2024-03-31-accounts

REGISTERED CHARITY NUMBER: 1163972

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE WELL

THE WELL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

	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 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March, 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number 1163972

Registered office

74-78 Frodingham Road SCUNTHORPE DN15 7JW

Trustees

M A Joyce L Beveridge – Appointed 16/04/2024 I Wray C Powell

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 2024

ACHIEVEMENT AND PERFORMANCE Charitable activities

Another successful year with all departments performing well.

Special fundraising events including Sunday lunches and Saturday Breakfast continue to further the charitable purposes. The integration of the new Zettle Epos system has been of considerable benefit enabling us to have greater oversight of the charity.

As in previous years, 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.

Outreach events at Yorkshire Christian Camp and the Salvation Army have helped to raise awareness of our community presence.

As the Cost of Living crisis set in The Well has not been exempt from challenge, and we have been careful to manage expenditure carefully, particularly staff overtime.

Electricity and gas prices soared during this period, but we benefitted from fixed electricity tariffs (to Dec 2023) and gas (until January 2025). Gradually prices fell and we were able to obtain a satisfactory electricity deal in December. A 90% Council Grant enabled installation of solar panels in March 2024 which will bring further savings.

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. 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.

The Well is able to report that at the end of March 2024 we are debt free.

Mike Joyce Ian Wray Clare Powell Lisa Beveridge

FUTURE DEVELOPMENTS

Improvements to the shop front and new toilets were identified for the financial year 2024-25

Approved by order of the board of trustees on 20[th] December 2024 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 2024, 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: 20[th] December 2024

Page 3

THE WELL

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

RECEIPTS: Donations Gift Aid 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 2024 £ £ £ 1,210 9,798 11,008 113 1,170 1,283 - 15,345 15,345 - 38,373 38,373 - 30,285 30,285 6,695 0 6,695 8,018 94,971 102,989 - - - - - - - - - 8,018 94,971 102,989 - 250 250 - 11,122 11,122 - 17,664 17,664 - - - - 50,140 50,140 - 3,808 3,808 - 756 756 446 5,226 5,672 - 1,238 1,238 - 984 984 - 1,064 1,064 - - - - 182 182 - 480 480 - - - - 1,268 1,268 - 551 551 - 168 168 - 1,200 1,200 446 96,101 96,547 3,235 31 3,266 3,235 31 3,266 3,681 96,132 99,813 4,337 -1,161 3,176	Total 2023 £ 4,035 695 17,761 27,568 31,359 -
		81,418
		- -
		-
		81,418
		291 7,630 21,606 - 43,104 3,465 806 5,473 1,155 830 1,004 - 379 426 - 470 449 134 1,164
		88,386
		0
		0
		88,386
		-6,968

Page 5

STATEMENT OF ASSETS AND LIABILITIES

AT 31 MARCH 2024

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 2024 2024 2024 £ £ £ - 228,331 228,331 - 6,318 6,318 - 234,649 234,649 - 758 758 - 36,000 36,000 4,337 1,209 5,546 - - - - 1,123 1,123 4,337 39,090 43,427 4,337 273,739 278,076 174 174 1,260 1,260 2,641 2,641 - - 4,075 4,075	Total 2023 £ 226,419 4,964
		231,383
		126 36,972 3,214 - 279
		40,591
		271,974
		84 1,200 1,173 524
		2,981

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

............................................. M Joyce -Trustee

Page 5