Charity registration number 118177S (England and Wales) C(Mnpany registration number 11133860 THE WELLAND TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE WELLAND TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms J Rees Miss P Jones Miss l Murphy Mrs S Saunders Charity number 1181775 Company number 11133860 R8giSter•d offie• Craftsman House De Salis Diive Hampton Lovett or011¢h Worcesleishlre England WR9 OQE Independent examiner Colm McGrory Ormerod Rutter Lirnf(ed The Oakley Kiddermlnsler Road Dro1ICh WOrsterslre WR9 9AY
THE WELLAND TRUST CONTENTS Page Twstees. report Independent examinerfs report Statement of financial actwilies BaLgnc& sheet Notes lo the financial ststements 8-17
THE WELLAND TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial stalernenls for the year ended 31 December 2024. The financial 51alements have been prepared in accoTd3nce with the accounting policies sel out in note 1 to the financial slalernents and comply with the charity5 rnemorandum and artrles of association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended practi applicable lo charitie5 preparin9 their accounts in accoidance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effectlve 1 January 2019). Objèctives and activities Thé Charity's objècts 1. To relieve the needs of care experienced people primarily. bul not exclusively, through advancing their health. relieving unemployment. the provision ol financial assislanca and by developing their skills and Eapacity $0 that they are able lo participate more fully in society- 2. The provision of housing, induding Social Housing, and assistanc& to help house care eXperiend people and associated facilities. amenities and services for them. For the purpose of this dausè 'care experienced, means children or adults who have at some slage had foster care or residential care experience. Thè Charity's aim$: The Welland Trust continued to defiver on the long-tefm strategy during the year, focusing on lunding and support of projec15, 5eryice5 and inilialives delivered by other organisalions who seek to benefft adults who have experienced care. We are particularly keen lo support the creation of opportunitiès which help reduce homelessness. reduce re- offending, and support thal will enhance the physical and mentsl wellbeing of adults who've been in care. The projects we are looking to support will be those who will Serve cale eXperIend people of all ages. genders and backgrounds, in particular, we have a passion for projects that support opportunitie5 for training, employment and further education for care leavers who are over 25 whère there is no stalulory support available. Publi¢ benefit The tru51ee5 have cornplied with their duty lo have due regard to the guidance on public benefit 8s published by Ihe Charity Commission and consider all the activities undgrtaken to further the charity'5 purposes lo be of public beneffit. Property The charity aims to purchase. lease, exchange, hire or otherwise acquire any real or personal property rights or privileges (including shared or eontingent intereslsl. The Charity may also ¢onstru¢t, aller, improve. convert. maintain, equip, fvmish an(Vor demolish any buildings, structures or property. The charity may Sell, lease, license, exchange, disposg of OT Otherwtse deal with property (subject to the restrictions in the Charities Act 20111. The charity aims lo rent property to care experienced people al below market rents in order to enable them lo live inlei-dependèntly. The chaiity may provide accomrnodalion for any other charitable organisalion on such tèms as the Board decides {including renl-free or at nominal or non-commercial rentsl subject to the re51riclions In the Charities Act 2011. Grants and Loans The charity aiTns lo make grants, donations or loans. lo give guarantees and lo give sacurity foT thos& guarantees (5ubjed to the restrictions in the Chari11è5 Aet 2011}.
THE WELLAND TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Use of staff and volunteers The charity may ernploy staff or engage consultants and advisers on such terms as the Board thinks fit. The d)arity wll recruit and manage voluntary workers, including paylng their reasonable expenses., the ¢haiity is very grateful lo the volunte&rs WIK) provide support and help to raise awarenèss and funding for the charity. Achievements and perforniance Flnancial review Followin9 a yèar of strong investment performance throughout 202311 w8$ encouraging 10 See this maintained in 2024. the investments grew In value by £790.184 during the yeai. wth particularly strong growth in the first quarter. The Closing inve51rllenl valuation balance was £7.760,970 and a cash balance of £4,357. Grant giving for the year was £610,848, with overheads and staff costs of £121,316 and £209.017 respeciively. The net deficit for the year was £16.313. Reserves and Investment policy The trustees consider that a prudent level of resetvés should be held lo support the aims of the charity and enable continued and sustainable grant giwng. 11 is the IruslÈe'$ intention that surplus funds held in excess of those required for medium term financi81 commitments be invested. and that the luM achieved on the investments will be used to fund the tharilable giving and overheads. The inve51tllent portfolio will be professionally managed and invested in diversified, ethical, and environmentslty friendly sècurities. The risk profile for the investments is currently moderate. this will be reviewed at lea51 annualty lo ensure an accèptable risklretum balance 15 maintained. The Charity maintains a borrowing facility of up to £500.(XJO, this sum can be drawn down as required, wkth the balance secured against the investments. The boiiowing facility adds a degree of flexibility. enabling thè Charity to make withdrawals from investments al the most optimal times. The interest rale on the borrowing is lower than the long term average investrnent retums. Future Plans Tha charity aims lo continue ts organisalional grant making aetivities as described earlier in the report. We plan to promote the Charity widely, to extend ils reach and attract a wide range of giant appll¢allons lo promote innovation and to maximize the opportunities available lo carè èxperienced people nationally. 25
THE WELLAND TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEAIBER 2024 structure. governance and management Governing document- The charity 15 governed by its Memorandurn and Articles olAssociation dated 4th January 2018, as amended by special resolution registered al Companies House on 12th December 2018 and further amended by speaal resolution dated 9th December 2020 also lodged with Companies House. The Iruslees. who are also the dlrectors for the purpose of cornpany18w, and who served during the year and up to the dale of signature of the finan¢ial statements were.. Ms J Rees Miss P Jones Miss l Murphy Mrs S Saunders Recruitment and appointment of newtrustÈes The trustees, who are also directors under company law, are appointed by ordinary resolution or by the existing trustees of the charity. None ol the Iruslees have any beneficial interest in the company. 1 of the trustees are membèrs of the company and guarantèè to contribute £1 in the event of a winding up. Oryanisational structure The trustee5 are responsible for Governan¢e and ensuring the charitable objectives are being mel. The Chair and Iruslees provide strategic direction and dècision making lo the exe¢ulive team, who has delegated authority for delivering the strategic plan and operational leadership. including the day to day running of the charity. Induction and training of new trustees New trustees are provided with informab.on in the form of a Truslee5' Handbook including details from the Charity Commission explaining their duties and rèsponsibilities as Iruslees, the terms of their engagement as trustee and details ol the charily's key principles and aims lor ils work. Each Iruslee is also provided wrth a copy of the charitys Memorandum and Articles of Asso¢iation and a recommended resoLJrce and reading lisl lo assist th&r role and development.. these are a150 avallable from the charity.
THE WELLAND TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statsmènt of trust•&s' responsSbilities The trustees. who are also the directors of The Welland Trust for the purpose ol company law, are responsible ftir preparing th& TrusteÉs' Report and the financial 51alemenls in accordance with applicable law and Uniled ngdomAccounling Standaids (United Kingdom GenerallyAecepted Accounting Practice). Company Law requsTe5 the Iruslees lo prèpare financial statements for èach financial year which give a true and fair view of the slate of affair5 of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable cotnpany for that year. In preparing these fjnancial statements. the trustees are required to.. select suitable 3e£ounting policies and then apply them consistently. observe the method5 and principles in tha chareS SORP. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards h8ve been followed. subject lo any material departures dis¢losed and explained in the financial statemen15', and prepare the financial slalemenls on the going concern basls unless it is inappropriate to prèsume that th& charity will continue in opèration. The trustees are r85ponsible foT keeping adequate accounting records that disdose with reasonable accuracy 3t any time the financial position of the charity and enable them to ensure that the financAal staternenls Comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of Ihe charity and hence for tsking reasonable steps for the prevention and datection of fraud and other irrégularities. The Iruslees, rgport was approved by the Board of Trustees. Ms J R8•s Trustee 25th June 2025
THE WELLAND TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELLAND TRUST I report lo the Iruslees on my examination of the ffinancial statements of The Welland Trust Ilhe charity) for the year ended 31 December 2024. Responsibilitie$ and basis of report As the trustees of the charty land also its directors for the purposes of company lawl, you are responsible for the preparation of the financial slalgments in accordance with the requirèments of the Companies Act 2006. Hawng satisfied rny5elf that the financ581 statements of the charity are not requlred to be audited under Part 16 of ihe 20( Act and are eligible for independent examination. I report in Tespecl of my examination of ihe charity's financial statements carried out under section 145 01 the Charities Act 2011 Ilhe 2011 Act). In carrying out my examination I have followed all the applicabl8 Directions given by the Charity CoMmisOn undèr section 14515llbl of Ihe 2011 Act. Independent exarninerfB Btatement I have completed my examination. I confirm thal no matter5 havo come to my attention in connection wrth the examination giving me cause lo belièw that in any material resped.. accounting records were not kept in respect of the charity as required by section 386 of the Compani&s Act 2006. the financial stalernenls do not accord wth thos8 records.. or the financial statements do not ¢()mply with the accounting requirements of section 398 of the Companie5 Act 2006 other than 8ny requirement that the financial slalemen15 give a true and fair view. which is not malter considered as part of an independent examination.. or the financlal slalemenls have not been prepared in accoidance wllh the methods and prinuples of the Slalemenl of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their fin8n¢ial statements in accordance with the Finanfyal Rèporting Standard applicable in thè UK and Republic of Iieland IFRS 1021. I have no concerns and have come across no othèr matters in connection with the examination to which attention should be drawn in this report in order lo enablè a proper understanding of the financial statements lo be reached. Colm McGrory FCA Omerod Rutter Limited The Oakley Kidderminsler Road Droilwich Worcestershire WR9 9AY Dated.. 0110712025
THE WELLAND TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstrict8d funds 2024 Unrestricted funds 2023 Notes Incom& from.. Donations and legacies Investments 20.OC%J 114,684 103,854 Total income 134,684 103,854 Expenditur# on: Raising funds Charitable acliwlies 44,155 897,026 42.266 1,016.090 Total expenditure 941,181 1.058,35e Nel gains on investments 11 790.184 988,251 Net expenditure and movement in funds {16,3131 33,749 Reconciliation of funds.. Fund balances al 1 January 2024 9,038,262 9,004,513 Fund balances at 31 December 2024 9,021,949 9.038,262 The statement of fnancial activities indudes all gains and losses recognised in thè year. All income and expenditure derive from continuing activities.
THE WELLAND TRUST BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Fix8d a$$ets Tangible assats Investments 13 14 407,381 7,760,971 417.047 7,831.517 8,168.352 8,248,564 Current assets Debtors Cash at bank and in hand 15 817,246 68,931 825.472 71.559 886,179 897,031 Cr¢dltors: amounts falllng due wlthSn one y*ar 132,5821 (107,3331 Nel Current assets 853,597 789,698 Total assets less current liabilities 9.021,949 9,038.262 Incom• funds Unreslficled funds 9,021,949 9,038,262 9,021.949 9,038,262 The company is entitled to the exemption from the audit requirement contained in section 477 of the Cfmpanies Act 2006, for the year ended 31 Decernber 2024. The directors acknowledge their responsibilities for cornplying with the QUIreM&ntS of the Companies Act 2006 with respect lo a¢untIng recoids and the preparation of financial slalements. The members have not required the company lo obtain an audiL of it5 financial statements for the year in question In accordance with section 476. These fin8ncial statements have been prepared in accordance with the provisions applicable to Companie5 subject to the srnall companiès regima. The financial statements were approved by the Trusteès on . 25th June 2025 Ms J Rees Trustee Company Registration No. 11133860
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeountlng polleles Charity information The Welland Trust Is 8 private company limited by guarantee incorporated in England and Wales. The registered office is Craftsrnan House, D& Salis Drive, Hampton Lovett, Droitwi¢h, Worcèstershire, WR9 OQE, England. 1.1 Aeeountlng convèntlon The finanaal statements have been prepared in a¢eordance with the charity's memorandum and artid&$ of assoaation, the Companies Act 2006 and 'Ac¢oLJnling and Reporiing by Charities.. Slalemenl of Recommended Piactice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting leffe¢tive l January 20191. The charity is a Public Benefrt Entity as deffinèd by FRS 102. The charity has taken advantage of the provisions in the SORP for charilles applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial statements are prepared in 51erling, which Is th& functional Currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial 51alements have been ppared undor the historical cost convention. The prinapal accounting policies adopted are sel out below. 1.2 Going conc•rn Al the lime of approving the ffinanual slalèmènts, the Iruslees have a reasonable expectation that the charity has adequate resources lo continue in operakn'onal existence lor the foreseeable future. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial slalemènts. 1.3 Charitsble funds UnTes1iicted funds are available for use al the di5cretson of the trustees in furtherance of their charitable objectfves. Restiieted fund5 are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incoming rèsoureÈs Income is recognised when the chaTty is legally entitled to it after any performan¢e ¢ond¢tions have been mel, the amounts can be measured Teliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notffied ol the donation, unless perforrnan conllrtions requirè deferral of the amount. Incorlle lax recoverable in r¢lalion to donations received under Gift Aid or deeds of covenant is recognised at the ts.me of the donation. LegacAes are recognised on receipt or otheise If the charity has been notified of an irllpending distrlbution. the amount is known. and receipt is expected. If the amount is not known, the legacy is Irealed as a ¢ontingent assÈL
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Account5ng pollcles {Continuedl 1ts Rèsourc8s expended Liabilities are recognisgd as expenditure as soon as there is a18gal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in 5elllemenl and the amount of the obligation can be measured reliab5y. Expenditure is accounted for on an accruals basis and has been classified under hèadings that aggregate all c051 related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activthes on a basis consistenl with the use of resources. Costs of raising funds Compthses of costs inujrred during investing activititss. Fund raising c0515 include the costs of goods sold. café costs and their associate support and governance costs. Expenditure on Charitab activities includes costs of providing grants in line with chartsble aims and objectivès and their associate support and governance $1$. 1.6 Tangible fixed assets Tangible fixed a55ets are initially measured at cost and subsequently measureil al cost or valuation, net of depreciation and any impaiirnenl losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their usefLJI lives on the following basès= Freehold land and buildings Leasehold improvernenls Fixture5 and fittings Computer equipmènt 2% straight line 33% straight line 33QA straight line 33°/• slraighl line The gain or loss arising on the disposal ol an asset Is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financjal actiwlies. 1.7 Flxed asset Investments Fixed asset investments are Snillally measured at transaction price excluding transaction costs. and are subsequently measured al fair value al ead) reportin9 date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction Costs are expensed as incurred. A subsidiary is an entity controlled by thè charity. Control is the power to goveTn the finanaal and operatin9 policies of the entity so as lo obtain benefits from rts actwities. 1.8 Impairment of fixed assets Al each reporting end date, the charity reviews the carrying amounts of its tangible assets lo detemiine whether theTe is any indication that those assets have suffered an impaiment loss. If any such indication exists, the recovtsrable amount of the asset is estimated in order lo deleimine the èxtent of the impairmenl 1055 lif any). 1.9 Cash and cash equtvalents Cash and cash equlvalents inclLJde cash in hand. deposits held al ¢all with banks. other short-lerm liquid inveslrlltrnls with original maluritias of thrae months or less, and bank overdiafts. Bank overdrafts are shown within borrowings in current liabilities.
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeounting policl•s Icontlnuedl 1.10 Finan¢ial in$truments The eharitable company only has financial assets and financial liabilities of a kind that quaffy a$ basio financial inslruTvenls. Basi¢ financial instruments are initially re¢ognised al transaction walue and subsequently measured al Iheii settlement value. 1.11 Taxation The charity is exempl frorn corty)ralion lax on its charitable activitie5. 1.12 Provlslons Provisions are recognised when the charity has a legal or constructive PTesenl obligation as a result of a pa61 event, rt is probable that the charity will be Igquired to settle that obligation and a raliable estimate can be madè of the amount of the obligation. The amount re¢ognised as a provision is the be51 e51imatÈ of the consideration required lo settle the presènt obligation al the reporting ond date, taking into account the risks and uncertainties Surrounding the obligation. here the effect of the lime value of money is maleTial, th8 arnount èxpected to be required 10 settle the obligation is recognised al present value. When a provision is rneasured at present value. the unwinding of the discount is recogni5ed as a finance cost in net incomellexpenditurel In the period in which (f ari5e5. 1.13 R8tlremont b•n8fits The charitable company operates a dafined contribution pension sch8rne. Contributions payable to the chartable company's pension scheme are charged lo the Slalernenl of Financial Activities in the period lo which they relate. 1.14 Lèases Rentals payable under operating leases. induding any lease incentives received, are charged as an expense on a straight line basis over the lerrn of the relevant lease. Crltleal aeeountlng estlmates and judgements In the application of the charitys 8cctsunting policies, the Iruslees are required to make judgements, eslimales and assumptions about the carrylng amount ol assets and liabilities that are not readily apparent from other sources. The estimates and as50¢ialed assutnptions are based on historical experience and other factors that are considered to be relevant. Actual Tesults may differ from these estimates. The astimatès and underlying assumption5 ale rèviewed on an ongoing basis. Revisions to accounting estimates are recognised in the peTiod in which the estimate is revised where the revision affects only that period, or In the perlod of th& revision and future periods whèrè the revision affects both currènt and future periods. Income from donattons and lega¢ie¥ Unrestricted funds 2024 Unr•strlcted funds 2023 Donations and gifts 20,000 10-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 In¢ome from Investments Unrestricted Unre8trl¢ted funds funds 2024 2023 Dividend income Rental income Interest reVable 61,753 12.000 40,931 73,901 12,000 17,953 114,684 103.854 Rai8ing fund8 Unrestri¢tsd Unrestricted funds funds 2024 2023 Investment management fees 44,155 42.266 44,155 42,266 11
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Staff costs Depreciation Trainlng, recruitment and other staff Costs Telephone. postage and stationery Computer and Soare Advertising and m8rketin9 Rent and rates Motor and travel Insurance Sundrie$ Premises expenses Bank charges Member5hip5 and subscriptions 209.017 10,448 1,989 2,579 3.146 190.321 10.690 4,978 2,119 3.460 12.500 4,472 4.546 4,593 148 19,469 17,417 1,258 5.451 1,845 3.758 320 20,029 19,593 2.152 280,327 275.971 Grant fundSng of a¢tlvllies (see note 71 610,848 728,585 Sharg of support costs (seè notè 81 Share of govemanee costs {see note 81 796 5.055 307 11,227 897.026 1,016,090 Grants payable 2024 2023 Grants lo Instilulions: Other 610.848 725,037 Grants to individuals 3,548 610,848 728.585 12
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Governan¢e costs costs 2024 Support costs Govemance CO515 2023 Profèssional feès Accountancy fees 796 796 S,055 307 307 11,227 5,055 11,227 796 5.055 5,851 307 11.227 11.534 Analysed beiween Charitable adivrties 796 S.055 5,851 307 11.227 11,534 Acry)unlancy fees prirnarily indude £3,713 12023.. £3,900) in respect of the Indepèndènt Examinèrs fèès. management accountant fees of £nil (2023.. £6,266) and £1.02212023'. £845) in respe¢t of payroll costs. Trusteès None of the Iru$lee$ {or any persons connèct@d wilh thern) received any remuntrration or b9n8frts fmm thg charity during the year. 10 Employees Number of employees The average rnonlhly number of employees during the year was.. 2024 Number 2023 Number Employmènt costs 2024 2023 Wage5 and $alarres SocAal security costs other pension costs 173,080 23,809 12,128 165,808 15,658 8,855 209,017 1,321 The number of èmployees who$8 annual remuneration was £60,000 or more lex¢luding employer pension costs} were.. 2024 Number 2023 Number £60,001- £70,000 £70.001- £80.000 £80.001- £90.000 13-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Not gainslllosses} on investments 2024 2023 Revaluation of Investrnents 790,184 988,251 12 Taxation The charity is exempl from laxalion on its actNities because all its income 15 applbed for charitable purposes. 13 Tangible fix¥d a$$•ts Freohold lond Lèasèhold Flxtur05 and and bulldln95 ImpEov•monts flttlngs Computèr equlpmgnt Totsl Cost Al 1 J8nu8ry 2024 Additions 452,419 4,050 2,894 6,410 782 465,773 782 Al 31 December 2024 452,419 4,050 2,894 7,192 466,555 Depreciation and impaimient Al 1 January 2024 Depreciation chaiged in the year .948 9.048 3.038 1.012 2.891 5,849 388 48,726 10,448 At 31 December 2024 45,996 4.050 2,891 6.237 59,174 Carrylng amount At 31 Dember 2024 406,423 955 407,381 At 31 December 2023 415,471 1,012 561 417.047 14-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Flxed asset Investments Llsted other Investmènts Inveslments Total Cost or valuation Al 1 January 2024 Additions Valuation changes Cash movements Fa¢ilhy movement Disposals 7,831,516 1,476,916 7,184 52.269 130.509 (2,520,424) 7.831.517 1,476,916 790,184 52.269 130.509 12,520.424) Al 31 December 2024 7,760.970 7,760,971 Carylng amount Al 31 December 2024 7,760.970 7,760,971 At 31 December 2023 7,831,516 7,831,517 2024 2023 Olhor investmènts compris6'. Not•s Investments in subsidiaries 21 1S Debtors 2024 2023 Amounts fallin9 due wlthin ono ygar: Amounts owed by subsidiary undertakings Prepayments and a¢cnJed income 810,976 6,272 822.785 2,687 817,24B 825.472 16 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Trade creditor5 Awuals and deferred Income 9.493 7.761 15,328 8,809 83,705 14,819 32,582 107,333 15-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 17 R¢tir¢ment bèn•flt schèmas 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 12,128 8,855 The charity opeiales a defined corntribution pension scheme for all qualifying employees. The as5els of the scheme are held separately from those of the charity in an independently administered fund. 18 Unr8strfctsd funds The unreslricled funds of the Charity comprise the unexpended balances ol donations and grants which are not subject to 5pe¢ffi¢ ¢ondilion5 by donors and grantors as lo how thèy may be used. These indude designated funds which have been set aside out of unrestricted Yunds by the ttustees for specific purposes. At 1 January 2024 Ineoming r¢soLtrc8s Resources expended Gain$ and 10$$0S At31 Dèc•mbèr 2024 General funds 9,038,262 134,684 1941,1811 790,184 9,021,949 Prèvious yèar: At 1 January 2023 In¢omlng resourcès Resources expended Gain$ •nd 105$0$ At31 Dèeèmbèr 2023 General fijnds 9,004,513 103,854 11,058,356> 988,251 9,038,262 19 Analysis of net assets beeen fund$ Unrestsleted 2024 Total 2024 Totsl 2023 Fund balances at 31 Dmber 2024 are represented by.. Tangible assets Investments Current assetsllliabililies) 407,381 7,760,971 853,597 407,381 7.760,971 853,597 417,047 7,831.517 789.898 9.021,949 9.021,949 9,038.262 16-
THE WELLAND TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Related paty tran$a¢tlon$ During the year the charity entered into the following transactions with related parties.. During the period, £12,108 12023". £7,180) was made available lo Welland Residential Holdings Limited, wholly ownèd subsidiary, for the purpose of purchasing and maintaining properties to fulfil rts principal acliwlies. An amount of £299 12023." £nill has been repaid during the year, leaving an amount still dug from the subsidiary al the year end of £810,976 {2023'. £822,785). During the period. donations of £20,00012023". £niV) wera received from Welland Residential Holdings Limited. wholly owned subsidiary, for the purpose of purchasing and maintaining properties lo fulfil its principle actiwties. During the period. training costs of £nil12023'. £4001 were incurred from Trauma Informed Services MIted, a related party. No outstanding amounts were due lo or from the related party at thè yèar end. 21 Subsldlaries These financial statements are separate charity financial stalemenls for The Welland Trust. Details of the chanty's subsidiaries at 31 December 2024 are as follows.. Name of undertaking Registered office Nature tsf bu$ln•ss Class of shares held % Held Dir•et IndI¢t Welland Residential Holdings Limited Craftsman House Residgnlial Propaty De Salis DrNe, Hampton Lovett. Droitwich, Englarjd. WR9 OQE Ordinary share 100.00 The a99r8gate capital and rèsatves and the result for the year of subsidiaries was as follows.. Nam¢ of undertaking ProflVILossl Capital and Reserves Welland Residential Holdings Lirniled 116,5161 (75,7471 17-