2023-05-31-accounts

COMPANY REGISTRATION NUMBER: 11371197 CHARITY REGISTRATION NUMBER: 1180207

The Well Trust Limited Company Limited by Guarantee Financial Statements

31 May 2023

GK & CO. LLP

Chartered accountants & statutory auditor Hallswelle House 1 Hallswelle Road London England NW11 0DH

The Well Trust Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 May 2023

	Page
Trustees' annual report (incorporating the director's report)	1
Independent auditor's report to the members	5
Statement of financial activities (including income and
expenditure account)	9
Statement of financial position	10
Notes to the financial statements	11
The following pages do not form part of the financial statements
Detailed statement of financial activities	18

The Well Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 May 2023

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 May 2023.

Reference and administrative details

Registered charity name The Well Trust Limited Charity registration number 1180207 Company registration number 11371197 Principal office and registered 140 High Road office London N15 6JN United Kingdom The trustees Mr B Hoffman Mr M Y Lebrecht Mr B Feldman Mr S Feldman Mrs D Feldman Auditor GK & Co. LLP Chartered accountants & statutory auditor Hallswelle House 1 Hallswelle Road London England NW11 0DH

1

The Well Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 May 2023

Structure, governance and management

The Well Trust Limited is a charity company. It has no share capital and is limited by guarantee.

The Charity is organised so that the Trustees meet regularly to manage its affairs. There are no paid employees and all administration work is carried out on a voluntary basis by the Trustees.

The Trustees have considered the guidance published by the Charity Commission and believe that the charity in carrying out its objectives, fully complies with these requirements.

In particular but not exclusively, the advancement of the orthodox Jewish faith by establishing, managing and maintaining a ritual pool or pools (Mikva or Mikvaoth) in North London for religious immersion by members of the Jewish faith automatically gives rise to a public benefit.

Each year the Trustees review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the Trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.

The appointment and recruitment of new Trustees is laid out in the Charity's Memorandum and Articles of Association. New Trustees would be trained as deemed appropriate.

The Charity's Memorandum and Articles of Association authorises the Trustees to make and hold investments.

Objectives and activities

The objects of the Charity is the advancement of the Orthodox Jewish faith in particular but not exclusively by establishing, managing and maintaining a ritual pool or pools (Mikva or Mikvaoth) in North London for religious immersion by members of the Jewish faith.

Achievements and performance

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate such risks.

In the period to 31 May 2023, the Charity owned 5-11 Craven Park Road, London N15 6AA. For the year to 31 May 2023, charitable income amounted to £300,000 (2022: £400,000) and charitable expenditure amounted to £1,237 (2021: £1,020).

The Charity's reserves are £1,981,243 for the year ended 31 May 2023, (2022 £1,684,520) and are sufficient to carry its Charitable Objectives.

The property has been demolished and foundations have been dug with the intention to build a ritual pool (Mikva) as set out in the Charity objectives.

2

The Well Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 May 2023

Financial review

The financial position of the Charity is as reflected in the attached Statement of Financial Position. The retained distributable reserves are considered to be satisfactory by the Trustees in accordance with their Reserves policy.

The Charity does not partake in external funding activities. Funds are derived from donations received and other investments made.

It is the Trustees desire to try to maintain reserves within the Charity sufficient to generate the current level of charitable expenditure including development costs of the property.

Plans for future periods

The Trustees objectives for the future are to continue out its objectives as detailed in their report.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes 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 charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

3

The Well Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 May 2023

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 21 May 2024 and signed on behalf of the board of trustees by:

Mr B Hoffman Trustee

4

The Well Trust Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of The Well Trust Limited Year ended 31 May 2023

Opinion

We have audited the financial statements of The Well Trust Limited (the 'charity') for the year ended 31 May 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes, 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 FRS 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:

• give a true and fair view of the state of the charity's affairs as at 31 May 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

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 charity 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 charity'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.

5

The Well Trust Limited

Year ended 31 May 2023

Company Limited by Guarantee

Independent Auditor's Report to the Members of The Well Trust Limited (continued)

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. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:

• the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

6

The Well Trust Limited

Year ended 31 May 2023

Company Limited by Guarantee

Independent Auditor's Report to the Members of The Well Trust Limited

(continued)

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes 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 charity'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 charity 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures were in place to ensure the audit was capable of detecting irregularities, including fraud.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

7

The Well Trust Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of The Well Trust Limited

(continued)

Year ended 31 May 2023

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity'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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

P Smulovitch (Senior Statutory Auditor)

For and on behalf of GK & Co. LLP Chartered accountants & statutory auditor Hallswelle House 1 Hallswelle Road London England NW11 0DH

21 May 2024

8

The Well Trust Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 May 2023

		2023	2023	2022
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	5	300,000	300,000	400,000
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Total income		300,000	300,000	400,000
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
Expenditure
Expenditure on charitable activities	6,7	3,277	3,277	1,237
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Total expenditure		3,277	3,277	1,237
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Net income and net movement in funds		296,723	296,723	398,763
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
Reconciliation of funds
Total funds brought forward		1,684,520	1,684,520	1,285,757
		ৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄ
Total funds carried forward		1,981,243	1,981,243	1,684,520
		৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶

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

The notes on pages 11 to 16 form part of these financial statements.

9

The Well Trust Limited

Company Limited by Guarantee

Statement of Financial Position

31 May 2023

		2023	2022
	Note	£	£
Fixed assets
Tangible fixed assets	10	10,751,449	7,426,137
Current assets
Cash at bank and in hand		13,074	9,828
Creditors: amounts falling due within one year	11	213,280	211,445
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Net current liabilities		200,206	201,617
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄ
Total assets less current liabilities		10,551,243	7,224,520
Creditors: amounts falling due after more than one year	12	8,570,000	5,540,000
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄ
Net assets		1,981,243	1,684,520
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶
Funds of the charity
Unrestricted funds		1,981,243	1,684,520
		ৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄ
Total charity funds	13	1,981,243	1,684,520
		৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 21 May 2024, and are signed on behalf of the board by:

Mr B Hoffman Trustee

The notes on pages 11 to 16 form part of these financial statements.

10

The Well Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 May 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 140 High Road, London, N15 6JN, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

11

The Well Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 May 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

12

The Well Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 May 2023

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

13

The Well Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 May 2023

3. Accounting policies (continued)

Financial instruments (continued)

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The Charity is a company limited by guarantee.

The liability of the members is limited to a sum not exceeding £10, being the amount that each member undertakes to contribute to the assets of the charity in the event of its being wound up while he, she or it is a member or within one year after he, she or it ceases to be a member, for 1) payment of the charity's debts and liabilities incurred before he, she or it ceases to be a member 2) payment of the costs, charges and expenses of winding up, and 3) adjustment of the rights of the contributories among themselves.

5. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Donations
Donations received	300,000	300,000	400,000	400,000
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
Expenditure on charitable activities by fund type
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Support costs	3,277 ৶৶৶৶৶৶৶	3,277 ৶৶৶৶৶৶৶	1,237 ৶৶৶৶৶৶৶	1,237 ৶৶৶৶৶৶৶

6. Expenditure on charitable activities by fund type

14

The Well Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 May 2023

7. Expenditure on charitable activities by activity type

			Total funds	Total fund
		Support costs	2023	2022
		£	£	£
	Governance costs	3,277	3,277	1,237
		৶৶৶৶৶৶৶	৶৶৶৶৶৶৶	৶৶৶৶৶৶৶
8.	Auditors remuneration
			2023	2022
			£	£
	Fees payable for the audit of the financial statements		2,500	–
			৶৶৶৶৶৶৶	৶৶৶৶

9. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

10. Tangible fixed assets

	Freehold
	property
	£
Cost
At 1 June 2022	7,426,137
Additions	3,325,312
	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
At 31 May 2023	10,751,449
	৶৶৶৶৶৶৶৶৶৶৶৶৶
Depreciation
At 1 June 2022 and 31 May 2023	–
	৶৶৶৶৶৶৶৶৶৶৶৶৶
Carrying amount
At 31 May 2023	10,751,449
	৶৶৶৶৶৶৶৶৶৶৶৶৶
At 31 May 2022	7,426,137 ৶৶৶৶৶৶৶৶৶৶৶৶৶

11. Creditors: amounts falling due within one year

	2023	2022
	£	£
Accruals and deferred income	3,280	1,445
Other creditors	210,000	210,000
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
	213,280	211,445
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

15

The Well Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 May 2023

12.	Creditors: amounts falling due after more than one	Creditors: amounts falling due after more than one	year
				2023		2022
				£		£
	Other creditors			8,570,000		5,540,000
				৶৶৶৶৶৶৶৶৶৶৶৶		৶৶৶৶৶৶৶৶৶৶৶৶
13.	Analysis of charitable funds
	Unrestricted funds
		At				At
		1 June 2022	Income	Expenditure	31	May 2023
		£	£	£		£
	General funds	1,684,520	300,000	(3,277)		1,981,243
		৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶		৶৶৶৶৶৶৶৶৶৶৶৶
		At				At
		1 June 2021	Income	Expenditure	31	May 2022
		£	£	£		£
	General funds	1,285,757	400,000	(1,237)		1,684,520
		৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶		৶৶৶৶৶৶৶৶৶৶৶৶
14.	Analysis of net assets between funds
				Unrestricted	Total Funds
				Funds		2023
				£		£
	Tangible fixed assets			10,751,450	10,751,450
	Current assets			13,073		13,073
	Creditors less than 1 year			(3,280)		(3,280)
	Creditors greater than 1 year			(8,780,000)	(8,780,000)
				ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
	Net assets			1,981,243		1,981,243
				৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
				Unrestricted	Total Funds
				Funds		2022
				£		£
	Tangible fixed assets			7,426,138		7,426,138
	Current assets			9,827		9,827
	Creditors less than 1 year			(1,445)		(1,445)
	Creditors greater than 1 year			(5,750,000)	(5,750,000)
				ৄৄৄৄৄৄৄৄৄৄৄৄ		ৄৄৄৄৄৄৄৄৄৄৄৄ
	Net assets			1,684,520		1,684,520
				৶৶৶৶৶৶৶৶৶৶৶৶		৶৶৶৶৶৶৶৶৶৶৶৶

16

The Well Trust Limited

Company Limited by Guarantee

Management Information Year ended 31 May 2023

The following pages do not form part of the financial statements.

17

The Well Trust Limited

Company Limited by Guarantee

Detailed Statement of Financial Activities

Year ended 31 May 2023

	2023	2022
	£	£
Income and endowments
Donations and legacies
Donations received	300,000	400,000
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Total income	300,000	400,000
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
Expenditure
Expenditure on charitable activities
Legal and professional fees	3,024	913
Other office costs	253	324
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
	3,277	1,237
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
	ৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄ
Total expenditure	3,277	1,237
	৶৶৶৶৶৶৶	৶৶৶৶৶৶৶
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Net income	296,723	398,763
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

18