**Charity registration number 1188412**
## **WOLO FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **WOLO FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mrs F Wright||
|---|---|---|
||Ms S Aiken||
||Ms M Boshoff|(Appointed 12 September 2022)|
||Ms C Boorman|(Appointed 12 September 2022)|
||Ms C M Hermon|(Appointed 12 September 2022)|
||Mr J Wright||
||Mr S MacLean|(Appointed 2 March 2023)|
||Mr A Whisker|(Appointed 2 March 2023)|
|**Charity number**|1188412||
|**Principal address**|Sheep Cottage||
||Chyngton Lane||
||Seaford||
||East Sussex||
||BN25 4BT||
|**Independent examiner**|Knill James LLP||
||One Bell Lane||
||Lewes||
||East Sussex||
||BN7 1JU||
## **WOLO FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 4|
|Statement of Trustees responsibilities|5|
|Independent examiner's report|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 22|
## **WOLO FOUNDATION**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The aim of the charity is to provide relief of financial hardship of families* living in Sussex that are affected by cancer; through the provision of goods/services which they could not otherwise afford through lack of means, or by providing or paying for items, services or facilities through the provision of goods or services.
*Definition of ‘families’ is those with a child or children aged under 16 years at the time of diagnosis.
Wolo Foundation help families living in Sussex through their cancer journeys. They support them by offering practical help and support to make their day-to-day lives easier. They work with local businesses and communities to offer families a wealth of services to support them through their diagnosis, treatment and beyond.
Every family is unique and every cancer is different. Wolo's bespoke approach recognises that people don't always know what they need. Wolo offers all family members emotional guidance and practical help. For individuals we offer mental health support (coaching, mentoring and therapy) and complementary therapies. Families can take part in our events and become part of the Wolo community through walks, talks and experiences. We also offer practical help with cleaning, childcare or maintenance alongside legal services. When a parent can't work the financial impact can be immediate. Sometimes we simply buy them the things they need - an oven, medical equipment or toys.
Our Wolo ShoeBox ensures that the family get all of their affairs in order and keep all of their vital information together. We do not have a budget for individual families. We work with families for as long as they need.
Statistics show that 1 in 2 people in the UK born after 1960 will be diagnosed with cancer in their lifetime. Life is precious - we need to make the most of it - we only live once - WOLO!
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
What started as a small charity has grown exponentially over 3 years. Flourishing organically, we now support over 100 families. Wolo has become an integral part of the Sussex community, and is a lifeline for families. Cancer is such an isolating illness, not only for the individual diagnosed, but for their close family. Wolo supports the whole family for as long as they need help. There are no other charities out there that do this. Wolo’s ethos is to collaborate with local businesses, charities and communities to engage with local people. This ground-breaking work streamlines the support available, meaning families are supported on every level, through their diagnosis, treatment and beyond.
Wolo is continually evolving through training, collaboration and experience. We listen closely to the families we support through discussion, surveys and feedback; and adapt services and locations to ensure their needs are met. Wolo has made a huge impact on their local community, with many local businesses supporting us, including Drusilla’s Park, Cumnor House and Rathfinny.
The brand we have created is subliminal and modern, and our ethos appeals to all - even those who haven’t been affected by cancer. Who doesn’t want to ‘live their best life' or ‘surround themselves with people who feel like sunshine’?
Our innovative fundraising ideas, frequent opportunities for ticking items off of one’s bucket list and public generosity has helped to raise almost £500k over the past 3 years. This unique approach means Wolo has fast become one of the leading charities in the area and is already inspiring others with our ideas, positivity and influence. Always going over and above, the bespoke, personal nature of Wolo is such a lifeline for so many who have no-where else to turn.
- 1 -
## **WOLO FOUNDATION**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
Wolo really have revolutionised cancer support, and are inspiring others to live their best lives. Our pioneering approach, and continuous and innovative work building relationships with others ensures families are supported on every level.
Recent feedback has included:
“My cancer diagnosis was one of the darkest moments of my life. The help and support we have received from Wolo has been incredible. I honestly can't imagine what it would have been like if we'd had to make this journey without Wolo's support.”
“Wolo have been the best support that we have found on our cancer journey.”
“Wolo is a family. They help us and we all help each other.”
https://wolofoundation.org/what-is-wolo
## **Policy on grant making**
Wolo is not a grant making charity, instead we help by purchasing products or services for families in need.
## **Contribution made by volunteers**
This is an ongoing project. We are building a catalogue of supportive trades/professionals that Wolo can rely on to deliver the range of services needed by families.
Where we can, we signpost people to those already delivering the work - we don't duplicate. We work with local businesses to get the best value and service as possible. We are passionate about collaborating with others.
We have recruited a number of volunteers to help facilitate events, and one other to help with admin. We are adding to this pool all of the time. Our ambassadors are also all volunteers.
Two trustees resigned during the year, and we recruited 5 new trustees as a result of a trustee recruitment drive - so that we have a wider range of skills on the board as well as a quorum - all helping to streamline the logistics and helping the charity to grow.
## **Other**
The continued support from the general public has been amazing, and we are extremely grateful for the commitment they have shown in volunteering, donating items, helping to raise funds and spreading awareness.
## **Achievements against objectives set**
100% of the families we have supported feel that Wolo have made a positive impact on their cancer journey/family. 82% rated this impact as 10/10.
Families complete an online Holistic Family Assessment, where we take the baseline of their current circumstances and concerns. At regular intervals we check in with the family to assess where they are through informal conversations and evaluation forms.
We offer opportunities for;
- Improved wellbeing
- Increased self care
- Increased confidence
We offer opportunities for families to;
- Make more memories
- Increase family fun
- Encourage closer relationships
- We also aspire to; -Reduce loneliness
- -Help individuals feel more supported
- -Encourage more friendships
- 2 -
## **WOLO FOUNDATION**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
We have helped to reduce isolation and loneliness through increasing the frequency of family events. These are well attended and feedback is sought after each one to help gain powerful insight on how the event benefitted attendees, and what we could do to improve them. Recent feedback highlighted the need for opportunities for adults to meet without their children present to help build relationships, and we have planned our first adult event in April 2023 - ‘High Tea without the C’.
Wolo Wellness has proved vital for a lot of our families. It’s an ongoing project, headed by our Wellness Coordinator and is aimed at increasing awareness of our physical and mental health and wellbeing. Wellness with Wolo gives individuals and families the opportunity to try different practices and activities to proactively enhance their lives. We want to inspire people to habitually prioritise self-care, to ensure they are surviving, thriving and living their best lives. We also offer families short respite local breaks, to help families spend quality time together and make memories. Regular family events, walks, talks and days out help to build the Wolo community, so that families feel supported on every level.
Spring 2023 will see the pilot of our new wellness course. The course is for members who have been diagnosed with cancer and are currently going through active treatment, finished treatment or may be a spouse/partner/parent of the diagnosed member. Wolo supports the whole family, as we recognise that cancer affects everyone in the household.
The Wellness Course has been designed to help members develop tools and coping strategies to help deal with the trauma and difficulties faced when living with cancer. We have found that the hardest part of the cancer journey is the ability to move forward without fear of reoccurrence, lack of self-purpose and loss of hope for a normal/healthy/ happy life. The aim of the course is to enable members to live each day with better mental health, hope and fulfilment, a vision of a brighter future, to allow the negativity to come in and leave again without a harmful impact on mental and physical health. The course will run for 6 weeks in total, and will begin with a residential stay for 2 nights/3 days, where members will learn simple somatic, breath, meditative and reflective techniques which will enable the establishment of a consistent wellbeing practice. We have secured funding for this pilot course to run, and will be seeking further funding for future programmes in due course.
## **Financial review**
Our fundraising activities for the year raised £48,093.
We offered opportunities to run, walk, cycle, skydive, wingwalk and abseil, and supported fundraisers with other events such as fetes and sales.
A trek in Africa, a cycle to Paris, firewalks and ice bath challenges are on the agenda for 2022 and 2023. We feel it’s important to help people live to the Wolo ethos by continuing to offer bucket list opportunities.
We raised a total of £234,761 in the last financial year.
We were chosen as the charity of the year for Drusillas Park in Alfriston, and Cumnor House School.
Also we have been fortunate to receive some large donations during the year
Chris Goodman £12,500 Dadventure £45,233
We have secured grants to fund particular projects and we are fully committed to continuing to apply for these throughout the year.
Arnold Clark £1,000 Chalk Cliff Trust £5,000 Sussex Community Foundation Living crisis fund £6,250 John Jackson £3,600
At present there are 8 trustees - Mrs F Wright, Mr J Wright and Ms S Aiken receiving pay on a self-employed basis. The maximum hours worked and hourly rates have been reviewed and agreed by the remaining trustees ( C.Boorman C. Herman M.Boshoff - Turner A. Wisker and S Maclean) this is to be reviewed in March 2024.
- 3 -
## **WOLO FOUNDATION**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **Reserves policy**
**It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.**
## **Siruciure, governance anci managemeni**
**WOLO Foundation is a Charitable Incorporated Organisation (CIO). Our constitution document is dated 10th December 2019 and was signed by the trustees at the point of submission. It includes all of the required information and has been approved by the Charities Commission.**
**The trustees who served during the year and up to the date of signature of the financial statements were:**
**Ms S Aiken Ms M Boshoff Ms C Boorman Ms CM Hermon Mr J Wright :\t11 S IVICl'-'L-.11;",CII i Mr A VVhisker**
**(Appointed 12 September 2022) (Appointed 12 September 2022) (Appointed 12 September 2022)**
**(Appointed 2 March 2023)**
**Wolo Foundation recognises that an effective board of trustees is essential if the charity is to be effective in achieving its objects. The board must seek to be representative of the people with whom the charity works and must have available to it all of the knowledge and skills required to run the charity. Individual trustees must have sufficient Jcnowli:idge both of trusteeship in general and of the Charity's activities. to enable them to carry out thi:ir role and to represent the Charity at meetings and other events. Our constitution document details the eligibility requirements, appointment and roles of trustees.**
**Wolo appointed five new trustees during the period April 2022-March 2023. There are now eight trustees in total. We advertised the vacancy on Unkedln, on our website and on other social media platforms. We invited all applicants to submit a proposal detailing why they wanted to be considered for the position and what they could hring tn thA RnRrri Woln lhAn f'.n ri11dAri nnlinA inlArviP.Ws with shnrtlistAri Rppli�Rnls Nnt All Rpfl i<'.Ants WArA successful. Successful applicants were chosen as they were able to demonstrate they have the necessary skills, knowledge and experience needed for the effective administration of the CIO. They each received a copy of our latest accounts and constitution document, signed the required paperwork required by the Charities Commission and submitted official identification. Every trustee is appointed for a term of two years by a resolution passed at a property convened meeting of the charity trustees. Currently, three of the Board have been directly affected by cancer. Others have friends/family that have been on a cancer journey. Two of the trustees are related (the co foundcr:; �re t:iJ�tcc::; �:id ;::re rnurrlcC) 1 and t'.c icmu!nlng six Grc u!I t..:i.rclutcd G:1d fc:m en l�dcpcr.dcnt Beard.**
**None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.**
**The Trustees report was approved bv the Board of Trustees.**
�.� **Trustee** _ Udltl ... \'=,-\\ti\ '. ... .. . .. .. . . .... .. .. ... .. .
**-4-**
## **WOLO FOUNDATION**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 5 -
WOLO FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WOLO FOUNDATION
I report to the trustees on my examination of the financ•al stalefflents of Wolo Foundation Ithe chaityl for the yeai
ended 31 Mar¢h 2023.
Responsibillties and bas59 of rèport
As the Iruslees of the charity YOLF are responsible lor th¢ preparation of the finanrial slalements in accordance with
the requirements of the Charilies Act 2011 (the 2011 Acti.
I report in respect of my examination of the chafitys financial statèmènts C8rrietJ out undei section 145 of the 2011
A¢i. In Carrying out rny examination I have followed all the applicable Dire¢lion8 given by the Charty Commi5sior¢
under section 14515)Ibl of the 2011 Act.
Ind•p•nd•nt •xaminerf5 ¥tatemont
Your attention is drawn lo the fact that the tharty has Prepared financial statements in accordance with Accountin9
and Reportin9 by Charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS 1021 in preference to the Aeeounting and Rèporting by Charilie5'. Slalemenl
of Recommended Practic* issued on 1 April 2005 which is ieferrtrd lo in the extant regulats'ons bul has now been
withdrawn.
l understand Ihal this has been done in Ofder for finan¢ial statements to provide a true and fair Mew in accordan¢¢
with Generally Aeeepted A¢¢wnling Practice effective for reporting periods beginning on or after 1 January 201S.
I have completed my examination. I nfirM that no matters have come lo my attention in COnnectn with the
examination giving me cause to beliève th8t in any material respect..
ac¢ounling records were no( kept in respect of thè charity as rèquired by sèction 130 of the 2011 Act., or
the financi81 slalements do not accord with those records,. or
the financial stalèmènls do not Comply with the applicable requiTernent5 concerning the form and contenl of
accounts sèt out in thè Charities (AunIS and Reports) Regulations 2008 other than any requirement that the
accounts give 8 true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connedion with the ex8min8lron lo which attention
should be drawn in this report in order to enable a proper unders13nding of thè fin8n¢ial slalernents lo be reached.
L=Ii J4•ffi94 LLe
M A Fll$•ll FCA on behalf of
Knlll Jam•s LLP
One Bell Lane
Lewes
East Sussex
BN7 1JU
Datad.. ...It.. OL 7•23
## **WOLO FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and
legacies
**2**
161,220
22,850
Other trading
activities
**3**
50,691
-
**Total income**
211,911
22,850
**Expenditure on:**
Raising funds
**4**
48,328
-
Charitable activities
**5**
108,523
21,379
**Total expenditure**
156,851
21,379
Gross transfers
between funds
-
-
**Net income/(expenditure)**
**for the year/**
**Net movement in funds**
55,060
1,471
Fund balances at 1 April
2022
18,942
7,786
**Fund balances at 31**
**March 2023**
74,002
9,257|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
184,070
92,908
7,786
50,691
30,002
-
234,761
122,910
7,786
48,328
30,863
-
129,902
90,568
9,780
178,230
121,431
9,780
-
(800)
800
56,531
679
(1,194)
26,728
18,263
8,980
83,259
18,942
7,786|**Total**
**2022**
**£**
100,694
30,002
130,696
30,863
100,348
131,211
-
(515)
27,243
26,728|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
- 7 -
## **WOLO FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2023**_
|||**2023**||**2022**||
|---|---|---|---|---|---|
||**Notes**|£|£|£||
|**Fixed assets**||||||
|**Tangible assets**
**Curent assets**|**10**||1,118||288|
|**Stocks**|**11**|1,500||||
|**Debtors**|**12**|39,170||5,704||
|**Cash at bank and in hand**||47,346||30,607||
|**Creditor: amounts falling due within**
**one year**|**13**|88,016
(5,875)||3,311
(9,871)||
|**Net current assets**|||82,141||26,440|
|**Total assets less curnt liabilities**|||63,259||26,726|
||||--|||
|**Income funds**
**Restcted funds**
**Unrestrcted fnds**|**15**||9,257
74,002||7,786
18,942|
||||83,259||26,728|
**The financial statements were approved by the Trustees on ..[2] .[l] . .. J .... 4 ..113**
-� **Mrs FWright Trustee**
**-B·**
## **WOLO FOUNDATION**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**Investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2023**
**£**
(1,549)|**£**
18,288
(1,549)
-
16,739
30,607
47,346|**2022**
**£**
-|**£**
3,693
-
-|
|---|---|---|---|---|
|||||3,693
26,914|
|||||30,607|
- 9 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **Charity information**
Wolo Foundation is a charitable incorporated organisation (CIO) incorporated in England and Wales.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.3 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
- 10 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 25% reducing balance Computers 3 years straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.6 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.7 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 11 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
**(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 12 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **2 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
155,220
13,000
Grants
6,000
9,850
161,220
22,850
**Donations and gifts**
Chris Goodman
-
12,500
Dadventure
45,233
-
Drusillas
3,643
-
Cumnor House
22,520
-
Creative Pod
-
500
Other
83,824
-
155,220
13,000|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
168,220
84,233
7,786
15,850
8,675
-
184,070
92,908
7,786
12,500
-
-
45,233
-
-
3,643
-
-
22,520
-
-
500
-
-
83,824
84,233
7,786
168,220
84,233
7,786|**Total**
**2022**
**£**
92,019
8,675|
|---|---|---|
|||100,694|
|||-
-
-
-
-
92,019|
|||92,019|
- 13 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Donations and legacies**
**Grants receivable for core activities**
Chalk Cliff Trust
Sussex Community Foundation (Crisis Fund)
John Jackson
Arnold Clark
Masons|5,000
-
-
1,000
-
6,000|-
6,250
3,600
-
-
9,850|5,000
6,250
3,600
1,000
-
15,850|3,000
5,000
-
-
675
8,675|**(Continued)**
-
3,000
-
5,000
-
-
-
-
-
675
-
8,675|**(Continued)**
-
3,000
-
5,000
-
-
-
-
-
675
-
8,675|
|---|---|---|---|---|---|---|
|||||||8,675|
- **2 Donations and legacies**
- 14 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **3 Other trading activities**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Fundraising events|48,093|28,110|
|Shop income|2,598|1,892|
||50,691|30,002|
|**Raising funds**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Staging fundraising events|48,328|26,663|
|Fundraising agents|-|4,200|
|Fundraising and publicity|48,328|30,863|
||48,328|30,863|
## **4 Raising funds**
- 15 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **5 Charitable activities**
||**Supporting**|**Supporting**|
|---|---|---|
||**families**|**families**|
||**affected by**|**affected by**|
||**cancer**|**cancer**|
||**2023**|**2022**|
||**£**|**£**|
|Staff costs|11,674|-|
|Depreciation and impairment|719|281|
|Supporting families affected by cancer|43,848|42,739|
|Travel costs|489|599|
||56,730|43,619|
|Share of support costs (see note 6)|66,488|55,495|
|Share of governance costs (see note 6)|6,684|1,234|
||129,902|100,348|
|**Analysis by fund**|||
|Unrestricted funds|108,523|90,568|
|Restricted funds|21,379|9,780|
||129,902|100,348|
- 16 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**6**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
IT software and
consumables
3,080
-
Printing and stationery
904
-
Finance costs
2,906
-
Postage costs
170
-
Advertising
4,906
-
Insurance
259
-
Rent
1,801
-
Subscriptions
679
-
Staff training
-
-
Management fees
51,013
-
Staff welfare
770
-
Legal and professional
-
3,884
Trustee meetings and
office costs
-
1,214
Bank fees
-
53
Trustee expenses
-
1,533
66,488
6,684
Analysed between
Charitable activities
66,488
6,684|**2023**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
**£**
3,080
1,705
-
904
252
-
2,906
1,433
-
170
231
-
4,906
9,403
-
259
178
-
1,801
600
-
679
644
-
-
211
-
51,013
40,838
-
770
-
-
3,884
-
720
1,214
-
512
53
-
2
1,533
-
-
73,172
55,495
1,234
73,172
55,495
1,234|**2022**
**£**
1,705
252
1,433
231
9,403
178
600
644
211
40,838
-
720
512
2
-|
|---|---|---|
|||56,729|
|||56,729|
Governance costs includes payments to the Independent Examiner of £1,056 (2022- £960).
- 17 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **7 Trustees**
Fler and Justin Wright are responsible for the day to day management of the charity as delegated by the Board of Trustees and receive remuneration for their work. Remuneration is paid for the running of the charity and not for being a trustee. Samantha Aiken also acted as the charity treasurer during the year.
During the year Fler Wright received £16,377 (2022: £18,771), Justin received £30,037 (2022: £22,067) and Samantha received £4,598 (2022: £nil).
Trustee's expenses represents the payment for or reimbursement of telephone costs, travel and subsistence costs as well as rental space to store assets totalling to £1,533 (2022: £600)
## **8 Employees**
The average monthly number of employees during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
||2|-|
|**Employment costs**|**2023**|**2022**|
||**£**|**£**|
|Wages and salaries|11,489|-|
|Other pension costs|185|-|
||11,674|-|
There were no employees whose annual remuneration was more than £60,000.
## **9 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 18 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**10**
**Tangible fixed assets**
**Plant and**
**equipment**
**Computers**
**£**
**£**
**Cost**
At 1 April 2022
-
850
Additions
1,020
529
At 31 March 2023
1,020
1,379
**Depreciation and impairment**
At 1 April 2022
-
562
Depreciation charged in the year
255
464
At 31 March 2023
255
1,026
**Carrying amount**
At 31 March 2023
765
353
At 31 March 2022
-
288
**11**
**Stocks**
**2023**
**£**
Finished goods and goods for resale
1,500
**12**
**Debtors**
**2023**
**Amounts falling due within one year:**
**£**
Trade debtors
29,844
Other debtors
1,099
Prepayments and accrued income
8,227
39,170
**13**
**Creditors: amounts falling due within one year**
**2023**
**Notes**
**£**
Other taxation and social security
48
Deferred income
**14**
3,750
Trade creditors
510
Other creditors
101
Accruals and deferred income
1,466
5,875|**Total**
**£**
850
1,549|
|---|---|
||2,399|
||562
719|
||1,281|
||1,118|
||288|
||**2022**
**£**
-|
||**2022**
**£**
-
-
5,704|
||5,704|
||**2022**
**£**
-
-
8,417
-
1,454|
||9,871|
- 19 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **14 Deferred income**
|Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2022
Resources deferred in the year
Deferred income at 31 March 2023|**2023**
**£**
3,750
**2023**
**£**
3,750
-
3,750
3,750|**2022**
**£**
-|
|---|---|---|
|||**2022**
**£**
-|
|||-
-|
|||-|
- 20 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **15 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|||**Movement in funds**|**Movement in funds**|||**Movement in funds**|**Movement in funds**||
|---|---|---|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|**Incoming**|**Resources**|**Balance at**|
||**1 April 2021**|**resources**|**expended**||**1 April 2022**|**resources**|**expended**
**31**|**March 2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Provision of food parcels|-|-|(800)|800|-|6,250|(5,650)|600|
|Private donor|8,980|-|(8,980)|-|-|-|-|-|
|Family collection|-|7,786|-|-|7,786|-|(330)|7,456|
|Marketing sponsorship|-|-|-|-|-|500|(124)|376|
|Chris Goodman salary grant|-|-|-|-|-|12,500|(11,675)|825|
|Family events|-|-|-|-|-|3,600|(3,600)|-|
||8,980|7,786|(9,780)|800|7,786|22,850|(21,379)|9,257|
- -Provision of food parcels fund relates to money to be spent on food vouchers and distributed to families during the cost of living crisis.
-Private Donor fund relates grants received to be spent on helping families affected by cancer.
-Family collection relates to a family fund managed by the charity.
-Marketing sponsorship fund relates to funds to be spent on Africa 100 marketing.
-The Chris Goodman salary grant fund relates to funds to be spent on payroll costs.
-Family events fund relates to funds to be spent on supporting families affected by cancer through wolo events and family get togethers.
- 21 -
## **WOLO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**16**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31
March 2023 are
represented by:
Tangible assets
1,118
-
Current assets/(liabilities)
72,884
9,257
74,002
9,257|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
1,118
288
-
82,141
18,654
7,786
83,259
18,942
7,786|**Total**
**2022**
**£**
288
26,440|
|---|---|---|
|||26,728|
## **17 Related party transactions**
There were no disclosable related party transactions during the year.
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
- 22 -