2022-03-31-accounts - City Of Wells Almshouses

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Contents
Trustees, Professional	Advisers,		Management	Personnel		and Administrative	Details
Trustees' Report
Independent Examiner's		Report	on the unaudited		accounts
Statement ofFinancial		Activities
Balance Sheet
Notes to the Financial	Statements

City ofWells Almshouses Financial Statements Year ended 31st March 2022	City ofWells Almshouses Financial Statements Year ended 31st March 2022	City ofWells Almshouses Financial Statements Year ended 31st March 2022
TRUSTEES, PROFESSIONAL ADVISERS,			MANAGEMENT and ADMINISTRATIVE			DETAILS
The Board			City of Wells Almshouses CIO	(Corporate Trustee)
CIO Board ofTrustees			Ms Stella Ainsworth
			Mr Charles Cain - Chair
			Ms Carol Cox (resigned July 2021)
			The Very Reverend DrJohn Davies: ex-officio (Dean ofWells Cathedral)
			Mr Andrew Fawcett (resigned	July		2021)
			Ms Claire Green
			Mr John North - Vice Chair
			Mrs Sarah Powell -nominated	January, 2022
			Mr Richard Quarry
			Mr Tony Robbins - nominated	January, 2022
			Mr Mark Shelton - appointed	April, 2022
			Mr Christopher Vigar
			Mrs Shirley Watt
			Councillor Philip Welch". ex-officio			(Mayor ofthe City ofWells)
			Mr Nick Wilson
Chief Executive			The Reverend Dr Martin Thomas
Financial Controller &Secretary			Mr P M McMahon MA FCA
Scheme Manager			Mrs CTollworthy
Principal Office			4 Bubwith Almshouses
			Wells, Somerset, BAS 2QE
			Telephone: 01749675813
			Email: info@wellsalmshouses.	org.uk
			Website: www. wellsalmshouses.		org.uk
Charity Number			1040554
Homes England	Registration	Number	A4055
Bankers			National Westminster Bank	pic
			7 High Street
			Wells, Somerset, BAS 2AD
			The Charity Bank
			Fosse House
			182 High Street, Tonbridge,	TN9		1BE
Solicitors			Tozers Solicitors
			Broadwalk House, Southernhay		West,
			Exeter, Devon, EX11UA
Examining Accountants			Monahans, Chartered Accountants,
			Fortescue House, Court Street,
			Trowbridge, Wiltshire, BA148FA
			1

Investment	Managers	Brewin Dolphin Limited
		9Colmore Row,
		Birmingham, B32BJ
		CCLA Investment Management	Limited
		Senator House,
		85 Queen Victoria Street,
		London, EC4V 4ET

			Unrestricted	Endowment	Restricted	Total Funds	Total Funds
		Notes	Funds	Funds	Funds	2022	2021
			f	f	f	f	f
INCOME:
Income from residents			205,564			205,564	202,834
Investment income			69,306			69,306	63,323
Grants &Donations					7,022	7,022	9,052
Gain on sale of land							24,098
Totalincome			274,870		7,022	281,892	299,307
EXPENDITURE:
Charitable activities			213,309			213,309	196,941
Investment management
costs			9,472			9,472	8,476
Total expenditure			222,781			222,781	205,417
Net income before
investment &land
gains			52,089		7,022	59,111	93,890
Net gains on
investments			37,604	50,680	829	89,113	272,185
Net income/(expenditure)			89,693	50,680	7,851	148,224	366,075
Transfers between	funds	15	(4,200)	4,200
Net movement in funds			85,493	54,880	7,851	148,224	366,075
Reconciliation offunds:		15
Total funds brought
forward			7,174,623	591,606	17,960	7,784,189	7,418,114
Total funds carried
forward			7,260,116	646,486	25,811	7,932,413	7,784,189

			Unrestricted	Endowment	Restricted	Total Funds
		Notes	Funds f	Funds f	Funds f	2021 f
INCOME:
Income from residents			202,834			202,834
Investment income			63,323			63,323
Grants &Donations			3,052		6,000	9,052
Gain on sale of land			24,098			24,098
Totalincome			293,307		6,000	299,307
EXPENDITURE:
Charitable activities			196,941			196,941
Investment management
costs			8,476			8,476
Total expenditure			205,417			205,417
Net income before
investment &land
gains			81,890		6,000	93,890
Net gains/(losses) investments	on		172,268	100,034	(117)	272,185
Net income			260,158	100,034	5,883	366,075
Transfers between	funds	15	(6,376)	4,200	2,176
Net movement in	funds		253,782	104,234	8,059	366,075
Reconciliation of	funds:	15
Total funds brought forward			6,920,841	487,372	9,901	7,418,114
Total funds carried
forward			7,174,e23	591,eoe	17,9eo	7,784,189

City ofWells Almshouses Financial Statements	City ofWells Almshouses Financial Statements	City ofWells Almshouses Financial Statements
Year ended 31st March 2022							«««««««««««««««««Ital'	Restated
BALANCE SHEET							2022	2021
			Notes
FIXED ASSETS Property Equipment Investments				10 10 11			5,282,584 6,611 2,085,092 598,000	5,279,687 6,495 1,910,007 733,000
Investment land							7,972,287	7,929,189
Total fixed assets
CURRENT ASSETS				12	14,133		15,868
Debtors Cash at bank and in hand investment land he!d for		resale			24,180 135000 173313		25,985 41,853
CREDITORS: amounts	falling due
within one year
							115,291	16,308
NET CURRENT ASSETS
TOTAL ASSETS LESSCURRENT LIABILITIES							8,087,578	7,945,497
CREDITORS: amounts		falling due after					{155,165)	{161,308)
more than one year
							7,932,413	7,784,189
NET ASSETS
THE FUNDS OF THE CHARITY
Endowment reserves Restricted reserves					15 15 15		646,486 25,812 7,260,115	591,606 17,960 7,174,623
Unrestricted reserves
							7,932,413	7,784,189
TOTAL CHARITY FUNDS
The financial statements			were approved	by	the Board o	ustees	on 20th July, 2022 and were	signed on its behalf by:
						J NORTH

INCOME FROM RESID	ENTS
			Unrestricted	Unrestricted
			Reserves	Reserves
			2022	2021
			E	E
Weekly Maintenance	Contributions	(WMC)	142,443	140,461
Property related Service Charges			63,032	62,373
Use ofthe guest room	and other income		89
			205,564	202,834

City ofWells Almshouses	City ofWells Almshouses
Financial Statements
Year ended 31st March		2022
3	INVESTMENT INCOME
							Unrestricted		Unrestricted
							Funds		Funds
							2022		2021
							f
	Interest and	Dividends					55,168		47,999
	Agricultural	Rents					14,138		15,324
							69,306		63,323
4	GRANTS &	DONATIONS
					Restricted	Total	Unrestricted	Restricted	Total
					Funds	Funds	Funds	Funds	Funds
					2022	2022	2021	2021	2021
					f	f	E	E	E
	Chapel Restoration		Donations		7,022	7,022		3,500	3,500
	Chapel Restoration		Grants					2,500	2,500
	Government	Furlough		Grants			3,052		3,052
					7,022	7,022	3,052	6,000	9,052
5	CHARITABLE ACTIVITIES

			Direct	Support	Total	Direct	Support	Total
			Costs	Costs	Costs	Costs	Costs	Costs
			2022	2022	2022	2021	2021	2021
			f		f	f		f
Depreciation			72,735		72,735	71,392		71,392
Salaries &Pensions			28,822	34,513	63,335	26,456	30,281	56,737
Communal		amenities	20,318		20,318	17,369		17,369
Professional		Fees	7,722		7,722	9,007		9,007
Property running Loan Fees			9,595 6,047		9,595 6,047	10,358 6,156		10,358 6,156
Insurance			7,126		7,126	6,155		6,155
Governance				2,500	2,500		2,600	2,600
Property	maintenance		12,982		12,982	8,425		8,425
Other			10,949		10,949	8,743		8,743
			176,296	37,013	213,309	164,060	32,881	196,941

		2022	2021
		f	f
Salaries		58,256	54,793
National	Insurance Costs		455
Pension	Contributions	1,669	1,489
Former	CEO consultancy	3,410
Staff Salaries &Pensions		63,335	56,737
Training,	Welfare & Travel	2,326	89
Total employee related costs		65,661	56,826

				2022		2021
				f		f
Investment	Manager Fees			7,428		6,581
Agricultural	Land Manager		Fees	2,044		1,895
				9,472		8,476
SOCIAL HOUSING OPERATING RESULT
				2022	2022	2021	2021
				f	f	f	f
Income from Residents (Note 2)					205,564		202,834
Total activities costs (Note			5)	213,309		196,941
Less:	Non-social	housing costs:
Professional	Fees (Note 5)			(7,722)		(9,007)
Depreciation	(Note 5)			(72,735)		(71,392)
Loan Fees (Note 5)				(6,047)		(6,156)
Chapel Fundraising costs				(2,144)		(2,828)
Governance	costs (Note 5)			(2,500)		(2,600)
Total Social Housing Costs Social Housing Operating			Result		122,162 83+02		104,958 97,876

ended	31st March 2022
10	TANGIBLE ASSETS
					Freehold	Property	Property
					Property	Upgrades	Sub-total	Equipment	Total
					f	f			f.
	COST
	At 1st April 2021				4,757,914	829,398	5,587,312	59,513	5,646,825
	Disposals							(42,694)	(42,694)
	Additions					70,620	70,620	5,127	75,748
	At 31st March 2022				4,757,914	900,018	5,657,932	21,946	5,679,878
	DEPRECIATION
	At 1st April 2021				142,446	165,179	307,625	53,018	360,643
	Disposals							(42,694)	(42,694)
	Charge for year				23,741	43,983	67,724	5,011	72,735
	At 31st March 2022				166,187	209,162	375,349	15,335	390,684
	NET BOOK VALUE
	At 31st March 2022				4,591,727	690,856	5,282,584	6,611	5,289,195
	At 31st March 2021				4,615,468	664,219	5,279,687	6,495	5,286,182
11	INVESTMENTS							Restated
						2022		2021
						f		f
	Market value as at 1st April, 2021					1,910,007		1,300,209
	Additional investment		at cost			89,200		314,200
	Gains on revaluation					89,113		272,185
	Net sales/purchases		5transaction	costs		(6,023)		(14,285)
	Cash account re-classification							37,698
	Market value as at 31stMarch, 2022					2,082,297		1,910,007
	Represented by:							Restated
						2022		2021
						f		f
	Listed investments	with Brewin Dolphin				1,012,099		996,011
	CCLA Charities Investment Funds					1,072,099		913,996
						2,084p198		1,910,007

DEBTORS
	2022	2021
	f	f
Trade Debtors	638	1,590
Prepayments	4,451	4,043
Dividends receivable	2,044	2,468
Land rents receivable	7,000	7,000
Other receivables		767
	14,133	15,868

	2022	2021
	f	f
Trade creditors	39,218	12,669
Accruals	5,9SO	3,560
Bank loan	6,165	6,268
Sundry creditors	4,394	3,048
	55,727	25,545

The Bank loan is secured on a fixed le repaid as follows:	gal charge on 1-16Llewellyn's Almsh	ouses and is due to
	2022	2021
	f	f
Between 1to 2years	6,410	6,548
Between 2to 5years	20,939	21,062
Due after 5years	127,816	133,698
	155,165	161,308

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