2022-03-31-accounts - Wells Maltings Trust

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Trustees		P M Bannister
		K J Morris OBE
		C F Stocker
		Sir T Lankester
		V Chitty
		BWood
		H Deakin
		TAllan
Secretary		S Daykin
Charity number		1139767
Company	number	07279065
Principal address		The Maltings
		Staithe Street
		Wells-Next-The-Sea
		Norfolk
		NR23 1AU
Registered	office	The Maltings
		Staithe Street
		Wells-Next-The-Sea
		Norfolk
		NR23 1AN
Auditor		Mapus- Smith tt	Lemmon	LLP
		48 King Street
		King's Lynn
		Norfolk
		England
		PE30 1HE
Bankers		The co-operative	bank
		PO Box250
		Skelmersdale
		WN8 6WT

		Page
Trustees' report		1-6
Statement oftrustees'	responsibilities
Independent auditor's	report	8-10
Statement of financial	activities
Balance sheet		12
Statement of catch flows
Notes to the financial	statements	14-29

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				funds	funds		funds	funds
				2022	2022	2022	2021	2021	2021
			Notes	8	8		8	f.	6
Income from:
Donations and	legames			93,914	76,100	170,014	321,328	160,450	481,778
Charitable activities				76,646		76,646	9,692		9,692
Other trading activities				258,569		258,569	110,472		110,472
Total income				429,129	76,100	505,229	441,492	160,450	601,942
~E* dit
Raising funds				278,476		278,476	140,718	45,223	185,941
Charitable activities				244,051	297,954	542,005	180,371	284,239	464,610
Total expenditure				522,527	297,954	820,481	321,089	329,462	650,551
Net outgoing	resources
before transfers				(93,398)	(221,854)	(315,252)	120,403	(169,012)	(48,609)
Gross transfers		between
funds				(79)	79
Net expenditure		for the	year(
Net movement		in funds		(93,477)	(221,775)	(315,252)	120,403	(169,012)	(48,609)
Fund balances	at 1 April		2021	254,398	3,935,694	4,190,092	133,995	4,104,706	4,238,701
Fund balances		at 31March
2022				160,921	3,713,919	3,874,840	254,398	3,935,694	4,190,092

				2022		2021
			Notes			6
Fixed assets
Intangible assets			11		13,533
Tangible assets			12		3,915,662		4,139,623
					3,929,195		4,139,623
Current assets
Stocks			13	13,026		9,211
Debtors			14	5,443		16,185
Cash at bank and	in	hand		20,164		98,786
				38,633		124,182!
Creditors: amounts		falling due within
one year			16	(48,988)		(21,713)
Net current (liabilities)/assets					(10,355)		102,469
Total assets less	current liabilities				3,918,840		4,242,092
Creditors: amounts		falling due after
more than one year			17		(44,000)		(52,000)
Net assets					3,874,840		4,190,092
Income funds
Restricted funds			19		3,713,919		3,935,694
Unrestricted funds					160,921		254,398
					3,874,840		4,190,092

				2022		2021
			Notes			F
Cash flows from operating		activities
Cash (absorbed by)/generated from			23
operations					(51,156)		78,771
Investing	activities
Purchase	of intangible assets			(14,500)
Purchase	oftangible fixed assets			(4,966)
Net cash	used in investing	activities			(19,466)
Financing	activities
Repayment	of borrowings			(8,000)		(8,000)
Net cash used in financing		activities			(8,000)		(8,000)
Net {decrease)/increase in		cash and	cash
equivalents					(78,622)		70,771
Cash and	cash equivalents	at beginning	ofyear		98,786		28,015
Cash and	cash equivalents	at end of	year		20,164		98,786

Leasehold	improvements	25% straight line	basis
Other equipment		10year straight	line basis
Computers	and office equipment	33.33%straight	line balance
Interpretation centre		10year straight	line basis
Theatre		10year straight	line basis
Cafe and	bar	10year straight	line basis

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2022	2022	2022	2021	2021	2021
		E		E	E	E	E
Donations	and gifts	39,009	25,000	64,009	137,993	16,200	154,193
Grants receivable		35,211	51,100	86,311	162,596	144,250	306,846
Patrons and Fnends
Scheme		19,694		19,694	20,739		20,739
		93,914	76,100	170,014	321,328	160,450	481,778
Grants receivable for
core activities
Other		35,211	51,100	86,311	162,596	144,250	306,846
		35,211	51,100	86,311	162,596	144,250	306,846
Charitable	activities
						Operation of	Operation of
						Wells	Wells
						Maltings	Maltings
						2022	2021
						E	E
Income from entry charges		to events and	other activities			76,646	9,692

			Unrestricted	Unrestricted
			funds	funds
			2022	2021
			8
Cafe 8 bar income			206,598	85,152
Retail	income		7,274	5,911
Letting	and hire income		40,697	15,409
NNDC	—TIC service level agreement		4,000	4,000
Other	trading	activities	258,569	110,472

Raising funds	Raising funds
			Unrestricted	Restricted	Total	Total
			funds	funds	2022	2021
Fundraisin	and	ubhcit
yyebsite costs			1,144		1,144	920
Staff costs			23,525		23,525	17,742
Support costs			9,279		9,279	1,481
Fundraising	and	publicity	33,948		33,948	20,143
~Td i
Other trading	activities		72,803		72,803	37,144
Staff costs			129,276		129,276	121,461
Support costs			42,449		42,449	7,193
Trading costs			244,528		244,528	165,798
			278,476		278,476	185,941
For the year	ended 31 March 2021
Fundraising	and	publicity	14,875	5,268		20,143
Trading costs			125,843	39,955		165,798
			140,718	45,223		185,941

				2022	2021
				8	8
Staff costs				121,464	110,484
Premises insurance				6,521	6,218
Property expenses				23,885	21,397
Professional fees and		health	and safety
				546	928
Repairs and maintenance				5,934	11,082
Postage, stationery	and advertising			28,700	12,806
Telephone and internet				2,003	2,131
Miscellaneous				3,305	150
Licences				795	727
Credit charges				2,543	1,435
Recruitment expenses				4,588	1,477
VVebsite costs				8,007	5,669
Presentation ofartistic		events		63,854	9,948
				272,145	184,452
Share of support costs (see note 8)				264,610	274,328
Share ofgovernance		costs (see note 8)		5,250	5,830
				542,005	464,610
Analysis by fund
Unrestricted funds				244,051	180,371
Restricted funds				297,954	284,239
				542,005	464,610

Support costs
		Support	Governance	2022	Support	Governance	2021
		costs	costs		costs	costs
			8		F	8
Staff costs		40,270		40,270	11,006		11,006
Depreciation		229,898		229,898	239,937		239,937
Premises costs and
insurance		21,979		21,979	19,057		19,057
Professional fees and
health and safety		364		364	619		619
Repairs and maintenance		5,398		5,398	3,115		3,115
Postage, stationery advertising	and	7,175		7,175	3,202		3,202
Telephone and internet		1,335		1,335	1,383		1,383
Miscellaneous		2,204		2,204	100		100
Credit charges		1,695		1,695	957		957
Computers, software website	and	6,020		6,020	3,626		3,626
Audit fees			5,250	5,250		5,830	5,830
		316,338	5,250	321,588	283,002	5,830	288,832
Analysed between
Fundraising		9,279		9,279	1,481		1,481
Trading		42,449		42,449	7,193		7,193
Charitable activities		264,610	5,250	269,860	274,328	5,830	280,158
		316,338	5,250	321,588	283,002	5,830	288,832

2822	2021
Number	Number
23	22

Employees		(Continued)
Employment costs	2022 f	2021 E
Wages and salaries	293,284	243,772
Social security costs	17,314	14,264
Other pension costs	3,937	2,657
	314,535	260,693

Intangible fi	xed asse	ts
			Website development
			E
Cost
At 1 April 2021
Additions - separately		acquired	14,500
At 31 March	2022		14,500
Amortisatton	and impairment
At 1 Apnl 2021
Amortisation	charged	for the year	967
At 31 March	2022		967
Carrying amount
At 31 March	2022		13,533
At 31 March	2021

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13	Stocks
					2022	2021
					6	6
	Finished	goods and goods for		resale	13,026	9,211
14	Debtors
					2022	2021
	Amounts	falling due within one year:			f	f.
	Trade debtors				3,286	11,866
	Other debtors				220	2,310
	Prepayments		and accrued income		1,937	2,009
					5,443	16,185
15	Loans and overdrafts
					2022	2021
						6
	Otherloans				39,000	45,000
	Loans from related parties				13,000	15,000
					52,000	60,000
	Payable	within	one year		8,000	8,000
	Payable	after	one year		44,000	52,000
	Amounts	included above which		fall due after five years:
	Payable	by instalments			10,750	24,000

16	Creditors: amounts		fa	lling	due within one year
							Notes	2022f	2021f
	Borrowings							8,000	8,000
	Other taxation and social secunty							7,878	2,399
	Deferred income						18		2,080
	Trade creditors							26,390	2,255
	Accruals and deferred			income				6,720	6,979
								48,988	21,713
17	Creditors: amounts		falling		due after more than one	year
								2022f	2021 E
	Borrowings							44,000	52,000
18	Deferred income
								2022	2021
								E	E
	Other deferred income								2,080
	Deferred income is	included			in the financial statements	as follows:
								2022	2021
								f	E
	Deferred income is	included			within:
	Current liabihties								2,080
	Movements in the year:
	Deferred income at	1	Apnl 2021					2,080
	Released from previous			penods				(2,080)
	Resources deferred	in		the year					2,080
	Deferred income at	31		March 2022					2,080

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20	Analysis of net assets	between	between	funds
		Unrestricted			Restricted	Total	Unrestricted	Restricted	Total
				2022	2022	2022 6	2021 6	2021 6	2021f
	Fund balances at 31
	March 2022 are
	represented by:
	Intangible fixed assets			13,533		13,533
	Tangible assets		210,592		3,705,070	3,915,662	238,429	3,901,194	4,139,623
	Current assets/(liabilities)			(19,204)	8,849	(10,355)	67,969	34,500	102,469
	Long term liabilities			(44,000)	-	(44,000)	(52,000)	—	(52,000)
			160,921		3,713,919	3,874,840	254,398	3,935,694	4,190,092
21	Capital commitments							2022	2021
								6
	At 31 March 2022 the the trust		had capital		commitments	as follows:
	Contracted for but not provided		in the financial statements:
	Acquisition of intangible	assets							14,500

		2022	2021
Aggregate	compensation	41,467	41,554

	The following	amounts	amounts	were outstanding	were outstanding	were outstanding	at the reporting
										Amounts owed to related
										parties
										2022	2021
										E	E
	Other related	parties								13,000	17,000
23	Cash generated from			operations						2022	2021
										E	E
	Deficit for the year									(315,252)	(48,608)
	Adjustments	for:
	Amortisation	and impairment			of intangible		assets			967
	Depreciation	and impairment			oftangible		fixed assets			228,927	239,937
	Movements	in working		capital
	(Increase) in	stocks								(3,815)	(1,621)
	Decrease/(increase)		inl	debtors						10,742	(4,281)
	Increase/(decrease)		in	creditors						29,355	(108,736)
	(Decrease)/increase		in	deferred		income				(2,080)	2,080
	Cash (absorbed by)/generated					from operations				(51,156)	78,771
24	Analysis of	changes	in net		debt
								At	1 April 2021	Cash flowsAt 31 March 2022
									E	E	E
	Cash at bank and in		hand						98,786	(78,622)	20,164
	Loans falling	due within		one year					(8,000)		(8,000)
	Loans falling	due after		more than		one year			(52,000)	8,000	(44,000)
									38,786	(70,622)	(31,836)