REGISTERED COMPANY NUMBER: 14761776 (England and Wales) REGISTERED CHARITY NUMBER: 1206780
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE WELL CENTRE
Ramsay Brown LLP The Brentano Suite Solar House 915 High Road North Finchley London N12 8QJ
THE WELL CENTRE (REGISTERED NUMBER: 14761776)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Report of the Trustees | 3 to 6 |
| Report of the Independent Auditors | 7 |
| Statement of Financial Activities | 8 |
| Statement of Financial Position | 9 |
| Notes to the Financial Statements | 10 to 15 |
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THE WELL CENTRE (REGISTERED NUMBER: 14761776)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 105) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives
The aims of The Well Centre are to advance health and related well-being, particularly (without prejudice to the generality) for the benefit of young people through access to GP services and medical attention, counselling support, social prescribing, signposting to community youth activities and support from health and well-being practitioners.
During the year 2023/24 these aims have been pursued by focusing on providing the opportunity to improve children and young people’s mental health through supporting their emotional and physical wellbeing, not just their medical needs. Several programs have been introduced, which include the Children’s Mental Health Week, Drop-In clinic, Creative Therapy Workshop, Patient Participation Group which aim to bring in processes, values-based discussions and help to rebuild the confidence and reconnect to the community. Techniques, consultation and referrals are introduced to the peoples.
Vision Statement
Our vision is to lead a transformative approach to adolescent health by scaling the impact of our Well Centre model, empowering young people to thrive through integrated health, social care, education and youth services. We aim to ensure that every young person, regardless of background, has access to the holistic support they need to lead healthy, safe, happy and fulfilled lives, while influencing national health policy and driving systemic change in youth health and wellbeing.
FINANCIAL REVIEW
Financial position
In 2024, our total income was £64,800 in charitable income, which should be noted that £49,300 was due to the VRU Project.
Reserves policy
At the balance sheet date of 31 March 2024, the total reserves were £31,996 of which £6,004 (credit) were unrestricted funds.
The charity carefully manages its funds to guarantee a continuous availability of running expenses. These expenses, totaling £32,804 for the financial year, encompasses salaries, professional and consultancy fees, and general operational costs. To maintain financial stability, the Trustees and CEO work together to ensure that a minimum of three months’ worth of expenses is consistently held in the bank account, securing the charity’s ongoing operations.
FUTURE DEVELOPMENTS
The UK charity remains committed to raising funds and raising awareness for The Well Centre hosting a full calendar of events. Additionally, the charity will continue its collaboration with schools / youth movements and local communities to expand awareness of its mission to a broader audience. For 2023/2024, the charity has already scheduled a diverse range of events to cater to its donors' preferences.
PLANS FOR FUTURE PERIODS
Plans for 2024/25 include the development of a plan to expand and promote additional areas of activity for The Well Centre, further development of our governance processes and seeking to expand the number of Trustees with a more diverse range of skills and experience.
Alongside our regular annual events, we intend to launch various fundraising programs this year, appealing to a wider range of donors for the charity. The CEO will persist in targeting trusts, foundations, and high net worth individuals to enhance donation income.
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THE WELL CENTRE (REGISTERED NUMBER: 14761776)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Trustees are appointed according to the Articles of Association.
Organisational structure
The charity is administered by the board of trustees. In March 2023, Dr Sadrudin Kheraj became the Chief Executive and is responsible for overseeing the day-to-day operations of the charity. Dr Simon Chapman and John Poyton, who are also trustees manage PR and Marketing for The Well Centre and work closely with the CEO on community projects and fundraising initiatives. Michele Izzo is responsible for managing and ensuring the administrative tasks are carried out smoothly.
Regarding pay arrangements, the trustees hold the responsibility of overseeing the charity’s pay structures and approving pay increases. These decisions are typically based on the charity’s financial position as well as taking into account similar remuneration packages in similarly sized charities.
Induction and training of new trustees
New trustees undergo a briefing on their legal obligations under company and charity law.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees are satisfied that systems are in place to manage those risks.
The Trustee's Board has conducted a review of the major risks to which the charity is exposed, where appropriate establishing or strengthening systems to mitigate the risks identified.
The risk register covers the following area:
-
Governance, regulatory and compliance risks
-
Financial risks
-
Operational risks
-
Information governance, IT security and business continuity
The actions taken to address the main risks during the period have been:
l. Governance, regulatory and compliance risks - these risks are regularly addressed at our quarterly board meeting. Each of our trustees undertakes a particular role within the board, with one responsible for working directly alongside the CEO managing the governance of the charity.
-
Financial risks - as stated, the charity carefully manages the funds of the charity to guarantee a continuous availability of running expenses. These expenses, totaling £3k per month, encompass salaries, professional and consultancy fees, and general operational costs. To maintain financial stability, the Trustees and CEO work together to ensure that a minimum of three months’ worth of expenses is consistently held in the bank account, securing the charity's ongoing operations.
-
Operational risks - Systems and notes are in place to ensure that anyone of the Trustees could run the short for a prolong period should anything happen to the CEO. Activity reports are regularly sent by the CEO to the trustees to ensure that they are regularly updated on the activities of the charity.
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THE WELL CENTRE (REGISTERED NUMBER: 14761776)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
14761776 (England and Wales)
Registered Charity number
1206780
Registered office
74 Herne Hill London United Kingdom SE24 9QP
Trustees
Kheraj, Sadrudin Chapman, Simon Poyton, John Mark
Accountants
Ramsay Brown
Website: https://www.thewellcentre.org
COMMENCEMENT OF ACTIVITIES
The charity was incorporated on 27 March 2023, and it was granted charitable status on 30 January 2024 under registration number 14761776. The charity is governed by its Memorandum and Articles of Association and is a Private Company Limited by Guarantee.
STATEMENT OF TRUSTEES' RESPONSTBILITIES
The trustees (who are also the directors of The Well Centre for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
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THE WELL CENTRE (REGISTERED NUMBER: 14761776)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF TRUSTEES’ RESPONSIBILITIES – continue
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by order of the board of trustees on 25.09.2024 and signed on its behalf by:
Kheraj, Sadrudin - Trustee
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REPORT OF THE INDEPENDENT REVIEWER TO THE MEMBERS OF THE WELL CENTRE
I report to the trustees on my examination of the accounts of the above charity for the year ended 31/03/2024.
As the charity's trustees, 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 Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
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the accounting records were kept in accordance with section 130 of the Charities Act; or
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the accounts were accord with the accounting records; or
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the accounts did 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 accounts to be reached.
Date:24/09/2024
Signed
Name: Katie Collins
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THE WELL CENTRE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes | Unrestricted funds £ |
Restricted funds £ |
Total funds £ |
Total funds £ |
||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies - Unrestricted funds | 3 | 15,500 | - | 15,500 | ||
| Donations and legacies - Restricted funds – VRU Project |
4 | - | 49,300 | 49,300 | ||
| Total | 15,500 | 49,300 | 64,800 | |||
| EXPENDITURE ON | ||||||
| Raisingfunds | 5 | - | 11,300 | 11,300 | ||
| Charitable activities | ||||||
| Trainingand Development | 6 | 240 | - | 240 | ||
| Staff costs | 18,603 | - | 18,603 | |||
| Governance | 2,661 | - | 2,661 | |||
| Total | 21,504 | - | 32,704 | |||
| NET INCOME/(EXPENDITURE) | (6,004) | 38,000 | 31,996 | |||
| RECONCILIATION OF FUNDS Total funds brought forward |
- | - | - | |||
| TOTAL FUNDS CARRIED FORWARD | (6,004) | 38,000 | 31,996 |
The notes form part of these financial statements
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THE WELL CENTRE (REGISTERED NUMBER: 14761776)
STATEMENT OF FINANCIAL POSITION 31 MARCH 2024
| Notes | Unrestricted funds £ |
Restricted funds £ |
Total funds £ |
|||
|---|---|---|---|---|---|---|
| CURRENT ASSETS | ||||||
| Cash at bank | 15,239 | 49,300 | 64,539 | |||
| CREDITORS | ||||||
| Amounts fallingdue within oneyear | 11 | (21,243) | (11,300) | (32,543) | ||
| NET CURRENT ASSETS | (6,004) | 38,000 | 31,696 | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
(6,004) | 38,000 | 31,996 | |||
| NET ASSETS | (6,004) | 38,000 | 31,996 | |||
| FUNDS | 12 | |||||
| Restricted funds Unrestricted funds |
38,000 (6,004) |
|||||
| TOTAL FUNDS | 31,996 | |||||
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies’ regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30.09.2024 and were signed on its behalf by:
Kheraj, Sadrudin - Trustee
The notes form part of these financial statements
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THE WELL CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. STATUTORY INFORMATION
The presentation currency of the financial statements is the Pound Sterling (£) & is rounded to the nearest pound.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Critical accounting judgements and key sources or estimation uncertainty
Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:
- determining the valuation of gifts in kind
-
the allocation of support costs to charitable activities
-
determining the valuation of debtors and if any indication exists at the assessment date where a debtor may be unable to meet their obligation
In addition to the above, there are currently global issues where the impact is not currently possible to evaluate all the potential implications for the charities activates, beneficiary, funders, suppliers, and the wider economy.
Incoming resources
All resources are recognized in the Statement of Financial Activities when the charity is legally entitled to the funds and the amounts can be quantified with reasonable accuracy.
Income comprises donations, legacies, and bank interest.
Donations, including gift aid are recognised when the charity has confirmation of both the amount and the settlement date. In the event of donations pledged but not received, the amount will be accrued for only where the receipt is considered probably.
Interest on finds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above.
Any other proposed transfer between funds would be considered on the particular circumstances.
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THE WELL CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES – continued
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Cost of generating funds
Cost of generating funds comprises all costs associated with raising additional funds for the Charity through advertising and other sales.
Charitable activities
Charitable activities comprise all costs directly incurred in undertaking activities to fulfil the Charity's objects, together with any support costs allocated in accordance with the support cost accounting policy as described below.
Governance costs
Governance costs comprise all costs incurred in running the Charity itself as an organisation and its compliance with regulation and good practice.
Support costs
Administration and head office costs not directly attributable to particular charitable activities are apportioned over the relevant activities’ pro rata to the value of the income derived from each charitable activity.
Debtors
Debtors are recognized on their settlement amount, less any provision for non-recoverability.
Cash at bank in hand
Cash at bank in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
Fund structure
Unrestricted general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objective and is at the discretion of the trustees. Restricted funds comprise of monies raised for, or their use is restricted to a specific purpose, or contributions are subject to donor-imposed conditions.
Financial Instruments
The charity holds only basic financial instruments as defined by FRS 105. The financial assets and the financial liabilities of the charity and their measurement basis are as follows:
Financial assets - trade debtors and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank - clarified as basic financial instruments and measured at face value.
Financial liabilities - accruals and other creditors are financial instruments and are measured at amortised cost.
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THE WELL CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
Going Concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.
After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity, therefore, continues to adopt the going concern policy in preparing its financial statements.
3. DONATIONS AND LEGACIES - UNRESTRICTED FUNDS
| General donations - inc local events Trust donations Total |
31-Mar-24 £ 5,500 10,000 |
|---|---|
| 15,500 |
The Trustees have decided in the year to reallocate all donations under general donations as they believe this to provide a more representative view of donations received compared to historical allocations of donations received.
4. DONATIONS AND LEGACIES - RESTRICTED FUNDS – VRU PROJECT
| General donations - inc local events Total |
31-Mar-24 £ |
|||
|---|---|---|---|---|
| 49,300 | ||||
| 49,300 |
5. RAISING FUNDS
Raising donations and legacies
| Cost of fundraising activities Total |
31-Mar-24 £ 11,300 |
|---|---|
| 11,300 |
6. CHARITABLE ACTIVITIES COSTS
| Support costs (see note 7) |
Totals | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Trainingand Development | 240 | 240 | ||||
| Staff costs | 18,603 | 18,603 | ||||
| Governance | 2,661 | 2,661 | ||||
| Total | 21,504 | 21,504 |
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THE WELL CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
7. SUPPORT COSTS
| Management | Management | Finance | Finance | Learning and Development |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | |||||||||
| Trainingand Development | - | - | 240 | ||||||||
| Staff costs | 18,603 | - | - | ||||||||
| Governance | - | 21 | - | ||||||||
| Total | 18,603 | 21 | 240 | ||||||||
| Governance Costs |
Totals | ||||||||||
| £ | £ | ||||||||||
| Trainingand Development | - | 240 | |||||||||
| Staff costs | - | 18,603 | |||||||||
| Governance | 2,640 | 2,661 | |||||||||
| Total | 2,640 | 21,504 | |||||||||
| NET INCOME/(EXPENDITURE) Net income/(expenditure)is stated after charging/(crediting): Auditors’ remuneration Total |
|||||||||||
| 31-Mar-24 £ |
|||||||||||
| - | |||||||||||
| - |
8. NET INCOME/(EXPENDITURE)
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024.
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THE WELL CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. STAFF COSTS
| Wages and salaries Total The average monthlynumber of employees duringtheyear was as follows: Engaged on management and fund raising |
31-Mar-24 £ |
|||
|---|---|---|---|---|
| 18,603 | ||||
| 18,603 | ||||
| 31-Mar-24 £ |
||||
| 1 |
The average monthly number of employees during the year was as follows:
The key management personnel of the charity comprise of the trustees and the Chief Executive Officer. The total employee benefits, including social security costs, and employer pension contributions of the key management personnel of the charity were £18,603.
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses Salaries Total |
31-Mar-24 £ |
|||
|---|---|---|---|---|
| 13,940 | ||||
| 18,603 | ||||
| 32,543 |
12. MOVEMENT IN FUNDS
| At 27.03.2023 |
Net movement in funds |
At 31.03.2024 |
||||
|---|---|---|---|---|---|---|
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | - | 31,996 | 31,996 | |||
| TOTAL FUNDS | - | 31,996 | 31,996 | |||
| Net movement in funds,included in the above are as follows: | ||||||
| Incoming resources |
Resources expended |
Movement in funds |
||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 15,500 | (21,504) | (6,004) | |||
| Restricted funds | ||||||
| Grants toVRUProject | 49,300 | (11,300) | 38,000 | |||
| TOTAL FUNDS | 64,800 | (32,804) | 31,996 |
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THE WELL CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. ULTIMATE CONTROLLING PARTY
As a company limited by guarantee, the company is not under the control of any one individual. All decisions are taken by the Board of Directors who are the trustees of the company.
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