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2021-02-28-accounts

The Wells Trust Report and Accounts year ended 28 February 2021

THE WELLS TRUST

(a company limited by guarantee)

FOR THE YEAR ENDED 28 FEBRUARY 2021

COMPANY INFORMATION Directors/Trustees Mrs F Wells Mrs S Elliott Mr O Day Mr C Harris Mr S Adewole Mrs C Boxall (from 15 June 2021) Governing Document Memorandum and Articles of Association dated 6th August 2019 Company Registration Number 05049817 Charity Registration Number 1103436 Registered Office Wells Way Camberwell LONDON SE5 7SY Independent Examiner James Foskett Cansdales Business Advisers Limited Bourbon Court Nightingales Corner Little Chalfont Bucks HP7 9QS Bankers Barclays Bank PLC Co-Op Bank PLC

Page 1

THE WELLS TRUST FOR THE YEAR ENDED 28 FEBRUARY 2020

CONTENTS

Page
Company Information 1
Report of the Directors 3-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9-14
Detailed Statement of Financial Activities 15

THE WELLS TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28 FEBRUARY 2021

The Well Community Church is a church of 70 adult members that has continued to lead groups and projects for the benefit of our congregation and local community throughout this year overshadowed by the Covid Pandemic.

The church also has wider relationship with the churches in Southwark and across London, working together to see transformation in our communities. We are part of a wider church network called Pioneer

By engaging in these community activities the trustees have had regard to the guidance on public benefit issued by The Charity Commission.

Structure, Governance and Management

During the period covered by this report there have been no changes in the current board.

The process for recruitment of new trustees is the responsibility of the Board of Trustees, who seek to recruit either when resignations occur or when specific skills are required to help the Trust achieve its aims. Recruitment procedures are consistent with guidance from the charities Commission.

Church Activities

During a year which included three national lockdowns due to Covid 19 The Well Community Church has managed to keep serving the community in many ways.

As the first Lockdown began in March 2020 we immediately took our Sunday church services online using Facebook Live. We were able to also take our prayer meetings on Zoom so people were very glad to keep being able to connect and express their faith. Trustees were also able to meet on Zoom.

Our Breakfast Bumps and Babes ante-natal and young babies group was able to carry on as a support group on Zoom and has met in the building whenever possible.

Unfortunately our Toddlers group and women’s discipleship group were unable to meet in the building.

We joined three other churches in August for Munch Club three week project to deliver food and activity videos to local children. We helped cook 30 meals for local families over the course of a week and designed activities for the children.

In September we saw the end of our leadership transition with a commissioning service for Alison and Haydon Murr as new senior leaders of The Well. This was a ticketed service held under Covid guidelines.

During Autumn 2020 we are also pleased to run a Parenting Course online for 5 families which was very successful.

During Covid we have regularly visited our church families and children with bags of activities and then held children’s zoom times.

Our youth team held regular zoom meetings for our young people during Covid. In partnership with Step Out project our youth team now run a weekly youth club for local youth on Tuesdays at The Well.

Our Bible School also moved online in November with 30 attending. Monthly Men’s Breakfast group went online and continued meeting in person when possible. At Christmas we were able to do our candlelit Christmas Eve service for the community.

During Covid we stopped our larger missional community groups and divided the church into groups of 6, so as to help people to keep connected over the course of the pandemic.

At Easter time we held a community family Easter Egg Hunt in partnership with Step Out at the local community garden with Easter Eggs being given out from our newly opened church entrance. We also had a public morning of remembrance where people in the community could come and pin a daffodil to the cross outside of the church and remember any loss they had experienced during Covid.

Page 3

THE WELLS TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28 FEBRUARY 2021

Other Activities in the building

Destiny Children’s Nursery has stayed open during all of the Lockdowns.

ACET UK have continued to hire our office space but have downsized.

Pilates classes have gone online and then back in the building when allowed.

The hall has been hired for events when allowed.

Welcome Project

Our Welcome Project to totally revamp our entrance achieved its financial target and work began in June 2020. Work finished in January 2021. We now have a new disabled access and glass front for all to see what is going on in the building and feel much more welcomed. We then used the foyer as an art gallery during Lockdown 3 exhibiting the work of local artists, which we will be continuing

Step Out

This is a mentoring project for young people specifically focussing on outdoor, more physical activities which Phil White our new youth worker has set up. The project has seen 17 young people linked up with a mentor who they see once a week. The project has significant impact on young peoples mental and physical health. Fortunately the project was able to function during Covid as it was dependent on one to one meetings mostly outside. Training of mentors was also able to take place and the young people have been referred from local schools etc.

Various workshops for the young people have been held at The Well and Phil White was also able to take some of the young people away on short residential trips

Staff

In September 2020 we took on Phil White part-time to lead our youthwork and also to lead Step Out Project.

Rachel Young continues as administrator.

Haydon and Alison Murr, Phil and Julie Stokes currently serve also on the staff team.

One member of the staff team was furloughed for some of Covid whilst two other staff members reduced their work hours. This reduction has continued.

Partnerships

Lumberjack Cafe continues to rent the property at 70 Camberwell Church Street and after a holiday of two months rental during Covid were able to pivot their business to high end groceries and have been very successful. Lumberjack is the business arm of the charity where they continue to mentor and train young people referred to them through their workshop at Goldfinch Furniture and London reclaimed.

The Well continue to support a family in Japan in partnership with mission organisation Inet and have helped a family we supported in Malaysia return home in August 2020

Phil and Julie serve on the London Leadership of Pioneer and lead a London wide Church Leaders Relational Network called REACH.

Page 4

THE WELLS TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28 FEBRUARY 2021

Financial Review

Income for the year was £152,961 (2020: £188,063) including church weekend income, expenditure for the year was £162,832 (2020: £172,429), so that there was a net loss of (£9,871),(2020 - Net Income : £15,633), before a transfer of £1,566 from restricted fund to general funds (2020 - Nil). Year end unrestricted funds were £91,450 (2020: £98,964).

Reserves Policy

The Board of Directors have established a policy whereby free reserves held by the charity should be maintained at three months' charitable expenditure, which would equate to around £40,000. General reserves at year-end are £74,200 (2020: £75,964). The Trustees will continue to monitor reserves based on planned expenditure for the next financial year.

Risk Statement

The Directors have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis.

Directors' Responsibilities

Charity law requires us as Directors to prepare financial statements for each accounting year which give a true and fair view of the state of the charity and of its income and expenditure for the year.

  1. Select suitable accounting policies and apply them consistently

  2. Make judgements and estimates that are reasonable and prudent

  3. State whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained

in the accounts.

  1. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in

business.

We are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable us to ensure that the financial statements comply with the Companies Act 2006.

We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.

Approval

This report was approved by the Directors on 24[th] October, 2021 and signed on their behalf by:

_

CHRISTOPHER HARRIS

Page 5

The Wells Trust

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

THE WELLS TRUST ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 2021 on pages 8 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 10 and 16.

Responsibilities and basis of report

As the charity’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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 accounts to be reached.

James Foskett FCA DChA Cansdales Business Advisers Limited Bourbon Court Nightingales Corner Little Chalfont Bucks HP7 9QS Date: 27[th] October, 2021

Page 6

THE WELLS TRUST STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 28 FEBRUARY 2021

INCOME AND ENDOWMENTS FROM
Note
Donations and legacies
3a
Charitable activities
3b
Other income
3b
Total income and endowments
EXPENDITURE ON
Charitable activities
4
Total expenditure
Net income/(expenditure)
Transfers between funds
Sub Total
Total funds brought forward
Total funds carried forward
10		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Total
Funds

£
£
2021
£
2020
£
105,780
11,330
117,110
149,183
34,180
-
34,180
38,190
1,671
-
1,671
690
141,631
11,330
152,961
188,063
150,711
12,121
162,832
172,429
150,711
12,121
162,832
172,429
(9,080)
(791)
(9,871)
15,634
1,566
(1,566)
-
-
(7,514)
(2,357)
(9,871)
15,634
98,964
35,829
134,793
119,159
91,450
33,473
124,923
134,793

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account

The notes on page 9-14 form part of these accounts.

Page 7

THE WELLS TRUST

BALANCE SHEET

FOR THE YEAR ENDED 28 FEBRUARY 2021

FIXED ASSETS
Note
Tangible assets
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
8
CURRENT LIABILITIES
Liabilities falling due within one year
9
Net current assets
TOTAL NET ASSETS
FUND BALANCES
Unrestricted funds
General funds
10
Designated funds
Restricted funds		 Unrestricted
Funds
£
23,280		 Restricted
Funds
£
Total funds
2021
£
Total funds
2020
£
31,785
55,065
26,533
23,280
18,544
51,728		 31,785
55,065
26,533
-
18,544
17,693
1,687
53,415
92,607
70,272 1,687
71,959
110,300
2,101 -
2,101
2,040
68,171 1,687
69,858
108,260
91,450 33,473
124,923
134,793
74,200
17,250
-
91,450		 -
74,200
75,964
-
17,250
23,000
33,473
33,473
35,829
33,473
124,923
134,793

For the year ended 28 February 2021, the company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2021 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.

The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24[th] October, 2021 and were signed on its behalf by:

CHRISTOPHER HARRIS Company number: 05049817

Charity number: 1103436

The notes on page 9-14 form part of these accounts.

Page 8

THE WELLS TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

ii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

c) Expenditure Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

Page 9

THE WELLS TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £500 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Equipment Over 3 to 7 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) Taxation The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

i) Critical accounting estimates and areas of judgement

The trustees do not consider that there any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

Page 10

THE WELLS TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2021
3a
Donations and legacies
Unrestricted
£
Restricted
£
Total
2021
£
Total
2020
£
Gift aided donations
62,908
930
63,838
59,246
Other donations
27,145
10,400
37,545
75,156
Tax recoverable
15,727
-
15,727
14,781
105,780
11,330
117,110
149,183
3b
Charitable activities
Unrestricted
Restricted
Total
Total
2021
2020
£
£
£
£
Rental income
33,810
-
33,810
38,190
Other Income
2,041
-
2,041
690
35,851
-
35,851
38,880
4
Charitable activity expenditure
Unrestricted
Restricted
Total
Total
Church
Designated Property
Fund
2021
2020
a
Direct charitable costs
£
£
£
£
£
Staff costs (Note 5)
90,479
-
-
90,479
95,852
Church activities
6,200
-
12,121
18,320
23,437
Building costs
21,865
-
-
21,865
18,458
Grants payable (Note 4c)
8,608
-
-
8,608
10,063
Depreciation
1,660
5,750
-
7,410
7,288
Subscriptions
6,077
-
-
6,077
2,749
Conferences
130
-
-
130
2,910
Training
699
-
-
699
987
135,718
5,750
12,121
153,589
161,744
b
Support and administration
£
£
£
£
£
Office costs
5,956
-
-
5,956
7,042
Travel and hospitality
Governance (independent examination
356
-
-
356
1,984
fees)
2,931
-
-
2,931
1,660
9,243
-
-
9,243
10,685
Combined charitable activity cost
144,961
5,750
12,121
162,832
172,429
Fees payable to Cansdales for accounts and independent examination totalled £2,052 (2020 : £2,040).
c
Grants
Institutions
£
Individuals
£
2021
£
2020
£
Mission support
8,608
-
8,608
10,063
8,608
-
8,608
10,063
The main beneficiaries of the grants made to institutions were:
2021
2020
£
£
Mr & Mrs Price Gift
1,700
-
Pioneer Trust
500
3,283
I-Net
5,580
5,580
London Baptist Association
500
-
XLP - Schools & Youth work
-
1,200
Others
328
-
8,608
10,063		 FOR THE YEAR ENDED 28 FEBRUARY 2021
3a
Donations and legacies
Unrestricted
£
Restricted
£
Total
2021
£
Total
2020
£
Gift aided donations
62,908
930
63,838
59,246
Other donations
27,145
10,400
37,545
75,156
Tax recoverable
15,727
-
15,727
14,781
105,780
11,330
117,110
149,183
3b
Charitable activities
Unrestricted
Restricted
Total
Total
2021
2020
£
£
£
£
Rental income
33,810
-
33,810
38,190
Other Income
2,041
-
2,041
690
35,851
-
35,851
38,880
4
Charitable activity expenditure
Unrestricted
Restricted
Total
Total
Church
Designated Property
Fund
2021
2020
a
Direct charitable costs
£
£
£
£
£
Staff costs (Note 5)
90,479
-
-
90,479
95,852
Church activities
6,200
-
12,121
18,320
23,437
Building costs
21,865
-
-
21,865
18,458
Grants payable (Note 4c)
8,608
-
-
8,608
10,063
Depreciation
1,660
5,750
-
7,410
7,288
Subscriptions
6,077
-
-
6,077
2,749
Conferences
130
-
-
130
2,910
Training
699
-
-
699
987
135,718
5,750
12,121
153,589
161,744
b
Support and administration
£
£
£
£
£
Office costs
5,956
-
-
5,956
7,042
Travel and hospitality
Governance (independent examination
356
-
-
356
1,984
fees)
2,931
-
-
2,931
1,660
9,243
-
-
9,243
10,685
Combined charitable activity cost
144,961
5,750
12,121
162,832
172,429
Fees payable to Cansdales for accounts and independent examination totalled £2,052 (2020 : £2,040).
c
Grants
Institutions
£
Individuals
£
2021
£
2020
£
Mission support
8,608
-
8,608
10,063
8,608
-
8,608
10,063
The main beneficiaries of the grants made to institutions were:
2021
2020
£
£
Mr & Mrs Price Gift
1,700
-
Pioneer Trust
500
3,283
I-Net
5,580
5,580
London Baptist Association
500
-
XLP - Schools & Youth work
-
1,200
Others
328
-
8,608
10,063		 FOR THE YEAR ENDED 28 FEBRUARY 2021
3a
Donations and legacies
Unrestricted
£
Restricted
£
Total
2021
£
Total
2020
£
Gift aided donations
62,908
930
63,838
59,246
Other donations
27,145
10,400
37,545
75,156
Tax recoverable
15,727
-
15,727
14,781
105,780
11,330
117,110
149,183
3b
Charitable activities
Unrestricted
Restricted
Total
Total
2021
2020
£
£
£
£
Rental income
33,810
-
33,810
38,190
Other Income
2,041
-
2,041
690
35,851
-
35,851
38,880
4
Charitable activity expenditure
Unrestricted
Restricted
Total
Total
Church
Designated Property
Fund
2021
2020
a
Direct charitable costs
£
£
£
£
£
Staff costs (Note 5)
90,479
-
-
90,479
95,852
Church activities
6,200
-
12,121
18,320
23,437
Building costs
21,865
-
-
21,865
18,458
Grants payable (Note 4c)
8,608
-
-
8,608
10,063
Depreciation
1,660
5,750
-
7,410
7,288
Subscriptions
6,077
-
-
6,077
2,749
Conferences
130
-
-
130
2,910
Training
699
-
-
699
987
135,718
5,750
12,121
153,589
161,744
b
Support and administration
£
£
£
£
£
Office costs
5,956
-
-
5,956
7,042
Travel and hospitality
Governance (independent examination
356
-
-
356
1,984
fees)
2,931
-
-
2,931
1,660
9,243
-
-
9,243
10,685
Combined charitable activity cost
144,961
5,750
12,121
162,832
172,429
Fees payable to Cansdales for accounts and independent examination totalled £2,052 (2020 : £2,040).
c
Grants
Institutions
£
Individuals
£
2021
£
2020
£
Mission support
8,608
-
8,608
10,063
8,608
-
8,608
10,063
The main beneficiaries of the grants made to institutions were:
2021
2020
£
£
Mr & Mrs Price Gift
1,700
-
Pioneer Trust
500
3,283
I-Net
5,580
5,580
London Baptist Association
500
-
XLP - Schools & Youth work
-
1,200
Others
328
-
8,608
10,063
8,608
-		 8,608
10,063
2021
2020
£
£
1,700
-
500
3,283
5,580
5,580
500
-
-
1,200
328
-
8,608
10,063

Page 11

THE WELLS TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR THE YEAR ENDED 28 FEBRUARY 2021
5
Analysis of staff costs
Gross wages, salaries and benefits in kind
Employer's national insurance costs
Pension costs
Total staff costs
Number of Staff
Total Employed Staff
No staff received salaries at a rate of more than £60,000 per annum.
During the year, total remuneration paid to key management (3 employees 2021, 2 employees 2020)
amounted to £66,112 (2020: £43,728).		 2021
2020
£
£
86,266
90,533
2,435
3,544
1,778
1,775
90,479
95,852
2021
2020
5
5

No remuneration was payable to other members of key management (2020: £nil).

6
Tangible fixed assets
Land
Computer
Furniture
Total
& Buildings
Equipment
& Fittings
2021
Cost
£
£
£
£
At 1 March 2020
115,000
9,715
21,448
146,163
Additions
36,000
1,742
-
37,742
At 28 February 2021
151,000
11,457
21,448
183,905
Accumulated depreciation
At 1 March 2020
92,000
9,040
18,591
119,630
Charge for the year
7,550
802
858
9,210
At 28 February 2021
99,550
9,842
19,449
128,840
Net book value
At 28 February 2021
51,450
1,615
1,999
55,065
At 1 March 2020
23,000
675
2,857
26,533
7
Debtors
2021
2020
£
£
Tax recoverable
15,727
14,781
Prepayments
2,817
2,912
18,544
17,694
8
Cash at bank and in hand
2021
2020
£
£
Bank accounts
53,262
92,454
Petty cash
153
153
53,415
92,607
9
Creditors: liabilities falling due within one year
2021
2020
£
£
Payable to Independent Examiner
2,101
2,040
2,101
2,040		 6
Tangible fixed assets
Land
Computer
Furniture
Total
& Buildings
Equipment
& Fittings
2021
Cost
£
£
£
£
At 1 March 2020
115,000
9,715
21,448
146,163
Additions
36,000
1,742
-
37,742
At 28 February 2021
151,000
11,457
21,448
183,905
Accumulated depreciation
At 1 March 2020
92,000
9,040
18,591
119,630
Charge for the year
7,550
802
858
9,210
At 28 February 2021
99,550
9,842
19,449
128,840
Net book value
At 28 February 2021
51,450
1,615
1,999
55,065
At 1 March 2020
23,000
675
2,857
26,533
7
Debtors
2021
2020
£
£
Tax recoverable
15,727
14,781
Prepayments
2,817
2,912
18,544
17,694
8
Cash at bank and in hand
2021
2020
£
£
Bank accounts
53,262
92,454
Petty cash
153
153
53,415
92,607
9
Creditors: liabilities falling due within one year
2021
2020
£
£
Payable to Independent Examiner
2,101
2,040
2,101
2,040		 6
Tangible fixed assets
Land
Computer
Furniture
Total
& Buildings
Equipment
& Fittings
2021
Cost
£
£
£
£
At 1 March 2020
115,000
9,715
21,448
146,163
Additions
36,000
1,742
-
37,742
At 28 February 2021
151,000
11,457
21,448
183,905
Accumulated depreciation
At 1 March 2020
92,000
9,040
18,591
119,630
Charge for the year
7,550
802
858
9,210
At 28 February 2021
99,550
9,842
19,449
128,840
Net book value
At 28 February 2021
51,450
1,615
1,999
55,065
At 1 March 2020
23,000
675
2,857
26,533
7
Debtors
2021
2020
£
£
Tax recoverable
15,727
14,781
Prepayments
2,817
2,912
18,544
17,694
8
Cash at bank and in hand
2021
2020
£
£
Bank accounts
53,262
92,454
Petty cash
153
153
53,415
92,607
9
Creditors: liabilities falling due within one year
2021
2020
£
£
Payable to Independent Examiner
2,101
2,040
2,101
2,040
92,000
9,040
18,591
119,630
7,550
802
858
9,210
99,550
9,842
19,449
128,840
51,450
1,615
1,999
55,065
23,000
675		 2,857
26,533
2021
2020
£
£
15,727
14,781
2,817
2,912
18,544
17,694
2021
2020
£
£
53,262
92,454
153
153
53,415
92,607
2021
2020
£
£
2,101
2,040
2,101
2,040

Page 12

THE WELLS TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

10 Funds

The Property fund is an unrestricted fund designated by the Trustees to allow for the charity's investment on freehold land and buildings, especially 70 Camberwell Church Street. This reflects the 'net book value' in the accounts of the property. This is based on the valuation undertaken in 2003 of the property when it was gifted to the charity, less cumulative depreciation to date.

Restricted funds were amounts received for specific purposes and the movements in the year 2021 are as follows:

Restricted funds
Overseas missionaries
Church weekend away
Jello fund
Welcome project
Love Southwark
Foodbank
Reach London
Step Out
Total restricted funds
Unrestricted funds
General funds
Designated property fund
Total all funds		 Opening
balance
£
Incoming
resources
£
Outgoing
resources
£
Transfers
in the year
£
Closing
balance
£
1,077
-
-
(1,077)
-
727
-
-
(727)
-
74
-
-
(74)
-
33,703
-
(1,918)
-
31,785
248
-
-
(248)
-
-
700
(875)
175
-
-
200
(585)
385
-
-
10430
(8,743)
-
1,687
35,829
11,330
(12,121)
(1,566)
33,473
75,964
141,631
(144,961)
1,566
74,200
23,000
-
(5,750)
-
17,250
134,793
152,961
(162,832)
-
124,923

Foodbank - this was a specific collection of funds to be passed on to the Southwark foodbank Church Weekend Away - Specific Activities related to Woolwich Community Church

The Jello fund comprises donations towards the hospital treatment of a particular family in the Philippines.

Reach London & Overseas missionaries - Specific giving towards a ministry to connect churches across London which is lead by an employee. Step Out - Specific giving/grants towards a ministry for childrens mentoring which is lead by an employee.

The welcome project is a building project to improve access to the main building.

Love Southwark - Specific Givings for people related to Southwark Churches

The assets and liabilities represented by the various funds are as follows:

The assets and liabilities represented by the various funds are as follows:
Restricted funds
General funds
Designated property fund		 Fixed
assets
£
Bank & cash
balances
£
Other net
assets
£
Total
£
31,785
1,687
-
33,473
6,030
51,728
16,443
74,200
17,250
-
-
17,250
55,065
53,415
16,443
124,923

For the year ended 29 February 2020, the movements in funds were as follows:

Restricted funds
Overseas missionaries
Church weekend away
Jello fund
Welcome project
Love Southwark
Total restricted funds
Unrestricted funds
General funds
Designated property fund
Total all funds		 Opening
balance
£
Incoming
resources
£
Outgoing
resources
£
Transfers
in the year
£
Closing
balance
£
788
1,425
(1,136)
-
1,077
-
13,984
(13,257)
-
727
74
-
74
9,061
25,725
(1,083)
-
33,703
248
-
-
-
248
10,171
41,134
(15,476)
-
35,829
80,238
146,928
(151,202)
-
75,964
28,750
-
(5,750)
-
23,000
119,159
188,063
(172,429)
-
134,793

Page 13

THE WELLS TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

The assets and liabilities represented by the various funds are as follows:

The assets and liabilities represented by FOR THE YEAR ENDED 28 FEBRUARY 2021
the various funds are as follows:
Restricted funds
General funds
Designated property fund		 Fixed
assets
£
Bank & cash
balances
£
Other net
assets
£
Total
£
-
35,704
125
35,829
3,533
56,904
15,528
75,964
23,000
-
-
23,000
26,533
92,607
15,653
134,793

11 Transactions with related parties During the year the charity:

received £27,643 donations (2020: £18,166) from related parties (which includes trustees, anyone closely connected to them and key management).

During the year the charity also made the following Expenses payment to:

Mr & Mrs Murr of total £88.

Mr & Mrs White of total £110

Mr & Mrs Young of total £18

Except as disclosed in note 5 'Analysis of staff costs', there have been no other transactions with related parties during the year.

12 Members

Each member of the company commits to contribute if the charity is wound up an amount of £10.

13 COVID-19

During the year, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on organizations worldwide. As a result, some operations have been restricted, however the charity continues to operates using alternative methods and remote working where possible. The trustees are unable to evaluate the overall financial impact on the charity at present. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty. The trustees are continuing to monitor, assess and act to the current changing environment accordingly.

Page 14

THE WELLS TRUST

Detailed Statement of Financial Activities with Comparatives

FOR THE YEAR ENDED 28 FEBRUARY 2021

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Other income
Total income and endowments
EXPENDITURE ON
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted Funds
Unrestricted Funds
General
Designated
Restricted Funds
Total
Total
Funds
Funds
2021
2020
2021
2020
2021
2020
2021
2020
£
£
£
£
£
£
£
£
105,780
108,049
-
-
11,330
41,134
117,110
149,183
34,180
38,190
-
-
-
-
34,180
38,190
1,671
690
-
-
-
-
1,671
690
141,631
146,929
-
-
11,330
41,134
152,961
188,063
144,961
151,202
5,750
5,750
12,121
15,476
162,832
172,429
144,961
151,202
5,750
5,750
12,121
15,476
162,832
172,429
(3,330)
(4,274)
(5,750)
(5,750)
(791)
25,658
(9,871)
15,634
1,566
-
-
-
(1,566)
-
-
-
(1,764)
(4,274)
(5,750)
(5,750)
(2,357)
25,658
(9,871)
15,634
(1,764)
(4,274)
(5,750)
(5,750)
(2,357)
25,658
(9,871)
15,634
75,964
80,238
23,000
28,750
35,829
10,171
134,793
119,159
74,200
75,964
17,250
23,000
33,472
35,829
124,923
134,793

Movements on reserves and all recognised gains and losses are shown above.

Page 15