CITY OF WELLS ALMSHOUSES CHARITABLE INCORPORATED ORGANISATION (CIO) Unaudlted Flnandal Statements For the finandal year ended 31st Marth 2025
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2025 TRUSTEES, PROFESSIONAL ADVISERS, MANAGEMENT PERSONNEL and AOMINISTRATIVE DEfAILS The Board City of Wells Almshouses CIO (Corporate Trustee) CIO Trustee Board (date appolnted) Mr Stewart Cursley (May 2023)- Chair of Tnjstees Mrs Sarah Powell {Jan 2022}- Deputy Chair of Trustees The Very Revd Toby Wright (Apr 2024}- eX1ClO (Dean of Wells Cathedral) The Venerable Anne Gell (Jan 20231- resigned April 2024 Mr Louis Agabani {May 20251- ex-officio (Mayor of Wells) Mrs Jasmine Browne- resigned May 2025 Ms Stella Ainsworth {Jul 20181 Mr Mark Shelton (Apr 2022) Mr Philip Welch (Jul 2020) Mrjames Fane-Gladwin { Jan 2023} Ms Jenny Rust (Ott 2023} Ms Lynda Armstrong (Oct 20231 Mr Mark Bide (Oct 20231 The Revd Canon Jonathan Lloyd (Apr 2024) Mrs Wendy Ray (May 2025) Chlef Executlve Flnance Officer & Secretsry Scheme Manager Mrs Mlchelle J. Thomas Mr Patrick M. Mcmahon MA FCA Mrs Caroline Tollworthy Prlnclpal Office 4 Bubwith Almshouses Wells, Somerset. 8A5 2QE Telephone . 01749 675813 Email: info@wellsalmshouses.org.uk Website: www.wellsalmshouses.org.uk Charlty Number 1159162 Bankers National Westminster Bank plc 7 High Street Wells. Somerset. 8A5 2AD Sollcltors Tozers Solicitors Broadwalk House. Southernhay West, Exeter, Devon, EXI IUA
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2025 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31st MARCH 2025 The Trustees of the City of Wells Almshouses CIO present their annual report and unaudited financial statements for the year ended 31st March, 2025. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland published in October. 2019. STRucfuRE, GOVERNANCE AND MANAGEMENT The City of Wells CIO is re8iStered with the Charity Commission {number 1159162) The CIO is the sole corporate trustee of the Crty of Wells Almshouses, an unincorporated trust registered with the Charlty Commission (number 10405541. The Board of Trustees of the CIO administer the unincorporated trust. The CIO Board: The CIO Board may comprise of: Two ex-officio member5- the Mayor of the City of Wells and the Dean of Wells Cathedral. Four nominated Trustees (two from the City Council and two from the Chapter of the Cathedral) Up to eight appointed Trustees Trustees appointed by the Charity are recruited by a formal application and interview process. There are currently 13 Trustee5 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 Resldent Trustees to join the Board. OWEcfivES AND AcfiviTIES The objertive5 of the Charity are . The provision of housing accommodation for beneficiarie5; and Such charitable purposes, for the benefrt of beneficiaries, as the CIO Board of Trustees decides. Its main activity is the ownership and management of the 33 units of accommodation located within the flve almshouses . (Bubwith, Willes., Still's, Bricks and Llewellyn's), which make up the Charity's housing complex located in the City of Wells, Somerset. The almshouses are occupied by older, single people, who have been assessed as being in housing need and meet the charitable objects of the Trust. In 2024125, the CEO and Trustees began to develop plans to both acquire existing propety for conversion into more almshouse accommodation in Wells and also consider opportunitles for developing new almshouses on brownfield land. These are longer temi ambitions which it's hoped will begin to bear fruit by 2028129. ACHIEVEMENTS AND PERFORMANCE The CIO has not received any income nor made any ttems of expendrcure in the period, nor does it have any assets 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 {regi5tered number 10405541 are available on the Charity Commission's website.
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2025 ACHIEVEMENTS AND PERFORMANCE (¢ontinued) The most significant achievements of 2024125 were the Chapel refurbishment and Mortuary renovation. Followin8 several years, of delay, both contracts were tendered. let and successfully completed, all within the financial year. Both contrarts were delivered close to budget and with minimal delays. Whilst it was very disruptive for both staff and residents during the building works, this wa5 handled with patience and forbearance by all concerned. A residents, satisfaction survey was undertaken in January 2025, a requirement of the Consumer Standard5 re8ulations set down by the Social Housing Re8ulator. This demonstrated a high level of satisfaction amongst participants with 81% expressin8 overall satisfaction with the services provided by CW FINANCIAL REVIEW As noted above the CIO ha5 no income, expenditure, assets or liabilities. The Tru5tees' aim 15 that income from the Weekly Maintenance Contribution {WMC), paid by residents, covers the everyday maintenance costs associated with running the Almshouses. As a re8iStered provider of social housing, and a Charitable Almshouse association. a Weekly Maintenance Contribution {WMC} is charged in lieu of rent. Accordingly, the WMC can only be increased in compliance with Government Policy. The Charlty Increased the WMC from April, 2024 in line with the Government's recommendation of 7.7%. Service Charges are charged depending on the actual costs to the Charity. These costs have In recent years been of a level that may have caused hardship to individual residents if they had been charged to residents in full. Consequently to avoid hardship the Charity has absorbed a certain level of these costs such that the Service Charges are not 8rnerally increased by more than the percentage increase in the WMC. The nature of these costs are explained in detail to residents and comprise such rtems as . health & safety checks, gardens maintenance, grass cuttin& tree works. hedge trimming and waste removal: communal electricity in stairwells and entrance ways; lift repalrs and maintenance. cleaning and heatin8 of communal areas; outside window cleaning; fire safety; pest and rodent control and waste and recyclin8. The total cost of maintainin& operating and improving the complex continue5 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 presenrfation of the buildings is crltical to the wellbeing of our residents and is an essential aspett of our work. The Charity has an ethical investment pollcy which excludes investments which generate a significant proportion of their revenue from activities which conflict with the aims of the Charity- For example. gambling, weekly-collected home credit and payday loans are excluded as these are potential causes of hardship and distre55 which could lead to homelessness. Also excluded are investments which could affett our supporter base such as the manufarture and supply of armaments, pornography and the manufacture and commercial distribution of tobacco. The extent of the market capitallsation excluded by the policy and therefore its potential financlal detrlment has been formally approved by the Trustees.
City of Wells Almshouses Financial Statements Year ended 31st March 2025 STATEMENT OF TRUSTEES, RESPONSIBIUTIES The Trustees are responsible for preparln8 a Trustees'Annual Report and financial statements in accordance with applicable law and United Klngdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Prarticel. Charity and Registered Social Housing legislatlon require the Board to prepare financial Statements for each financial year which give a true and falr vlew of the state of affairs of the Charity, of the incoming resources and application of resour5, includin8 the income and expenditure for that period. In preparing these flnancial statements. the Trustees are required to: Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgments and estimates that are reasonable and prudent State whether applicable UK accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and Prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are re5pon5ible for keeping proper accounting records which disclose with reasonable accuraei at any time the financial position of the Chartty and enable them to ensure that the financial statement5 comply with Charities Acts, the Housin8 and Regeneration Art 2008 and the Accounting Direction 2022 for private registered providers of social housing in England. They also have general responsibility for taking reasonable steps to safeguard the a55ets of the Charity and to prevent and detect fraud and other irregularities. The success of 2024125 would not have been possible without the commltment and hard work of those involved with the Almshouses. The Trustees would Ilke to thank stsff, Residents, Volunteers and members of the public who have provided such support. On behalf of the Trustees Mark Bide Date: 23rd July, 2025
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2025 STATEMENT OF FINANCIAL ACTivm£s Total Funds 2025 Total Funds 2024 INCOME; EXPENDITURE: Net Income Total funds carrled forward The CIO has not received any income or made any expenditure in the year or the prior year.
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2025 BALANCE SHErr 2025 2024 Assets Uabllltles Net assets/ (Ilabllltles) Total unrestrlcted funds The financial statements were approved by the Board of Trustees on 23rd July, 2025 and were signed on its behalf by . Mark Bl Mark Shelton
City of Wells Almshouses CIO Financial Statements Year ended 31st March 2025 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Basls of accountlng The City of Wells Almshouses is an unincorporated Charity registered in England and Wales. The address of the principal offices is 8iven in the Officers and Professional Advisers information on page l of these financial statements. The nature of the Charty's operations and principal activities are detailed wrthin the Trustees, Annual Report. The financia5 statements have been prepared in accordance with Accounting and Reporting by Charities .' Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland issued in October, 2019 the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102), the Charities Act 2011, the Accountin8 Direttion for private registered providers of social housin8 2022 and UK Generally Accepted Accounting Practice. SUBSIDIARY ACCOUNTS The CIO is effectively the parent Charity of the City of Wells Almshouses. an unincorporated Trust. The latest financial year end for the City of We115 Almshouses is the 31st March, 2025. The statement of financial artivities and balance sheet for the year ended 31st March, 2025 for the City of We115 Almshouses Trust are shown below. Full financial 5tatement5 for the Trust (registered number: 1040554) are available from the Charity Commission's website.
City of Wells Almshouses Financial Statements Year ended 31st March 2025 srATEMENT OF FINANCIAL AcfiviTIES Unrestrkted Endowment Restrlcted Total Funds Funds Funds Funds 2025 Total Funds 2024 Notes INCOME: Income from residents Investment income Grants & Donations 248.1 56,427 248,100 76,159 280,818 230,982 76,915 12,410 16,062 3,670 280,818 Total Income 304.5Z7 16.062 284,488 605,077 320,307 EXPENDITURE: Charitable actlvities Professional management costs 453,698 336,429 790,127 251,560 29,279 29,279 28,101 Total expendlture 482,977 336.429 819,406 279,661 Net Income before Investment losses 18alns (178,450) 16,062 (51.941) (214,3291 ILosses}Igains on investments Revaluation gain / {Soss) on investment land li (30,881) (75.937) (106,818} 256.378 12 (15,000) 115,OW} 231,CM)O Net Incomellexpenditure) (224,331) 159A75) 151,941) (336,147) 528,024 Transfers between funds Net movement in fvnds (224,331) (59,875) 151,941) {336,147) 528,024 Reconcillatlon of funds: Total funds brought forward Total funds carrled forward 7,779,508 809,170 51,941 8,640,619 8,112,595 7 555 177 749 295 8 304 472 The statement of financial activities include5 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 2025 BALANCE SHEET 2025 2024 Notes FIXED ASSErs Property Equlpment Investment5 Investment land Total fixed assets io 5,283.448 8.676 2.107,704 805.000 8,204,828 5,340,955 ii,iio 2,527,929 820,000 8,699,994 io li 12 CURRENT ASSErs Debtors Cash at bank and in hand 13 87,265 56,IX12 7,739 37,016 143,267 44,755 CREDITORS: amounts falling due within one year 14 {43.623) {104,130) NEf CURRENT ASSETS i (UABIUTIESJ 99,644 {59,3751 TOTAL A55ETS LESS CURRENT UABIUTIES 8.304,472 8,640,619 CREDITORS: amounts fallln8 due after more than one year 15 NET ASSErs THE FUNDS OF THE CHARITY Endowrnent reserves Restrlrted reserves Unrestrlrted reserves 16 16 16 749,295 809,170 51,941 7,779,508 7.555,177 TOTAL CHARITY FUNDS 8 640 619 The financlal statements were approved by the Board of Trustees on 23rd Juty, 2025 and were signed on it5 behalf by: M kBSde Mark Shelton