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2023-03-31-accounts

Contents Page
Trustees, Professional Advisers, Management Personnel and Administrative Details
Trustees'
Report
independent
Examiner's		 Report on the unaudited accounts 12
Statement
of Financial		 Activities 13
Balance Sheet 15
Notes to the Financial Statements 16

The Board City ofWells Almshouses
CIO		 City ofWells Almshouses
CIO		 (Corporate Trustee) (Corporate Trustee) (Corporate Trustee)
CIO Board ofTrustees Ms Stella Ainsworth
Mr Charles Cain - resigned
October, 2022
Mr Stewart Cursiey
The Venerable
Anne Gell: ex-officio (Acting Dean ofWells Cathedral)
Ms Claire Green - resigned
January,
2023
Mr John North - resigned
May, 2023
Mrs Sarah Powell
Mrs Tanys Pullin: ex-officio (Mayor of Wells)
Mr Richard Quarry
- resigned		 January, 2023
Mr Tony Robbins - resigned January, 2023
Mr Mark Shelton
IVlr Christopher
Vigar
Mrs Shirley Watt - resigned May, 2023
Mr Philip Welch
Chief Executive The Reverend
Dr Martin Thomas
Financial Controller g Secretary Mr P M McMahon
MA FCA
Scheme Manager Mrs CTollworthy
Principal ONce 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,
BA5 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,
County Gate, County Way
Trowbridge,
Wiltshire,
BA147FJ
1

Unrestricted Endowment Restricted Total Funds Total Funds
Notes Funds Funds Funds 2023 2022
E E
INCOME:
Income from residents 214,480 214,480 205,564
Investment
income		 70,675 70,675 69,306
Grants & Donations 6,078 6,078 7,022
Gain on sale of land 205,045 205,045
Total income 490,200 6,078 496,278 281,892
EXPENDITURE:
Charitable
activities		 254,485 254,485 213,309
Professional
management
costs 1,887 1,887 9,472
Total expenditure 256,372 256,372 222,781
Net income before
investment
&land
gains 233,828 6,078 239,906 59,111
Net gains/(losses) on
investments (35,515) (24,551) 342 (59,724) 89,113
Net income/(expenditure) 198,313 (24,551} 6,420 180,182 148,224
Transfers between funds 15 (100,800) 100,800
Net movement
in funds		 97,513 76,249 6,420 180,182 148,224
Reconciliation
offunds:		 15
Total funds brought
forward 7,260,116 646,486 25,811 7,932,413 7,784,189
Total funds carried
forward 7,357,629 722,735 32,231 8,112,595 7,932,413

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

495!5~!."5!!8.
'". !5595!5945APB!454!45M55
BALANCE SHEET		 922!!548582!55P44944M2!54I99 !! .—! ' 5&:"-'-:. ..' '! .,'551..84 .:.:,4'".% 455!4MÃ4544 24!5! 4!5!485254M;1V5 %!45!!""„;;"„5%, '.w
2023 2022
Notes f f
FIXEDASSETS
Property 10 5,304,205 5,282,584
Equipment 10 10,806 6,611
Investments 11 2,261,490 2,085,092
Investment
land		 589,000 598,000
Total fixed assets 8,165,501 7,972,287
CURRENT ASSETS
Debtors 12 22,949 14,133
Cash at bank and
in hand		 27,323 24,180
Investment
land held for resale		 135,000
50,272 173313
CREDITORS:
amounts		 falling due
within one year 13 (19,006) (58,022)
NET CURRENT ASSETS 31,266 115,291
TOTAL ASSETS LESSCURRENT LIABILITIES 8,196,767 8,087,578
CREDITORS:
amounts		 falling due after
more than one year 14 (84,172) (155,165)
NET ASSETS 8 112595 2 952,425
THE FUNDS OF THE CHARITY
Endowment
reserves		 15 722,735 646,486
Restricted reserves 15 32 231 25,812
Unrestricted
reserves		 15 7,357,629 7,260,115
TOTAL CHARITY FUNDS 8112595 7,932,413

3 INVESTIVIEN T INCOME
Unrestricted Unrestricted
Funds Funds
2023 2022
f f
Interest and Dividends 59,138 55,168
Agricultural Rents 11,537 14,138
70,675 69,306
4 GRANTS & DONATIONS
Restricted Total Restricted Total
Funds Funds Funds Funds
2023 2023 2022 2022
f f f f
Chapel Restoration Donations 673 673 7,022 7,022
Chapel Restoration Grants 5,405 5,405
6,078 6,078 7,022 7,022
Direct Support Total Direct Support Total
Costs Costs Costs Costs Costs Costs
2023 2023 2023 2022 2022 2022
f f f f
Depreciation 75,492 75,492 72,735 72,735
Salaries & Pensions 30,695 38,395 69,090 28,822 34,513 63,335
Communal amenities 27,341 27,341 20,318 20,318
Professional Fees 25,996 25,996 7,722 7,722
Property running 5,399 5,399 9,595 9,595
Loan Fees 7,254 7,254 6,047 6,047
Insurance 9,010 9,010 7,126 7,126
Governance 4,131 4,131 2,500 2,500
Property maintenance 12,779 12,779 12,982 12,982
Other 17,993 17,993 10,949 10,949
211,959 42,526 254,485 176,296 37,013 213,309
2023 2022
E E
Salaries 64,847 58,256
Pension Contributions 1,338 1,669
Former CEO consultancy 3,410
Staff Salaries &Pensions 66,185 63,335
Training, Welfare &Travel 2,905 2,326
Total employee
related costs		 69,090 65,661

2023 2022
E E
Investment Manager Fees 7,428
Agricultural Land Manager Fees 1,887 2,044
1,887 9,472

SOCIAL HOU SING OPERA T ING RESULT
2023 2023 2022 2022
E E E E
Income from Residents (Note 2) 214,480 205,564
Total activities costs (Note 5) 254,485 213,309
Less: Non-social housing costs:
Professional Fees (Note 5) (25,996) (7,722)
Depreciation (Note 5) (75,492) (72,735)
Loan Fees (Note 5) (7,254) (6,047)
Chapel Fundraising
costs		 (216) (2,144)
Governance costs (Note 5) (4,131) (2,500)
Total Social Housing Costs 141,396 122,161
Social Housing Operating Result 73084 83,403
Freehold Property Property
Property
f		 Upgrades
f		 Sub-total
f		 Equipment
f		 Total
f
COST
At 1stApril 2022 4,757,914 900,018 5,657,932 21,946 5,679,878
Disposals (2,794) {2,794)
Additions 1,572 91,366 92,938 8,371 101,309
At 31st March 2023 4,759,486 991,384 5,750,870 27,523 5,778,393
DEPRECIATION
At 1st April 2022 166,187 209,162 375,349 15,335 390,684
Disposals {2,794) (2,794)
Charge for year 23,741 47,575 71,316 4,176 75,492
At 31st March 2023 189928 256737 446 665 16,717 463 382
NET BOOK VALUE
At 31st March 2023 4 569558 734,647 5304205 10,806 5,315,011
At 31st March 2022 4,591,727 690856 5 282 584 6,611 5,289,195
11 INVESTMENTS
2023 2022
f
Market value as at 1st April, 2022 2,085,092 1,910,007
Additional
investment		 at cost 358,418 89,200
Withdrawn
investment		 at cost (120,000)
(Losses)/Gains
on revaluation		 {59,724) 89,113
Net sales/purchases 81 transaction costs (2,296) (3,228)
Market value as at 31st March, 2023 2 261,490 2 085,092
Represented
by:
2023 2022
f f
CCLA Charities
Investment		 Funds 2,261,490 1,010,198
Listed investments with Brewin Dolphin 1,074,894
2,261490 2,085,092

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DEBTORS		 WMXB
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2023 2022
f f
Trade Debtors 210 638
Prepayments 4,689 4,451
Due from Solicitors 12,500
Dividends
receivable		 2,044
Land rents receivable 5,500 7,000
Other receivables 50
22,949 14,133
Social Housing Rent Arrears at 31/03/23 were f122 (31/03/22: f523)
CREDITORS: Amounts falling due within one year
2023 2022
f f
Trade creditors 9,579 39,218
Accruals 3,350 5,950
Bank loan 2,596 6,165
Sundry creditors 3,481 4,394
55,727

The Bank loan is secured on a fixed le
repaid as follows:		 gal charge on 1-16 Llewellyn's
Almsh		 ouses
and is due to
2023 2022
f f
Between 1to 2 years 2,796 6,410
Between 2to 5 years 9,778 20,939
Due after 5years 71,598 127,816
S4 172 155,165
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