Wells United Charities
Registered Charity Number 236897
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Wells United Charities
Charity Registration Number:
236897
Correspondence Address: Malt Cottage, Croft Yard, Wells-next-the-sea, Norfolk NR23 1JS
Administrator: Mrs J. E. Terrington
The Trustees have pleasure in presenting their Trustees' Report and the financial statements for the year ended 31 December 2021.
The Object of the Charity is to relieve poverty and the advancement of education, particularly but not exclusively by supporting the elderly to include, relief of sickness, poor health, disability and old age, in the community, by the provision of :
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financial assistance
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facilities, amenities, buildings, equipment and services
“The community” means the geographical area within the Alderman Peel High School catchment area.
The governing documents of the charity are the constitution adopted on 1[st] October 2019
The charity is an unincorporated association and is administered by duly appointed Trustees who for the year ended 31 December 2021 were as follows:-
Mr Alastair Ogle Mrs Cheryl Crawford [Chair] Mr Dennis Woods Mrs Jean E. Terrington [Hon Treasurer] Miss Jean G. Davies Mrs. Linda M. Pattrick Mrs Lynn Pigney (Clerk) Mr Robin Swift Lt. Col. (Retd.) Stephen Tuck [Vice Chair]
The Trustees meet during the year to review and manage the affairs of the Trust. Trustees are elected by resolution of all Members present at an Annual General Meeting. The Trustees may co-opt a Trustee to fill a vacancy arising during the course of the year between successive Annual General Meetings.
The Trustees are required to prepare for each financial year financial statements which give a true and fair view of the state of the funds of the Trust and of the results of the year. In preparing the financial statements the Trustees are required to:-
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Select suitable accounting policies and apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that this basis applies.
The Trustees are responsible for ensuring proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the funds of the Trust.
Page 1
Review of the year
Following the trustees carrying out an extensive review of Wells United Charities’ holdings, they took advice from Boswell Financial Planners. The final instalment of £133,421.64 from the very generous legacy from the late Mr. Reginald Mussett was received during the year, and following the sale of the holding of M & G Charibond Fixed Interest shares and the closure of the Scottish Widows CAF 90 days’ notice account, the decision was taken to invest in the Waverton Charity Growth & Income Fund.
In addition, the trustees decided to purchase a Wells-next-the-Sea property from Flagship Housing Association, and refurbish it to let as two flats at affordable rents to be managed by Homes for Wells on behalf of Wells United Charities.
Grants made during the year included 16 education grants, 22 fuel grants, grant to Alderman Peel High School for 4 laptops and software to be used by students with special educational needs, and a grant towards Christmas hampers being organized by Wells Community Hospital for vulnerable families living in Wells.
Donations were received during the year from generous individuals and charities, including a grant from the Holkham Charitable Foundation towards the affordable housing refurbishment.
Reserves policy
In 2018/19, funds totalling £153,863, were transferred from Wells & District League of Friends to Wells United Charities, are restricted. These funds are to be used solely for grants to appeals that fall within the Wells & District League of Friends objects, i.e. ill health, sickness, disability and old age.
All other reserves of the charity are unrestricted and are available for distribution as the Trustees see fit.
Investment policy
The Trustees’ policy on investment is a prudent approach which combines:
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maintenance and, if possible, enhancement of the value of invested funds;
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adequate financial return; and
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minimising risk.
The Trustees are satisfied with the transactions of the charity and its financial position as at 31 December 2021 as shown in the accompanying accounts.
Signed ................................. Chairman
Signed .................................. Trustee
Date:
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WELLS UNITED CHARITIES Registered Charity Number 236897
STATEMENT OF FINANCIAL ACTIVITES for the Year ended 31st December 2021
| Notes Incoming Resources Dividends received Rent Received Bank Interest Received Legacies Received Subscriptions Received Donations Received Fund Raising Events Sundry Income Resources Expended General administration expenses Post, printing, stationery and website costs Donations given Clerk Expenses Property Costs Fund Raising Expenses Professional expenses Accountancy Insurance Premium Bank charges Legal Fees Net incoming resources |
Unrestricted Restricted Funds Funds Total 2021 2021 2021 £ £ £ 24 - 24 5,034 - 5,034 78 - 78 133,422 - 133,422 925 - 925 21,219 - 21,219 2,135 - 2,135 224 - 224 163,060 - 163,060 524 524 9,669 654 10,323 99 99 31,616 31,616 121 121 564 564 822 822 33 33 4,751 4,751 48,199 654 48,853 114,861 (654) 114,207 |
Total 2020 £ |
|---|---|---|
| 51 1,100 1,098 - 545 5,675 184 444 |
||
| 9,097 | ||
| 111 23,145 100 20 510 525 113 6,660 |
||
| 31,183 | ||
| (22,086) | ||
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WELLS UNITED CHARITIES Registered Charity Number 236897
BALANCE SHEET as at 31st December 2021
| Notes _ ASSETS Investments - restricted 2 - unrestricted Land let to Holkham Estate 2 4 & 4a Northfield Waye 2 Cash at bank - restricted - unrestricted LIABILITIES Creditors NET FUNDS FINANCED BY Accumulated Fund : Unrestricted Funds Accumulated income brought forward Increase/(decrease) in capital assets Surplus/(Deficit) for year 3 Restricted Funds Transfer from League of Friends 3 Surplus/(Deficit) for year Accumulated Income Fund |
2021 £ _ 56,329 470,483 105,000 251,391 84,535 3,990 971,728 590 971,138 Total 688,740 26,673 114,861 830,274 141,518 (654) 140,864 |
2020 £ _ - 2,096 105,000 - 141,518 582,233 |
|---|---|---|
| 830,847 590 |
||
| 830,258 | ||
| Total 700,415 (1,934) (9,741) |
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| 688,740 | ||
| 153,863 | ||
| (12,345) | ||
| 141,518 | ||
| 971,138 | 830,258 | |
The financial statements were approved by the trustees on …………………………………..and signed on their behalf by;-
Chairman
Trustee/Treasurer
Page 4
WELLS UNITED CHARITIES
Registered Charity Number 236897
NOTE ON FINANCIAL STATEMENTS 31 DECEMBER 2021
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Accounting policies.
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i) The financial statements are prepared in accordance with applicable accounting standards and on the basis that the charity can continue to operate as a going concern.
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ii) The Charity has prepared its financial statements in accordance with the requirements of the Charities Act 2011 and with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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iii) Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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iv) Investments quoted on a recognised stock exchange are valued at market value at the year end.
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Assets
The trustees invested £502,094 into a Wavertons investment portfolio on 21[st] June, £56,329 being from the restricted funds.
The trustees had the land informally registered on 11[th] August 2017 showing 10.56 acres., and on 28[th] November the land was valued at £105,000.
The trustees purchased a Wells-next-the-Sea property from Flagship Housing Association on 11[th] March for a value of £250,000, plus legal fees of £1,391.
- Accumulated Income Fund
Unrestricted Accumulated Income brought forward Increase/(Decrease) in capital assets Surplus/(Deficit) for year Accumulated Income carried forward Restricted Funds Accumulated income brought forward Surplus/(deficit) for the year Restricted funds carried forward |
2021 £ _ 688,740 26,673 114,861 830,274 141,518 (654) 140,864 |
2020 |
|---|---|---|
| £ | ||
| _ | ||
| 700,415 | ||
| (1,934) | ||
| (9,741) | ||
| 688,740 | ||
| 153,863 | ||
| (12,345) | ||
| 141,518 |
The increase in capital assets includes an appreciation for the Wavertons investment of £26,681.
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Independent examiner's report on the aeeounts Report to the trusteesl meJnber5 of Wells Uted CIEarities on account5 for the period ended 31 December 2021 Respeetive responsibilities of tru$tet5 alld ti#miDer The charity's trnstees are responsible for the preparntion of the accounts. The charity's trustees consider that an audii is not required for this year (under section 14412) of th¢ Charities Aci 2011 {the 2011 Aci). and that an independeni examination is needed. t is our responsibility to.. Examine the a¢¢ounts {und¢r section 145 of the 2011 A¢t), To follow the procedures laid down in the Generdl Directions given by the Charity Commi&sioT]ers (under section 145{5Kbl of the 2011 ACL and To state whcther particular matter5 have come to our attention. Basis of independent examiner's statement My examination was cattied out in accordance with Genetal Directions given by the Charity Commissioners. An cxatnination includes a review of the accounting reLords kept by the chatity and a cotnpari50D of the account5 pre5euted with th0 records. It a150 includes con5iderdtion of any unusual items or disclosure5 ID the account5. and seeking explanatiorts frorn the trustee5 concerning ally 5ucb Jnatters. Tbe procedure5 undertaken do not provide 811 the evidellce that would be required in an audiu and consequelltly, we do not expres5 audit optnion on the view given by the accounts. llldepeDdent examiner's statement In the course of my examinalloffj has come to my attention . which gives us reasonable cause to believe that itl any erIal respecL the tNstees have not met the requiremenrs to esure that.. proper a¢cowJting records aTe kept (in accordance with seclion 41 of th¢ Act)., alld accounts are prepared which agree with the accounting records and comply with the accounting rcquirements of the Acl or 2. to which, in our Opinio attention Should be drawn in order to enable a prop¢r widerstanding of the acc¢)unts to be reached. my Sh knwAA Mapus-smith & Lemmon LLP Chartered Accountants 48 King Street King's Lynn Norfolk PE30 IHE Page 6