REGISTERED CHARITY NUMBER: 310266
Wells Blue School Charity
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024
Wells Blue School Charity
Contents of the Financial Statements for the year ended 31 December 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 16 |
Wells Blue School Charity
Reference and Administrative Details for the year ended 31 December 2024
TRUSTEES Dr K Bradley J Brown Mrs J Croft (resigned 30/4/2024) Rev S Denyer (resigned 10/10/2025) Mrs L Houlton (resigned 21/5/2024) D Hiscox Dr K Rowlands (resigned 6/2/2024) T Ruddle (resigned 9/9/2025) Mrs M Taylor P Welch (Independent Trustee) M Woodlock - Headteacher (i) L Ashford (appointed 5/6/2024) (resigned 13/1/2025) 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) Mrs N Giaretta (appointed 9/9/2025) (i) Foundation Committee PRINCIPAL ADDRESS Kennion Road Wells Somerset BA5 2NR REGISTERED CHARITY 310266 NUMBER INDEPENDENT EXAMINER Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA SOLICITORS Stone King LLP Upper Borough Court (UBC) Upper Borough Wells Bath BA1 1RG
(i) Foundation Committee
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Wells Blue School Charity
Report of the Trustees for the year ended 31 December 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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.
ACHIEVEMENTS 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 2024 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
As part of our investment policies we are prohibited from investing in funds that include companies producing arms, tobacco or alcohol. 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.
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Wells Blue School Charity
Report of the Trustees for the year ended 31 December 2024
FINANCIAL REVIEW
Reserves policy
At 31 December 2024 the charity had unrestricted free reserves of £10,460 (2023 - deficit £2,558)
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 2024 were £15,110 (2023 - £2,093).
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 Charity 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 scheme was further amended on 27 June 2023.
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 Blue School, Wells together with an independent trustee who is not a governor of The 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.
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Wells Blue School Charity
Report of the Trustees for the year ended 31 December 2024
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.
Approved by order of the board of trustees on 23 October 2025 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 2024.
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: 24 October 2025
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Wells Blue School Charity
Statement of Financial Activities for the year ended 31 December 2024
| Unrestricted Restricted funds funds Notes £ £ 500 15,000 2 680 - 3 - - 1,180 15,000 - - 4 31,933 - 31,933 - - - (30,753) 15,000 16 43,770 - 13,017 15,000 2,093 500,000 INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Other income Total EXPENDITURE ON Raising funds Charitable activities Charitable activities Total Unrealised gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 15,110 515,000 |
Endowment funds £ - 43,770 37,926 81,696 1,394 - 1,394 (29,376) 50,926 (43,770) 7,156 2,252,282 2,259,438 |
2024 Total funds £ 15,500 44,450 37,926 97,876 1,394 31,933 33,327 (29,376) 35,173 - 35,173 2,754,375 2,789,548 |
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 |
The notes form part of these financial statements
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Wells Blue School Charity
Balance Sheet 31 December 2024
| Notes FIXED ASSETS Investments Investments 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
2024 £ 1,833,351 745,734 2,579,085 122,272 90,051 212,323 (1,860) 210,463 2,789,548 2,789,548 15,110 515,000 2,259,438 2,789,548 |
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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 October 2025 and were signed on its behalf by:
D Hiscox - Trustee
The notes form part of these financial statements
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Wells Blue School Charity
Notes to the Financial Statements for the year ended 31 December 2024
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 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular 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
| INVESTMENT INCOME | ||
|---|---|---|
| UK investment property income UK listed investment income |
2024 £ 50 44,400 44,450 |
2023 £ 825 40,687 |
| 41,512 |
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2024
3. OTHER INCOME
| OTHER INCOME | ||
|---|---|---|
| Net gain on sale of investment Overage claim |
2024 £ 39,261 (1,335) 37,926 |
2023 £ 30,257 125,000 |
| 155,257 |
The investment manager's fees are netted off against any profit/(loss) on disposals of investments in the year.
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|---|
| Grant funding of activities (see note 5) £ Charitable activities 28,432 GRANTS PAYABLE |
Support costs £ 3,501 |
Totals £ 31,933 |
|||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Uniforms | 3,353 | 3,168 | |||
| School photography | 3,479 | 2,915 | |||
| School projects | 20,000 | 10,000 | |||
| Canopy project | - | 5,000 | |||
| Rewards budget | - | 5,000 | |||
| Chaplaincy | 500 | 500 | |||
| Bursary | 500 | - | |||
| Miscellaneous | 600 | 600 | |||
| 28,432 | 27,183 | ||||
| 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 meetings of the full Board of Trustees. |
5. GRANTS PAYABLE
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2024
6. OTHER
| OTHER | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Support costs | 3,501 | 2,121 |
7. INDEPENDENT EXAMINER FEES
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Independent Examiner's Fee | 1,740 | 1,500 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
9.
| Trustees' expenses 1 trustee was paid for mileage during the period. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Investment income 824 - Other income - - Total 824 - EXPENDITURE ON Raising funds - - Charitable activities Charitable activities 29,304 - Total 29,304 - Net gains on investments - - NET INCOME/(EXPENDITURE) (28,480) - Transfers between funds 40,688 - Net movement in funds 12,208 - |
2024 £ 43 Endowment funds £ 40,688 155,257 195,945 524 - 524 51,063 246,484 (40,688) 205,796 |
2023 £ - Total funds £ 41,512 155,257 |
|---|---|---|
| 196,769 | ||
| 524 29,304 |
||
| 29,828 | ||
| 51,063 | ||
| 218,004 - |
||
| 218,004 |
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2024
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ RECONCILIATION OF FUNDS Total funds brought forward (10,115) 500,000 TOTAL FUNDS CARRIED FORWARD 2,093 500,000 |
- continued Endowment funds £ 2,046,486 2,252,282 |
Total funds £ 2,536,371 |
|---|---|---|
| 2,754,375 |
10. 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.
11.
| FIXED ASSET INVESTMENTS Shares Other Additional information as follows: MARKET VALUE At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
2024 £ 1,826,010 7,341 1,833,351 |
2023 £ 1,761,197 13,100 1,774,297 Listed investments £ 1,761,197 321,746 (227,557) (29,376) 1,826,010 1,826,010 1,761,197 |
|---|---|---|
Of the total investment asset valuation 71.30% (2023 -69.90%) are held in the UK, 28.70% (2023 -30.10%) overseas.
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2024
11. FIXED ASSET INVESTMENTS - continued
Investments (neither listed nor unlisted) were as follows:
| 2024 £ Cash 23,320 Transfers in 850,183 Transfers out (866,162) 7,341 12. INVESTMENT PROPERTY FAIR VALUE At 1 January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
2023 £ 23,320 526,598 (536,818) 13,100 £ 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 disclose their original historical cost.
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WIT | HIN ONE YEAR | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Other debtors | 122,272 | 125,000 |
Other debtors - relates to an overrage claim payable in respect of land sold at Yenston.
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2024
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted funds funds £ £ Investments - 500,000 Current assets 16,970 15,000 Current liabilities (1,860) - 15,110 515,000 16. MOVEMENT IN FUNDS At 1/1/24 £ Unrestricted funds General Fund (2,558) Capital Revaluation 4,651 2,093 Restricted funds Capital Fund 500,000 Sheltered Area Appeal - 500,000 Endowment funds Capital Fund 2,189,115 Maintenance Fund 2,000 Extraordinary Repair Fund 61,167 2,252,282 TOTAL FUNDS 2,754,375 |
Endowment funds £ 2,079,085 180,353 - 2,259,438 Net movement in funds £ (30,753) - (30,753) - 15,000 15,000 50,926 - - 50,926 35,173 |
2024 £ 1,860 2024 Total funds £ 2,579,085 212,323 (1,860) 2,789,548 Transfers between funds £ 43,770 - 43,770 - - - (43,770) - - (43,770) - |
2023 £ 1,740 2023 Total funds £ 2,520,031 236,084 (1,740) 2,754,375 At 31/12/24 £ 10,459 4,651 15,110 500,000 15,000 515,000 2,196,271 2,000 61,167 2,259,438 2,789,548 |
|---|---|---|---|
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Wells Blue School Charity
Notes to the Financial Statements - continued for the year ended 31 December 2024
16. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General Fund 1,180 (31,933) Restricted funds Sheltered Area Appeal 15,000 - Endowment funds Capital Fund 81,696 (1,394) TOTAL FUNDS 97,876 (33,327) Comparatives for movement in funds Net movement At 1/1/23 in funds £ £ Unrestricted funds General Fund (14,766) (28,480) Capital Revaluation 4,651 - (10,115) (28,480) Restricted funds Capital Fund 500,000 - Endowment funds Capital Fund 1,983,319 246,484 Maintenance Fund 2,000 - Extraordinary Repair Fund 61,167 - 2,046,486 246,484 TOTAL FUNDS 2,536,371 218,004 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General Fund 824 (29,304) Endowment funds Capital Fund 195,945 (524) TOTAL FUNDS 196,769 (29,828) |
Gains and losses £ - - (29,376) (29,376) Transfers between funds £ 40,688 - 40,688 - (40,688) - - (40,688) - Gains and losses £ - 51,063 51,063 |
Movement in funds £ (30,753) 15,000 50,926 35,173 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 2024
16. MOVEMENT IN FUNDS - continued
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 2024 this amounted to £43,770 (2023 - £40,668)
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
Capital Restricted Fund
There have been no movements on the Capital 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.
Sheltered Area Appeal
A sheltered appeal was established to raise funds for covered areas following a structural concrete issue; the payment was disbursed in the post year-end period.
17. RELATED PARTY DISCLOSURES
The charity awarded the Blue School £27,932 in support of projects for the year as disclosed in note 5.
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