**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:
1. financial assistance
2. 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.
- 1 -
## **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: .............................................
- 2 -
## **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.
- 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.
- 2 the financial statements do not accord with those records; or
- 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: ............................
- 3 -
## **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|
- 4 -
## **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**
- 5 -
## **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.
- 6 -
## **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.
- 7 -
## **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|
- 8 -
## **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.
- 9 -
## **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|
- 10 -
## **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|
|---|---|
- 11 -
## **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).
- 12 -