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2021-12-31-accounts

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

Charity Number: 1078553

THE WORKWELL TRUST FINANCIAL STATEMENTS

For the Year Ended 31 December 2021

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

THE WORKWELL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

C O N T E N T S

Page
OFFICERS AND ADVISORS 1
REPORT OF THE TRUSTEES
2
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS 3
STATEMENT OF FINANCIAL ACTIVITIES 4
BALANCE SHEET 5
NOTES TO THE FINANCIAL STATEMENTS
6 - 7

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

THE WORKWELL TRUST OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees Mr S J Constantine
Mr R Ewens
Mrs J M Constantine
Registered Office Lower Farmhouse
Ibworth
Tadley
Hampshire
RG26 5TJ
Independent Examiners Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT
Charity Number 1078553

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

THE WORKWELL TRUST REPORT OF THE TRUSTEES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees submit their annual report and the financial statements of The Workwell Trust for the year ended 31 December 2021.

The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Report by Charities” (SORP 2005) in preparing the annual report and financial statements of the Charity.

Structure, Governance and Management

The Trust is structured to receive gifts from individuals, typically with Gift Aid to reclaim. Funds are distributed to other UK registered charities. There are three trustees who recommend charities to support and the distributions are made by one of the trustees.

The trustees who held office during the year were as follows:

Mr S J Constantine Mr R Ewens Mrs J M Constantine

When appointing newly elected Trustees, The Workwell Trust has a policy of induction, which includes ensuring that they are fully aware of their responsibilities in relation to Charities Commission guidance and the charity’s objectives.

Objectives and Activities

The Workwell Trust has wide ranging objectives but in the most part supports other UK registered charities which themselves either support or promote the Christian faith at least in part.

Achievements and Performance

The Trust received gifts totalling £99,000 (2020 - £Nil) and donated £78,800 (2020 - £15,000) to other charities during the year. The trustees anticipate receiving and disbursing further funds in future years.

Financial Review

During the year, the Charity received a total income of £115,129 (2020 - £11,203) and movement on investments of £77,689 (2020 - £45,278) and incurred expenditure of £79,400 (2020 - £15,660), which has resulted in a surplus for the year of £113,418 (2020 – £40,821).

As at 31 December, total funds stood at £841,961 (2020 - £728,543), of which £841,961 (2020 – £728,543) were unrestricted funds retained in order to achieve the objects of the Charity and £Nil (2020 - £Nil) were restricted funds.

Risk Assessment

Seeking a better level of return than cash on deposit as well as long term protection from inflation, a significant proportion of the Charity’s assets are held in the COIF Charities Investment Fund, a multi-billion pound actively managed fund with a diversified portfolio of assets, mainly equities but also property, bonds and other asset classes. All other assets are held in cash at Lloyds Bank either in a current account or deposit account earning interest.

28/3/2022

Signed by order of the Board of Trustees on ……………….

Mr S J Constantine

Trustee

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

THE WORKWELL TRUST

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

I report on the financial statements of the charity for the year ended 31 December 2021, which are set out on pages 4 to 7.

Respective responsibilities of trustees and examiner

The trustees, who are also the directors of the company for the purposes of company law, are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under Section 145 of the Charities Act 2011 and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the directions given by the charity commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and explanations sought from you as 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 financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Simon Worsley (Chartered Accountant) For and on behalf of Hazlewoods LLP, Independent Examiners

Windsor House Bayshill Road Cheltenham GL50 3AT 28/3/2022

Date:……………………

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

THE WORKWELL TRUST STATEMENT OF FINANCIAL ACTIVITIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Note
INCOMING RESOURCES
Incoming resources from
generated funds
Bank interest receivable
Investment income
Voluntary income
Donations and gifts
Total incoming resources
RESOURCES EXPENDED
Charitable activities
2
Total resources expended
Movement in fair value of
investments
3
Net movement in funds
Reconciliation of funds
Funds brought forward at
1 January
Net movement in funds
Funds carried forward at
31 December		 Unrestricted
fund
2021
£
88
16,041
99,000
115,129
(79,400)
(79,400)
77,689
113,418
Unrestricted
fund
2021
£
728,543
113,418
841,961		 Restricted
fund
2021
£
-
-
-
-
-
-
-
-
Restricted
fund
2021
£
-
-
-		 Total
Funds
2021
£
88
16,041
99,000
115,129
(79,400)
(79,400)
77,689
113,418
Total
Funds
2021
£
728,543
113,418
841,961		 Total
Funds
2020
£
1,595
9,608
-
11,203
(15,660)
(15,660)
45,278
40,821
Total
Funds
2020
£
687,722
40,821
728,543

The notes on pages 6 to 7 form part of these financial statements.

The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations.

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

THE WORKWELL TRUST BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Investments
3
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
4
Net current assets
Total assets less current liabilities
Funds
Restricted income funds
Unrestricted income funds		 2021
£
622,967
219,594
(600)
218,994
841,961
-
841,961
841,961		 2020
£
545,278
184,465
(1,200)
183,265
728,543
-
728,543
728,543

28/3/2022

The financial statements were approved by the Board of Trustees on ………………….and signed on its behalf by:

Mr S J Constantine Trustee

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

THE WORKWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared under the historical cost convention, adopting the following principal accounting policies all of which are in accordance with 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 Ireland (FRS 102) and the Charities Act 2011. The Workwell Trust meets the definition of a public benefit entity under FRS 102.

Voluntary income (analysed between donations/gifts and grants receivable)

Donations/gifts and grants are accounted for on a receivable basis. Funds collected, to which the charity is entitled, but not received before the end of the financial year are included in incoming resources and in debtors.

Resources Expended

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any Value Added Tax which cannot be recovered. Where expenditure is directly attributable to more than one activity, it is apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

Funds

Funds held by the charity are either:

Investment

Investments are stated at market value and are in accordance with the valuation reports received from Investment Managers.

2 EXPENDITURE

Donations
Accountancy fees
Bank charges		 2021
£
78,800
600
-
79,400		 2020
£
15,000
600
60
15,660

DocuSign Envelope ID: DDA54B20-AB3D-4207-82A9-35E04F0B0592

THE WORKWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

3
Investments
Valuation:
At 1 January 2021
Change in market value
At 31 December 2021
Cost:
At 1 January 2021 and at 31 December 2021
All investments are quoted.
Investments are units held in the COIF Charities Investment Fund.
4
CREDITORS: Amounts falling due within one
year
2021
£
Accruals and deferred income
600		 Total
£
545,278
77,689
622,967
500,000
2020
£
1,200