CITY OF WELLS ALMSHOUSES CHARITABLE INCORPORATED ORGANISATION {CIO) Unaudlted Financlal Ststements For the finan¢lal year ended 31st March 2024
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2024 TRUSTEES, PROFESSIONAL ADVISERS, MANAGEMENT PERSONNEL and ADMINISTRATIVE DETAILS The Board City of Wells Almshouses CIO (Corporate Trustee) CIO Board of Trustees Mr Stewart Cursley - Chair of Trustees Mrs Sarah Powell - Deputy Chair of Trustees The Venerable Anne Gell . ex-officio (Acting Dean of Wells Cathedral) Mrs Tanys Pullin . ex-officio (Mayor of Wells) Ms Stella Ainsworth Mr Mark Shelton Mr Christopher Vigar- resigned 18th October. 2023 Mr Philip Welch Mrjames Fane-Gladwin Ms Jenny Rust- appointed 18th October, 2023 Ms Lynda Armstrong - appointed 18th October, 2023 Mr Mark Bide- nominated 18th October, 2023 Chlef Executlve Flnantial Controller & Secretary S¢heme Manager Mrs Michelle J. Thomas- appointed 8th January, 2024 Mr Patrick M. Mcmahon MA FCA Mrs Caroline Tollworthv Prln¢lpal Offlce 4 Bubwith Almshouses Wells, Somerset. BA5 2QE Telephone . 01749 675813 Email: info@we115almshouses.org.uk Websbte: www.wellsalmshouses.org.uk Charlty Number 1159162 Bankers National Westminster Bank plc 7 High Street Wells, Somerset. BA5 2AD The Charity Bank Fosse House 182 Hi8h Street, Tonbridge. TN9 IBE Sollcttors Tozers Sollcitors Broadwalk House. Southernhay West. Exeter, Devon, EXI IUA
City of Wells Almshouses CIO Flnancial Statements Year ended 31st March 2024 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31st MARCH 2024 The Trustees of the City of Wells Almshouses CIO present their annual report and unaudited financial statements for the year ended 31st March, 2024. The financial statements have been prepared in accordance with the accounting policies set out In notes to the accounts and comply wlth the Charity'5 governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles pparIng their accounts In accordance wlth the Financlal Reportlng Standard applicable in the UK and Republic of Ireland published In October, 2019. STRucfuRE, GOVERNANCE AND MANAGEMENT The City of Wells CIO is registered woth the Charlty Commission (number 1159162) The CIO is the sole corporate trustee of the City of Wells Almshouses. an unincorporated trust registered with the Charity Commission (number 1040554). The Board of Trustees of the CIO administer the unincorporated trust. The CIO Board: The CIO Board may comprise of: Two ex-offlcio members - the Mayor of the City of Wells and the Dean of Wells Cathedral. Four nominated Trustees {two from the Ctty Council and two from the Chapter of the Cathedral) Up to eight appointed Trustees Trustees appointed by the Charty are recruited by a formal application and inteprfiew process. There are currently 11 Trustees compared to a maximum of 14. As part of its commitment to resident involvement at all levels the CIO constltution allows for up to two Resident Trustees to join the Board. OBJECTIVES AND ACTIVITIES The objertives of the Charity are . The provision of housing accommodation for beneficiaries; and Such charitable purposes, for the benefit of beneficiaries, as the CIO Board of Trustees decides. It5 main activity is the ownershlp and management of the 33 units of accommodation located within the five almshouses (Bubwith, Willes,. Still's, Brickes and Llewellyn'sl, which make up the Charity'5 housing complex located in the City of Wells, Somerset. The alm5house5 are occupied by older, single people, who have been assessed as being in housin8 need. There have been no significant chan8es in the Charity's objectives since the last report. The Tru5tee5 acknowledge the guldance Issued by the Charity Commisslon in respect of our commitment to public benefit and we declare our commitment to it. The main activity of the Charity is the provision of accommodation to those in need in Wells and the surrounding area. In orderto be considered for accommodation applicants must meet certain criteria , which allows the Charity to assess their need. ACHIEVEMENT5 AND PERFORMANCE The CIO has not received any income nor made any items of expenditure in the period, nor does it have any a55ets or liabilities. However the Trustees of the CIO manage the City of Wells almshouses, an unincorporated Trust. Therefore a brief summary of the achievements and performance of the Trust have been included below. Financial Statements for the Trust {registered number . 1040554) are available on the Charity Commlssion's website.
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2024 ACHIEVEMENTS AND PERFORMANCE (contlnued) In order to comply with our charitable objettlves, we have two prime respon5ibilities'. To ensure that our exlsting residents are housed in comfortable, secure and pleasant accommodation that meets current day standard5 and expectstions.. and To ensure we are able to attract new residents to occupy our properties when vacancies occur. The Charity's policy is to refurbish each property to a standard specification if it becomes void as the Trustees have found that resldents do not generally wish to have their properties up8raded whi15t they are in occupation, even though this mi8ht be desirable if they had lived in their homes for a number of years. However, the following major works have been completed . two new bathrooms/wetrooms have been installed, secondary glazing to the Guildroom windovts. new coping Stones in Uewellyn's, a new boiler in Llewellyn's, complete re-paving at Llewellyn's and repointing of the Chamberlain Street wall. Also, in total, there are now only three of the Charity's properties which will need completely refurbishing when they become void. FINANCIAL REVIEW As noted above the CIO has no income, expenditure, assets or liabilities. The total cost of maintainin& operating and improvin8 the complex continues to be the major item of expenditure each year, especially as the historic nature of the buildings requires specialist craftsmen and materials to undertake the maintenance, improvement and upgrading of the properties. Nevertheless, the preserlatlon of the buildings is critical to the wellbeing of our residents and is an essential aspect of our work. CWA has substantial reserves, some in the form of Pemianent Endowment (which can only be spent on creating new almshouse provision) but also a si8nificant amount in more-or-less liquid funds that can and should be used in support of our charitable objectives. The Trustees have been undertaking a complete review of strategy and considering the implications of that strate8y on our approach to managing our reserves. In this exercise. we have borne in mind not only our responsibility to our current and future beneficiaries but also the historic nature of the listed buildings which make up our almshouse estate. We recognise that we can only ever be temporary stewards of buildings which have their origin5 and much of their structure dating back five or six centuries and which it is our responsibility to pass on to our successors - in good condition - in enturies to come. While most of the estate is in very good condition despite its age. and all but three of the current stock of almshouses have been recently modernised, the maintenance of these buildings presents a continuing challenge in financial, environmental, and health and safety terms. We are committed to maintaining the estate to the highest P055ible standards, but this is a process not a 5in8le event.
Clty of Wells Almshouses CIO Flnanclal Statements Year ended 31st March 2024 STATEMEKf OF TRusfEE5' RESPONsIBiunES The Trustees are respon51ble for preparlng a Trustee5'Annual Report and ftnanclal statementsln Jccordance wlth appllcable law and Unlted Kln8dom Accountln8 Standards Ivntted Klngdom Generally Acc•pted Accountln8 Practlce). Charlty and Re8lstered So¢lal Hou51n8 leglslatlon requlre the eoard to prepare flnanclal #atements for each flnanclal Year whlch gl¥e a true and falr vlew ol the state of affalrs of the Charlty, of the Incomln8 reurCeS Ind appllcatlon of resources, Includlno the Income and expendtture for th•t perlod. In preparln8 these flnanclal statements, the Trustees are requlred to: Select sult•ble attountln8 pollcles and then apply them n$lentlY Observe the methods and prlnclples In the Charltles SORP Make ludgments and estlmates that are reasonable and prudent State whether appllcable UK accountln8 Standard$ have been followed, subject to any materS1l departures dlx105ed and explalned In the flnandal statements; and Prepare the flnancSal statements on the 8oln8 concern bas15 unless It Is Inapproprlate to presume that the Charlty wlll contlnue In buslness. The Trustees are respon51ble lor keeplng proper accountlng records whlch dlKlose wlth reasonable accuracy at •ny tlm• the flnancl•l po$ltlon of the Charlty and enable them to ensure that the flnandal st•tements comply wlth Charttl•s Acts, the Housln8 and Re8enerntlon Art 21M and the Acawntlng Dlrectlon 2022 for prlv•te re8lstered provld•rn of ¢1•1 housln8 In En8l•nd. They also have yner•l responslblllty for tsklni relwnable steps to safeguard the asmts ol the Charlty •nd to prevent and det•(l fraud and other Irre8ul•rltles. The succ•ss of 2023124 would not have been posslble wlthout the commltment and hard work of th0 Involved wlth the Almshouses. The Trustees would Ilke to thank Staff, Resldents, Volunteers and members of the publlc who have provlded such support. On b•h•ll ol th• Trurt• urthy I Truit•M). D•t•: 16th Octob•r,
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2024 STATEMENT OF FINANCIAL ACTIVITIES Total Funds 2024 Total Funds 2023 INCOME: EXPENDITURE: Net Income/(expenditure) Total funds carrled forward The CIO has not received any income or made any expenditure in the year orthe prior year
city of Wells Almshouses CIO Flnanclal Statements Year ended 31st March 2024 BAIANCE SHEET 2024 2023 U•bllltl N•t aM•ts l {Il•bllftl•il Tot•1 unr•strkt•d fvndl Th• Iln•ntl•l •t•t•rn•nts w•r• •pprov•d ty th• 8g•rd ol Trvit••i on 16 b•h•lf by., ob•i, 2024 •nd w•r• •kn•d on Iti
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2024 NOTE5 TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Basls of accountlng The Clty of Wells Almshouses is an unincorporated Charity registered in England and Wales. The address of the principal offices is given in the Officers and Professional Advisers information on page l of these financial statements. The nature of the Charity's operations and principal attivities are detailed within the Trustees, Annual Report. The financial statements have been prepared in accordan with Accountin8 and Reportin8 bv 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 issued in October, 2019 the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 . the Charities Act 2011, the Accounting Direction for private registered providers of social housing 2022 and UK Generally Accepted Accounting Prartice. SUBSIDIARY Accoumrs The CIO 15 effettlvely the parent Charity of the aty of Wells Almshouses, an unincorporated Trust. The latest financial year end for the City of Wells Almshouses is the 31st March, 2024. The statement of financial artivttles and balance sheet for the year ended 31st March, 2024 for the City of Wells Almshouses Trust are shown below. Full financial statements for the Trust (registered number . 1040554} are available from the Charity Commission'5 website.
Clty of Wells Almshouses Financial Statements Year ended 31st March 2024 STATEMENT OF FINANaAL AcrivmES Unrestrlrted Endowment Restrlrted Totsl Funds Funds Funds Funds 2024 Total Funds 2023 INCOME: Income from residents Investment income Grants & Donations Gains on sale of land 230.982 54,905 230,982 76,915 12,410 214,480 70,675 6,078 205,045 21.015 995 12,410 Total Income 285.887 21,015 13A05 320,307 496.278 EXPENDITURE: Charitable activities Professional management costs 251,560 251,560 254,485 28,101 28,101 1,887 Totsl expendlture 279,661 279,661 256,372 Net Income before Investment & land galns 6,226 21,015 13A05 239,906 Net gains on investments Revaluation gain on investment land 184,653 65,420 6.305 256,378 {59,7241 231,0 231,000 Net Incomellexpendlture) 42179 86N35 19.710 528.024 180,182 Transfers between funds Net movement in funds 421,879 86,435 19,710 528,024 180,182 Reconclllatlon of funds: Total funds brought forward Total funds carrled forward 7,357,629 722,735 32,231 8,112,595 7,932,413 51941 8 640 619 8 112 595 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing operations.
City of Wells Almshouses Financial Statements Year ended 31st March 2024 BALANCE SHEET 2024 2023 FIXED ASSFrs Property Equipment Investments Investment land 5,340,955 ii.iio 2.527,929 820.C 8,699,994 5,304,205 10,806 2.261.490 589,000 8,165,501 Total fixed a55ets CURRENT ASSETS Debtors Cash at bank and in hand Investment land held for resale 7,739 37.016 22,949 27,323 44.755 50,272 CREDrfoRS: amounts falling due within one year 1104,130} 119,0061 NET CURRENT {LIABILITIES) / ASSETS (59,375} 31,266 TOTAL ASSEfs LESS CURRENT UABILITIES 8,640,619 8.196,767 CREDITORS: amounts falling due after more than one year 184,1721 NET ASSErs 8 112 595 THE FUND5 OF THE CHARITY Endowment reserves Restricted reserves Unrestrlcted reserves 809,170 51.941 7.779,508 722,735 32,231 7,357,629 TOTAL CHARITY FUNDS 8 112 595