Alwells & Mendip Trymuseum WELLS MUSEUM FINANCIAL STATEMENTS 31 December 2024 Registered Charity no. 1204396 8 Cathedral Green Wells BA5 1UE www.wellsmuseum.org.uk
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD {7 MONTHS} ENDING 31 DECEMBER 2024 Contents Page Legal and administrative information Annual Report of the 8oard of Trustees Independent Examinerfs Report Statement of Financial Activities Balance sheet Notes to the Financial Statements
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER 2024 Legal and adminlstrative infonr¢ation The Charity is a Charitable Incorporated Organisation (CIO). Itwas registered on 171h August 2023 and started tradingon 1"June 2024 with fundstransfefred from the predecessor charityTheWells Museum (No. 200738). The Charity is also knowm asTheWells & Mendip Museum. Wells Museum is an Accredlted Museum undertheArts CouncllAccreditatlon Scheme. The Museum is also a memberoftheAssoci8tion of Independent Museums Board of Trustees Chairnian Sue Isherwood Honorary Treasurer Tim Riichie Trustees The Tfustees of the Museum during period ended 31 Dernber 2024 were: Appolnt•d Resigned 2610912023 2610912023 1311112024 2610912023 1211112024 2610912023 1211112024 1211112024 1211112024 1211112024 1211112024 1211112024 1211112024 Sue IsheNiood Simon Armstrong Bruce Scobie Manlyn Cattell Tim Ritchie Linda Armstrong Tanya Tyreman Jane Burman Paul Willshire Cryslal Johnson Honorary Curator David Walker Honorary Llbrarian Stuart Andrews Curatorial Advlsor David Walker Bankers Lloyds TSB plc COIF Wells. Somerset 80 CheapsKle, London, EC2V 6DZ Independent Examiner Geoff O'sullivan
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER 2024 R8POrt of the Board of Trustees The Museum was founded in 1893by Herbert E Balch with the vision of"maintaining a Museum for the benefit ofthe public ofthe Cityof Wells and the Mendip area and advancingthe education ofthe public in the conservation, protection and improvement ofthe historical and natural environment ofthe Wells and Mendip area." Thisvision remains at the core ofthe Museum's activities and we are still guided by our founder's principle to'search and Learn." The Museum is situated on Cathedral Gr8en, occupyingwhat was once the Cathedral Chancellor's house which is Grade 2 listed and at the very heart of the city, close to the marketplace. the Vicars, Close and the Cathedral itself. The Museum is currently visited by 3,500 people a year. In addition, our lecture hall hosts multiple community groups on a regular basis and is available for private hire. whilst our stunning exhibition gallery is mostly booked out attractinga further 2.000 visitors. We also host regular school visits though these are recorded at a group level. The Museum tells the story ofwells. the Mendip landscape. and its inhabitants. Specimens of local geologyand archaeologyfeature in the displays, as do social history artef8CtS and samplers. It has an informative website. and 8 social media programme using Facebook and Instagram. The Museum helps to foster 8 sense of local identity. In our case quite literally as it contains an archive of the city's past. We offer residents and visitors alike a deeper understanding oftheir shared heritage. The Museum also acts as an education resource foryoung and old alike."Why does waterflow along both sides ofthe High Street? Why are there so many people of Italian extraction living in Wells? Who was Harry Patch? What is an ichthyosaur?"Whywas Mendip so importantto the Romans? These are the sort of questions that are asked and answered when people visit us.
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER 2024 As well as being a Museum we are also a meeting place. We have a Lecture Hall, an exhibition space, a meeting room, and a garden. Allare used bythe community with groups as diverse as the Wells Natural History & Archaeological Society IWNHASI, Wells Men's Breakfast. Several U3Agroups and local Rotary making regular use of the facilities. Regardingequity, diversity & inclusion, we have recently completed an access audit to identify howwe can better accommodate people with either learning or physical disabilities. Through our recently completed Heritage Lottery funded Seach & Learn project, we have run programmes specifically for those with mental health issues in partnership with local charities. Heads Up and the Lawrence Centre. We aim to develop community led exhibitionswith local interest groups, such as Wells City Band. Avery popular recent exhibition featured the Italians in Wells and explained how many prisoners of war decided to put down roots locally ratherthan returning home at the end of hostilities. We are also workingwith WNHAS. the Cathedral and the Wells & Transatlantic Slavery Group to put on a public education programme. for instance, we hosted a talk on"The Red Gold of Africa Benin, Brass, Bristol & Slavery." We workclosely with other interested parties to serve the needs of local communities. The connection to WNHASgoes backto the Museum'sfounding in 1893 and the society holds a programme ottalks in the Lecture Hall, 8swell as providing a representative to sit on the Trustee Board.
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER 2024 Independent Examlner's Reportto thetrustees of Weus Museum I report on the accounts ofwells Museum forthe period ended 31 December 2024, which are set out on pages 6 to 20 Respectlve responsibblities of trustee and examiner The Charity's trustees are responsible torthe preparation ofthe accounts. The Charity's trustees consider that an audit is not required forthisyear under section 144121 ofthe CharitiesAct 2011 and that an independent examination is sufficient It is my responsibility to: examine the accounts under section 145 ofthe 2011 Ch8rities Act to followthe procedures laid down in the general Directions given bythe Charity Commission under section 145{5)(bl ofthe 2011 CharitiesAct and state whether particular matters have come to my attention Basis of Independent Examlner's Report My examination was carried out in accordance with the general Directions given bythe Charity Commission. An examination includes a review ofthe accounting records kept bythe charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seekingexplanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence thatwould be required in an audit and consequently no opinion is given asto whetherthe accounts present 8"true and fairview" and the report is limited to those matters set out in the statement below.
WELLS MUSEUM FINANCIAL STATEMEMrs FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER2024 Independent Examiner's Statement In connection with my examination. no matter has come to my attention". which gives me reasonable causeto believethat in any material respect the requirements: a. to keep accounting records in accordancewith section 130 ofthe 2011 Charities Act: and b. to prepare accounts which accord with the accounting records and comply with the accounting requirements ofthe 2011 Charities Act have not been met: or 2. to which, in my opinion, attention should be drawn in orderto enable a proper understanding otthe accounts to be reached. Quallflcatlon statement. Examination otthe accounts has led meto a concurwith the Board ofTrustees reg8rdingthe charity as a goingconcern. The charity currently has unrestricted fund of around £37.000 and at current rate of cash outflowc8n continue to function until approximatelythe end of 2026. The charity had recognised this situation priorto my examination and have put in place 8 recovery plan actively supported by the full board. In my opinion the recovery plan is realistic. Ifthe plan is executed as currently stated the charity will 8chieve a stable financial position. Name Signed Date
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD {7 MONTHS) ENDING 31 DECEMBER2024 These financial statements are presented usingthe Accruals accounts packs (CC171- SORP 2005 set out on the charities commission website A¢¢ruals accounts packs ICC171- SQRP 2005- GOV.UK The following notes are not included asthere are no entries andlof the items covered are not applicable. Note 5 Note 7 Note 8 Note g Note 10 Note 13 Note 15 Note 16 Note 17 Note 21 Note 22 Donated goods. facilities and seiceS Extraordinary items Funds reiVed as agent Support Costs Details of rtain rtems of expenditure Grantmaking Intangible assets Heritage assets Investment assets Provisions for liabilities and charges Other disclosures for debtors, creditors and other basic financial instruments Contingent liabilities and contingent assets Fair value of assets and liabilities Events after the end of the reporting period Transactions with trustees and lated parties Additional Disclosures Note 23 Note 25 Note 26 Note 28 Note 29
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER 2024 IHARIIY COMMI5510N FOR ENGLANO ANO WAiES Chary Namp". We15 arwj Klpndy Mus•w Ch31rfy 12043961 Annual accounts for the To emd 01-Jun44 oate 31i1écQ41 Section A Statement of fi nancial activilies Recommended Gategoil• by aclivity Uhresirl¢ted In¢omt Endown•ni lunds funds lund5 Prior year Totsl fund Incoming res{r¢e$ INol• 31 F01 F02 F03 F04 F05 5.424 14.839 12.5 r - 49.496 T 424.744 32.821 38.245 14,839 12,505 474,240 Toial R•sourc•s txpend•d (Note 61 EwndItur•¢'. 458.162 1.n4 r 15.$88 28.$07 14.071 s9.1 1,734 Cn•n14¢tsyll1• 1,626 810 77.411 14,071 110.431 Tot•1 $12 Net Incomellexpendlturel b•for• Investm1 9alnslllossesl $13 Mèt incomellexpenditurn) Extraordlnary itms Transfeys belvjeen funds Other recogni5ed galn$lllMs•sl: $15 429.994 S16 811 Ilei VeMentIn lunds 407,032 429,gk4 Reconclllatlon of lund8.' Tolel funds corFled fonvanl
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (7 MOMtHS} ENDING 31 DECEMBER 2024 Chaiily 1-04396 Annual accounts for the per)d Section B Balance sheet Pltyj Et4rtdats". l Jw 2024 TOj dÈte 31 Decmber 2024 VTrr••trlcW ED¢oTrIrt Totslthh Totsl Flxtrd a$s•ts FOI F02 FO3 F04 FOS IP4Jt• 1S1 Tinglble assqll NfrritagF a•g0ts 315.214 315.214 {Not• 161 INDt• in 31&214 315.214 Curn•nt 418ots $locki Dobtor• 1•1 (Not? 191 1.967 In¥•8lmenl• IF4ot• 17AI ¢Mh at b•nk and In hnd INot• 24) Tot•l¢wv•nt•M•ts 102.9J2 102.SJ2 139. 145.328 42.a24 Cr•dltorn.' m¢rlI11n9 du• oth• ywr INrJl• 2W 30.545 12.279 102.502 114.7 12.279 417.718 Credltorn.. •mouht•fallw du•4i•roh• yNr (Not• X+l PrOVnI for1bIlItI9 Tot•lnot•88ets orll•bMI 417,716 Funds of the Charlty End¢)WMOlIt lund• (Noto 271 Uno•trt¢i•d funds Revalulltlon 29.980 Falrv•l¥• r•wN• 29. ThomembS h•vnotrnqCdth•¢affyto 4•¢¢¢?•¢+ffi s¢wl70 ¢lth• eomynlfrs Act2thX rqglnr• KC0thQ71FRsftrlS&PP. Dth ofappio ddim RrJ¥e TRI4•
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WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD {7 MONTHS) ENDING 31 DECEMBER 2024 Scttion C Notes to the accounis Analy•l• (rf oxp•ThJItw• L•¥ty•¥ no• Iued Jeeg Wkwlg Iya•$ IrKurred 'OporAbng cKql lotteries fLrsirj |OFwn9¢hority IotyJrThting tttr&irwJ ¢1p• iunderbkiry ncTrchanlatrkntrthJno ,A¢l¥fbslng. m•rt•lr4 dlrnth rn•llNi stsrt UP in g•w•br¥ nth¥ UTOrIu1LyQ Ir¢crfn Otrwtr&dlnq 4c11 InwAbii•rrt CfAt&' Portlc410 mlln4omeniDx coslol0tthnq Inw¥trnt1thle4 ,Ilii Rwi •r Totil•Ap•ndStum•n ly 15.574 14 17,074 140 Litsorywpen T+Jtsl•xp•nthturnonclbwlt•b b¥l•B EBtabli¥hmoni Adminislr4bon 7.5 11.888 19.191 21,fy)8 T&•1 Utilibej hsurunce Ctsyèè Mxhi iation Tftsl othwQxpende TofNL EXPÉNDITURE 732 14.071 110,431 To* th support TOt&i iut y• 6lrw¢ty t¥vl IOlhÈr Tr1
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WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER 2024 Soctioii C Note5 to tlTre 3CCOUlits Icontl Note12 Delbned contribution pengion herne or defined benefit scheme accounted for as a d•llngd contrlbutk>n 8cheme. Thlb 12.2 Pl••se cL¥n&rfe¢e th18 jortlon wlw• th• ehwftypiid•kn•dBIlnBdlJwtwpl0fttsl8 un•bl• to scertaln 118 slw• oftho tYIng •s#•ts Pl•as• conllm) afthowJh iho ¥lwn• 1$ ¥c¢ountgd ly¥s a dofinod WA plawL Pl•#• prcNldo •uch Ilknmth •• avalkthlo •b¢wJtth• pknn' surpk• or and th• IN)Icalkry Ilry. fortt repjrung chartylrythl• ltti ar. W dwferent t23 Pl¢•96 thls soctkn where thèchwltypwtldpO In • &(1•nn•dl)¥Jmfftp$lOn iknl OeBcrfbe ts •xtgnttowN¢h th• th•wty obltlons under the tsmm and ofth• mulk•mrn plawk I Ihb Is drfl8rnnt for ksi y•ar, wlde NIA Provlde an •xp*natkn of any Ilthlly wiswig frthn an agrwThrtwlh a muttknpknyer pkn to ha5 Ixen dBtsrminBd l Js (uifww#f(Y siyear. provkle deta115 15
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (7 MONTHS) ENDING 31 DECEMBER 2024 T4rWt• flx•d4M•ts 1&1 CoxlDrv4* In OX173 AttAIIo •T 2•7.2$9 1&Str1rtbDDkv 311211 l&• knp•bwr4 1&0 R•vdu#knn Lmt 16
WELLS MUSEUM FINANCIAL sTATEMErs FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER 2024 Section C Notes to the accounts (conti Note 18 Stocks Pltre compl•ts this note rfthe clwityholds any stock It8ms 18.1 Please Slate the carrylng amount of stock and work In progress anatysod betn activltles. Stock Donated goods Work In progresB For distributk For rnsale For distributlon For resale Charltable •ctlvlfjM: Oponlng Added In pwkKI 3,893 Expons•d In pgrlod Imylrod Closlng Other tradlng actlvltles: Op•nlng Added In pwknd Expens•d In porlod Imp•lr•d Clo¥lng Other: Addgd In porlod Imwlred Closlng Total this year 3,893 Totalprevious year Thls yr Last year 18.2 Please spoclfy the carrylng amount of any stocks pledged as security for liabili 17
WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD {7 MONTHS) ENDING 31 DECEMBER 2024 Section C Nrites to the accounts Icontl Not• 19 Dobtors and w•payTnonts Please complote thls not• Mthe chorityha5 any 19.1 Analy•l• of d•btorn Thbywr Last •r TMd• d•btorn 1,967.2 Pr•paym•nt8 and acenwd Incom• Oth•r dabtorn I,7.2 Totsl 19.2 An•ly•lJ of dobtorn lBegvor• ITr mor• than l y•ar Ilneknl•d In d•btorn above) Th1• y•ar Last Tr¥d• dobtgrn Prepayfflent8 and *e¢ru•d Ineom• Othar dobtors Totsl 18
WELLS MUSEUM FINANCIAL sTATEmEs FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER 2024 Sectitsn C Notos to the accounts Icontl Note 20 Cfeditors and accru•l¥ 20.1 Am111 ofcr•dltorn Amoynl• l•lling duo within on• y•ar L••ty••r Jnounts falling du• aft•r moro than ono yoar This yr La8tyoar crual• forgr4fits pay•bl• Bank loan8 and 0¥•11ft$ Trnde Crndltorn 3.193 P8yrnonts recolvod on 4e¢4)untfore•ntr•¢ts or Pgrformanco.r•latsd grants ¢ruah and def•Trd incom• Taxatlon and ¢111 ••euilty Oth•r ¢r•dltorn 27,352 Totsl 20.2 D•tsrrnd Incom• l¥e•s• comple1• th1$ not• ff th•¢h•ityh•s d•l•ff•dAIwrn. La•t pl$• •xpl•ln th• r••son¥ thyloM• 13 d•fwrn yor •t y••r B•lan¢o tth• •1•rt of the rnporflng wlod P4nount• •dd8d In cufrnnt p•rfod Èalance at tho end of the rnportlng period Silction C Note5 to the aCCOLllits 14)t• 24 Ca•h at bank and In hand yo•r Lut ymr Short t•mi eatrh InvoBM•nkn I1• 3 montt* mattwtty short tèmi doposSts Cash at bank and on h•NI Othor Tolal 1tr2.YJ2 139.466 19
WELLS MUSEUM FINANCIAL STATEMEWS FOR THE PERIOD17 MONTHS) ENDING 31 DECEMBER2024 Not•27 Chv FThd ItotUR" J4iir ILrnryFuM 11 ltyj TF¥ 20