Wells United Charities Registered Charity Number 236897 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Wells United Charities Charity Registration Number: 230897 Correspondence Addreu: 16 Home Piece Rorf Welk.n¢xt.th¢-se4 NR2J IPZ Administrator: Mr Robin Swift The Trustees have pleasur¢ in Presenting their Tn. Rerth and the financial statcments for the year etthd 314 December 2023. The Object of the Chariry is to relieve poverty and the advaTKemenl o(educauon. particularly bu¢ not exclusively by supporting the elderly to include. relief of sickness. wor health, disability and old age, in the community, by the provision of.. i. financial assistance 2. facilities, ameniiies, buildings, equipmeni and services 'The community" means th¢ geogrnphical ar¢# within the Aldennan Peel High School catchrnent aTea. The goveming documents of the charity are the ConlDtiM ad¢)pd on la Octotr¢r 2019 The chariry is an unincorporated &8s(Kiation and is adminiered by duly ap[Oted TneS who for th¢ yw ended J 1° December 2023 were as follows'.- Mr5 Cheryl Crawford Ichairl Mr Dennis Woods. Mi&% Jean G. Davies Mrs. Linda M. Pai¢rick Lynn Pigney (Clerk) Mr Robin Swift Mb Susan Wild Mr Matthew Hardman MS C¢ridwen Howell Ap]nied 31° Au8U$t 2023 The Tru81ees meet during the year to review and manage the affairs of the Tnjst. Trustees are elected by resolution of all Members present ai an Annual General Meeiin8 by way of ¢onfideniial vote. The Trusiees may co-opt a TTUSlee to fill a vacancy arisin8 during the course of the year beThveert Suc¢e&siveAtll General Meeiin8S. Th¢ TnL8iees are required to prepare for each fanCial year fUla1 srtMents which give a tnje ond fair view of the siale of the funds of the Trust ar o( the resulL% of the year. In preparing the fJwKiai ststemenLs the Trustee8 #re required to'.- S¢lect suitable accounting Frf)licies and wly them COTLSiStently; Make judgements and estinui&8 that reag)nable 8t pnMknL Stste whether applicable x¢cnting stsndarth have folh)waL wbject to any rnaterial dep& disclosed and explained in the fuwiciai statemenw and Prepan the fuwiai staiements on the going concern basis Unl it is inappropriate to presume that this basis applic5. The Tru5tee5 are reswnsible for ensur1 proper CoUnn8 ttrords are kq)I w.¢ di%toge, with reasonable accuracy ai any tinr, the fmancial position oFthe fiLn& of theTrusL Page I
Review ofthe year Trustees. at Wells UniL¢d Charities ai ihe beginnmg of 2023. were all still providing services to the charity at the end of the year. Th¢ team was joined mid-way through the year by Ceri Howell, a rnired Primary Head T¢a¢her and Primary Adviser. Ceri joined in th¢ n¢w rol¢ of Grdnts clordInar. The value of Ihe Chariry's funds managed by Waverton Invesunent Management lllcreased by 8.9 /0 in 2023 as equity and fi.xed income market5 look heart froffl the sense thai inflation and inieresi raS had finally lopped oui. The invesimeni generated a net incorne of around 2.8Y•. Tte¢S moved 700/0 of its cash reserves acro&s to the COIF CknTitses l)etKJsit Fund manag¢d by CCLA Invesunent management to lake advantage of wholesal¢ m8Tket yields and the broad spread of high quality bank investments offered by a AAA rad rnoncy fund. Ai the AGM it was agreed thai TnlS will explore th¢ id¢4 of adding a third Ilxal propety to th¢ Charity'5 invesimeni portfolio. 12 eduLation grants {up from 4 in 202?). 22 fuel grants and 10 other adVanS of funds to local individua15 aDd ommuniiy groups Tesul¢ed in an active grant making year in 2023. These included a granr lo Coastal Health and 'ellbeing ai the Old Coiiage Hospiial to help the funding of a new role supporting communiiy aciivities, a grant to the 'ellS Youth Group to suppon Makaion training and a grani io the Commurtity Lunch Group. Donaiion5 were received from generous individuals and Gharities and 10 fund-raising initiatives took place durin8 the year. Reserves pollcy In 2018,'19, funds toialling £15J.863. trdnsf¢rred from Wells & Disrrici League of Friends lo Wells Uniied Charities, are resiricied. These funds are to be used solely for grdnis 10 appeals thai fall within the Wells & Distyici League of Friends objects. i.e. ill health, $i¢kness, disabiliiy and old age. All oiher reserves of the charity are unresiricied and are avai14bl¢ for di$tribution &$ th¢ Trustees see fL¢. Investmen( pollcy The Trus*es' policy on inve5tsnent is a pnjdeni appyoach whi¢h ¢ombin¢5: nLtenance an(L if possible, enhancemeni of the vatue of inves(ed fimds: adequate fmancial reNrn.' and minimising risk. The Tnjsiees are satisfied with the tran5xiions of the chariry and its fmancial position as at 31 DeCeMr 2023 &s thown in the a¢coME)Y aceounts. Sned Chainnan Signed Trustee Dale.. Page 2
VELLS LNITED CH.4RITIES Regfftstered Charity Number 236897 ST ATENIENT OF FINANCI.4L.4CTtVITES for the l'ear ended 3151 Decernber 202J L'nrestTjCted Restricted Fllnds Fund$ Z023 2023 Tot#1 2023 Total 2022 No9 Ineomftng Re$ollrce5 Dividends r¢e¢ived 15.987 15.987 7,972 Rent Received 13.919 13.919 12,591 Bank Interest Received 1,857 1,857 80 Legacies Rcc¢ived 6,534 Subscriptions Received 1.295 1.295 2.930 Donaiions Received 2.935 2.935 10.385 Fund Raislrtg Evcnls 3,533 3,533 3,094 Sundry Income 898 898 130 40.4*4 40.424 Resources Expended General adminlstrailon expenses Posi, printin8, Stationery and website e05ts 778 778 115 Donations given 12.247 11,717 23,964 15,183 Clerk Exp¢n5e5 Property Costs 2,841 2.841 2.169 Fund Raisin8 Expen5¢5 932 932 815 ProfeJslon41 expenses Accountancy 576.1 Insurance Prernium 345 345 335, Bank Charges Legal Fees 35 35 17.783 11,711 29.500 1 1923ll Net Incoming resources 22,fr11 10.924 Page 3
WELLS DNITED CHARITIES Regisiered Charity Llllmber 230897 BALèLNCE SHEET as at 31st Deeember 2023 2023 2022 Notes ASSETS Investments restricied - unrestricied 56,880 460.210 50,462 1421,587 Land let to HolkhaTn Esthie 4 & 4a Nonhfield Waye Cash at bank resiricied - unrestricted 105.000 251.391 61.J18 60.064 1.000.863 251J91 179,035 1 38.049 ' 945,524 , LIABILITIES CTediior8 Funds Commiited in 23 not paid unlil 24 590 3.450 590 4,075 NET FUYI DS 996.823 940,859 FIYANCED BY Aeeumul4ted Fund: Total Total nre51ricted Funds Accumulal¢d income broughi forward Increase.Ildecreasel in ¢apiial asse surply{Der1cICI for year 805,495 45,040 22.641 873,176 830,274 (54,763) 29,984 805,495 Restricted Funds Tran.%fer from League of Frien(L8 SurplullD¢fi¢itl for year 135.364 140,864 (5,5(Y)) 123,647 135,364 Accumulated Income Fund 996,823 The financial statements wereapprovedbythetrLLSt¢¢s0n...................................... on their behalf by,- and signed Page 4
WELLS U)1 ITED CHAIUTIES Registered Charity Number 236897 NOTE OIN FILcIAL STATEIIEYTS 31 DECENIBER 2023 Accounting policies. The fuwicial stsmen(s are prepared in &cordat with applicable accowiiing srandardg and on the basis that the ctwi.ty can continue to Ot¢rdle a going concern. The Charity has prepared its fuwicial ststments in accordance wtth the requirements of the Chariiies Act 2011 and Nith the Statement of Recomrnended Prdctice: Accounting and Reporttng by Charities Preparing their accounts in acCordat with the Financial Rewrting Standard applicable in the UK and Republic of Ireland (FRS 102) issu¢d on 16 July 2014. The re[d rUWla] positson and fuwKial pcrfomiance for the previous peTiod are noi affected by the ¢ransiiion FRS 102. Investment gains 4t h)ss¢s include any gain or loss on the sale of inv¢sthiertL% and any gain or loss resulting frorn revaluing irJve5unent$ 10 value ai the end of the year. iv tnvutments quoted on a recogni%d sck cYchan8e are valued at market valu¢ at the y¢8r ¢nd. Assets The tnjsiees invested £502.094 ift a Wav¢rton$ itivestm¢nt portfolio on 2 IA June 2021, £56,329 bein8 from the re5tri¢ied funds. On 31° Dember 2023 this vJlu¢d ai £517.089.36. The ITUStees had the land infornially regisled on I ia Augu 2017 showing 10.56 r¢s, and on 28th November 2022 Ihe land valued at £105.0(K¥. The trusiees purch&8ed & Wells-rtex¢-the-SeJ propety from Flagship Housing Association on I l March 2021 for 4 value of £250,0(Xl. pl9 legal fees of £1,391. After the 2022 fmancial 8iaiements wer¢ finalised, the splii bettA restricted and unreslricied fijnds in cash &t bank was reclatrIed. Th¢ revised splii in resrrti of thi$ is now refle¢ied in the 2023 financial $tai¢m¢nts. Ac¢urnulated Income Fund 2023 2022 Unrestricted Ac¢umulated Income brought forWd 805.495 830274 In¢reasel{Decrease) in capital ssels 45,040 (54,763) Sury]u[Der]cLtI for year 26.091 29,984 Accumulated Income £arried forwArd 876 626 Restrleted Funds Accumulated in¢ome brought forward 135J64 140.864 surplu{derLC1l} for the year (11.7171 (5,S(M)) Restrieted funds earried forward Page 5
Independent examiller's report on the accollnt5 Report to the trusteesl members of Ivells Ulllted Chrlties ac¢Dllnt% for the perlod ended Jl" December 2023 Respective responsibllltles of tru5tee5 nd examiner The charity's trusiees are responsible for the preparaiion of the accounrs. The chariry's Se$ consider Ihai an audit is not required for this year {under section 144121 of the Charities Act 2011 (th¢ 2011 Act). that i1)¢dent ex8mtnation is rteeded. 1¢ is our spOnsIbl11 to.. Examine the accounts {under stttion 145 of the 2011 Act). To follow the procedures laid down in the General Direciions given by the Charity Commissioners (under seciion 14515llb) of the 2011 Aci. and To Slate whether panicular maller5 have COTne to our attention. Ba$1$ of Ind¢penden¢ exgminer's statement My examination was carried out in aeeordance with General Directions 8tvert by ihe Chariry Commissiort¢rs. An examinaiion includes a review of the accouniing ordS kept by th¢ ¢harity and a ¢omparibon of the accounts preSend with those records. li also includes conbiderdlion of any unusual iiems or dÉsclosures in the accounts. and seeking explanations from Ihe ¢nJsiees concerning arty such matters. Th¢ procedures undertaken do noi provide all the evidence that would be required in an audii, and consequently, we do not express an audit opinion on the view given by the ac¢ounls. Independ¢ni examlner'j statement In the course oFmy examinaiion. no mailer has ¢ome to my aiiention . which gives us rea$0ble Yse to believe that in, any material respect, th¢ tnESt¢¢8 have noi m¢1 the requiTements 10 ensure thai: proper accounting rteor&4 ar¢ kept (in a¢wrdan¢e with ti[n 41 of the Aci}: artd accounts are prepared which agree with the accouniin8 records and comply with the accouniin8 requiremcnis of the Aet: or 2. to which. in our opinion, atteniion should be drawn in order ro enable a proper understanding of the accounts 10 be reached. Mapus-smiih & Lemmon LLP Chartered Accountants 48 King Street King's Lynn Norfolk PE30 1 HE Page 6