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← Wells Maltings Trust

2025-03-31-accounts

Company registration number 07279065 (England and Wales) Charity registration number 1139767 (England and Wales)

WELLS MALTINGS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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WELLS MALTINGS TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P M Bannister
K J Morris OBE
Sir
T Lankester KCB
V Chitty
H Deakin
S$ Carrington
D CaineCBE (Appointed 5 April 2024)
F Lyons (Appointed 22 November
2024)
EOgden (Appointed 22 November
2024)
J Brettingham (Appointed 24 January 2025)
Secretary S Daykin
Country of incorporation United Kingdom 07279065
(England and Wales)
Charity registration England and Wales 1139767
Principal address The Maltings
Staithe Street
Wells-Next-The-Sea
Norfolk
NR23 1AU
Registered office The Maltings
Staithe Street
Wells-Next-The-Sea
Norfolk
NR23 1AN
Auditor Mapus- Smith& Lemmon LLP
48 King Street
Kings Lynn
England
PE30 1HE
Bankers The co-operative bank
PO Box250
Skelmersdale
WN86WT

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WELLS MALTINGS TRUST

CONTENTS

Page
Trustees’ report 1-7
Statement oftrustees’ responsibilities 8
Independent auditor's report 9-11
Statement offinancial activities 12
Balance sheet 13
Statement ofcash flows 14
Notestothefinancialstatements 15-30

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WELLS MALTINGS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with trust's governing 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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

Strategies for achieving aims and objectives

The Trust aims to achieve these objectives by:-

« Focussing all its activities on benefits to the community of both residents and visitors.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities trust should undertake.

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WELLS MALTINGS TRUST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

Main achievements of the charity during the year

Wider economic pressures on private and public purses impacted on the charity's business again in the year, with the trend for rising costs in supplied and overheads such as energy costs increasing. The opportunity to pass on these costs fully to customers was limited, although price increases in both ticketing and commercial activity (food and beverage, room hires etc) were applied during 2024, at the rate of between 10% and 20%. Market resistance to these increases has been minimal, but the trustees are conscious of maintaining the balance between necessary profitability and access to cultural programmes.

Audiences and participants of those cultural programmes, which remain the central core of the charity’s aims, are now exceeding pre-pandemic levels, and continue to rise year on year, now achieving 72% of capacity overall. Programming output of the charity saw a continued strengthening and increase of work specifically targeted at local audiences, and a great deal of effort and attention is given to seek work of quality and distinction, whilst remaining financially viable. For the first time since 2018, Christmas programming in 2024 did not feature a home-produced family show with fEAST Theatre, but nonetheless it captured the imagination through a classic film season, curated by audience poll. Live streaming titles from the National Theatre, Met Opera and Royal Ballet and Opera provided consistently high quality international branded work that greatly appealed to audiences, with many titles selling out. Engaging and locally relevant live theatre and new writing work came through the ongoing relationship with fEAST Theatre (the brilliant ELEPHANT in June 2024 and TALES FROM THE MOTHERLAND in 2025), whilst regular visitors DOT Productions excelled to packed houses in their reimagined AN IDEAL HUSBAND in July 2024. Programming benefits both from support to local companies, and engagement with the Arts Council supported House Theatre network, giving access to subsidised touring productions of national significance — Deadman Productions’ THE FRESHWATER FIVE in May 2024 being the best example. Music programming also has experienced growing audiences across genres, with good audiences and very positive reactions to the more mainstream popular programming (high quality tribute acts such as Songbird, Voodoo Room and Steamy Dan), and original material rich acts such as Tin Giants and Gavin Fairhall Lever, where increased audiences over time can clearly be seen.

Partnership programming is a major growth area. The collaboration with Screen next the Sea in providing quality film programming is also a highly valued aspect of our overall output. North Norfolk Music Festival has been providing classical music programming within the Maltings, under its own strong and respected brand, across the winter period since 2021, but from 2025 has augmented this through shorter festival programmes throughout the year. This will provide focal points of programming throughout 2026 and 2027 and opens up the venue to a wider audience of classical music followers. 2024 was also the pilot year for the North Norfolk Festival of Literature and Landscape (evolved from the former Poetry next the Sea and Sea Fever festivals), which filled the Maltings with a new literary audience in October. The second festival in October 2025 demonstrated even greater growth, and its presence within the Maltings is a valuable addition to our quality programming output. The growth of these themed festival activities, including our own Holocaust Memorial strand in January, provides new possibilities and potentials, particularly amongst local schools and colleges.

Our community programming also remains strong, from Open Mic nights, bingo nights and quizzes through to collaborations with Wells ChristmasTide and Wells Carnival, with both bringing many thousands of entertainmentseeking visitors to the town. The style of programming therefore changes across the year, with popular, lower cost and free events appealing to family visitors over the summer season, respecting the reduced buying power of the market, and seeking to boost income from secondary spend such as catering and retail. The busy summer seasons in 2024 and 2025 saw increasing attendances, throughput and customer numbers, but disproportionately lower income. In 2025 particularly, the trend was certainly one of ‘more customers, but spending less’.

NR23, the network of local visual artists and makers based in the Wells-next-the Sea postcode area was founded with Maltings support in 2022 and has gone from strength to strength. Two successful group exhibitions, 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.

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WELLS MALTINGS TRUST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

One of the greatest successes of the year was the further development and growing popularity 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 2025 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 interweaves workshop activity in disciplines such as mindfulness, crafting and practical skills such as sign language. Lounge members also integrate into other areas of Malting programmes: seven members very successfully provided ‘Elf support for Father Christmas during two days of festive experiences around ChristmasTide, and gained skills in performance, characterisation and improvisation. 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. 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.

A reinvigorated and revitalised board of trustees worked with the senior team in spring 2025 to define a strategic approach to the challenges of financial sustainability in the teeth of economic challenges and diminished public funding support. The result of this work was the formation of rapid action groups to address the particular issues of charitable fundraising and sponsorship; the growth of commercial activity; and the development of sustainable programming and audiences. Working with input from the staff team, a short to medium strategy has been adopted, focusing on efforts to grow funds from Friends, Patrons and other donors, increasing commercial sponsorships, maximising commercial revenues from space hires, events and catering, developing the range and breadth of audience focused programming, and organisational and environmental sustainability. The strategy is ambitious, and will require collective energies to succeed. Early successes in 2025 have been the very popular monthly themed food evenings since April 2025, providing a social and culinary experience and generating much needed commercial revenues for the charity.

The charity receives no core funding support from local or central government, and relies on the generosity and benefaction of its supporters not only to deliver its work, but to survive in an increasingly hostile economic environment, particularly when income relies on discretionary spend and donation. Staffing resources are lower than at any time in the Maltings’ history since opening in 2018, with many staff paid minimum wage, and the costs of running a public building are higher. However, the trustees are confident that the robust strategy adopted in autumn 2025 will have a transformative impact on financial sustainability into the future. Future plans include a concerted push for new sponsors and donors as part of a renewed fundraising strategy, a review of spaces and development of corporate hire packages, and the installation of microgeneration both the reduce energy costs and to drive towards environmental sustainability and Net Zero. The trustees are hugely grateful to everyone that takes an active role in supporting Wells Maltings, from attending shows and classes to buying lunches from the café, and the many Friends, Patrons and donors that provide funding for the continuation of the charity’s core activities. The Trust also received support from Wells Town Council for one year from April 2025 to support core tourist information centre services, and we are working with councillors to develop the funding and the services for the town.

The small staff team under the leadership of director Simon Daykin, and the loyal and hardworking band of Maltings volunteers, has continued to work tirelessly with the trustees to take Wells Maltings through challenging times, and all are committed to the future of this very special place. We offer our thanks once again to everyone who has visited, contributed and worked so hard in the last year, supporting Wells Maltings as a cultural hub rooted in its community.

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WELLS MALTINGS TRUST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements against objectives set

The operation of the Maltings and its facilities is for the full benefit of local people and visitors, who can experience a wide range of artistic, heritage based and community activities and events. This is at the heart of our charitable objectives, and runs throughout strategies and plans.

The many facilities and spaces within the Maltings building provide local community groups with opportunities for hires, with rates heavily reduced 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 objectives 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 audiences, 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 celebrates local themes.

Our commercial operations — food and beverage in particular — provide our local community with employment and skills development opportunities 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 at 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 balance 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 in particular responding to a local need.

A new and refreshed strategy has been adopted by the trustees to achieve longer term financial sustainability, through a balance of increased commercial activity, a broader base of fundraising activity, and increased range and breadth of audience and programme development.

Performance of material fundraising activities

Charitable fundraising maintains an important position in the financial mix. A funding arrangement with the Handa Foundation — worth £35,000 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 Friends and Patrons has remained stable, but growth is projected as part of the new strategy for fundraising.

Attempts to raise grants from national and regional sources — including Arts Council England and North Norfolk District Council — are ongoing. Support from Wells Town Council for visitor information services of £10,000 annually was awarded for 2025/6; we are grateful that this has been repeated at the same level for 2026/7.

Funding for the burgeoning range of activities for young people — including The Lounge project — has stabilised after initial start-up grants were secured in 2023 and 2024, and is a focus for future grant acquisition.

Charitable fundraising will continue to be an important component of our income, although it is our aim to attempt to broaden the base of charitable fundraising and balance against commercial income.

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WELLS MALTINGS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

Disappointingly, trading revenues have reduced against last year at £296,741 (2024: £316,416), although this is mitigated in part by income from a core charitable activity - provision of an artistic and community events programmes, up to £105,845 (2024: £95,237).

The Statement of Financial Activities shows the net movements in our respective unrestricted and restricted funds, which, as last year, is represented by residual activity in the capital project, and final expenditure in fit out and equipment. The reduction in fund values therefore represents expenditure from funds already received, rather than any actual losses.

The Trust has anticipated wider economic pressures through cost saving measures, but still has to deal with vastly increased overheads. Higher costs of supply in energy, hospitality and catering can only partly be passed onto customers through increased prices before market resistance occurs.

Revenues through commercial hires have also reduced to £47,286 (2024: £53,878), due to the loss of one high yielding business hire. Attempts to build commercial hires as part of the new strategy aim to turn this reduction around during 2026. The Trust recognises the need to offer affordable and accessible space to local community groups and interests as part of its charitable purpose.

The role of fundraising as a vital component of the model is exemplified by an increase in income through donations to £260,301 (2024: £163,795), to provide income to cover overall expenditure which has reduced slightly to £656,660 (2024: £662,493).

Reserves policy

It is the policy of the Trust that unrestricted and undesignated funds should ideally be maintained at a level equivalent to a minimum of three months’ operating expenditure. The trustees consider that reserves at this level will ensure that, in the event of operating losses and/or lack of funding, current activities can be maintained whilst mitigation strategies are formed. The level of unrestricted reserves is regularly monitored.

The trustees have assessed the major risks to which the Trust could be exposed, and are satisfied that systems and strategies are in place to mitigate any exposure to them.

At the year end the charity had free reserves of 38,748 (2024: £32,521). Restricted funds at year end amounted to £3,119,786 (2024: £3,321,855). Of which £3,095,943 related to The Maltings, £20,678 relating to Theatre equipment, £2,390 relating to the Community & Youth Fund and £775 relating to a Defibrillator.

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WELLS MALTINGS TRUST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Plans for future periods

In accordance with our charitable objects, our future plans focus on how we actively engage our local community and visitors to the area with cultural and learning activities within our programme. Our programming will maintain and develop its variety and its breadth, aiming to entice new audiences to engage with us in as many ways as possible — as well as being financial sustainable, either in commercial terms, or through the securing of support grants and donations to cover losses.

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. Our relationship with Norfolk based theatremakers, filmmakers and other artists — including the NR23 group — will push forward the way in which we reflect and develop joint practice and sustainable work. We maintain our view that Wells Maltings has a strong role as a central hub organisation, taking the lead in coordination of joint activity.

Finding ways to achieve sustainability 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. The trustees have adopted a robust strategy to increase commercial revenues and broaden fundraising, to secure Wells Maltings as a cultural hub for the future. Future plans include a concerted push for new sponsors and donors as part of a renewed fundraising strategy, a review of spaces and development of corporate hire packages, and the installation of microgeneration both the reduce energy costs and to drive towards environmental sustainability and Net Zero, as well as a strengthening of the volunteer force and growing relationships with local community organisations to add value to collaborative programmes. These measures will take collective effort and resolve to achieve, but there is confidence and will, in order to secure the charity's sustainable future.

Going concern review

The revenue from trading activities of Wells Maltings Trust is typically inadequate to cover the running costs, as was the case during 2024/5. 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 2025/6 financial year we do expect trading to improve compared with past years and the financial performance so far to the date of this report supports that view. The new strategy aims to broaden the donor base in the coming year, and we also anticipate 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 its Memorandum and Articles of Association dated 9 June 2010. It 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 Sir T Lankester KCB V Chitty H Deakin TAllan (Resigned 6 December 2024) S Carrington D Caine CBE (Appointed 5 April 2024) F Lyons (Appointed 22 November 2024) E Ogden (Appointed 22 November 2024) J Brettingham (Appointed 24 January 2025)

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WELLS MALTINGS TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Details of method of recruitment and appointment of trustees

New trustees are appointed throughout the year, after a process of recruitment and nomination overseen by the full board. Trustees can be appointed by notice of the board of trustees, or co-opted pending full election at the AGM. The board of trustees comprises nine ordinary trustees and up to three co-opted trustees at any one time. All Trustees, however appointed, are required to declare their eligibility to act as charity trustees, and are required to undertake their duty with diligence, competence and skill.

The director, as chief executive officer, attends board meetings ex officio, and acts 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.

Details of organisational structure

The Articles allow for a board of trustees of nine ordinary members and up to three co-opted members. The board of trustees 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 training of trustees

New Trustees attend an orientation meeting to 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.

Auditor

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 General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to 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.

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WELLS MALTINGS TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors of Wells Maltings Trust 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 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of 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:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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WELLS MALTINGS TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELLS MALTINGS TRUST

Opinion

We have audited the financial statements of Wells Maltings Trust (the ‘trust’) for the year ended 31 March 2025 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to 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 statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form 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 otherwise 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 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement 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 Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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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 trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees, who are also the directors of the trust for the purpose of company law, are responsible for the preparation of the financial statements 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 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 (UK) will always detect a material misstatement 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 to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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WELLS MALTINGS TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WELLS MALTINGS TRUST

We assessed the susceptibility of the trust financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it 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 misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state 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.

Sue ls

Sharon Edwards (Senior Statutory Auditor)

For and on behalf of Mapus- Smith & Lemmon LLP, Statutory Auditor Chartered Accountants

48 King Street Kings Lynn PE30 1HE England__ _ Date: INclal ees

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WELLS MALTINGS TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income from:
Donationsandlegacies 3 260,301 8,235 268,536 163,765 30,000 193,765
Charitable activities 4 105,845 - 105,845 95,237 - 95,237
Othertrading activities 5 296,741 - 296,741 316,416 - 316,416
Total income 662,887 8,235 671,122 575,418 30,000 605,418
Expenditure on:
Raising funds 6 283,461 12,040 295,501 280,574 15,552 296,126
Charitable activities 7 373,199 198,264 571,463 381,919 208,115 590,034
Total expenditure 656,660 210,304 866,964 662,493 223,667 886,160
Netincome/(expenditure) and
movement in funds 6,227 (202,069) (195,842) (87,075) (193,667) (280,742)
Reconciliation offunds:
Fund balances at 1 April2024 2024 32,521 3,321,855 3,354,376 119,596 3,515,522 3,635,118
Fund balances at 31 March
2025 38,748 3,119,786 3,158,534 32,521 3,321,855 3,354,376

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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WELLS MALTINGS TRUST

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Fixed assets
Intangible assets 13 1,105 5,247
Tangible assets 14 3,254,453 3,485,938
3,255,558 3,491,185
Currentassets
Stocks 15 12,123 10,617
Debtors 16 19,417 22,796
Cash at bank and in hand 11,795 15,083
43,335 48,496
Creditors: amounts falling duewithin 18
oneyear (118,359) (155,305)
Netcurrent liabilities (75,024) (106,809)
Total assets less current liabilities 3,180,534 3,384,376
Creditors: amounts falling due after
morethan oneyear 19 (22,000) (30,000)
Netassets 3,158,534 3,354,376
Thefunds ofthe trust
Restricted income funds 21 3,119,786 3,321,855
Unrestricted funds 22 38,748 32,521
3,158,534 3,354,376

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S Carrington
Trustee
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WELLS MALTINGS TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£|£|£| |Cash|flows from|operating|activities| |Cash|generated|from|operations|26|4,816|16,803| |Investing|activities| |Purchase|of tangible|fixed|assets|(104)|(40,702)| |Proceeds|from|disposal|of tangible|fixed| |assets|-|37,459| |Net cash|used|in|investing|activities|(104)|(3,243)| |Financing|activities| |Repayment|of borrowings|(8,000)|(8,000)| |Net cash|used|in financing|activities|(8,000)|(8,000)| |Net|(decrease)/increase|in|cash|and|cash| |equivalents|(3,288)|5,560| |Cash|and|cash|equivalents|at|beginning|of year|15,083|9,523| |Cash|and|cash|equivalents|at end|of year|11,795|15,083|

----- End of picture text -----

-14-

WELLS MALTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Charity information

Wells Maltings Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is The Maltings, Staithe Street, Wells-Next-The-Sea, Norfolk, NR23 1AN.

The financial statements have been prepared in accordance with the trust's governing 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 2019)”. The trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2. Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. For further detail regarding the going concern of the charity, please refer to the Trustees’ Report. 1.3 Charitable funds 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 trust 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 donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income from government and other grants, whether ‘capital’ grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance 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.

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WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

(Continued)

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 Maltings.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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 fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at 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:

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Leasehold|improvements|25%|straight|line|basis| |Other equipment|10 year straight|line|basis| |Computers|and|office|equipment|33.33%|straight|line|balance| |Interpretation|centre|10|year straight|line|basis| |Theatre|10|year|straight|line|basis| |Cafe and|bar|10|year|straight|line|basis|

----- End of picture text -----

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 asset, and is recognised in the statement of financial activities.

1.8 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks Stocks are stated 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 location and condition. Items held for distribution at no or nominal consideration 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 2025

1 Accounting policies

(Continued)

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

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 its financial instruments.

Financial instruments are recognised in the trust's balance sheet when 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 right to set off the recognised amounts and there is an intention to 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 balances, 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 measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic 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 at 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 at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments 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 2025

2 ~=Critical accounting estimates and judgements

In the application of 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.

3 Income from donations and legacies

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |funds|funds|funds|funds| |2025|2025|2025|2024|2024|2024| |£|£|£|£|£|£| |Donations|and|gifts|245,331|5,735|251,066|149,704|25,000|174,704| |Grants|1,030|2,500|3,530|720|5,000|5,720| |Membership fees|13,940|-|13,940|13,341|-|13,341| |260,301|8,235|268,536|163,765|30,000|193,765| |Grants| |Other|1,030|2,500|3,530|720|5,000|5,720| |1,030|2,500|3,530|720|5,000|5,720|

----- End of picture text -----

4 Income from charitable activities

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Income from|entry|charges|to|events and|other activities|105,845|95,237|

----- End of picture text -----

a(S

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Income from other trading activities

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Non-charitable trading|activities|229,756|238,973| |Shop|income|19,699|23,565| |Letting and|licensing arrangements|47,286|53,878| |Other trading|activities|296,741|316,416|

----- End of picture text -----

-19-

q 1

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Raising funds

Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Fundraising and publicity
Website costs 756 - 756 716
Staffcosts 23,497 - 23,497 22,478
Support costs 6,080 - 6,080 4,712
Fundraising and publicity 30,333 - 30,333 27,906
Trading costs
Othertrading activities 103,679 - 103,679 119,602
Staff costs 117,081 12,040 129,121 123,526
Support costs 32,368 - 32,368 25,092
Trading costs 253,128 12,040 265,168 268,220
283,461 12,040 295,501 296,126
Fortheyearended 31 March 2024
Fundraising and publicity 27,906 - 27,906
Trading costs 252,668 15,552 268,220
280,574 15,552 296,126

-20-

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Expenditure on charitable activities

2025 2024
£ £
Direct costs
Staff costs 121,319 116,061
Premises insurance 13,632 6,856
Propertyexpenses 41,796 57,994
Professional fees and health and safety
90 37
Repairs and maintenance 4,451 5,078
Postage, stationery and advertising 25,402 26,128
Telephone and internet 2,584 2,351
Miscellaneous 506 742
Licences 1,923 2,519
Creditcharges 2,934 4,502
Recruitmentexpenses 853 3,626
Website costs 7,401 7,345
Presentation of artistic events 51,388 70,365
274,279 303,604
Share ofsupport and governance costs (see note 8)
Support 291,384 280,344
Governance 5,800 6,086
571,463 590,034
Analysis by fund
Unrestricted funds 373,199 381,919
Restricted funds 198,264 208,115
571,463 590,034

-21-

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Support costs allocated to activities

9

Support costscosts allocated to activities
2025 2024
£ £
Staffcosts 40,223 38,479
Depreciation 235,731 209,368
Operating lease charges 1,470 1,655
Premises costs and insurance 35,210 42,518
Professional fees and health and safety 60 25
Repairsand maintenance 1,497 1,730
Postage, stationeryand advertising 6,427 6,532
Telephone and internet 1,764 1,567
Miscellaneous 337 495
Creditcharges 1,861 3,001
Computers, software andwebsite §,252 4,777
Governance costs 5,800 6,086
335,632 316,233
Analysed between:
Fundraising 38,448 29,804
Charitable activities 297,184 286,429
335,632 316,233
Netmovement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable forthe audit ofthe charity's financial statements 5,200 5,486
Depreciation ofowned tangible fixed assets 231,324 228,823
Loss/(profit) on disposal of tangible fixed assets 265 (23,598)
Amortisation ofintangible assets 4,143 4,143
Operatingleasecharges 1,470 1,655

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the trust during the year.

-22-

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11. Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
23 20

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 8.6 (2024: 6.8)

Employmentcosts 2025 2024
£ £
Wagesand salaries 292,006 282,041
Social security costs 18,713 15,851
Otherpension costs 3,441 2,652
314,160 300,544

There are no employees who received employee benefits of more than £60,000.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Intangible fixed assets

Intangible fixed assets
Website
development
£
Cost
At 1 April2024 and 31 March 2025 14,500
Amortisation and impairment
At 1 April2024 9,252
Amortisation charged fortheyear 4,143
At 31 March 2025 13,395
Carrying amount
At 31 March 2025 1,105
At31March2024 5,247

-23-

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WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Stocks
2025 2024
£ £
Finished goods and goods for resale 12,123 10,617
16 Debtors
2025 2024
Amounts falling due within oneyear: £ £
Trade debtors 16,098 16,912
Otherdebtors 3,319 5,884
19,417 22,796
17 Loans and overdrafts
2025 2024
£ £
Other loans 24,375 30,875
Loansfrom related parties 5,625 7,125
30,000 38,000
Payable within oneyear 8,000 8,000
Payableafteroneyear 22,000 30,000

During the year ended 31 March 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. 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 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.

18 Creditors: amounts falling due within one year

Creditors: amounts falling due withinwithin one year
2025 2024
Notes £ £
Borrowings 8,000 8,000
Othertaxation and social security 19,727 26,444
Deferred income 20 18,045 -
Trade creditors 58,205 105,389
Accruals 14,382 15,472
118,359 155,305

-25-

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Creditors: amounts falling due aftermorethan oneyear
2025 2024
£ £
Borrowings 22,000 30,000
20 Deferred income
2025 2024
£ £
ArisingfromInsuranceclaim 18,045 -

Deferred income is included in the financial statements as follows:

Monies received from an insurance claim for property repairs which had not yet been spent as at 31 March 2025 £18,045.

2025 2024
£ £
Deferred income is included within:
Current liabilities 18,045 .
Movements in the year:
Deferred income at 1 April 2024 - -
Resources deferred in the year 18,045 -
Deferredincomeat31March2025 18,045 -

-26-

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

21_~=¥Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement in funds
As restated As restated
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April2023 resources expended 1 April2024 resources expended 31 March 2025
£ £ £ £ £ £ £
The Maltings 3,477,965 - (191,012) 3,286,953 - (191,010) 3,095,943
Theatre
equipment 30,985 - (5,153) 25,832 - (5,154) 20,678
Community &
Youth Fund 5,597 30,000 (27,402) 8,195 8,235 (14,040) 2,390
Defibrillator 975 - (100) 875 - (100) 775
3,515,522 30,000 (223,667) 3,321,855 8,235 (210,304) 3,119,786

The Maltings fund relates to monies received in the form of donations and grants to be spent specifically on the development 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 to the purchase of a Defibrillator. 22 ~Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances 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 funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At31 March
2024 resources expended 2025
£ £ £ £
General funds 32,521 662,887 (656,660) 38,748
Previous year: At 1 April Incoming Resources At31 March
2023 resources expended 2024
£ £ £ £
Generalfunds 119,596 575,418 (662,493) 32,521

wT’ s

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23 ~=Analysis of net assets between funds

Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
At 31 March 2025:
Intangiblefixed assets 1,105 - 1,105
Tangible assets 137,057 3,117,396 3,254,453
Current assets/(liabilities) (77,414) 2,390 (75,024)
Longterm liabilities (22,000) - (22,000)
38,748 3,119,786 3,158,534
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Intangible fixed assets 5,247 - 5,247
Tangibleassets 172,278 3,313,660 3,485,938
Current assets/(liabilities) (115,004) 8,195 (106,809)
Long term liabilities (30,000) - (30,000)
32,521 3,321,855 3,354,376

24 Operating lease commitments

Lessee

At the reporting end date the trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025 2024
£ £
Within one year 1,491 1,491
Betweentwo and five years 1,593 3,084
3,084 4,575

-28-

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

25 ~ Related party transactions

Remuneration of key management personnel The remuneration of key management personnel was as follows:

----- Start of picture text -----
||||| |---|---|---|---| |2025|2024| |£|£| |Aggregate|compensation|45,384|44,174|

----- End of picture text -----

Transactions with related parties

During the year 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.

The following amounts were outstanding at the reporting end date:

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Amounts|owed|to|related| |parties| |2025|2024| |£|£| |Other related|parties|5,625|7,125| |26|Cash|generated|from|operations|2025|2024| |£|£| |Deficit|for the year|(195,842)|(280,742)| |Adjustments|for:| |Loss/(gain)|on|disposal|of tangible|fixed|assets|265|(23,598)| |Amortisation|and|impairment|of intangible|assets|4,143|4,143| |Depreciation|and|impairment|of tangible|fixed|assets|231,323|228,823| |Movements|in|working|capital:| |(Increase)|in|stocks|(1,506)|(661)| |Decrease|in|debtors|3,379|23,977| |(Decrease)/increase|in|creditors|(54,991)|64,861| |Increase|in|deferred|income|18,045|-| |Cash|generated from|operations|4,816|16,803|

----- End of picture text -----

-29-

WELLS MALTINGS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

27 ~=«CAnalysis ofchanges in net (debt)/funds
At 1 April2024 Cash flowsAt 31 March 2025
£ £ £
Cash at bank and in hand 15,083 (3,288) 11,795
Loans falling duewithin one year (8,000) - (8,000)
Loans falling due aftermorethan oneyear (30,000) 8,000 (22,000)
(22,917) 4,712 (18,205)

-30-