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 0bJert￿eS.
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 Sou￿5 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
lnv￿tM•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 a￿ets 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
2￿15
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
sU￿tOtal 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.883￿52
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 7,779￿8 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