Al Wells & Mendip Trvmuseum WELLS MUSEUAI FINANCIAL STATEMENTS 31 December 2025 Registered Charity no. 1204396 8 Cathedral Green Wells BA51UE ww.wellsmuseurn.org.uk Contents Legal and administrative infomation...................... ................................................ Report of the Board of Trustses............................................................................... Report from the Curator................................ Financial Report from the Honorary Treasurer................................................... 10 Independent Examinerfs Report to the trustees of Wells Museum.....................12 Financial Statements............................................................................................. 14 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Legal and administrative information The Charity is a Charitsble Incorporated Organisation (CIO). It was registered on 1 P August 2023 and started trading on 111 June 2024 with fvnds transferred from the predecessor charity The Wells Museurn (No. 200738). The Charity is also known as The Wells & Mendip Museum. Wells Museum is an Accredfted Museum under the Arts Councll Accredltsllon Scheme. The Museum is also a member of the Associatlon of Independent Museums Board of Trusts•• Chalrnian Su8 Isherwood Honorary Tr•a•ur•r TIM Ritchie Trust The Trustees of lh8 Museum during th8 y8ar 8nded 31 December 2025 were.. Appolnted 2610912023 1211112024 1211112024 1211112024 1211112024 1211112024 0910912025 0910912025 1211112024 1211112024 1211112024 1211112024 R•slgned Sue Ishewx)d Tim Ritchie Paul Wiltshir8 Linda Annstrong Tanya Tyreman Jane Burman Denise D8nis Nicola Tumer Crystal Johnson Phillipa Threlfall Richard Lovegrove Hannah Bennett 0910912025 0810712025 0210912025 1111112025 Honorary Curator David Walker Honorary Llbrarlan Stuart Andrews Curatorlal Advlser David Walker Bankers Lloyds TS8 plc COIF Wells, Somerset 80 Cheapside, London. EC2V 6DZ Geoff O'sullivan Indopendont Examlner WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Report of the Board of Trustees The Museum was founded in 1893 by Herbert E Balch with the vision of "maintaining a Museum for the benefit of the public of the City of Wells and the Mendip area and advancing the education of the public in the conservation, protection and improvement of the historical and natural environment of the Wells and Mendip area.. This vision rernains at the core of the Museurn's activtties and we are still guided by our founderfs princAple to 'Search and Leam.. The Museum is situated on Cathedral Green, occupying what 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 was visited by 5,921 people in 2025 up from 3.500 in 2024. A further 300 people purely attended our stunning exhibition gallery. We host regular school visits which are recorded at a group level. Our lecture hall hosts multiple cornmunity groups on a regular basis and is available for private hire. The Museum helps to foster a sense of local identity. In our case quite literally as It contains an archive of the city's past. The Museum also acts as an education resource for young and old alike. We are also working with WNHAS, the Cathedral and the Wells & Transatlantic Slavery Group to put on a public education programme. To improve our equity. diversity & inclusion. we have recently completed an acce&8 audit to identify how we can better accommodate people with either leaming or physical disabilities. Through our recently completed Heritsge Lottery funded Seach & Learn project, we have njn programmes specifically for those with mental health issues in partnership with local charities, Heads Up and the Lawrence Centre. We work closely with other interested parties to serve the needs of local communities. The connection to WNHAS goes back to the Museum's founding In 1893 and the society holds a programme of talks in the Lecture Hall. as well as providing a representstive to sit on the Trustee Board. WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Report from the Curator Search & Learn project The museum's 'Search & Leam, prqect, suptM)rted by the National Lottery Heritsge Fund (NLHF). fonnally ended 31st March 2025. Exhibitions and Activities The museum held a full programme of exhibiti'ons and events, both In the first floor Exhibition Room and the ground floor Meeting Room by exhibitors: Tony Martin & Christopher Binding, Kes Robinson, iDartists. Mendip Calligraphy Group, ABCD artists, Draycot Art Club, Phoebe McElhatton & Nic McElhatton. Old Bakery Artists (two exhibitions). Shepton Artists, Anna Dmochowski, Ruth White & Ruth Baker, Paul Davey & Irvlng Kinnersley. Avalon Stitchers, Quartet of Artists, and Robin Gray. In September, following complete refurbishment, the museum's Meeting Room reopened under a new name, The Jean Imray Room. The room has been renamed in memory of Jean Imray, a trustee and long-time supporter of the museum who passed away in 2015. The inaugural exhibition was 'Menhir photographic exhibition, by Elizabeth Woodger. commissioned by the Mendip Hills National Landscape Team and Seed Sedgemoor. In March we hosted the Somerset Archaeology and Natural History Society Annual Archaeology Meeting. and throughout the year three Finds Identification Days, with Laura Beckwith the Finds Liaison Officer for Somerset County Councll. For families we produced a museum Romans trail for the Summer holidays, and over Autumn half term we held a Halloween trail. and a Halloween art competition. During the year we held two fundraising events, in February an Artists, Postcard Exhibition & fundraising event with support from Wells Rotary, and in November an Italian Wine Tasting event. Five bi-monthly issues of the Museum Newsletter were published and circulated to museum 'Friends' and local pre&8, and another successful Christrnas Craft Market was held in December. Leaming The museum's schools leaming offering was launched in the Summer. following a hand over from leaming consuttant Katherine Webber. The details are now on the museum website. Selected primary schools were contacted, and several primary schools visited the museum. Three sessions of the Transatlantic Slave Trade workshop were delivered in partnership with the Cathedral and the Bishop's Palace. Work is under*vay to develop trails, quizzes. loan boxes and a modular workshop for the new Roman Mendip gallery. We are grateful to Katherine Webber for her work as WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 part of 'Search & Leam,, and to trustee Tanya Tyreman and volunteer Amy Lowe for their work. Collections During 2025. 22 items. or groups of items. were accessioned into the museum collections. 16 of these were newly acquired material, and 6 were rtems. or groups of items, already in the collections but not previously documented to current stsndards. The number of the year's items from individual donors was lower than average, but several were relatively large collections. The museum is particularly grateful to volunteers Joan Goddard, Richard Kilroy, Yona Schwalbe-Goodwin, Steve Tofts, and Pete Missingham for their work. ConseN8tion Five pieces of polychrome Chinese porcelain export ware excavated from the Wells Museum Garden in the 1990s were conseNed by the Conservation and Archive Service (CMAS) based at Chippenham. Their skilled conseplators carried out an extraordinarily piece of delicate work. Three of these items are now pernianently on display in the new City Galleries. In-house we have conserved inthouse two pieces of a shale bracelet excavated by the Westbury Society Archaeology Group (WSAG) at their Thombury site. Documentation As part of the Search & Leam project, we acquired Modes Complete relational database for collections management. rim Burge, ICT expert, migrated the Excel spreadsheet records for the museum and library collections into Modes, and held a training session for museum and library volunteers. This initiative allows museum and library records to be interrogated as one, and allows images of the items to be embedded in their ￿cOrdS. Research Throughout the year the focus has been on our Roman collections and the history of the local Roman presence, to inform the upcoming Roman Mendip gallery. Work by David and Vicky Dawson, and Linda Iveson (Wells Pottery Group) continues on the Wells Museum Garden material, which will eventually result in a publication. Pip Nabl>Osbome and colleagues from the Community Archaeology on the Mendip Plateau group evaluated finds excavated over a decade ago during the community archaeology project at the Cathedral. and which are stored at the museum. Nicky Amos and colleagues from the WSAG have been studying pottery shards excavated over a century ago by Herbert Balch from Wookey Hole cave, as part of a local typology exercise. WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Badger Hole material was reassessed by volunteers Steve Tofts and Joan Goddard. including the identification and repad(ing of specirnens. A 2024 paper on the Bronze Age human remains from a local cave. Charterhouse Warren Farm Shaft. was shortlisted for an award by Current Archaeology. The remains are in the museum collections. A paper on the Bronze Age gold bracelet found in Bracelet Cave in Ebbor Gorge by Graham Mullan of the University of Bristol Speleological Society has been published. The museum has a replica of the bracelet on display in the Balch Room. Interpretation Following approval to begin work on the proposed new Roman Mendip Gallery the museum contracted Far Post Design to cary out the design and build elements. There have been several briefings to volunteers on the project and the working group and met regularly with Far Post. A successful Crowdfunder was organised by trustee Paul Wiltshire to fund a Roman Mendip activity programme. The construction phase will begin in Marth 2026 and be complete for Easter 2026. Earller in the year the Netherworld of Mendip caving gallery was refurblshed by our In- house team, with thanks to Mendip Cave Registry & Archive for financial support. Three separate 'Curator's Choice. displays were instslled throughout the year. Wolves, the Phillips Photographic Studio bell, and a bowl was presented to Mrs Thomas of the Wells Young Men's Christian Association by the Motor Transport Army Seniice Corps. Library New additions to the library catslogue 66 new titles have been accepted for the library during 2025 and added to the library catalogue. This includes 8 titles to the Coleridge archive. Library volunteers The museum is most grateful to the following for staffing the library and worklng on the library collections: Michael Brooks. Nicolas Brown, Keith Cattell, Katy Stenhouse, Mary Sturmer, Yona SChWalbe￿o0dwIn. Sadly Andrew Haymes stood down as Assistant Librarian, and we thank him for his contribution over the years. Stuart Andrews, Honorary Librarian WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Wells Cty Archives This year Wells City Archives has seen increasing numbers of enquiries, particularty in requests for inforynation by email, continuing the growth in enquiries seen in the previous few years. Three temporary displays have been produced for exhibition in the Town Hall and one of these has received an extension in display at Wells & Mendip Museum. A medieval charter from the collection was displayed at Heritsge Open Days this year, along with a copy of a recently discovered map. Improvements to the description of the community collecttons has also been achieved. The numbers of enquiries to Wells City Archives has continued to rise. with a 280 increase in the number of requests for infonnation by email compared to 2024. Topics of Interest have been diverse, induding motifs in post medieval charters, the Lewellyn's Almshouse, Victorian city constables, 19th century architectural designs and 20th century camivals to name a few. We have received a small number of enqulrfes from from Australia and the U.S. however the majority have been from the We welcorned 18 visits to the archive, one more than last year, by researchers wishing to view Corporation property surveys, building plans. and tithe map apportionments to name a few. Monitorlng of the storage envlronment for Ihe cx)Ilection has continued and temperature and relative humidty conditions have been maintained. Relative humidity levels have been parts'cularly conslstent thls year. In 2024. we were very grateful to the Richard111 Somerset Branch for donating translations of two pardons in the collection. one granted by Richard 111 and another granted by Henry Vlll. A temporary display was produced by museum volunteers Emma Houston and Eloise Reid for display at the TO%￿ Hall in March this year. showing photographs of the pardons with information gained from the translations. Richard111 Society Somerset Branch chaimian Kieron Malloy added valuable infomation as the display was transferred to the museum in September where It will be displayed until spring 2026. A display was also produced showng the hlstory of Mayor-making to coincide with May's ceremony confiming Cllr Louis Agabani as the 651st Mayor of Wells. The production of this display was again assisted by Emma Houston and Eloise Reid. and included the display of the King John Charter, a medieval title deed and the act of Parliament for building the Town Hall during the ceremony. Eloise Reid produced a further display for the Town Hall focusing on an item of interest in the collection. The item is unusually small book of rules for the Wells Union Workhouse, and the display included an introduction to the history of the Workhouse. Wells City Archives participated in Heritage Open Days. producing a pop up display looking at the city boundaries and how they have changed over time. This was an WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 opportunity to exhibit a copy of the recently discovered 1601 map of Wells in Lambeth Palace library's collection and we are very grateful to the Library for their permission to include a copy of this map. Bishop Savaric's charter was also exhibited, showing an earfy written description of the boundary of Wells. Wells City Archives is very grateful for the support of museum volunteers Jan Whittaker and Val Longman for supeNising the display of the charter and for providing visitors with guidance. Emma Houston has continued with WO￿ started in 2024 to improve the description of the community collections. There has been considerable progress with this in 2025. and it has allowed for better storage and access to items included in this collection. Austin Little is also working on combining his already comprehensive description of the Petty Sessions collection with infomation sourced from outside Wells Cty Archives. Wells City Archives is particularly grateful to Austin. Emma and Eloise for their contribution this year. Without their help, Wells City Archives would not have been able to offer the same quality of exhibitions or assistance to researchers or visitors. Wells City Archives is very grateful to the offers of donations in 2025. We have received items that contribute to the aty's built heritage and social history that will be of great benefit to future researchers. The support received from donations. the time and expertise of volunteers, and information shared with us by researchers and visitors from Wells and further afield, is very much appreciated and has been Indispensable for the progress made this year. Wells City Archives is. as always. very grateful for the support received by everyone at Wells & Mendip Museum, whose knowledge and expertise has been invaluable. Jonathan Chivers, Archives Manager WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD {12 MONTHS) ENDING 31 DECEMBER 2025 Building, Garden, and Shop In May a condition sup4ey of the museum building was carried out by Emma Green of Architects Benjamin and Beauchamp, which was a prerequisite for a bid to the Museum Estate and Development Fund (MEND). In July, an accessibility audit was carried out by Disability Inc. funded by a grant from South West Museurn Development {SWMD). Many areas of the museum received attention by the Building Maintenance team during this period, including refurbishment of the Jean Imray Room. and redecorating the West Wing Attic Stairwell, and replacing the defects've lighting in the three Ststuary cases in the stairwell. We are very grateful for their skilled work. Contractors Ellis & Co. and HOl￿ell Glass repaired the stained glass window and frame in the Exhibition Gallery. A successful Garden Open Day and plant sale was held in June. and the garden team maintained the garden to a very high standard throughout the year. Shop sales contlnued at a steady pace, with cards and books being consistently popular. Sustainability Trustee Hannah Bennett attended a SWMD carbon literacy webinar in February. and the feasibility of installing solar panels on the stores complex roof was investigated as part of a MEND applicats'on. Outrnach and Co118borative W0￿1n9 We continue to support our partner organisation Wells Natural History & Archaeological Society with their programme of winter talks and summer excursions. Particularfy notable was the talk in April by Tony Coverdale of the Salrford Brass Mill Project 'Red Gold of Africa.. Benin, Brass, Bristol and Slavery,. held with another organisation we support, Wells and Transatlantic Slavery: Histories. Perspectives 8nd Legacies. In May a small group from the museum enjoyed a visit to Salisbury Museum. We were welcomed by their operations manager and held an infonnative question and answer session with her. In September for Heritage Open Days we participated in a joinl event 'The Splendid Stones of Wells, with Wells Cathedral and St Cuthbert's Church to celebrate the stonemasons and their carvings for which the city is famous. For Remembrance in November we published on our website Peter Trueman's article on St Cuthbert's Church World War Two Roll of Honour lists. In November the museum staffed a stand at 'Mendip Connections. organised by Mendip Hills National Landscape team at Shipham Village Hall. WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Marketing and Tourism With funds from the Search & Leam project we produced a leaflet advertising the hire of the Lecture Hall. Walled Garden. The Jean Imray Room, & Exhibition Room. We recognise the importance of a digital presence for the city and the county, and support Visit Wells digital marketing and have conts'nued to participate in the Museums in Somerset I Visit Somerset project 'Promoting our Museums with Vislt Somerset.. We have always recognised the importance of heritsge to the local economy, and following research by MDSW it is now possible to quantrfy the economic impact of our visitors locally. For Wells & Mendip Museum, the tot81 economic Impact of 24,305 visitors to the local economy was £552.871 (source: MDSW). Website and Social Media The museum's social media programme continues to be invaluable in providing interesting content for our supporters and maintaining the profile of the museum. Visits to the website are down on recent years, but followers of our Facebook and Instagram accounts conb'nue to grow. 2019 2020 2021 2022 2023 2024 2025 Website 5,601 8,374 8,712 9,945 10,931 9,511 Faceboo 630 935 1,696 2,108 2,059 2,193 2,234 Instagra 230 880 1,129 1,228 1,375 1,478 1,647 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Financial Report from the Honorary Treasurer OveNiew The Museum is in a difficult but improving financial position. In 2025 the Trustees approved a five year recovery plan to put the organisation on a stable footing. The museum has been losing money for some years and will continue to do so but on a reducing amount before moving into profft 2029. Revenue The has five core sources of recuring income: Museum admission. Room Hir8, Exhibitions and Shop sales. To achieve the plan these sources need to grow at 18 /0 per year in aggregate. This was achieved In 2025 and is on target through Q12026. Key initiatives are underway these include working wrth the cathedral to piggy back on their visitor numbers 10/0 of their visitor numbers would double museum admissions. Extended opening dayslhours will be trialled. Room hire for our hvo meetings rooms currently 400h and 20% are being increased through targetted marketing. The Roman Mendip project was successfully opened on time and budget. The whole project was funded by donations. This, in tum, has already led to a significant increase in donations. All future projects will be funded by donations or grants. There wlll be somè fundlng from the restricted funds but no general funds will be used. This should create a better attraction with the attendant publioty. This should improve the admission revenue. Costs The museum has reduced costs to the minirnum to run the organisation. Paid staffing is limited to one full-b'me administrator, two part-time caretakers to open and close the museum, one part-tirne deaner and one part-time volunteer co-ordinator. The majority of the hours derive from volunteers. Utilities are capped as a three year deal was secured in July. The utilities budget for 2026 is lower the 2025 due to this arrangernent. Telephone costs are the other major expense and are too high. a contract negotiated several years ago runs until 2027. Small repairs and maintenance. induding the garden are undertaken by volunteers with the only cost to the museum being materials. In most cases, larger projects are funded by appeals and donations. 10 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Extgmal funding and grants The museum now has in place a process for applying for grants and donations. In 2026, 2027 and 2028 we will be looking for assistsnce with our operating costs as we move to breakeven. We may also be looking at solar panels to reduce further our utility bills. The museum will be looking for larger grants and donations to assist with projects to improve the collection. In 2025 the museum successfully completed the Search and Learn project which was funded by a £330,000 grant from the National Lottery. The completion report was very posilive about the way the project had been run and the National Lottery have indicated they would look favourably on future proposals. Honorary Treasurer rim Ritchie 11 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Independent Examinerfs Report to the trustees of Wells Museum I report on the accounts of Wells Museum for the period ended 31 December 2025, which are set out on pages 6 to 20 Respective responsibilities of trustee and examiner The Charity's trustees are responsible for the preparab'on of the accounts. The Charity's trustees consider that an audit is not requlred for thls year under section 144(2) of tha Charities Act 2011 and that an ind8pend8nt examination is sufficient It is my responsibilty to: examlne the accounts under sectlon 145 of the 2011 Charlties Act to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Charities Act and stat8 whether particular matters have come to my attentlon Basis of Independent Examinerfs Report My examination was carried out in accordance with the general Directions glven by the Charity Comrnission. An examination indudes a review of the accountlng records kept by the charity and a comparison of Ihe accounts presented with those records. It also includes consideration of any unusual Iterns or disclosures in the accounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequenliy no opinion is given as lo whether the accounts present a 'true and fair view. and the report is limited to those rnatters set out in the statement below. 12 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Independent Examiners Statement In connection wtth rny examination, no matter has come to my attention: 1. which gives me reasonable cause to believe that in any material respect the requirements: a. to keep accounb'ng records in accordance with section 130 of the 2011 Charities Act: and b. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Charities Act have not been met; or 2. to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Qualification statement. Examination of the accounts has led me to a concur with the B(￿rd of Trustees regarding the charity as a going concem. The charity currently has unrestricted reserves of £13,000 (£30,000 2024} and at current rate of cash ouffiow can continue to function until approximately the middle of 2026. The charity had recognised this situation prior to my examination and have put in place a recovery plan actively supported by the full board. In my opinlon the recovery plan is realistic. If the plan is executed as currenlly stated the charity will achieve a slable financial posit50n. Name Signed Date 13 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Financial Statements These financial statements are presented using the Accruals accounts packs {CC17) - SORP 2005 set out on the charities commission website ccounts RP20 The following notes are not included as there are no entries andlor the items covered are not applicable. Note 5 Note 7 Note 8 Note 9 Note 10 Note13 Note15 Note 16 Note 17 Note 21 Note 22 Donated goods, facilities and services Extraordinary item5 Funds received as agent Support Costs Details of certain items of expenditure Grantrnaking Intangible assets Heritage assets Investment assets Provisions for liabilitie8 and charges Other disclosures for debtors. creditors and other basic financial instruments Contingent liabilitSes and contlngent assets Fair value of assets and liabilities Events after the end of the reporting period Transactions with trustees and related parties Addits'onal Disclosures Note 23 Note 25 Note 26 Note 28 Note 29 14 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 rrrf Wlells •nd M￿￿1 Annual a¢¢wnts fi)r the 014anQS dale S1￿c.26 Section A Statement of f inancial activities R•cornm*nd*d categOflt4 by Llniv4mcted Re•triatd Endo¥4Thtnt Total fvod• Prior ye•r ￿n¢￿ing Illot• 31 F01 F03 F04 FOS 38.245 roi R￿0￿￿ •¥p￿dId IllaL• •) 1,731 77.411 Toi 41 N•t ln¢tyn•l(•Xp•￿TrI l>•fr>r• In¥••lm•rt 113 U_ 21P)7 Incom•ll•xp•ndlbJrnl E¥traordlnary It•m¥ Tv•n¥l•Th b•l*Y•n Olh•r rncognls•d WnrfIo•￿l. mo¥•ffl•ntln ftm 15 WELLS MUSEUM FINANCIALSTATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 rhanty Nam* 'A*2S k4u¥Wrn Annual *counts for the period rg F•KwJ tht• 31 [knt*2￿5 Section B Balance sheet ance noie Flxed a8*•ts InlAnolbl• aw•ts Tanglbl• 45••ts H•rtt4• *M•l• F05 315.214 INol• 181 IPloi• 1TI Curr•ntaM•ts Slo¢k• IlloQ• 1ffj 111(ts 19) &113 113 111<*• 17AI Ca•h It hwd 241 7S.IXI 1>,816 139, (Nots JJ) 114 11,547 Crndltorn.. •iimni• 14lTrJ IN•1• 2•1 Pr¢iv Fund• ofth• Ch•rlty Endtyrtn*ntfubW• IN¢ts B17 Unr••trl¢t•d fw•d• R•valuth rH•r¥• 132S2 FaLr v*u• rn••r¥• 16 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD {12 MONTHS) ENDING 31 DECEMBER 2025 Section C Notes to the accounts Not(* 3 1.1 Bull of •¢¢￿￿ These accounts been prep¥ed mjtr the tsstoncal cosr crTheroM recrwsed Jr ojx or msacth vaue unless otrewse statd In n(Aelsl to tsse acccoJts Thp wrAJrt< rpd In ¥rnrrtw.• Ihe *tenYrrt cl RecLTrTrrnded Pfac¢tt Atc￿thr￿9 ￿ Repomry ty ch￿tse$ prepanng their 3cccvj￿ In xconl*c2 Ihe Fmano¥ ReF•yDng StaThYard arphcablt In Ihe IM ar*1 IrtlaTrJ IFRS 1021 i%ued w I8J￿Y 2014 ' and wth. ReFthTrJ ¥F•¢*de m Ihe Ur#teO lfjryilkn) Reptht rl IretJnd IFRS 1021 The th￿ty¢￿￿￿tr$ a iw*fii ertty as defimd ty FRS 102. Ye$ -TICk a5 aFvwate 1.2 Golnll ¢0￿•rn t>p5anatsN as to those faaorsihat swwt the Ihatts Ch￿ty L* a of￿9 ¢oncern.' • • •nd•m •¢titr*tyr•hlnp slmdi ¢?v•r DsdDswe ￿ert*rtes thar rrra* the oTrno cmcem asswnrthTr (Iwbthj. e xctyjnts are rxx LYep¥eO OTh a Gnrern basis. please disdose this faci topther WAth the basis on vknich the tws*es prepared the accOu￿s ¥¥1 tr* ￿39)n wknythp ch￿ty1$ g¥ded as a wng t4)ncem 1.3 Ch•na• rf deco￿￿1￿4 pdl¢y The accounis preserrt a true and t3irwLW the whues a¢knptod ¥e Itrt>se In rnte { l. Yes. -.T￿h as akVty&È No. th• cuThw#p•rfod. i￿1¢p￿￿11#A1. 3.41 FRS lé2 SQ7P. 17 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Seciion C N￿e5 to the accounts 1A ChavJ•s lo a¢¢wllNJ ¢slIM￿*S No changos to ￿C￿l¥￿trn9 oslime10s tta¥* OCCLrr8d In Iho rtsFtNtiTr) panthJ13 46 FRS 102 SORPI Yo5. No. '.Tth as Pl••8• dlKIo (4 th• n•tw• ol •my chwyw." fATi th• ofth• eh•ffj• an •xl •w•rn• or •t¥ •nd Il•tsllkl•¥ 1orlh• curntp•rfod.' (111) pr•etIc￿￿, th• •ff•¢l In •rn or 1.6 M•t•rtd prlgry•v •npr¥ No wor ￿ar orru haw b•￿ IdKéifvéO In th• ￿n¢¥JI3 47 FRS 102 SORPI Yos. No. ..T￿k as (IJ th• n•¢4rrn irf Ih•p*l¢rpwW (11) for••ehprtorpwlod pm•nl•d In th• •eeothrt•, th• •mount orth• eonwtlon lor••ch •etsxmt ikn• ithm •ll•¢i•d,' •J (111) th• •mowI of th• ¢4VF•dt•n •t th b•pknnlng 0111 rtl•*tphorp•rfod pn¥•nt•(I In th• •eeow¥t#. 18 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD {12 MONTHS) ENDING 31 DECEMBER 2025 Se(tion C N6 391 Th1• ¥Mr.' Pl•x• wovld• d•t*l• d •xw¢lltyr• on workknglorlh• G(Ytra(*• 4r• Vblth and ar• • Trl*d p•ty •#• wivld• d￿#1$ rf on ￿￿1￿0￿1n91Qrth• th•rfty c¢Jrrtrnct8 v• ￿th I￿* w• wld by • rnlthd p•ty costsj Idl *thln ••* b•xl 01£10,QOOlri¥n nQilX14p*¥rl*. Mikn n no tr•MKtl¢yx pl•#• •#•r Inm, In tlx baYproVkl￿. ) wnploy••i r￿￿¥•d •ffplos•• b•r*ftts l•x*** p•ndon co•tsl forltrk• r•p•rtlng p•rlod rf fflaf•th￿ ttIPX* nd lo LItt￿¥ TrA• flo (m to thl to £79 f80 to cmto Th18 L*•t •¥• kYovld• lh• totsl am0￿￿ w to kty M￿￿•m1￿ PIr￿nn•1 on4￿1•• tru#••i wnlor f¢rth• rvl¢M to th• chvlty. For 4>•dfl¢ p4d totrurtM* M• 112 Av•r•9• hAd court Inth• y•v Th• ofth• thvlty In ¥*Achth• ploy••sw Th1$ Jmb•r Trt 113 ExQf¥ty) ptymerts N(rt 0or4catrlS 114 Pelluna￿Cy payrnenNC¢ 24 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 SeCt￿Or1 C Notes to the accounts No¢• 12 D•fin•d ¢ontrllwtlon p•r•lM Kh•m• w d•fin•d b•Th•fft •¢h•m• •¢eow*•d for •• d•firnd C¢Jrtrl￿Qn •eh•m•. 391 Pl•a¥ •xrAln th• b•1• for￿0¢&￿9 th• •>pv•• of MA l• accO￿t•￿10r M • *J￿r0d on pl￿, It h a d•lln•d Pl••M wo¥ld• I￿h lrf&Ym#bon • l• rrfal•Ll• *outth Awplu• Of doll¢￿ th• Impll¢rtlon& N •ry. f•r • r•p•rtlrvJ y•v md l•# y••r, ff dllw•rt D•Krtb• th• •xl•rtlo *llchth• ¢tt•ky b• Il*l• to th• plln ftsr<>th•r obllg•YM• UThj•rt￿l￿ ¥td MA th1• Is Jff•r•rt Iw w•¥ia• tdr• Pmvld• w •xplrtbM olhw4¥¥ry Il•bMIty •rl•lnqfrom ￿ 4r••m•rt • muftlry•rnplwr pl•nto • d•ndtha• b••n drtwmln*d. Wtht• l• thTw•rtfw I￿y•*r. yo¥lth d•knU• 25 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Di¥w•b •)w) 2An SLuP• Xor 12019 11 orth• 291 a• 1S( •bdliJtYJl pwrv 26 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Section C Notes to the accourts conti Nrt•. 1R Pl••8• ¢ompl•t• thls not• If th ¢h•hty I￿￿14 any ¥toc* It•mi 18.1 Pl•a$• •t•t• th• ¢￿Ing •mount of ¥tock •nd vmrk In proBr•ss Anaty¥•d b•tw••n a¢tl¥ltl•i. Sloc Donat•d good• Work In proqr•i• For dlltrlbutlon For r•¥•l• For dlltrbbutlon For r•iAI• Ch•rltabl• *dlvltl••'. Oponf 3.893 Add•d Inpwlod 1.655 Exponsal Inp•rtod 1.612 Imp•lT•d Clo$1 Oth•r trndlng •ctlvltl••'. Op•nl Add¢d Inpffl¢d Exp•n¥*l Inp•rlod Imp•lr•d Oth•r'. Oponl Idod Inpwlod Imylr¢d Closl Tot•1 th1¥ y••r 3.936 Total pr•vlous y••r Thls y• La￿ y•v 18.2 Pl••$• ¥p•clfy th• ¢•rrylno •mount of any •t•¢k• pl•dg•d ai ••¢urbty for H•blllth• 27 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 5ects.on C Notes to the accounts Iconti N¢*• 19 D•t*ors and pr•pasqMnts Pl•ase nots ifthechartyhas any 111 of d•btor¥ Th1• y••t L4•t ymr Trad• d•btor• Prepaymonl• and •ccru•d Incom• Other d•btor• Tcthl Pl••8• ry)mpl•t• 192 •lwrn• m*wWd•ltrls A￿0¥•￿•b￿rn0rn Ihfftn • ￿•fi￿th• rnwrtlry d•1• 19.2 I￿•￿￿1• ol d•blOrn r•cov•rnbl• In mornthan 1 ywi 1*KI￿l•d In d•btorn •bo¥•l ThlÈ v￿r L••t ¥••1 Tr•d• d•blof• Pf•p•ym•rft• *TrJ •eenMd Jneom• Olhor d•btorn Total 28 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Section C Notes lo the 3t¢ounts Nde 20 Creditors •KI Kcruals 20.1 I￿*Y919 of ¢r•d*•rn lallTrA du• aft mor• 0￿• L*At A¢truth for wants p•y*•l• ••nh lo•ns •¥wdr Tr*d• erndkn* PayTh￿tI r•¢￿Ind on a¢¢•urtf•r ¢•rtJ•¢ts •r pwlornMn¢w•l4t•d ry•nts w¥d drfwr•d In¢iim• Taxatlon aftd s￿111 1.704 Tg141 ?n ? nrf•rr•A inr+im• a47X• th• L•At %•ar •ll￿t• al lh• of th• JTwunlx r•lw¥•d to kn¢orn• Irvmprth4w¥ pwlg41 Balin¢• atth• of lh• r•p•iUi41 p•lod 29 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Section C Notes to the acc￿￿1$ Icontl Nrtp 24 l Thls Last ¥eai Short lerm Inv￿mInty OM$ 3 months m•bJrlty dat•) Short t•rm d•poslts 112235 Cash at bank hw oth•r Total 18 30 WELLS MUSEUM FINANCIAL STATEMENTS FOR THE PERIOD (12 MONTHS) ENDING 31 DECEMBER 2025 Section C Notes to the accounts Note 27 Charl 27.1 D•lall8 of malerlal lunds held and m¢wements durfng the CURRENT r•portlrvJ p•rlod F¥eas• gfv• detrlls of th• m(wemonts of m•ietrl41 Indfvldual fvn¢ts In the rnportlng perfod tog•ther*lth b8lanclng flgurn for Dthorlunds,. Th Tow lunds'f*urn b•lowshould rvconcllo lo Total funds. I thè b•l•n¢e $I￿e£ ' Key.. PE. pom¥n￿l •ndo*vneni funds.. EE. expendlble endo*Tnent funds.. R. rnstrtcljd Incom• fund4 In¢ludlng spe¢lal of th• ch•ty.' and U- unrnstrtct•d funds Fund balanc•$ ¢¥rl•d lorvArd Galns and loss•s In¢om• £xp•ndtt4w• Tr￿31•￿9 F￿￿ nwn G•ner&l Fund 25 D¢'scrMring Wdls Ind W￿￿•M Trust ￿e&ll(￿ Fund 119 Olh•rlunds Tot41 Funds 31