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 p￿parIng 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 re￿urCeS 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$l￿entlY
Observe the methods and prlnclples In the Charltles SORP
Make ludgments and estlmates that are reasonable and prudent
State whether appllcable UK accountln8 Standard$ 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)
421￿79
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