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 suc￿550r5- 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 ne￿SSary 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.
H￿ponSIbl11t1•$ 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
I1￿15
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
421￿79
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 RESIDE￿￿5
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
DeP￿CIatiOn
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
2￿53
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