Charity registration number 1103436 Company registrdtion number 05049817 (England and Wales) THE WELLS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
THE WELLS TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees St8phen Ayodele Adewole Fiona Eugenie Wells Owen Walter Day ChrislopherAlexander Harris Caroline Elizabeth Boxall DrAnne Margaret Bo0Ck Rebecca Lauren Jones Haydon Charles William Murr John David Musendo Mark Francis Plummer (Resigned on 21 November 2023) (Resigned on 17 June 2024) (Resigned on 24 January 2024) (Appointed on 18 July 2023) (Appointed on 21 November 2023) (Appointed on 29 November 20231 (Appointed on 29 November 2023) Secretary Owen Day Charity number 1103436 Company number 05049817 Type Company Limited By Guarantee Principal address Wells Way Cambetwell London SE5 7SY Independent examiner Samir Shah FCA, ATII Ramon Lee Ltd Chartered Accountants 93 Tabemacle Street EC2A 4BA Bankers Barclays Bank PLC Co-op Bank PLC
THE WELLS TRUST CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial ststements 8-15
THE WELLS TRUST TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT FOR THE YEAR ENDED 29 FEBRUARY2024 The Trustees present th8ir annual report and financial statements for the year ended 29 February 2024. The financial statements have been prepared in accordance with the accounting policie5 set out in note 1 to the financial statements and comply with the charitys governing document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. The Well Community Church is a church of 70 adult members that has led groups and projects for the benefit of our congregation and local community throughout the past year. The Church has good fftlationships with other Churches in Southwark and across London, partnering to see transfomiation in our communitl8S. By engaging in th8se community activities, the trustees have had regard to the guidance on public benefit issued by The Charity Commission. Objectives and actlvltles Church Activities During this year. The W811 Community Church has continued to serve the local community in a variety ofways. Regular Sunday morning Church serViS have been open to all members of the public over the past year, with a regular rhythm of meetings that has enabled the Chur¢h to welcome new members from a range of backgrounds and across all generations. We have continued our rhythm of outreach that has taken different fomis and enabled us to engage with members of the public, to offer prayer, practical help and invite them to activities based in our building and homes. Our 'pop-up' Spirit Café connected with many people at local fayres, Arts Market5, and events. Regular support groups for ante-natal, post-natal and children's groups hav8 continued in our building, providing an essential seNi¢e for families, and our Open-a¢$$ Well Being Café has continued to grow. In partnership with other local Churches, we hosted teaching and worship events, and partnered in outreach to connect with local children, young people, and families over the Summer. In the Spring, we partnered with cross cultural teams in outreach to the public with an Easter message of hope. conn8Ction, and encouragement. Monthly Men's Breakfast groups have continued, are op8n to guests, and remain a place wher8 m&n can connect, grow in vulnerability and build relationships. An Alpha group for inquirers into the Christian faith was hosted from September to Décember. Small groups have operated termly to equip member5 & volunteers on a disLipleship journey. OtherActivities in the building ACET UK have continued to operate out of our building where their main office is based. Pilates classes have continued to meet on a weekly basis for members of the local community. The hall has been hired for other one-off community events such as music rehearsals and family parties. We have also made the hall available to Monte de Sion, a local South American Spanish speaking Church, for regular worship services on a weekly basis (Sunday aftemoonlevening).
THE WELLS TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY2024 Step Out Step Out (our young person's mentoring project) continued to grow, recruiting and training mentors and delivering an exlIent mentoring exp8rience for dozens of local young people many of whom were referred from local schools or social services. The project SP8cifically focuses on outdoorlphysical activities for young people and is recognized as contributing to the mental health and wellbeing of young people who might otherwise suffer because of a lack of engagernent or support. The midweek youth club Continued to provide a safe & healthy environment for both Step Out mentees and oth8r local children to enjoy, and there were also residential trips arranged for the young people. An annual Musical Talent fundraiser event and other family ¢onne¢tion times were also held over the year. Staff Alison and Haydon Murr continu&d to lead the staff team. with Phil Stokes standing down to focus 8xclusively on REACH London in September. Phil White continued to lead Step out with Jessica Moreno Paz supporting him, while Pamela Okwonga provided administratlV8 SUPPOrt. Partnershlps Lumberjack Cafe conlinued to rent our property at 70 Camberwell Church Stre8t and has maintsined their move into high end groceries which augment the café business. Lumberjack is the business arm of the charity which continues to mentor and Irain young people referred to them through their workshop at Goldfinch Furniture and London Reclaimed. The Well continued to support the Price family as cross-cultural workers in the North af England wh&r8 th8y in turn support a refugee and migrant community drawn from a known persecuted people group. We remain a strategic partner for iNet, a cross-cultural mission network through which we train young people and engage with partner churches in mission. Phil Stokes serves on the London Leadership of Pioneer and leads a London wide Church Leaders Relational Network called REACH London. The Trustees have paid due regard to guidance issued by th8 Charity Commission in deciding what activities the charity should undertake. Financlal review Income for the year was £249,38012023.' £212,798). expenditur8 for th8 y&ar was £208,424 (2022: £195.086), so that there was a net surplus of £40,956 (2023.. £17,712), before a transfer of £17,227 beeen funds {2023 restricted to general.. £3,068). Year end funds were £201 ,388 (2023: £160,432). Reserves Policy The Board of Directors have established a policy whereby free reserves held by the charity should be maintained at three months, unrestricted funds charitable expenditure, which would equate to around £40,000. General resenles at the year end are £103,667 (2023.. £96,789). The Trustees will continue to monitor reserves based on planned expenditure for th8 next financial year. Risk Statement The Directors have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate proodures are in place to id8ntify, monitor and review these risks on a regular basis. Structure, governanc8 and management During the period cover8d by this report there has been a change in the makeup of the current board, with the addition of four new members & the resignation of two. The process for recruitment of new trustees is the responsibility of the Board of Trustees, who seek to recruit either when resignations occur or when specific skills are required to help the Trusl achieve its aims. Recruitment procedures are consistent with guidan from the charities Commission.
THE WELLS TRUST TRUSTEES. REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY2024 The Trustees, who ar8 also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Stephen Ayodele Adewole Fiona Eugenie Wells Owen Walter Day Christopher Alexander Harris Caroline Elizabeth Boxall Dr Anne Margaret Boocock Rebecca Lauren Jon&s Haydon Charles William Murr John David Musendo Mark Francis Plummer (Resigned on 21 November 20231 (Resigned on 17 June 2024) (Resigned on 24 January 2024) (Appointed on 18 July 2023) (Appointed on 21 November 2023) (Appointed on 29 November 20231 (Appointed on 29 November 20231 Statement of trustees. SponSibl11t1es The Trustees, who are also the directors of The Wells Trust for the purpose of company law, are responsible for preparing the Trustee5' Report and the financial statements in accordance with applicable law and United Kingdom ArLounting Standards {United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trust88S to prepare financial statements for each financial year which give a true and fair view of the state of affairs of th8 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Twstees are required to= select suitable accounting policies and then apply them consistently., - observ8 th8 methods and principles in the Charities SORP., make judgements and estimates that arè aSOnable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disdosed and explained in the financial statemerrts; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting rerdS that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply wtth the Companies Act 2006. They are also responsible for safeguarding the assels of th8 charity and hen for tsking reasonable steps for the pr8vention and detection of fraud and other irregularities. The tnjstees, report was approved by the Board of Trustees. Caroline Boxall Io Ocknber 2024
THE WELLS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELLS TRUST I report to the Trustees on my examination of the financial statements of The Wells Trust {Ihe charity) for thè year ended 29 February 2024. Responsibilities and basis of report As the Trustees of the charity land also its directors for the purposes of company lawl YOLJ are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under seGtion 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) ofthe 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection wrth the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord with those records: or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirem&nt that the aexounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial stat8ments have not been prepared in accordance with the methods and principles of the statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their arxounts in accordance with the Financial Reporbng Stsndard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Samir Shah FCA, ATII Ramon Lee Ltd Chariered AOUntantS 93 Tabemade Street EC2A 4BA Dated.. 10 October 2024
THE WELLS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 29 FEBRUARY 2024 Unrestricted Designated Restricted funds funds funds Total 2024 Total 2023 Notes Income from: Donations and legacies Charitable activities 79,754 39.760 129,866 209.620 39,760 174,814 37,984 Total income 119.514 129,866 249,380 212,798 enditure on.. Charitable activities 129,863 5,750 72,811 208.424 195,086 Net (outgoing}Ilncoming resoUe$ before transfers (10,349) (5,750) 57,055 40,956 17,712 Gross transfers been funds 17,227 {17,227) Net movement In funds 6,878 (5,750) 39,828 40.956 17,712 Fund balanS at 1 March 2023 96,789 5,750 57.893 160,432 142.720 Fund balances at 29 February 2024 103.667 97,721 201,388 160,432 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in Ihe year. All income and expenditure derive from conts'nuing activities. The statement of financial activities also Complies with the reqU1MentS for an incom8 and expenditure account und&r the Companies Act 2006.
THE WELLS TRUST BALANCE SHEET AS AT 29 FEBRUARY 2024 2024 2023 Notes Fixed assets Tangible assets 10 54,553 64.033 Current assets Debtors Cash at bank and in hand 11 9.985 139.550 37,225 61.565 149,535 98,79) Creditors: amounts falling due within one year 12 (2,700) (2,391) Net curr8nt assets 146,835 96.399 Total assets less current liabilitles 201,388 160,432 Income fund$ Restricted funds Designated Funds Unrestricted funds 14 97,721 57,893 5,750 96,789 103,667 201,388 160.432
THE WELLS TRUST BALANCE SHEET (CONTINUED) ASAT29 FEBRUARY2024 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 February 2024. The directors acknowledge th8ir responsibilities for= ensuring that the charitable company keeps accounting records that comply with Section5 386 and 387 of the Companies Act 2006 and preparing financial statem8nts which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The members have not required the company to obtain an audit of its financaal statements for the year in question in accordance with section 476 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been exarnined by an independent examiner and their report has been induded in these financial statements These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Th& financial statements were approved by the Trustees on20 October 2024 Caroline Boxall Trustee Company registration number 05049817
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY2024 Accounting policies Charity infomiation The charity is a charitable company limrted by guarantee and is incorporated in the United Kingdom. The company's fegistered number and registered Offi address can be found on the Company Infomiation page. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document. the Campanies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" { FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to chaiities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 2019). The arity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the fiJn¢tional ¢urrenGy of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial staternents have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going Conrn basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of th8 charity to continue as a going concern. The trustees have made this assessment for a period of al least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and l or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate reSoUrS to continue to operate for the foreseeable fvture. The charity th8refore ¢ontinues to adopt the going concern basis in preparing its financial statements. 1.3 Charltable funds General funds are unrestricted funds which are available for use at the discretion of the trustees in furtheran of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds ar& donations which are to be used in accordance with specific restrictions imposed by donors.. they include donations received from appeals for specific activities or projects. 1.4 Income Income including investment income is reGognised in the period in which the charity becomes entitled to reIpl. the amoLJnt receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil o)nditiDns before becoming entitled to it or where the donor has speGified that the income is to be expended in a future period. Income from donations and legacies includes.. i) Recoverable gift aid. This is recognised when the related danation is reGeived. Gift aid that has not been recovered by the balance sheet date is included as a deblor. ii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier. when the charity has been notified that a distribulion will be made and the amount receivable can be measured reliably. The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in th8s8 financial statements as they cannot be reliably measured.
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure. including irrecoverable VAT, is recognised when it is incurred or, if earlier. when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise. which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity. The cost of raising funds is not significant and has not been separately disclosed. G0veMan costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts. includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity. Fund accounting General funds are unrestricted funds which are available for use at the dis¢retion of the trustees in furtherance of the general objectives of the charity. Designated funds cofflprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors: they indude donations received from appeals for specific activities ar projects. 1.6 Tangible fixed assets Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, orthe fair value of donated items, is more than £500 and the item is expected to benefit the charity over more than one accounling period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimatèd residual value (if any) over its expacted useful economic life. To achieve this objective the following rates of depreciation are charged: Freehold Land Freehold Buildings Is not depreciated {be¢ause it is not consumed by use) Over 50 years after taking account of the building's residual value Over 3 to 7 years Equipment The carying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable. 1.7 Taxation The company is a registered charity.. it has taken advantage of the various reliefs from taxalion available to charities and no tax is payable on the charity's income. 1.8 Exemption from preparing a cashflow statement The charity has taken advantage of an exemption conferr8d by the Charities SORP and has not prepared a cash flow statement. 1.9 Pension Scheme Arrangements The charity operates defined contribution pension schemes for its employees. Obligations far contributions to these schemes are recognised as an expense when the liability arises. The assets of thes8 schemes are held separately from those of the charity in independently administered funds.
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting policies (Continued) Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assurnptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ trom these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Restricted funds funds Totsl Total 2024 2024 2024 2023 t)onations and gifts GiftAid Tax Recoverable Other Donations 55,244 9,803 14,707 650 162 129,054 55,894 9,965 143,761 55,185 13,797 105,832 79,754 129,866 209,620 174.814 Charitable activities 2024 2023 Rental Income Other Income 37,337 2,423 36,556 1,428 39.760 37.984 10-
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Charitable activities 2024 2023 Staff costs Depreciation and impairment Church Activities Building Cost Donations and gifts Subscriptions Conferen$ Training Governance (independent examination fees) Travel and hospitality Office costs 114,866 9,480 37,934 15.021 10,061 1,619 87 6.291 2,648 2,258 8,159 111.490 6.987 32.596 22,708 8,538 1,221 690 560 2,385 1,382 6.529 208,424 195,086 208,424 195,086 Analysis by fund Unrestricted funds Designated Funds Restricted fijnds 129,863 5,750 72,811 126,400 5,750 62,936 208,424 195,086 Donatlons and gifts 2024 2023 Mission support 10,061 8.538 10,061 8.538 The main beneficiaries of the grants made to institutions were= 2023 2022 Mr & Mrs pri Gift l-Net London Baptist Association Other expenses 1.200 6.870 1.100 5.659 481 1,298 1.991 10,061 8,538 11
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY2024 Net movement In funds 2024 2023 The net movement in funds is stated after ¢hargingl(crediting).' Depreciation of owned tangible fixed assets 9.480 10.055 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security costs Pension costs 110.996 1.983 1,887 107.225 2,277 1,988 114,866 111,490 During the year. total remuneration paid to key management for two employees tota118d £45.161 (2023= two employees amounted to £26,345). There were no employees whose annual remuneration was rn0 than £60,000. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12-
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 10 Tangible flxed assets Freehold land Fixtures and and bulldlngs fittings Compute Totsl Cost Al 1 March 2023 176,350 21,448 15,132 212,930 At 29 February 2024 176,350 21,448 15,132 212,930 Depreciation and impaimient At 1 March 2023 Depreciation charged in the year 117,186 8,818 21,185 283 10,546 379 148,897 9,480 At 29 February 2024 126.IXJ4 21,448 10,925 158,377 Carying amount At 29 February 2024 50,346 4,207 54,553 At 28 February 2023 59,164 283 4,586 64,033 11 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Tax Recoverable Prepayments and accrued income 2,022 3,997 3,966 34,074 3.151 9,985 37,225 12 Credttors: amounts falling due within one year 2024 2023 Accruals and deferred incorne 2,700 2,391 13 Retirement beneflt schemes 2024 2023 Defined contribution Schemes Charge to profit or loss in respect of defined contribution schemes 1,887 1,988 The charily operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 13-
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 14 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement in funds Incoming Resources resourcas oxpended Balancg at l March 2023 Transfers Balance at 29 February 2024 Reach London Step Out starhvell Building Project 964 56,929 2,718 127,148 (2.359) 167,684) (2.768) 1.323 91.278 1.905 3.215 125.115) 4.673 3,215 57,893 129,866 (72,811) (17.2271 97.721 Reach London - Specific giving towards a ministry to connect churches across London which is led by an employee. Step Out- Specific givinglgrants towards a ministy for Childrens mentoring which is led by an employee. Startwoll - Starell is a mother and baby Community group with free breastfeeding support. Building Project- the building proj8ct relates to renovation of the old chapel and main building. 15 Designated funds Designated funds relate to the designated property fund. This is made up of the 2023 brought forward balan of £5,750 less charitablè activities of £5.750 making a Carried forward balanc& of £Nil. This relates to the original cost of the property and movement here relates to the depreciation charge for the year. 16 Analysis of net assets between funds Unrestricted Designated funds funds funds funds Restricted funds funds Total 2023 Fund balances at 29 Febfuary 2024 are represented by.. Tangible assets Current assetsl{liabilities) 54,553 49,114 54.553 146,835 97,721 103.667 97,721 201,388 17 Related party transactions The charity reiVed £40.126 in donations (2023.. £20.270) from related parties (which includes trustees, close family members of trustees). During the year the charity also made expenses payments to 7 trustees totaling £1,161. In 2023 this was to 5 trustees totaling £634. 14-
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 18 Members Each of the 7 trustees of the company at the balance sheet date commits to contribute if the charity is wound up an amount of £10. 15-