CITY OF WELLS ALMSHOUSES Independentty Examlned Flnandal Statements For the flnanclal year ended 31st March 2024
Clty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 Contents Trustees, Professlonal Advisers, Management Personnel and Adminlstrattve Detalls Trustees, Report Independent Examinerfs Report on the unaudited accounts 16 Statement of Financial Actlvities 17 Balance Sheet 19 Notes to the Flnanclal Statements 20
aty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 TRUSTEES, PROFESSIONAL ADVISERS, MANAGEMENT PERSONNEL and ADMINISTrATIVE DEfAIIS The Board Clty of Wells Almshouses CIO (Corporate Trustee) CIO Board of Trustees Mr Stewart CvrsJey- Chalr of Trustees Mrs Sarah Powell - Deputy Chalr of Trustees The Venerable Anne Gell . ex-offlclo (Actlng Dean of Wells Cathedral) Mrs Tanys Pullln . exvofflclo (Mayor of Wells) Ms Stella Ainsworth Mr Mark Shelton Mr Chrlstopher Vl8ar- resigned 18th Ortober. 2023 Mr Phillp Welch Mr James Fanefjladwln Ms Jenny Rust - appolnted 18th Ortober, 2023 Ms Lynda Amistrong- appolnted 18th Ortober, 2023 Mr Mark Bide - nominated 18th Ortober, 2023 Chlef Executlve Flnanclal Controller & Sttretary heme Manaier Mrs Mlchelle J. Thomas - appolnted 8th Januarytr 2024 Mr Patrlck M. Mcmahon MA FCA Mrs Caroline Tollworthy Prlndpal Offle• 4 Bubwlth Almshouses Wells, Somerset. BA5 2QE Telephone . 01749 675813 Email: info@wellsalmshouses.org.uk Website: vnvw.wellsalmshouses.org.uk Charlty Number Homes England Re8lrtratlon Number 1040554 A4055 Bankers National Westmlnster Bank plc 7 High Street Wells, Somerset, BA5 2AD The Charlty Bank Fosse House 182 High Street, Tonbrldge. Th19 IBE Soll¢ltors Tozers Solicitors Broadwalk House, Southernhay West, Exeter. Devon, EXI IUA Examlnln8 Accountants Monahans, Chartered Accountants, County Gate, County Way Trowbrld8e, Wlltshire. BA14 7FJ
Clty of Wells Almshouse5 Flnanclal Statements Year ended 31st March 2024 Investment Managers CCLA Investment Management Llmlted One Angel Lane London EC4R 3A8 Property Advh•rs Carter Jonas St. Catherine's Court Berkeley Place. Bristol, BS8 IBQ Hlll Readlng Archltects Coach House Studlo 34A Chamberlaln St Wells BA5 2PJ Chantrey Conservatlon Archltects Ltd The Studio St Omer, The Street, Draycott Bath. BS27 3TH.
Clty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 3tst MARCH 2024 The Trustees of the Clty of Wells Almshouses (CWA) present thelr annual report and unaudlted flnanclal statements for the year ended 315t March, 2024. The Trustees have adopted the provisions of the Statement of Recommended Prartlce ISORP) 'Accountlng and Reportlng by Charttles" IFRS 102} In preparlng the annual report and flnanclal staternents of the Charity. Thls Is the treatment requlred by the Hou51n8 SORP 2018 for re8lstered soclal landlords whlch are also almshouses. The flnanclal statements have been prepared In accordance with the accounting pollcles set out in notes to the accounts and comply wlth the Charlty's governing document, the Charities Act 2011 and Accounting and Reportlng by Charltles: Statement of Recommended Practice applicable to charlties preparlng thelr account5 In accordance wlth the Financlal Reportlng Standard appllcable in the UK and Republlc of Ireland publlshed In Ortober, 2019. STrUCTURE, GOVERNANCE AND MANAGEMENT The Charlty Is a reglstered provlder of soclal housln8 wlth the Regulator of Soclal Housln8 {number A40551 and Is an unlncorporated charltable trust reglstered wlth the a)arlty Commlsslon lnumber 1040554}. As a reg5stered provlder of soclal housln8 the Charlty has undertaken an assessment of Its compllance with the Governance and Flnanclal Viabillty Standard and the Trustees certlfy that they were compliant with the Standard durln8 the course of the year and up until the date these accounts have been $18ned. The Charlty has one corporate trustee- the city of Wells Charitable Incorporated Organlsatlon ICIOI, reglstered wlth the Charity Commlsslon {number 1159162). whlch In turn has a Board of Trustees. and It Is they who admlnlster the unlncorporated trust. The CIO Board: The CIO Board may comprlse of.. Two exvofflclo members - the Mayor of the city of Wells and the Dean of Wells Cathedral. Four nomlnated Trustees (two from the City Councll and two from the Chapter of the Cathedral) Up to eight appolnted Trustees Trustees appointed by the Charlty are recruited by a formal applicatlon and Inter¥lew process. There are currently 11 Trustees compared to a maxlmum of 14. As part of Its commltment to resident Involvement at all levels the CIO constltutlon allows for up to two Resldent Trustees to Joln the Board. Management: The day to day runnlng of the Chaffty Is delegated to the Chlef Executlve and thelr staff, operatln8 withln the agreed pollcles and procedures of the CIO. Delegated authorlty Ilmlts are establlshed and there15 a hlerarchy for delegated deci51ons. The Trustee5 meet on a quarterly basls wlth the Chlef Executive to revlew progress a8alnst tar8ets. These targets are set out In the flve year Buslnes5 Plan. Thls, alon8 wlth speclfic pollcles are revlewed by the full Board once a year. The Flnance and Estate Commlttees are the only standln8 commlttees and thelr delegated authorlty has been approved by the Board. Other workln8 partles are tonvened as and when requlred. Stsff: A small staff of four part-time employees manage the Charlty on a day to day basis . the Chlef Executlve (appolnted January, 20241. the Flnance Officer/Charlty Secretary; the Scheme Manager and the Handyman, all working from the Princlpal Offlce.
Clty of Wells Almshouses Flnancial Ststements Year ended 31st March 2024 OBJEcfivES AND AcrivmES The objertlves of the Charlty are . The provislon of houslng accommodatlon for beneficlarles: and Such charltable purposes, for the benefft of beneficiarles, a5 the CIO Board of Trustees decldes. Its maln artlvlty Ss the ownershlp and mana8ement of the 33 unlts of accommodatlon located wlthln the flve almshouses (Bubwlth, Wllles,, Stlll's, Brickes and Llewellyn's}, whlch make up the Charlty's housln8 complex located In the Clty of Wells, Somerset. The almshouses are occupled by older, slngle people, who have been assessed as belng In housln8 need. There have been no sl8nlficant chan8e5 In the Charty's obJertlve5 slnce the last report. The Trustees acknowled8e the guldance Issued by the Charfty Commlsslon In respect of our commltment to publlc benefit and we declare our commttment to It. The maln activity of the Charlty Is the provlslon of accommodatlon to those In need In Wells and the surroundln8 area. In order to be consldered for accommodatlon applicants must meet certaln crlterla, whlch allows the Charlty to assess thelr need. ACHIEVEMENTS AND PERFORMANCE In order to comply with our charltable objertlves, we have two prlme re5ponslbilltles: To ensure that our exlstln8 resldents are housed In comfortable, secure and pleasant accornmodatlon that meets current day standards and expectatlons,. and To ensure we are able to attrart new resldents to occupy our propertles when vacancle5 occur. The Charlty's pollcy Is to refurblsh each property to a standard speclfitation If It becomes vold as the TNstees have found that resldents do not 8enerally wlsh to have thelr propertles up8raded whllst they are in occupation, even though thls mlght be deslrable If they had lived In their homes for a number of years. However, the followlng major works have been completed . two new bathroomslwetrooms have been Installed, secondary 8lazln8 to the Guildroom wlndows , new copin8 Stones in Llewellyn's, a new boller In Llewellyn's, complete re-pavln8 at Llewellyn's and repolntln8 of the Chamberlaln Street wall. Also, In total, there are now only three of the Charlty's propertles whlch wlll need completely refurblshlng when they become vold.
Clty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 FINANCIAL REVIEW The Trustees, alm Is that Income from the Weekty Maintenance Contrlbutlon (WMC), pald by resldents, covers the everyday malntenance costs assoclated with runnin8 the Almshouses. As a reg15tered provider of Social hou51n81 and a Charltable Almshouse a$50clatlon, a Weekly Malntenance Contributlon (WMC} Is char8ed in lieu of rent. Accordln8ly, the WMC can only be Increased in compllance wlth Govemment Pollry. The Charlty Increased the WMC from Aprll, 2023 In line wfth the Government's recommendatlon of 7%. Servlce Charges are charged dependln8 on the actual costs to the Charlty. These costs have In recent years been of a level that may have caused hardshlp to Indlvldual resldents If they had been Charged to resldents In full. Consequently to avoid hardship the Charlty has absorbed a certaln level of these Costs such that the Servlo Char8es are not increased by more than the percentage Increase In the WMC. The nature of these costs are explalned In detall to residents and comprfse such Items as . non-strurtural plumbln8, elertrlcal, gas and decoratlon repalrs and safety checks; gardens malntenance. grass cuttlng, tree works, hed8e trimmln& and waste removal; comrnunal electrtcity In stalThvells and entrance ways; Ilft repalrs and maintenance; cleanlng and heatlng of communal areas; outslde wlndow cleanln& flre safety; pest and rodent control; waste and recyclln8. Due to thelr circumstances, many of our resldents are In recelpt of Housing Benefrt payable by the Local Authorlty. We need to be aware that some Local Authoritle5 are under severe flnan¢lal straln and are lookln8 for Central Government support. The total cost of malntalnln& operatlng and tmprovln8 the complex continues to be the major item of expendlture each year. especlally as the hlstorlc nature of the buildlnBS requlres speci31ist craftsmen and matèrlals to undertake the malntenance, Improvement and up8radlnB of the propertles. Nevertheless, the preserrfatlon of the bulldlngs Is crltlcal to the wellbeing of our resldents and is an essential aspett of Ouf work. The Charlty's Investments are a vltsl component In ensurlng that new almshouse resldences can contlnue to be created or converted. Durln8 the course of the year our Investments provlded a net Income of approxlmately £77.000 comprlsed of InteresL dlvldends, agrlcultural land rents and wayleave payments. In addltlon, the value of these investments, managed by our fund mana8ers, Increased In value by nearfy £256,OLK). The Trustees commissloned Carter Jonas, Chartered Surveyors to revlew and re-value the agricultural land under the Charltys ownershlp. The revaluatlon Increased the value of the land by £231,11)0. The Chartty has an ethlcal Investment pollry whlch excludes Investments whlch 8enerate a slgnlflcant proportlon of thelr revenue from artivltles whlch conflict with the aims of the Charlty. For example, gamblln& weekly-collected home credlt and payday loans are excluded as these are potentlal causes of hardship and dlstres5 which could lead to homelessness. Also excluded are Investments whlch could affect our supporter base such as the manufacture and supply of armaments, pornography and the manufacture and commercial distrlbutlon of tobacco. The extent of the market capltallsatlon excluded by the policy and therefore Its Potentlal financlal detrlment has been formallv approved by the Trustees.
city of We115 Almshouses Flnanclal Statements Year ended 31st March 2024 VALUE FOR MONEY (Vfm) In 2018 the Regulator of Soclal Houslng IRSH) Introduced a Value for Money (Vfm) Standard whSch requires re8lstered provlders of soclal housln8 (such as the CWA) to publlsh In thelr tlnancial statements a serles of metrlcs desl8ned to measure economy, efflclency and effectiveness on a comparable basis across the soclal hou51n8 sertor. In thls context . Economy means mlnlmlslng the Cost of resources whlle havlng regard to quallty,. Efficlency is the relationshlp between the output Irom 8oods or servlces and the resources to produce them. Effertiveness Is the extent to whlch objertlves are achleved and the relationshlp between Intended and actual impacts. The CWA needs to ensure that It has sought to optlmise the financial retum from Its assets and actlvltles in so far as thls Is conslstent wlth achlevement of the Charlty's wider organlsational purposes. Soclal housln8 businesses generally receive a lower-than-market return on social housin8 assets. as renting propertles below the rnarket rate Is an Integral part of thelr soclal purpose. Further, the CWA May at tlmes opt not to receive maximum return from an asset, Instead taking the dec5slon to accept a lower return in furtheran of Its soclal objectives: where thls Is the case our alm Is to see that the ratlonale for thls Is clearty artlculated and JvstSfied. for example, where historlcal covenants are In place, whlch restrltt the sale or development of propertles even when there are high malntenance costs. These Vfm metrlcs provlde a tool for re8lstered providers to demonstrate to the RSH, residents and any other stakeholders, that they are makln8 the best use of their assets and resources. The social houslng sector Is very dlverse and no sin8le set of metrics can capture all of the measures that matter to each Indlvldual provlder. The standard metrlcs defined by the RSH are Intended to athlev• the dlfferent. but complernentaryl objectlve of provldlng measures wSth wlde appllcabillty whlch pemilt compari50n across the soclal houslng sector. Importantly, the sulte of Vfm metriC5, Is restrfcted to data derlved from the registered provlder5' Annual Accounts. The Standard requlres provlders not only to publlsh thelr own Vfm metrlcs but also to set their own Vfm targets and analyse thelr performance alongslde that of their peers on a tomparable basis. The RSH ha5 publlshed a Technical note 8uldance {May 2022) settln8 Out In detall how the metrlcs are to be calculated and Sn settlng out the requlred metrlcs (below) we have followed this 8uSdance. The metric tar8ets were approved by the Board of Trustees at thelr meetlng In July, 2023. In order to provlde comparable data from other provlders we have taken data from a report Issued by the RSH (Value for Money Metrlcs Report - Annex to Global Accounts 2023),. thls data provlde5 metrlcs from smaller provlders which own less than 2.51x1 unlts. Metr1¢ l. Relnvestment and up8radln8 of exlstlng unlts of accommodatlon Th15 metric looks at the current year Investment In unlts as a percentage of the value of all properties held. Peer Group CWA Target CWA 2024 CWA 2023 CWA 2022 3.70% 1.25% 2.06% 1.75% 1.34% The CWA dld not acqulre or develop any new houslng In the 2023-2024 financlal year. The amount of capltal works undertaken durlng the year {£110,014) is comparable to that done last year {£92,9381 and reflects our commltment to provlde safe and affordable accommodatlon to our resldents. Our capltal works programme of malntenance and, where appropriate, modernisation of exlstln8 Stock Incorporates all works prescrlbed In our 2023 Qulnquennlal report. Comparison with other provlders needs to take Into account that our propertSes are all independently valued as belng Grade 2 or Grade2. listed thereby understatln8 the percentage Impact of our capltal works.
city of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 VALUE FOR MONEY IVfM)(¢ontlnued) Metrlc 2a. New Supply of sodal houslni unlts Metrlc 2b. New Supply of non•soclal houslni unlts These metrics set out the percents8e number of houslng unlts acquired or developed In the year. Peer Group CWA Taryet CWA 2024 CWA 2023 CWA 2022 0.70% Soclal Non-soclal 0.00% There has been no new supply of unlts for several years. There are plans to develop or otherwlse acqulre a number of new unlts In the next few years and the funds necessary to increase the number of unlts of accommodatlon are In place. We are aware however of potential challenges In obtainlng plannln8 consent. Metrlc 3. Gearfng This metrlc assesses how much of our property assets are made up of mort8a8e debt and our degree of dependence on debt flnance. Peer Group CWA Tar8et CWA 2024 CWA 2023 32.9 0.89% 0.89% Our overall dependency on loan flnance Is very low compared wlth our peer group. The CWA has very Ilttle In borrowln and has ade uate cash resources at resent to meet all ros ertlve needs. CWA 2022 Metrk 4. EBITDA MRI (Earnln85 before Interest, Ta Depreclatlon, Amortlsatlon, Major Repalrs Included) The EBITDA MRI Interest cover measure is a KEY INDICATOR for Ilquidity and Investment capaclty. It seeks to measure the level of surplu5 that a provider generates compared to Interest charges payable. The Interest charges that we Incur are very small as we have the resources to fund development without recourse to borrowln8. By puttln8 our tar8et at l(XMM we arè effectlvely statln8 that In a flnanclal year our borrowln8 costs are one tenth of our eamln8s as was the case In 2022. Our Peer group Is estlmatlng that Its borrowin8 costs are about 55% of earnlngs. In 2024 our borrowin8 Costs were approxlmately 47% of our adjusted earnln8s. In 2023 our metrlc was substsntlally dlstorted by the recelpt of substantlal net eamlngs from sales of 38rlcultural land. Peer Group CWA Target CWA 2024 CWA 2023 CWA 2022 171.00% IOCKI.OO% 213.00% 3167.¢J)% 1113.CM)% 04VA Interest char8es are small and Indlcate an opportunity for addltlonal borrowln6 If requlred to meet our charitable ob'ectives. Metrlc 5. Headllne Soclal Housln8 costs per unlt Thls metrlc quantlfles all the expendlture costs assoclated wlth soclal houslng. The costs Include management costs,servlce costs, routlne malntenance costs, major repair5 expenditure, capitallsed major repairs expendtture and communlty servlces.Inflatlonary pressures have caused signlficant Cost Increases. Peer Group CWA Taryet CWA 2024 CWA 2023 CWA 2022 £5.720 £5,750 £8.238 £7,101 £5,842
Clty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 VALUE FOR MONEY (VfM)Iwntlnued) Metrlc 6a. Operatlng Mar8ln of soclal hou$ln8 lettln8s only. Metrfc 6b. Operatlng margln overall. Thls metrlc demonstrates the profltablllty of operating assets before exceptional expenses are taken Snto account. Increasln8 mar8lns are one way to Improve the financlal efficiency of a buslness. In assesslng thls ratlo, It Is lrnportant to conslder the registered provlder5' purposes and objectlves (Includln8 thelr soclal objectlves). Peer Group CWA Tar8et CWA 2024 CWA 2023 CWA 2022 18.70Yo 20.0096 22.44% 22.59% 25.07% 16.80% 20.00% 12.69% 48.34% 20.97% Althou8h we achleved our target in 2022 and 2023 was distorted by exceptlonal land sales revenue It Is the case that between 2022 and 2024 our operating income Increased by only 13% whereas our expendltures Increased by over 35%. Our Sncome from residents15 effectively set by the Government whereas our ex endltures de nd on forces be ond our control e. . the Ukralne war. Soclal Overall Metrlc 7. Return on C•pltal Employed IROCE) % ROCE compares the operatln8 surplus (Includlng sales of land) to total assets less current Ilabllitle5 and Is a common measure In the commerclal sector to assess the efficient Investment of capttal resources. Peer Group CWA Tariet CWA 2024 CWA 2023 CWA 2022 2.10% 0.48% 2.93% 0.73% It could well be that our target Is over ambltlous slnce we have operated for several years In a market where the rate of Increase in our WMC and Service Char8es are set by Government policy. Wlthout the benefit of land sales the metrlc for 2023 would have been 0.43%. Fixed revenue Increases and substantlal increases In investment values wlll kee this metric at under 1%.
Clty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 RESERVES POUCY CWA has sub5tantlal reser¥es, some In the form of Permanent Endowment {whlch can only be spent on creatlng new almshouse provlslonl but a150 a s18nlflcant amount in more•or-les5 liquld funds that can and should be used In support of our charltable 0bJerteS. The Trustees have been undertaklng a complete review of strate8y and conslderlng the impllcatlon5 of that strategy on our approach to managing our reserves. In this exerclse, we have borne In mlnd not only our responslblllty to our current and future beneflciarles but also the hi5torlc nature of the Ilsted buildings whlch make up our almshouse estate. We recognlse that we can only ever be temporary stewards of bulldin8s which have thelr orlglns and much of thelr structure datlng back flve or slx centurles and which ft Is our responslbllity to pass on to our succe550rs- In good condltlon - In centurle5 to come. Whlle most of the estste15 In very 8ood condltlon despite Its age, and all but three of the current stock of almshouses have been recently modernlsed, the rnalntenan of these bulldin8s presents a contlnulng challenge in financlal, envlronmental, and health and safety terms. We are commltted to malntalnln8 the estate to the highest posslble standards, but thls is a process not a slngle event. An example of thls Is our current project, partly funded by the National Lottery Herltage Fund and other donatlons and grants, to refurblsh and revltallse our C15th chapel. We are at the same time undertakln8 renovation on the "Old Mortuary" an anclent bulldlng used now prlmariSy for storage and as a workshop. A recent survey has revealed. Inter alla, the need to remove asbestos. Our prlmary source of income as an almshouse charlty Is In the form of the Weekly Maintenance Contrlbutions {WMC) made by our resldent beneflclarles. These are set at a level which Is calculated broadly to cover the bud8eted day-to4ay costs of runnln8 and malntalnln8 the estate. However, we are also aware that year-by-year we have been conslstentlv spendln8 more- speclftcally on malntenance - than could re3$0nably be recovered by the WMC. We are dependent on revenue we recelve from Investments to cover the balance of our runnln8 costs {and thus to be able to contlnue to meet our charitable objectives). Hlstorlcallyl this revenue (from both our Investment funds and from our investment land) has been around £70,000 annually. We believe that we should Set aslde £l,000,OCLI of our free reserves to hold as an Investment fund. with a vlew to provldln8 US with of the order of £25,CK)0 - 40,OLK) of addltlonal cash revenues annuallv. We belleve that it Is prudent to assume that the revenue from thls investment wlll contlnue to be needed for malntenance of the estate over the lon8 term, wlth any Increase In the underlyln8 asset value compensatln8 for Intlation. We have recently undertaken revaluatlon of our land holdln8s whlch has been refiected In these accounts. The Trustees made a declslon several years a80 to Ilquldate all of our holdln8s In land, as these have hlstorlcally provided a poor rate of return on capltal In comparlson wlth our other investments. This pollcy was temporarlly suspended, followlng recent changes In management. It Is Ilkely that sales of our land holdln8s will contlnue In future a5 OPPOrtunltles present themselves, althou8h there Is no urgency. The Trustees have made a Strategic commitment to building four new almshouse unlts wlthln the next flve years. We have £809,OCK) of permanent endowment whlch we belleve ou8ht to be used to bulld new almshouse5 (subject to speclflc permlssion from the Charlty Comrn1551onl. We calculate that we need to Set aside a total of £1,450,000 to meet thls ambltSon Iln¢ludlng the purchase of land). We have therefore deslgnated £641,OW of our free reserves to this projert.
Clty of Wells Almshouses Financlal Statements Year ended 31st March 2024 RESERVES POUCY (contlnued) There are 5Sgnlflcant uncertalnties In our plan5 for this projert, Includlng the challenges of flndlng suftable land wlthin the clty, of galnln8 plannlng perrnisslon. and of managin8 the project Itself, but the Trustees are convinced that a plan to turn thls aspiratlon Into actlon Is essential to our contlnulng to meet our charltsble objectlves. In comparison with these plans to bulld new almshouses, our other designatlons of funds are relatlvely Ilghtwelght. We have three unlts to be modernlsed when they are next vacant. Based on recent experience, we have deslgnated £180,OLNJ to cover thls work. Other maintaSnance, in Ilne wlth our most recent qulnquennlal Inspectlon, can easily be carried out wlthin our re8ular manitenance bud8et. We have already touched on the projects to renovate the Chapel and the Old Mortuary. The total costs of the work on the Chapel has now been estlmated at £420,CrfJO. Subsequent to the end of the flnancSal year,we were awarded a grant o £158,iJ)O (re¢elpts from which wlll be recorded In the next set of flnancial statements) from the National Herltage Lottery Fund and hold a further £51,lJ)O in restrlrted funding from 8rants and donations,. althou8h we are optirnistic that further funds ml8ht be forthcomlng from elsewhere, we belleve It prudent to deslgnate £210,CK)O of our free reserves to completion of the Chapel projett. Slmllarly, work on the Old Mortuary has been estlmated at £135,0(Kl. The whole of thls amount has been desS8nated from our free reseNes. Any further requlrement for free reserves beyond our designated funds Is limlted,, however, we have Identlfied one rlsk whlch needs to be covered. In the event of a major event which serIouS damaged or destroyed some part of the estate, rebulldln8 costs would be covered by our Insurance. However, we could face Some consequentlal responslbllSties to those of our beneflcSartes who ml8ht be rendered homeless, in terms of finding them alternative affordable a¢¢ommodatlon; we do not belleve that thSs would be a legal obllgatlon,but It would certainly be a moral one. We believe that the costs of dolng thls could be In the range of £2CK),000- £3(KI,O(M). The balance of our free reser¥es falls wlthin thls range. The followlng table sets out our reserve5 Posltion In detall: io
Clty of Wells Almshouses Flnanclal Statements Year ended 315t March 2024 RESERVES POUCY (contlnued) Rertrlcted Funds Unrestrlcted Fund$ Total Reserves Total reserves at 31st March 2024 8.640,619 Les5 assets requlres for operatlon of charlty Property 5,340,955 Equlpment ii,iio (5,352,065) Reallsable reserves Less: Restrlcted fvnds Pemianent endowment 3.288,554 51,941 809,170 51,941 809,170 51,941 809,170 1861.111) Unrestrlrted reallsable funds 2,427A43 2,427,443 2,427,443 Reallsabl• reserves 861,111 2,427,443 3,288,554 Desl8nated funds Investment fund Developrnents of new units Upgradlng three remalning unlts Chapel repairs/refurbishment Old Mortuary refurblshment I,IK)O,OCM) i,,000 641,080 1,450,250 I80, 180,1 210,Iyxi 261,941 135,OC(I 135,OiXI 809,170 51,941 Totsl desl8n4t•d funds 861,111 2,166,080 3,027,191 8alan¢e free reserves 261,363 261,363 11
Clty of Wells Almshouses FSnanclal Statements Year ended 31st March 2024 FINANCIAL CONTrOiS The Board considers that the Charty's governan 5trurture, financlal controls and procedures and the work of the Flnance and Estate Committees are sufficlent to enable the Charity to comply wlth all nece55ary standards set by Homes England, Its officlal re8ulator. The Flnance and Estate Commlttees, comprlsln8 several Trustees. the Chlef Executfve and the Flnance Offlcer undertakes the followln8 dutles: Monltors and oversees the performance of the Investment Mana8er and portfollos Revlews the a8rlcultural land holdings In Ilne with the Buslness Plan Monltors and oversees the contrarts let for major works Monltors overall expenditure against budgets Monltors the Reserves Policy Monltors the cash flow and a55esses the need to mi>ve funds between accounts Revlews and updates the Investment Strate Malntalns and update5 the Rlsk Reglster. and Reports to the maln Board on these matters The Board a8rees on an annual basis the Incorne and expenditure and capltal programmes for the next flnancial year. These are revlewed by the Flnance and Estate Commlttees throughout the year. At each Board meetln8 key performance Indlcators IKPI'S) are reported including progress against budget alon8 With non-flnanclal measures such as the number of resldents attending meetings, whether repalrs have been carrled out on tlme, our soclal medla targets and trustee Involvement in the quarter. Thls comblnatlon of measures are reported to ensure that the Charlty not onty meets Its flnanclal targets but Is also compllant and art responslbly. The Charlty's procedures for procurement, its financlal controls and the functlons of the Flnance and Estate Commlttees ensure that value for money IVfMI Is achieved In delivering its, objectlves. The Board has a8reed and reviews the threshold levels for quotatlons, for fomial tendering and for dele8atlons. All but the smallest amounts are subjett to wmpetitlon. However, when awardin8 contracts, the Charlty also takes Into account: The quallty of workmanshlp Relatlonshlps wfth contrartors and thelr performance The approach to worklng In residents, homes: and Resldents, feedback. Thls means that we do not necessarlty always accept the lowest tender fiBure, but the one we feel wlll provlde us wlth best value for money and quality workmanship. In addltion. market testSn8 exerclses are periodlcally undertaken for those companles who provide professlonal servlces to the Charlty. 12
city of Wells Alrnshouses Flnanclal Statements Year ended 31st March 2024 RISKS AND UNCERTAINnES The Chartty operates a Rlsk Reglster in order to Identify risks and what can be done to mana8e these. The three maln rSsks, after taklng Into account artlons taken to reduce risk, are as fo15ows: A major dlsaster, e.8 fire, flood A fallure to respond to emergency calls from resldents and A collapsednn)ured resident not found for Some tlme The Trustees are contlnuin8 to flnd ways of reduclng rlsk so that the Charlty Is managed efficlently and Its charltable objectlves are met. PLANS FOR THE FLrruRE The Trustees wlll adopt a new 5 year Buslness Plan later In thls financial year after a full revlew of all our land holdings. The Trustees are actlvely explorln8 varlous envlronrnental developments concernln8 the prov151on of118ht and heatlng for our resldent5. Th151s a very large and complex project for which we have commlssloned a report Into the provlsion of alr source heat pumps. As the almshouse propertles are all Ilsted the cost of malntenance Is one of the maln sources of expendlture for the Charlty. A Qulnquennlal survey was cornmlssioned In 2023 whlch projected that costs In the re8lon of £200,OCQ would be required In order to malntain all of the Charlty's buildings over the upcomlng flve years. The Qulnquennlal Report states that . 'The property is in fair condftion wlth only a few malnly Isolated Items of dlsrepalr, some Issues need addressln8 and some malntenance wlll be needed wlthln the qulnquennlum. The flats and almshouses are all "decent. accordlng to the Government's Decent Homes Standard." The Trustees have an obll8atlon to preserve the Chapel as a Grade Il*11sted buildlng and an asset of the Clty of Wells. The Trustees have now appointed an architert to help the Charlty to create a programme of works whlch wlll make the Chapel more comfortable and easier to use. for example, by Improvlng the heatln8 system, the Ilghtln8 and a posslble reconfigurfng of the layout. It Is hoped that by dolng so the local communlty wlll use the Chapel more frequently. The Charity has obtained external fundlng for some of these costs. The Old Mortuary bulldln8 wlll be refurblshed and wlll not now be consldered for resldentlal accommodatlon. The Trustees were aware that the Almshouses have not been well known by the local people of Wells. However over the last few years, the proflle of the Almshouses has been ralsed withln the communlty Wlth talks, concerts and additlonal senilces beln8 held. Two "Open Days" are held durfng the summer such that the general publlc can vlslt the propertles and garden5 and leam about thelr history. Groups can vlslt the Almshouses for a tour by booklng in advante. Addltlonal opportunltles for the communlty to come are planned with more concerts, talks and serrflces, as well as the openln8 up of the hlstoric chapel more re8ularly for the public to view. 13
city of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 PLANS FOR THE FUTURE (contlnuedl In conjunctlon wlth the Charlty's webslte the Charlty uses its Facebook and Twltter pages to promote upcomlng events and Inform the 8eneral publlc about what the Almshouses have been dolng. A regular newsletter Is now belng produced and sent to the Charlty's sUPPOrters. A leaflet about the Almshouses is slted in promlnent places around Wells. The Trustee5 hope that such actlons wlll Increase awareness of the Almshouses which may help to attract future beneficlarfes, volunteers and addltlonal Sou5 of Income. The Trustees are keen to ensure that all residents are consulted and Involved Sn the declslons that are made concernlng thelr homes and surroundln8s. Re8ular resldents, meetln8s a held to form a basls for developln8 a Structure of involvement for those who wlsh to participate. A resldent survey was conducted to understand more fully how the Charity can Improve the houslng facllltie5 It provides to residents. Extremely hlgh levels of satisfartlon were recorded overall and of partl¢ular note Is the appreclatlon expre55ed over the standards of resldents, accommodatlon. The outcome5 of the suriey are belng Utllised to understand rnore fully the resldents, pr5oritles. 14
Clty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 srATEMENT OF TRUSTEES, RE5PONSIBIUTIES The Trustees are responslble for preparln8 a Trustees'Annual Report and financlal statementsln accordance wlth appllcable law and Unlted Kln8dom Accountlng Standards {Unlted Klngdom Generally Accepted A¢countln8 Prartlcel. Charlty and Re8lstered Soclal Houslng leglslatlon require the Board to prepare financlal statements for each flnanclal year which glve a true and fair vlew of the state of affairs of the Charlty, of the Incomln8 resources and appllcatlon of resources, Includlng the Incorne and expendlture for that perl¢xl. In preparlng these flnancSal statements, the Trustees are requlred to: Select sultable accountln8 policies and then apply them conslstently Obserye the methods and prlnclples In the Charltles SORP Make Judgments and estimates that are reasonable and prudent State whether applicable UK accountin8 Standards have been followed, subject to any materlal departures disclosed and explained in the flnancial statements; and Prepare the financlal statements on the goln8 concem basls unless It Ss Inapproprfate to presume that the Charlty wlll contlnue In buslness. The Trustees are responslble for keeplng proper accounting records whlch dlsc105e wlth reasonable accuracy at any tlme the flnanclal positlon of the Charity and enable them to ensure that the financial statements comply wlth Charltle5 Arts, the Housln8 and ReBeneratton Act 2008 and the Accountln8 Dlrettlon 2022 for private registered provlders of soclal housln8 in England. They a150 have general responslbility for takln8 reasonable steps to safe8uard the assets of the Charlty and to prevent and detect fraud and other Irre8ularitie5. The success of 2023124 would not havè been possible wlthout the commitment and hard work of those Involved wlth the Almshouses. The Trustees would like to thank Staff. Resldents, Volunteers and members of the public who have provlded such support. On behatf of the Trustees ursley I hal f Trustees). Date: 16th October, 15
City of We115 Almshouses Financlal Statements Year ended 31st March 2024 Independent Examlner'5 Report to the Trustees of aty of Wells Almshouses I report to the charlty trustees on my examinatlon of the accounts of the charlty for the year ended 31st March 2024 which are set out on pages 17 to 30 Respon$lbllftle$ and basls of report A5 the charity's trustees you are responslble for the preparatlon of the accounts In accordance wlth the the requirements of the Charltle5 Act 20111"the Art") I report In respect of my examlnatlon of the charlty's accounts carrled out under sectlon 145 of the Act and In carryln8 Out my examinatlon I have followed all the applicable Dlrections 8iven by the Charlty Commisslon under sectlon 145{5)Ibl of the Act. Independent examlner's statement 51nce the charity's gr055 Income exceeded £250,000 your examiner must be a member of a body Ilsted In Sectlon 145 of the Act. I conflrm that l am quallfied to undertake the examinatlon because l am a member of the Institute of Chartered Accountants In England and Wales. which is one of the listed bodles. I have completed my examlnatlon. I conflrm that no materlal matters have come to my attentlon In connertlon wlth the examlnatlon 8ivlng me cause to belleve that In any material respect: l. accountln8 records were not kept in respect of the charity as required by sectlon 130 of the Act; or 2. the accounts do not accord wlth those records: or 3. the accounts do not comply wlth the appllcable requirements concerning the form and contents of accounts set out In the Chartties (Accounts and Reports) Re8ulations 2008 other than any requirement that the account5 Ive a "true and faSr' vlew whlch is not a matter considered as part of an independent examinatlon. I have no concerns and have come across no other matters in connertlon wlth the examlnatlon to whlch attention should be drawn In thls report in order to enable a proper understandlng of the accounts to be reached. Jame5 Gare FCA Dcha Monahans Chartered Accountants County Gate, County Way, Trowbridge BA14 7FJ Date . 12 November 2024 16
City of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 srATEMENT OF FINANaAL ACTivmES Unrestrf¢ted Endowment Restrfcted Total Fund$ Funds Funds Funds 2024 Total Funds 2023 Notes INCOME: Income from re51dents Investment Income Grants & Donations Galns on Sale of land 230,982 54,905 230,982 76,915 12,410 214,480 70.675 6,078 205,045 21,015 995 12,410 Total Income 285,887 21.015 13.405 320,307 4%,278 EXPENDITURE: Charitable actlvitles Professlonal management costs 251.560 251,560 254,485 28,101 28,101 1,887 Total e¥pendlture 279,661 279,661 256.372 Net Income before Investment & land 8alns 6,226 21,015 13A05 239,906 Net 8alns on Investments Revaluatlon gain on Investment land li 184,653 65,420 6,305 256.378 159,724) 12 231,OCQ 231,000 Net Incomel(expendlture) 421A79 86M35 19,710 528,024 180,18Z Transfers between funds 15 Net rnovement In funds 421,879 86,435 19,710 528,024 180,182 Reconclllatlon of funds: Total funds brought forward Total fund$ ¢arrled forward 15 7,357,629 722.735 32.231 8.112.595 7.932,413 51941 8 640 619 8 112 595 The statement of flnanclal artlvltles IncSudes all 8alns and losses reco8nlsed In the year. All Income and expendlture derlve from contlnuin8 operatlons. 17
city of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 COMPARATIVE STATEMENT OF FINANaAL AcnvmES Unrestrlctsd Endowment Restrkted Funds Funds Funds Total Fund$ Z023 Notes INCOME: Income from resldents Investment Income Grants & Donatlons Galn on sale of land 214.480 70.675 214,480 70,675 6,078 205,045 6,078 205,045 Totsl Income 490,2C#) 6.078 496,278 EXPENDITURE: Charltable attlvltles Investment mana8ernent costs 254,485 254,485 1,887 1,887 Totsl exp•ndlture 256,372 256,372 Net Income before Investment & land golns 233,828 6.078 239,906 Net 8ains on Inve5trnents li (35.515) 124,551} 342 (59,724) Net In¢ome 1983 {24,551) 6WO 0.182 Transfers between funds 15 (100,800) l(Kl,8 Net movement In funds 97,513 76,249 6,420 180,182 Re¢onclllatlon of funds: Total funds brought forward Total funds carrled forward 15 7,260,116 25,811 7,932,413 7 357 629 8 112 595 18
city of Wells Almshouse$ Flnincl•l St•t•m•nts Ye•r end•d Jlst M•r¢h 2024 AiANCE SHEET 2024 2013 Not FIXID ASSETS Property Equlpment lnvtM•nts Inv•strnent land Tot•S nxed assets 10 io li 12 5,340.955 ii,iio 2,527,929 820,C 8,699,994 5,304,205 10,•)6 2,261,490 ,165,501 CURReNT ASSETS D•btois Cash at b•nk and In h•nd Inv•rtm•nt l•nd h•kl for r•MIo 13 7,739 37,016 22,949 27,323 44,755 50,272 CRIDITORS: •mounts h111 du• wlthln one y•ar 14 104,ts01 NIT CUAAENT (LIAOIUTIES) I ASSETS 159.375) 31,266 TOTAL Assffs LUS CUAAEIIT UA8ILITIIS 8,610,619 8,196,767 CRIrn: •mounts l•lllni due •ft•r mor• th•n on• ye•r 15 184,1721 THE FUIIDS OF ThE CIIARrrY Indowm•nt r•Mr¥ 16 16 16 809,170 51,941 7,779, 722,735 32,231 7,J57,629 Unr•rtrf¢t•d r•Mr¥ TOTAL CHARITY FUNDS Th• fln•ncl•l it•t•m•nts wer• •pprov•d ty th• Bo•rd of Truste•s on 16 behilf by.. ob•r, 2024 •nd w•r• I1•d on Its Vark Bld• •rt 19
city of Wells Almshouses FSnanclal Statements Year ended 31st March 2024 NOTES TO THE FINANCIAL STATEMENT5 ACCOUNTING POUCIES a) Basls of accountlng The Clty of Wells Almshouses is an unlncorporated Chadty reglstered In England and Wales. The address of the prlnclpal offices Is glven In the Officer5 and Professional Advlsers Information on page l of these flnancial statements. The nature of the Charltys operatlons and princSpal activltles are detalled wlthln the Trustees, Annual Report. The ftnanclal statements have been prepared In accordance wlth Accountlng and Reportln8 by Charitles . Statement of Recommended Prattice appllcable to charlties preparlng their accounts in accordance wlth the Flnanclal Reporting Standard applicable In the UK and Republic of Ireland Issued in Ottober, 2019 the Flnancial Reportin8 Standard applicable In the UK and Republlc of Ireland {FRS 102), the Charities Act 2011, the Accounting Direction for prlvate re8lstered providers of social housln8 2022 and UK Generally Accepted Accounting Practice. The financlal statements have been prepared to glve a "true and falr. vlew and have departed from the CharStles {Accounts and Reports} Regulations 2CX)8 only to the extent requlred to provlde a "true and falrf, vlew. This departure has Involved followln8 the Accountlng and Reportlng by Charltles . Statement of Recommended Practice appllcable to charStie5 preparln8 their accounts In accordance with the Flnancial Reportlng Standard appllcable In the UK and Republic of Ireland {FR5 1021 issued in October 2019 rather that the Accountln8 and Reportlng by Charlties . Statement of Recommended Practice effertlve from l Aprll 2CL15 whlch has slnce been wlthdrawn. The Charlty meets the definltion of a publlc benefit entlty under FRS 102. The accounts are prepared In accordance wlth the hlstorlcal cost ba51s of accountlng except as modlfied by the revaluation of investments and certaln fixed assets. In November 2014 the aty of Wells Charftable Incorporated Or8ani5ation (CIO) was created, reglstered charlty number 1159162. As sole trustee of the Trust It exerclses control and so IS effectlvely Sts parent. Consolldated accounts have not been prepared as group Income Is less than the threshold requlred to do 50. Flnanclal statements for the CIO can be obtalned from 4 8ubwlth Almshouse, Wells, BAS 2QE. bl Preparatlon of the attounts on a golni concern basls The flnancial statements have been prepared on a goln8 concern basis as the trustees believe that no material uncertalntles exlst.The trustees have consldered the level of fund5 held and the expected level of income and expendlture for 12 months from authorislng these flnan¢5al statements. The bud8eted Income and expendlture Is sufflcient wlth the level of reserves for the charlty to be able to contlnue as a 8oln8 concern. 20
Clty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 c) Income All Income is recognlsed once the Charity has entltlement to the Income, there Is sufficient certalnty of recelpt, It Is probable that the Income wlll be recelved. and the amount of Income receivable can be measured reliably. Income represents lettlng Income and other servlce charges recelvable from soclal houslng lettln8S Included at thelr Invoice value net of volds. Donatlons or Grants are reco8nised when there is evldence of entltlement to the 85ft, recelpt Is probable and the amount can be measured rellably. All income Is consldered unrestrlcted unless spedflcally restrlrted by the donor, or ralsed In an appeal for a speclfic purpose. Income from government and other grants are recognlsed at falr value when the charlty has entltlement after any performance condltlons have been met, it is probable that the Income wlll be recelved and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Investment Income Is earned through holdlng assets for Investment purposes such as shares and land. It Includes dlvldends, Interest and a8rtcultural rents. Where It is not practlcable to Identlfy Investment management costs Incurred wlthln a scheme wlth reasonable accuracy the Investment Income Is reported net of these costs. It Is Included when the amount can be measured rellably. Interest, divldend and rental income are recognlsed once the Charity's rlght to recelve payment Is establlshed. No amount Is Included in the flnanclal statements for volunteer tlme In Ilne wlth SORP FRS {102) d) Expendlture Expendlture Is recognlsed once there Is a legal or constructive obligatlon to make a payment to thlrd party, It is probable that settlement wlll be requlred and the amount of the obllgatlon can be measured rellably. The city of Wells Almshouses Is not registered for Value Added Tax (VAT). In these financlal statements, where applicable, expenditure Is shown Inclusive of VAT. e) Allocatlon of support costs Support costs are those funrtions that asslst the work of the Charlty but do not dlrectly undertake charitable actlvltles. All office costs, staff costs associated with the supportlng e5ement of the roles of Flnanclal Controllerl Charlty Secretary and Chief Executfve and 8overnance costs are consldered to be support costs. Freehold property Houslng propertles are prlnclpally propertles available for occupatlon by the beneficSarle5 of the Charity and are Inltlally stated at cost. Cost Includes the cost of acqulrlng land and bulldln8s and development Costs. Freehold property was revalued In 2015. The revalued amount has been used as the deemed cost of the property as at the l Aprll 2014, thls being the date of transltlon to the SORP IFRS 1021. Assets in the course of construrtion are capltalised at C05t and not depreclated untll they are ready for use. 21
city of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 81 Upgrades to propertles Works are capltallsed If they result in an Increase In the net rentsl Income, a reductlon In future maintenance costs or a 518nlficant extenslon to the life of the property. The net book value of these costs are depreclated over a 15 year perlod. h) Implrment of freehold property Revlews for Impalrment are carrled out annually at the reportln8 date. Impalrment 5$ recognlsed when the carryln8 value of an asset exceeds Its recoverable amount. Examples of Indlcator5 of Impalrment are a slgnlflcant decrease In the market value of the property or sl8nlflcant physlcal damage. l) Other Flxed Assets Other flxed a55ets c05ting £2 or more are capltallsed at cost. Other flxed assets Include fixtures and fittin85, equipment and IT equipment which are depreclated on a stralght Ilne basls between 3 to 5 years. J) Land Investments The land owned by the Charlty Is let to a8rlcultural buslne55es. Land Is held In the balance sheet at falr value. The land was valued a5 at 31st March, 2024 by Carter Jonas an Independent commerclal property advlsor and surveyor. k) Debtors Trade and other debtors are reco8nlsed at the settlement amount due. Prepayment5 are valued at the amount prepald. l) Investments Investments are stated at market value at the balance sheet date. Net 8alns and losses arising on revaluatlon of unrestrirted investments are shown In the Unrestrltted Reserves. Investments are held wlthin fixed assets on the basis that they are held to 8enerate Income In the lon8er terni. m) Cash Cash at bank and In hand includes cash held in deposlt accounts. n) Credltors Credltors are recognlsed where the Charlty has a present obllgatlon resulting from a past event that wlll probably result In the transfer of funds to a third party and the amount to settle the obllgatlon can be measured reliably. o) Contlngent Uabllltles A contlngent Ilablllty wlll be disclosed If . A posslble obll8atlon arisin8 from a past event whose exlstence wlll be conflrmed only by some uncertaln fvture event that is not wholly In control of the C4VA A present obligatlon arislng from a past event but where the transfer of funds Is not probable or the amount of the obll8atlon cannot be measured rellablv. 22
Clty of We115 Almshouses Flnanclal Statements Year ended 31st March 2024 p) Flnanclal Instruments The Charlty has financlal assets and financlal liabllities of a kind that quallfy as ba51c flnancial Instruments. These are cash, cred5tors, and debtors other than prepayments. Baslc flnanclal Instruments are Inltlally measured at tran5artlon value and subsequently measured at thelr settlement rate. There are two exceptlons to th15, the bank loan which15 subsequently measured at amortlsed cost uslng the effectlve Interest method and Investment5 whlch are subsequently measured at falr value. q) Reserves Unrestrlcted Reserves are funds avallable for use at the discretlon of the Trustees In furtherance of the general objertlves of the Charlty. Restricted Reserves are funds for whlch the donor has speclfically restrirted the purpose for whlch they can be used . The amounts in the funds represent the monies Stlll remalning for future expendlture. Endowment ReseThes are a type of restrlcted fund and represent those aets whlch must be held permanently by the Charity. Income arlsin8 on the endowment fijnds can be used In accordance wkh the objectlves of the Charlty. Any capitsl galn or loss arislng on the endowments forni part of the Endowment Reserves. r) Taxatlon The Charlty Is consldered to pa55 the tests set out In Paragraph I Schedule 6 of the Flnance Art 2010 and therefore St meets the deflnitlon of a charlty for UK corporatlon tax purposes. Accordln8ly, the Charlty Is potentlally exempt from tsxation In respect of Income or capltal galns received wlthln cate8orles covered by Part 11, Chapter 3 of the Corporatlon Tax Art 2010 or Sectlon 256 of the Taxatlon of Chargeable Gains Act 1992. to the extent that such Income or 8alns are applled exclusively to charftable purp05e5. INCOME FROM RESIDEKrs Unre5trlcted Reserves 2023 Reserv¢$ 2024 Weekly Malntenance Contrlbutlons (WMCI Property related SeNice Char8es Use of the 8uest room and other Income 153,719 77,076 187 143,978 70,232 270 WMC recelvable Is net of vold losse5 of £2,51012023 . £41>. The Charlty provlded 33 unlts of housln8 for older people durfn8 the year (2023 . 331. 23
Clty of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 INVESTMENT INCOME Total Fund$ 2024 Totsl Funds 2023 Interest and Dlvldends Agrlcultural Rents 6S.369 11,546 59.138 11.537 GRAKfs & DONATIONS Restrlcted Funds 2024 Total Restricted Funds 2023 Total Funds 2024 Funds 2023 Chapel Restoratlon Donatlons Chapel Restoratlon Grants 2.815 9.595 215 9.595 673 5,405 673 5,405 12 io Durin8 the year the Charlty Incurred Chapel fundra15ing costs of £3,54612023 . £2161 CHARITABLE AcnvmES Dlrect Support Costs 2024 Totsl Dlrect Costs 2023 Support Costs 2023 Total Costs 2024 2023 Depreciation Salarle5 & Penslons Communal amenltles Professional Fees Property malntenance Insurance Property runnln8 Loan Fees Governance Other 75,492 30,695 27,341 25,996 12,779 9,010 5,399 7,254 75,492 69,090 27,341 25,996 12,779 9,010 5.399 7,254 4,131 17,993 33.519 35,101 28,101 IS,$0S 11,218 5,273 35,892 69AII 35,101 28,101 15.505 11,218 5,273 7M3 38,395 4,131 28,884 17,993 211959 Professlonal Fees Include Independent examlnatlon fees of £3,300 {2023 . £3,126) GAINS ON SALE OF LAND There were no sales of land durlng the year {2023 . £205,045). 24
city of We115 Almshouses Flnanclal Statements Year ended 31st March 2024 EMPLOYEES 2024 2023 Salarles Penslon Contrlbutlons 65,228 1,769 64,847 1,338 Staff Sal•rfes & Penslons Tralnln8, Welfare & Travel Total •rnploytt rnlat•d ¢osts 66,997 2A14 69,411 66,185 2,905 69,090 The average number of employee5 durlng the year was 4 (2023 . 4) The number of full tlme equlvalent5 was 212023 . 2) Key mana8ement personnel received remuneration of £17.706 12023 ". £21.560} They are a member of a penslon scheme. No employee recelved total benefits in excess of £60,C#X) (2023 . NII). The Trustees dld not receive any remuneratlon from the Charfty durln8 the year (2023 ". £NII}, nelther were they relmbursed expenses durin8 the year {2023 . £ NII}. PROFESSIONAL MANAGEMENT COSTS ProfesslonaS expertlse was sought In the areas of land management, Independent financlal examlnation, payroll preparatlon, fundraisin& l.T.asslstance, legal matters and surveying. XIAL HOUSING OPERATING RESULT 2024 2024 2023 1023 Income from Residents (Note 2) Total actlvltles costs (Note 5) Non-soclal houslng costs: Professlonal Fees (Note 51 Depreclation (Note 5) Loan Fees (Note 5) Chapel Fundralslng costs {Note 4) Governance costs (Note 5} 214,480 279,661 254,485 (28,101) (Tl,842) 17A43) 13,546) 1883) 125,996) 175,4921 (7,2541 1216) (4,1311 Total So¢lal Hou$ln8 Costs Soclal Housln8 Operatlnl Result 161.846 141,396 25
city of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 io TANGIBLE ASSETS Freehokl Property Property Property Up8rades sUtOtal Equlpment Totsl At 1st April 2023 Dlsposals Addltlons At 31st March 2024 4.759A86 991A84 5.750.870 27,523 (9,438) 5,778,393 {9A38) 114,897 22.968 S.88352 110.014 iio,o 1,101,398 5,860 4.759,486 DEPRECIATION At 1st April 2023 Disposals Charge for year At 31st March 2024 189,928 256,737 446,665 16,717 19,438) 4,579 463,382 (9.4381 77.843 531787 23,741 49,523 73,Z64 519 929 NEf BOOK VALUE At 31st March 2024 4 545 817 S 352 065 At 31st March 2023 4,569,558 734,647 5,304,205 10,806 5,315,011 li INVESTMENTS 2024 2023 Market value as at 1st Aprll, 2023 Addltional investment at cost Withdrawn Investment at cost Galn5 1 (Losses) on revaluation Net saleslpurchases & transactlon Costs Market value as at 31st March, 2024 2.261A90 10,061 2,085,092 358,418 (120,0(M)) (59,724) 12,2961 2 261490 256378 2 527 929 Represented by: 2024 2023 CCLA Charltles Investment Fund5 2.527,929 2,261,490 2 527 929 2 261490 12 INVESTMENT LAND 2024 2023 Value as at 1st Aprll 2023 Net galn on revaluatlon Value as at 31st March 2024 589.IXKI 231,OC 589.OCM) In 2024 the Trustees commlssioned Carter Jonas, Chartered Surveyors to revlew and re-value the agrlcultural land under the Charity's ownership. 26
city of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 13 DEBTQRS 2024 2023 Trade Debtors Prepayments Due from Sollcltors Dlvldends receivable Land rents recelvable Other recelvables 2.102 210 4,689 12,500 5,637 s,soo 50 Soclal Houslng Rent Arrears at 31103124 were £407 {31103123 . £1221 14 CREDrroRS . Amounts falllni due wlthln one year 2024 2023 Trade credttors Accruals Bank loan Sundry credltors 8,373 5,076 84,330 6,351 9,579 3,350 2,596 3,481 Trade credltors Includes a prepald sum of £3,CMXI In respect of an insurance creditor.12023 . NII} 15 CREDITORS . Amounts fallln8 due after one year The Bank loan Is secured on a fixed legal charge on 1-16 Uewellyn's Almshouses and is due to be repald as follows: 2024 2023 Between I to 2 years Between 2 to 5 years Due after 5 years 2,796 9,778 71,598 The Bank loan was fvlly repaid on 19th July. 2024. 27
city of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 16 RESERVES Recoupment Harpers Chapel Revenue Endowment Endowment Restrlcted Unrestrlrted Reserves Reserves Reserves Reserves Reserves 238,842 483.893 32,231 7A57,629 8,112,595 6,945 14,070 13,405 285,887 320,307 {279,661) {279,6611 184,653 256,378 231.000 231,IXKI Totsi As at 1st Aprll, 2023 Total Income for 2023/24 Total expendlture for 2023124 Investment galns for 2023124 Investment land 8ains for 2023124 21,619 43.801 6.305 As •t 31st Mar¢h. 2024 267A06 541,764 51,941 7,7798 8,640,619 As at 1st Aprtl, 2022 Total Incorne for 2022123 Total expendlture for 2022123 Investment 8aIn{lo55e5) for 202V23 Transfer from Revenue Reserves Transfer from Revenue Reserve5 As at 315t March, 2023 143.562 502.924 25,811 6,078 7,260,116 7,932,413 490,200 496,278 1256,372) (256,372) (35,515} 159,724) 1105,000) 4,200 7,357,629 (5,520) los,1 (4,200) 238,842 119.031) 342 483,893 32,231 8,112.595 Recoupment Endowment Reserves represented annual repayments of £4,21JO to replace expendlture funded from permanent endowments as required by the Charlty Comm15510n. In 2022 permlsslon was recelved from the Charlties Q>mmlsslon to transfer from the unre5trlcted reserves the sum of £105,(K)O beln8 the next 25 years, worth of repayments thereby recouplng the entlre orl8lnal endowment. Harpers Endowment Reserves represent the proceeds of £354, 695 from the sale of the Harpers Almshouse whlch proceeds can only be expended on the construction of new almshouses. 28
Clty of We115 Almshouses Flnanclal Statements Year ended 31st March 2024 17 ANALYSIS OF NET A55ET5 Recoupment Harper5 Chapel Revenue Endowment Endowment Restrlcted Unrestrlcted Reserves Reserve5 Reserves Reserves 5,352,065 5,352,065 1,670,097 2,527,929 820,000 820,CxXJ 33,736 37,016 7,737 7,737 1104,130) {104,130} Total Tan8ible assets & equlpment Investments Investment land Cash at bank and In hand Other current assets Other current Ilablllties 267.406 541,764 48,662 3.279 As at 31st March, 2024 267.406 S41.764 51.941 7,779,508 8,640,619 Tanglble a55ets & equlpment Investments Investment land Cash at bank and In hand Other current assets Other current liabilities Credltors over one year As at 31st March, 2023 11,332 483,893 5,303,679 1,505,993 589,0 Sl,686 10,449 (21,6331 181,5451 7.357,629 5,315,011 2,261.490 589,000 39,823 10,449 {21,633) {81,545) 8,112,595 238,842 32,762 111.3321 (531) 238,842 483,893 32.231 29
City of Wells Almshouses Flnanclal Statements Year ended 31st March 2024 18 CAPITAL COMMrrMENTS 2024 2023 Authorlsed and contrarted for 19 CONTINGENT LIABIUTIES In prevlous years two grant credltors totalllng of £355,016 were released from lon8 term credltors as the was no exlsting obll8atlon to repay these. A grant of £322,000 had been recelved from the Housln8 Corporation, now known as Homes England, Sn 1995196 for work to the Bubwlth, Willes and Stills Almshouses. A further 8rant of £33,016 had been recelved from the Housing Corporatlon between 1999 and 2001 for work5 to the Brlcks Almshouse. Both of these grants are only repayable if a relevant event occurs. A relevant event Includes dere8lstration from Homes England or if the Almshouses are sold. As a relevant event has not occurred there Is no present obli8ation to repay these grants. As a relevant event may occur In the future they have been disclosed as wntln8ent liabilltles. 20 RELATED PARTIES Durln8 the year rv) related party tfansactlon$12023 . £ Nll) were made. 30