crry OF WELLS ALMSHOUSES Independentty Examlned Flnanclal Statements For the financlal year ended 31st March 2025
City of Wells Almshouses Financial Statements Year ended 31st March 2025 Contents Page Trustees, Professional Advisers, Management Personnel and Administrative Details Trustee5' Report Independent Examiner's Report on the unaudited accounts 16 Statement of Financial Activitles 17 Balance Sheet 19 Notes to the Financial Statements 20
City of Wells Almshouses Financial Statements Year ended 31st March 2025 TRusfEES, PROFESSIONAL ADVISERS, MANAGEMENT PERSONNEL and ADMINISTRATIVE DETAILS The Board City of Wells Almshouses CIO {Corporate Trustee) CIO Trustee Board {date appolnted) Mr Stewart Cursley {May 2023) - Chair of Trustees Mrs Sarah Powell (Jan 2022) - Deputy Chair of Trustees The Very Revd Toby Wright (Apr 2024) - ex-officio {Dean of Wells Cathedral) The Venerable Anne Gell (Jan 20231- resigned April 2024 Mr Louis Agabani (May 2025)- ex-officio (Mayor of Wells} Mrs Jasmine Browne - resigned May 2025 Ms Stella Ainsworth (Jul 2018} Mr Mark Shelton (Apr 2022} Mr Philip Welch (Jul 2020} Mrjames Fane-Gladwin l Jan 2023) M5 Jenny Rust {0rt 2023} Ms Lynda Amistrong Ickt 2023) Mr Mark Bide Iort 2023) The Revd Canon Jonathan Uoyd (Apr 20241 Mrs Wendy Ray (May 2025) Chlef Executlve Flnan¢e Offlcer & Secretary Scheme Manager Mrs Michelle J. Thomas Mr Patrick M. Mcmahon MA FCA Mrs Caroline Tollworthy Prlnclpal Offlce 4 Bubwith Almshouses Wells, Somerset, 8A5 2QE Telephone . 01749 675813 Email: info@wellsalmshouses.org.uk Website: www.wellsalmshouses.org.uk Charlty Number 1040554 Homes England Re8lstratlon Number A4055 Bankers National Westminster Bank plc 7 High Street Wells, Somerset, 8A5 2AD Soll¢ttors Tozers Solicitors 8roadwalk House. Southernhay West, Exeter, Devon, EXI IUA Examlnlng Accountants Monahans, Chartered Accountants, County Gate, County Way Trowbridge. Wittshire. BA14 7FJ
Clty of Wells Almshouses Financial Statements Year ended 31st March 2025 Investment Managers CCLA Investment Management Limited One Angel Lane London EC4R 3AB Property Advlsers Carter Jonas St. Catherine's Court Berkeley Place, Bristol, B58 IBQ Salmon Planning 2 Priory Road Wells Somerset, BA5 ISY Chantrey Conservation Architects Ltd The Studio St Omer. The Street, Draycott Bath. 8S27 3TH.
City of Wells Almshouses Financial Statements Year ended 31st March 2025 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31st MARCH 2025 The Trustees of the City of Wells Almshouses {CWA) present their annual report and unaudited financlal statements for the year ended 31st March, 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORPI 'Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Charlty. This is the treatment required by the Housln8 SORP 2018 for registered social landlords which are also almshouses. The financial statements have been prepared in accordance with the accountin8 policies set out in notes to the accounts and comply with the Charty'5 governlng document, the Charities Art 2011 and Accounting and Reporting by Charitie5'. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October, 2019. 5TRucfuRE, GOVERNANCE AND MANAGEMEpir The Charity is a re8lstered provider of social housing with the Regulator of Soclal Housing (number A4055) and is an unincorporated charitable trust registered with the Charity Commission (number 10405541. As a registered provider of social housing the Charity has undertaken an assessment of its compllance with the Governance and Financial Viability Standard. The Trustees certlfy that they were compliant wlth the Standard during the course of the year and up until the date these accounts have been signed. The Charity has one corporate trustee - the City of Wells Charitable Incorporated Organisatlon (CIO), re8lStered with the Charity Commission (number 11591621, which in turn has a Board of Trustees, and it is they who administer the unincorporated trust. The CIO Board: The CIO Board may comprise of: Two ex-officio members- the Mayor of the City of Wells and the Dean of Wells Cathedral. Four nominated Trustees (two from the City Council and two from the Chapter of the Cathedral) Up to ei8ht appointed Trustees Trustees appointed by the Charity are recruited by a formal application and interrfiew process. There are currently 13 Trustees compared to a maximum of 14. As part of its commitment to resident involvement at all levels the CIO constltution allow5 for up to two Resldent Trustees to join the Board. Management; The day to day running of the Charity is delegated to the Chief Executive and their Staff, operating within the agreed policies and procedures of the CIO. Dele8ated authority limits are established and there 15 a hierarchy for dele8ated decisions. The Trustees meet on a quarterly basis with the Chief Executive to review pro8ress a8ainst targets. These targets are set out in the five year Business Plan. This. along with specific policies, are regularly reviewed by the full Board. The Finance and Estate Committees are the only standing committees in 2024/25 and their delegated authority has been approved by the Board. Other working parties are convened as and when required. Staff: A small staff of four part-time employees manage the Charity on a day to day basis: the Chief Executlve . the Finance Officerlcharity Secretary; the Scheme Manager and the Handyman, all workln8 from the Principal Offlce.
City of Wells Almshouses Financial Statements Year ended 31st March 2025 OBJEcfivES AND AcfiviTIES The obJective5 of the Charfty are ". The provision of housin8 accommodation for beneficiaries. and Such charitable purposes, for the benefrt of beneficiaries, as the CIO 8oard of Trustees decides. Its main attivity is the ownership and mana8ement of the 33 units of accommodation located within the flve almshouses . (Bubwith, Willes,, Still's, Bricks and Uewellyn's), which make up the Charity's housing complex located in the City of Wells, Somerset. The almshouses are occupied by older, single people, who have been assessed as being in housing need and meet the charitable objects of the Trust. The five year buslnes5 plan sets out the Trustees, ambitions based on three key workstreams- reputation and profile,. growth and renewal and financial strength. In 2024/25, the focus was on growth and renewal - a major refurbishment of the 15th Century St. Saviour's Chapel with significant grant funding from the Heritage Lottery Fund; and also the renovation of an old Mortuary building within the alsmshouse estate, to provide stora8e and a work area for the handyman and gardeners to Use. These were the major projects for the charity, with expenditure of nearly £520,(K)O in 2024125. The aim is that income will be generated from increased bookings for use of the Chapel which is now a bright, warni and welcoming space for concerts, services and meetings. Thls aim fulfils both the reputation and profile and financial stren8th workstreams. In 2024125, the CEO and Trustees began to develop plans to both acquire existing property for conversion into more almshouse accommodation in Wells and also consider opportunities for developing new almshouses on brownfield land. These are longerterm ambttions which it's hoped will begin to bear fruit by 2028129. ACHIEVEMENTS AND PERFORMANCE The most significant achlevements of 2024125 were the Chapel refurbishment and Mortuary renovation. Following several years, of delay, both contracts were tendered, let and successfully completed, all within the financial year. Both contracts were delivered close to budget and with minimal delays. Whilst it was very disruptive for both staff and residents during the building works. this was handled with patience and forbearance by all concerned. A residents, satlsfaction survey was undertaken in January 2025, a requirement of the Consumer Standards regulations set down by the Social Housing Regulator. This demonstrated a high level of satisfartion amongst participants with 81% expressln8 overall satisfaction with the services provided by CWA.
City of Wells Almshouses Financial 5tatement5 Year ended 31st March 2025 FINANCIAL REVIEW The Trustees, aim 15 that income from the Weekly Maintenance Contribution IWMCI, pald by residents, cover5 the everyday maintenance costs associated with runnln8 the Almshouses. As a re8iStered provider of soclal housin8, and a Charitable Almshouse association, a Weekly Maintenance Contribution IWMCI is char8ed in lieu of rent. Accordinglyi the WMC can only be increased in compliance with Government Poli. The Charity increased the WMC from April, 2024 in line with the Government's recommendation of 7.7 Service Char8es are charged depending on the actual costs to the Charity. These costs have in recent years been of a level that may have caused hardship to Individual residents if they had been char8ed to residents in full. Consequently to avoid hardship the Charity has absorbed a certain level of these costs such that the Service Charges are not grnerally increased by more than the percentage increase in the WMC. The nature of these costs are explained in detail to residents and comprise such items as . health & safety checks, gardens malntenance. grass cuttin& tree works, hedge trimmin8 and waste removal; communal elertricity in stalrwells and entrance ways.. lift repair5 and maintenance; cleaning and heating of communal areas; outside wlndow cleaning; fire safety; pest and rodent control and waste and recycling. The total cost of maintaining, operatlng and improving the complex continues to be the major item of expenditure each year, especially as the historic nature of the buildings requires specialist craftsmen and materials to undertake the maintenance, improvement and upgrading of the properties. Nevertheless, the preservation ofthe buildings Is critical to the wellbein8 of our residents and is an essential aspect of our wor The Charity's investments are a vital component in ensuring that new almshouse residences can continue to be created or converted. The Charity has renovated its Grade Il listed Chapel and the Old Mortuary Bullding which are part of the almshouse estate. The total costs of this work in the year to 31st March 2025 were £400,899 for the Chapel and £118,717 for the Old Mortuary. Grants of £279,438 were received in respect of the refurbishment of the Chapel in the year. Because of the nature of these costs, the net amount of £240,178 has been treated as an expense in the year and included within the Statement of Financial Artivities. The Statement shows a net deficit, before investment gains or losses, of £214,32912024 '. net income of £40,646). But for the exceptional costs of the refurbishment work, the Charity would have had net Income before investment losses of £25,849. The Trustees consider that thls Is a satisfactory result for the year. During the course of the year our investments provided a net income of approximately £76.000 comprised of interest, dividends, agricultural land rents and wayleave payments. However, the value of these investments, managed by our fund managers. decreased In value by nearly £107,0. The Charity has an ethical Investment polici which excludes investments which generate a significant proportion of their revenue from activitles which conflirt with the aims of the Charity. For example, gamblin& weekly-collerted home credit and payday loans are excluded as these are potential causes of hardship and distre55 whlch could lead to homelessness. Also excluded are investments which could affect our supporter base such as the manufarture and supply of armaments, pornography and the manufacture and commercial distribution of tobacco. The extent of the market capitalisation excluded by the policy and therefore its potential financial detriment has been formallv approved by the Trustee5.
City of Wells Almshouses Financial Statements Year ended 315t March 2025 VALUE FOR MONEY (Vfm) In 2018 the Regulator of Social Housin8 {R5HI introduced a Value for Money Nfm) Standard which requires registered providers of social housin8 to publlsh in their financial statements a series of metrics designed to measure economy. efficiency and effectiveness on a comparable basis across the social housing sector. In this context . Economy means minimising the cost of resources while havin8 re8ard to quality; Efficiency is the relationship between the output from goods or sepiices and the resources to produce them: Effectiveness is the extent to which objectlve5 are achleved and the relationship between Intended and actual impatts. The CWA needs to ensure that it has sought to optimise the financial return from its assets and activitles In so far as this is consistent with achievement of the Charity's wider organisational purposes. Social housing businesses generally receive a lower-than-market return on social housin8 assets. as renting properties below the market rate is an integral part of their social purpose. Further, the CWA may at times opt not to receive maximum retum from an asset, instead takin8 the decision to accept a lower return in furtherance of its social objectives; where this is the case our aim is to see that the rationale for this is clearly articulated and justified, for example. where historical covenants are in place. which restrict the sale or development of properties even when there are high maintenance costs. These Vfm metrics provide a tool for registered providers to demonstrate to the RSH, residents and any other stakeholders, that they are making the best use of their assets and resources. The social housing sector is very diverse and no single set of metric5 can capture all of the measures that matter to each individual provider. The standard metrics defined by the RSH are intended to achieve the different, but complementary, objective of providing measures with wide applicabillty which permit comparison across the social housing sector. Importantlyi the suite of Vfm metrics, is restricted to data derived from the registered providers, Annual Accounts. The Standard requires providers not only to publish their own Vfm metrics but also to set their own targets and analyse their performance alongside that of their peers on a comparable basis. The RSH has published a Technical note guidance {April 20241 setting out in detail how the metrics are to be calculated and in setting out the required metrics we have followed this guidance. The metric targets were approved by the Board of Trustees. In order to provide comparable data from other providers we have taken data from a report issued by the RSH (Value for Money Metrics Report- Annex to Global Accounts 2023); this data provides metrlcs from smaller providers which own less than 2.500 units. Metrlc l. Relnvestment and up8radinz of exlstlng unlts of accommodation This metric looks at the current year investment in units as a percentage of the value of all properties held. Peer Group CWA Target CWA 2025 CWA 2024 CWA 2023 3.70% 1.25% 0.92% 2.06% 1.75% The CWA did not acquire or develop any new housing in the 2024-2025 financial year. It did however upgrade certain ofthe housing properties.
City of Wells Almshouses Financial Statements Year ended 31st March 2025 VALUE FOR MONEY IVfM)l¢ontlnued) Metric 2a. New supply of soclal houslng unlts Metrlc 2b. New supply of non-s¢xlal housln8 unlts These metrics set out the percentage number of houslng units acquired or developed in the year. Peer Group CWA Target CWA 2025 CWA 2024 C%VA 2023 Social 0.70% 0.00% Non-social 0.00% 0.00% There has been no new supply of units for several years. There are plans to develop or otherwise acquire a number of new units In the next few years and the funds necessary to Increase the number of units of accommodation are in place. There are potential challenges in obtaining planning consent for new homes and issues of viabil. around urchasin and convertin existin ro in Wells. Metric 3. Gearlng This metric assesses how much of our property assets are made up of mortga8e debt and our degree of dependence on debt finance. Peer Group CWA Target CWA 2025 CWA 2024 32.90% 3.00% -1.06% 0.89% Our overall dependency on loan finance is very low compared with our peer group. The CWA has no borrowings at resent and has ade uate cash resources at resent to meet all rospectlve needs. CWA 2023 0.89% Metrlc 4. EBITDA MRI (Earnlngs before Interest, Ta Depreeiation, Amortlsation, Major Repalrs Included) The EBITDA MRI interest cover measure is a KEY INDICATOR for liquidity and investment capacity. It Seeks to measure the level of surplus that a provider generates compared to interest charges payable. The interest char8e5 that we incur are very small as we have the resources to fund development without recourse to borrowing. Peer Group CWA Tar8et CWA 20Z5 CWA 2023 171.00% i0crfj.% -93.03% 213.CN)% 3167.00% CWA interest charges are small and indicate an opportunity for additional borrowin8 if required to meet our charitable ob'ectives. CWA 2024 Metrlc 5. Headllne Soclal Housln8 costs per unft This metric quantifies all the expenditure costs as%)ciated with social housing. The costs include management costs,service costs, routine maintenance costs, major repairs expendlture, capitalised major repairs expenditure and community services.Inflationary pressures have caused significant cost increases. This metric excludes non-cash items such a depreciation,amortisation and write downs. Peer Group CWA Target CWA 2025 CWA 2024 £5,720 £5,750 £8,238 £7,101 CWA 2023 £5,842
City of Wells Almshouse5 Financial Statements Year ended 31st March 2025 VALUE FOR MONEY IVfM)(contlnued) Metrlc 6a. Operatlng Mar8ln of soclal housing lettlngs onty. Metrlc 6b. Operatlng margln overall. This metric demonstrates the profitabillty of operating assets before exceptional expenses are taken Into account. Increasing margins are one way to improve the financial efficiency of a business. In assessing this ratio. it is important to consider the re8iStered providers, purposes and objertives (including their social objectives). Peer Group CWA Tar8rt CWA 2025 CWA 2024 CWA 2023 18.70% 20.00% -230.27% Social 22.44% 22.59% Overall 16.80% 20.00% -53.08% 12.69% 48.34% Althou8h we achieved our target in 2022 and 2023 was distorted by exceptional land sales revenue it is the case that between 2022 and 2024 our operating income increased by only 13% whereas our expenditures increased by over 35%. Our Income from residents is effettively set by the Government whereas our ex enditures de end on forces be ond our control . the Ukraine war. Metrlc 7. Return on Capltal Employed (ROCE} % ROCE compares the operating surplus (including sales of land) to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources. Peer Group CWA Target CWA 2025 CWA 2024 CWA 2023 2.10% 1.00% -3.86% 0.48% 2.93% It could well be that our target is over ambitious since we have operated for several years in a market where the rate of increase in our WMC and Service Charges are set by Government policy. Without the benefrt of land sales the metric for 2023 would have been 0.43%. Fixed revenue increases and substantial increases in investment values will kee this metric at under 1%.
City of Wells Almshouses Financial Statements Year ended 31st March 2025 RESERVES POLICY CWA has substantial reserves, some in the form of Pernianent Endowment {which can only be spent on creating new almshouse provision) but a significant amount in more-or-less liquid and unrestricted funds that tan and should be used in support of our charitable objertives. In developing thi5 Reserves Policy, the Trustees of CWA have borne in mind the following Strategic principles: l. Our charitable objertives and our responsibillties to both current and future beneficiarie5 2. The historic nature of the listed buildings which make up our almshouse estate: the Board of Trustees at any one time can only be temporary stewards of the buildings and of an institution with centuries of hlstory. It is our responsibility to pa55 these on to our suc550r5- in good condition- looking forward to centuries to come. 3. Trustees and management are committed to maintaining the fabric of the estate to high standards. Maintenance is a process, not an event. A continuous maintenance regime is essential to avoid deterioration over the medium to long term. This presents a continuing challenge to management in financial, environmental and health & safety tenns. 4. Our prlmary Source of income as an almshouse charity is in the form of the week Malntenance Contrlbutions IWMC) made by our resldent beneficiaries. These are set at a level which is calculated broadly to cover the budgeted day-to-day costs of runnin8 and maintaining the estate. However, we are also aware that year-by-year we have been consistently spending more - on maintenance- than we believe could reasonably be recovered from beneficiaries throu8h the WMC. We are and wlll remain dependent on revenue we recelve from Investments to coverthe balance of our runnin8 costs (and thus to be able to continue to meet our charitable objectives). Reserves Pollcy I: We have designated a substantial investment reserve, to generate sufficient income to enable us to maintaln the unceasing process of maintenance and renewal of our historic estate, without at the same time placing an undue financlal burden on the beneficiarie5 at any one time. Our investment objective is to maintain the capital value of this investment reserve over time, in principle drawing down each year only that part of the investment income that exceeds the current rate of inflation, unless we face exceptional challenges in meeting our financial commitments. {see also the approved CWA Investment Policy dated 16th October,2024.} Reserves Pollcy 2: The Trustees made a strategic commitment (in 2023} to build or acquire a minimum offour new almshouse units within the next S years. We hold permanent endowment which can only be used to build or acquire new almshouses {subject to permlsslon from the Charity Commission). The amount of permanent endowment which we hold would not however be sufficient to allow us to acquire the neSSary land and to build 4 new almshouses in the city of We115, if that is the ultimately chosen route to meetin8 this objertive. The Trustees will therefore each year review and designate sufficient of our free reserves to ensure we have sufficient fund5 in total set aside to cover the estimated total projert C05t of a four-unit new build. There are inevltabty significant uncertainties in our plans, including the challenges of finding suitable land within the city, of gaining planning permi55ion, and of managing the projett itself,. however, the Trustees are convinced that a plan to turn thls aspiration into action is essential to our continuing to meet our charitable objertives. Reserves Policy 3: Wherever non-routine maintenance projects have been identified and costed for future implementation, the Trustees will each year designate sufficient fvnds to cover the most recently estimated future completion costs of those.
City of Wells Almshouses Financial Statements Year ended 31st March 2025 RESERVES POLICY (contlnued) Reserves Pollcy 4: We will continue to explore through the Risk Register those risks which might have a significant financial Impart whlch cannot be mitigated through Insurance or other mechanisms. We believe that it is prudent for a charity of our slze and type to maintain free reserves in a ran8e between £250,(K)0- £500,(X)O. This poliry Is revlewed annually by the Board. Free Reserves as at 31st Marth, 2025 In line with policy: We have maintained our designated Investment Reserve of £l,IKK),CKK) We have maintained our designated reserrfe for buildin8 new almshouses of £1,450,LKIO (about half of which is restricted funding. No new major non-routine maintenance tasks had been identified at the year end. Looking now at existing projects, although the majority of the spending on repair and refurbishment of Ix)th the Chapel and the Old Mortuary was completed by the year end, there are some costs that had not yet been incurred (including contractual retentions); all restricted donations for the Chapel refurbishment have been reco8nised in the 2024125 accounts. We have therefore carried forward sufficient designated unrestricted funds to cover estimated outstanding costs. Our free reseprfes fall within our target range. 10
Clty of Wells Almshouses Financial Statements Year ended 31st March 2025 RESERVE5 POUCY Icontlnued) Re5trlrted Funds Unrestrlcted Funds Total Reserves Total reserves at 315t March 2025 8,319,472 Less assets required for operation of the charity Property (Note 10} 5.283.448 Equipment (Note 101 8,676 {5,292,124} Reali5able resep4e5 Less.. 3,027,348 Permanent endowment (Note 16) 749,295 {749,295) 749,295 749,295 Unrestrl¢ted reallsable funds 2,278,053 2,278,053 2,278,053 Reallsable reserves 749,295 2,278,053 3,027,348 Desl8nated funds Investment fund Development of new units Upgrades to three existing units Chapel repairslrefurbishment linc retention} Old Mortuary refurbishment {inc retention) I,ocM),¢Jx) 1,000.000 7fXI.705 1,450,000 180,OCM) 180,Crf)O 25,OCKI 25,000 50,000 50,000 749,295 Total deslgnated funds 749.295 1.955,705 2,705.000 Balance free reserves 322,348 322,348 li
City of Wells Almshouses Financial Statements Year ended 31st March 2025 FINANCIAL CONTROLS The Board considers that the Charty's 8overnance structure, financial controls and procedures and the work of the Finance and Estate Committees are sufficient to enable the Charity to comply wtth all necessary standards set by Homes England, its official regulator. The Finance and Estate Committees, comprisin8 several Trustee5, the Chief Executive and the Finance Officer undertakes the followin8 dutles: Monitors and oversees the perfomance of the Investment Manager and portfolios Reviews the agricultural land holdings in line with the Business Plan Monltors and oversees the contracts let for major work5 Monltors overall expenditure against budgets Monitors the Reserves Policy Monltors the cash flow and assesses the need to move funds between accounts Reviews and updates the Investment Strategy Maintain5 and updates the Risk Register, and Reports to the main Board on these matters The Board agree5 on an annual basis the income and expenditure and capital programmes for the next financial year. These are reviewed by the Finance and Estate Committees throughout the year. At each Board meeting key performance indicators {KPI'sl are reported including progress against budget along with non-financial measures such as the number of residents attendin8 meetings. whether repairs have been carried out on time, our social media targets and trustee involvement in the quarter. This combination of measures are reported to ensure that the Charity not only meets its financial targets but is also compliant and act responsibly. The Charity's procedures for procurement, its financial controls and the functions of the Finance and Estate Comrnittees ensure that value for money (Vfm) is achieved in delivering its, objectives. The Board has agreed and reviews the threshold levels for quotations, for formal tendering and for dele8ations. All but the smallest amounts are subject to competition. However, when awardin8 contracts, the Charity also takes into account: The quality of workmanship Relationships with contractors and their perforniance The approach to working in residents, homes: and Residents, feedback. This means that we do not necessarily always accept the lowest tender figure. but the one we feel will provide us with best value for money and quality workmanship. In addition, market testing exercises are periodically undertaken for those companies who provide professional services to the Charity. 12
City of Wells Almshouses Financial Statements Year ended 31st March 2025 RISKS AND UNCERTAINnES The Charity operates a Risk Register in order to identify risks and what can be done to manage these. The three main risks, after taking into account actions taken to reduce risk, are a5 follows: A major disaster, e.g fire, flood A failure to respond to emer8ency calls from residents and A collapsed/injured resident not found for some time The Trustees are continuing to find ways of reducing risk so that the Charity is mana8ed efficiently and its charitable objectives are met. PLANS FOR THE FUTURE The Trustees will adopt a new 5 year Buslness Plan later in this financial year after a full review of all our land holdings. The Trustees are artlvely exploring various environmental developments concernin8 the provision of light and heating for our residents. Thi5 is a very large and complex project for which we have commissioned a report into the provision of air source heat pumps. As the almshouse properties are all Ilsted the cost of maintenance is one of the maln sources of expenditure for the Charity. A Quinquennial survey was commissioned in 2023 which projected that costs in the region of £200,000 would be required in orderto maintain all of the Charity's buildin8s over the upcomin8 five year5. The Quinquennial Report states that . 'The property is in fair condition llth only a few mainly isolated items of disrepair, some issues need addressin8 and sorne maintenance will be needed within the quinquennium. The flats and almshouses are all 'decent" accordin8 to the Government's Decent Homes Standard. The Trustee5 were aware that the Almshouses have not been well known by the local people of Wells. However over the last few years, the profile of the Almshouses has been raised within the community with talks, concerts and additional serNices being held. Two "Open Days" are held during the summer such that the 8eneral public can visit the properties and gardens and learn about their history. Groups can visit the Almshouses for a tour by booking in advance. Additional opportunities for the community to come are planned with more concerts, talks and sen•ice5, as well as the opening up of the historlc chapel more regularly for the public to view. In conjunction with the Charity's website the Charity uses its Facebook and Twitter pages to promote upcoming events and inform the general public about what the Almshouses have been doing. A regular newsletter is now being produced and sent to the Charity's supporters. A leaflet about the Almshouses is sited in prominent places around Wells. The Trustees hope that such actions will increase awareness of the Almshouses which may help to attract future beneficiaries, volunteers and additional sources of income. 13
City of Wells Almshouses Financial Statements Year ended 31st March 2025 PLANS FOR THE FUTURE (contlnued) The Trustees are keen to ensure that all residents are consulted and involved in the declslons that are made concerning their homes and surroundings. Regular residents, meetings are held to form a basis for developing a structure of involvement for those who wish to participate. A resident survey was conducted to understsnd more fully how the Chartty can improve the housing facilities it provides to residents. Extremely high levels of satisfaction were recorded overall and of particular note is the appreciation expressed over the standards of residents. accommodation. The outcomes of the survey are being utili5ed to understand more fully the residents, priorities. 14
city of Wells Almshouses Flnancial Statements Year ended 31st March 2025 STATEMENT OF TRUSTEES, RESPONSIBIUTIES The Trustee5 are responsible for preparing a Trustees'Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Accepted Accounting Practice). Charity and Registered Social Housing legislation require the Board to prepare financial ststements for each finan¢ial year which give a true and fair view of the state of affairs of the Chartty, of the incoming resource5 and application of resources. including the income and expenditure for that period. In preparingthese financial statements, the Trustees are required to: Select Suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgments and estimates that are reasonable and prudent State whether applicable UK accountin8 Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and Prepare the financial statements on the 80ing concern basis unless it Is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position ofthe Charty and enable them to ensure that the financial statements comply with Charities Acts, the Housln8 and Regeneration Act 2008 and the Accounting Direction 2022 for private registered providers of social housing in England. They also have general responsibility for taking reasonable step5 to safeguard the assets of the Charity and to prevent and detert fraud and other irregularities. The success of 2024125 would not have been possible without the commitment and hard work of those involved wlth the Almshouses. The Trustees would Ilke to thank Staff, Residents, Volunteers and members of the public who have provided such support. On behalf of the Trustees Ma k Bide Date: 23rd July, 2025 15
city of Wells Almshouses Flnanclal Staternents Year ended 31st March 2025 Indep•nd•nt Examlner's R•port to the Trust••s of aty of W•lls Almshoums I report to the charlty trustees on my exarnlnatlon of the accounts of the charlty for the year ended 31st March 2025 whlch are set out on pa8e$ 17 to 30. HponSIbl11t1•$ and ba$ of r•port As the charltys trustees you are respon51ble for the preparatlon of the accounts In accordance wlth the the requlrements of the Charltles Act 2011 {"the Art.) I report In respect of my examlnation of the charlty's accounts carrled out urKler sectlon 145 of the Art and In carryln8 Out my examlnatlon I have followed all the appllcable Dlrertlons 8lven by the Charlty Cornmlsslon under sectlon 14515)Ibl of the Act. Ind•pend•nt •x•mlner's stat•m•nt Slnce the charfty's 8ross Income exceeded £250,OLKI your examlner must be a member of a body Ilsted In Sertlon 145 of the Act. I confirm that l am quallfled to undertake the exarnlnatlon because l am a member of the Instltute of Chartered Accountants In England and Wales, whlch Is one of the Ilsted bodles. I have completed my examlnatlon. I conflm that no materlal matters have come to my attentlon In ¢onnertlon wlth th• examlnatlon 8lvln8 me cause to belleve that In any rnaterfal respert: l. accountlng records were not kept In re$pert of the tharlty as requlred 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 requlrements concernlng the form and contents of accounts set out In the Charltles (Accounts and Reports) Regulatlons 2008 other than any requlrement that the accounts glve a "true and f•lr' vlew whlch Is not a matter consldered as part of an Independent examlnatlon. I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to whSch attentlon should be drawn In thls report In order to enable a proper understandln8 of the accounts to be reached. James Gare FCA Dcha Monahans Chartered Accountants County Gate, County Way, Trowbrldge 8A14 7FJ 16
City of Wells Almshouses Flnancial Statements Year ended 31st March 2025 STATEMENT OF FINANCIAL AcfiviTIES Unrestrlcted Endowment Restrfrted Totsl Funds Funds Funds Funds 2025 Total Funds 2024 Notes INCOME: Income from residents Investment income 248,1 56,427 248,1(M) 76,159 280,818 230,982 76,915 12,410 16,062 3,670 280,818 Grants & Donation5 Totsl Income 304.527 16.06Z 284,488 605,077 320,307 EXPENDITURE.. Charitable activities Professional management costs 453.698 336,429 790,127 251.560 29,279 29,279 28,101 Total expendlture 482.977 336A29 819,406 279.661 Net Income before Investment losses / galns 1178MSO) 16,062 151,941) (214.329) ILosses)Igains on investments Revaluation gain / (loss) on investment land li (30.881) (75,937) {106,8181 256,378 12 {15,lJXI) (15,000) 231,000 Net Income/(expenditure) 1224.331) {59,875) 151.941) (336,147) 528.024 Transfer5 between funds Net movement in funds 1224.331) (59,875) 151,941) (336,147) 528,024 Reconclllatlorl of funds: Total funds brou8ht forward Total funds carrled forward 7,779,508 809,170 51,941 8,fAO,619 8,112,595 7 555 177 749 295 8 304 472 The statement of financial activities includes all 8ains and10sses recogni5ed in the year. All income and expenditure derive from continuing operations. 17
City of Wells Almshouses Financial Statements Year ended 31st March 2025 COMPARATIVE STATEMENT OF FINANCIAL AcnvmES Unrestrirted Endowment Restrlcted Funds Funds Funds Total Funds 2024 INCOME: Income from residents Investment income Grants & Donations 230,982 54,905 230,982 76.915 12,410 21.015 995 12,410 Total Income 285W7 21,015 13,405 320,307 EXPENDITURE: Charitable activities Investment management costs 251,560 251,560 28,101 28.101 Total expendlture 279,661 Z79.661 Net Income before Investment & land 8alns 6.226 I115 13A05 40.646 Net gains on investments Revaluation gain on investment land Net Income li 184,653 65,420 6,305 256,378 12 231.CKXI 42179 231,000 528,024 86A35 19,710 Transfer5 between funds Net movement in funds 421,879 86,435 19.710 528,024 Reconclllatlon of funds: Total funds brought forward Total funds carrled fonvard 7,357,629 722,735 32,231 8,112,595 18
City of Wells Almshouses Financial Statements Year ended 31st March 2025 BALANCE SHEET 2025 2024 Notes FIXED ASSErs Property Equipment Investments Investment land Total fixed assets io io li 12 5,283,448 8,676 2,107,704 805,000 8,204.828 5,340,955 ii.iio 2,527,929 820,000 8.699,994 CURRENT ASSETS Debtors Cash at bank and In hand 13 87,265 56.002 7,739 37,016 143,267 44.755 CREDITORS: amounts falling due withln one year 14 143,6231 1104,130) NEf CURRENT ASSETS I ILIABILMES) 159.3751 TOTAL ASSETS LESS CURRENT UABIUTIES 8.304,472 8,640,619 CREDITORS: amounts falling due after more than one year 15 NET ASSETS 8 304 472 THE FUNDS OF THE CHARITY Endowment reserves Restrlcted reserves Unre$trlcted reserves 16 16 749,295 809,170 51,941 7,779,508 16 7,555,177 TOTAL CHARITY FUNDS The financial statements were approved by the Board of Trustees on 23rd July, 2025 and were signed on its behalf by: Mark Blde Mark Shelton 19
City of Wells Almshouses Financial Statements Year ended 31st March 2025 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES a) Basis of accountlng The City of Wells Almshouses is an unincorporated Charity registered in England and Wales. The address of the principal offices is given in the Officers and Professional Advisers informatlon on pa8e l of these financial statements. The nature of the Charity's operations and principal activities are detailed within the Trustees, Annual Report. The financial statements have been prepared in accordance with Accounting and Reporting by Charities . Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October, 2019 the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 , the Charities Art 2011, the Accounting Direction for private registered providers of social housin8 2022 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a '*rue and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2tK18 only to the extent required to provide a 'true and fairf, view. This departure has involved followin8 the Accounting and Reportin8 by Charities . Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued in October 2019 rather that the Accounting and Reporting by Charities '. Statement of Recommended Practice effertive from l April 2005 which has since been withdrawn. The Charity meets the definition of a public benefrt entity under FRS 102. The accounts are prepared in accordance with the historical cost basis of accounting except as modified by the revaluation of investments and certain fixed assets. In November 2014 the city of Wells Charitable Incorporated Organisation (CIO) was created, registered charity number 1159162. As sole trustee of the Trust it exercises control and so is effectively its parent. Consolidated accounts have not been prepared as group income is less than the threshold required to do so. Financial ststements for the CIO can be obtained from 4 Bubwlth Almshouse, Wells. BA5 2QE. b) Preparatlon of the accounts on a 80ing concern basls The financial statements have been prepared on a going concem basis as the trustees believe that no material uncertainties exist.The trustees have considered the level of fund5 held and the experted level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a 80ing concern. 20
City of Wells Almshouses Financial Statements Year ended 31st March 2025 c) Income All income is recognised once the Charity has entitlement to the income, there is Sufficient certainty of receipt, it is probable that the income will be received. and the amount of income receivable can be measured reliably. Income represents lettin8 income and other service char8es receivable from social housing lettings included at their invoice value net of voids. Donations or Grants are recognised when the is evidence of entitlement to the 8ift, receipt is probable and the amount can be measured reliably. All income is considered unrestrlcted unless specifically restricted by the donor, or raised in an appeal for a specific purpose. Income from govemment and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Investment income is earned through holdin8 assets for investment purposes such as shares and land. It includes dlvldends, interest and agricultural rents. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest, dividend and rental income are reco8ni5ed once the Charity's right to receive payment is established. No amount is included in the financlal statements for volunteertime In Ilne with SORP FRS {1021 d) Expendlture Expenditure is recognised once there is a legal or constructNe obligation to make a payment to a third party, it Is probable that Settlement will be required and the amount of the obligation can be measured reliably. The City of Wells Almshouses 15 not registered for Value Added Tax (VAn. In these financlal Statements, where applicable, expenditure is shown inclusive of VAT. e) Allocatlon of support ¢osts Support costs are those funrtions that assist the work of the Charlty but do not dirertly undertake charitable activlties. All office costs. staff costs associated with the supporting element of the roles of the Finance Officerl Charity Secretsry and Chief Executive and governance costs are considered to be 5UPPOrt costs. Freehold property Housin8 properties are principally properties available for occupation by the beneficiaries of the Charity and are initially stated at cost. Cost includes the cost of acquiring land and buildings 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 April 2014, this bein8 the date of transition to the SORP {FRS 102). Assets in the course of construction are capitalised at cost and not depreciated until they are ready for use. 21
City of Wells Almshouses Financial Statements Year ended 31st March 2025 g) Upgrades to propertles Works are capitalised if they result in an increase in the net rental income, a reductlon in future maintenance costs or a significant extension to the life of the property. The net book value of these costs are depreciated over a 15 year period. h) Impalrment of freehold property Reviews for impairment are carried out annually at the portIng date. Impainnent is recognised when the carrying value of an asset exceeds its recoverable arnount. Examples of indicators of impairment are a significant decrease in the market value of the property or significant physical dama8e. l) Other Flxed Assets Other fixed assets costing £2CM) or MO are capitalised at cost. Other fixed assets include fixtures and fittings, equipment and IT equipment which are depreciated on a straight line basis between 3 to 5 years. J) Land Investments The land owned by the Charity is let to agricultural businesses. Land is held in the balance sheet at fair value. The land was valued a5 at 31st March, 2024 by Carterjonas an independent commercial property advisor and surrfeyor. k) Debtors Trade and other debtors are reco8ni5ed at the settlement amount due. Prepayments are valued at the amount prepaid. l} Investments Investments are stated at market value at the balance sheet date. Net gains and losses arising on revaluation of unrestricted investments are shown in the Unrestricted Reserve5. Investments are held within fixed asset5 on the basis that they are held to generate income in the longer term. m) Cash Cash at bank and in hand includes cash held in deposit account& n) Credltors Creditors are recognised where the Charity has a present obligation resultln8 from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured reliably. o) Conllngent Llabllltles A contingent liability will be disclosed if . A posslble obligation arising from a past event whose existence will be confirmed only by some uncertain future event that is not wholly in control of the CWA A present obligation arising from a past event but where the transfer of funds is not probable or the amount of the obligation cannot be measured reliablv. 22
City of Wells Almshouses Financial Statements Year ended 31st March 2025 p) Financlal Instruments The Charity has financial assets and financial liabilities of a kind that qualify as baslc financial Instruments. These are cash, creditors, and debtors other than prepayments. Basic financial instruments are initially measured at transartion value and subsequently measured at their settlement rate. There are two exceptions to this, the bank loan which is subsequently measured at amortised c05t Using the effertive interest method and investments which are 5ub5equently measured at fair value. q) Reserves Unrestrirted Reserves are funds available for use at the discretlon of the Trustees in furtherance of the Beneral objectives of the Charity. Restricted Reserves are funds for which the donor has specifically restricted the purpose for whlch they can be used . The amounts in the funds represent the monies still remainin8 for future expenditure. Endowment Reserves are a type of restricted fvnd and represent those assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance wlth the objectives of the Charity. Any capital 8ain or loss arisin8 on the endowments form part of the Endowment Reserves. r) Taxatlon The Charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly, the Charity is potential exempt from taxation in respect of income or capital gains received within categorles covered by Part 11, chapter 3 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Char8eable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. INCOME FROM RESIDE5 Unrestrfrted Unrestricted Reserves 2025 2024 Weekly Maintenance Contributions (WMC) Property related Serrfice Charges 165,424 82,676 153,906 77,076 230 982 WMC receivable is net of void losses of approximately £3,12512024 . £2,510}. The Charity provided 33 units of hou5in8 for older people during the year (2024: 33). 23
City of Wells Almshouses Financial Statements Year ended 31st March 2025 INVESTMENT INCOME Total Funds 2025 Total Fund5 2024 Interest and Dividends Agricultural Rents 65,369 11,546 11.593 GRANTS & DONATIONS Restrlrted Funds Total Funds Restricted Funds 2024 Total Funds 2024 2025 2025 Chapel Restoratlon Donations Chapel Restoration Grants IB80 279,438 279,438 2,815 9,595 2,815 9,595 Durin8 the year the Charity incurred Chapel fundraising costs of £21812024: £3,546) CHARITABLE AcfiviTIE5 Dlrect Costs 2025 Support Costs 2025 Total Dirett Support Costs 2024 Total Costs 2024 Costs 2024 2025 DePCIatiOn Salaries & Penslons Communal amenities Professional Fees Property maintenance Insurance Property running Loan Fee5 Governance Other 83.639 38,457 15.511 29,279 538,806 16,563 3,905 253 83,639 95.977 15,511 29.279 538.806 16,563 3,905 2.553 77,842 33,519 35,101 28,101 15.505 11,218 5.273 7,443 77,842 69,411 35,101 28,101 15,505 11,218 5,273 7,443 883 28,884 279 661 57,520 35,892 33,173 33.173 28,884 242 886 Professional Fees include independent examination fees of £3,300 {2024 . £3,300) SALE OF LAND There were no sales of land during the year (2024 . £Nil). 24
City of Wells Almshouses Financial Statements Year ended 31st March 2025 EMPLOYEES 2025 2024 Salaries Pension Contrlbutions 87.300 3,010 65,228 1,769 Staff Salaries & Penslons Trainin& Welfare & Travel Total employee related costs 90,310 5,667 95.977 66,997 2,414 69,411 The avera8e number of employees during the year was 4 (2024 . 4} The number of full time equivalents was 2 (2024 . 2} Key management personnel received remuneration of £36,381 12024 . £17,706) They are a member of a pension scheme. No employee received total benefits in excess of £60,OW (2024 . Nil). The Trustees did not receive any remuneration from the Charity during the year {2024: £Nill, neither were they reimbursed expenses during the year {2024 . £ Nil). PROFESSIONAL MANAGEMENT COSTS Professional expertise was sought in the areas of land management, independent financial examinationi payroll preparation, fundraisin& l.T.assistance, le8al matters and surveying. SOCIAL HOUSING OPERATING RESULT 2025 2025 2024 2024 Income from Residents (Note 2) Total activities costs (Note 5) Less . NOn-CIal housing costs: Non-social housing property maintenance Professional Fees (Note 5) Depreciation (Note 51 Loan Fees (Note 51 Chapel Fundraising costs (Note 41 Governance costs (Note 5} 248,1 230,982 819,406 279,661 {519.616) (29,278) (83,638) {2,553) {218) {28,101) 177,8421 {7,443) 13,546) 18831 Total Soclal Houslng Costs Soclal Houslng Operatlng Result 184,103 161,846 25
City of Wells Almshouses Financial Statements Year ended 31st March 2025 io TANGIBLE ASSErs Freehokl Property Up8rades Property Sub-total Equlpment Property Totsl COST At 1st April 2024 Disposals Additions At 31st March 2025 4,759A86 (IIA32) 1,101,398 5,860,884 (15.838) {27.170) 48.640 48,640 1.134.200 5,882,354 22,968 5M3,852 {6,271) (33,441) Z,228 50,868 18,925 5,901,279 4.748,154 DEPRECIATION At 1st April 2024 Disposals Charge for year At 31st March 2025 213,669 306.260 519,929 11.858 16.271) 4,662 531.787 (6.2711 83,639 23,741 237 410 55,236 361496 78,9n NET BOOK VALUE At 31st March 2025 4 510 744 772 704 5 283 448 8 676 5 292 124 At 31st March 2024 4,545,817 795,138 5.340,955 ii,iio 5,352,065 li INVESTMENTS 2025 2024 Market value as at 1st April. 2024 Additional investment at C05t Withdrawn investment at cost Interest reinvested (Losses) l Gains on revaluation Market value as at 31st March, 2025 2,527,929 2,261.490 10.061 1320.(K)O) 6.593 (106.818) 2 107 704 256,378 2 527 929 Represented by: 2025 2024 CCLA Charities Investment Funds 1107,704 2,527,929 Z 107 704 2 527 929 12 INVESTMEMf LAND 2025 2024 Value as at 1st April 2024 Net gain / Ilossl on revaluation Value as at 31st March 2025 820,000 (,000) 589,000 231.000 820 000 In 2024the Trustees commissioned Carterjonas to re-valuethe Charlty's agricultural land. In 2025 this value wa5 reduced by £15,CMJO based on a Kni8ht Frank agricultural Farmland Index. 26
City of Wells Almshouses Financial Statements Year ended 31st March 2025 13 DEBTORS 2025 2024 Trade Debtors Heritage Lottery Fund Grant sted Places of Worship Grant Land rents receivable 2,102 68.822 12.618 5.825 5,637 Social Housing Rent Arrears at 31103125 were £518131103124 . £407) 14 CREDITORS . Amounts fallln8 due wlthln one year 2025 2024 Trade creditors Accruals Bank loan Sundry creditors 24,131 12.349 8,373 5,076 84,330 6,351 7,143 The Bank loan was fully repaid on 19th July, 2024. 15 CREDITORS . Amounts fallln8 due after one year 2025 2024 Between I to 2 years Between 2 to 5 years Due after 5 years 27
City of Wells Almshouses Financial Statements Year ended 31st March 2025 16 RESERVES Recoupment Harpers Chapel Revenue Endowment Endowment Restrlcted Unrestrlcted Reserves Reserves Reserves Reserves 267,406 5,308 Total Reserves 8,640.619 76,159 280,818 248,100 248,100 284.488 304.527 605,077 (336,4291 (482.9771 1819,4061 130,8811 (106.8181 (15,000) (15,0001 As at 1st April, 2024 Investment income for 2024125 Donatlons & Grants for 2024125 Charitable income for 2024125 Total income for 2024125 Total expenditure for 2024125 Investment losses for 2024/5 Investment land losses for 2024125 541,764 10,754 51,941 3,670 280,818 7.779,508 56,427 10.754 (24,916) (51.021) As at 31st March. 2025 247,798 501.497 7,555,177 8,304.472 As at 1st April, 2023 Total income for 2023124 Total expenditure for 2023124 Investment gains1110sses} for 2023/24 Investment land gains for 2023124 238,842 6,945 483,893 14,070 32.231 13,405 7,357,629 8,112,595 285,887 320,307 (279,6611 1279,6611 184,653 256.378 231,0(YJ 231,0 21,619 43,801 6,305 As at 31st March, 2024 7 779 508 8 640 619 Recoupment Endowment Reserve5 represented annual repayments of £4,200 to replace expenditure funded from permanent endowments as required by the Charity Commission. In 2022 permission was received from the Charities Commission to transfer from the unrestricted reserves the sum of £105,000 bein8 the next 25 years, worth of repayments thereby recouping the entlre original endowment. Harpers Endowment Reserves represent the proceeds of £354, 695 from the sale of the Harper5 Almshouse which proceeds can only be expended on the construction of new almshouses. 28
city of Wells Almshouses Financial Statements Year ended 31st March 2025 17 ANALYSIS OF NE[ ASSETS Recoupment Harpers Chapel Endowment Endowment Restrlrted Unrestrlcted Reserves Reserves Reserves Reserves Reserves 5,292.124 5,292,124 1,358,409 2,107,704 805,000 805,000 56,002 56.002 87,265 87,265 {43,6231 {43,6231 Revenue Total Tangible assets & equipment Investments Investment land Cash at bank and in hand Debtors Other current liabilities 247,798 501,497 As at 31st March. 2015 247.798 501,497 7.555,177 .304.672 Tangible assets & equipment Investments Investment land Cash at bank and in hand Other current assets Other current liabilities 5,352,065 5,352,065 1,670,097 2,527,929 820,01Th) 820,000 33,736 37,016 7.737 7,737 (104,1301 {104,1301 267,406 541.764 48,662 3,279 As at 31st March, 2024 7 779 508 29
City of Wells Almshouses Financial Statements Year ended 31st March 2025 18 CAprrAL COMMITMENTS 2025 2024 Authorised and contrarted for 19 CONTINGENT LIABIUTIES In previous year5 two 8rant creditors totalling of £355,016 were released from long term creditors as there was no existing obligation to repay these. A grant of £322,000 had been received from the Housing Corporation, now known as Homes En8land, in 1995196 for work to the Bubwith, Willes and Stills Almshouses. A furthergrant of £33,016 had been received from the Housing Corporation between 1999 and 2001 for works to the Brlcks Almshouse. Both of these 8rants are only repayable rf a relevant event occurs. A relevant event includes dere8lStratlon from Homes England or if the Almshouses are sold. As a relevant event has not occurred there is no present obligation to repay these 8rants. As a relevant event may occur in the future they have been disclosed as contingent liabilities. 20 RELATED PARTIES Durlng the year no related party transactions (2024 . £ Nil> were made. 30