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Webb & Company
ACCOUNTANTS AND BUSINESS ADVISERS
Financial Statements
REGISTERED CHARITY NUMBER: 310266
Wells Blue School Charity Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2023
Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA
Wells Blue School Charity
Contents of the Financial Statements for the year ended 31 December 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 17 |
Wells Blue School Charity
Report of the Trustees for the year ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and policies
The Objects of the Charity
The objects of the charity are, for the public benefit, to advance education through:
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(1) the provision of items, services and facilities for the School: and
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(2) promoting the education of persons who are in need of financial assistance in the following order of priority:
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(a) persons who are attending the School; and
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(b) persons who have at any time attended the School:
In such way as the trustees think fit including by:
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i. awarding to such persons scholarships, maintenance allowances or grants tenable at any university, college or institution of further or higher education:
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ii. providing their education (including the study of music or other arts), to undertake travel in furtherance of that education or to prepare for entry to any occupation, trade or profession on leaving the educational establishment.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and in setting the grant making policy for the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Board of Trustees are satisfied with the performance of the charity during the year and the position at 31 December 2023 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.
The charity's annual income is derived from agricultural rents and interest from investments. The detailed schedules show the results for the year.
A summary of grants made can be found in the notes to the accounts.
FINANCIAL REVIEW
Investment policy and objectives
There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees periodically and takes account of recent demand for funds and the quality of funding applications. The trustees consider the income requirements, the risk profile and investment manager's review of the market prospects in the medium term. The strategy is set within an overall policy which states that the endowment fund is to be invested in low and medium risk investments with a view to ensuring that capital appreciation of the fund exceeds inflation over the long term. The trustees reviewed the investments during the year and agreed the investment policy.
Page 1
Wells Blue School Charity
Report of the Trustees for the year ended 31 December 2023
FINANCIAL REVIEW
Reserves policy
At 31 December 2023, the charity had a deficit on unrestricted free reserves of (£2,558) (2022: (£14,766)), It is the charity's policy to maintain unrestricted funds, which are the free reserves of the charity at a level which equates to approximately 12 months unrestricted expenditure, as well as emergency applications for grants and unexpected calls on resources, including the maintenance of the investment properties. The trustees reviewed and agreed the policy during the year.
Total unrestricted funds, including the revaluation reserve at 31 December 2023 were £2,093 (2022: £(10,115).
The trustees note the deficit on the unrestricted free reserves and will continue to work to bring this back to a surplus within the next financial year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Wells Blue School is a registered charity, number 310266.
The charity was registered with the Charity Commission in 1967 and was created by the scheme dated 18 April 1967 which laid down the objects and powers of the charity; modified by the Memorandum and Articles of Association dated 4 February 1970, as varied on 24 November 1975, as affected by a Resolution made under s74 of The Charities Act 1993, dated 26 May 2011, and a modification order dated 17 May 2011. Under the powers given in the Charities Act 2011 the scheme was modified on 14 March 2013. The scheme replaces the former trusts of the charity.
The charity had been in existence for a number of years before the date of registration. There are no restrictions in the governing document on the operation of the charity, other than those imposed by general charity law.
Recruitment and appointment of new trustees
The members of the Board of Trustees of the charity during the year and the changes since last year are listed on page 3.
Trustees are the persons who are governors for the time being of the Wells Blue School. Governors are elected in accordance with the school's Memorandum and Articles and the law. The lay governors are elected for 4 years and retire by rotation. Retiring lay governors can be re-elected. The current trustees will provide induction and training to the newly appointed trustees.
Organisational structure
The charity is managed by the Board of Trustees who, in their meetings, agree the broad strategy and areas of activity for the charity, including consideration of investment, reserves and risk management policies and performance. Trustees meet regularly to discuss and plan objectives and implementation thereof. Matters of general concern are raised with all members.
Policies
As trustees we work within our terms of reference, which are to maintain and improve the Foundation in terms of finance and physical assets in accordance with the Charities Act and the charity's Scheme of Foundation.
Details of intangible income
The trustees use the administration facilities of the Blue School and use of rooms for trustees' meetings. No financial value has been placed on this gift in the accounts.
Related parties
The charity works closely with the local authority and the head teacher and staff at the Blue School.
Page 2
Wells Blue School Charity
Report of the Trustees
for the year ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have a risk management strategy which comprises:
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An annual review of the risks the charity may face;
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The establishment of systems and procedures to mitigate those risks identified; and
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The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
310266
Principal address
Kennion Road Wells Somerset BA5 2NR
Trustees
Dr K Bradley J Brown Mrs J Croft (resigned 30/4/2024) Rev S Denyer Mrs L Houlton (resigned 21/5/2024) D Hiscox Miss K Kinshaw (resigned 5/9/2023) Dr K Rowlands (resigned 6/2/2024) T Ruddle Mrs M Taylor Mrs J Warnock (resigned 31/8/2023) P Welch M Woodlock - Headteacher (i) L Ashford (appointed 5/6/2024) D Frost (appointed 28/5/2024) P Burrows (appointed 23/4/2024) A James (appointed 2/5/2024) P J James (appointed 8/1/2024)
(i) Foundation Committee
Independent Examiner
Barry Davidson FCCA, FCA Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA
Page 3
Wells Blue School Charity
Report of the Trustees for the year ended 31 December 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors
Harris & Harris Diocesan Registry 14 Market Place Wells Somerset BA5 2RE
Bankers and Advisers Bankers
HSBC Bank Plc 1 Market Place Wells Somerset BA5 1RN
Investment Management
Rathbone Investment Management The Senate Southernhay Gardens Exeter EX1 1UG
Approved by order of the board of trustees on 25 October 2024 and signed on its behalf by:
D Hiscox - Trustee
Page 4
Independent Examiner's Report to the Trustees of Wells Blue School Charity
Independent examiner's report to the trustees of Wells Blue School Charity
I report to the charity trustees on my examination of the accounts of Wells Blue School Charity (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
Barry Davidson FCCA, FCA
Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA
Date: 29 October 2024
Page 5
Wells Blue School Charity
Statement of Financial Activities for the year ended 31 December 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 824 Other income 3 - Total 824 EXPENDITURE ON Raising funds - Charitable activities 4 Charitable activities 29,304 Total 29,304 Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) (28,480) Transfers between funds 16 40,688 Net movement in funds 12,208 RECONCILIATION OF FUNDS Total funds brought forward (10,115) TOTAL FUNDS CARRIED FORWARD 2,093 |
Restricted fund £ - - - - - - - - - - 500,000 500,000 |
Endowment funds £ 40,688 155,257 195,945 524 - 524 51,063 246,484 (40,688) 205,796 2,046,486 2,252,282 |
2023 Total funds £ 41,512 155,257 196,769 524 29,304 29,828 51,063 218,004 - 218,004 2,536,371 2,754,375 |
2022 Total funds £ 35,514 773 36,287 142 13,441 13,583 (118,783) (96,079) - (96,079) 2,632,450 2,536,371 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
Wells Blue School Charity
Balance Sheet 31 December 2023
| Notes FIXED ASSETS Investments Investments 10 Investment property 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
2023 £ 1,774,297 745,734 2,520,031 125,000 111,084 236,084 (1,740) 234,344 2,754,375 2,754,375 2,093 500,000 2,252,282 2,754,375 |
2022 £ 1,692,185 745,734 2,437,919 - 113,218 113,218 (14,766) 98,452 2,536,371 2,536,371 (10,115) 500,000 2,046,486 2,536,371 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 October 2024 and were signed on its behalf by:
D Hiscox - Trustee
The notes form part of these financial statements
Page 7
Wells Blue School Charity
Notes to the Financial Statements for the year ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, rounded to the nearest £, which is the functional currency of the entity.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investments
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Investment properties
Investment properties which are all freehold, are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
Investment properties are not held for their investment potential and not for use by the charity and so their current value is not of prime importance. Such properties are not depreciated.
Other investments
Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of Financial Activities.
Listed investments are shown at closing mid-market value and the Balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities
Interest
Interest on funds held on deposit is included when receivable and the amount can be reliably measured by the charity. this is normally upon notification of the interest payable by the bank
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Designated funds comprise unrestricted funds that have been set aside by the trustees for particulate purposes. The aim and use of each designated fund is set out in the notes to the accounts.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the accounts.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisitions or opening of the deposit or similar account.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt, or the amount it has received as advanced payments for goods and services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. INVESTMENT INCOME
| UK investment property income Uk listed investment income |
2023 £ 825 40,687 41,512 |
2022 £ 1,180 34,334 35,514 |
|---|---|---|
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
3. OTHER INCOME
| OTHER INCOME | ||
|---|---|---|
| Gain on sale of investments Overage claim |
2023 £ 30,257 125,000 155,257 |
2022 £ 773 - |
| 773 |
4. CHARITABLE ACTIVITIES COSTS
5.
| Grant funding of activities (see note 5) £ Charitable activities 27,183 GRANTS PAYABLE Uniforms School photography Enrichment programme Canopy project Rewards budget Chaplaincy Bursary Miscellaneous |
Support costs £ 2,121 2023 £ 3,168 2,915 10,000 5,000 5,000 500 - 600 27,183 |
Totals £ 29,304 |
|
|---|---|---|---|
| 2022 £ 3,730 3,780 - - - - 250 - |
|||
| 7,760 |
The charity receives grant applications from a number of sources within the school and from past students. Every application is considered by the Foundation Committee in relation to pre-agreed parameters. Information on requests is given to all trustees via minutes presented and approved at the full goes via minutes presented and approved at the full governing body meetings.
6.
INDEPENDENT EXAMINER FEES
| Independent Examiner's Fee | 2023 £ 1.740 |
2022 £ 1,500 |
|---|---|---|
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
8.
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds fund £ £ INCOME AND ENDOWMENTS FROM Investment income 1,180 - Other income - - Total 1,180 - EXPENDITURE ON Raising funds - - Charitable activities Charitable activities 13,441 - Total 13,441 - Net gains/(losses) on investments - - NET INCOME/(EXPENDITURE) (12,261) - Transfers between funds 34,334 - Net movement in funds 22,073 - RECONCILIATION OF FUNDS Total funds brought forward (32,188) 500,000 TOTAL FUNDS CARRIED FORWARD (10,115) 500,000 |
Endowment funds £ 34,334 773 35,107 142 - 142 (118,783) (83,818) (34,334) (118,152) 2,164,638 2,046,486 |
Total funds £ 35,514 773 36,287 142 13,441 13,583 (118,783) (96,079) - (96,079) 2,632,450 2,536,371 |
|---|---|---|
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Wells Blue School Charity
Notes to the Financial Statements - continued
for the year ended 31 December 2023
9. GIFTS IN KIND
The charity received the use of the administration facilities from the Blue School Wells. No value has been included in the accounts for this donation.
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| Shares Other |
2023 £ 1,761,197 13,100 1,774,297 |
2022 £ 1,683,508 8,677 |
| 1,692,185 |
Additional information as follows:
| MARKET VALUE At 1 January 2023 Additions Disposals Revaluations At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Listed investments £ 1,683,508 276,048 (249,422) 51,063 1,761,197 1,761,197 1,683,508 |
|---|---|
Of the total investment asset valuation 69.90% are held in the UK, 30.10% overseas.
Investments (neither listed nor unlisted) were as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash | 23,320 | 23,320 |
| Transfers in | 526,598 | 194,908 |
| Transfers out | (536,818) | (209,551) |
| 13,100 | 8,677 |
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
| 11. INVESTMENT PROPERTY FAIR VALUE At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
£ 745,734 |
|---|---|
| 745,734 | |
| 745,734 |
Investment assets were independently valued by Carter Jonas Chartered Surveyors in June 2012 at market value. The trustees believe there is no significant difference between this valuation and the market value of the properties at the Balance sheet date.
| Due to the age of the investment properties there is insufficient data to | be able to accurately | be able to accurately | disclose their | disclose their | |
|---|---|---|---|---|---|
| original historical cost. | |||||
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Other debtors | 125,000 | - | |||
| Other debtors - relates to an overage claim payable in respect of land sold at Yenston. | |||||
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Bank loans and overdrafts (see note 14) | - | 13,086 | |||
| Other creditors | 1,740 | 1,680 | |||
| 1,740 | 14,766 | ||||
| 14. | LOANS | ||||
| An analysis of the maturity of loans is given below: | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Amounts falling due within one year on demand: | |||||
| Bank overdrafts | - | 13,086 |
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Investments Current assets Current liabilities |
Unrestricted funds £ (38,916) 42,749 (1,740) 2,093 |
Restricted fund £ 500,000 - - 500,000 |
Endowment funds £ 2,058,947 193,335 - 2,252,282 |
2023 Total funds £ 2,520,031 236,084 (1,740) 2,754,375 |
2022 Total funds £ 2,437,919 113,218 (14,766) 2,536,371 |
|---|---|---|---|---|---|
16.
MOVEMENT IN FUNDS
| At 1/1/23 £ Unrestricted funds General fund (14,766) Capital revaluation 4,651 (10,115) Restricted funds Capital fund 500,000 Endowment funds Capital Fund 1,983,319 Maintenance Fund 2,000 Extraordinary Repair Fund 61,167 2,046,486 TOTAL FUNDS 2,536,371 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 824 Endowment funds Capital Fund 195,945 TOTAL FUNDS 196,769 |
Net movement in funds £ (28,480) - (28,480) - 246,484 - - 246,484 218,004 Resources expended £ (29,304) (524) (29,828) |
Transfers between funds £ 40,688 - 40,688 - (40,688) - - (40,688) - Gains and losses £ - 51,063 51,063 |
At 31/12/23 £ (2,558) 4,651 2,093 500,000 2,189,115 2,000 61,167 2,252,282 2,754,375 Movement in funds £ (28,480) 246,484 218,004 |
|
|---|---|---|---|---|
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Capital revaluation Restricted funds Capital fund Endowment funds Capital Fund Maintenance Fund Extraordinary Repair Fund TOTAL FUNDS Comparative net movement in funds, included Unrestricted funds General fund Endowment funds Capital Fund TOTAL FUNDS |
Net movement At 1/1/22 in funds £ £ (36,839) (12,261) 4,651 - (32,188) (12,261) 500,000 - 2,101,471 (83,818) 2,000 - 61,167 - 2,164,638 (83,818) 2,632,450 (96,079) in the above are as follows: Incoming Resources resources expended £ £ 1,180 (13,441) 35,107 (142) 36,287 (13,583) |
Transfers between funds £ 34,334 - 34,334 - (34,334) - - (34,334) - Gains and losses £ - (118,783) (118,783) |
At 31/12/22 £ (14,766) 4,651 (10,115) 500,000 1,983,319 2,000 61,167 2,046,486 2,536,371 Movement in funds £ (12,261) (83,818) (96,079) |
|
|---|---|---|---|---|
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Capital revaluation Restricted funds Capital fund Endowment funds Capital Fund Maintenance Fund Extraordinary Repair Fund TOTAL FUNDS |
At 1/1/22 £ (36,839) 4,651 (32,188) 500,000 2,101,471 2,000 61,167 2,164,638 2,632,450 |
Net movement in funds £ (40,741) - (40,741) - 162,666 - - 162,666 121,925 |
Transfers between funds £ 75,022 - 75,022 - (75,022) - - (75,022) - |
At 31/12/23 £ (2,558) 4,651 2,093 500,000 2,189,115 2,000 61,167 2,252,282 2,754,375 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Capital Fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 2,004 (42,745) 231,052 (666) 233,056 (43,411) |
Gains and Movement losses in funds £ £ - (40,741) (67,720) 162,666 (67,720) 121,925 |
|---|---|---|
Notes on Endowment funds
Assets held by the charity subject to restriction are carried in the Capital Fund. The income from these is credited to the fund and has been transferred to unrestricted funds. In 2023 this amounted to £40,687 (2022: £34,334)
The Maintenance Fund is restricted to expenditure on the routine maintenance of the charity's investment properties.
The Extraordinary Repair Fund is restricted to expenditure on the charity's investment properties of an extraordinary nature.
Notes on Restricted Funds
There have been no movements on the Restricted funds during the year. The Restricted fund was established on 19 May 2011 when the Wells Blue School campus was donated by Somerset County Council and represents the value placed upon the land and buildings in the hands of the charity under the terms of the transfer at that time.
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
This page does not form part of the statutory financial statements
Page 18