Wisdom Hospice Shop with IVi&dom RCN 1155B57 UHY Hacker Young Thames House Roman Square Sittingbourne Kent ME10 4BJ Dear Sirs Wisdom Hospice Support Letter of Representation This representation letter is provided in connection with your audit of the Charity financial statements of Wisdom Hospice Support ('the CharitK) for the year ended 31 March 2024. We note that your audit was performed for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the result and financial position of the Charity in accordance with the UK Generally Accepted Accounting Practice financial reporting framework. We confimi to the best of our knowledge and belief that, made on the basis of enquiries of management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficient to satisfy ourselves, we can properly make each of the following representations made to you in connection with your audit of Ihe Charity's financial statements:_ General We acknowledge as trustees and directors our responsibility under the Companies Act 2006 for preparing financial statements, which give a true and fair view of the financial position of the Charity as at 31 March 2024, and of the result of the Charity's operations for the year then ended, and for making accurate representations to you. The financial statements are f￿e of material misstatements, including omissions. We confirm that we have held discussions with you to ensure that we understand the meaning of the confimations Ihat we are making to you. We have made available to you all the accounting records necessary for your audit, including books of account, supporting documentation and all minutes of meetings. All of the charity's transactions have been reflected in the accounting records produced to you. We have not withheld any information, the knowledge of which could cause you to take a materially different view in your report. All relevant access to persons within the Charity has been made available to you for the purpose of your audit. sdom Nospk• Support Tradln8 as.. Wtsdom Hosplc• Shops Wlsdom Hllspltt. Hleh Bart Rochester, MEI 2NU R4istered Olfitè, 01634 831163 VAT Ro6lstratlon Numbqr: 154 2673 11 CompBny Number:08130595 Chovlty I￿rnber: 1155857 Wisdom Hospice R:N L:55BE7 We acknowledge our responsibility for the design and implementation of internal control procedures to prevent and detect fraud and error, and have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud. We are not aware of any irregularities involving either management, employees with a significant role in internal control, former employees, or anyone else where those irregularities could have a material effect on the financial statements. Audit Adjustments We have made adjustments for the misstatements identified by your audit as listed in Appendix l. No further adjustments have been noted. Commitsnents. contingencies and liabilities We have recorded or disclosed, as appropriate, all liabilities. both actual and contingent, and have disclosed in the financial statements a15 guarantees that we have given to third parties. We do not know of any material liabilities, contingent liabilities or capital commitments, other than those disclosed in the financial statements. Litigation There is no litigation in progress or pending. Transactions and arrangements with offlcers and related parties We confirm that we are aware that a related party of the Charity is a person or organisation which either (directly or indirectly) controls, has joint control of, or significantly influences the Charity. As a result this will include trustees and other key management, together with their close family and other business interests of trustees and other key management. We confirm that all related party relationships and transactions have been accounted for and disclosed in accordan￿ with the applicable financial reporting framework. Post balance sheet events No events or Iransactions have occurred. or are pending, which could either have a material effect on the financial statements or which are of such Significan￿ in relation to the Charity's affairs that they should either require adjustment or be disclosed in the financial statements, or notes thereto, in order to avoid giving a misleading view of the Charity's financial position. IMsdoTn H05r*e Support TrndlnE 1$: Wworn Hospite Shops Wbsdom HosplK Hl8h Rochester, MU 2NU Rrflstered Olfke; 01634 831163 VATRegtstratk*n Nurnber." 154 2673 11 CompAny Number.. 08190595 ChafltyNymb2v- 1155857 Wisdom Hospice Shop With Wisdom RCN 1155857 Laws and regulatlons We are not aware of any events which involve possible or actual InStan￿S of non-compliance with those laws and regulations which provide a legal framework within which the entity conducts its business. The Charity has complied with all aspects of contractual agreements and the requirements of regulatory authorities that, in either case, could. in the event of non-compliance, have a material effect on the financial statements. Future plans We have no plans or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements. Accounting estimates The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition. measurement and disclosure that is reasonable in the context of the applicable financial reporting framework. We confirm that.. significant judgements made in making the accounting estimates have considered all relevant information of which we are aware. the consistency and appropriateness in the selection or application of the methods, assumptions and data used by management in making the accounting estimates. the assumptions appropriately ￿flect our intent and ability to cary out specific courses of action on behalf of the charity, whenever relevant to the accounting estimates and disdosures. disclosures related to accounting estimates, including disclosures describing estimation uncertainty, are complete and are reasonable in the context of the applicable financial reporting framework. that appropriate specialised skills or expertise has been applied in making the accounting estimates. where appropriate. that no subsequent event requires adjustment to the accounting estimates and related disclosures included in the financial statements. W55dom No5￿?5Upport Tr•dln8 •%'. Wlsdom H05pke Shops Wl¥dom HospKe. H*h fto¢hester. MEI 2NU Reelstered Olfrt, 01634 851163 VAT Re6btsatlon Number, 1542673 11 Company Number: 08130595 Ch•rlty ￿rnbIr. 1155852 Wisdom Hospice Shop with W'isdom RCtI IA55857 10. Going Goncern We have made an assessment of the Charity's ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements were approved for release. A5 a result of our assessment we consider that the Charity is able to continue to operate as a going concern and that it is appropriate to prepare the financial statements on a going con￿rn basis. In making our assessment, we did not consider there to be any material uncertainty relating to events or conditions that individually or collectively may cast significant doubt on the Charity's ability to continue as a going concem. Yours faithfully, Name (Print) Signature For and on behalf of Wisdom Hospice Support. /5 2&2F Date Wlsdom H05plce Support Tradlng as., Imsdom HosplrE Shpps Wlsdom Hosplce, HL¥h Rothestér. MEI ZNU Reulstered oifite- 01634 831163 VAT Re$￿trat￿)n MUM￿r. 154 2673 11 Company Number.. 08130595 Charlty Numb•r: U55857 Wisdom Hospice ghop with Wisdom RCN 115S657 APPENDIX I-AGREED ADJUSTMENTS INCLUDED IN THE FINANCIAL STATEMENTS The following adjustments were discussed and agreed with you, and the impact on the surplus is shown below: Surplus per draft financial statements presented for audit 59,365 Capitalisation of fixed asset5 1,972 Total impact of adjustments 1,972 Surplus per audited financial statements 61,337 W1￿￿M Hts5p*e Support Tradln8 as.. %Vhdom HD5pl¢eShops W15dvm Ho5pireJ Hi8h Bank, Rochester, MEI INU Rezlsteied Oflké. 01634 831163 VAT Re8tstr¥tlon lsd 2673 11 Cornpany Numb￿. 08110595 Charlty Numtw.. 1155857 Registered number: 08130595 Charlty number: 1155857 Wisdom Hospice Support (A Company Limited by Guarantee) Trustees, Report and Flnanclal Statements For the Year Ended 31 March 2024 Wlsdom Hospice Support IA Company Llmited by Guarantee) Contents Page Reference and administrative details of the Company, its Trustees and advisers Trustees, report Independent auditors, report on the financial statements Statement of financial activities 7-10 11 Balance sheet 12 Notes to the financial statements 13-24 Wlsdom Hosplce Support (A company Ilmlted by guarants8) Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 March 2024 Trustees R C Harris T P Sillars (Ch8irman) Ch lef executive M Reeves Senior management team J Buck J Hale-Brown Financial Contro118r Head of Income Development Company reglstered number 08130595 Charlty reglstered number 1155857 Independent auditor UHY Hacker Young Thames House Roman Squar8 Sittingbourne Kent, ME10 4BJ Solicltors Gullands Solicitors 16 Mill Street Maidstone Kent, ME15 6XT Page 1 Wlsdom Hospiee Support (A company limited by guarantee Trustees, report For th8 year ended 31 Ma￿h 2024 The Trustees present their annual report together with the audited financial statements of Wisdom Hospice Support (the 'charitable company,) for the financial year ended 31 March 2024. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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)(second edition - October 2019)). STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure and declsion making The charitable company is managed by the Chief ExecLrtive of the parent charity (Wsdom Hospice Charity) under the direction of the Trustees. The Trustees, who were also directors, who served during the year were: . R C Harris T P Sillars (Chairman) Constitutlon The charitable company is constituted under a Memorandum of Association d8ted 4 July 2012 and is a registered charity number 1155857. The company's registered office is Wisdom Hospice, High Bank, Rochester, Kent, ME12NU. The company's registration number is 08130595. The princip81 object of the charitable company is the relief of sickness by supporting the work of Wisdom Hospice Charity, formerly The Friends of the Wisdom Hospice, through community engagement and the donation of grants to Wisdom Hospice Charity from social enterprise activities in Medway and Swale. The Trustees confimi that they have referred to the guidance contained in the Charity Commission's general guidance on the public benefit when reviewing the charitable company's aims and objectives and in the planning of future activities. Method of appointment or election of Trustees The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Policies adopted for the Induction and trainlng of Trustees The charitable company is relying upon the guidance issued by the Charity Commission in relation to the induction and training of Trustees. OBJECTIVES AND ACTIVITIES Pollcigs and objectlves The charitable company meets Its objectives by running social enterprises in the fomi of ch£rity shops. As well as generating funds to support the work of the Wisdom Hospice, the operation of the shops serves to bring the community together in terms of interdction between staff, volunteers, donors and customers. Page 2 Wisdom Hosplce Support IA company limited by guarantee) Trustees, report For the year ended 31 March 2024 Strategiès for achlovlng objectlves The Trustees belleve that successful charlty shops represent an important component in the overall effort to promote and support the Wisdom Hospice and they wi51 consider opportunities to expand the operations of the charltsble company as they arise. Actlvltles for achleving objectives The charity shops operated by the charitable company are run by a team of dedicated staff and volunteers and they strive to promote the importance of hospice care in general and the work of the Wsdom Hospice in particular. Pub15c benefit The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefrt. Maln actlvltles undertakon to further the charlty's purposes for the public beneflt The Mfisdom Hospice provides specialist palliative care and support to the adult wpulation of Me￿aY and Swale, a population of over 400,000. These services are open and free to all members of the public, and they support pakn'ents both at the hospice and within their own homes. The group of which the Charitsble company is a member supports th8se services with an annual grant to the ljlfisdom H¢)spice which adds significantly to the public benefit maklng facilities available which would othe￿iSe not b8 possible on the NHS budget alone. All &xpendlture by the charitable company is reviewed against the public benefit prlnclplés and the Trustees ensure these expenses represent an appropriate use of charitable funds. Voluntsers The charitable Company is grateful for the unstinting efforts of Its volunteers are involved in service provision, charity shops and fundraising. Volunteer numbers have been mairrtained throughout the year. The diverse skill set of our volunteers continues to add value to the charitable company's operations. ACHIEVEMENTS AND PERFORMANCE Revlew of activfties The charitable company opened its first shop in Sittingbourne in September 2013, its second shop in Chatham in February 2017, its third in Rochester in July 2019 and its fourth opened in Sheerness in December 2022. During the year under revlew, it has agaln generated a surplus prior to the donation to Wisdom Hospice Charity. The results for the financial year and prior year comparatives: 24 £538,920 £111,335 £343,250 2023 £404,455 £ 86,408 £281,915 Tumover Surplus before don8tion ReseNes Page 3 Wlsdom Hosplce Support IA company Ilmltsd by guarantee) Trustees, report For the year ended 31 March 2024 Infomiatlon on fundrdising practices The charitable company re￿iVeS a variety of donations of goods for sale in its shops and the Trustees are very grateful to the donors for their generosity. The charitable company regards its relationships with donors as highly important and it looks to retain the support of its donors for many years to come. Shop staff and volunteers are trained to comply with best practices and procedures - particularly in protecting individuals who may be in vulnerable circuMstan￿s. The approach 15 foGu55ed on donors and customers and designed to ensure that they enjoy and benefit from their engagement with the charitable company. The charitable company complies with th8 General Data Protection Regulation (GDPR) and follows the Information Commissioner's guides and code. Vvhilst it strives to perform to the highest stsndards in everything it does, it may not always get it right. Should a complaint b8 received, it will be fully investigated and efforts will be made to corr8d any shortcomings highlighted. The Trustees recognise the importance of the reputation of the charitable company in maintsining the trust and confidence of its donors and customers and this principle sits at the heart of all of its activities. FINANCIAL REVIEW Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existents for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Financial rlsk management objectlves and policles The Trustees have a risk management strategy which comprises an annual review of the principal risks and uncertainties that the charitable company faces and the establishment of policies, systems and procedures to mitigate these risks. Reserves pollcy The charitable company's unrestricted reserves as at 31 March 2024 were £343.250 {2023.' £281,915). General funds are unrestricted or free reserves which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. The Trustees regard the level of unrestricted reserves in the charitable company at 31 March 2024 as an appropriate minimum level taking into account our future plans and they anticipate that donations of grants in accordance wth the charitable company's principal objective will generally be made of surplus funds generated above this level. In setting the minimum level of free reserves required the Trustees considered the risks set out in th8 Risk management section, below. The unrestrlcted reseNes after removing tangible fixed assets as at the year-end were £256,860 {2023: £204,058), follovring a donation to its parent undertaking, The Friends of the Wisdom Hospice Limited, of £50,000 (2023: £90,000). The Trustees consider this position to be acceptable as the charitable company has the ongolng support of its parent undertaking. Page 4 Wisdom Hosplce Support (A company limited by guarantee) Trustees, report For the year ended 31 March 2024 Risk management The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitable company and are satisfied that systems and procedures are in place to mitig.ate exposure to the major risks. The risks associated with the c05t of living crisis were considered as part of the assessment. The Trustees consider the main risks to be as follows.. 1) The loss of the good reputation of The v￿SdoM Hospice or Wisdom Hospice Charity as a charity. which would affect the charitable company's abilty to encourage donations for sale in its shops. change in current customer buying habits due to their re-evaluation of their need for second- handldonated goods. 2) 3) The reduction or removal of rate relief from local councils. All risks are considered by the Board on a regular basis and efforts are made to mitigate any risks where possible. PLANS FOR FUTURE PERIODS Future developmènts The charitable company wlll continue to run its charity shops in order to make donations of grants to Wisdom Hospice Charity. Further shops will be acquired. a new site in Rochester is in the process of being acquired a new site addlng an exclting new retail experience called The Hangar. The Hangar wlll open in the Autumn of 2024. Online retail operations across platfomis such as eB8y will be expanded and moved to a bespoke studio at The Hangar. The charitsble company will continue to look to expand their retail operations across Medway and Swale. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of Wisdom Hospice Support for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accept8d Accounting Practi￿). Company law requires the Tnjstees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Trustees are required lo: select suitable accounting policies and then apply them consistently; observe the methods and princip185 in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent" state whether appllcable UK Accounting Stsndard (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements" prepare the financial statements on the going concern basis unless it is inappropriate to presume that Page 5 Wisdom Hosplce Support IA company limited by guarantee) Trustees. report For the year ended 31 March 2024 the charitable group will continue in operation., The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statement5 comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Informatlon to audltor Each of the persons who are Trustees at the tlme when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware, and that Trustee ha5 taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charitable companvs auditor is aware of that information. This report h8s been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. This report was approved by the Trustees on 2024 and signed on their behalf by: MTS T Sillars Chairman to the Trustees Page 6 Wisdom Hospice Support (A Company Limited by Guarant88) Independent Audltors. Report to the Membars of Wisdom Hospice Support Oplnlon We have audited the financial statements of Wisdom Hospice Support (the 'charitable companw) for the year ended 31 March 2024 which comprise the Statement of Financial Adivitie5, the Balance Sheet, the Ststement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Acceptgj Accounting Praclicel. In our opinion the financial statements: give a Irue and fair view of the state of the charitable companls affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have futfilled our other ethical responsibilities in accordance with these r8quirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use ofthe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material Un￿rtaIntieS relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's abilty to continue as a going concern for 8 period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of th8 Trustees with respect to going concern are described in the relevant sections of this report. Page 7 Wlsdom Hospice Support (A Company Llmlted by Guarantee) Independent Auditors. Report to thè M8mb8rs of Wisdom Hospice Support (contlnuedl Other Information The other infonTJation comprises the information included in the Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other infomiation and. in doing so, consider whether the other infornation is materially inconsistent with th8 financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstat8ment of this other infomation, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomiation given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identrfied material misstatements in the Trustees, Report. We havé nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you rf, in our opinion.. adequate a¢wunting records have not been kept, or retums adequate for our audit have not been ceived from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specIf￿d by law are not made. or we have not received all the infomiation and explanations we require for our audit. or the Trust&s were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees. Report and from the requirement to prepare a Strategic Report. Page 8 Wlsdom Ho8plc8 Support (A Company Llmlted by Guarantee) Independent Auditors. Report to the Members of Wisdom Hospico Support Icontlnued) Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from materi81 misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companrfs ability to continue 8s a going concern, disclosing, as applicable, matters relaled to going concern and using the going concem basis of accounting unless the Truslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltors. responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conduded in accordance with ISAS {UK) will always d8t8Ct a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expeded to influence the 8conomic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non