides any differences we possess and without which we have no basis for our Christian identity.
Public Benefit Statement
The principal objective for which the charity is formed remains the advancement of the Christian faith to all nations. We confirm the charity has complied with its duty in section 4 of the 2006 Act, to have due regard to the guidance published by the Charity Commission in exercising their powers and duties. The charity rents a building for our fellowship services at a school in Sydenham. The venue provides additional meeting rooms for teaching of our young people.
The Pastors and Elders look after the spiritual wellbeing of the members at the main venue and provide services including weekly worship services, conducting baby dedications, wedding blessings, counselling as well as hospital and home visitations for all who require our services.
All Wisdom Sanctuary activities are available to Christians and non-Christians, regular and non-regular members: there is no restriction on attendance. We have attracted the wider community to Wisdom Sanctuary worship services, celebrating Christian festivals including Easter, Christmas, and New Year’s Eve services.
We continue regularly hold worship and fellowship teaching services every Sunday morning and Friday prayer meetings on site at Sydenham. Our mid-week Bible study on Wednesdays is held virtually on zoom. We live stream our Sunday morning services making it available to a wider community both domestically and internationally.
We also provide the following services: -
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Pre-marital counselling
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Bereavement counselling
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Hospital and home visitation
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Prayer and intercessory meetings
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Wisdom Women of Valour fellowship meetings and activities
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Wisdom Men Fellowship
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Sunday/ Mid-week services
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Children’s ministry- (Sunday school for children)
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Youth church and activities
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Support and training to our Volunteers.
Wisdom Sanctuary had 24 volunteers last year who contributed 1000 hours of their time to work with us to deliver services and projects as diverse as working in the premises, advice, feeding the poor
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
campaign and participating in events. This year we focused on attracting, retaining, and supporting our volunteers whilst reviewing our policies and processes to establish best practice across the charity.
We carry out routine recruitment training and improvement activities to both enhance the appeal of volunteering for the charity and increase the effectiveness and impact of their activities on the lives of our members and visitors.
SIGNIFICANT ACTIVITIES
The Wisdom Women of Valour ministry
This ministry has remained viable and is a strong pillar of the church. The support of the women has been invaluable in maintaining regular church attendance and volunteering in the various department of the church. They continue to hold their regular meetings both in house and online and have maintained their objectives to empower women in increasing their fellowship with God as well as equipping them to be home builders, builders and giants of industry and stake holders in the home and their communities.
The Women of Valour undertook their first major project of “feeding the poor mothers and widows’ campaign” in three different ethnic communities, giving out basic food items and toiletries. The response was a great success and they have now agreed to make this an annual event.
Children's Ministry
The post Covid climate with varying attendance at church has greatly affected the church’s ability to hold regular Sunday school sessions for the Children's Ministry. There is a growing viewership on social media vis a vis attendance at church has caused us to continue with zoom services for the children’s ministry on Saturday evenings. The scheduled teachings were carried out for the different age ranges and the attendances at these meetings continue to be irregular. Keeping the focus of the younger children posed a challenge for the teachers who did their best to make the lessons fun and innovative, using craft-based activities for visual learning.
Online lessons continue to be pre-planned with the emphasis on exploring the Bible in a creative manner. This twice month sessions are helping the children have the much-needed tutoring about being a Christian. Memory verses, scripture devotionals and prayer activities are regular features of their meetings. Topics covered are from both the New Testament and Old Testament.
Parents are always included in the progress reports of their children and updated regularly on issues affecting the welfare of the children. The children sit with their parents during Sunday morning services and work with the ushers and teachers and responsible adults for safeguarding purposes. All accidents are reported, logged and parents and guardians are informed, and risk assessment and safeguarding protocols are observed routinely.
Youth Ministry
The Youth ministry also suffered a decline in numbers post Covid, like the Children’s Ministry and we have not been successful in holding separate youth meetings for them. They also take their place in the main Sunday services. Young people within the church between the ages of 12-18 constitute this ministry, which like the adult congregation come from diverse cultural backgrounds.
The leadership and volunteers continue to strategize and plan to attract more youths and volunteers to support this important ministry. The transition of some of the youth into the main service, because they have reached adult age continue and encouraged to serve in different capacities and departments in the church.
The need for mentoring and role models on character development and choices is seriously considered and we use the established online forum when they are held for the youth to engage tutors
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
or pastors to answer questions relating to the issues facing them. The youth are encouraged and continue to share their experiences, questions, and challenges within their group and in church and encourage interaction for group discussions.
In a climate where there is limited opportunity for social interaction for the group beyond their weekly church attendance, these outlets help to establish relationships between the young people and develop their communication and social skills. Wisdom Sanctuary operates a safeguarding policy in line with the charity commissions and government guidelines.
Men's Ministry
We believe the church, family and society need strong, godly men who can lead themselves well and serve God for His glory. Like with the other ministries, the men’s ministry saw a decline in attendance from men to our services. We moved to suspend the men’s fellowship meetings until we can grow in appreciable numbers to make the meetings viable and productive.
In helping the men achieve this goal through Biblical discipleship, mentoring, stewardship, and accountability, we continue to teach through the medium of the Sunday services. The Senior Pastor is responsible for running this ministry and undertook several quarterly reviews and planning with the support of the available men in the ministry to grow the fellowship. We still struggle to see the necessary increase in the number of men coming to church, but their online participation continues to grow. The challenge remains bringing them to the in-house fellowship.
Tenth Anniversary Conference
Our 10th Anniversary was celebrated with a big conference titled “Moving Forward with Grace”, over a three-day period from 21st to 23rd October 2022. Our Guest speaker, Bishop Dick Essandoh was a great blessing to the house, and we enjoyed a good attendance on all three days with a large online attendance. We also celebrated the anniversary with a feasting after the service on Saturday 22nd October. It was a resounding success.
New Years Eve Service
This was as usual a well-attended service welcoming not only long-lost members but a good number of new visitors and first-time attendees, some of whom have become members of the fellowship.
ACHIEVEMENT AND PERFORMANCE
Over the course of the year in November 2022 and May 2023 respectively, the senior pastor enjoyed the honour of ministering in several churches abroad to propagate the gospel to the nations. The success of these events marked a serious milestone in achieving the church’s objective to make Christ known to the nations. The invitation has been extended for the following year, exposing the ministry to new subscribers and viewers.
Appointment of new Ministers
In December 2022, the church was blessed by the appointment of two ministers, and 3 leaders of departments, who have grown spiritually to assume some of the duties of leadership and deputize where needed in the administration of the church. These appointments were well received by the parishioners and has spread the burden of managing the ever-increasing workload of the ministry.
We continue to host all our public ministries on a weekly basis, and we continued our Sunday morning services at 10am and Friday prayer meetings at 7pm. Our weekly Bible study continues every Wednesday on zoom at 7pm and this is open to members and viewers at home and abroad. The interactive sessions provide a great platform for an in-depth study of the Bible and adds to the spiritual understanding and growth of participants.
We have also added a one-hour online evening prayer sessions on zoom starting at 10.30 on Mondays, Tuesdays and Thursdays. This new development saw an increase in attendance at the
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
online zoom meetings both by members and non-members alike. Prayer continues to play a major part in the life of the church as one of the key doctrines of our Christian faith.
The past year saw our continued commitment to strong word and faith based expository teachings relevant to the spiritual development of members, parishioners, visitors and online viewers and subscribers.
Our website remains a major means of communication with our online community and visitors worldwide to retain currency and relevance in our activities as a church. We offer ongoing live streaming of all our Sunday morning broadcasts programmes and conferences. This has proven to be a winner in reaching the wider community.
Our Facebook and You tube platforms also remains active and were particularly useful in our outreach to the members and viewers at home and abroad. It provides service transmissions and broadcasts to those unable to attend, enabling them to be part of the service on Sunday morning on a regular basis. The fellowship is proud to acknowledge a growing number of regular online subscribers and participants in our services whose support both financially and subscription make a great and positive impact on our ministry. The attendance at church grew slightly towards the end of the year as confidence in removal of lockdown protocols has grown with people returning to normal routines.
Safeguarding
The ever-increasing need for safeguarding of the vulnerable including children and the elderly in our care necessitates that all the children’s ministry staff undergo a criminal record check. Also safeguarding the members, volunteers in our fellowship, and within the communities in which we serve is of paramount importance and reflects the nature of love we should have and share as Christians.
To ensure that safeguarding is fully supported and maintained, policies and procedures have been developed and presented to be accessible and understood by all, including those that have a legitimate interest in the welfare of our children, young people, and vulnerable adults.
We have links with other ministries and are a member of Thirty-one: eight safeguarding company to enhance our child protection protocols at Wisdom Sanctuary Limited so that the risk of harm is minimized considerably. This company provide regular training sessions and updates on safeguarding and care of children and the vulnerable.
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.
FINANCIAL REVIEW
Funding for the year's activity was obtained from various sources as detailed on page 13.
We are very appreciating and recognize the trust put in us when church family commit to support the ministry financially. It is therefore imperative that we ensure our main source of income through voluntary donations is maintained with competence and integrity.
Financial protocols and disciplines have been well established with regular monitoring reviews at all levels are part of our operations to maintain fiscal integrity and sound financial record keeping for our annual audit process. These protocols are critical in maintaining the high integrity levels which justifies the trust of our parishioners and supporters.
Through the “Buy A Brick” campaign, we continue to raise funds for our building project and the building fund launched in September 2020 for the sole purpose of saving towards purchasing a building for the ministry. The main source of funding comes from members and donors through donations to our building fund account and from members and visitors on a weekly basis donating
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
their coins to the account.
We ended the year with a surplus of £2,227 (2022, deficit of £14,348). None of the income and funds received is specific to any specified project. As a result, all incomes are classified as unrestricted. The Trustee recognises the need to develop and implement a free reserves policy.
Reserve Policy
Wisdom Sanctuary 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.
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.
The trustees' annual report was approved on 25 March 2024 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 2023
I report to the trustees on my examination of the financial statements of WISDOM SANCTUARY LIMITED ('the charity') for the year ended 30 June 2023.
Responsibilities and basis of report
As the trustees of the company (and 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 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 74,800 | 74,800 | 52,199 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 74,800 | 74,800 | 52,199 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 72,573 | 72,573 | 66,547 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 72,573 | 72,573 | 66,547 | |
| ============================ | ============================ | ============================ | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net income/(expenditure) and net movement in funds | 2,227 | 2,227 | (14,348) | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 62,592 | 62,592 | 76,940 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total funds carried forward | 64,819 | 64,819 | 62,592 | |
| ============================ | ============================ | ============================ |
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 11 to 17 form part of these financial statements.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Statement of Financial Position
30 June 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 12 | 2,852 | 1,172 | |
| Current assets | ||||
| Debtors | 13 | 12,018 | 8,126 | |
| Cash at bank and in hand | 52,116 | 56,091 | ||
| ---------------------------- | ---------------------------- | |||
| 64,134 | 64,217 | |||
| Creditors: amounts falling due within one year | 14 | 2,167 | 2,797 | |
| ---------------------------- | ---------------------------- | |||
| Net current assets | 61,967 | 61,420 | ||
| ---------------------------- | ---------------------------- | |||
| Total assets less current liabilities | 64,819 | 62,592 | ||
| ---------------------------- | ---------------------------- | |||
| Net assets | 64,819 | 62,592 | ||
| ============================ | ============================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 64,819 | 62,592 | ||
| ---------------------------- | ---------------------------- | |||
| Total charity funds | 16 | 64,819 | 62,592 | |
| ============================ | ============================ |
For the year ending 30 June 2023 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 25 March 2024, and are signed on behalf of the board by:
Foday Lansana Trustee
The notes on pages 11 to 17 form part of these financial statements.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
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.
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
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
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:
-
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.
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.
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
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.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Tithes and offerings | 74,800 | 74,800 | 52,199 | 52,199 |
| ============================ | ============================ | ============================ | ============================ |
5. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Charitable activity cost | 63,118 | 63,118 | 58,650 | 58,650 |
| Support costs | 9,455 | 9,455 | 7,897 | 7,897 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 72,573 | 72,573 | 66,547 | 66,547 | |
| ============================ | ============================ | ============================ | ============================ |
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WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
6. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support |
Total funds | Total fund | ||
| directly | costs |
2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable activity costs | 63,118 | 4,521 |
67,639 | 62,231 | |
| Governance costs | – | 4,934 |
4,934 | 4,316 | |
| ---------------------------- | ------------------------ | ---------------------------- | ---------------------------- | ||
| 63,118 | 9,455 |
72,573 | 66,547 | ||
| ============================ | ======================== | ============================ | ============================ | ||
| 7. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | |||||
| activity | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| Premises | 2,877 | 2,877 | 227 | ||
| Communications and IT | 1,207 | 1,207 | 681 | ||
| General office | 437 | 437 | 73 | ||
| Governance costs | 4,934 | 4,934 | 6,916 | ||
| ------------------------ | ------------------------ | ------------------------ | |||
| 9,455 | 9,455 | 7,897 | |||
| ======================== | ======================== | ======================== | |||
| 8. | Net income/(expenditure) | ||||
| Net income/(expenditure) is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 1,344 | 776 | |||
| ======================== | ============== | ||||
| 9. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 700 | 700 | ||
| Other financial services | 890 | 840 | |||
| ------------------------ | ------------------------ | ||||
| 1,590 | 1,540 | ||||
| ======================== | ======================== | ||||
| 10. | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Wages and salaries | 34,000 | 34,000 | |||
| Employer contributions to pension plans | 1,666 | 1,666 | |||
| ---------------------------- | ---------------------------- | ||||
| 35,666 | 35,666 | ||||
| ============================ | ============================ |
- 14 -
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
10. Staff costs (continued)
The average head count of employees during the year was 1 (2022: 1). The average number of full-time equivalent employees during the year is analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Number of staff | 1 | 1 |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
11. Trustee remuneration and expenses
The following trustees received remuneration from the charity during the year. Foday Lansana
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Gross Pay | 34,000 | 34,000 |
| Employers' NI contribution | 3,541 | 3,478 |
| Pension contribution | 1,666 | 1,666 |
| The following trustees received payments for expenses during the year. | ||
| 2023 | 2022 | |
| £ | £ | |
| Travel and telephone expenses | ||
| Josephine Lansana | 2,000 | 2,000 |
| Office Rent | ||
| Foday Lansana | 2,600 | 3,250 |
| Tangible fixed assets | ||
| Equipment | Total | |
| £ | £ | |
| Cost | ||
| At 1 July 2022 | 9,081 | 9,081 |
| Additions | 3,024 | 3,024 |
| ---------------------------- | ---------------------------- | |
| At 30 June 2023 | 12,105 | 12,105 |
| ============================ | ============================ | |
| Depreciation | ||
| At 1 July 2022 | 7,909 | 7,909 |
| Charge for the year | 1,344 | 1,344 |
| ---------------------------- | ---------------------------- | |
| At 30 June 2023 | 9,253 | 9,253 |
| ============================ | ============================ | |
| Carrying amount | ||
| At 30 June 2023 | 2,852 | 2,852 |
| ============================ | ============================ | |
| At 30 June 2022 | 1,172 | 1,172 |
| ============================ | ============================ |
12. Tangible fixed assets
- 15 -
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
13. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other debtors | 12,018 | 8,126 |
| ============================ | ======================== | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 1,350 | 1,300 |
| Social security and other taxes | 563 | 1,243 |
| Other creditors | 254 | 254 |
| ------------------------ | ------------------------ | |
| 2,167 | 2,797 | |
| ======================== | ======================== |
14. Creditors: amounts falling due within one year
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 £1,666 (2022: £1,666).
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | 30 June 202 | ||||
| 1 | July 2022 | Income | Expenditure | 3 | |
| £ | £ | £ | £ | ||
| General funds | 62,592 | 74,800 | (72,573) | 64,819 |
|
| ============================ | ============================ | ============================ | ============================ | ||
| At | At | ||||
| 1 | July 2021 | Income | Expenditure | 30 June 2022 | |
| £ | £ | £ | £ | ||
| General funds | 76,940 | 52,199 | (66,547) | 62,592 |
|
| ============================ | ============================ | ============================ | ============================ |
- 16 -
WISDOM SANCTUARY LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
17. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 2,852 | 2,852 |
| Current assets | 64,134 | 64,134 |
| Creditors less than 1 year | (2,167) | (2,167) |
| ---------------------------- | ---------------------------- | |
| Net assets | 64,819 | 64,819 |
| ============================ | ============================ | |
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 1,172 | 1,172 |
| Current assets | 64,217 | 64,217 |
| Creditors less than 1 year | (2,797) | (2,797) |
| ---------------------------- | ---------------------------- | |
| Net assets | 62,592 | 62,592 |
| ============================ | ============================ |
- 17 -