**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|
Page 6