**REGISTERED CHARITY NUMBER: 1163972**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
**FOR**
**THE WELL**
**THE WELL**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
||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 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 March, 2023.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Charity number** 1163972
## **Registered office**
74-78 Frodingham Road SCUNTHORPE DN15 7JW
## **Trustees**
M A Joyce D I White – Resigned 31/03/2023 I Wray C Powell – Appointed 15/11/2022
## **Independent examiner**
C. M. Tams F.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 2023**
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
The Well settled down to routine operations to deliver its mission following the disturbance caused by Covid in the preceding three years. The coffee and charity sections continued to make valuable contributions to the whole.
To this end the management team has continued to grow its sales of excellent community events, e.g. Sunday lunches to promote the broader availability and sales of Christian literature. And, to support sales growth, at the end of the 2022, The Well put in place a platform to enable it to sell (by card transaction) directly on line (with the expectation that this will also raise sales).
But, the market for printed literature is challenging and the contribution margin fell to about 27% (of sales revenue) from a longer-term margin of 35% - 40%. That said, 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, remains at the heart of all we do.
The difficult external economic environment, exemplified by CPI reaching 10.4% in March 2023, meant that tight cost control (in the face of a retail market resistant to equivalent price increases), was even more necessary for The Well's sustainability. The increase in the National Living Wage (to £9.50/hour) on 1st April 2022 was also a challenge. But, The Well has had protection from the immediate impact of what would otherwise have been very large increases in wholesale energy costs through long term contracts already in place for the purchase of electricity (until December 2023) and gas (until January 2025).
The Well continues to benefit from an 80% reduction in the rateable value of its shop as well as the benefit it receives from Gift aid rebates from HMRC, worth about £900/year. Which, when combined with private gifts means that The Well continues to benefit from circa £5,300 of gifts and no-trading support. Non-sales support is an essential factor in delivering the charity's charitable objects.
From the wider perspective of its contribution to the community, The Well sustains six part time paid roles and work experience opportunities for up to twenty volunteers, often people who might otherwise struggle to gain direct access to employment or contribute to the wider community because of e.g. learning difficulties. We provide a safe work environment to equip team members with the skills, competences and mindset to work with confidence in public facing environments.
Whilst recognising that like-for-like year-end cash reserves have fallen significantly (for the reasons outlined above), The Well is able to report that it ends 2022-2023 debt free and with circa £3,500 cash in hand.
Clare Powell was a valuable addition to The Trustees in November 2022 with wide business and community engagement experience. David White left after being involved from the inception of The Well and its registration in 2015.
Mike Joyce Ian Wray Clare Powell – Appointed 15/11/2022
## **FUTURE DEVELOPMENTS**
The increase In the National Living Wage by 9.68% on 1st April 2023 will be significant challenge, as will a new electricity supply contract from December 2023. But, The Well's ambition remains to refit the Bookshop and install modern signage to the shop front to better present its witness and presence for Jesus in the community.
Operationally the Trustees' will continue to support management with the resources they need to grow sales through e.g. a better website and external contracts to church bodies. The Trustees' policy is to continue to operate with a good level of reserves and invest in ways that will not prejudice the charity's long term independent financial standing.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................. M Joyce - 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 2023, which are set out on pages four to five.
## **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 F.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 2023**
|**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
Donations
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 2023**
**£**
**£**
**£**
-
4,730
4,730
-
17,761
17,761
-
27,568
27,568
-
31,359
31,359
-
-
-
-
81,418
81,418
-
-
-
-
-
-
-
-
-
-
81,418
81,418
-
291
291
-
7,630
7,630
-
21,606
21,606
-
-
-
-
43,104
43,104
-
3,465
3,465
-
806
806
-
5,473
5,473
-
1,155
1,155
-
830
830
-
1,004
1,004
-
-
-
-
379
379
-
426
426
-
-
-
-
470
470
-
449
449
-
134
134
-
1,164
1,164
-
88,386
88,386
-
-
-
-
-|**Total 2022**
**£**
5,657
17,372
23,386
29,499
9,747|
|---|---|---|
|||85,661|
|||-
-|
|||-|
||||
|||85,661|
|||167
7,182
18,507
-
38,794
3,612
612
4,610
1,093
623
1,015
5
493
282
110
1,095
269
-
1,080|
|||79,549|
|||5,008|
|||5,008|
||-
88,386
88,386
-
-6,968
-6,968||
|||84,557|
|||1,104|
Page 4
**STATEMENT OF ASSETS AND LIABILITIES AT 31 MARCH 2023**
|**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**
Taxation & Social Security
Fees for Independent Examination
and other accountancy costs
Trade Creditors
Salaries|**Restricted**
**Unrestricted**
**Total**
**2023**
**2023**
**2023**
**£**
**£**
**£**
-
226,419
226,419
-
4,964
4,964
-
231,383
231,383
-
126
126
-
36,972
36,972
-
3,214
3,214
-
-
-
-
279
279
-
40,591
40,591
-
271,974
271,974
-
84
84
-
1,200
1,200
-
1,173
1,173
-
524
524
-
2,981
2,981|**Total**
**2022**
**£**
226,419
4,964|
|---|---|---|
|||231,383|
|||192
35,882
10,268
1
192|
|||46,535|
||||
|||277,918|
|||82
1,170|
|||1,252|
The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:
............................................. M Joyce -Trustee
Page 5