Company registration number: CE008215 Charity registration number: 1170218
Woodwork to Wellness
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 August 2020
Woodwork to Wellness
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Strategic Report | 2 |
| Statement of Trustees' Responsibilities | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 15 |
Woodwork to Wellness
Reference and Administrative Details
Trustees Aled Wyn Roberts Jean McComick Shelly Streeter Principal Office Unit 4b Saltney Business Centre Saltney Chester CH4 8SE The charity is incorporated in England and Wales. Company Registration Number CE008215 Charity Registration Number 1170218 Independent Examiner Shaw Mitchell Partnership Limited Bank House 71 Dale Street Milnrow Rochdale Lancashire OL16 3NJ
Page 1
Woodwork to Wellness
Strategic Report for the Year Ended 31 August 2020
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 August 2020, in compliance with s414C of the Companies Act 2006.
The strategic report was approved by the trustees of the charity on 28 June 2021 and signed on its behalf by:
......................................... Jean McComick Trustee
Page 2
Woodwork to Wellness
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Woodwork to Wellness for the purposes of company law) are responsible for preparing the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 28 June 2021 and signed on its behalf by:
......................................... Jean McComick Trustee
Page 3
Woodwork to Wellness
Independent Examiner's Report to the trustees of Woodwork to Wellness
I report on the accounts of the charity for the year ended 31 August 2020 which are set out on pages 5 to 15 .
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
...................................... Shaw Mitchell Partnership Ltd
Bank House 71 Dale Street Milnrow Rochdale Lancashire OL16 3NJ
28 June 2021
Page 4
Woodwork to Wellness
Statement of Financial Activities for the Year Ended 31 August 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Total Income Expenditure on: Raising funds Charitable activities 4 Total Expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 Note Income and Endowments from: Donations and legacies 3 Total Income Expenditure on: Raising funds Charitable activities 4 Total Expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds £ 63,373 63,373 (55,783) (114) (55,897) 7,476 7,476 994 8,470 Unrestricted funds £ 45,252 45,252 (50,067) (137) (50,204) (4,952) (4,952) 5,946 994 |
Total 2020 £ 63,373 |
|---|---|---|
| 63,373 | ||
| (55,783) (114) |
||
| (55,897) | ||
| 7,476 | ||
| 7,476 994 |
||
| 8,470 | ||
| Total 2019 £ 45,252 |
||
| 45,252 | ||
| (50,067) (137) |
||
| (50,204) | ||
| (4,952) | ||
| (4,952) 5,946 |
||
| 994 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 13.
Page 5
Woodwork to Wellness
(Registration number: CE008215) Balance Sheet as at 31 August 2020
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net current assets/(liabilities) Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 13 |
2020 £ 4,626 1,877 31,320 33,197 (29,353) 3,844 8,470 8,470 8,470 |
2019 £ 6,285 - 7,963 |
|---|---|---|
| 7,963 (13,254) |
||
| (5,291) | ||
| 994 | ||
| 994 | ||
| 994 |
The financial statements on pages 5 to 15 were approved by the trustees, and authorised for issue on 28 June 2021 and signed on their behalf by:
......................................... Jean McComick Trustee
Page 6
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
1 Charity status
The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Woodwork to Wellness meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Page 7
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Furniture and equipment 20% on cost
Page 8
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Page 9
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 10
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 11
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Grants, including capital grants; Government grants Regular giving and capital donations 4 Expenditure on charitable activities Note Governance costs 5 |
Unrestricted funds General £ 10,000 53,373 63,373 Unrestricted funds General £ 114 |
Total 2020 £ 10,000 53,373 63,373 Total 2020 £ 114 |
Total 2019 £ - 45,252 |
|---|---|---|---|
| 45,252 | |||
| Total 2019 £ 137 |
£114 (2019 - £137) of the above expenditure was attributable to unrestricted funds and £Nil (2019 - £Nil) to restricted funds.
Page 12
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
5 Analysis of governance and support costs
Governance costs
| Other governance costs | Unrestricted funds General £ 114 114 |
Total 2020 £ 114 114 |
Total 2019 £ 137 |
|---|---|---|---|
| 137 |
6 Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:
| Loss on disposal of fixed assets held for the charity's own use Depreciation of fixed assets |
2020 £ (699) 2,414 |
2019 £ - 2,263 |
|---|---|---|
7 Trustees remuneration and expenses
8 Staff costs
The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
| 2020 | 2019 |
|---|---|
| £ | £ |
| 24,960 | 24,960 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| Manager | 2020 No 1 |
2019 No 1 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
Page 13
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
10 Tangible fixed assets
| Cost At 1 September 2019 Additions Disposals At 31 August 2020 Depreciation At 1 September 2019 Charge for the year Eliminated on disposals At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 11 Debtors Trade debtors 12 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Trustees current accounts Other creditors Accruals |
Furniture and equipment £ 11,313 756 (700) 11,369 5,028 2,414 (699) 6,743 4,626 6,285 2020 £ 4,290 8,450 7,020 8,033 1,560 29,353 |
Furniture and equipment £ 11,313 756 (700) 11,369 5,028 2,414 (699) 6,743 4,626 6,285 2020 £ 4,290 8,450 7,020 8,033 1,560 29,353 |
Total £ 11,313 756 (700) 11,369 5,028 2,414 (699) 6,743 4,626 6,285 2020 £ 1,877 |
|
|---|---|---|---|---|
| 6,743 | ||||
| 4,626 | ||||
| 6,285 | ||||
| 2020 £ 4,290 8,450 7,020 8,033 1,560 29,353 |
||||
| 2019 £ - 3,631 - 8,843 780 |
||||
| 13,254 |
Page 14
Woodwork to Wellness
Notes to the Financial Statements for the Year Ended 31 August 2020
13 Funds
| 13 Funds | ||||
|---|---|---|---|---|
| Unrestricted funds General Unrestricted funds General |
Balance at 1 September 2019 £ (994) Balance at 1 September 2018 £ (5,946) |
Incoming resources £ (63,373) Incoming resources £ (45,252) |
Resources expended £ 55,897 Resources expended £ 50,204 |
Balance at 31 August 2020 £ (8,470) |
| Balance at 31 August 2019 £ (994) |
14 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets 15 Analysis of net funds At 1 September 2019 £ Cash at bank and in hand 7,963 Net debt 7,963 |
Unrestricted funds General £ 4,626 33,197 (29,353) 8,470 Cash flow £ 23,357 23,357 |
Total funds £ 4,626 33,197 (29,353) |
|
|---|---|---|---|
| 8,470 | |||
| At 31 August 2020 £ 31,320 |
|||
| 31,320 |
Page 15