Charity registration numbèr 1181775 Company registratlon number 11133860 {England and Wale$l THE WELLAND TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE WELLAND TRUST LEGAL AND ADMINISTRATIVE INFORPJIATION Trustees Ms J Rees Mi55 P Jones Miss l Murphy Mrs S Saunder5 Charlty number 1181775 Company number 11133860 R8yistsr•d offic• Craftsrnan House De Sali5 Driva Hampton Lovett Dro1ICh Worcestershire England IfvR9 OQE Indopgndent examiner Colm McGrory Ormgrod Ruit8r Limrted The Oakley Kidderminsler Road Dro1"1¢ Worcestershire WR9 9AY
THE WELLAND TRUST CONTENTS Pay• Twstees, report Independent examinels report Slalemenl of flnanoal 8clivilles Balance sheet Notes to the finanaal statements 8-17
THE WELLAND TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees presenl their annual report and financial slalemenls for th& year ended 31 December 2023. The financial statements have been prepared in accordan with the accountitYJ policies sel out in note 110 the rinancial statements and comply with Ihe charity's memorandum and artiolos of assoaation. the Companie5 Ad 2006 and Accounting and Rèporting by Charities.. Statement of Recommended Practice applicable to charities preparing their a¢¢ovnls in accordance wllh the Financlal Reporting Standard 8ppli(8ble in the UK and Republic of IrelarKI IFRS 1021" (effective l January 2019). Objectives and activitles The ChariV$ objects 1. To relieve the needs of care eXperIend people primarily. but not exclusively. through adv8n¢ing their health, relieving unemployment. the provision of financial a5SiStance and by developing their skills and ¢apa¢ty $0 that they are able lo participate rnore fully in society. 2. The provision of housing, indyding Social Housing. and assistance to help house care experienced people and associated facilities, amanilies and services for Ihem. For the purpose of this clause "¢ai& trxperionced. means children or adults who have al Somè stage had foslgr care or residential cale experience. The Charity's aim5: The Welland Trust continued to deliver on the long4ern 51r8legy during Ihe year, focusing on fundlng and support of projects, services and initiatives delivered by other organisalions who seek lo benefit aduhs who hava experienced care. We arg particularly keen lo support the rxeation of opportunitie5 whith help reduce homelessness, redu offending. and support that will enhancè thè physical and mental wellbeing of adults who've been in care. The projects we are looking lo support will be those who will serve care experienced peoplè of all ages, genders and backgrtsunds, in particular, we have a passion lor projects that support opportunities for training, employrnenl and further education for care leavers who are over 25 where there Is no slalulory support available. Publi¢ benefit The Iruslees have complied wllh their duly lo have du9 regard lo the guidance on public benofit as published by the Charity Commission and consider all the activrtie$ undertaken to further the charity's pury)o$es lo be of publi¢ benefit. Propèrty The Charity aims to purchase. lease, exchange, hire or otherwise acqulre any r6al or personal property rights or privilegès linduding shared or eonlinggnl inlareslsl. The charity may also constNet, aller, improve, convert. maintain, equip, fumi5h an¢Jlor dèmolish any buildtngs. structures or property. The charity may sell, lease, license, exchange, dispose of or othenlse deal with property {subject lo the restrictions in the Charrties Act 2011). The chaity aims lo rènt propèty to caro experienc8d people al below market rents in order to enable them to live inter41ependenlly. The charity May provide accommodation for any other Charitable organisation on such lems as the Board decides (including rent-free or at nominal of non-commer¢ial rents) subjgct lo the restrictions in the Charities Act 2011. Grants and Loan$ The charity aims lo make grants. donations or loans, lo givè guarantees and to give security for Ih05e guarantees {subject to the restrictions in the Charities Act 20111.
THE WELLAND TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Use of staff and voluntsars The charity may empltsy staff or engagè consultants and athiisers on such terms as the Board thinks t. The charity wll re¢iuil and manage voluntary workers, including paying their reasonable expen5e$,' the charity is very grateful lo the volunteer5 who provide support and help to raise awareness and funding for the chartty. Achlevements and perfom)anc& Financial review After a year of poor inve51menl performance in 2022 il w8$ encouraging to see a return lo growth in 2023. the investments grew by £1,080,105 during the year. with particularly strong growth in the final quarter. The closing investment valuation balance was £7.835.603. Grant giving for the year was £728,585. with overheads and staff c051s of £190,321 and £139.450 respectively. The net surplus for the year was £33.749. In August the trustees made the decision lo lemporarity pause new grant applications lo allow the Investment fund lime lo recover from the fall in value throughout 2022. il is hopgd that grant giving will resume in the first half of 2024. Any previously awarded grants continue lo be paid as agraed. This short-temi hold on grant giving is necessary to safeguard the long term sucrEs5 oflhe charity. Welland Retail Ltd Following the closure of the v0 café's the subsidiary wa5 wound down and dissolved in August 2023. ReseThes and Inveslment pollcy The trustees consider that a prudanl level of reserves should be held lo support the aims of the charity and enable continued and sustainable grant giving. 11 is thè Irustèa's intenliort that Surplus ftjnds held in excess of those required for medium lem financial commttments be invested. and that the relum a¢hieved on the investments will be used lo fund the charitable giving and overheads. The investment portfolio will be pi()f&ssionally managed and invested iri diversified, ethical, and enwronmenta15y friendly securities. The risk profile for the investments is currently moderate, this will be reviewed at least annually to ensure an acceptable riskjrelum balance is maintained. The Charity maintains a borrowing facility of up lo £SOO,000. this sum can be drawn down as required, with the balance secured again51 the investmen15. The borrowing facility adds a ¢Jegree of flexibility, enabling the Charity lo make withdrawals from investments al the rn0s1 optimal times. The interest rate on the borrowing is lower than the long term average investment returns. Future Plans Tha charity aims to conliftua its organisational grant making actiwtie5 as des¢ribed earfier in the report. Vve plan lo prornote the Charity widely. to extend its reach and attract a wide range of grant appltcations to promote innovation and to maKimEe the opportunibes available to care experienced people nationally.
THE WELLAND TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 structure, govemance and management Governing document- The charity is govemed by 115 Memorandum and Articles ofAssocAation dated 4th January 2018, as amended by special resolution gIStered al Companies House on 12th December 2018 and further arnended by special resolution daled V December 2020 also bLlged with Companies House. The trusle8s. who are also th& directors for the purpose of ¢ornpany law, and who 5efVgd during thè year and up lo thè dale of signature of the financial slalemenls wgrè.. Ms J Rees Miss P Jones Mis51 Murphy Mrs S Saunders Recruitment and appointment of new trustses The trustees, who are also dire¢Xors under company law, are appointed by ordinary resolution or by the existing Iiustees of the charity. None of the Iruslees have any beneficial interest in the company. All of the tru$lees arè membais of the company and guarantèè to contribut8 £1 in the ev8nt of a winding up. Oryanisational structure The Iruslees are responsible for Governance and ensuring the charitable objectives are being rnel. The Chair and trustees provide strategic direction and dec4sion making to the executive team, who ha5 delegated authority for delivering Ihe strategic plan and operatsonal leadership, including the day lo day running of the Charity. Induction and training of new trustees New trustees are provided with information in the form of a Trusteès, Handbook including details from the Charity Commission explaining their duties and responsibilities as Iruslees, the temis of their engagement as trustee and details of the charitys key principles and aims for its work. Eath Ifuslee is also providad with a copy of the charity's Memorandum and Articles of Association and a recommended resource and reading li$1 lo assist Ihelr role and devèloprnenl.. these are also available from the charity.
THE WELLAND TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 statemènt of trusteès, rponsIbIlItieS The Iruslee5, who are also the directors of The Welland Trust for the purpose of company law. are SPOnSible for preparing the Truslees, Report and the financial slalemenls in a¢cordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom GenèrallyA¢¢epled Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair vlew of the slate of affairs of the charity and of the incoming resources and application ol r&sources, including the Income and expenditure, of the charitable company for that year. In preparing these financial stalemenls, the Iwslees are requirgd lo.. - select suitable accounting policies and then apply them tx)nsislenlly. observe the methods and principles in the Charities SORP. make judgtrmenls and e51imales that ar¥ raasonable and prudent. stale whether applicable UK Accounting Standards havg beèn folbwed, subject to any material dèpartures disclosed and explained in the financial 5tatemenls', and prepare tha finan¢ial stalamants on the going concern basis unless It is inappropriate lo presume that the charity will continue in operation. The Iruslees are responsible for keeping adequate accounting records that di5CtOse with 8$Onable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with Ihe Cornpanies Act 2006. They are a150 responsible for safaguarding the assets of the chairty and h6nce for taking Teasonable steps for the prevention and detection of fraud and other irregularities. In $0 far as the trustees are aware.. there is no relevant audit information of which the chartable company's auditor is unawarg.. and the trustees have taken all steps that they ought to have taken to make themselves ware of any rel¢vanl audit information and to establish that the auditor is aware of that infomiaiion. Audltor In ac¢ordan¢8 with the ¢ompany's atticl8s, a resolution proposing that Ormerod Rutter Limited be reappointed as auditors of the ¢omp8ny will be pul al a General Meeting. Thg trustees, was approved by the Board of Trustees. M$ J Rees Trustee Dated.. ....
THE WELLAND TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELLAND TRUST I report to the trustees on my examination of the financial slalements of The Wèlland Trust Ilhe charity) for the year ended 31 December 2023. Responslblllties and ba$1¥ of report As the trustees of the charity land also rts directors for the purpose5 of Company lawl you are responsible for the preparation of the financial slalemonls in accordance with the requirements of the Ctsmpanies Act 2006 {the 2006 Act). Hawng satisfied myself that the financial slalemenls of the rharity ale not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinatlon, I report in respect of my examination of the charity's financial stalernents carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llb) of the 2011 Aet. Indèpèndent examinerfs statement I have completed my examination. I confirm that no matters have come lo my attention in ¢onne¢tion with the examination givin9 me ¢8use to beIve that in any material respect.. accounting records were not kept in respect of the charty as quIred by sethon 386 ofthe 2006 Act.. or the financial slalernenls do not accord wf(h those re¢ords'. or thè financial stalernents do not comply with thè accounting requirements of section 396 of the 2006 Act other than any requirement that the a¢¢ounls givè a true and fair view which is not a matter considered as part of an independent examination., or the financial ststemernts have not bgen prepared in accordance with the rnelhods and prln¢iple$ ol tha Stalemenl of Recommended Practice for accounting and reporting by charities applicable lo char"e$ preparlng Ihelr accounts In 8rxordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters In conneclion wllh the examination to whith attention should be drawn in this report in order lo enable a proper understsnding of the financial statements lo be reached. Colm McGrory FCA Omierod Rutter Llmlled The Oakley Kiddemiinsler Road Dro11Gb Vvorcesltrrshire WR9 9AY
THE WELLAND TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrastrlcted funds 2023 Unrestricted fund$ 2022 Notes Income from: Investments 103.854 112.507 Exp•ndiiur& on.. Raising funds Charitable activities Trading subsidiary loan wrSte off 42,266 1,016,090 48,230 1,914.183 8.020 Total expenditure 1,058.35fj 1.970.433 N81 gainslU05ses} on investments 10 988,251 11,332,159) Net Incomellexpenditur¢l and mov•ment in funds 33,749 13.190,085} Reconciliation of funds: Fund balances at 1 January 2023 9.004.513 12.194,598 Fund balances at 31 D•cembor 2023 9.038,262 9,004,513 The statement of financial activttses includes all gains and losses recognlsed Sn the y9ar. All incorne and expenditure delive from continuing acliviligs.
THE WELLAND TRUST BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Flxed a$sèts Tangible assets Investments 12 13 417,047 7.831.517 427,096 7,736,591 8,248,564 8,163,687 Current assets Debtors Cash al bank and in hand 14 825,472 71,559 832.287 315,527 897.031 1,147.814 Crèdito. amounts falllng du• wlthln onè year 15 {107.3331 1306.988 Net current assets 789.698 840,828 Totsl as$ets18ss currènt Ilabllltlos 9,038,262 9,004,513 Incomè funds Unrestricted funds 9,038,262 9,004,513 9.038,262 9,004,513 The company Is enlllled lo the exempllon from the audil requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023. The directors acknowledge their responsibilities for cornplying with the requirements of the Companie$ Act 2006 with rospect to accounting records and the preparation of financial slalernenl5. The members have not required the cornpany to obtain an audit of ts financAal statements for the year in question in accordance wth section 476. These finanaal statements have been prepared in accordance with the provisions applicabla to comparu&s subject lo Ihe small companies regime. The financial stale n15 were approved by the Trustees on . 1410'6./14 Ms J Rees Trustse Company Registration No. 1113386Q
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charlty Infomiatlon The Welland Trust is a private company limited by guarantee incorporated in England and Wales. The regislered office is Craftsman House. De Salis Drive, Hampton Lov&tt, Dro1Ich, Worcestershire, WR9 OQE, England. 1.1 Accounting convention The financial slatemènls havg bean prepared in accordance with the ¢haritys memorandum and artic5 of association, the Companie5 Act 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charilias preparing their accounts in accordance with the FinancAal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" la5 amènded for accountin9 {effeGtive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provision5 in the SORP for charibes applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial statements are prepared in sleding, which is the functional Currency of the charity. Monetary amounts in these financial slalements are rounded to the nearest £. The financial $tatements have been prepared under the historical cost convention. The principal accounting poli(ies adop18d ar& sel out below. 1.2 Going ¢on¢ern At the lime of approving the finanryal statements. the trustees have a reasonable expectation that the chartty has adequate resources to continue in operational existence for the foreseeablè future. Thus the Iru51ees continue lo adopt the going concern basis of accounting in preparing the financial stslements. 1.3 Charitable funds Unlestrie funds are available for u$8 at the discretion of the Iruslees In fvrtherance of their charitable objective5. Restricted funds are subject lo spe¢ifi¢ conditions by donors or grantors as lo how they rnay be used. The purposes and uses of the restricted funds are $91 out in the notes to the finan¢ial statements. 1A Incomlng regour¢es Income is reeognised when the Charity is legally entitled lo il after 8ny performance conditions have been mel, the amounts can be measured reliably. and it is probable that incorne wll be rec8Ned. Cash donallons are recogniseil on receipt. Other donations are recognised once the charity has been notified of the ijonalion, unless p8rfomance conditions require deferral of the amount. Income tax recoverable in relation lo donations receNed under GiftAid or dèeds of covenant is recognised al the lime of the donatn. Legacies are recognised on receipt or olhetwse if the charity has been notified of an impending dislrtbulion. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policle$ (Continued) 1.S Resources expended Liabilib"es are recogni5ed a5 expenditure as soon as there is a legal or constructive obligation ¢ommitting the charity lo that expenditure, il is probable that 8 transfer of economic benefits will be required in settlement and the arnounl of the obligation can be measured reliably. Expenditure is accounted for on an accrua15 ba515 and has been classified under headings that aggregate all eost related to the category. Where costs cannot be directly attributed to particular headings they have been alloc81ed lo activities on a basis consislenl with the use ol resourcgs. Costs of raising fvnds comprises of costs incurred durtng Invesllng aclSvi1Ses. Fund raising costs indude the Costs of goods sold, café costs and their assod81e support and govemance cost$. Expenrjfjtu on charitable activities includes costs of providing grants in line with char(table alms and objectives and their associate support and govemanc8 costs. 1.6 Tanglble fixed a$$ets Tangible fixed assets are initially measured at cost and subsequentty measured al cost or valuation, nel of deprecia140n and any impairmenl losses. Depreaation is recognised so as to write off the cost or valuallon of assets less their residual values over thèir useful lives on the following bases.. Freehold land and buildings Leasehold improvements Fixtuies fittings Computer aquipmanl 2% slralghl1Sne 330A straight line 339A slraighl line 33% slraighl line The gain OT loss arising on Ihe disposal of an asset is determined as ihe difference betsyeen the sale proceeds and tha carrying valua of tha asset, and is recognised in the stslemènl of financial activities. 1.7 Flxed asset Investmènts Fixed asset investments are initially rneasured 81 tr8nsa¢lion price excluding transaction cost8. and are subsequently measured at fair value al eath reporting dale. Changes in fair value are recognssed in nel incomellexpenditure} for ihe year. Transaction cos15 are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is the powor to govarn the finanaal and operating polietes of the enlty so 3$ to obtain benefits frorn ils activities. 1A ImpaSrnient of flxgd a$$ats At each reporting end date, the charity rewews the carying amounts of its tangible a55e15 to determine whether there is any indication that those a55ets havè suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is eslimaled In order lo determine the extent of the impairment lo$$ lif any). 1.9 Cash and ¢a$h equlvalents Cash and cash equivalents include cash in hand, deposits held al 11 wth banks, other short-lemi liquld Investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown wilhin boirowings in ¢utrenl liabiliti8S.
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollelès (Continued) 1.10 Flnanelal In$trumgnts The charitable ¢ompany only has financlal assets and financial liabilities of a k¢nd that qualify as basic rinancial instruments. Basic financial instruments ara initially recognised at transaclion value and subsequently measured al their settlement value. 1.11 Taxation The charity is exempl from corporation lax on its charrtable activities. 1.12 Provlslons Promsions are recognised when the charity has a legal or constructive psent obllgalion as a result of a past event. il 15 probable that the charity wil be required to sellle that obligation and a reliable eslirnatè Can bo made of the amount of the obligation. The amount réeogni$ed as a prwsion is the b¢sl estimate of the consideration required lo settle the present obligation al the reporting end dale. taking Into account the risks and uncertainties surrounding the obligation. e the eflect of the lime value of money 15 material, the amount expected to be required to settle the obligation is recogni5ed al present value. Vvhen a provision is measured at present value. the unwinding of the discount is recognised as a finance cost in net incomellexpenditurel in the period in which il aiises. 1.13 Retirement b•nefits The char((able company opeTates a deffned contribution pension scheme. Contributions payable to the chartable company's pension scheme are charged lo the Statement of Financial ActivitTe5 in the peiiod lo which they r&lata. 1.14 Lea$e$ Rentals payable under operating leases, Includlng any lease incentives receNed, are charged as an expense on a straight line basis over the lemi of the relevant leasa. Critical accounting estlmates and judgements In the application of the charty's a¢¢ounling poliaes. the trustees are required to make judgements, estimates and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The e51imales and associated assurnplions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underfying assumptions are reviewed on an ongoing basis. Rew5ions lo acwunllng estimates are recognised in the period in which the ests'mate is revised where the revision affects only that period, or in the period of the revision and future period$ wh8[• tha rgvision affects both current and future periods. 10-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2023 Income from investments Unre$trlcted Unrestrlctsd funds funds 2023 2022 Diiridend income Rental income Interèst recèivable 73.901 12,000 17.953 73,946 12,000 26,561 103.854 112,507 Raising funds Unrestricted Unreslricled tund$ lunds 2023 2022 Investment management fees 42.266 48.230 42.266 48,230
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activitiey 2023 2022 Staff costs Depreriation Training, re¢ruilmenl and other staff costs Telephone, postage and stationery Cornpuler and sollware Advertising and mat*eting Rent and rates Motor and travel Insurance Sundries Premises expenses Bank charge5 Memberships and subscriptions 190,321 10,690 4,978 2.119 3.460 12,500 4,472 4.546 4.593 148 19.469 17.417 1.258 112,303 12,700 1,608 1.984 3.052 4,282 5.002 4.288 195 15.642 8.758 498 275.971 170,312 Grant fundlng of actfvlllos lseg note 61 726.585 1,733,259 Share of support Costs (see note n Share of governance costs {see note 71 307 11.227 158 10,456 1,016,090 1,914.183 Grants payablo 2023 2022 Grants to institutions.. Other 725.037 1.691.078 GTanls to indidUal5 3.546 42.181 728.585 1.733,259 12-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Gov•manc6 co$ts ¢osts 2023 Support C051$ Govèmance costs 2022 Professional fees Accountancy fees 307 307 11,227 156 156 10,456 11.227 10.456 307 11,227 11.534 156 10,456 10,612 Analysed between Charitable adivilies 307 11,227 11.534 156 10,456 10,612 Accountancy fees primarily include £3,900 12022: £3,708} in respect of the Independent Examiners fees, management accountant lees of £6,26612022.' £5,8831 and £84512022.. £865) in respect of payToII costs. Trustees None of the trustees (or any persons connected wrth them) rec&ived any remuneration or benefts from the tharity durin9 Ihg ygar. Employees Number of employees The average monthly number of employees during the yearwas.. 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Socrdl secursty costs Other penslon costs 165.808 15,658 8,855 90,535 13,449 8,319 190,321 112,303 The number of employees whose annual remuneration was £60.000 or more (excluding employer pension costs) warè". 2023 Number 2022 Number £60.001- £70,000 £70.001- £80,000 13-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 10 Net gaIn(lO$se$l on investments 2023 2022 Rèvaluation of invèstmènts 988.251 11.332.159) 11 Taxatlon The charity is exempt from taxation on Ils a¢tivities because all its income Is applied for charitable purposes. 12 Tangib fix•d ass•ts Frfjehold land L•a88hold FlxtL¢f85 and and bulldlngs Improvements tlttlngs Computer equlpmgnt Total Cost At l January 2023 Addrtions 452,419 4.050 2,894 5,768 465.131 At 31 December 2023 452,419 4,050 2.894 6.410 465.773 Depreciation and impairnient At 1 January 2023 Depreciation charged in the year 27.899 9.049 1.688 1.350 2,667 24 5,581 38.035 10,691 Al 31 De¢gmber 2023 36,948 3,038 2.891 5,849 48,726 Carylng amount Al 31 December 2023 415,471 1,012 561 417,047 Al 31 December 2022 424.520 2,362 26 188 427,096 14-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Fixed a¥set investments Li$t•d Other investments Invfystments Total Cost or valuation Al 1 January 2023 Additions Valual*)n changes Cash movements Facility movement Disposals 7,736,589 1,490,590 988,251 {143.7141 157,665 {2,397.8851 7,736,591 1,490,590 988,251 1143,7141 157,685 {11 {2,397,886) Al 31 December 2023 7,831,516 7,831,517 Carylng amount At 31 December 2023 7,831.516 7,831,517 Al 31 December 2022 7,736,589 7,736,591 2023 2022 other Investments cornpri$e'. Note8 Investments in subsidiaries 20 14 Debtors 2023 2022 Amounts falllng duè wlthln one year". Amounts owed by subsidiary undertakings Othér dgbtors Prepayments and accru8d income 822,785 819.346 11.483 1,458 2.887 825,472 832.287 15 Creditors: amounts falling due within one year 2023 2022 Other taxation and sothal Security Trade creditors Accruals and deferred income 8,809 83.705 14.819 6,347 285,1C(I 15.541 107,333 306,988 15-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Unreytrrcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are nol subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds whlch have been sel ade out of unr¢$lricted funds by thg trustees for specific purposes. At 1 January 2023 Incoming resources Resourcès expended Galns and losses At31 Decembèr 2023 Gengral funds 9,004,513 103.854 {1,058,3561 988.251 9,038,262 Pr¥vlou$ y•ar: At1 January 2022 Incomln9 r¢sour¢¢$ Resources oxpèndèd Gains and losses At31 December 2022 Ganeral funds 12.194.598 112,507 (1,970.4331 11,332.1591 9,004,513 17 Analysls of n•t assats bèts¥e•n funds Unrestricted 2023 Totsl 2023 Totsl 2022 Fund balances at 31 Dacamber 2023 are represented by. Tangible assets Investments Current assetsllllabllS1Ses) 417,047 417,047 427.096 7.831,517 7.831,517 7,736,591 789,698 789,698 840,826 9,038,262 9.038,262 9,004,613 18 Operating lease commitrnents Al the reporting end d81e the chadty had oulslandlng commitments for future minimum lease payments undèr nonrycan¢ellable operating lease5, which fall due as follows.. 2023 2022 )in one year 3.585 16-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 19 Related party transactions During the year the charity entered into the Idlowing Ir8nsactions with related parties.. Ouring the period, £7,180 P022'. £100) was made available lo Welland Residèntial Hotdings Limited, a wholly owned subsidiary, for the purpose of purchasing and maintaining properties lo fulfil its principal aclivilies. An atnounl of £nil 12022.. £17,500) has been repaid during the year, leaving an amount stsll due from the subsidiary al the year end of £822,78512022.' £815.6051. During the period, £12,000 12022.. £63,726) was made available to Rees Foundation, a related party. An amount of £12,000 12022.. £63,726) has been repald durtng the year, leaving an amount outstsnding at the year end ol £nil {2022.' £nill. During the p8riod, donations of £830,00012022.. £885,000) were made lo Re&s Foundat¢on. a related party. No outstanding amounts w&ia due from the related party al the year end. During the period, training costs of £40012022.. £nill were inc#Jrred from Trauma Infomèd Sèjvices Limited, related party. No ou151anding amounts were due to or from the related party al the year end. 20 Sub$ldlarf¢$ These financAal statements are 5ep8rale Charty financial statements for The lIand TN8t. Details of the charilvs subsidiaries al 31 December 2023 are 8$ follows.. Nam• of und•rtaklng R•gl$trr8d office Nature of business Class of % Held $haros held Direct Indirect Welland Re¥Adenlial Holdings Limited Craftsman House Residential Property De Salis Drive. Hampton Lovett, Droitwich. Engl8nd. WR9 OQE Ordinary sharg 100.00 The agggate ¢apital and reseryes and the resuh for the year of subsldiarie$ was as follows.. Name of undertaking ProfiUILossl Capital and ReseNes Welland Residential Holdin9s mited 13.1041 (59,2301 17-