SEAT OF WISDOM COLLEGE FONTEM EX STUDENTS' ASSOCIATION, UK
FINANCIAL STATEMENT FOR 31ST DECEMBER 2024
CHARITY NUMBER 1166237
Seat of Wisdom College Fontem Ex Students Association UK
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SEAT OF WISDOM COLLEGE FONTEM EX STUDENTS’ ASSOCIATION, UK
Contents Page Report of the Directors 4-5 Independent Examiner’s Report 7 Statement of Financial Activities 8 Balance Sheet 9 Notes to the Financial Statements 10- 12
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SEAT OF WISDOM COLLEGE FONTEM, EX STUDENTS’ ASSOCIATION, UK
DIRECTORS ANNUAL REPORT
31ST DECEMBER 2024
The trustees present their report and the financial statements of the charity for the year ended 31st December 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Name SWESA, UK
Charity Registration Number 1166237
Company House Registration Number
Registered Address
19 Ray Mill Road East
Maidenhead
SL6 8SW
Trustees
The Trustees who served the charity during the period were as follows:
Mr James Tarh Agbor
Mr Atabong Macdonald Atem
Mrs Irene Nkola Njuangang
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STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by Articles and Memorandum of Association.
Operating name
The Charity operates under the name Seat of Wisdom Fontem Ex Students Association
Management
The Charity’s day to day activities are carried out by a team of dedicated volunteers who are overseen by the Trustees. Without their tireless effort the Charity's activities would be severely curtailed. The charity has three directors (trustees), who communicate with the management team to establish policies and guidance to ensure that the charity’s aims and objectives are met.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Organisational structure
The Trustees meet as a body regularly throughout the year. The Charity's activity group leaders meet regularly with the directors to discuss progress and developments.
OBJECTIVES AND ACTIVITIES
a) To advance education in particular by providing grants to students of Our lady Seat of wisdom College Fontem and to students of other educational institutions (as identified by the trustees) and to assist in the advancement of education of students attending the institutions.
b) The relief of poverty; the relief of sickness and the preservation of health among people living in Cameroon, in particular, but not exclusively by the provision of grants and training opportunities.
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SEAT OF WISDOM COLLEGE FONTEM EX STUDENTS' ASSOCIATION 31[ST] December 2024
FINANCIAL REVIEW
Total receipts on unrestricted funds amounted to £29,124.19 and are detailed in the financial statements.
The total costs of running the charity amounted to £ 26,672.2. The net result for the year was a surplus of £ 2,451.99 on unrestricted funds. There was no restricted fund in the year under review.
The net result for the year was a surplus of £2,451.99 on unrestricted funds which, when added to the unrestricted funds brought forward left funds of £2,765 to carry forward.
The Trustees continue to monitor the cash resources and manage budgets accordingly.
RESERVES POLICY
The Trustees review this policy regularly and are satisfied that there are sufficient reserves available for the Charity to continue in the event of a reduction in regular income.
Taking into account the surplus made in the year, reserves at the balance sheet date are equivalent to more than two months of charitable expenditure. The trustees will continue to monitor the level of reserves, and the charity's reserves policy, in the new financial period.
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INDEPENDENT EXAMINATION REPORT TO THE TRUSTEES Seat of Wisdom Fontem Ex Students Association
I report on the accounts for the year ended 31 December 2024 set out in pages eleven to thirteen which have been prepared based on the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner:
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that the audit requirement under section 144(2) of the Charities Act 2011 does not apply. It is my responsibility to: Having satisfied myself that the charity is not subject to audit, but an independent examination is desired, it is my responsibility to:
-
Examine the accounts under section 145 of the 2011 Act
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To follow the procedures laid down in the General Directions given by the Charity commission under section 145(5)b of the 2011 Act and
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To state whether particular matters have come to my attention.
Basis of the independent examiner’s report
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s report
In connection with my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Felix F Ndeloa Felix & Co Chartered Certified Accountants 28 Coalman’s Way, Burnham, SL1 7NX
29th May 2025
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SEAT OF WISDOM FONTEM EX STUDENTS’ ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
| Description | Note | 2023/24 Unrestricte d funds (GBP) |
2023/24 Total funds (GBP) |
2022/23 Total funds (GBP) |
|---|---|---|---|---|
| Incoming Resources |
3 | |||
| Ticket sales | 23,029.39 | 23,029.39 | - | |
| Members' levy | 3,345.00 | 3,345.00 | 2,800.00 | |
| Donation via Giving | 1,749.80 | 1,749.80 | - | |
| Sponsorship | 1,000.00 | 1,000.00 | - | |
| Total Incoming Resources |
29,124.19 | 29,124.19 | 2,800.00 | |
| Resources Expended |
||||
| Charitable activities | 4 | (7,497.00) | (7,497.00) | - |
| Governance costs | 5 | (19,175.20) | (19,175.20) | (35.00) |
| Total Resources Expended |
(26,672.20) | (26,672.20 ) |
(35.00) | |
| Net surplus / (defcit) for the period |
2,451.99 | 2,451.99 | 2,765.00 | |
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| Reconciliation of funds |
||||
|---|---|---|---|---|
| Total funds brought forward |
3,190.75 | 3,190.75 | ||
| Total funds carried forward |
5,642.74 | 5,642.74 |
SEAT OF WISDOM FONTEM EX STUDENTS’ ASSOCIATION BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) As of 31 December 2024
| 31 Dec 2024 (£) | 31 Dec | |
|---|---|---|
| 2023 (£) | ||
| Assets and Liabilities | ||
| Unrestricted funds | 0.00 | 0.00 |
| Total funds | 0.00 | 0.00 |
| Assets | ||
| Current assets | ||
| Cash at bank and in hand | 5,642.74 | 3,190.75 |
| Total current assets | 5,642.74 | 3,190.75 |
| Net current assets | 5,642.74 | 3,190.75 |
| Total net assets | 5,642.74 | 3,190.75 |
Notes
- This Balance Sheet is prepared based on the cash balances provided. There are no creditors, accruals, or other assets/liabilities. (assumed nil). 2. All funds are treated as unrestricted based on the information provided.
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SEAT OF WISDOM COLLEGE FONTEM EX STUDENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS 31[ST] December 2024
1. ACCOUNTING POLICIES
Incoming Resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the resources, and the monetary value can be measured with reasonable accuracy.
Resources Expended
Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost relating to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of the resources.
Charitable Activities
Costs of charitable activities are those costs relating to the activities carried out to meet the objectives of the charity. These are mainly directly attributable costs.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of its members
Restricted funds can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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SEAT OF WISDOM COLLEGE FONTEM EX STUDENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS 31[ST] December 2024
| Note 2 - Voluntary Income | 2023/2024 | 2022/2023 |
|---|---|---|
| (GBP) | (GBP) | |
| Tickets | 23,029.39 | |
| Members' levy | 3,345.00 | 2,800.00 |
| Donation via Giving | 1,749.80 | |
| Sponsorship | 1,000.00 | |
| Total | 29,124.19 | 2,800.00 |
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SEAT OF WISDOM FONTEM EX STUDENTS’ ASSOCIATION,UK NOTES TO THE FINANCIAL STATEMENTS
Note 4 & 5: Charitable Activities Cost
| 2024 (£) | 2023 (£) | |
|---|---|---|
| Tickets | 881.20 | |
| Event rental | 9,000.00 | |
| Program expenses | 325.00 | |
| Gala event cost & food | 5,860.00 | |
| Event drinks | 2,106.00 | |
| Decoration | 650.00 | |
| DJ cost | 300.00 | |
| Printing | 48.00 | 35.00 |
| Transfer toilet project | 7,497.00 | |
| Bank charges | 5.00 | |
| Total | 26,672.20 | 35.00 |
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