Hi @j_mas @vicsellers @lgaertner - thank you so much for helping me solve the issue. I was able to make the calculation work and I think I was also able to figure out why it was not working initially and I would be grateful if you could provide your thoughts as well.
When I created the "Difference between SOW hours vs Actual hours" field, I set it up as a calculated field, containing the following expression SUB({DE:SOW Hours},{actualWorkRequired}) and it was not working at all, e.g. the column remained empty. Then I proceeded by editing the text mode of the column in the report to contain the same calculation e.g. SUB({DE:SOW Hours},{actualWorkRequired}) which still didn't work. Mind you at this point, I have both expressions, one in the field setup and one in the report column with the same name. I then proceeded to amend the expression by adding the /60 to account for Actual hours being a minute field which resulted in the column being populated finally, but still it was not showing the correct hours. Finally I deleted the expression from the calculated field set up, thus leaving the expression only the text mode of the column. That's when it returned the correct amount of hours in the colum.
That being said, I wonder why WF works in this way; my initial thinking was that if you are creating a calculated field and type the expression you want there, it should be enough to have the calculation work when you add a column in a report; in my case it seems that I should have made a standard field (not a calculated one) and then add whatever calculated expression I wanted for it in the text mode directly. Apologies if it's a bit confusing, I am just trying to figure out how to proceed with issues like this moving forward.
Looking forward to your thoughts on this!