Review of the year Trustees, at Wells United Charities at the beginning of 2024. were all still prosryding services to the charity at the end of the year apart from Denni5 Wo(xls who, after three yeaTS of diligent service. stepped down as Metnbership Secreiary. In his place the team was joined mid-way through the yw by Imelda Crackn¢ll, a retired HR Manager from ihe world of f]nan¢e. Imelda is well known locally, particularly for her involven)ent at both Wells Maltings and the We115 Sailing Club. We welcome Imelda and thank DeDOiS for ail his support. The value of th¢ Charity's funds m&naged by Wavcrton Invesuneni Management increased by 7.7/0 in 2024 as equity and fixed income markets took heart from the sense thai inflation and InreSt rates decreased from the heady levels of 2023. The investment gen¢roi¢d a net income reDJrn of aN)und 2.8 /. The COIF Charities Deposit Fund managed by CCLA Investment mynagement retumed a yield of over 5Vo on the Charity's Invest cash. Thi.8 fund is used to take advanthg¢ of wholesale market yields and the broad spread of high quality bank investments offered by a AAA ra*d rnon¢y fvnd. 15 ¢du¢ation grants lup from 12 in 2023). 22 fuel grants and 10 other advances of fuTJds to local individualts and community groups resulted in an active grant making year in 2024. These included & grant to Coabtal Healili and Wellbeing at ihe Old Cotiage H(k4pilal io help the fijnding of a key role 5UPPOrting community activities. a grant to the Wells Youth Group to support Makaton training. a grani to the Community Lunch Group. lo the Nelson Club for hire co$18 and io Liiile Gilli¢s to support core license and training costs. Donations were rrfeived from generous individuals OTKI Chariti and 10 fundraising initiatives took place during the year. R¢¥¢rves poll¢y In 2018119, funds ioialling £153.863. tTansfeTred from Wells & Dibirici League of Friends to Wells United Charitiey. are resiricted. These funds are to be used solely for granis 10 appeals thai fall within the Wells & District League of Friends objects. i.e. ill health, sickness, disabiliiy and old age. All other reserves of the charity are unresthcied and are available for distribution as the TTUStees see fit. Investment polky The Trusttt8' policy on investsneni 1$ ¥ prudent aoth which ¢(b]nes. mainknance 8n(L if possibl< enha1 of the value of invested fillth; adequat¢ financial rewrn; and minimisin&? risk. The Trustee5 are satisfied with the tramxtions of th¢ charity ¥1 its fuwicial pw)sition &$ ai 31 December 2024 as shoMo) in the accompanying cOUnt& Signed Chairn7on Signed Trustee Date.. Page 2
WELLS UI%ITED CIIARITIES Reglstered Charity Number 236897 STATEMENT OF FINANCIAL ACTIVITES for the Year ended Jl$t December 2024 Unrestrlcttd Restrltted Fund$ Fundj 2024 21124 Total 2024 Totat 2023 IJi¢omlng Resour Dividends reccived 14.559 14,559 15,98 Rent Received 14185 14.885 13,91 Bk Interest R¢¢eived 4,8 4,890 1.85 Legaeies Re¢¢ived Subseriptions Received 1.345 1.345 1,29 Do1105 Receiv 4.986 4,986 ,2,93 Fund Raisin8 Events 5.878 5.878 3,53J Surtdry Inconx 898 Resou11 Expended G¢ner*l #dmlnlitrAtlon ¢xp¢n$es Posi priniin& sthtionery and websitc C051s 245 245 778 Donations Biven 14,915 15,777 30,692 23,964 cle Expenses Propenycosts 4.615 4,615 ,2,841 Fund Raising Expcns¢5 869 869 932 Profes$lon#l txpens Accountsncy 630 630 600 Insurance Pr¢mium 355 355 345 Bank char 15 13 Legal Fees 35 35 35 21.680 15,777 37,457 29,500 Net lllcomin% resourtt$ 24.863 P¥ge 3
WELLS UNITED CHARITIES ReB15tered ChArlty Iyumber 236897 BALANCE SIIEET •$ it 31st Deeembtr 2024 2024 20 Not&s ASSETS JnvesthMIs - restricd - unresiricied 61 J(M) 495.973 56, 60J tAnd let lo Holkham Esthte 4 & 4a Northfleld Wwy¢ C&8h ai batth - reslri¢¢¢d - tstwe8tricled 105.( 251J91 51,541 105. 51.3 67,3 1.052.382 I,IABILITIES Creditor5 Funds Committed in 24 not paid until 25 590 5.700 NET FUNDS 1046.092 - 996.823 FINANCED BY Accumul•tvd Fund: Total Tolai Uttrestrleted bundi Accumulated income broughi fonvard lrterease/(de¢rease) in capiihl Hsscls Surplusl(Deficii) for year 873,176 40,183 24,B63 938,222 1805,495 45,040 fi 22641 873,170 Rfstrl¢¢¢d Funds Tranyfer from League of Friends SutplU(Defl¢1l1 for >tar 123,647 (15,777) 135J64 107,870 Acemulat¢d Income Fund 1046 092 The financial sialtments were approved by the trusw on.........................................aDd signed on th¢ir behilf by,- c1rMI TruStreasurer Page 4
WELLS UNITED CHARrriLs Registered Charity Number 236897 NOTE ON FINANCIAL STATEMENTS 31 DECEMBER 2024 Arxounting policies The ruwla1 5tatenKnts are para in &Idat with 41p]ithle xcountin8 Standards and on the ba#18 tl?al the charity ¢an contin lo 0te as ¥ goiD8¢IXW The Chariiy h&8 Prepared its financial ststcments in accor with the requwements of tli¢ ChuTi¢ies Aci 2011 aTKI with the Stsi¢menl of Rttommendcd Prnthice.. Accouniing orKi Rcportin8 by Chariiies preparing th¢ir accounts in accord&e with the Fitianci&l RewtiTr8 Stattdard 4Jpiicable in the UK and Republic of trcland (FRS 1021 t&w¢d on 16 July 2014. The ryned fmancial lt)n aTMI fmancial perforn for the PT¢ViOU peri are affttd by the tszn5ition to FRS 102. Investment Bains aThJ iosse4 ihk any 8ain on the Mle of invests)Mts and any Bain ly Tesulii from revaluing irtvethments to mkrket valu¢ at the of the year. iv) Investhits quoted a TrcoBThsed stockexchm8eC valud at markd value 8t the yearend. The invested £502,1)94 into a Wavenons invulmenl portfolio on 214 June 2021, £56,329 bein8 from th¢ reslri¢ted funds. On 31° Decemitr 2024 thi$ valued ai £557.272.72. The hpd th¢ land infornully gI£d (m I l August 2017 Showing 10.56 Acres. and 281h November 2022 ihe land was valll ai £105,(KKI. The Irusl¢¢s pllha$ed a welnext-1he•sea property from Nogship Housing Asswialion on I ith March 2021 for a value of £250.IXQ, plus1¢801 Eeu of £lJ91. After the 2022 finhncial ttleMents were finalixd, Ihe split bctwcen reiiricied and unre4¢ricied fund% in cash at bank was re¢lassificd. Thc reviscd split in respect of ihi8 is now rcflccied in the 2024 financial 8talemenls. Aeeumtsl8ied In¢om¢ Fund 2024 Ae¢umulAted In¢ome brought forward 873.176 805,495 Increasel{Decre&q¢l in ¢4pitsl 40.183 45,040 surplu{DerIGIl) foryear 24,863 AeeumulAted Income carrled fonY#rd Restrlcted F nds A¢cumuial¢d income brought forward 123.647 135.304 SurplU(der1¢ItI for the year (15.777) (11,71, Resiricted fuDd5 t&rried forward Page 5
Independent exomlner's report the aceonDt Rtport to Ihe tru5teesl ernr5 of We115 UDlted Cbarltles OTr aceoullts lor the perlod ended 31° December 2024 Re5poetlv¢ responsibilities oftrnstees examitter The ctthrily's trusle¢s resw)nsible for the prepara(ion of the accounts. Th¢ ctw&ty'S tryst¢es consider that art audil 15 Dot required lor this yr (under section 14412} of die Charities Act 2011 {the 2011 A¢il, and an indewdent examination is n¢eded. It 18 oufTeswnsibilily 10: Examin¢ the accounts {under section 145 of the 2011 Act), To folloiv ¢h¢ procaures laid down in the Get)ernl Dire¢tionq given by the Charity CommiuioneT3 (under section 145{S)Ib) ofthe 2011 Act, and To state whetherpthicular mlltters have come to our attention. Baslg of Independent eximln¢r'$ $t4t¢ment My cxamination was carried (XLI in &ceordan¢e with General Dire¢lions givert by ihe Charity Coniniissioners. An exwjiinoiion includes a review ofthe accouniing rordS k¢pl by Ili¢ charity and a comparison tsf the accounis presenied widi those records. It #I iiiLlude% ¢on$iderniitsn of any unusual iiem$ or disclosurcs in ihe Accounts, wid sceking explanaliotk froni tljc InJstee8 concerning any quch matter5. The procedure5 undertaken noi provide all thc evidertee thol would requid in an audiu and ¢onwu¢nily, we do Dol ¢xprth an audit opinion on th¢ view giyen by the eccounrs. Iiidppondenl examlner'1 8tatemeJ)t In the course ofmy exominaiion. no matter eome 10 my alltiott. l. which giv uy eOnab cawe believe thai I any material respecl, the tNste¢s hAve nol mei the requiremaits thai.. proper ac¢ouniitig recor¢Lq art kept (in a¢wrdon¢¢ with s110n 41 of the Acil. ld iccounts are prepared whieh &grtt wilh the aCc(mIll8 reeords and comply with the accotsnting requ1MenTS of the Ac( or 2. 10 whi¢lb in opinion, atlenlion should be drawn in order to enable a proper undcT5taTLding of the 8¢¢ounts to be ffea¢1. Mapus-smiih & Lemmon LLP Chanered Accountant$ 48 King Stree¢ King's Lynn NoTfolk PE30 IHE Page 6