2021-03-31-accounts - Wells Maltings Trust

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Trustees		P M Bannister
		KJ Morris
		C FStocker
		SirT Lankester
		V Chitty
		BHopkins			(Appointed	26June 2020)
		H Deakin			(Appointed	29 January
					2021)
		TAllan			(Appointed	6 November
					2020)
Secretary		SDaykin
Charity number		1139767
Company	number	07279065
Principal address		The Maltings
		Staithe Street
		Wells-Next-The-Sea
		Norfolk
		NR23 tAU
Registered	office	The Maltings
		Staithe Street
		Wells-Next-The-Sea
		Norfolk
		NR23 1AN
Auditor		Mapus- Smith &	Lemmon	LLP
		48 King Street
		King's Lynn
		Norfolk
		England
		PE30 1HE
Bankers		The co-operative	bank
		PD Box250
		Skelmersdale
		WN8 6WT

		Page
Trustees' report		1-6
Statement oftrustees'	responsibilities
Independent auditor's	report	8- 11
Statement offinancial	activities	12
Balance sheet		13
Statement ofcash flows		14
Notes to the financial	statements	15-30

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				funds	funds		funds	funds
				2021	2021	2021	2020	2020	2020
			Notes		8	8		8	5
Income and endowments			from'
Donations and legacies				226,170	255,608	481,778	137,178	57,577	194,755
Charitable activities				9,692		9,692	134,993		134,993
Other trading	activities			110,472		110,472	254,117		254,117
Investments							5		5
Other income							7,544		7,544
Total income				346,334	255,608	601,942	533,837	57,577	591,414
~E* dit
Raising funds			7	87,219	98,723	185,942	237,770		237,770
Charitable activities			8	138,712	325,897	464,609	399,051	210,067	609,118
Total resources
expended				225,931	424,620	650,551	636,821	210,067	846,888
Net income/(expenditure)			for
the year/
Net movement		in funds		120,403	(169,012)	(48,609)	(102,984)	(152,490)	(255,474)
Fund balances	at 1 April
2020				133,995	4,104,706	4,238,701	236,979	4,257,196	4,494,175
Fund balances		at 31
INarch 2021				254,398	3,935,694	4,190,092	133,995	4,104,706	4,238,701

				2021	2020
			Notes	8	8
Fixed assets
Tangible assets			12	4,139,623	4,379,561
Current assets
Stocks			13	9,211	7,590
Debtors			14	16,185	11,904
Cash at bank and	in	hand		98,786	28,015
Creditors: amounts		falling due within		124,182	47,509
one year			16	(21,713)	(128,369)
Net current assets/(liabilities)				102,469	(80,860)
Total assets less	current liabilities			4,242,092	4,298,701
Creditors: amounts		falling due after
more than one year			17	(52,000)	(60,000)
Net assets				4,190,092	4,238,701
Income funds
Restricted funds			19	3,935,694	4,104,706
Unrestricted funds				254,398	133,995
				4,190,092	4,238,701

				2021		2020
			Notes	8		f
Cash flows from operating		activities
Cash generated from operations			23		78,771		28,903
Investing	activities
Purchase	oftangible fixed assets					(84,303)
Investment	income received					5
Net cash	used in investing	activities					(84,298)
Financing	activities
Repayment	of borrowings			(8,000)		(8,000)
Net cash used in financing		activities			(8,000)		(8,000)
Net increase/(decrease) in		cash and	cash
equivalents					70,771		(63,395)
Cash and	cash equivalents	at beginning	ofyear		28,015		91,410
Cash and	cash equivalents	at end of	year		98,786		28,015

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2021	2021	2021	2020	2020	2020
		2	0	6	6		f
Donations	and gifts	137,993	16,200	154,193	123,315	57,577	180,892
Grants receivable		67,438	239,408	306,846
Patrons and Fdends
Scheme		20,739		20,739	13,863		13,863
		226,170	255,608	481,778	137,178	57,577	194,755
Grants receivable for
core activities
Other		67,438	239,408	306,846
		67,438	239,408	306,846

				Operation ofOperation of	Operation ofOperation of
				Wells	Wells
				Maltings	Maltings
				2021	2020
					8
Income	from	entry	charges to events and other activities	9,692	129,308
Income	from	hire	offacilities		5,685
				9,692	134,993

			Unrestricted	Unrestricted
			funds	funds
			2021	2020
				F
Bar and	cafe	income	85,152	171,043
Retail income			5,911	34,209
Letting and hire income			15,409	37,064
Sponsorship		income		3,801
NNDC -	TIC service level agreement		4,000	8,000
Other trading		activities	110,472	254,117
Investments
			Total	Unrestricted
				funds
			2021	2020
				5
Interest receivable
Other income
			Total	Unrestricted
				funds
			2021	2020
				f
Insurance	claim			7,544

6	Interest receivable Other income

			Unrestricted	Restricted	Total	Total
			funds	funds	2021	2020
Fundraisin	and	ublicit
Website costs			920		920	2400
Staff costs			5,532	12,211	17,743	18,513
Support costs			1,481		1,481	6,257
Fundraising	and	publicity	7,933	12,211	20,144	27,170
T~di
Other trading	activities		32,521	4,623	37,144	82,639
Staff costs			39,572	81,889	121,461	83,689
Support costs			7,193		7,193	44,272
Trading costs			79,286	86,512	165,798	210,600
			87,219	98,723	185,942	237,770
For the year	ended 31 March 2020
Fundraising	and	publicity	27,170			27,170
Trading costs			210,600			210,600
			237,770			237,770

			2021	2020
			6
Staff costs			110,484	128,591
Premises insurance			6,218	6,430
Property expenses			21,397	39,907
Professional fees and		health and safety
			928	7,875
Repairs and maintenance			11,082	8,732
Postage, stationery	and advertising		12,806	33,205
Telephone and internet			2,131	2,148
Miscellaneous			150	1,290
Licences			727	49
Credit charges			1,435	2,832
Recruitment expenses			1,477	3,284
Website costs			5,669	7,697
Presentation of artistic events			9,947	86,888
			184,451	328,928
Share of support costs (see note 9)			274,328	275,160
Share ofgovernance		costs (see note 9)	5,830	5,030
			464,609	609,118
Analysis by fund
Unrestricted funds			138,712	399,051
Restricted funds			325,897	210,067
			464,609	609,118

Supportcosts	Supportcosts
			Support	Governance	2021	Support costs	Governance	2020
			costs	costs			costs
			8	E	f.	f	f
Staff costs			11,006		11,006	12,836		12,836
Depreciation			239,937		239,937	251,114		251,114
Premises costs and
insurance			19,057		19,057	33,635		33,635
Professional	fees and
health and	safety		619		619	6,603		6,603
Repairs and
maintenance			3,115		3,115	4,259		4,259
Postage, stationery		and
advertising			3,202		3,202	8,301		8,301
Telephone	and internet		1,383		1,383	1,432		1,432
Miscellaneous			100		100	860		860
Credit charges			957		957	1,901		1,901
Computers,	software	and
website			3,626		3,626	4,748		4,748
Audit fees				5,830	5,830		5,030	5,030
			283,002	5,830	288,832	325,689	5,030	330,719
Analysed between
Fundraising			1,481		1,481	6,257		6,257
Trading			7,193		7,193	44,272		44,272
Charitable activities			274,328	5,830	280,158	275,160	5,030	280,190
			283,002	5,830	288,832	325,689	5,030	330,719

	2021	2020
	Number	Number
	22	19
Employment costs	2021f	2020
Wages and salaries	243,773	234,619
Social security costs	14,264	6,534
Other pension costs	2,657	2,476
	260,694	243,629

				Dl CI Ol	(Do CII	(D	Dl CD		(0 (0
				CO ID	CO IO	CO (0	Dl CO		Dl
				CI	Cl
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				CO	CO
0
IC0				ID CD CI	ID0(o	CD	o		CO(0o
I-				al	Ol	CO	CC		CI CD
	Cl 000			o	o	o CII	o		Dl Ol ID
									ID
E CI CI IE Eao E '0 0 0 III		0 0 Ea 0'0	0(			Cl OI	I
0	0
ICI	E							CD(0
	0'0
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CI III 0							CO CD	CO (D

13	Stocks
					2021	2020
					E	8
	Finished	goods and goods for resale			9,211	7,590
14	Debtom
					2021	2020
	Amounts	falling due within one year:				8
	Trade debtors				11,866	6,959
	Other debtors				2,310	2,500
	Prepayments		and	accrued income	2,009	2,445
					16,185	11,904
15	Loans and overdrafts
					2021	2020
	Otherloans				45,000	51,000
	Loans from related			parties	15,000	17,000
					60,000	68,000
	Payable	within	one year		8,000	8,000
	Payable	aRer	one	year	52,000	60,000
	Amounts	included		above which fall due after five years:
	Payable	by instalments			24,000	32,000

16	Creditors: amounts	Creditors: amounts	falling due within one year
					2021	2020
				Notes
	Borrowings				8,000	8,000
	Other taxation	and social security			2,399	6,745
	Deferred income			18	2,080
	Trade creditors				2,255	17,814
	Accruals and deferred		income		6,979	95,810
					21,713	128,369
17	Creditors: amounts		falling due after more than one year
					2021	2020
	Borrowings				52,000	60,000
18	Deferred income
					2021	2020
						6
	Other deferred	income			2,080

		Movement	in funds		Movement	in funds
		As restated	As restated
	Balance at	Incoming	Resources	Balance at	Incoming	Resources		Balance at
	1 April 2019 6	resources f.	expended 5	1 April 2020 6	resourcesf	expended	31	March 2021 6
The Maltings	4,252,447		(201,476)	4,050,971		(191,068)		3,859,903
Office
equipment	1,288		(437)	851		(851)
Theatre
equipment		51,599	(5,153)	46,446		(5,154)		41,292
Wells Town
Council	3,461			3,461		(1,461)		2,000
Community
Fund		1,337		1,337	15,000	(338)		15,999
Youth
Development
Fund		4,640	(3,000)	1,640		(140)		1,500
Clore Duffield
Emergency
Grant					10,000			10,000
Arts Council
ERF (Apr-
Jun20)					34,250	(34,250)
Arts Council
CRF (Oct20-
Mar21)					95,000	(95,000)
Handa
Foundation—
project grant					5,000			5,000
Government
Furlough					95,158	(95,158)
SNTS
Licences					1,200	(1,200)
	4,257,196	57,576	(210,066)	4,104,706	255,608	(424,620)		3,935,694

20	Analysis of net assets	between funds	between funds
		Unrestricted		Restricted		Total	Unrestricted	Restricted	Total
			2021 f		2021 f	2021 f	2020 f	2020 f	2020 f
	Fund balances at 31
	March 2021 are
	represented by:
	Tangible assets		238,429	3,901,194		4,139,623	271,654	4,107,907	4,379,561
	Current assets/(liabilities)
			67,969		34,500	102,469	(77,659)	(3,201)	(80,860)
	Long term liabilities		(52,000)			(52,000)	(60,000)		(60,000)
			254,398	3,935,694		4,190,092	133,995	4,104,706	4,238,701
21	Capital commitments							2021	2020
								f	f
	At 31 March 2021 the the trust		had capital	commitments		as follows;
	Contracted for but not provided		in the financial		statements:
	Acquisition of intangible	assets						14,500

		2021	2020
Aggregate	compensation	41 554	40662

	The following amounts	The following amounts	were outstanding	at	the reporting	end date:
							Amounts owed	to related
							parties
							2021	2020
	Other related parties						17,000	68,000
23	Cash generated from		operations				2021	2020
							8	8
	Deficit for the year						(48,608)	(255,474)
	Adjustments for:
	Investment income recognised in statement				offinancial	activities		(5)
	Depreciation and impairment oftangible			fixed assets			239,937	251,114
	Movements in working		capital:
	(Increase)/decrease	in	stocks				(1,621)	1,934
	(Increase)/decrease	in	debtors				(4,281)	23,219
	(Decrease)/increase	in	creditors				(108,736)	8,115
	Increase in deferred	income					2,080
	Cash generated from		operations				78,771	28,903
24	Analysis ofchanges		in net funds/(debt)
						At 1 April 2020	Cash flows	At 31 March
						f.	8	8
	Cash at bank and in	hand				28,015	70,771	98,786
	Loans falling due within		one year			(8,000)		(8,000)
	Loans falling due after		more than one year			(60,000)	8,000	(52,000)
						(39,985)	78,771	38,786