The Well Trust Limited Charity Accounts
The Well Trust Limited Charity Accounts
COMPANY REGISTRATION NUMBER:
11371197
CHARITY REGISTRATION NUMBER:
1180207
|
Company Limited by Guarantee |
|
|
|
Company Limited by Guarantee |
Financial Statements |
Year ended 31 May 2020
Page |
|
Trustees' annual report (incorporating the director's report) |
1 |
Independent examiner's report to the trustees |
4 |
Statement of financial activities (including income and expenditure account) |
5 |
Statement of financial position |
6 |
Notes to the financial statements |
7 |
|
Company Limited by Guarantee |
Trustees' Annual Report (Incorporating the Director's Report) |
Year ended 31 May 2020
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended
31 May 2020
.
Reference and administrative details
Registered charity name |
|
Charity registration number |
|
Company registration number |
|
Principal office and registered |
140 High Road |
office |
London |
N15 6JN |
|
United Kingdom |
|
The trustees
|
||
|
||
|
||
Independent examiner |
|
Hallswelle House |
|
1 Hallswelle Road |
|
London |
|
NW11 0DH |
|
Structure, governance and management
The Charity is organised so that the Trustees meet regularly to manage its affairs. There are no paid employees and all administration work is carried out on a voluntary basis by the Trustees.
The Trustees have considered the guidance published by the Charity Commission and believe that the charity in carrying out its objectives, fully complies with these requirements.
In particular but not exclusively, the advancement of the orthodox Jewish faith by establishing, managing and maintaining a ritual pool or pools (Mikva or Mikvaoth) in North London for religious immersion by members of the Jewish faith automatically gives rise to a public benefit.
Each year the Trustees review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the Trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.
The appointment and recruitment of new Trustees is laid out in the Charity's Memorandum and Articles of Association. New Trustees would be trained as deemed appropriate.
The Charity's Memorandum and Articles of Association authorises the Trustees to make and hold investments.
Objectives and activities
The objects of the Charity is the advancement of the Orthodox Jewish faith in particular but not exclusively by establishing, managing and maintaining a ritual pool or pools (Mikva or Mikvaoth) in North London for religious immersion by members of the Jewish faith.
Achievements and performance
The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate such risks.
In the period to 31 May 2020, the Charity owned 5-11 Craven Park Road, London N15 6AA. For the year to 31 May 2020, charitable income amounted to £50,000 (2019: £1,005,000) and charitable expenditure amounted to £1,072 (2019: £1,890).
The Charity's reserves are £1,052,043 and is sufficient to carry its Charitable Objectives.
The property has been demolished and foundations have been dug with the intention to build a ritual pool (Mikva) as set out in the Charity objectives.
Financial review
The financial position of the Charity is as reflected in the attached Statement of Financial Position. The retained distributable reserves are considered to be satisfactory by the Trustees in accordance with their Reserves policy.
The Charity does not partake in external funding activities. Funds are derived from donations received and other investments made.
It is the Trustees desire to try to maintain reserves within the Charity sufficient to generate the current level of charitable expenditure including development costs of the property.
Plans for future periods
The Trustees objectives for the future are to continue out its objectives as detailed in their report.
Small company provisions
The trustees' annual report was approved on
15 January 2021
and signed on behalf of the board of trustees by:
|
Trustee |
|
Company Limited by Guarantee |
Independent Examiner's Report to the Trustees of
|
Year ended 31 May 2020
I report to the trustees on my examination of the financial statements of
The Well Trust Limited
('the charity') for the year ended 31 May 2020.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
1.
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2.
the financial statements do not accord with those records; or
3.
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4.
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Hallswelle House
1 Hallswelle Road
London
NW11 0DH
15 Jan 21
|
Company Limited by Guarantee |
Statement of Financial Activities |
(including income and expenditure account) |
Year ended 31 May 2020
Year to 31 May 20 |
Period from 18 May 18 to 31 May 19 |
||
Unrestricted funds |
Total funds |
Total funds |
|
Note |
£ |
£ |
£ |
Income and endowments
Donations and legacies |
5 |
|
|
|
Investment income |
6 |
|
|
– |
-------- |
-------- |
------------ |
||
Total income |
|
|
|
|
-------- |
-------- |
------------ |
||
Expenditure
Expenditure on charitable activities |
7,8 |
|
|
|
-------- |
-------- |
------------ |
||
Total expenditure |
|
|
|
|
-------- |
-------- |
------------ |
||
-------- |
-------- |
------------ |
|
Net income and net movement in funds |
|
|
|
-------- |
-------- |
------------ |
|
Reconciliation of funds
Total funds brought forward |
|
|
– |
------------ |
------------ |
------------ |
|
Total funds carried forward |
|
|
|
------------ |
------------ |
------------ |
|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
|
Company Limited by Guarantee |
Statement of Financial Position |
2020 |
2019 |
|
Note |
£ |
£ |
Fixed assets
Tangible fixed assets |
12 |
|
|
Current assets
Cash at bank and in hand |
|
|
Creditors: amounts falling due within one year |
13 |
|
|
--------- |
--------- |
||
Net current assets |
|
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
14 |
|
|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
||
Funds of the charity
Unrestricted funds |
|
|
|
------------ |
------------ |
||
Total charity funds |
15 |
|
|
------------ |
------------ |
||
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of trustees
and authorised for issue on
15 Jan 21
, and are signed on behalf of the board by:
|
Trustee |
|
Company Limited by Guarantee |
Notes to the Financial Statements |
Year ended 31 May 2020
1.
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 140 High Road, London, N15 6JN, United Kingdom.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Tangible assets
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
4.
Limited by guarantee
The Charity is a company limited by guarantee.
The liability of the members is limited to a sum not exceeding £10, being the amount that each member undertakes to contribute to the assets of the charity in the event of its being wound up while he, she or it is a member or within one year after he, she or it ceases to be a member, for 1) payment of the charity's debts and liabilities incurred before he, she or it ceases to be a member 2) payment of the costs, charges and expenses of winding up, and 3) adjustment of the rights of the contributories among themselves.
5.
Donations and legacies
Unrestricted Funds |
Total Funds 2020 |
Unrestricted Funds |
Total Funds 2019 |
||
£ |
£ |
£ |
£ |
||
Donations
Donations received |
50,000 |
50,000 |
1,005,000 |
1,005,000 |
|
-------- |
-------- |
------------ |
------------ |
||
6.
Investment income
Unrestricted Funds |
Total Funds 2020 |
Unrestricted Funds |
Total Funds 2019 |
||
£ |
£ |
£ |
£ |
||
Bank interest receivable |
|
|
– |
– |
|
---- |
---- |
---- |
---- |
||
7.
Expenditure on charitable activities by fund type
Unrestricted Funds |
Total Funds 2020 |
Unrestricted Funds |
Total Funds 2019 |
||
£ |
£ |
£ |
£ |
||
Support costs |
1,072 |
1,072 |
1,890 |
1,890 |
|
------- |
------- |
------- |
------- |
||
8.
Expenditure on charitable activities by activity type
Support costs |
Total funds 2020 |
Total fund 2019 |
||
£ |
£ |
£ |
||
Governance costs |
1,072 |
1,072 |
1,890 |
|
------- |
------- |
------- |
||
9.
Auditors remuneration
Period from |
||
Year to |
18 May 18 to |
|
31 May 20 |
31 May 19 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
– |
|
---- |
------- |
|
10.
Independent examination fees
Period from |
||
Year to |
18 May 18 to |
|
31 May 20 |
31 May 19 |
|
£ |
£ |
|
Fees payable to the independent examiner for:
Independent examination of the financial statements |
720 |
– |
---- |
---- |
|
11.
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12.
Tangible fixed assets
Freehold property |
|
£ |
|
Cost |
|
At 1 June 2019 |
|
Additions |
|
------------ |
|
At 31 May 2020 |
|
------------ |
|
Depreciation |
|
At 1 June 2019 and 31 May 2020 |
– |
------------ |
|
Carrying amount |
|
At 31 May 2020 |
|
------------ |
|
At 31 May 2019 |
|
------------ |
|
13.
Creditors:
amounts falling due within one year
2020 |
2019 |
|
£ |
£ |
|
Accruals and deferred income |
|
|
Other creditors |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
14.
Creditors:
amounts falling due after more than one year
2020 |
2019 |
|
£ |
£ |
|
Other creditors |
|
|
------------ |
------------ |
|
15.
Analysis of charitable funds
Unrestricted funds
At 1 June 2019 |
Income |
Expenditure |
At 31 May 2020 |
|
£ |
£ |
£ |
£ |
|
General funds |
1,003,110 |
50,005 |
(1,072) |
1,052,043 |
------------ |
-------- |
------- |
------------ |
|
At 18 May 2018 |
Income |
Expenditure |
At 31 May 2019 |
|
£ |
£ |
£ |
£ |
|
General funds |
– |
1,005,000 |
(1,890) |
1,003,110 |
---- |
------------ |
------- |
------------ |
|
16.
Analysis of net assets between funds
Unrestricted Funds |
Total Funds 2020 |
||
£ |
£ |
||
Tangible fixed assets |
2,799,705 |
2,799,705 |
|
Current assets |
463,191 |
463,191 |
|
Creditors less than 1 year |
(853) |
(853) |
|
Creditors greater than 1 year |
(2,210,000) |
(2,210,000) |
|
------------ |
------------ |
||
Net assets |
1,052,043 |
1,052,043 |
|
------------ |
------------ |
||
Unrestricted Funds |
Total Funds 2019 |
||
£ |
£ |
||
Tangible fixed assets |
2,278,614 |
2,278,614 |
|
Current assets |
936,296 |
936,296 |
|
Creditors less than 1 year |
(1,800) |
(1,800) |
|
Creditors greater than 1 year |
(2,210,000) |
(2,210,000) |
|
------------ |
------------ |
||
Net assets |
1,003,110 |
1,003,110 |
|
------------ |
------------ |
||