2021-03-31-accounts

REGISTERED CHARITY NUMBER: 1163972

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR THE WELL

THE WELL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

	Page
Report of the Trustees	1 to 2
Independent Examiner's Report	3
Receipts and Payments Account	4
Statement of Assets and liabilities	5
Notes to the Financial Statements	6

THE WELL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report with the financial statements of the charity for the year ended 31 March, 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1163972

Registered office

74-78 Frodingham Road SCUNTHORPE DN15 7JW

Trustees

M A Joyce D I White I Wray

Independent examiner

C. M. Tams A.C.A Smethurst & Co LLP 12 Abbey Road GRIMSBY DN32 0HL

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Well is governed in accordance with its constitution as a Charitable Incorporated Organisation (CIO) as approved by the Charity Commission and which is unchanged since its creation in October 2015. A copy of the Constitution may be obtained by application to the Trustees.

Recruitment and appointment of new trustees

The Trustees policy on the appointment of new Trustees is execute the procedure and standards set out in the Trust's Constitution and further described in its standard, "Invitation for New Trustees", which may be obtained by application to the Trustees

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees have put in place robust procedures to regularly meet and document decisions as well use business and other systems to control the Trust's finances, oversee health & safety, maintain the Trust's assets and manage risk.

The Trustees have put in place policies and procedures to protect the Trust from the key risks to its effective and efficient operation which they have identified as reputational and financial. These are covered in its Compliance Policy and Constitution; a copies of which may be obtained by application to the Trustees.

OBJECTIVES AND ACTIVITIES Objectives and aims

The objects of the CIO are :

The advancement of ecumenical Christian religion for the public benefit chiefly in North Lincolnshire through educational and missionary activities as the Trustees decide, in particular but not exclusively, through the provision of a base for the sale of goos, dissemination of information and the provision of welcoming and supportive environment where other services may be accessed in accordance with Christian principles.

Page 1

THE WELL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

ACHIEVEMENT AND PERFORMANCE Charitable activities

The Well’s ongoing activity was severely disrupted by the three Covid-19 mitigating “lockdowns’ during the year, but the CIO was able to further improve its financial position due to strong cost control measures and support from government.

During the three periods when trading was possible, particularly during August 2020’s “Eat Out to Help Out” campaign, the strategy of rebalancing the weight of sales towards the Coffee Shop and Charity Shop continued to bare fruit. By the end of the year over half of sales were from these two sections.

The third lockdown in Spring 2021 gave the CIO the opportunity it needed to undertake major site improvements including new lighting, new heating, securing external walls from damp & water ingress and installing a brand-new kitchen (which included redecoration and flooring).

A challenge in the Charity Shop was that the Trust lost the resource that had bought robust online sales in 2019 – 20. But good merchandising in store meant that shop sales held up well and continued to grow as a proportion of total sales

In the Bookshop our management continued to exercise tight control over costs and benchmark trade supplier purchase cost to gross bookshop sales ratio to bring it back on track. In the Coffee Shop the team started a series of Sunday dining and other experiences which proved popular with our customers too.

In summary, and notwithstanding a continued underlying long-term decline in Bookshop sales as well as other non-trading income, the Trust has been able to end the year not only with a financial position that delivers the reserves needed but also an improved asset.

The continued challenge for the Trustees in 2021-22 is to secure more competent people at all levels to deliver the Trust’s mission competently, safely and professionally.

The CIO remains committed to The Well’s mission and vision of supporting the Church in North Lincolnshire - a visible and active demonstration of Christian unity.

At the close of the financial year (31/3/21) The Well remained debt free and held the unencumbered freehold to its estate.

David White Mike Joyce Ian Wray

FUTURE DEVELOPMENTS

The CIO aspires to refit the Bookshop floor, the window frontage and install a new modern sign above the shop front.

Operationally the Trustees' will continue to support management with the resources needed to grow Coffee Shop sales through e.g. external catering contracts to church bodies.

The Trustees’ policy is to continue to operate with robust reserves and so any investment will not be done in a way which prejudices the Trust’s independent financial standing.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

............................................. D I White - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELL

I report on the accounts of The Well (the CIO) for the year ended 31 March 2021, which are set out on pages four to six.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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

1. accounting records were not kept as required by section 130 of the Act; or

2. the accounts do not accord with those records

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.

C. M. Tams A.C.A Smethurst & Co LLP 12 Abbey Road GRIMSBY DN32 0HL

Date: .............................................

Page 3

THE WELL

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note RECEIPTS: VOLUNTARY RECEIPTS Donations ACTIVITIES FOR GENERATING FUNDS Charity Shop Income Coffee Shop Income CHARITABLE ACTIVITIES Bookshop Income OTHER INCOME Government Grants ASSET AND INVESTMENT SALES Fixed Assets transferred Cash at Bank & in hand transferred TOTAL RECEIPTS PAYMENTS: Fundraising costs 1 Other Costs of Charitable Activities 1 Governance Costs 1 TOTAL PAYMENTS NET RECEIPTS	Restricted Funds Unrestricted Funds Total 2021 £ £ £ - 47,807 47,807 - 47,807 47,807 - 5,933 5,933 - 7,254 7,254 - 13,187 13,187 12,314 12,314 - 12,314 12,314 1,334 1,334 - 1,334 1,334 - - - - - - - - - - 74,642 74,642 - 20,758 20,758 - 43,511 43,511 - 600 600 - 64,869 64,869 - 9,773 9,773	Total 2020 £ 5,725
		5,725
		16,392 18,727
		35,119
		31,382
		31,382
		-
		-
		- -
		-
		72,226
		26,127 49,788 600
		76,515
		-4,289

The notes form part of these financial statements

Page 4

THE WELL

STATEMENT OF ASSETS AND LIABILITIES

AT 31 MARCH 2021

Note FIXED ASSETS Property and Improvements Fixtures and fittings Assets Closing Stock Cash at Bank Cash at Paypal Cash in Hand TOTAL ASSETS LIABILTIES Fees for Independent Examination and other accountancy costs	Restricted Unrestricted Total 2021 2021 2021 £ £ £ - 225,000 225,000 - 1,375 1,375 - 226,375 226,375 - 33,288 33,288 - 9,196 9,196 - 774 15 - 146 146 - 43,404 42,645 - 269,779 269,020 1,020 1,020 0 1,020 1,020	Total 2020 £ 225,000 466
		225,466
		36,035 366 2 125
		36,528
		261,994
		600
		600

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

............................................. D I White -Trustee

The notes form part of these financial statements

Page 5

THE WELL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ANALYSIS OF COSTS

FUNDRAISING COSTS (TRADING ACTIVITES) Charity Shop Expenses Coffee Shop Expenses Wages PAYE & Pension costs COSTS OF CHARITABLE ACTIVIES Bookshop Expenses Bookshop Wages Bank Charges Premises Costs Insurance PAYE & Pension costs Subscriptions Telephone Travel Printing & Stationery Equipment Professional Fees Staff Training Sundries Repairs Advertising GOVERNANCE COSTS Independent examiners fee	Unrestricted Funds Restricted Funds Total Funds 2021 Total Funds 2020 £ £ £ £ 18 - 18 2,872 2,585 - 2,585 5,151 16,849 - 16,849 16,790 1,306 - 1,306 1,314
	20,758 - 20,758 26,127
	12,560 - 12,560 20,666 16,848 - 16,848 16,791 448 - 448 551 8,599 - 8,599 6,533 1,062 - 1,062 879 1,306 - 1,306 1,315 648 - 648 843 774 - 774 695 59 - 59 53 57 - 57 168 - 0 466 321 - 321 314 24 - 24 109 518 - 518 125 245 - 245 151 42 - 42 129
	43,511 - 43,511 49,788
	600 - 600 600

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