Charity registration number 236897 (England and Wales)
WELLS UNITED CHARITIES
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
WELLS UNITED CHARITIES
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs Linda Pattrick Mr Robin Swift Mrs Lynn Pigney Mr Matthew Hardman Mrs Susan Wild Mrs Imelda Cracknell Mrs Susan Rainsford (Appointed 3 June 2025) Mrs Rachel Stroulger (Appointed 3 June 2025)
Charity number (England and Wales) 236897 Principal address 16 Home Piece Road Wells-next-the-sea Norfolk United Kingdom NR23 1JS Independent examiner Mapus-Smith & Lemmon LLP 48 King Street King's Lynn Norfolk PE30 1HE
WELLS UNITED CHARITIES
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
WELLS UNITED CHARITIES
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The trustees present their annual report and financial statements for the year ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and activities
The objective 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 11th September 2023.
Achievements and performance
After 25 years of dedicated service — including 10 years as Chair — Cheryl Curtis has stepped down as a Trustee of the Charity. Under her leadership, the organisation has continued to grow from strength to strength. She leaves it in excellent financial health, supported by a strong and capable Board of Trustees, and delivering a recognised and positive impact within the local community. The role of Chair is being circulated around the Trustees with Imelda Cracknell being Chair at the end of this review period.
Jean Davies also retired after 20 years of masterminding the fund raising activities of the Charity and Ceri Howell stepped down from her grant coordinator role. We welcome Sue Rainsford, an artist with strong local family connections and Rachel Stroulger, Head Teacher at Wells Primary School, as new Trustees and thank Cheryl, Jean and Ceri for their immense input to the Charity and the local community over the years.
During the year 12 education grants, 21 fuel grants and 18 other advances of funds to local individuals and community groups resulted in an active grant making year in 2025. Grants of nearly £40,000 were distributed, up from £15,000 just three years ago.
Alongside a number of grants to individuals requiring help with challenges they faced due to poverty and challenging circumstances the Charity supported nine community entities that, in different ways, support the objects of the Charity. This included grants to Heritage House to enable more local residents to explore the wonderful day care facilities offered. Grants were also provided to Wells Primary School and Alderman Peel High School to ensure that students who typically cannot participate in essential enrichment activities and opportunities have the necessary resources to do so.
The Charity established a document repository in 2025 using Microsoft 365 for Business providing a secure database for Trustees to use.
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WELLS UNITED CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial review
The value of the Charity’s funds managed by W1M (previously known as Waverton Investment Management) increased by 13% in 2025 as equity and fixed income markets celebrated a more benign inflation outlook and the anticipation of the positive impact of AI on future earnings. The investment generated a net income return of around 2.6%.
The COIF Charities Deposit Fund managed by CCLA Investment management returned a yield of over 4% on the Charity’s invested cash. This fund is used to take advantage of wholesale market yields and the broad spread of high quality bank investments offered by a AAA rated money fund.
Donations were received from generous individuals and charities and 3 fund-raising initiatives took place during the year. The Charity was advised of a very generous bequest from the late David Hudson (known as ‘Rocko’) of two properties on the Northfield estate in Wells-next-the-Sea. In December a local agent provided a valuation of £775,000 being the total value of the two properties. The probate process only completed towards the end of the year and the Charity will take ownership of the properties in 2026.
Reserves policy
In 2018/19, funds totalling £153,863, 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.
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs Linda Pattrick Mr Robin Swift Mrs Lynn Pigney Mr Matthew Hardman Mrs Susan Wild Mrs Imelda Cracknell Mrs Susan Rainsford (Appointed 3 June 2025) Mrs Rachel Stroulger (Appointed 3 June 2025)
The trustees' report was approved by the Board of Trustees.
.............................. Mrs Imelda Cracknell Trustee
Date: .............................................
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WELLS UNITED CHARITIES
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WELLS UNITED CHARITIES
I report to the trustees on my examination of the financial statements of Wells United Charities (the charity) for the year ended 31 December 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mapus-Smith & Lemmon LLP
48 King Street King's Lynn Norfolk PE30 1HE Date: ............................
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WELLS UNITED CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 2,975 - Other trading activities 4 1,504 - Investments 5 34,713 - Total income 39,192 - Expenditure on: Raising funds 6 824 - Charitable activities 7 29,839 13,401 Total expenditure 30,663 13,401 Net gains/(losses) on investments 10 69,997 - Net income/(expenditure) and movement in funds 78,526 (13,401) Reconciliation of funds: Fund balances at 1 January 2025 938,222 107,870 Fund balances at 31 December 2025 1,016,748 94,469 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 2,975 6,331 - 1,504 5,878 - 34,713 34,334 - 39,192 46,543 - 824 869 - 43,240 20,811 15,777 44,064 21,680 15,777 69,997 - - 65,125 24,863 (15,777) 1,046,092 913,359 123,647 1,111,217 938,222 107,870 |
Total 2024 £ 6,331 5,878 34,334 |
|---|---|---|
| 46,543 | ||
| 869 36,588 |
||
| 37,457 | ||
| - | ||
| 9,086 1,037,006 |
||
| 1,046,092 |
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WELLS UNITED CHARITIES
BALANCE SHEET
AS AT 31 DECEMBER 2025
| Notes Fixed assets Investment property 12 Investments 13 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the charity Restricted income funds 16 Unrestricted funds 17 |
2025 £ £ 356,391 627,270 983,661 139,296 (11,740) 127,556 1,111,217 94,469 1,016,748 1,111,217 |
2024 £ £ 356,391 557,273 913,664 138,718 (6,290) 132,428 1,046,092 107,870 938,222 1,046,092 |
2024 £ £ 356,391 557,273 913,664 138,718 (6,290) 132,428 1,046,092 107,870 938,222 1,046,092 |
|---|---|---|---|
| 913,664 132,428 |
|||
| 1,046,092 | |||
| 107,870 938,222 |
|||
| 1,046,092 |
The financial statements were approved by the trustees on .........................
.............................. Mrs Imelda Cracknell Trustee
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WELLS UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
Charity information
Wells Next The Sea United Charities is a charity registered with the Charity Commission in England the operational address is 16 Home Piece Road, Wells-next-the-Sea, Norfolk, NR23 1JS
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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WELLS UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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WELLS UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 1,238 | 4,986 |
| Grants | 410 | - |
| Membership fees | 1,327 | 1,345 |
| 2,975 | 6,331 |
4 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Fundraising events | 1,504 | 5,878 |
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WELLS UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Rental income | 15,441 | 14,885 |
| Income from listed investments | 14,359 | 14,559 |
| Interest receivable | 4,913 | 4,890 |
| 34,713 | 34,334 |
6 Expenditure on raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Fundraising and publicity | |||
| Seeking donations, grants and legacies | 824 | 869 | |
| 7 | Expenditure on charitable activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Post, printing, stationery and website costs | 457 | 245 | |
| Donations given | 39,356 | 30,692 | |
| Property costs | 1,943 | 4,616 | |
| Accountancy | 684 | 630 | |
| Insurance premium | 355 | 355 | |
| Bank charges | 4 | 15 | |
| Legal fees | 441 | 35 | |
| 43,240 | 36,588 | ||
| Analysis by fund | |||
| Unrestricted funds | 29,839 | 20,811 | |
| Restricted funds | 13,401 | 15,777 | |
| 43,240 | 36,588 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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WELLS UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
9 Employees
| 2025 | 2024 | ||
|---|---|---|---|
| Number | Number | ||
| Total | - | - | |
| 10 | Gains and losses on investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| Gains/(losses) arising on: | £ | £ | |
| Revaluation of investments | 69,997 | - |
| 11 | Taxation | ||
|---|---|---|---|
| The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. | |||
| 12 | Investment property | ||
| 2025 | |||
| £ | |||
| Fair value | |||
| At 1 January 2025 and 31 December 2025 | 356,391 | ||
| 13 | Fixed asset investments | ||
| Unlisted | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 January 2025 & 31 December 2025 | 557,273 | ||
| Carrying amount | |||
| At 31 December 2025 | 557,273 | ||
| At 31 December 2024 | 557,273 | ||
| 14 | Financial instruments | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Carrying amount of financial assets | |||
| Instruments measured at fair value through profit or loss | 627,270 | 557,273 |
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WELLS UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
15 Creditors: amounts falling due within one year
| Trade creditors Other creditors |
2025 £ 590 11,150 11,740 |
2024 £ 590 5,700 |
|---|---|---|
| 6,290 |
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 Previous year: At 1 |
January 2025 Resources expended At 31 December 2025 £ £ £ 107,870 (13,401) 94,469 January 2024 Resources expended At 31 December 2024 £ £ £ 123,647 (15,777) 107,870 |
|---|---|
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Revaluation reserve Previous year: At 1 General funds Revaluation reserve |
January 2025 Incoming resources Resources expended Gains and losses At 31 December 2025 £ £ £ £ £ 898,039 39,192 (30,663) 69,997 976,565 40,183 - - - 40,183 January 2024 Incoming resources Resources expended Gains and losses At 31 December 2024 £ £ £ £ £ 873,176 46,543 (21,680) - 898,039 40,183 - - - 40,183 |
|---|---|
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WELLS UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
18 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2025 2025 £ £ At 31 December 2025: Investment properties 356,391 - Investments 627,270 - Current assets/(liabilities) 33,087 94,469 1,016,748 94,469 Unrestricted Restricted funds funds 2024 2024 £ £ At 31 December 2024: Investment properties 356,391 - Investments 557,273 - Current assets/(liabilities) 24,558 107,870 938,222 107,870 |
Total 2025 £ 356,391 627,270 127,556 |
|---|---|
| 1,111,217 | |
| Total 2024 £ 356,391 557,273 132,428 |
|
| 1,046,092 |
19 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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