Charity registration number :1155409
The Wedding Wishing Well Foundation
Annual Report and Financial Statements
31 January 2022
The Wedding Wishing Well Foundation Company Information
Trustees
Mr G Thomas ( Head of the Board and the Trustees ) Mr D Lee Mrs T Northcott
Accountants
Anthony Smith & Co Ltd Compass House 6 Billetfield Taunton TA1 3NN
Bankers
The Co-Operative Bank plc Business Direct P O Box 250 Skelmerdale WN8 6WT
Registered office
The Annex, Frys Barn Croford Wiveliscombe Taunton TA4 2TS
Registered charity number
1155409
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The Wedding Wishing Well Foundation Trustees' Report
The trustees present their annual report and financial statements for the year ended 31 January 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution, the Charities Act 2016 and the Statement of Recommended Practice: Accounting and Reporting by Charities.
Trustees
The following persons served as trustees during the year:
Mr G Thomas Mr D Lee Mrs T Northcott
Mr G Thomas was named the Head of the Board and the trustees and was designated as the sole signatory on the Annual Report and Financial Statements.
Employment of disabled persons
Structure, governance and management
Organisational structure
The charity is a Charitable Incorporated Organisation ( CIO ), governed by its governing document which is based on the Charity Commission Model Constitution for a CIO whose only voting members are its charity trustees ( "Foundation model"), and is a registered charity, number 1155409.
Note: Under clause 10 and 12 of the constitution the charity trustees, apart from the first charity trustees, shall be appointed annually by a resolution passed at a properly convened meeting of the charity trustees. Retiring trustees will be eligible for re-election.
All members of the Management Committee give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.
The present trustees do not envisage any need for new or additional trustees. In the event that they do, new trustees will be encouraged to attend a series of short training sessions to familiarise themselves with the charity and the context within which it operates.
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The Wedding Wishing Well Foundation Trustees' Report
Major risks and management of those risks
The trustees regularly review the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of transactions and projects. These procedures are periodically reviewed in order to ensure that they still meet the needs of the charity.
Objectives and activities
Objectives and aims
Our charity's purpose is to promote and further the care and relief of those who have a terminal illness, or who are suffering from a life limiting medical condition, and their partners who are economically disadvantaged by the provision of weddings.
We believe that few things in life can be more important or rewarding, than giving such a person a chance to have a dream wedding day, with all the excitement, love and happiness that brings. As we are fully aware that time can be precious, we are able to organise the arrangements against the clock where required.
For many families, the memory of a happy wedding day can be a cherished moment. Surrounded by family and friends, enjoying each other's company and being full of joy and laughter, a wedding day is an occasion where everyone can look back and remember that special event, and smile.
We appreciate that none of this would be possible without our hard work and determination or without our suppliers and service provider's generosity. These factors are integral to our success and we are constantly striving to ensure the organisation grows and flourishes so we can provide such a service in the coming years.
Currently we are based in Exeter in Devon and operate locally in the South West area primarily but with more fundraising, continued support from generous suppliers and invaluable publicity, we have been able to increase exposure to our profile allowing us to take the foundation across the whole of the UK, helping more and more people enjoy the wedding day of their dreams.
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
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The Wedding Wishing Well Foundation Trustees' Report
Achievements and performance
This financial year was the beginning of our recovery, with financial donations remaining at an all time low we are reliant on our bridal boutique as our only real source of income but with the National Lockdown in effect until the 14th April we lost the first third of the years trading at La Boutique, which is also our busiest time.
Despite the late opening of La Boutique we were able to have a successful trading period for the rest of the year, enhanced by a very positive Westpoint wedding show which generated over 90 new dress enquires in a time which is usually very quiet. With the level of new enquiries we had and number of appointments already booked in 2022, we took the decision to invest heavily into new stock to really maximise the opportunities and hit the ground running and really make 2022 a positive year and rebuild our finances.
Financial review
The charity is reliant on the income from donations and fundraising events. During the year 2020/21 the charity received donations of £13,959 (2021: £16,667 ) and generated funds of £113,376 (2021: £72,916) from fundraising events and sale of donated goods. The charity also recieved grants retaled to Covid-19 of £21778. The outcome of the period leaves net funds of £ 137,130 ( 2020: £ 127,384 ) to carry forward.
Policy on reserves
The trustees have examined the charity requirements for reserves in light of the main risk to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of the expenditure. The reserves are needed to meet the working capital requirements of the charity and the trustees are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. The present level of reserves available to the charity of £137,130 therefore falls within the target level. Following Covid-19 the charity aims to rebuild reserves which may take some time given that sales on average take 12-18 months to complete.
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The Wedding Wishing Well Foundation Trustees' Report
Investment policy and objectives
The trustees seek to create sufficient income to enable the charity to carry out its purposes consistently year by year with due and proper consideration of future needs. Aside from retaining a prudent amount in reserves each year most of the charity funds are to be spent in the short term so there are few funds for long term investment.
The charity may deposit or invest funds, employ a professional fund-manager, and arrange for the investments or other property of the CIO to be held in the name of a nominee, in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 2000.
The charity may buy, take on lease or in exchange, hire or otherwise acquire any property and to maintain and equip it for use.
The charity may also sell, lease or otherwise disposal of all or any part of the property belonging to the CIO. In exercising this power, the CIO must comply as appropriate with sections 117 and 119-123 of the Charities Act 2011.
Plans for future periods
Aims and key objectives for future periods
I fully anticipate that the next financial year will be a full year of recoveryunfortunately but necessary to hopefully get us back to normal operating levels for 2023. Thankfully we were able to complete a number of smaller intimate weddings and one larger wedding during 2022 and hope to expand on this in the coming year. We are so grateful to our team At La Boutique for their support and hard work during these challenging times and moving forward.
We will be looking to continue and expand the number of charity ambassadors to help promote the charity in their dedicated areas; spreading awareness and building "hubs" of support that we can turn to for fundraising and find additional suppliers to support weddings in their area. We would also like to increase the partial weddings we do and provide more help to more couples in need.
Mr G Thomas Head of the Board and Trustees Approved on 10 November 2022
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The Wedding Wishing Well Foundation
Report to the trustees on the preparation of the unaudited financial statements of The Wedding Wishing Well Foundation for the year ended 31 January 2022
We have assisted the trustees to fulfil their duties under the Charities Act 2011 and general Directions given by the Charity Commission, and have prepared the financial statement of The Wedding Wishing Well Foundation for the year ended 31 January 2022 which comprise of the Income and Expenditure Account, the Balance Sheet and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com/Professional-ethics.
Anthony Smith & Co Ltd Chartered Management Accountants Compass House 6 Billetfield Taunton TA1 3NN
10 November 2022
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The Wedding Wishing Well Foundation Income and Expenditure for the year ended 31 January 2022
| Income and Endowments from Donations Interest receivable Grants Other events income Shop income from sale of donated goods and services Cost of raising funds Cost of charitable activities Recognised gains and losses Net movement in funds Total net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
2022 £ 13,959 - 21,778 2,897 110,481 149,115 (76,771) (62,599) 9,745 9,745 9,745 127,385 137,130 |
2021 £ 16,667 23,170 2,535 70,381 |
|---|---|---|
| 112,753 (30,451) (63,358) |
||
| 18,944 | ||
| 18,944 | ||
| 18,944 | ||
| 108,441 | ||
| 127,385 |
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The Wedding Wishing Well Foundation Balance Sheet as at 31 January 2022
| Notes Fixed assets Tangible assets 3 Current assets Stocks Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Net assets Funds of the Charity Unrestricted income funds Total funds |
2022 £ 1,552 136,300 1,378 137,678 (2,101) 135,577 137,129 137,129 137,129 |
2021 £ - 125,050 4,346 129,396 (2,011) 127,385 127,385 127,385 127,385 |
2021 £ - 125,050 4,346 129,396 (2,011) 127,385 127,385 127,385 127,385 |
|---|---|---|---|
| 127,385 | |||
| 127,385 | |||
| 127,385 |
Mr G Thomas Head of the Board and Trustees Approved on 10 November 2022
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The Wedding Wishing Well Foundation Notes to the Financial Statements for the year ended 31 January 2022
1 Accounting policies
Basis of preparation
The financial statements have been prepared 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 Republic of Ireland ( FRS 102 ) - Charities SORP ( FRS 102 ), the Financial Reporting Standard applicable in the UK and Republic of Ireland ( FRS 102 ) and Charities Act 2016.
The Wedding Wishing Well Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Donated services and facilities are included at the value to the charity where this can be quantified. The value of the services provided by volunteers has not been included in these accounts.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Expenditure
All expenditure is recognised once is a legal or constructive obligation to that expenditure and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spreadsheet of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
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The Wedding Wishing Well Foundation Notes to the Financial Statements for the year ended 31 January 2022
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the Charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustee's meetings and reimbursable expenses. These costs are included under costs of charitable activities.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment
33% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefor it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund Structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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The Wedding Wishing Well Foundation Notes to the Financial Statements for the year ended 31 January 2022
| 2 Employees Average number of persons employed by the company 3 Tangible fixed assets Cost At 1 February 2021 Additions At 31 January 2022 Depreciation At 1 February 2021 Charge for the year At 31 January 2022 Net book value At 31 January 2022 4 Creditors: amounts falling due within one year Other creditors 4 Income from donations and legacies Donations and legacies Donations 13,959 13,959 5 Income from other trading activities Unrestricted funds General Trading income Shop income from sale of donated goods 110,481 Grants 21,778 Events income Other events income 2,897 135,156 |
2022 Number 1 2022 £ 2,101 13,959 13,959 Total 2022 £ 110,481 21,778 2,897 135,156 |
2021 Number 1 |
|---|---|---|
| Plant and machinery etc £ 1,924 2,317 |
||
| 4,241 | ||
| 1,924 765 |
||
| 2,689 | ||
| 1,552 | ||
| 2021 £ 2,011 |
||
| 16,667 | ||
| 16,667 | ||
| Total 2021 £ 70,381 23,170 2,535 |
||
| 96,086 |
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The Wedding Wishing Well Foundation Notes to the Financial Statements for the year ended 31 January 2022
| 6 Investment income Interest receivable and similar income Other interest receivable 7 Expenditure on raising funds Cost of trading activities Fundraising trading costs Fundraising Costs of goods sold Increase in stock Other direct costs of activities for generating funds 8 Analysis of governance and support costs Charitable activities expenditure Rent and rates Travel and subsistence Stationery, printing, postage and office expenses Sundry Governance costs Advertising and PR Depreciation Bank charges Repairs and maintenance Insurance |
Unrestricted funds General 0 - Unrestricted funds General - 86,618 (11,250) 1,403 76,771 Unrestricted funds General 35,031 9,561 1,630 451 1,702 1,011 765 - 866 1,415 52,432 |
Total 2022 £ 0 - Total 2022 £ - 86,618 (11,250) 1,403 76,771 Total 2022 £ 35,031 9,561 1,630 451 1,702 1,011 765 - 866 1,415 52,432 |
Total 2021 £ 0 |
|---|---|---|---|
| - | |||
| Total 2021 £ - 26,175 (22,890) 27,166 |
|||
| 30,451 | |||
| Total 2021 £ 30,828 6,986 993 767 1,808 926 - 95 3,695 - |
|||
| 46,098 |
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The Wedding Wishing Well Foundation Notes to the Financial Statements for the year ended 31 January 2022
9 Trustees remuneration and expenses
During the year the Charity made the following transactions with trustees:
Mr G Thomas
Expenses of £12,442.54 (2021: £ 8869.88) were reimbursed to Mr G Thomas during the year.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits during the year.
10 Staff costs
| 10 Staff costs | |
|---|---|
| 2022 The aggregate payroll costs were as follows: £ Wages and salaries - No employee received emoluments of more than £ 60,000 during the year. 11 Stock 2022 £ Stock 136,300 12 Funds Balance at 1 Income Resources February 2021 resources expended Unrestricted funds Unrestricted general funds Unrestricted income fund 127,384 149,115 (139,370) |
2021 £ - |
| 2021 £ 125,050 |
|
| Balance at 31 January 2022 137,129 |
13 Related party transactions
During the year the Charity made no payments to related parties.
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The Wedding Wishing Well Foundation Detailed Income and Expenditure account for the year ended 31 January 2022
| Income Cost of raising funds Gross gain Charitable activities expenditure Operating gain Net movement in funds |
2022 £ 149,115 (76,771) 72,344 (62,599) 9,745 9,745 |
2021 £ 112,753 (30,451) |
|---|---|---|
| 82,302 (63,358) |
||
| 18,944 | ||
| 18,944 |
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The Wedding Wishing Well Foundation Detailed Income and Expenditure account for the year ended 31 January 2022
| Sales Donations Grants Other events income Shop income from sale of donated goods and services Cost of raising funds Cost of goods sold Increase in stocks Other direct costs of activities for generating funds Charitable activities expenditure Travel and subsistence Motor expenses Rent and rates Cleaning Telephone and fax Stationery, postage, printing and office expenses Subscriptions Bank charges Insurance Repairs and maintenance Depreciation Sundry expenses Accountancy fees Advertising and PR Other legal and professional |
2022 £ 13,959 21,778 2,897 110,481 149,115 86,618 (11,250) 1,403 76,771 9,561 679 35,031 4,663 4,315 1,630 510 - 1,415 866 765 451 1,702 1,011 - 62,599 |
2021 £ 16,667 23,170 2,535 70,381 |
|---|---|---|
| 112,753 | ||
| 26,175 (22,890) 27,166 |
||
| 30,451 | ||
| 6,986 877 30,828 5,719 3,055 993 222 95 1,688 3,695 - 767 1,808 926 5,699 |
||
| 63,358 |
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