The Well I WOLVERHAMPTON FOODBANK Ltd eratln THE WELL TRUSTEES, REPORT AND STATUTORY ACCOUNTS FOR THE YEAR ENDED 31st March 2024
Wolverhampton Foodbank Ltd operating as The Well Index Page I Charity Information Page 2-12 Report of the Trustees Page 13 Independent Examiners report Page 14 Statement of Financial Activities Page 15 Balance Sheet Pages 16 - 23 Notes to Accounts
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 Report of the Directorsnrustees and Independently examined financial statements for the period ended 31st March 2024. Reference and Administrative Information Charity Name: Wolverhampton Foodbank Ltd Operatin8 a5 THE WELL Charity registration number: 1149434 Company Number 07962969 Operatlonal Address: Units 13,15 & 16, Wulfrun Trading Estate, Stafford Road, Wolverhampton, WVIO 6HH Trustees: Mr James Ashfield (Chair) Mrs Catherine Price Mrs Yvonne Ramsey Secretarynreasurer: Mrs Caroline Price Project Leaders: Mr Gary Price Mrs Caroline Price Independent Examlner G P Brookes FCA BSC Chartered Accountant 130 Wombourne Park Wombourne WV95HB Bank: HSBC PO Box 33 9 Queen Square Wolverhampton WVI ITE
Our aim5 and objectives The Charity's principal objectives as set out in its Constitution are: l. To relieve persons in the City of Wolverhampton and surrounding areas who are in conditions of need, hardship, or distress ("Beneficiaries") in such ways as the Trustees from time to time consider appropriate and are consistent with showing Christian compassion. 2. In furtherance of the first object, to provide free of charge, directly or indirectly, emergency food parcels to beneficiaries referred by partner charities or health or social services or similar public bodies. 3. In furtherance of the first object, to provide such other support to beneficiaries, including but not limited to clothing or household items, counselling, or advice, as the Trustees from time to time consider appropriate and consistent with showing Christian compassion. 4. In furtherance of the first object, to promote the needs of beneficiaries and to solicit funds and donations or supplies of appropriate items for food parcels. 5. In furtherance of the first object, to assist and advise any other charity or body intendin8 to seek charitable status with substantially similar objects. Structure, Governance and Management ('ensurlng the work meets our alms,) The Charitable Company was established on 23rd February 2012 under a Memorandum of Association which detailed the objects and powers of the charitable company and is governed under its Articles of Association. In common with such entities, it is established as a Company limited by guarantee with liability of members limited to a sum not exceeding £10. The Directors, who are also Trustees of the charity for the purposes of charity law, meet at least six times a year to review operational/ financial performance and strategy in conjunctlon wlth the Project Leaders. The day-to-day implementation of the strategic plan, together with the development of strategy, is led by the Project Leaders, ably supported by the team of employees & volunteers. Monthly accounts are overseen by the Treasurer with the support of the Finance Team. As the project has grown, the Board has recognised the need to strengthen our internal accountin8 Systems, both by delegation of duties, and by including additional checks. We have an online accounting system, which supports monthly reporting. If any significant matters of policy or key decision-making arise, including financial deci5ion5, these will be referred to the Trustees for approval.
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 Actlvlties I.PROVIDING EMERGENCI FOOD OILETRIES BABY PRODUCTS '1 really appreciate this. It wlll go a long. long way and really helps me. Thank you to the foodbank. I thlnk IYS 50 generous of everyone Providing emergency parcels of food and other essential household items to those living in the Borough of Wolverhampton and borders, continues to be the basis of the Project's work. Our core work previously reported has continued during this period i.e. deliverin8 across the WV postcodes Tuesdays-Fridays; limitin8 the number of parcels to 5 in a 6 month period to discourage dependency. working with a set parcel contents list for consistency, During this reportin8 period we have experienced a downturn in the level of food & toiletry resources and hear a similar story from other local projects. This is likely to be a reflection of the present national cost of living crisis. In response, we have reduced the parcel contents whilst continuin8 With the same referral limit, in order to give some support to as many people as possible. The total number of individuals to whom we provide parcels varies from month to month, reflecting the range of those in need who are referred to us for support i.e. single people, couples, small and large families. The lowest/highest number of deliveries during this year was 7138 per day respettively. For our recipients, the short-term support we offer has great impact: I ve only had to use The Well once, but it really helped me get on myfeet. I'm really thankAulAor It. Yhonk you so muchAor thisAood. Maybe life is not thot bad after all"
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 The chart below shows the ongoing need over the last 5 years.. The Well- Referrals Fulfilled By Year 15000 5000 2019-19 4285 2020-20 2021-21 2022-22 5374 2023-24 4170 No.Referrals 4703 BNo.Adults 6052 7264 7279 8106 6311 No. Children 3846 4363 4482 5297 4107 Total Fed 9898 11627 11761 13403 10418 No.Referral8 o No.Adults • No. Children •Total Fed The percentage of adults to children (age 0-15 yrs) supported was 60.6% to 39.4Yo respectively. 'rhis is the overoll count of those supported & includes repeated support during the year). An approximate total of 59.7 tonnes of foodltoiletries have been distributed in parcels durin8 this year. 2006- 2024 As of 31st March 2024, these were the total figures of those who have received direct support from us since the project be8an in 2006: 51721 DELIVERIES [1118847 SUPPORTED 44027 CHILDREN 74820 ADULTS 3.WORKING WITH PARTNER AGENCIES Our primary way of ensuring our support is targeted to those in greatest need is via our referral process. We have a long established, wide range of statutory and voluntary support agencies who make referrals to us. New referral agencies connect with us year on year.
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 In consequence, self-referrals are kept to a minimum. The direct requests we do respond to are done so with compassion. Guidance is given that future referrals will need to be via a partner agency. This ensures we maintain the integrity of our system of support and, we hope, provides the parcel recipient with the possibility of further help with the underlying reasons for their financial difficulties. We continue to take most of the referrals on our phone line as this enables us to control the number of referrals we can respond to. We have continued to take a limited number of referrals by email from designated partners. Having a mix of email and phone referrals means that less a8encies are waiting to get through by phone. 4.RECORDING INFORMATION We have IT systems which enable us to record referral, donor and team related information effectively. This helps us to monitor and analyse referrals as well as thank those who generously support us. We are registered under the Data Protection Act and all team members give written agreement to adhere to our Confidentiality & Privacy policies. 5.COMMUNICATION We have continued to utilise the support of a graphic designer to oversee our presence on social media and newsletters, as these are the main ways we keep our supporters up to date with our work. Social media campaignslappeals have gone out through the year on particular themes, including - Easter Eggs, Motherfs & Fatherfs Day, Harvest, Reverse Advent Calendar, 500 Club. SOCIAL MEDIA We have also registered with 'Bank The Food,, a free online app. Foodbanks can upload their current needs, and shoppers can then see their shopping Ilst and purchase donations accordingly. Our local newspaper and community radio have continued to hi8hli8ht our needs which is so appreciated.
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 6.DONATIONS OF SUPPLIES & FINANCE The Well continues to trust God in praying for all the provisions we need. The total recorded weight of food/toiletries donations received is 68.1 tonnes, a reduction of 12 tonnes on the previous year. (This is an approximate- in the busyness some weighing in can get missed and packaging wei8ht cannot always be deducted for prattical reason5). Food oilet Donation Points: Permanent donation points have continued in a number of local supermarkets, churches and businesses. All these donation points are well supported by the public to whom we are immensely 8rateful. One supermarket offered us a community food drive day which was enabled us to both stock up our shelves with donations as well as connect directly with shoppers who support us through the store's regular donation point. onsored Events Fundraisers: Whilst we do not actively organise sponsored events, we are so grateful to those who give their considerable time & effort to set up & complete these; as well as all those who support so generously with sponsorship. We have an active Just Giving page, with both regular and fundraiser supporters, Events taking place during this year included: 'Sponge The Teacherf school fundraiser 'We15h Wander, Well Walkers annual marathon Paris Marathon Fundraiser Birthday 'match givin8' IOOkm bike ride on a gym bike Business Partners Other Charities Su ort We have continued to receive support, both financially and in donations of goods from a number of businesses across the city, as well as some of our referral agencies. We deeply appreciate and value this support and are inspired by the creative ways funds/donations are raised. One example is a nearby village fruit & vegetable store regularly donate bulk fresh items. Another is a local independent coffee shop having a 'Pay It Forward. initiative, encouraging Customers to give a little extra for The Well with their coffee & food purchase. A third is a multi-national business With a charity where staff can apply on behalf of their chosen charity.
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 Church Su The support of our local Christian community has been part of the foundation of our work from the beginning. They provide prayer, volunteers, finance, and donation points, all of which strengthen our work. One example is two local churches joining up to organise a quiz fundraiser. ort Schools Partnershi Being given the opportunity to share about our work with student5 in primary and secondary schools. Often at Harvest and Christmas. School minibuses dropping off large donations is always memorable. The students often decorate their boxes and attach handwritten notes or Christmas cards filled with kindness. 'We created a competition across the whole school (years 9-11). The teachers have become quite competltlve. Our maln aim was to help people closest to us In our neighbourhoods at Christmas and I think iys been o reol succes5. We lookforword to worklng wlth The Well In theAuture.' Grant Fundin Nei8hbourly is a national supermarkets charity portal through which we have received 3 grants from Lidl durin8 this period: for food, sanitary products & runnin8 Costs. Individuals Our work is underpinned by the faithful support of countless individuals, whether it is dropping off donations to our warehouse, or giving financially. There has been a further increase in new supporters giving to us as a single or regular donation, often by Standing Order. This is particularly helpful as it enables us to plan for fabric costs (e.8.: Uti lities. rent, insurances). This comment from a generous donor to our Easter Egg Appeal expresses how fulfilling it is to 8ive to SUPPOrt others: "l am glad we were able to contribute. I know it made meAeel good and I hope it bmught some much needed joy and smiles to somefamllles."
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 7.BULK PURCHASES DONATIONS We continue to receive goods from His Church (food/toiletries & household supplies pallets) and In Kind Direct {toiletries) charities. who just charge an administrative fee, saving us £IOOs. Warburtons Bakery Depot continue to supply fresh bread products weekly sufficient for all our parcels. 8.SUPPORT TO OTHER ORGANISATIONS a. The Haven For the Ilth year, The Well has supported the ciws women's refuge project by providing 20 start-up toiletry packs each month. b. Tithin Out As an expression of our Christian faith, we continue to share IO% of the financial donations we receive with other local projects. We also aim to do the same with the supplies we receive. Sowin Our criteria for who we support is either: -the Project provides support to others with similar alms, objectives, and values to The Well -the Project has been a source of support to us During thls year, we have used the majority of the tithe funding to purchase food pallets. 11.5 tonnes of provision have been distributed across 14 projects. Due to our ongoing financial challenges, this aspect of our work will be subject to review in the next financial year. 9. TEAM a)Volunteers Our volunteers continue to be the heartbeat of the project. The Well would not be able to operate effectively without them. They fulfil vital roles, comprising drivers (delivering parcels/collectin8 donations), warehouse team (checkin8, Sorting & stickering donations / packing parcels) & administrative team (dealing with telephone referrals. database inputting, financial processin& & correspondence.) We have again welcomed short term volunteers. including businesses who offer community volunteering day5 to staff, and school/youth groups who come with staff on a tour of the warehouse and have the opportunity to sort and sticker food donations. -Thankyou so much for allowing me to come and volunteer. everyone has been so welcomingl Being able to give back to my community is very important to me and is very humbling. I hope to come back again soon-
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 b)Employees We have reduced from 6 to 4 employees during this year. They are vital in the key roles of project leader, deputising cover, administrator, and main driver. Due to our current financial challenges, we reluctantly took the decision of redundancy for our warehouse apprentice role near the end of this year. Assets We are committed to the disposal of Surplus assets no longer needed and to the acquisition of assets necessary to support the aims and objectives of the Charity. Premlses We continue to operate from rented premises, across 3 connected small industrial warehouse units with attached offices on a business estate. How our activities dellver public beneflt The Trustees & Projett Leaders have referred to the Charity Commisslon's general guidance on public benefit when reviewing our aims and objectives and planning our activities. Our service is completely free and is available to anyone without prejudice. The Trustees & Project Leaders have ensured that the activities undertaken will contribute to the aims and objectives of the charity. The Trustees & Project Leaders are therefore confident that The Well meets the public benefit requirements. Rlsk Assessment The Board recognises that some risk is positive and beneficial in assistin8 the Project to stretch and grow. The Board have identified the followin8 important potential risks and how they are miti8ated. These are not set out in any particular order of priority: Financial - insufficient income to meet ex We regularly connect with our 5UPPOrters through a variety of communication methods to highlight The Well's financial needs and the ways of donating to Us easily. The Board is committed to looking at a diversity of possible income streams so that we are not solely dependent upon donations. enditure
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 Financial- loss or misuse of funds. The Board and Treasurer work together to ensure that all donations are used for the purpose for which they were intended by the donors. Regular reviews are made of expenditure to ensure appropriateness and best value. Direct access to the Project's deposit accounts is strictly limited. Com liance - breach of le islative or re ulato uirements. The Board work to ensure the Project complies with all aspects of running a warehouse based community project. During this reporting period, in reco8nition of our legal responsibilities, we have taken the step to secure the services of a company providing employment law, HR & health & safety services. re Employer's Liability Insurance is in place should any incident occur. Safe securit and wellbein of staff and volunteers. The Project has an application and induction process for all staff which includes Health & Safety risks & policies. A Safeguarding Policy is also in place. Keyworkers are trained in First Aid at Work & Fire Safety. All our staff and key volunteers work to ensure a positive and inclusive community/family environment. Re utation - incidents that may have a negative effect on how the Project Is perceived. The Board recognises that any issues related to the risks detailed above could damage the reputation of the Project, and ultimately impact on our work in supporting some of the most vulnerable in the community. The Board ensures that the charitable artivities reflect the charitable aims of the Project. The Board of Trustees are informed of any changes to the overall levels of risk, particularly when introducing a new activity. Reserve5 Pollcy As a Christian Project, the exercising of faith in provision is an inherent part of our belief. The necessity to uphold this belief has an impact on our reserve5 policy. As the primary expression of the Christian Faith is inseparably bound up in giving sacrificially, we do not believe in retaining excessive funds as a safeguard to unrealised adverse financial circumstances. However, given the current economic climate the trustees recognise that it would be advisable to build up some reserves to protect against future economic and financial io
Wolverhampton Foodbank Ltd operating as The Well Directors Report for the year ended 31 March 2024 challenges. Unfortunately, we have not been able to so during this period. The Trustees continue to act prudently in the financial management of the charity. Investment Pollcy The Trustees have considered the most appropriate policy for investing funds and consider that holding funds in a bank deposit account gives some return on capital whilst ensuring funds are available should they be required. Fundralslng Actlvitie5 The charity has recognised the value of initiating fundraising activlties which have proved succe55ful durin8 this reporting period. We are extremely grateful to all those who have responded so 8enerously. We have a very active online giving platform with the addition of text giving for specific events. Where members of the public undertake fundraising activities/events to support the work of The Well, we are very happy to provide information and resources to support them. We are deeply grateful for their support in this way, with examples detailed earlier in the report. Review of the Transactions and Flnancial Posltlon of the Charltv In 2023-24, the charity made a small £(1,729) in contrast to the previous year's deficit of £67,861. Income increased from £163,179 in 2022/23 to £223,939 this year whilst expenditure decreased from £231,040 in 2022/23 to £225,668. Following a serious incident report to the Charity Commission in December 2023 (this was fully disclosed in the annual report for 2022-2023) the Trustees continued to closely monitor The Well's financial situation. A number of attions have been taken which have helped work through the underlying issues that The Well faces. These have resulted in a more positive financial position for 2023-2024 at year end. In summary: Reduced staffing and staff costs Issuing an urgent appeal to current and historic supporter5 for increased donations which was successful Taking independent financial advice Prioritizing payments to employees, HMRC and the landlord li
Wolverhampton Foodbank Ltd operatln8 as The Well Dlrectors Report for the year ended 31 March 2024 Ne8Otlated a payment plan wlth HMRC Contlnuins dlscussSon5 wlth the landlord The Trustees contlnue to closely monltor The Well's flnances as well as Identifying rlsks and seekln8 to mltlgate these. The wlder soclal and economle context remains extremely challenglng, and the Trustees and management contlnue to take actlons to ensure the contlnued successful operatlon of The Well. Statement of Dlrectors Responslbllltles The Olrectors are requlred under Company Law to prepare financlal statements for each flnanclal yÈar whlch glve5 a true and fair vlew of the state of affalrs of the company and of Its sults for that period, In preparlng those flnanclal Statements the dlre¢tors are requlred to: al Select 5ultable accountln8 pollcles and apply them consIstent. b) Make Judgments and estlmates that are reasonable and prudent. cl prepare the flnanclal ststements on a 8olng concern basls unless It Is Inapproprlate to assume that the company wlll contlnue In buslness. The Dlrectors are responslble forthe keepln8 of proper accountlng records whlch dlsclose .wlth reasonable accuracy at any tlme the flnanclal posltlon-of the charlty. They are also responslble for safe8uardlngthe assets of the company and hence for taklng reasonable steps for the preventlon and detertlon of fraud and ather Irregularltles. Approved by the Dlrectors on 27th November 2024 and slgned on their behalf by: J. Ashfield (Chalr) 12
Wolverhampton Foodbank Ltd operatlng as The Well for the year ended 31 March 2024 Independent Examiners Report to the Trustees OA Wofverhampton Foodbonk oper(rting os the Well I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 whlch are set out on the following pages. Responslbilltles and basls of report As the charity trustees of the company (who are treated as directors for the purposes of the company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 21)061 The 2006 Act, I Having satisfled myself that the accounts of the company are not required under Part 16 of the 2006 Act and are eligible for independent examination, I report in respert of my examlnation of your company's accounts as carried out under sectlon 145 of the Charities Act 2011. In carrying out my examination I have followed the Dlrectlons glven by the Charity Commlsslon under section 14515) Ib) of the 2011 Art Independent Exomlners Statement I have completed my examinatSon. I conflrm that no matters have come to my attentlon In connection with the examinatlon givln8 me cause to belleve that in any rnaterlal respect . (i) accountln8 records were not kept in respert of the company as requlred by section 386 of the 2006 Art. or the accounts do not accord with those records: or the accounts do not comply wlth the accounting requirements of sertlon 396 of the 2006 Act other than any requirement that he accounts give a 'true and fair view, whlch Is not a matter considered as part of an Independent examination ;or Golnq Concern The Trustees have been aware of an overall decline In Income for a number of months but are artlvely addressln81t. 12) 13) As wlth many slmilar organlsatlons, the Well's Income is predomlnantly dependent on charitable and other donations and short-term, small-scale grants. Thls Income Is unpredlctable and influenced by cost of livlng and Inflation factors. Durln8 this reporting period, untll recently the income streams have not matched committed expenditure levels. Consequently wlth cost savlngs in all categorles of expendlture now under way, both the short and long term actlvities are belng re-assessed. This may Involve tempering current charitable actlvltles for a time until a breakeven is achieved and then movin8 on towards fulfilling the Well's obligations to its creditors . On this basls it is anticipated and envlsaged that the sltuatlon will improve and glve confidence to afflrm a golng concern status for the Well . In line wlth current regulatlon requlrements thi5 has been reported to the Charity Comm55sSon However I have no other concerns and have come across or other matters In connectlon wlth the examlnatlon to which attention should be drawn in this report In orderto enable a proper understanding of the accounts to be reached. Slgned Date 28th November 2024 Gary Peter Brookes Fellow of The Institute of Chartered Accountants of England and Wales 130 Wombourne Park Wombourne South Staff5 WV5 OLY 13
Wolverhampton Foodbank Ltd operatlng as The Well Statement of Financial Artivitie5 for the year ended 31 March 2024 2024 2023 Unrestri¢ted Restrlcted Total Total Income Voluntary Income Investment Income Other Income 210,707 14 13,218 223,925 14 159,389 30 3,760 163,179 Total Income 210,721 13,218 223,939 Expenses Charitable actlvities 218,316 7,352 225,668 231,040 Total Expenses 218,316 7,352 225,668 231,040 Net Income 17,595) 5,866 11,729) (67,861) Reconclllatlon of Fund5 Total funds brought forward 1,727 3,286 5,013 72,874 Total funds carried forward (5,868 9,152 3,284 5,013 There were no reco8nised gains or105ses for 2024 and 2023 otherthan those included in the Financial Activities This SOFA includes an income and expenditure account in accordance with Companies Act requirements. ** Full comparatives for 2023 are shown in note 11 14
Wolverhampton Foodbank Ltd operatln8 as The Well Balance Sheet As at 31 March 2024 Company number 7962969 2024 2023 Flxed assets Tan8lble assets 5,274 9,607 Current assets Debtors Cash at bank and In hand 4,485 14,414 1,926 3,223 Total current a55ets 18,899 5,149 Credltors: amount5 fallln8 due wlthln one year {20,889) (9,743) Net current assets {1,990) {4,594) Net assets 3,284 5,013 Funds ofthe Charfty Restrlcted Funds Unrestrlcted funds io 9,152 (5,8681 3,286 1,727 Total funds 3,284 5,013 The dlrectors have taken advantage of the Companles Act 2006 In not havlng these accounts audlted under5ectlon 477 (1). No mernbers have required the company to obtaln an audlt of Ets accounts for the year In questlon In accordance wlth sectlon 476. The Dlrectors acknowledge thelr responslbllitles for ensurln8 that he company keeps accountlng records whlch comply wSth s386 and s387 of the Companles Art 2006 and for preparfn8 accounts whlch glve a true and falr vlew of the state of affalrs of the company as at 31 March 2024 and of Its deflcSt for the year then ended In accordance with the requlrements of 5396 and whlch complywbth the requlrement5 of the Act relatlng to the accounts so far as applicable to the company. The accounts have been prepared In accordance wlth the provtslons In Part 15 of the Companles Act 2006 appllcable to companle5 subjert to the small cornpanie5 reglme. Trustee Trustee Name .................... Date of board approval 27 November 2024 15
Wolverhampton Foodbank Ltd operatlng as The Well Notes to the accounts for the year ended 31 March 2024 l. Accounting Pollcles Basis of preparatlon The charity is a Charitable Company and constitutes a public benefit entity as defined by FRSIO2. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) second edition published October 2019, the Charities Act 2011 the and UK Generally Accepted Practice. The financial statements have been prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. No changes have been made to the financial statements for previous years unless otherwise stated withln the notes as a prior year adjustment. Funds Unrestrlcted funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise of unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are those funds which are to be used in accordance with specific restrictlons imposed by donors which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Donations received for a specific object or invited by the charity for a speciflc object. The funds may only be expended on the specific object for which they were given. Any balance rernaining unspent at the end of each year must be carried forward as a balance on that fund. The charity does not usually invest separately for each fund. Deslgnated funds Restrlcted funds Income Recognltlon Donations are recognised when received. All other income is recognised when it is receivable. All incoming resources are accounted for 8ross. the charlty becomes entitled to the resources: the trustees are virtually certain they will receive the resources: and the monetary value can be measured with sufficient reliability. 16
Wolverhampton Foodbank Ltd operating as The Well Notes to the accounts for the year ended 31 March 2024 Credltors and provislons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement arnount after allowing for any trade discounts due. Goln8 Concern The Trustees consider that the charity remains viable for the year ahead however this depends on sympathetic individuals and Christian groups continuing to donate gifts to fund The Well's working capital requirements. Governance costs Includes costs of the preparation and examination of statutory accounts, the costs of Trustee meetings and cost of any legal advice to Trustees on governance or constitutional matters. Support Costs Support costs include central functions and have been allocated to activity cost cate8orles on a basls consistent with the use of resources. Glfts In Klnd Operating as a Foodbank the charity receives and distributes food either donated or purchased at minimal costs. In the year the amount of food received was 68 tonnes and distributed accordingly Volunteer help The value of any voluntary help received is not Included in the accounts but is described in the Trustees, annual report Flxed assets Fixed assets are stated at cost less accumulated depreciation. Depreciation on fixed assets is provided at rate calculated to write off the cost of each asset over its expected useful life as follows: Motor Vehlcles Warehouse Equipment 25% straight line 20% straight line 17
Wolverhampton Foodbank Ltd operatlng as The Well Notes to the accounts for the year ended 31 March 2024 2. Income Unrestricted Restrlcted 2024 2023 Analysls Voluntary Income Donations and Glfts under £l.000 Donations fron Individuals over £1,000 Gift Aid Tax recovered Donations from local churches Set Me Free trust SiRma Properties NelRhbourlv Communitv Fund Coventry BuildinR Societv Midland Co-op jaUar Landrover Rent- free 1ft in kind Penn Animal Welfare Society LeRacv Shufflebotham Grantham Yorke Trust Total 112.693 51,534 18,894 16.415 4.250 4.000 555 1.275 1.091 4.243 7,126 99 116,936 58,660 18,993 16,415 4,250 4,000 1,305 1,275 1,091 1,000 100,140 7,000 10,575 17,560 1,500 750 1,000 1,320 1.000 13,458 3,000 2,836 1,000 159,389 210,707 13,218 223,925 18
Wolverhampton Foodbank Ltd operatlng as The Well Notes to the accounts for the year ended 31 March 2024 3. Expenses 2024 2023 Charltable activities Direct Costs Salary costs Food etc. for distribution Premises costs Transport costs Small equipment 99,830 5,514 64,943 8,324 606 105,315 23,690 55,822 6,911 902 Support costs Printin8 & stationery Gifts and tithes Computer costs Communication costs Insurance Subscriptions and licences Depreciation General expenses HR/H&S Support Training Statutory Accounts preparation and Independent Examination Miscellaneous Governance Costs 2,690 19,158 5,389 3,706 2,465 1,419 4,333 1,029 2,190 2,059 2,000 13 4,727 13,342 4,037 5,700 951 1,061 5,656 1,199 214 1,500 13 Total 225,668 231,040 19
Wolverhampton Foodbank Ltd operatlng as The Well Notes to the accounts for the year ended 31 March 2024 4. Related parties and Trustee Expenses No trustee reiVed payments or reimbursements in the year. 5. Net Incomlng resources for the year 2024 2023 This is stated after charging: Independent examiner's fees Underprovision 2023 Depreciation 1,750 250 4,333 1,500 5,656 6. Salarles and employment Gross wages, salaries and benefits in kind Employer's Pension costs Employers National Insurance Agency staff 96,012 I,S75 2,243 94,882 1,541 2,350 6,542 105,315 Total staff costs 99,830 Number Number Average number of employees in the year Operational staff The number of employees earning over £60,000 per annum was nil { 2023- nil ) 20
Wolverhampton Foodbank Ltd operatln8 as The Well Notes to the accounts for the year ended 31 March 2024 7. Tanglble fixed assets Motor Vehicle Warehouse Equlpment Total 2024 Cost brought forward Additions Disposals Balance carrled forward 16,421 8,489 24,910 16,421 8,489 24,910 Accumulated depreclatlon Basis 25%SL Accumulated Depreclatlon brought forward Depreciation charge for year On Disposals Balance carrled forward 9.502 2,307 5,801 2,026 15,303 4,333 11,809 7.827 19,636 Net book value Brought forward Carrled forward 6,919 4,612 2,688 662 9,607 5,274 8. Oebtors and prepayments Analysls of debtors Amounts fallln8 due wlthln one year 2024 2023 Other debtors Gift Aid Tax due 1.500 2,985 4,485 1,500 426 T¢)tsl 1,926 9. Credltors and accruals Analysls of credltors Amounts falllng due withln one year 2024 2023 Accruals Sundry Credltors 1,750 19.139 20,889 1,500 8,243 9,743 Total 21
Wolverhampton Foodbank Ltd operatln8 as The Well Notes to the accounts for the year ended 31 March 2024 Openlng Balance 110412023 Closlng balance 3110312024 Income Expendlture 10. Fund Movements Restrlcted Funds Capltal Specific donatlon 1.366 1,366 1,366 1,366 Revenue Speclfic donation Pallet Speciflc Food And Tolletry Purchases Electrlcal Goods 481 481 210 405 375 240 654 1,742 2,154 242 25 25 Jaguar Landrover-motorvate Salary Glft The Haven 548 452 7,126 2,195 806 6,320 297 1,898 Nei8hbourly Community Fund 550 750 1,300 5,986 1,920 13,218 9,152 Totsl Restrlcted 3,286 13,218 7,352 9,152 Unrestricted General Funds 1,727 210,721 218,316 (5,868) Total Funds 5,013 223,939 225,668 3,284 22
Wolverhampton Foodbank Ltd operating as The Well Notes to the accounts for the year ended 31 March 2024 11. Prevlous year detalled comparatlves for 2023 2023 Unrestrlcted funds Restrlcted Total fvnds funds Income Donatlons and Glfts Investment Income Other Income 139,090 30 20,299 159,389 30 3,760 163,179 Totsl Income 142,880 20,299 Expendlture Charltable actlvltles 177,304 53,736 231,040 Total expendlture 177,304 53,736 231,040 Net Income (34,424) (33,4371 (67,861) Reconclllatlon of Funds Total funds brou8ht forward 36,251 36,623 72,874 Transfers (100) 100 Total funds carried forward 1.727 3,286 5,013 23