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}- eX￿￿1ClO (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 resour￿5, 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