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 Bo0￿Ck
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 serVi￿S 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 ex￿lIent 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 be￿een 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 re￿rdS 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 A￿OUntantS
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 resoU￿e$ before
transfers
(10,349)
(5,750)
57,055
40,956
17,712
Gross transfers be￿￿en funds
17,227
{17,227)
Net movement In funds
6,878
(5,750)
39,828
40.956
17,712
Fund balan￿S 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 reqU1￿MentS 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 Con￿rn 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 reSoUr￿S 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
re￿Ipl. 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 - Star￿ell 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 re￿iVed £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-