## |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| ## |Year|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| |||||m0||I/I
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