Charity Registration in England and Wales No. 1190040
WELLBEING ECONOMY ALLIANCE
(A CHARITABLE INCORPORATED ORGANISATION) UNAUDITED TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 2 |
| Trustees' Report | 3 - 5 |
| Independent Examiner's report | 6 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Accounts | 12 - 19 |
Page 1
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | George Stewart Wallis (Chair) |
|---|---|
| Kate Pickett | |
| Pedro Tarak | |
| Ashis Tajhya (Appointed 26 July 2023) | |
| Sophie Howe (Appointed 26 July 2023) | |
| Organisation & Projects Lead | Michael Weatherhead |
| Registered Office | Brakebrook |
| Parracombe | |
| Barnstaple | |
| EX31 4RG | |
| Independent Auditor | James Fletcher |
| Fletcher and Partners | |
| 12 Bridge Street | |
| Salisbury | |
| SP1 2LX | |
| Bankers | Triodos Bank UK Ltd |
| Deanery Road | |
| Bristol | |
| BS1 5AS | |
| Solicitors | Blandy & Blandy |
| One Friar Street | |
| Reading | |
| RG1 1DA |
Page 2
Page 2
Page 2
Trustees Page 2
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT
The Trustees of the Wellbeing Economy Alliance (WEAll) are pleased to present their report on the accounts and activities of the Charitable Incorporated Organisation for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011 and the 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 Wellbeing Economy Alliance (WEAll) is the leading collaboration of organisations, alliances, movements and individuals working towards a Wellbeing Economy, delivering human and ecological wellbeing. We were born in 2018 as a time-bound project to catalyse a transition towards a Wellbeing Economy by promoting radical connection and collaboration between different actors of the new economy ecosystem, so we can achieve impact larger than the sum of our parts.
We envision a world where everyone has enough to live in comfort, safety, and happiness. Where all people feel secure in their basic comforts and can use their creative energies to support the flourishing of all life on this planet. Where we thrive in a restored, safe, and vibrant natural environment because we have learned to give back as much as we are given. A world where we have a voice over our collective destiny and find belonging, meaning and purpose through genuine connection to the people and planet that sustain us. We do this by working on three simultaneous fronts with our members and partners, which we consider essential pillars for systemic transformation:
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1) Strengthening, supporting, and connecting existing geographic and thematic power bases at all levels of society, that together have the power to change the current global economic system.
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2) Co-creating knowledge that demonstrates the viability of a Wellbeing Economy, to influence change and set the agenda for governments and businesses at all levels to sequence just transitions to Wellbeing
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3) Changing cultural narratives about what's possible and desirable so millions of people of all ages and from all walks of life are inspired to act at local, national, and global levels in support of a shift towards a Wellbeing Economy.
Achievements and performance
During 2023 WEAll has achieved much. It has:
-
increased to over 450, its number of organisational members;
-
created 19 Hubs across the world, at least one in each continent;
-
increased social media presence with a 159% and 110% increase in Instagram and LinkedIn followers respectively;
-
30% increase in newsletter subscribers;
-
over 25 ambassadors (leaders, experts, movers and shakers who are working to build a wellbeing
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grown the global Wellbeing Economy Policymakers Network from 40 to 67 members including policymakers from the UK, Scotland, Catalonia, the Netherlands, Wales, India, South Africa, Canada, Belgium, the United Arab Emirates, Peru and Lesotho;
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in January launched the Zero Waste in a Wellbeing Economy paper which offers many inspiring case studies for ways to shift us towards a waste-free world;
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in November launched the Agriculture in a Wellbeing Economy paper which discusses three critical shifts that are needed to move towards wellbeing-focused food systems, illustrating each of them with case studies from around the world;
-
together with the EU Wellbeing Economy Coalition launched its vision statement for an economic system in Europe and a discussion paper (co-edited by WEAll) exploring ten policy areas in more depth, with practical ideas for EU policymakers to take forward; and
-
created a new WEAll website and update to the Stories for Life website making them both more accessible and educational.
Crucially, the achievement of all three components of WEAll’s theory of change (above) have been bolstered during 2023. All of WEAll’s achievements have been a result of cooperation and collaboration with citizens, members, hubs and other stakeholders.
Page 3
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (continued)
Financial review
In 2023 WEAll’s revenues amounted to £1,215,290 (2022 £822,445), representing a 47% increase on the previous year. Expenditures in 2023 amounted to £1,019,968 (2022 £767,282), an increase of 33%. A surplus of £462,479 was carried over into 2024 (2023 £267,157). Of this surplus, £171,943 was Restricted funding earmarked for work in one of WEAll’s strategic areas, the balance of £290,536 was Unrestricted. Of the Unrestricted funding carried over to 2024, £164,097 was held
Reserves Policy:
WEAll’s aim is to maintain 25% (i.e. 3 months) of the annual salary bill for the Global Amplification team, including the costs of freelance contractors, as reserves. Based on WEAll's head count and freelancer liabilities in the year ended 31 December 2023, this means a figure of £164,097 would ideally be held in Reserve. The Reserve stood at £137,266 at 1 January 2023 and was increased at year-end to £164,097.
Structure, governance and management
WEAll currently has 5 trustees, who are the legal stewards of the CIO. They work together with the Global Council – a representative sample of the WEAll membership – on the overall strategy and oversight of WEAll. The management of the organisation is the responsibility of the Global Amplification team – the core team delivering in partnership with hubs, members and others the narratives, knowledge and powerbases work of the organisation.
Policy for the appointment and continuance of Trustees:
Our constitution lays out the details for the appointment and continuance of trustees. The term for new trustees is 3 years. The current approach to recruitment of new trustees is a careful consideration of candidates against a set of criteria related to their skills, knowledge and experience in relation to the effective administration of WEAll. A candidate will be interviewed by the chair plus another trustee and if the interview goes well, will be invited onto the next trustee call and if that goes well, will officially join the board. Trustee terms are three years.
Risk Statement:
The trustees, Global Council and Global Amplifiiation team collectively review the health of the organisation and any associated risks at every quarterly board meeting. The main risks considered to date are around funding sources but also extend to the wellbeing and workload of the Amp team. As regards funding risks, the principal risk is that much of the fundraising function of the Wellbeing Economy Alliance has traditionally been delivered by a small cohort of the team. This has meant we are dependent on as many funding relationships as can be developed by that cohort. The organisation is looking to broaden the fundraising capacity to mitigate this risk.
Public Benefit Statement:
The CIO’s objectives are both to promote sustainable development as well as to advance the education of the public in subjects relating to sustainable development. In setting our objectives and planning our objectives, our trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.
Page 4
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (continued)
Trustees Responsibility Statement
Charity law requires the Trustees to prepare financial statements, for each financial year, in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) which give a true and fair view of the financial activities of the charity during the year and of its financial position at the end of the year. In preparing those statements, the Trustees are required
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1) Select suitable accounting policies and then apply them consistently; 2) Make judgements and estimates that are reasonable and prudent;
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3) State whether applicable accounting standards and statements of recommended practice 4) Prepare the accounts on the going concern basis unless it is inappropriate to assume that
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the provisions of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees:
Approved by the Trustees on:
29/07/2024
Page 5
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT AUDITOR'S REPORT ON THE ACCOUNTS OF THE WELLBEING ECONOMY ALLIANCE
Opinion
We have audited the financial statements of the Wellbeing Economic Alliance (the “Charitable Incorporated Organisation”) for the year ended 31 December 2023, which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- i) give a true and fair view of the state of the Charitable Incorporated Organisation’s affairs as at 31 December 2023 and of its income and expenditure for the year then ended;
ii) have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and iii) have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard , and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Page 6
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT AUDITOR'S REPORT ON THE ACCOUNTS OF THE WELLBEING ECONOMY ALLIANCE (Continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 require us to report to you if, in our opinion:
- i) the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
ii) the charity has not kept sufficient accounting records; or
iii) the financial statements are not in agreement with the accounting records and returns; or iv) we have not received all the information and explanations we require for our audit.
Responsibilities of the Trustees
As explained more fully in the Trustees’ responsibilities statement on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charitable Incorporated Organisation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Incorporated Organisation or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed auditors under s.144 of the Charities Act 2011 and report in accordance with regulations made under s.154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the Charitable Incorporated Organisation’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meeting, our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the Charitable Incorporated Organisation discussions with trustees and updating our understanding of the sector in which it Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, employment law and Health and Safety regulations.
Page 7
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT AUDITOR'S REPORT ON THE ACCOUNTS OF THE WELLBEING ECONOMY ALLIANCE (Continued)
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the Charitable Incorporated Organisation’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Charitable Incorporated Organisation’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likley it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identifiy non-compliance to enquiry of management and inspection of relevant correspondence. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through
ll i
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Charitable Incorporated Organisation’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations under section 154 of that Act. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
James Fletcher, Senior Statutory Auditor Crown Chambers for and on behalf of Fletcher & Partners, Bridge Street Chartered Accountants and Statutory Auditors Salisbury
Page 8
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes Incoming resources Voluntary income 2 Charitable activities 3 Other Income 4 Total Incoming resources Resources expended Raising funds Charitable activities 5 - 10 Total resources expended Net income/(expenditure) for the year 15 Fund Transfers 16 Fund balances at 31 December 2022 Fund balances at 31 December 2023 |
Unrestricted Restricted Total funds funds £ £ £ 6,154 - 6,154 479,719 729,417 1,209,136 - - - 485,873 729,417 1,215,290 - - - 332,603 687,365 1,019,968 332,603 687,365 1,019,968 153,270 42,052 195,322 - - - 137,266 129,891 267,157 290,536 171,943 462,479 2023 |
2022 |
|---|---|---|
| Total £ 4,339 818,105 - |
||
| 822,445 | ||
| - 767,282 |
||
| 767,282 | ||
| 55,162 - 211,995 |
||
| 267,157 |
All income and expenditure derive from continuing activities. The Statement of Financial Activities includes all gains and losses recognised during the year.
The notes on pages 12 to 19 form part of these accounts
Page 9
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET AS AT 31 DECEMBER 2023
| Notes Fixed Assets 11 Current assets Debtors 12 Cash at bank and in hand Liabilities Creditors falling due within one year 13 Net current assets Net assets Represented by the funds of the charity: Unrestricted funds 14 / 15 Restricted funds 14 / 15 Funds of the charity |
2023 Unrestricted Restricted Total funds funds £ £ £ 2,519 - 2,519 5,401 44,429 49,830 351,095 386,993 738,088 356,496 431,422 787,918 (68,479) (259,479) (327,958) 288,017 171,943 459,960 290,536 171,943 462,479 290,536 - 290,536 - 171,943 171,943 290,536 171,943 462,479 |
2022 |
|---|---|---|
| Total £ 645 |
||
| 183 742,886 |
||
| 743,069 (476,556) |
||
| 266,513 | ||
| 267,157 | ||
| 211,995 55,162 |
||
| 267,157 |
The trustees are satisfied that the CIO is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the preparation of the unaudited Accounts for the period by virtue of section 477 (2), and that no member or members have requested an audit pursuant to section 476 (1) of the Act.
The trustees acknowledge their responsibilities for:
(i) ensuring that the CIO keeps adequate accounting records which comply with section 386 of the Act, and (ii) preparing unaudited accounts which give a true and fair view of the state of affairs of theCIO as at the end of the financial period and of its profit and loss for the financial period in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to the unaudited financial statements, so far as applicable to the CIO.
These accounts have been prepared with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006.
The accounts were approved by the Board on
29/07/2024
George Stewart Wallis Chair of Trustees
The notes on pages 12 to 19 form part of these accounts
Page 10
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
| £ £ Cashflows from Operating Activities Net Cash provided by Operating Activities (2,462) Cashflows from Investing Activities Investment Income - Purchase of property, plant and equipment (2,336) Net Cash provided by Investing Activities (2,336) Net Change in cash and cash equivalents in the period (4,798) Cash and cash equivalents at the beginning of the period 742,886 Cash and cash equivalents at the end of the period 738,088 Notes to Cashflow Statement Reconciliation of net income to net cash flows from operating activities Period Ending 31 Dec 2023 £ Net income for the reporting period 195,322 Adjustments for: Depreciation 462 (increase)/decrease in debtors (49,647) Increase/(decrease) in creditors (148,599) Net cash provided by operating activities (2,462) Analysis of cash and cash equivalents Period Ending 31 Dec 2023 £ Cash in hand and at bank 738,088 Total cash and cash equivalents 738,088 Period Ending 31 Dec 2023 |
Period Ending 31 Dec 2022 |
Period Ending 31 Dec 2022 |
|---|---|---|
| £ | £ | |
| 441,830 | ||
| 0 (889) |
||
| (889) | ||
| 440,941 301,945 |
||
| 742,886 | ||
| Period Ending 31 Dec 2022 £ 55,162 244 5,316 38,107 |
||
| 441,830 | ||
| Period Ending 31 Dec 2022 £ 742,886 |
||
| 742,886 |
The notes on pages 12 to 19 form part of these accounts
Page 11
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
a. Legal form
The Wellbeing Economy Alliance is a Charitable Incorporated Organisation (CIO) and has no share capital. The liability of each member does not exceed £10. It is registered by the Charity Commission of England and Wales (registration No.1190040). Its registered address is Brakebrook, Parracombe, Barnstaple EX31 4RG,
The Wellbeing Economy Alliance meets the definition of a public benefit entity under FRS 102.
b. Basis of preparation
The Accounts 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 January 2019) and the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements are prepared in sterling, which is the functional currency of the Charitable Incorporated Organisation. Monetary amounts in these financial statements are rounded to the nearest £.
In preparing the accounts, the Trustees have assessed the CIO's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and have used the going concern basis of accounting.
In the application of the accounting policies, the Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that may not be readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
In the view of the Trustees, there are no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date that are likely to result in a material adjustment to their carrying amounts in the next financial year.
The financial statements have been prepared under the historical cost convention, unless otherwise stated in the relevant accounting policy notes. The principal accounting policies adoped are set out below.
c. Fund accounting
The CIO's accounts are defined as follows:
Unrestricted Funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives.
Restricted Funds are funds subject to specific restricted conditions imposed by the donors.
d. Incoming resources
All incoming resources are accounted for when the CIO has entitlement, there is certainty of receipt and the
Voluntary income comprises all incoming resources from donations and gift aid. Charitable activities comprises incoming resources from grants and charitable trading. Investment income is Bank interest accounted for on a receivable basis.
Other income comprises income from non-charitable trading.
Page 12
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
e. Resources expended
Expenditure is recognised when a liability is incurred.
Contractual arrangements and performance related grants are recognised as services are supplied. Costs of generating funds are those costs incurred in attracting voluntary income. Charitable activities comprise those costs incurred by the CIO in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
f. Debtors, Cash and Creditors
Debtors - short term debtors are measured at transaction price.
Cash and cash equivalents - comprise cash at bank and in hand.
Creditors - short term creditors are measured at the transaction price.
g. Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives.
Computer equipment is depreciated over its expected useful life of three years, on a straight-line basis.
WEAll does not at present own any Intangible Assets.
h. Allocation of support costs
Staff costs are apportioned across activities and funds based on the time spent on the related projects. Support costs are allocated on the basis of time spent on particular activities.
i. VAT
Income and expenditure is stated gross of VAT as it is not recoverable. WEAll is not registered for VAT.
j. Financial Instruments
The Trust has financial assets of a kind that qualify as basic and other financial instruments and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs, At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.
Other financial assets are recognised initially in the accounts at fair value, which is normally the transaction price. At the end of each account period, other financial instruments and recognised at fair value and changes in the fair value are recognised in profit or loss. Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting date.
Financial assets are decrecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the risks and rewards of ownership to another entity. Financial liabilities are derecognised when the charity’s contractual obligiations expire or are discharged
k. Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Page 13
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
Note
| Voluntary income Donations Total Voluntary Income Incoming resources from charitable activities Grants Charitable Activity income Total Charitable Activity resources |
Unrestricted Restricted Total funds funds £ £ £ 6,154 - 6,154 6,154 - 6,154 Unrestricted Restricted Total funds funds £ £ £ 400,744 729,417 1,130,161 78,975 - 78,975 479,719 729,417 1,209,136 2023 2023 |
2022 |
|---|---|---|
| Total £ 4,339 |
||
| 4,339 | ||
| 2022 | ||
| Total £ 811,211 6,894 |
||
| 818,105 |
2 Voluntary income
- 3 Incoming resources from charitable activities
Grants
£
| Angela Bennett Foundation Christopher Reynolds Foundation Neva/Rockerfeller/Schumaker Omidyar One Project Partners for a New Economy RWJF Rockerfeller Brothers Fund Total Cash Income from Grants |
219,500 (of which £20,000 deferred from previous year) 21,233 15,543 (of which £8,313 accrued from 2024) 104,558 (all of which deferred from previous year) 243,986 (of which £81,086 deferred from previous year) 260,720 183,691 (all of which deferred from previous year) 80,930 1,130,161 |
|---|---|
1,130,161
| Other Income Investment Income Total Other Income |
Unrestricted Restricted Total funds funds £ £ £ - - - - - - 2023 |
2022 |
|---|---|---|
| Total £ - |
||
| - |
- 4 Other Income
5 Grant making activities
The Wellbeing Economy Alliance is not a grant-making organisation and during the year ended 31 December 2023 made no grants to institutions or individuals (2022: £nil). It did however receive some grant income that was regranted to other organisations.
| Cost of Charitable Activities Employed and Freelance Staff Cost Projects expenditure Office and support overheads |
Unrestricted Restricted Total funds funds £ £ £ 217,523 418,509 636,032 5,940 268,856 274,796 109,140 - 109,140 332,603 687,365 1,019,968 2023 |
2022 |
|---|---|---|
| Total £ 668,009 - 99,273 |
||
| 767,282 |
6 Cost of Charitable Activities
Page 14
WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
Note
| 7 Staff costs Wages and Salaries Social Security Employers Pension Costs Employment Allowance Receovered |
2023 95,761 11,287 4,788 (5,000) 106,837 |
2022 |
|---|---|---|
| 95,761 11,287 4,788 (5,000) |
||
| 106,837 |
The average number of employees in the year ended 31 December 2023 was 4 (2022: 2)
The number of employees whose emoluments (excluding employer pension costs) exceeded £60,000 were:
| Gross emoluments £60,000 - £70,000 |
2023 1 |
2022 |
|---|---|---|
| - |
The Organisation and Projects Lead is considered to be the key management person of the charity. The post was held throughout 2023 by Michael Weatherhead. The total remuneration of the Organisation and Projects Lead during the year was £72,021 (2022: £67,599) including Employer's NIC and Employer's Pension contributions.
8 Trustees Remuneration
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. One trustee was reimbursed expenses of £755 (2022: £655) in their capacity as trustee, and also received expenses relating to work for the charity of £2,283 (2022: £100). A second trustee also incurred expenses totalling £4,619 in working for the charity.
9 Related Party Transactions
Other than disclosed in note 7 above, there were no related party transactions in the year (2022: £nil)
10 Auditors' Remuneration
The Auditor's remuneration for 2023 was £3,500 plus VAT.
In the previous year, the CIO was only required to have an Independent Examination, for which the CIO's previous accountants charged £600.
11 Tangible Fixed Assets
| COST At 1 January 2023 Additions At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Computers £ 889 2,336 |
|---|---|
| 3,225 | |
| 244 462 |
|
| 706 | |
| 2,519 | |
| 645 |
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WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
| 12 Debtors Trade debtors Accrued income Prepayments & Deposits 13 Creditors: amount falling due within one year Trade creditors Deferred income Payroll Liabilities Accruals |
Unrestricted Restricted Total funds funds £ £ £ - - - 5,079 44,429 49,508 322 - 322 5,401 44,429 49,830 Unrestricted Restricted Total funds funds £ £ £ 585 406 991 57,241 259,073 316,314 6,453 6,453 4,200 4,200 68,479 259,479 327,958 2023 2023 |
2022 |
|---|---|---|
| Total £ - - 183 |
||
| 183 | ||
| 2022 | ||
| Total £ 3,601 468,876 2,980 1,100 |
||
| 476,556 |
14 Analysis of net assets between funds
Fund balances at 31 December 2023 were represented by the following assets and liabilities:
| Tangible fixed assets Current assets Current liabilities |
Unrestricted Restricted Total funds funds £ £ £ 2,519 - 2,519 356,496 431,422 787,918 (68,479) (259,479) (327,958) 290,536 171,943.00 462,479 2023 |
2022 |
|---|---|---|
| Total £ 645 743,069 (476,557) |
||
| 267,157 |
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WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes 14 Movement in funds 2023 Restricted funds Digital Integration Project Global WE Advocacy New Zealand Hub Development Movements Project Global South US Project Policy Training What is a Wellbeing Economy Dialogues Project Total Restricted Funds Unrestricted funds Charitable Activity Core Reserves Total Unrestricted Funds Total Funds 2022 Restricted funds Digital Integration Project Global WE Advocacy Hub Expansion & Development New Zealand Hub Development Movements Project PDG Project US Project Public Opinion Total Restricted Funds Unrestricted funds Programmes Charitable Activity Core Reserves Total Unrestricted Funds Total Funds |
At start of Incoming Outgoing Fund At end of the year Resources Resources Transfers the year 39,500 5,079 44,579 - 30,025 134,558 49,623 114,960 44,450 137,710 182,160 - 2,357 81,790 66,385 17,762 - 77,200 73,655 3,545 13,559 161,191 172,684 2,066 - 71,655 53,005 18,650 - 57,000 42,040 14,960 - 3,234 3,234 - |
|---|---|
| 129,891 729,417 687,365 - 171,943 |
|
| - 73,406 75,291 1,885 - - 412,467 257,312 (28,716) 126,439 137,266 26,831 164,097 |
|
| 137,266 485,873 332,603 - 290,536 |
|
| 267,157 1,215,290 1,019,968 - 462,479 |
|
| At start of Incoming Outgoing Fund At end of the year Resources Resources Transfers the year - 86,000 46,500 - 39,500 - 30,025 - - 30,025 7,790 3,323 11,113 - - - 99,000 54,550 - 44,450 - 68,000 65,643 - 2,357 21,439 244,558 265,997 - - - 106,183 92,624 - 13,559 - 11,828 11,828 - - |
|
| 29,229 648,917 548,255 - 129,891 |
|
| 38,491 - - (38,491) - 4,195 - - (4,195) - 2,814 173,528 219,028 42,686 - 137,266 - - 137,266 |
|
| 182,766 173,528 219,028 - 137,266 |
|
| 211,995 822,445 767,283 - 267,157 |
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WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
16 Transfer of funds
There were no transfers between Restricted Funds and Unrestricted Funds through the year.
17 Restricted projects:
Dialogues Project: During 2023/24, WEAll will work together with the Solutions Journalism Network to host ten online dialogues about the future of wellbeing. Each dialogue will cover a different component of the wellbeing economy e.g. valuation of the care economy, housing, work etc.
Digital Integration Project: I n an attempt to improve the connectivity of WEAll's members, this project re-examines the different software platforms and tools we use to connect members and proposes a new solution that encourages greater connectivity of the membership.
Global South: Support for the formation of new WEAll hubs in the global south, notably in Brazil and South Africa to build economic systems reform movements among local stakeholders.
Global WE Advocacy: This project will re-examine the global economic architecture, through the lens of majority world and indigenous views. It will bring stakeholders together to explore opportunities to advocate for more holistic reforms.
Hub Expansion and Development : Expansion of the number of hubs WEAll is establishing in different territories around the world. Tied to this goal is the expansion in the number of members in those territories.
Movements Project: This project aims to connect to climate change, biodiversity and social justice movements and work with them to adopt economic systems changes messaging.
New Zealand Hub Development: This project is to support the creation of a fully independent WEAll hub in New Zealand to bring stakeholders together to determine what a Wellbeing Economy in New Zealand looks like, and advocate for such a vision .
PDG Project : Piloting of WEAll’s policy design guide with four of our hubs – Scotland, New Zealand, California and Canada.
Policy Training: Creation and dissemination of a training on the wellbeing economy for policy makers. The training builds on the Wellbeing Economy Policy Design Guide and it subsequent piloting.
Public Opinion : Using the interest generated by the CommonGround music festival to further build the idea of a Wellbeing Economy in the mind of the general public.
US Project: This project will look to connect the global WEAll membership with organisations and movements already active in the economic systems change space in the US .
What is a Wellbeing Economy: A project to work with the WEAll membership to help them articulate a wellbeing economy in language that is understandable and contextually specific for them. This work will also include creation of video content for mass use using simple, easy to understand, language.
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WELLBEING ECONOMY ALLIANCE (A CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| Income: Donations and legacies Income from charitable activities Other income Total Income Expenditure: Expenditure on charitable activities Total expenditure Net income/(expenditure) for the year Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total funds funds £ £ £ 4,339 - 4,339 169,189 648,917 818,106 - - - 173,528 648,917 822,445 219,028 548,255 767,283 219,028 548,255 767,283 (45,500) 100,662 55,162 - - - (45,500) 100,662 55,162 182,766 29,229 211,995 137,266 129,891 267,157 2022 |
2021 |
|---|---|---|
| Total £ 12,613 612,229 446 |
||
| 625,288 | ||
| 560,512 | ||
| 560,512 | ||
| 64,776 - |
||
| 64,776 147,219 |
||
| 211,995 |
All income and expenditure derive from continuing activities. The Statement of Financial Activities includes all gains and losses recognised during the year.
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