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
aUdIen￿S 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 redU￿d 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 ex￿llenCe 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 De￿mber 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 offi￿r. 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 resour￿5 and application of resour￿s, 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 con￿rn 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 Pro￿dureS 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 balan￿s, 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
can￿lled.
1.12 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are
re￿ived.
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
Mis￿lIaneOUS
Credit charges
Computers, so￿are 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-

tJ>>C)
G) CJ CD
U)
ts) CD N)
(o ¢
O) N)
00
N) O
J NJ

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
Bal*n¢e at
•xptrnd•d 1 Aprll 2023
Inoomlno
r•souroe8
R•souro
B*lan¢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 balan￿S 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-