Charlty registratlon number 1139767 Company reglstratlon number 07279066 {England and Wales) WELLS MALTINGS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WELLS MALTINGS TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees P M Bannisler K J Morris OBE Sir Tim Lanke5ter KCB V Chitty H Deakin T Allan S Carrington D Caine CBE F Lyons {Appoinled 23 June 2023) (Appointed 5 April 20241 {Appoinled 22 November 2024) (Appointed 22 November 2024) E Ogden Secretary S Daykin Charlty numb•r 1139767 Company number 07279065 Prlnclpal address The Mallings Staithe Street Wells-Nexl-The-Sea Norfolk NR23 1AU Reglstsrod offlce The Maltings stailhe Street Wells-Next-The-Sea Norfolk NR23 1AN Audltor Mapus- Smith & Lemmon LLP 48 King Street Kings Lynn England PE30 1HE Bankers The co-operative bank PO Box 250 Skelmersdale WN8 6Wt
WELLS MALTINGS TRUST CONTENTS Pag Trustees, report statement of trustees, responsibilities Independent auditorfs report 9-11 statement of financial activities 8alance sheet 13 statement of cash flows 14 Notes to the financial slalements 15-29
WELLS MALTINGS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The accounts have been prepared in accordan with the accounting policies set oul in note 1 to the accounts and comply with the trust's governing document, the Companies Act 2006 and "Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" las amended for accounting periods commencing from 1 January 2016) ObJe¢tlves and actlvltles The trust's objects are lo pursue any charitable purpose. primarily for the benefit of the community, in particular to.. Own, manage and maintain community facilities for the public al large andlor those who, by reasons of youth, age, infirmity or disablement. poverty or social and economic circumstances, have need for such facilities.. Advance heritage through preserving for public benefit the historieal, architectural and constructional heritage Ihat exists in and around the Maltings., The advancement of the education of the public by the establishment and maintenance of a museurn and heritage centre for the exhibition of artefacts of maritime interest and local and natural history and materials relating thereto as defined by the museum'5 acquisition and disposal policy and making the collection available for research., To promote visual and perfomance arts for public benefit, the promotion and advancement of education and the cultivation and improvement of public education in drama, mime, opera. singing. music. dance, painting and sculpture, cinema, literature and the other arts., To develop and encourage, foster and promote the physical, economic and social dèvelopment and regeneration of the area by building partnerships with organisalions with similar aims. strategles for achlevlng alms and obJe¢tlves The Trust aims to achieve these objectives by.." Focussing all its activities on benefits to the community of both residents and visitors. Continuing the development of the Maltings as a financially sustainable and culturally relevant centre of arts, heritage and community activity with an ongoing business plan and artistic policy that ensures the long-term success of the trust. Showing and interpreting the history of Wells, both in the Heritage Centre within the building and through events and periodic inslallalions and exhibitions. in an engaging but truthful way that will encourage the widest possible audience lo learn about the town and lo provide sufficient revenue periodically to refresh and enhan the experience. Presenting an artistic offerings of drama, dance, music, cinema, spoken word and visual arts thal will appeal to and sometimes challenge the full spectrum of audiences resident in and visiting Wells. Particular attention will be paid to programming for those who might not normally access such fac41ities outside of Wells. Making available to the community some of the high quality facilities in the Mallings for their own use at reasonable c051, but without unfairly competing with other similar community facilities elsewhere in the town. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activilies the trust should undertake.
WELLS MALTINGS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance Main achievements ofthe charity during the year Whilst the year managed to rid itself of the last vestiges of pandemic, the nationwide cost of living crisis throughout 2023 and 2024 had a different bul nonetheless significant impact. Pressures on private and public purses naturally were felt by the charity's business, with rising costs increasing by close to 150A overall (particularly in supplies for food and beverage operations, exceeding 25% in some area5), and limited opportunity lo pass these on completely to our customer5. Increases to levels of minimum wage from April 2023 close to 1086 also added to the financial cost burden. A strategic review in early 2023 led to the decision not to replace three senior level members of staff - a necessary cost saving fneasure. but one that has placed the remaining staff team under significant strain in supporting levels of output. So whilst 2022 fell like a restart year after the pandemic. 2023 presaged the need to manage and shape the oulpLtts of the charity with lower resources, and aim for ongoing economies of operations that would not prove detrimental lo our ability to achieve our aims. The engagement of audiences and local community remained at the forefront of aspirations. During 2023 and into 2024, the programming output of the charity saw a continued strengthening and increase of work specifically targeted at local audiences. Open Mic nights, bingo nights and quizzes brought increasing numbers of local aUdIenS who would not otherwise be attending core art15tic oulpul. Nevertheless, the wider economics had negative impact on local theatre producers and artists. whose ability to tske risks through touring theatre productions, exhibitions or similar artist productions was diminished through lack of external funding. Associate company fEAST Theatre literally cut its output completely in 2023, focusing on the joint production with us of the Christmas show LITTLE RED RIDING HOOD. Despite good audiences, this project unfortunately did not attrael external funding and operated at a loss, the outcome of which was the decision in early 2024 not to undertake co- production arrangements lor the time being. This is considered a sad loss to our local audiences, bul ne$Sary to avoid financial risk. Available programmes from live broadcasts from national and international providers continue lo run 81 much lower levels, and this in turn has had an impact. Whilst out of our control, schedules of programmes from providers such as Met Opera and Royal Ballet and Opera are hard lo integrate to avoid clashes, whilst the output from National Theatre has dropped significantly, leaving a notable gap in live theatre programming. Live music programming particularly from tribute acts, occupy an important part of the programme, and combine quality of performance with huge popularity. However, we were sad to learn that local associate and contributor lan Scott would be retiring from his role as curator of the Saltmarsh series of talks in 2024 after a very successful seven years, and we now seek alternative events lo fill a large gap in our programming. Nevertheless, new partnerships with the relaunched North Norfolk Festival of Literature and Landscape. and the growth of programmes around Holocaust Memorial in January provide new possibilities and potentials in our spoken word strands, particularly amongst local schools and colleges. The reputation of the Maltings continues to grow, and audien$ too, with average attendance across all genres increasing from 650kn in 2022 10 69°/o by March 2024. It will always be the case that visitors to Wells- approximately 60% of the Mallings, customer base - play a huge part in the sustainability of the chanty We are heartened by the significanl inroads that have been made to give local people greater engagement opportunity, but recognise that customer5 increase diamatically. for commercial activity in particular, during key holiday periods. The role of the Maltings as the town's visitor information centre has continued despite the cessation of local authority funding in 2021, but in early 2024 attempts lo restore funding were taken with Wells Town Council in the first instance. At the time of wrtting this report, after a period of advocacy and lobbying, whilst NNDC funding is unlikely, Wells Towri Council has pledged £10,000 annually to support tourist seNices at the Maltings. This is significant, and validates our rose in supporting the local visitor economy, and the importance il has to our sustained operations. NR23, a neiwork of local visual artists and makers based in the Wells next the Sea postcode area was founded with Mallings support in 2022 and has gone from strength to strength. Three successfvl group exhibitions, two Open Studios events and various exhibitions large and small from NR23 members later, the group has become an essential part of the Maltings community_ Its role in supporting and nurturing artists at various stages of their careers and adding practical value to art development locally contribute hugely to our charitable aims.
WELLS MALTINGS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 One of the greatest successes of the year was the galvanising of the Maltings, role as a resource for young people_ The Lounge a weekly club for 11-16 year olds was launched in 2022 and by the beginning of 2024 was attracting regular attendance of over 20 young people from our community. A safe space for social and leisure interaction, supported by our own professional and volunteer management, The Lounge provides traditional youth club pursuits such as table tennis and gaming. but also inlenmeaves workshop activity in disciplines such as mindfulness, crafting and practical skills such as sign language. The Lounge has also been successful in attracting local funding, with local charitable foundations and personal donors alike seeing the value in sustaining target provision for young people in the town. Autumn 2023 saw that launch of THEATREFUN. a weekly theatre. music and dance activity for 4-11 year olds, which has again proved very popular, providing something that is otherwise not available in our local community. Nevertheless, the challenges of securing sustainable modest funding for our strands of work with young people are ever present, and we have to remain creative in our efforts to ensure growth of range and reach. As mentioned, financial sustainability amongst a wider economic cost of living crisis has hit hard, and for our beneficiarie5 at large, lower cost activities proved the most popular, with increased resistance to commercial events with their commercial price lags. A readjustment of our hospitality offer in 2023 responded lo this, by simplifying menus and reducing menu prices the result is that more food and drink is being sold, bul at lower return per head a hallmark of the current trend for customers doing more but spending less. Nevertheless, internally generated funding through all commercial activity including hospitality through our café and bar operations, and our commercial Spa hire to local trader5 and artisan crafters and makers in particular provide that all important profitability to support charitable works. The Maltings building now hosts a wider range than ever before of work that hits right at the heart of our charitable aims, and that generates financial returns to support it. Nevertheless, the trustees recognise the continued critical need for discretionary support through donations to support core objectives. The Trust receives no public support and relies on the generosity and benefaction of its supporters not only to deliver its work, bul to sutvive in an increasingly hostile economic environment, particular when income relies on discretionary spend and donation. Staffing resources are lower than at any time in the Mallings. history since opening in 2018, and costs of running a public building are higher. The role of both local people and visitors lo the area in showing their own support. where through ticket purchase. hospitality or donation, is as important as ever. A renewed and refreshed Friends and Patrons scheme launched in early 2024, with a very pleasing response from new Patrons willing lo contribute over £500 annually to discretionary funds. The trustees are extremely grateful to all our Friends and Patrons, and our generous personal donors, who give vilal funds to sustain our work. The small staff team under the leadership of director Simon Daykin. and the loyal and hardworking band of Mallings volunteers, has continued to work tirelessly with the trustee5 to take Wells Maltings through challenging times, and lo respond to and plan appropriately against the wider economic environment. Despite the smaller team, thesè challenges continue to be mel with good grace, good humour and professionalism. We are grateful lo everyone who has visited, contributed and worked so hard in the last year, supporting Wells Mallings as a cultural hub rooted in ils community.
WELLS MALTINGS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements agalnst objectlves set The operalion of the Mallings and ils facilities is for the full benefit ol local people and visitors, who can experien a wide range of artistic, heritage based and community activities and events. This is at the heart of charitable objectives, and runs throughout strategies and plans. The many facilities and spaces within the Mallings building provide local community groups with opportunities for hires, with rates heavily redUd to provide affordability. The Wells Heritage Centre interprets and promotes the history and heritage of Wells in an engaging and interactive way. and local people and visitors alike have demonstrated their enjoyment and support. Provision of archive and research facilities for Wells Local History Group delivers on our obiectives to form productive partnerships and give support for local groups with complementary objectives, and preserves and makes available local archive materials. Our artistic policy ensures that there is relevance in our programming to local audience5, and integrates heritage themes into performance events. Partnerships with local companies and artists in this area, in particular the embedded relationship with North Norfolk based fEAST Theatre, aims to develop this policy and provide a sustainable model for the creation of work that celebrales local them85. Our commercial operations - food and beverage in particular- provides our Socal community with employment and skills development opportunity through both job creation and volunteering. We also promote local artists, craftspeople and artisan makers in our retail and visual arts offers, and operate a policy of buying local supplies for our café and bar. Audience and visitor numbers continue to grow, and we recognise the importance of providing cultural opportunity and engagement to a wide spectrum of local people and visitors al affordable prices. Growth figures support this, although rising costs put pressure on the reasonable limits of affordability. particularly for sectors of our local community.. Moves to increase engagement with the local community have yielded highly in the last year, changing the balan of programming positively and giving audiences even greater opportunity to enjoy the charity's work. Similarly, participatory programmes for young people In our community, including within the schools, networks, have increased, with The Lounge and THEATREFUN in particular responding lo a local need. Perforn7ance of materlal fundralslng actlvltles Charitable fundraising maintains an important position in the financial mix. A funding arrangement with the Handa Foundation - worth £17.500 annually - runs to 2027 and provides a bedrock of support. Support from local donors has also provided essential funding for core costs and programme provision. Regular fundraising income from Friend5 and Patrons has grown after last year's disappointing return, due in the main to the relaunch of the scheme and more active promotion. Attempts to raise grants from national and regional sources including Arts Council England and North Norfolk District Council - have been fruilless. Pledged support from Wells Town Council for visitor information services of £10,000 annually was made in November 2024. Funding for the burgeoning range of activitie5 for young people including The Lounge project - has increased, attracting lower level individual donations, grant funding, and high level personal donations.. Charitable fundraising will continue lo be an important component of our income, although it is our aim to attempt to reduce our relative reliance on this over time.
WELLS MALTINGS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew A comparison with previous years. is difficult, due lo the vagaries of pandemic years. Trading revenues have seen an increase from the prior year, including an increase in the hospitality sector £238.972 {2023'. £195,714}, and income from core charitable activity - provision of an artistic and community events programmes, up to £95,23612023'. £84,992}. No support from residual COVID rescue grants has been applied during the year. The Statement of Financial Activities shows the nel movements in our respective unrestricted and restricted funds, which, as last year, 15 represented by residual activity in the capital project, and final expenditure in fil out and equipment. The reduction in fund values therefore represents expenditure from funds already received, rather than any actual losses. Public confidence restored during 2023, bul the impact of the wider c051 of living crisis is harder lo measure. The Trust has anticipated this through cost saving measures, but still has lo bear vastly increased overheads. Higher costs of supply in the field of h05Pltality and catering can only partly be passed on the customers through increased prices before market resistance occurs. Revenues through commercial hires have increased to £53,87812023.' £41,107), although this is mitigated to an extent by the Trust's desire to promote lower yielding community hire business. The role of fundraising as a vital component of the model has seen a decrease in income through donations to £163,765(2023.' £283,710). Reserv•s polloy 11 is the policy of the Trust that unrestricted and undesignated funds should be maintained at a level equivalent to a minimum of three months, operating expenditure. The trustees consider that reserves al this level will ensure that. in the event of operating losses andlor lack of funding, current activities can be maintained whilst mitigation strategies are formed. The level of unrestricted reseryes is regularly monitored. At the year end the charity had free reserve5 of £32,521 {2023'. £119,596}. Restricted funds at year end amounted to £3,321,855 {2023.' £3,515,522). Of which £3,286,953 related to The Maltings, £25.832 relating to Theatre equipment, £8,195 relating to the Community & Youth Fund and £875 relating lo a Defibnllator.
WELLS MALTINGS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods In accordan with our charitable objects, our future plans focus on how we actively engage our local community with cultural and learning activities within our programme. Our programming will maintain and develop 115 variety and its breadth, aiming to entice new audiences to engage wilh us in as many ways as possible. We will continue to develop relationships with local people and groups for use of our facilities. and continue to marry themes of local history and heritage into our artistic output. OLsr relationship with fEAST Theatre, and a growing nelwork of local artists - the NR23 group - will push forward the way in which we reflect and develop the work of local makers and artists. The latter is particularly important in our support of a burgeoning network of practising artists whose own work can benefit through this group approach under our coordination as a hub organisation. Finding ways to achieve suslainabilily through our mixed business model - where commercial activity has to work alongside philanthropic giving to shape our aspirations for cultural programming - presents the greatest challenge during the current external economic climate. Nevertheless, we have lo remain firm in our resolve to develop our cultural exllenCe with the resources that we can generate. something that is not unique to us, bul runs across our industry. Golng ¢on¢ern revlew The revenue from trading activities of Wells Maltings Trust is typically inadequate to cover the running cosls, as was the case during 2023124. In order to break even the Trust requires donations from members of the public through the Friends & Patrons scheme, from trusts and foundations and from other supporters. Historically this has been forthcoming. In the 2024125 financial year we do expect trading lo improve compared with 2023124 and the finaneial performance so far to the date of this report supports that view. We also anlicipale continuing support from various donors and have assurances from a number of them adequate to fulfil our going concern statement. Structure, governance and management The charity is a company limited by guarantee governed by ils Memorandum and Articles of Association dated 9 June 2010.11 is registered as a charity with the Charity Commission. The trustees, who are 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.. P M Bannister K J Morris OBE C F Stocker Sir Tim Lankester KCB V Chitty B Wood H Deakin T Allan S Carrtngton D Caine CBE F Lyons E Ogden (Resigned 24 Dember 2023) (Resigned 23 June 2023) {Appoinled 23 June 20231 (Appointed 5 April 2024) (Appointed 22 November 2024) (Appointed 22 November 2024) Detalls of method of recruitment and appolntment of trustees New trustees are appointed throughout the year, afler a process of recruitment and nomination overseen by the full board. Trustees can be appointed by noti of the board of trustees, or co-opted pending full election at the AGM. The board of trustees comprises nine ordinary Iruslees and up to three co-opted trustees at any one time. All Trustees, however appointed, are required to declare their eligibility to act as charily trustees, and are required to undertake their duty with diligence, competence and skill. The director, as chief executive offir. attends board meetings ex officio, and act5 as company secretary. Trustees are required to be Members of the Trust. None has any beneficial interest in the company. As Members, they are required to contribute £1 in the event of a winding up.
WELLS MALTINGS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Details of organisational structure The Articles allow for a board of trustees of nine ordinary members and up to three co-opted member5. The board of Irustees appoint a chair and a treasurer from the Trustees. There is a finance committee consisting of the Treasurer, Chair and three other trustees. The day to day management of the Trust is delegated to Simon Daykin, director. Induction and trainlng of trustees New Trustees attend an orientation meeting lo brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the various committees and decision making processes, the business and financial plan and recent financial performance of the charity. During this initial orientation programme. they meet key employees and other Trustees. When considering nominations of Trustees the requirement for any specialist skills needed are reviewed. Trustees are encouraged to attend appropriate external training events when these will facilitate the undertaking of their role. Audltor In accordance with the company's articles, a resolution proposing that Mapus- Smith & Lemmon LLP be reappointed as auditor of the company will be put at a G6neral Meeting. Dls¢losure of Informatlon to audltor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps lo identify such relevant information and to establish that the auditor is aware of such information. The trustees, report was approved by the Board of Trustees. glon Trustee . iulizlz Date..
WELLS MALTINGS TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are a150 the directors ot Wells Mallings Trusl for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requiies Ihe trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the the trust 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 trustees are required to.. select suitable accounting policies and then apply them consislenlly.. obseNe the methods and principles in the Charities SORP; make judgements and estimate5 that are reasonable and prudent., and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the the trust will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the the trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the the trust and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WELLS MALTINGS TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELLS MALTINGS TRUST Oplnlon We have audited the financial statements of Wells Maltings Trusl (the 'the trust,) for the ye8r ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resour5 and application of resours, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Ba818 for oplnlon We conducted our audit in accordanc8 with International Standards on Auditing (UKJ IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the 8udit of the financial statements section of our report. We are independent of the the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial slalemenls. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial stalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the the trust's ability to continue as a going concern for a period of at least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual report other than the financial slalements and our audilovs report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the firTrancial statements does not cover the other information and, except to the exlenl otherwise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a malerial misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the CompanSes Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees, report for the financial year for which the financial staternents are prepared, which includes the directors, report prepared for the purposes of company law. is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordan with applicable legal requirement5.
WELLS MALTINGS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WELLS MALTINGS TRUST Matters on which we are required to report by exception In the light of the knowledge and understanding of the the trust and it5 environment obtained in the course of the audit. we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have nol been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and relurns; or certain disclosures of trustees, remuneration specified by law are not made", or we have not received all the information and explanations we require for our audit., or the trustees were not entitled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Iruslees, report and from the requirement to prepare a strategic report. Responslbllltles of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the the trust for the purpose of company law. are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slatemenls that are free from material misstatement. whether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the the trust's ability to continue as a going concern. disclosing, as applicable, matters related lo going concern and using the going conrn basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether dLse to fraud or error, and to issue an auditorts report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these Iinancial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. The extent to whlch the audlt was consldered capable of dete¢tlng Irregularltles Includlng fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law5 and regulations, was as follows,. the engagemenl partner ensured Ihat the engagement team colleclively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified Ihe laws and regulations applicable to the Irust through discussions with trustees and other managernent", we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the trust. including the Companies Act 2006, taxation legislation. and employment legislation., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of managernent and inspecting legal Corresponden,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-complian throughout the audit. 10-
WELLS MALTINGS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WELLS MALTINGS TRUST We assessed the susceptibility of the Iru51 financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud," and considering the internal controls in place lo mitigate risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical ProdureS lo identify any unusual or unexpected relationships., tested journals to identify unusual transactions.. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.. and investigated the rationale behind significant or unusual transactions. In response lo the risk of irregularities and non-compliance with laws and regulalions, we designed procedures which included. but were not limited to.. agreeing financial statement disclosures to undertying supporting documentation., reading the minutes of meetings ofthose charged with governance.. and enquiring of management as lo actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any, Material misstatemenls that arise due to fraud can be harder lo detect than those that arise from error as thèy may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Il www.frc.org.uklauditorsresponsibilities. This description forms part of our audilovs report. Use of our roport This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report. or for the opinions we have formed. Sharon Edwards (Senlor Statutory Audltor) for and on behalf of Mapus- Smlth & Lemmon LLP 24:11 20.2 Chartered Accountants statutory Audltor 48 King Street Kings Lynn England PE30 1 HE 11
WELLS MALTINGS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restricted funds funds 2024 2024 Total Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Note3 Income from: Donations and legacies Charitable activities Other trading activitie5 163,765 95.237 316,416 30,000 193,765 95.237 316,418 283,500 84,992 251,180 25,560 309,060 84,992 251,180 Total In¢ome 575,418 30,000 605,418 619,672 25,560 645,232 Expendlture on: Raising funds Charitable activities 280,574 381,919 15,552 208,115 296,126 590,034 283,735 377,262 15,752 208,205 299,487 585,467 Total expendlture 662,493 223,667 886,160 660,997 223,957 884,954 Net expendlture and movement In funds {87,075} (193,667) (280,742) (41,325) (198,397} {239,722) Reconolllatlon of funds: Fund balances at 1 April 2023 119,596 3,515,522 3,635,118 160.921 3,713,919 3,874,840 Fund balances at 31 Mareh 2024 32,521 3.321,855 3,354,376 119.596 3,515,522 3,635,118 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12-
WELLS MALTINGS TRUST BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Flxed assets Intangible assets Tangible assets 13 14 5,247 3,485,938 9,390 3,687,921 3,491.185 3,697,311 Current assets stocks Debtors Cash at bank and in hand 16 16 10,617 22,796 15,083 9.956 46.773 9,522 48,496 66.251 Credltors: amounts falllng due withln one year 18 (155,3051 {90,444} Net current Ilabllltles 1106,809) {24,1931 Totsl assets le88 current Ilabllltles 3,384,376 3,673,118 Credltors: amounts falllng due after more than one yoar 19 (30,000) (38,000) Net assets oxcludlng penslon Ilablllty 3,354,376 3,635,118 Net assets 3,354,376 3,635,118 The funds ot the tho trust Restricted income funds Unrestricted funds 20 3,321,855 32,521 3,515,522 119,596 3,354,376 3.635,118 The financial statements were approved by the trustees on l.6JJ.L.I..i. S Carrington Trustee Company registration number 07279065 (England and Wales} 13-
WELLS MALTINGS TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatlng activities Cash generated fromllabsorbed by) operations 24 16,803 (751) Investlng activltles Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets 140,702) (3,8901 37,459 Net cash used In Investlng a¢llvltles 13,2431 (3,8901 Flnan¢lng a¢tlvltles Repayment of borrowings 18,000) 16,000) Net cash used In Ilnanclng actlvltles 18,0001 (6.000} Net Increasellde¢rea6e) In cash and cash equlvalents 5,560 (10,641) Cash and cash equivalents at beginning of year 9,523 20,164 Cash and ¢ash equlvalents at end of year 15,083 9.523 14-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies Charity Informatlon Vvells Maltings Trust is a private company limited by guarantee incorporated in England and Wales. The registered Offi is The Maltings, Staithe Street, Wells-Next-The-Sea, Norfolk, NR23 1AN. 1.1 Accounting ¢onventlon The financial statements have been prepared in accordance with the the trust's goveming document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice 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 the trust is a Public Benefit Entity as defined by FRS 102. The financial statement5 are prepared in sterling, which is the functional currency of the the trust. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the lime of approving the financial slatemenls, the trustees have a reasonable expectation that the the trust has adequate resources lo continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounling in preparing the financial statements. For further detail regarding the going concern of the charity, please refer to the Trustees, Report, 1.3 Charltable fund5 Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the the tru51 is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donalions are recognised once the the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income from government and other grants, whelher'capital, grants or 'revenue' grants, is recognised when the charity has entitlement lo the funds, any performan conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. 1.5 Expendlturn Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that result in the payment being unavoidable. Costs of generating funds are those costs incurred ir7 trading activities that raise funds. Charitable activities are those costs incurred by the charity in meeling its charitable objectives. Governance costs include those incurred in the governance of the charity and Ils assets and are primarily associated with the constilulional and statutory requirements. 15-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Contlnued) All support and governance costs have been allocated to charitable activities as this is the main activity during the year. Only a small amount of fundraising activity was undertaken as the charity focused on the development of The Mallings. 1.6 Intangible fixed assets other than goodwlll Inlangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisalion and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition dale where it is probable that the expected fijture economic benefits that are attributable lo the asset will flow lo the entity and the fair value of the asset can be measured reliably", the intangible asset arises from conlraclual or other legal rights,. and the intangible asset is separable from the entity. Amortisalion is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Website development Amortised over 3.5 years 1.7 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold improvements Other equipment Computers and office equipment Interpretation centre Theatre Cafe and bar 250/0 Straight line basis 10 year straight line basis 33.33% straight line balance 10 year straight line basis 10 year straight line basis 10 year straight line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the a55et, and is recognised in the statement of financial activities. 1.8 Impalrment of flxed assets At each reporting end date, the the trust reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication Ihat those assets have suffered an impairment loss. If any such indication exi51s, the recoverabl6 amount of the asset is estimated in order to delermine the extent of the impairment loss (if any). 1.9 sto¢ks Stocks are slated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and. where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present localion and condition. Items held for distribution at no or nominal consideralion are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 16-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountlng poll¢les (Contlnued) 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within botrowings in current liabilities. 1.11 Flnan¢lal Instruments The the trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of 115 financial instruments. Financial instruments are recognised in the the trust's balance sheet when the the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable nght lo set off the recognised amounts and there is an intention 10 settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is rneasured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Bas1¢ financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. D8re¢ognitlon of financial liabilities Financial liabilities are derecognised when the the trust's contractual obligations expire or are discharged or canlled. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are reived. Termination benefits are recognised immediately as an expense when the the trust is demonstrably committed lo terminate the employment of an employee or to provide termination benefits. 1.13 Retirernent benefits Payment5 to defined contribution retirement benefit schemes are charged as an expense as they fall due_ 17-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltlc21 a¢¢ountlng estlmates and judgements In the application of the the trust'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 assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from 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. Income from donatlons and legacles Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestylcted Restrlcted funds funds 2023 2023 Total 2024 2023 Donation5 and gifts Grants receivable Patrons and FrierTrds Scheme 149,704 720 25,000 5,000 174,704 5,720 261,210 1,811 22,500 3,060 283,710 4,871 13,341 13,341 20,479 20,479 163,765 30,000 193,765 283,500 25.560 309,060 Grants recelv2ble for core actlvltlos Other 720 5,000 5,720 1.811 3,060 4,871 720 5,000 5,720 1,811 3,060 4,871 Income from charltable actlvltles Unrestrlcted funds 2024 Unrestrlcted funds 2023 Income from entry charges to events and other activities 95,237 84,992 18-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other tradlng actlvltles Unrestrl¢ted Unrestrl¢ted funds funds 2024 2023 Café & bar income Retail income Letting and hire income 238,973 23,565 53,878 195,714 14,359 41,107 other trading activities 316,416 251,180 19
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ralslng funds Unrestrlcted Restrlcted funds funds Total 2024 Total 2023 Fundraisin and ublicit Website costs Staff costs Support costs 716 22.478 4,712 716 22.478 4,712 858 23,829 7,885 Fundraising and publicity 27.906 27,906 32,572 Tradin costs Other trading activities Staff costs Support costs 119,602 107,974 25,092 119,602 123,526 25,092 104,764 130.945 31,206 15,552 Trading costs 252,668 15,552 268,220 266,915 280,574 15,552 296,126 299,487 For the year endod 31 March 2023 Fundraising and publicity Trading c0515 31,772 251,963 800 14.952 32,572 266,915 283.735 15,752 299,487 -20-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on charitable a¢tlvltles 2024 2023 Direct costs Staff costs Premises insurance Property expenses Professional fees and health and safety 116,061 6,856 57,994 123.031 6,506 35,936 37 5,078 26,128 2,351 742 2,519 4.502 3,626 7,345 70,365 5,239 5,838 34.375 2,300 1,608 3,159 2,116 2,536 7,552 59,417 Repairs and maintenance Postage, stationery and advert15ing Telephone and internet Miscellaneous Licences Credit charges Recruitment expensés Website costs Presentation of artistic events 303,604 289,613 Share of support and governance costs {see note 8) Support Govemance 280,344 6,086 289,574 6,280 590,034 585,467 Analysls by fund Unrestricted funds Restricted funds 381,919 208,115 377,262 208.205 590,034 585,467 21
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to 2Ctlvltles 2024 2023 staff cost5 Depreciation Premises costs and insurance Professional fees and health and safety Repairs and maintenance Postage, stationery and advertising Telephone and inlernet MislIaneOUS Credit charges Computers, soare and website Govemance costs 38.479 209,368 42.518 25 3,385 6,532 1,567 495 3,001 4,777 8,086 40,790 235.774 27,110 3,493 3,996 8,594 1,533 1,072 1,411 4,892 6,280 316,233 334,945 Analysed betw•on: Fundraising Charitable Activit18S 29,804 286,429 39,091 295,854 316,233 334,g45 Net movement In funds 2024 2023 The net movement in funds is slated after chargingl{creditingl'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets IProfit)Iloss on disposal of tangible fixed assets Amortisation of intangible assets 5,486 228,823 (23,5981 4,143 5,700 229,163 2,468 4,143 10 Trustees None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the the trust during the year. -22-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average monthly number of employees during the year was.. 2024 Numbor 2023 Number 20 24 As the majority of employed staff work to part time Contracts, these figures equate to an average full time staff equivalency for the year of 6.8 {2023. 7.8) Employment costs 2024 2023 Wages and salaries Social security costs Other pension cos15 282,041 15,851 2,652 298,357 16,361 3,877 300,544 318,595 Th&re are no employees who recèived èmployee benefits of more than £60,000. 12 Taxatlon The charity 15 exempt from taxation on its activities because all its income is applied for Charitable purposes. 13 Intanglble flxed assets Web51t• develapment Cost At 1 April 2023 and 31 March 2024 14,500 Amortlsatlon and Impalrmont At 1 April 2023 Amortisation charged for the year 5,110 4,143 At 31 March 2024 9,253 Carrylng amount At 31 March 2024 5,247 At 31 March 2023 9,390 23-
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WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Stocks 2024 2023 Finished goods and good5 for resale 10,617 9,956 16 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors other debtors 16,912 5,884 9,505 37,268 22.796 46,773 17 Loans and overdrafts 2024 2023 Other loans Loans from related parties 30,875 7,125 34,500 11,500 38,000 46,000 Payable within one year Payable after one year 8,000 30.000 8,000 38,000 During the y8ar ended 31 March 2019, 1 Trustee provided a loan lo the charity lotalling £15,000. Interest is being paid at a rate of 3% per annum and the term for each loan is 10 years, due for repayment in 2028. These loans are unsecured. During the year ended 31 March 2019, 3 Trustees who have since resigned, provided loans to the charity totalling £65,000. Interest 15 being paid at a rale of 3% per annum and the term for each loan is 10 years. due for repayment in 2028. These loans are unsecured. 18 Creditors: amounts talllng due wlthln one year 2024 2023 Borrowings other taxation and social security Trade creditors Accruals and deferred income 8,000 26.444 105,389 15,472 8,000 13,453 57,212 11,779 155,305 90,444 -25-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Credltors: amounts falllng due after more than one year 2024 2023 Borrowing5 30,000 38,000 -26-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Rostrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trusl subject to specific conditions by donors as to how they may be used. Movement In funds As restated As restat•d Inoomlno resour••s Movement In funds BAlano• at 1 Aprll 2022 Resouroes Baln¢e at •xptrnd•d 1 Aprll 2023 Inoomlno r•souroe8 R•souro Blan¢e at •xynded 31 Maroh 2024 The Maltings Theatre equipment Community & Youth Fund Defibrillator SNTS 3,668,932 1190,967) 3,477,965 {191 ,012) 3,286,953 36,138 {5,153) 30,985 15,153) 25,832 8,849 22,000 1,000 125.252) 125} 5,597 975 30,000 {27,4021 11001 8,195 875 Licences 2,560 {2,560) 3,713.919 25,560 (223,9571 3,515,522 30,000 1223,667) 3,321,855 The Maltings fund relates to monies fecèived in the form of donations and grants to be spent specifically on the developmenl of the Maltings. The theatre equipment fund related to monies received in the form of donations to be spent specifically on theatre equipment. The youth development fund is monies raised for the provision of performing arts activities for young people. The community fund is monies raised to extend community access to the facility. SNTS Licence, donation received to cover costs of licences throughout the year. The monies received from the Friends of the Granary relates lo the purchase of a Defibrillator. 21 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balanS of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated fund5 which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Resources At 31 March expended 2024 General funds 119,596 575,418 (662,4931 32,521 Prevlous year: At 1 April 2022 InGomlng resources Resources At 31 March expended 2023 General funds 160,921 619.672 1660,997) 119,596 -27-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Analysis of net assets between funds Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Intangible fixed assets Tangible assets Current asselsllliabililiesl Long term liabilities 5,247 172,278 (115,004) 130,000) 5,247 3,485,938 (106,8091 (30,0001 3,313.660 8,195 32,521 3,321.855 3,354,376 Unrestrlcted funds 2023 Restrlcted funds 2023 Total 2023 At 31 March 2023: Intangible fixed assets Tangible assets Current assetsl{liabiliti8s) Long term liabilities 9,390 177,995 (29,789) {38,000) 9,390 3,687,921 124,1931 {38,0001 3,509.926 5,596 119,596 3,515.522 3,635.118 23 Related party transactlons Rgmuneratlon of key management personnel The rernuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 44,174 41,467 Transacttons wlth related parties During the year the trust entered into the following transactions with related parties.. In 2019, 1 Trustee provided a loan to the charity totalling £15,000. Interest is being paid at a rate of 3% per annum and the term for each loan is 10 years, due for repayment in 2028. 28-
WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Related party transactlons (Contlnued The following amounts were outstanding at the reporting end date.. Amounts owed to related partle8 2024 2023 Other related parties 7,125 11,500 24 Cash generated from operatlons 2024 2023 Deficit for the year 1280,7421 (239,7221 Adjustments for.. {Gain)Iloss on disposal of tangible fixed assets Amortisation and impairment of intangible assets Depreciation and impairment of tangible fixed assets {23,598) 4,143 228,823 2,468 4,143 229,164 Movements in working capital.. (Increaselldecrease in stocks Decreasellincrease} in debtors Increase in creditors 1661) 23,977 64,861 3,070 {41.330) 41,456 Cash generated froml(absorbed by) operatlons 16,803 1751) 25 Analys18 of changes In n•t (debt)Ifunds At 1 Aprll 2023 C•$h flowsAt 31 MAr•h 2024 Cash at bank and in hand 9,522 5,561 15,083 Loans falling due within one year Loans falling due after more than one year (8,000) (38,0001 18,000) (30,000) 8,000 (36,478) 13.561 (22,917) -29-