2023-03-31-accounts - Wells Maltings Trust

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Trustees	Trustees		P M Bannister
			KJ Morris OBE
			C F Stocker
			Sir TLankester
			V Chitty
			H Deakin
			TAllan
			S Carrington			(Appointed	23 June 2023)
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 &	Lemmon	LLP
			48 King Street
			Kings Lynn
			England
			PE30 1HE
Bankers			The co-operative	bank
			PO Box250
			Skelmersdale
			WN8 6WT

		Page
Trustees' report
Statement oftrustees'	responsibilities
Independent auditor's	report	8-10
Statement offinancial	activities
Balance sheet		12
Statement ofcash flows		13
Notes to the financial	statements	14-30

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				funds	funds		funds	funds
				2023	2023	2023	2022	2022	2022
			Notes		8		8
Income from:
Donations and
legacies Charitable activities Other trading			3 4	283,500 84,992	25,560	309,060 84,992	93,914 76,646	76,100	170,014 76,646
activities			5	251,180		251,180	258,569		258,569
Total income				619,672	25,560	645,232	429,129	76,100	505,229
~E* dit
Raising funds			6	283,735	15,752	299,487	278,476		278,476
Charitable activities			7	377,262	208,205	585,467	244,051	297,954	542,005
Total expenditure				660,997	223,957	884,954	522,527	297,954	820,481
Gross transfers
between funds Net expenditure		for	the				(79)	79
year/
Net movement	in	funds		(41,325)	(198,397)	(239,722)	(93,477)	(221,775)	(315,252)
Fund balances at		1 April
2022				160,921	3,713,919	3,874,840	254,398	3,935,694	4,190,092
Fund balances	at 31
March 2023				119,596	3,515,522	3,635,118	160,921	3,713,919	3,874,840

				2023	2022
			Notes	6	f
Fixed assets
Intangible	assets		12	9,390	13,533
Tangible assets			13	3,687,920	3,915,662
				3,697,310	3,929,195
Current assets
Stocks			14	9,956	13,026
Debtors			15	46,773	5,443
Cash at bank and in		hand		9,523	20,164
				66,252	38,633
Creditors:	amounts	falling due within
one year			17	(90,444)	(48,988)
Net current	liabilities			(24,192)	(10,355)
Total assets less current liabilities				3,673,118	3,918,840
Creditors:	amounts	falling due after
more than	one year		18	(38,000)	(44,000)
Net assets				3,635,118	3,874,840
Income funds
Restricted	funds		19	3,515,522	3,713,919
Unrestricted	funds			119,596	160,921
				3,635,118	3,874,840

					2023		2022
				Notes	f		6
Cash flows from operating		activities
Cash absorbed by operations				22		(751)		(51,156)
Investing activities
Purchase of intangible assets Purchase oftangible fixed assets					(3,890)		(14,500) (4,966)
Net cash used in investing		activities				(3,890)		(19,466)
Financing activities
Repayment ofborrowings					(6,000)		(8,000)
Net cash used in financing		activities				(6,000)		(8,000)
Net decrease in cash and	cash equivalents					(10,641)		(78,622)
Cash and cash equivalents	at	beginning	ofyear			20,164		98,786
Cash and cash equivalents		at end of	year			9,523		20,164

Leasehold	improvements	25% straight line basis	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

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Operation of	Operation of
Wells	Wells
Maltings	Maltings
2023	2022
f
84,992	76,646

	Unrestricted	Unrestricted
	funds	funds
	2023	2022f
Cafe & bar income	195,714	206,598
Retail income	14,359	7,274
Letting and hire income	41,107	40,697
NNDC - TIC service level agreement		4,000
Other trading activities	251,180	258,569

			Unrestricted	Restricted	Total	Total
			funds	funds	2023	2022
Fundraisin	and	ublicit
Website costs			858		858	1,144
Staff costs			23,829		23,829	23,525
Support costs			7,085	800	7,885	9,279
Fundraising	and	publicity	31,772	800	32,572	33,948
~Td i
Other trading	activities		104,764		104,764	72,803
Staff costs			115,993	14,952	130,945	129,276
Support costs			31,206		31,206	42,449
Trading costs			251,963	14,952	266,915	244,528
			283,735	15,752	299,487	278,476
For the year	ended 31 March 2022
Fundraising	and	publicity	33,948			33,948
Trading costs			244,528			244,528
			278,476			278,476

				2023	2022
					6
Staff costs				123,031	121,464
Premises insurance				6,506	6,521
Property expenses				35,936	23,885
Professional fees and		health	and safety
				5,239	546
Repairs and maintenance				5,838	5,934
Postage, stationery	and advertising			34,375	28,700
Telephone and internet				2,300	2,003
Miscellaneous				1,608	3,305
Licences				3,159	795
Credit charges				2,116	2,543
Recruitment expenses				2,536	4,588
Website costs				7,552	8,007
Presentation ofartistic events				59,417	63,854
				289,613	272,145
Share ofsupport costs (see note 8)				289,574	264,610
Share ofgovernance		costs (see note 8)		6,280	5,250
				585,467	542,005
Analysis by fund
Unrestricted funds				377,262	244,051
Restricted funds				208,205	297,954
				585,467	542,005

Support costs	Support costs
			Support	Governance	2023	Support	Governance	2022
			costs	costs		costs	costs
			f	f		f	f
Staff costs			40,790		40,790	40,270		40,270
Depreciation			235,774		235,774	229,898		229,898
Premises costs and
insurance			27,110		27,110	21,979		21,979
Professional	fees and
health and safety			3,493		3,493	364		364
Repairs and
maintenance			3,996		3,996	5,398		5,398
Postage, stationery		and
advertising			8,594		8,594	7,175		7,175
Telephone and internet			1,533		1,533	1,335		1,335
Miscellaneous			1,072		1,072	2,204		2,204
Credit charges			1,411		1,411	1,695		1,695
Computers,	software	and
website			4,892		4,892	6,020		6,020
Audit fees				5,700	5,700		5,250	5,250
Accountancy				580	580
			328,665	6,280	334,945	316,338	5,250	321,588
Analysed between
Fundraising			7,885		7,885	9,279		9,279
Trading			31,206		31,206	42,449		42,449
Charitable activities			289,574	6,280	295,854	264,610	5,250	269,860
			328,665	6,280	334,945	316,338	5,250	321,588

2023	2022
Number	Number
24	23

Employment costs	2023	2022
	f	8
Wages and salaries	298,357	293,284
Social security costs	16,361	17,314
Other pension costs	3,877	3,937
	318,595	314,535

			Website development
Cost
At 1 April 2022 and 31 March 2023			14,500
Amortisation	and impairment
At 1 April 2022			967
Amortisation	charged	for the year	4,143
At 31 March	2023		—5r110—
Carrying amount
At 31 March	2023		9,390
At 31 March	2022		13,533

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14	Stocks
						2023	2022
						f	f
	Finished	goods and goods for			resale	9,956	13,026
15	Debtors
						2023	2022
	Amounts		falling due within one year:			f	f
	Trade debtors					9,505	3,286
	Other debtors					37,268	220
	Prepayments			and accrued income			1,937
						46,773	5,443
16	Loans and		overdrafts
						2023	2022
							f
	Otherloans					34,500	39,000
	Loans from		related parties			11,500	13,000
						46,000	52,000
	Payable	within		one year		8,000	8,000
	Payable	after		one year		38,000	44,000
	Amounts	included above which			fall due after five years:
	Payable	by	instalments				10,750

	Creditors: amounts falling due within one year
	2023 8 2022 Borrowings Other taxation and social security Trade creditors Accruals and deferred income 8,000 13,453 57,212 11,779 8,000 7,878 26,390 6,720 90,444 48,988 Creditors: amounts falling due after more than one year 2023 f 2022 8 Borrowings 38,000 44,000
18	Creditors: amounts falling due after more than one year Borrowings

18	Creditors:	amounts	falling	due	after	more	than	one	year
	Borrowings

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Analysis of net assets	between funds
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	2023	2023	2023	2022	2022	2022
	6	6	6	6	6
Fund balances at 31
March 2023 are
represented by:
Intangible fixed assets	9,390		9,390	13,533		13,533
Tangible assets	177,994	3,509,926	3,687,920	210,592	3,705,070	3,915,662
Current assets/(liabilities)	(29,788)	5,596	(24,192)	(19,204)	8,849	(10,355)
Long term liabilities	(38,000)		(38,000)	(44,000)	-	(44,000)
	119,596	3,515,522	3,635,118	160,921	3,713,919	3,874,840

		2023	2022
Aggregate	compensation	41,467	41,554

22	Cash generated	from operations	from operations	from operations			2023	2022
							8
	Deficit for the year						(239,722)	(315,252)
	Adjustments for:
	Loss on disposal	oftangible		fixed assets			2,468
	Amortisation and	impairment		of intangible	assets		4,143	967
	Depreciation and	impairment		oftangible	fixed assets		229,164	228,927
	Movements in working		capital:
	Decrease/(increase) in stocks						3,070	(3,815)
	(Increase)/decrease in		debtors				(41,330)	10,742
	Increase in creditors						41,456	29,355
	(Decrease) in deferred		income					(2,080)
	Cash absorbed	by operations					(751)	(51,156)
23	Analysis ofchanges		in net	(debt)/funds
						At 1April 2022	Cash flcwsAt 31 March 2023
								f
	Cash at bank and	in hand				20,164	(10,641)	9,523
	Loans falling due	within	one	year		(8,000)		(8,000)
	Loans falling due	after	more	than one year		(44,000)	6,000	(38,000)
						(31,836)	(4,641)	(36,477)