2022-03-31-accounts

REGISTERED CHARITY NUMBER: 1163972

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

THE WELL

THE WELL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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

THE WELL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March, 2022.

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 to execute the procedure and standards set out in the CIO'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 as use business and other systems to control the CIO's finances, oversee health & safety, maintain the CIO's assets and manage risk.

The Trustees have put in place policies and procedures to protect the CIO 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; 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 goods, 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 2022

ACHIEVEMENT AND PERFORMANCE Charitable activities

The Well’s ongoing activity was disrupted for the first few months of 2021 – 22 by the third Covid-19 lockdown. However, the Bookshop and Charity Shop sections opened in mid-April, before the Coffee Shop on 17[th] May.

To continue to deliver the core function of The Well (to make Christian literature and resources available in the community and be a convivial meeting point to promote Christian knowledge in the Coffee Shop section), our management team have continued to exercise tight control over costs and brought the benchmark ratio of trade supplier purchase costs to sales back on track. And in the Coffee Shop the team started a series of Sunday dining and other experiences to comfort and equip our loyal clientele after a trying time. These proved very popular.

During the third lockdown the CIO invested time, talent and finance in completing the modernization of the kitchen to support the pastoral element of The Well’s activity and so by the end of the year the Coffee Shop was again making a valuable contribution to delivering The Well’s mission.

Governmental support during the Covid pandemic was critical in enabling The Well to remain solvent. In total, the value of business grants and job retention scheme payments received in 2021-22 was circa £9,300. The societal benefit is that The Well has been able to retain six part time roles, (2 FTE), as well provide work experience opportunities for up to twenty voluntary roles, often for people who might otherwise have struggled to gain direct access to paid employment or contribute to the wider community because of e.g. Downs or other learning difficulties. The Well is particularly pleased to provide a work environment, especially in the Coffee Shop, to equip its team with the skills, professionalism and competences to work with confidence in public facing environments.

The purpose of The Well remains to be a resource for the Church in North Lincolnshire and be a demonstration of Christian unity at its heart. We believe that The Well’s firm financial footing will enable it to continue in 2022 and beyond.

In summary, The Well, has been able to end another year with a financial position that delivers the reserves needed and an improved asset.

The goal for the Trustees in 2022-23 is, with wisdom, to meet the challenge of strong inflationary pressures and increased staffing costs.

At the close of the financial year (31/3/22) The Well remained debt free and held the unencumbered freehold to its estate.

David White Mike Joyce Ian Wray Clare Powell – Appointed 15/11/2022

FUTURE DEVELOPMENTS

The CIO’s ambition remains 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 CIO’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 2022, 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

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

RECEIPTS: Donations Charity Shop Income Coffee Shop Income Bookshop Income Government Grants ASSET AND INVESTMENT SALES Fixed Assets transferred Cash at Bank & in hand transferred TOTAL RECEIPTS PAYMENTS: Charity Shop Expenses Coffee Shop Expenses Bookshop Expenses Wages PAYE & Pension costs Bank Charges Premises Costs Insurance Subscriptions Telephone Travel Printing & Stationery Professional Fees Staff Training Sundries Repairs Advertising Independent Examiners Fee ASSET AND INVESTMENT PURCHASES Purchase of Fixed assets TOTAL PAYMENTS NET RECEIPTS	Restricted Funds Unrestricted Funds Total 2022 £ £ £ - 5,657 5,657 - 17,372 17,372 - 23,386 23,386 - 29,499 29,499 - 9,747 9,747 - 85,661 85,661 - - - - - - - - - - 85,661 85,661 - 167 167 - 7,182 7,182 - 18,507 18,507 - 38,794 38,794 - 3,612 3,612 - 612 612 - 4,610 4,610 - 1,093 1,093 - 623 623 - 1,015 1,015 - 5 5 - 493 493 - 282 282 - 110 110 - 1,095 1,095 - 269 269 - - - 1,080 1,080 - 79,549 79,549 5,008 5,008 - 5,008 5,008	Total 2021 £ 47,807 5,933 7,254 12,314 1,334
		74,642
		- -
		-
		74,642
		18 2,585 12,560 33,697 2,612 448 8,599 1,062 648 774 59 57 321 24 518 245 42 600
		64,869
		-
		-
	- 84,557 84,557 - 1,104 1,104
		64,869
		9,773

The notes form part of these financial statements

Page 4

THE WELL

STATEMENT OF ASSETS AND LIABILITIES

AT 31 MARCH 2022

FIXED ASSETS Property and Improvements Fixtures and fittings Assets Trade Debtors 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 2022 2022 2022 £ £ £ - 226,419 226,419 - 4,964 4,964 - 231,383 231,383 - 192 192 - 35,882 35,882 - 10,268 10,268 - 1 1 - 192 192 - 46,535 46,535 - 277,918 277,918 - 1,170 1,170 - 1,170 1,170	Total 2021 £ 225,000 1,375
		226,375
		- 33,288 9,196 15 146
		42,645
		269,020
		1,020
		1,020

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 4