Charfty rog15trotlon number 1103436 Company Teglstralion number 05049817(England and Wale6) THE WELLS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
THE WELLS TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Slephen AyodeleAdgwole Caroline Elizabelh Boxall Dr Anne Margaret Boocock Rebecca Lauren Jones Haydon Charles William Murr John David Musendo Mark Frdnus Plummer Owen Walter Day (Resigned on 31 December 2024) (Raslgnèd on 17 June 2024) Secretsry DrAnne IA8rgaTet BooGDck (App)inled on 17 June 2024) Charlty number 1103436 Company number 05049817 Type Company Llmlted 8y Guarantea Prlnclpal addre55 Wells Way Camberwell London SE5 7SY Independent examlner Caroline BrazEeT ACA DChA Cansdales Buslness Advlsets Umited Chartered Accountants st Mary¢s Court The BrDadvrdy Old Amersham Bucks HP7 OUT Bankgrs Bardays Bank PLC Coffjp 8ank PLC
THE WELLS TRUST CONTENTS Page Trustees, pOrt Independent examlnerfs report Stsleménl of financial actlvllie8 Balance sheel Notes to the finandal staternenls 8-16
THE WELLS TRUST TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 The TNstee5 present their annual rEport arKI financial slatemenis forthe year ended 28 Febw?ry 2025. The financial statemants have been pr8par8d In ac£ordance with 1hg accounung polldes s8t out In nole 1 trj the financial statemenls and comply wilh the charitys goveming document, the Companies Act 2006 and "Accounting and Reporting by Charfties: Statement of Recommended Practice appli(xble to chariiies preparing Iheir accounts in accordancè wllh tho Flnanclal Raporlng Standard applicabl8 In Ihe UK and Rapubllc Df Ireland (FRS 102)" (effective 1 January 2019). The Well Community Church Is a church of 70 pdull members Ihat has led groups and pr4ects for the beneltt of our congregation and local communlty throughout lh8 past year.The Church has good relatlonshlps with other Church&8 In Southwark and across London. partnering see transfonnalion in our communitles. By engaging In these community acti¥iti8S, the truslees have had regard lo the guidance on publio benefil issued by The Charity Commlsslon. Objecuves and actlvllles Church Actlvltlg5 During thls year. The Well Communlty Church has contlnued to serve the local Mmunity in a varlety of ways. Regular Sunday moming Church services have been open to all mambers of the public over the past ye8r, with a regular rhythm of meetings that has Enabled the Church fo welcome new membets from a range of bad[gUnds and across 811 generations. We have continued our rhylhm of outreach that has taken different forms and enabled us to enga98 with mernbws of the publ, lo offer Pfayer. practltral help and invite Ihem to activiligs bas8d ID our building and hDmes. We only have a small number ol children within the congregation, as young families move out of London to buy propety. In September we stsrted a new gmup for our year five to eight children. but as yet lo recruit enough older children's workers to provide this each wee Regular support groups for antewnatal, p)st-nalal and children's groups havè continued In ow buil(fing. providing an essential seNice fvT families, Thi5 includes a weekly speclaltst breastleeding group with WOTnen self-referring or belng refeTred by 0th8r services. We also run a weekty aCty group for chlldren aged 6 months to 4 years with Ihelr mums, dads, grandparents or carers and this continu95 to thrive wlh 15 to 20 adults and their children comlng ach W0k. The other weekly group Is our open access Wèllbeing Caf8 whlch has contlnued lo grow valh the support of a grant from Southwark Charilles. Approximately 20 people attend the calé and (x)me from a range of soTroeGonornic and cultural backgrounds and have a varfety ol menlal and physical health issues. Th8 cafe offers drinks and a chance to catch up, then some fom of craft. aclivity or spéaker follod ty slmpla exerclsg, midday r8fl8CtIDns and a shared lunch. W8 have also been on a number of day trips which have been greaY apprecialed. Many m8mbers hav8 cornmentsd on how ¥ital the czfe has become to their physical and mental wellbeing. In partnership wilh oth8r local Ghurches, we hosted teachlng and w(Yshlp events, and partnered In outreach to connect wlh local children, young people. a1 famdie5 aver the Surnrner. In the Spring, we partnered with cross cultural tearns in outreach to the public with Easter message of hope, nnection, and encourag8menL Monthly Men's Breakfast groups have continued. are open to guests, and remain a place wh8r8 men can connect, grow In vulnerabilty and build relationshps. Small groups have operated lermly lo equip members & volunteers on a dtscipleship joumèy.W8 Intend to bulld on the success of these groups by stsrting mld5ty1 groups early in tho summer 2025.
THE WELLS TRUST TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 We have also taken the initial steps for renovation of the buildlngs on-site. An architecture prepared plans for ranovatlon of the 1850,8 Cotlage Gre8n Chap81 part ol our bulldlng and for daveloplng a larger klichen and hlgh quallly accesslbl& tcll81 and shpwar facllltl8$.Ov8r tha noxl y9ar wg wlll are In Ihe process of consulllng wilh tha councll and looal counsallors and will hava a publlc consultation evening for local people In the near future. We will Ihen be in a position to apply fcr planning permi55ion and starl lo make applications for fundlng the prolecl. other Actlvltlès In the bulldlng ACET UK have contlnued to oparato out of our bulldlng where Ihalr maln office Is basad. Pllales d6sse5.have contlnued to meet on 8 weekly ba81s for member6 of Ihg local rommunity. The hall has be8n hlred for other one.off communlly events 88 muslc rehear8al8 and famlly partles. Monte de Sion. a local South ATnerlcan Spanlsh speaking Church, for regular worshlp s8Nicas on a we?Y basls (Sunday afternoonlevenlng). 8tep Out Slep Out (the young person's mentoring project) conllnued to gr¢, recruiting and tralning mentor8 and deliverlng an excellBnt mentoring experlence for dozens of local young people many of whom w8r8 rèferred from local schools or Soclal servlces. Th8 project spaclfically focusèg on outdotsrlphyslcal activi119s for young people and Is recognlzed as contrlbullng lo Ihe mental haalth and wellbelng of young people who mlght olhemise suffer becausa of a lack of engagement or support. The mltheek youth dub conllnued to provlde a sale & heallliy envlronment for both Step Out menl8es and other local chlldren lo enjoy, and there were also ro3ldentlal trfp5 arranged for the young peoplo. An annual Muslcal Talent fundralser event and other famlly connecllon times were also hald over the year. On 23 May 2024 Step Out became an Independent charlty with lis own trustees. Wa are And will continue lo partner wilh and support step Out oa it eonlInues Io expand its a¢h lo support the lives of young paopl?. 8taff Allson and Haydon Murr contlnued to lead the 81all team. Phll Whlte contlnued to lead Step Out wllh Jesslca Moreno Paz supportlng hlm. Pamela Okwonga provlded admlnlstrallve support until her reslgnatlon In November 2024. Partnershlps The work of REACH London hes Contlnued to catalyse IhB V151on of church plantlng, leadershlp Iralnlng and m1551onal dlsGipleshlp under the directlon of Phll stokes and Ihe REACH team. It has provided resources Ihiough Its 6 v8hlcles of prayer, dlscusslon forum5, learnlng communitles, coachlng, InlemBhlps Bnd church plantlng. Affiliatlon has been growing thls year with new churches subscribing, n8w188d8rs being seryed and coached, and ongoing engagem8nt and n8knrklng wlth mlcrochurchés. huddles. REACH now connècts With Over 300 leadérs and engagéd wlth around 60 churchés th18 y8ar through Ils avants. Lumberfack Cafe conllnued to rent our property at 70 CambeNell Church Street and has malntalned thelr move Into hlgh end grocerles whlch augment Ihe café bu51nBSS. LumbeiJaGk Is the buslnes3 arm of the charlty whlch conlinues to mentor and train young people referred to Ihem through thelr workshop at Goldfinch Furnitu end London Reclaimed. Th8 W811 continuod Io BUPPOrt th8 Pric8 famlly as crDSS-cullurdl work8rs in Soufheast Asia where Ih8y offer practical and emotional support, edUCaOn and guldance to Rohlngya refugees. This includes antenaial classes and support for new mothers. We remain a strateglc partner for iNel, a cross-cullural mlsslon network through whlch we traln young people and engage wlth partner churches in misslon.
THE WELLS TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 The TrusleBs have pald due regard to guldance Issued by the Charity Commlsslon In decldlng what actlvltles th? ¢harlty should undertake. Flnanclal revlew Income lor the year was £164.118 (2024: £249,380), expenditure fty Ihè yèar was £255,782 (2024: £208,424), so that there wa5 a net deficit of £91.664 (2024: net surplus £40.956). before a transfer of £NII belwgon funds (2024 - restricted tc general: £17,227). Year 8nd fund8 wele £109,724 (2024: £201,388). Out of the total expenditur8 £255,782 the transfer of £85211 to Step Out was Spettific gmnglgrants towards mlnlslry for chlldren mentoring, whlch Is nDW a 88parate reg16tered charlty. Grants Indude from th8 city Brldg8 Foundatlon. Roservos Pollcy The Board of Directors have established a policy whereby freo feseNes held by the Charity should be maintained at three months. unrestricted lunds charitable expenditure. which would equate to amund £30.000. The Trustees will contlnue lo monilor re3erv88 based on planned exp8ndilura for thé n8xl financial year. Rlgk Stalorn•nt The Dlr8Ctor8 hav8 revlawed the risks to whlch a small charfty op9ratlng with few employegs is exposed. Approprfate procedures are In place lo Idenllfy, rn010r and revlew thesg rlsks on a regular basls. Slructurei govemanGe and managoment Durlng the perlod covered by this rnport ther8 has been one change In the makaup ol th8 curr8nt board ol Trusl8es. The process for recrultment of new trustees Is tho responsibility of th8 Board of Trustees, who soek to recruit either when re61gnatlons occur or wh8n sp8cIflG skills are Tequlred to holp the Tru8t aGhlev8 Its alms. Recrultment procedures are ¢onslstent with Lwidan¢e from Ihe charities Commlsslork Thére has beèn a strong focus on safeguardlng chlldren and vulnerabl8 adults. We have a 5afeguardlng lead and deputy and Caroline Boxall Is our truslee for safeguardlng. Our safeguardlng pollcy has been updated and safeguardlng Is discussed at each tnjstees meeting. The appropriatg people have had thelr DBS ¢lear8nce obtained. In the year ahead Our prfority continues lo brlng Ir8nsfomallon to Ihe local community. This Indudes furthgr devélopment of our outreach 8Ctivllles, stsrting mldstLed groups, increasing the glze of OUT leadershlp leam and continulng on with our Cottage Green Re8tordtion plan& The Truslees, who afe also the directors for the pur)se of (x)mp8ny law. and Y4ho 3eTved during the year and up lo thè dale of signature of Ihe financial statement5 were.. Slaphen Aycdele Adewole Carollne Ellzabeth Boxall DrAnne Margarel Boocod Rebecra Lauren Janes Owen Walter Day Haydon Charles William Murr John David Musendo Mark Francls Plummer {Chalr) (Sett8lary) (Resigned on 31 December 2024) IReslgned on 17 Juna 2024) {Church leador) (raSurer)
THE WELLS TRUST TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 Statement of trustee5' rponSIbl1ft103 The Trustees who are also the dlrectors of The Wells Trust for the purpose of company law, a responslble for preparlng the Trusiees, Report and the financlal statements In accordance wtth appficable law and Unikd Klngdom Accounting Standards (Unlted Kingdom Generally Acc8Pied Accounling Practice). Company law requlres the Trustees to prepa financlal statemenls fur each financial year which glve a true and fair view of th8 slate of affa115 of the thartty and of the Incoming resources and application of resource5. includlng Ihe incoma and expendilure, af the charitable company for that year. In preparlng these financial statèments, tha Trustee5 are required lo: - selecl sultable accounting pollcies and then apply them consislently, - obsep4e lh& methods and principles in the Charities SORP: - make Judgem8nts and esllmates that are reasonabl& and prudent.. and - prepare Ihe financlal statenienls on the golng concem basis unless It is 5n8ppropriate to presum8 Ihat the charity wlll continue In operation. The Trustees are responsible for keeplng ad8quate 8ccounting re¢ords that dlsdose with reasonable accuracy at any tlme the ftnancial position of the charily and enable them to ensure that the financial statements conply wllh the Cornpani8s Act 2006. They are also responsible for safeguarding the assets of th& charity and henca for taking reasonable steps for th8 prevention and delection of fraud and other irregulariti8S. The trustees. report was approved by the Bo8rd of Trustees. . £0 Carollne Boxall Dated.. 21 July 2025
THE WELLS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELLS TRUST I r8POrt to Ihe Trustees on my examinalion of the finanaal statements of Tha Wells Trust (the charity) for the year ended 28 February 2025. Responslbllltles and basls ol report As Ihe Trustees of ihe oharity (and also Its dirBclors for the purposes of company law). you are responslble for the preparallon of the financlal statemenls In accordance with the requir8ments of the Companios Acl 2006. Having satlsflBd myseff thal Ihe ftnancial slalements of the chariiy are not required lo be audiled undgr Part 16 of Ihe Companies Acl 2006 and are eligible for independent examination. I report in respecl of my examination of Ihe harlvs financial slatemenls cariied out under section 145 of the Charitles Act 2011. In G8rrying oul my examination I have followed the Dliecuons glven by the Charily Commlsslon under SeCtn 145(5)(b) of the Charitle3 Acl 2011. Indep•ndent examiner'8 Statement I have completed my examinalion. l Gonfimi that no malters have come to my aU8ntlon In connecllon with the ex8m5nalSon giving me cause to belleve Ihat In any materlal respect: aEcounling records were not kew In respect ol Ihè charity as requId by secllon 386 of the Companies Act 2005. the financlal statements do not accord wllh Ihuse record5,' or the ffin8nc181 statements do not comply wllh the accounung requlrements of secllon 396 01 Ihe Companles Acl 2006 olher than any requlfement Ihal the Ilnandal slatements give a true and lalr vlew, whlch is not a maltar consldered as part of an Independent examlnatlon: or the financi81 slalements havé nol b8en preparod In accordance wlth the method8 and prindples of the Statement of RecommendeLI Pr8clice for accounllng and reporting ty charili89 app15cable lo charllies preparing ihelr nnanclal statements Sn accord8nco wlih the Flnancial Reportlng Stsndard applicable In th8 UK and Republic ol Ireland (FRS 102). I hav8 no concem8 and have come across no olher mattern in connectSon wllh Ihe examination lo whlch allenllon should be drawn in this report In order lo enable a proper understanding of the fin8no81 gl•temenl$ to be reached. Caroline Brazler ACA DChA Cansdales Buslne5s Advisers Limited Chartered Accounlan15 Sl Mary's Court The Broadway Old Amersham Bucks HP7 OUT Dated: 21 Juty 2025
THE WELLS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 28 FEBRUAR Y 2025 ', Unro8trl¢ted '. Deslgnatèd Restrfctad fund8 , funds fund8 Total 2025 Total 2024 Notss Donallons and legacles Charftsble acttvltla8 84272 ' 29,808 '. 50,038 134,310 29.808 209,620 39,760 Tolal Incom• 114.080, , 50,038 164,118 249,380 Charftable acwvlties 116,840 '. 3,088 135,874 255,782 208,424 Nel (outgolno)Ilneomlng resour¢e8 before transfers (2.78D)', (3,068) (85,836) (91.684) 40,958 Gro transfers between funds (3.068), 3,088 M•t mov•m•nl In lund8 (5.828),, (85,83e) (91,664) 40,958 Fund balance8 at 1 Mar¢h 2024 103.667 1 97,721 201.388 180,432 Fund balanceÉ at 28 Fobruary 2025 97,839 11,885 109,724 201,388 The ststement cf financlal aCt{tIeS Indud?8 all galns and losse8 recogn18ed In the year. The slat•mant of ffinancl81 •dlvllles Include8 811 galng 8nd105gag rncoonls•d In the ye8r. All Income and expendlture dorlve from continulng acuvltles. The statsment of Ilnanclal actlvlUe8 a180 complloB wilh Iheir8qulr8ments for an Income and 8xp8ndltur8 account under the Companle8 Act 2008.
THE WELLS TRUST
BALANCE SHEET
AS AT 28 FEBRUARY 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 10 | 54,719 | 54,553 | |||
| Current assets | ||||||
| Debtors | 11 | 7,600 | 9,985 | |||
| Cash at bank and in hand | 50,424 | 139,550 | ||||
| 58,024 | 149,535 | |||||
| Creditors: amounts falling due within | ||||||
| one year | 12 | (3,019) | (2,700) | |||
| Net current assets | 55,005 | 146,835 | ||||
| Total assets less current liabilities | 109,724 | 201,388 | ||||
| Income funds | ||||||
| Restricted funds | 14 | 11,885 | 97,721 | |||
| Unrestricted funds | 97,839 | 103,667 | ||||
| 109,724 | 201,388 |
The notes on pages 8 to 16 form part of these financial statements.
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2025
The directors acknowledge their responsibilities for:
-
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
preparing financial statements 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 financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 21 July 2025.
..............................
Caroline Boxall Trustee
Company registration number 05049817
- 7 -
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting poll¢les Charlty Inforniatlon The charity Is a charilable company Ilmlted by guarantee and is incorpor8ted in the United Kingdom. Th8 Gompanvs registerBd number and registered office addres5 Gan b& found on the Company Infomiation page. 1.1 Accounting convention The financial statements have iEen prepared in accordance wlth the charTVs governing docum8rrt, th8 Companies Act 2006. FRS 102 The Financial Reports'ng Standard apIl?b1e in th8 UK and Republic of Ireland. fFRS 102°) and the Chariknos SORP °Accounting and Reporting ty Chartties: Staiemant of Recommended Practi applicable to ¢harilies preparing their a(xounts in accordance with the Flnanclal Reporting Standard applicable In the UK and Republic of Ireland [FRS 102>" (èffectvie 1 January 2019). The charlty Is a PubllG Benefit Enuty as d8ffin8d by FRS 102. The financval statements are prepared In stertkng. whith is the functtonal currency of the charily. Mon8tary amounts in the88 financiat statements are rOded lo Ihe nearest £. The financlal stalements have been prepar&1 under the historical o)st convantion. The prfndpal accounting . policles adopted are set out below. 1.2 Going concern The trustees (who are the chaTitable companVs ijrectors for Ihe purposes of company law) have as883sad whether the use of tha going concem basis is appropiiate and have considered possible events or condltlons that tnight cast slgnlficanl doubt on ihe abilty of the charity to continu8 as a gng concem. The Irustses have made this assessment for a period of at least one year from the data of approval of the flnanclal statements. In part[lar the trustees have consider8d Ihe charitys forecasts and projections and the possible implications should projected income and l or expenditure vary unexpectedly. The trustaes have concluded Ihal there Is a reasonable expectation that the charity has adequate iesource5 to continue lo operate for the foreseeable fiJtur8. The charity th8r8fora conllnu8s to adopt the golng conc8m basis in preparing ts financial statem8nts. 1.3 Charltable funds General funds are unrestricted funds which are avaHabl8 for use at lh8 dlscretion of the truslees In furtherdnce of the general objedives of Ihe charity. D6gnated funds comprfse unr8slrfctsd funds thal have been set aside by th8 trustees for partlcular purposes. Restricted funds are donations whh are to be used in accordance with speafic restrictians imposed by don0[5: they include donations rec8i¥8d from appeals for speclflc actlvities or projects. 1.4 Income Income including investment hcome is rec4)gnlsed 1n.the perfod n Ythich 1he charity belxmes entitled to receipt, the amount receivable can be measured WIUI reasonable certainty, and receipt is probable. For the most part. incoma is generally recognis8d vdhen il is received. Income is only delerred when Ihe charity has to fulfil conrfitions before becoTning enlilled to it where the donor has specified Ihat the income 15 to be expended w] a future period. Income from donattons and legacies Includes: l) Recover8ble glft aid. Thls 15 recognlsed when the related donation Is recelved. Gift aid thal has not been recovered by th8 balance shaet dalo is Included as a dgbtor. ii) Legades. Income from legacie5 is recognised when a distributron is received from th& estatè or. If earlier. when thè charity has been notified that a distribution,will be mad8 and th8 amount recelvable can b6 measured rellably. The charity relle5 on volunteer5 to carry out many of Its adlvltl8s. However. In accordance wlth the SORP, the value of these 8errfice8 has not been induded h these financial ststements as they cannot be reliably measured.
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Accountlng pollcles IContlnu8d) 1.5 Expendlture Expenditure, including irrecoverable VAT, is recognised when it is Incurred or. If 6arll8r, when a legal or constructive obligalion for a payThent arises provrded that il is probable that settlement will be requlred and Ihe amount of the obligation can bB rneasured reliably. The charity makes grants to other Instttutiorrs and individuals to further its tharilable objeclives. Grants payable are recognised as construclive obllgallons arlse. which is generally when the charity expresses commltment to the reclplent that can be mèasured rellably and then onty to the extent that any condlllons associated Yiith thè granl are outslde of the control of the charity. The cost of ralsing funds Is not significant and ha5 not been separately dlsd05ed. Gov8rnanc8 costs, which are included in expenditure on charitable adivives but are Identlfied separalety in the notes to the accounts, includes costs associated wilh the independent examination of the finanBlal statements. compllance wllh constitLrtlonal and slalulory requirem8nls arid any other expendilure incurred on thp slrategic management of the charlty. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds cumprise unrestricted funds Ihat have been Set asida by tha trustees for partlcular purpDse8. Reslrict8d funds are donalions which are to be used in accordance with specific r8slrictions Imposed by donors: they Include donations received from 8ppeals for specific actlvlues or prolects. 1.6 Tangible fKxed assets Items purchased or donated for the charitys own use are capltallsed whèn the cost of purchased It8ms, or th8 falr value of donated Items, Is more Ihan £500 and the ltsm is expected to benefit the charity over rnora than one accounting period. Depreciation is charged on e stralght Ilne basls so as to wrfte down the value of each asset to its estimated residual value (if any) over its expBcted useful economic life. To achleve Ihis obleclive the following rates of depreciation are charged". Freehold Land Freehold Buildlngs Is not depr8clated (becau88 it is not con8um8d by use) Over 50 years after taklng attount of th& bulldlng's rèsldu81 value Over 3 to 7 years Equipment The carrying values of tangible fixed assets are rev[ed for Impalrrnent In perlods when events or changes In clrcum51ances Indlcata Ihat the carryin9 value may not be recoverable. 1.7 Taxation The company is 8 regislered charity; It has tsken advantage of the varlous rellefs from taxallon avallable lo charllles and no tax ts payable on Ihe charltWs Income. 1.8 Exemptlon from prFparlng a cashfl(Ni statement Th8 charity has taken 8dv8ntage of an exemption conferred by the Charities SORP and has not prepared cash flow statemenL 1.9 Panslon Scheme Arrangements The charity operates defined Contrfbutlon penslon schemes for Its employeès. Obllgatlons for contrlbutlons to these schemes are recognlsed as an expense when the liabilty arisas. The assets of thes? schemes are held separately from Ihose of the charity In Independently admlnlstered funds.
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 Crlllcal a¢¢ountlng estimatos and Jud9ementS In th& applitiOn of lh8 charity's accountlng policies, the Tnjslees are required to makg judgements. estimates and assumptions about the carrying amount of assets and liabiliti8s that are not readily apparent from othar sources. The eslimates and assoclated assumptlDns are based on historlcal axperf8nce and oth8r factors that are considered to be relevant. Actual resulis may differ from these estimales. The estlmates and underfytng assumpllons are revlewed on an ongoing basls. Revisions lo accounllng esthmales are recognlsed In the period in whlch the eslimale15 revised where the revlslon affects only that period, or in the period of the revision and future periods where the revision affects both current and future perlods. Donatlons and legacies Unrestrlcted Restrlctad funds funds Total Total 2025 2025 2025 2024 Donations and glfts Gift Aid Tax Recoverab18 Olher Donatlons 56,105 10,246 17,921 583 146 49.309 56.688 10,392 67.230 55,894 9.965 143,761 84,272 50.038 134,310 209,620 Charltable actlvltles 2025 2024 Rental Income Other Income 28,792 1,016 37,337 2,423 29.808 39,760 10-
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Charftable actlvllles 2025 2024 staff coslg DBpreciakn'on and impainn8nl Church Activities Buildlng Cost Donaltons and glfts Subscriptions Conferences Training Gov8Tnance (Indep8ndent examination f985) Travel and hospllality Office costs 80,206 3,625 31.743 19,883 12.331 1,827 210 4.959 2.808 1.574 11.405 114,866 9.480 37.934 15.021 10.061 1,619 87 6,291 2.648 2.258 8,159 170.571 208,424 Grant to Step Out 85.211 255.782 208.424 Analysls by fund Unrestricted funds Daslgnal8d Funds Restricted funds 116,840 3.068 135.874 129,883 5,750 72.811 255.782 208N24 Donatlons and glfts 2025 2024 Mlsslon support 12,331 10.061 12.331 8.538 Th8 maln benaltclarles of the grants madg to Instituuons and Individual were: 2025 2024 Mr & Mr5 PrlGe Gift l-Net Gifts to individual 1.200 6.930 4,201 1.200 e.870 1.991 12.331 10.061 11
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Net movement In funds 2025 2024 The nel movament In funds Is slated after chargingl{creditlng>: Depreciation of owned tanglble fixed assets 3,625 9.480 Employees The averdge rnonthly number of employee5 during Ihe yèar was: 2025 Number 2024 Number Employment costs 2025 2024 Waoes and salarfes Soclal security costs Penslon costs 78,263 468 1,475 110,996 1,983 1.887 80.206 114,866 Durlng the year, total remuneratlon pald to key management for tsvo employees tolall8d £48,486 (2024: two employees amounted to £45,161). Ther8 w8r8 no employeès whosg annual remunerallon was more than £60.000. Taxatlon Th8 charfty Is exempl from taxatlon on Ils actlvltlas bécause all its Inctsme ts applled for charltabla purposes. 12-
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 10 Tanglblo flxed assets Froohatd land Fixturès aftd Computérn arnl bulldlng¥ flttlngs Cost At 1 March 2024 Addlt'ons 176,350 21.448 1922 15.132 212,930 3,791 At 28 February 2025 176,350 24.370 16,001 216,721 DepreGiatlon and Impalrnnl At 1 March 2024 Depredatton charged in tho yaar 126,004 3.068 21,448 117 1D,925 440 158,377 3.625 At 28 February 2025 129,072 21.565 11,365 162.002 Carylny amount At 28 February 2025 47,278 2.805 4,636 54,719 At 29 February 2024 50,346 4,207 54.553 11 Debtorn 2025 2024 Amounts falllng due wllhln one year: Trade debtors Payee account receivable Tax Recoverable Prepayments and accrued Income 1.769 421 983 4.427 2.022 3.997 3.966 7,600 9.985 12 Credliors: amounts lalllng due wlthln ono ye¥ 2025 2024 Other cr8dltors Arxwals and deferred Income 211 2,808 2,700 3,019 1700 13 Rotlrement beneflt schemes 2025 2024 Defined Gontribution schenRs Charge to profit or loss In respect of dellned contrlbuuon schemos 1,475 1,887 13-
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 13 Rotlrement benofit scham•s (Continued) The charity operates a defined contributlon penslon sth8me for all qualifylng employees. The assets of the Scheme are held separately from Ihose of the charity in an Independenuy a(knlnlslered fund. 14-
THE WELLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 14 Restrlcted funds The restricted frjnds of the charity ttjmprise the unexpended balances of donations and grants held on trust subjecl to specific Mndllions by donors as to how they may be used. Movèrngnt In funds In¢omlng Rosourc•s rosouroos •xp•nd4d Movoment In funds Incomlng Ro8ourc•s r•Bouroo8 o¥p•nd8d 8al?nco 4t 1 March 2023 Tr•n$fors Transfvrn Balan¢0 at 28 F•bwary 2fr25 1 March 2024 Reach London Step Out Starhvell Building Proj&ct Wo118oing 2,718 127,148 (2.359) (67.684) (26,115) (2,768) 4,673 3.215 1,323 91.278 1,905 3,216 2,340 45.093 314, (2.718) (129.866) (1,649) 945 6.505 570 3,215 650 56.929 2,291 (1.641) 67,893 129.866 (72,811 > (17,227) 97,721 50,038 (135.874) 11.885 Reach Londen - Spedfic glvlng towards 8 mlnlstry lo connect churches across London whlch Is led by an employee. step Out- Spedfic givinglgrants towards a mlnislry for childrens mentoringi which Is now a separata reglstered charity. Grants Include from the City Bridge Foundatlon. $tsrtw8ll- Startwell Is a mother and baby Gommunity group wlth free basffeedffing supporL Bulldlng ProJecl- the buildlng prDj8Ct,relates to renovation of the old chapèl and maln bulldlng. Wo11 Being -specific givinglgrdnt to Improve the physical and mental wellbeing of lo1 people. 15-