Charity Registration No. 1170218
WOODWORK TO WELLNESS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
WOODWORK TO WELLNESS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Charity number
Mr A W Roberts Mr F G Stevens
Ms S R Edwards Ms M S Streeter Ms J M McCormick
1170218
(Appointed 8 October 2021) (Appointed 2 June 2021)
WOODWORK TO WELLNESS
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 10 |
WOODWORK TO WELLNESS
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The trustees present their report and financial statements for the year ended 31 August 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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 2019)".
Objectives and activities
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a charitable incorporated organisation.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr A W Roberts
Mr F G Stevens (Appointed 8 October 2021) Ms S R Edwards (Appointed 2 June 2021) Ms M S Streeter Ms J M McCormick
The Trustees' r eport was approved by the Board of Trustees.
Ms J M McCormick
Dated: 30 June 2022
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WOODWORK TO WELLNESS
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WOODWORK TO WELLNESS
I report to the trustees on my examination of the financial statements of Woodwork to Wellness (the charity) for the year ended 31 August 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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 financial statements to be reached.
Melanie Langton-Davies ACA, FCCA Azets
Dated: 30 June 2022
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WOODWORK TO WELLNESS
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ |
£ | |
| Income and endowments from: | |||
| Donations | 2 | 52,247 | 79,238 |
| Other trading activities | 3 | 1,421 | 775 |
| Other income | 4 | - | 699 |
| Total income | 53,668 | 80,712 | |
| Expenditure on: | |||
| Charitable activities | 5 | 54,133 | 56,596 |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (465) | 24,116 |
|
| Fund balances at 1 September 2020 | 25,110 | 994 | |
| Fund balances at 31 August 2021 | 24,645 | 25,110 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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WOODWORK TO WELLNESS
BALANCE SHEET
AS AT 31 AUGUST 2021
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ 1,299 26,447 27,746 (5,454) |
2020 £ £ 2,353 3,177 31,320 34,497 (14,013) 22,292 24,645 24,645 24,645 |
£ 4,626 20,484 25,110 25,110 25,110 |
|---|---|---|---|
The financial statements were approved by the Trustees on 30 June 2022
Ms J M McCormick Trustee
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WOODWORK TO WELLNESS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1 Accounting policies
Charity information
Woodwork to Wellness is a charitable incorporated organisation which is not a company incorporated under the Companies' Acts; it is therefore not subject to company regulation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and "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 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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WOODWORK TO WELLNESS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 20% on cost Computers 20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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WOODWORK TO WELLNESS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Donations
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 23,139 | 57,984 |
| Government grants | 26,507 | 18,320 |
| Membership fees | 2,601 | 2,934 |
| 52,247 | 79,238 | |
| Other trading activities | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Shop income | 1,421 | 775 |
3 Other trading activities
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WOODWORK TO WELLNESS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
4 Other income
| Net gain on disposal of tangible fixed assets Charitable activities Staff costs Depreciation and impairment Purchases Staff training Rent Rates and water charges Light and heat Motor and travel Insurances Telephone and Internet Postage, printing and stationery Repairs and renewals Memberships and subscriptions Cleaning and sundry Governance costs Professional fees Accountancy Share of governance costs (see note 6) |
TotalUnrestricted funds 2021 2020 £ £ - 699 2021 2020 £ £ 25,160 24,960 2,274 2,414 1,610 1,325 - 50 11,940 10,330 1,038 1,040 4,681 3,529 635 751 - 253 1,316 1,804 65 214 777 4,886 - 79 329 122 93 - 3,615 3,945 600 780 54,133 56,482 - 114 54,133 56,596 |
|---|---|
5 Charitable activities
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WOODWORK TO WELLNESS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
6 Support costs
| Support costs Governance costs £ £ Governance costs - - - - Analysed between Charitable activities - - |
2021 Support costs Governance costs £ £ £ - - 114 - - 114 - - 114 |
2020 £ 114 114 114 |
|---|---|---|
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| 1 | 1 | |
| Employment costs | 2021 | 2020 |
| £ | £ | |
| Wages and salaries | 25,160 | 24,960 |
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WOODWORK TO WELLNESS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
9 Tangible fixed assets
| Plant and equipment Computers £ £ Cost At 1 September 2020 9,978 1,391 At 31 August 2021 9,978 1,391 Depreciation and impairment At 1 September 2020 6,143 599 Depreciation charged in the year 1,996 278 At 31 August 2021 8,139 877 Carrying amount At 31 August 2021 1,839 514 At 31 August 2020 3,835 791 10 Debtors 2021 Amounts falling due within one year: £ Trade debtors 1,299 Other debtors - 1,299 11 Creditors: amounts falling due within one year 2021 £ Other taxation and social security 4,854 Trade creditors - Other creditors - Accruals and deferred income 600 5,454 |
Total £ 11,369 11,369 6,742 2,274 9,016 2,353 4,626 2020 £ 1,877 1,300 3,177 2020 £ 8,450 4,290 (287) 1,560 14,013 |
|---|---|
12 Related party transactions
There were no related party transactions in the year (2020 - none) .
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