Charity Reglstratlon No. 296261 THE WAKEMAN TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Contents: Page I Trustees, Report Page 2 Independent Examiner's Report Page 3 Statement of Financial Artivities Page 4 Balance Sheet Page 5-6 Notes to the Accounts iii THE WAKEMAN TRUST Report of the Trustees for the Year Ended 30 September 2023 The Trustee5 have pleasure in submitting their report and the financial statements of the Trust for the year ended 30 September 2023. Reference and Administrative Detalls The Wakeman Trust is a registered charity, no. 296261. It5 address is.. 38 Walcot Square, London, SEII 4TZ. The Trustees during the year were as follows: Mr A Polling Ichairmanl Mr C Cooper Dr P Masters Mrs H Compston Mrs H Wyncoll Mr SJ Pearce Structure. Governance & Management The charity is a Trust, governed by its Trust Deed. New Trustees are appointed from time to time as required, by the vote of the existing trustees. Objectives and Activitles The Charity's aims are to seNe the public and to further the circulation of Christian literature by publishing books and other items for sale to churches. Christian bookshops and individuals. Achievements & Performance During the year under review, the Trust continued to dlstribute a range of good Christian literature to organisations and individuals, both in the UK and overseas. Some titles were also printed and published in other languages. Public Benefit In carrying out its activities In the year under review, the trustees have had regard to the public benefit guidance issued by the Charity Commission, and are satisfied that the activities mentioned above have all been for the public benefit. Flnanclal Revlew As shown in the Statement of Financial Activities on page 3, the Trust achieved a surplus for the year. The trustees consider the state of affairs of the Trust to be satisfactory. The Trustees regularly review the reserves of the charity to ensure that sufficient liquid funds are available for the Trust to meet its ongoing obligations. The policy is to hold sufflclent reserves to enable the charity to meet its ongoing commltments and oblSgation5, and to enable it to be in a position to publish new titles as opportunlties arise. ON BEHALF OF THE TRUSTEES Trustee 16 July 2024 {21 INDEPENDENT EXAMINERS REPORT TOTHE TRusfEÉS OF THE WAKEMAN TRUST ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 I report on the account5 of the Trust for the year ended 30 September 2023, which are set out on the pages 3 to 6. Respertlve responslbllltles of trustees and independent examlner The charity's trustees are responsible for the preparation of the accounts. The trustee5 consider that an audit is not required for this year (under section 44121 of the Charities Act 2011 (the 2011 Actll and that an independent examination is needed. It is my responsibility to.. Examine the accounts under sectlon 145 of the 2011 Act; To follow the procedures laid down in the General Direction5 given by the Charity Commissioners under section 145151 Ibl of the 2011 Act; and To state whether particular matters have come to my attention. Basis of independent examiner's report My examination w35 carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a compari50n of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you a5 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 ststement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that, in any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act,. or the accounts did not accord with the accounting records- or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the atcounts give a 'true and fairf 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 connection with the examination to which attention Should be drawn in this report in order to enable a proper understanding of the atcounts to be reached. Oavid Cooke MA (Oxonl FCA FCIE David Cooke and Co., Chartered Accountants 5 Briar C105e, Banbury Oxon OX16 9DS 16 July 2024 THE WAKEMAN TRUST 131 Statement of Financial Activities for the Year ended 30 September 2023 Unrestricted Restricted Fund Fund Total Total 2023 2023 2023 2022 Note Incoming Resources Voluntary income- donations Charitable Activities Investment Income 35,010 594 3S,010 594 35.930 li Totol Incoming Resources 35,604 35,604 35,941 Resources Expended Cost5 of generating Funds Charitable Activities 13,537 26,633 13,537 26.633 1,214 18,308 Total Resources Expended 40,170 40,170 19,522 Net Incoming Resources for the Year 14,5661 (4,566) 16,419 Fund Balances brought forward 212,294 2,683 214,977 198,558 Fund Balances Carried forward 207.728 2.683 210AII 214.977 141 THE WAKEMAN TRUST Balance Sheet as at 30 September 2023 Unrestricted Restricted Fund Fund Total Total 2023 2023 2023 2022 Note Current Assets Stock Debtors: Tabernacle Bookshop Metropolitan Tabernacle General Fund Other Debtors & prepayments Cash at bank & in hand 93,337 93,337 96,272 3,236 863 2,046 110,411 3,236 863 4,521 110.619 3,466 80 7,466 110,238 2,475 208 209,893 2,683 212,576 217,522 Less: Liabilities due within one year Creditors & accruals 2,165 2,165 2,545 2,165 2,165 2,545 Net Assets 207,728 2.683 ZIO,411 214,977 Financed b Fund Balances 207,728 1683 210.411 214,977 Signed.. Trustee Date- 16 July 2024 THE WAKEMAN TRUST 151 Notes to the Accounts for the year ended 30 September 2023 l. Accountln8 Policies The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charitvs finantial statements. Basis of accountin The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities issued in 2015 as it applie5 from l January 2015, and applicable UK Accounting Standards and the Charities Act 2011. Goin concern At the time of approving the accounts. the Trustees have a reasonable expectatlon that the charity has adequate resources to continue in operatlonal existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. Incomin Resources All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. In particular: Sales of books are recognised when the invoice is raised for the sale: Donations are recognised when they are received; Investment income is included when receivable. Re50urces Ex ended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure excludes VAT which is recoverable, as the charity is registered for VAT. The following specific pollcies are applied to particular categories of expenditure: Costs of generating funds comprise the costs associated with attractin8 income; Charitable expenditure comprises those costs incurred by the charity in the production and distribution of Christian literature. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including support and governance costs. Tan ible Fixed Assets and De reciation When owned, fixed assets are stated at cost less accumulated depreciation. All fixed assets are written off on a straight line balance basis over their expected useful lives, at the following annual rates.. Office equipment Fixtures & fittings 25% 25% THE WAKEMAN TRUST 161 Notes to the Accounts for the year ended 30 September 2023 (continued) Unrestricted Restricted Fund Fund Total Total 2. Incoming Resources- Charitable Activities 2023 2023 2023 2022 Sales of Christian books Sales of E-books and similar items Royalties waived by authors 31,122 2.314 1,574 31,122 2,314 1.574 31,858 1,861 2,211 35,010 35,010 35,930 3. Resources Expended - Charitable Activltles Cost of 531es Miscellaneous production costs Carriage costs Royalties IProfitl/Loss on exchange Bank charges Mlscellaneous expenses Independent Examination fee 20,501 795 1.723 1.846 20,501 795 1,723 18.341 225 915 2,857 14,957) 418 109 400 619 729 420 619 729 420 26,633 26,633 18,308 4. stsff Costs & Trustees. expenses There were no slaff costs or trustees, expenses in the year. S. Funds The unrestrlcted fund5 are for the general purposes of the charity. The restricted funds are as follows.. B/f Income Expenditure C/f Chinese LanguaEe PublicatSons Fund French Language Publications Fund 2.475 208 2,475 208 2,683 2,683 6. Related party transactions During the year under review the charity sold literature to the Metropolitan Tabernacle, a church of which all the charity's trustees are members. The amounts owed by the church and its bookshop at the year-end are Shown on the balance sheet.