## **B**
**FWC23/05 - 2/III/2023**
**THE FRIENDS OF WELLS CATHEDRAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 REGISTERED CHARITY NUMBER: 208797**
## **THE FRIENDS OF WELLS CATHEDRAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **CONTENTS**
||Page|
|---|---|
|Charity Information|1|
|Trustees’ Report|2 - 4|
|Independent Examiner’s Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Statement of Cash Flows|8|
|Notes to the Financial Statements|9 - 17|
## **THE FRIENDS OF WELLS CATHEDRAL CHARITY INFORMATION**
## **Patron**
The Right Reverend Michael Beasley, Bishop of Bath and Wells (from June 2022) The Right Reverend Peter Hancock, Bishop of Bath and Wells (to June 2022)
## **President**
The Very Reverend Dr John Davies, Dean of Wells
## **Vice-Presidents**
Lord Carey of Clifton Lady Gass Mrs A Maw Mrs A Currie Dr R Dunning Mr R Duys
## **Honorary Editors**
Mrs Rose Longden-Phillips Mr William Newton Newey
## **Friends' Council (who are Trustees of the Charity)**
Mr Michael Hopkins***- Chairman Mrs Anne Paul – Honorary Treasurer** Mr Colin Rees – Membership Secretary** Mr Stan Gibby – Elected Member* Ms Maureen Boylan – Elected Member** The Reverend Doris Goddard* Mr David Morgan-Hewitt** Mrs Rose Longden-Phillips (appointed October 2022) * Mr Arnold Wills (appointed October 2022) * The Reverend Canon Rob James – Chapter Nominee (resigned July 2022) The Very Reverend Dr John Davies – Chapter Nominee
*to serve until 2023 / **to serve until 2024 / ***to serve until 2025
## **Friends' Secretary**
Mr William Newton Newey
## **Independent Examiner**
Alexandra Shore FCA DChA, A C Mole, Stafford House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX
## **Bankers**
National Westminster Bank Plc, 7 High Street, Wells, Somerset BA5 2AD Lloyds Bank, 24-26 High Street, Wells, Somerset, BA5 2SJ
## **Investment Managers**
CCLA, 1 Angel Ln, London, EC4R 3AB
## **Registered Office**
West Cloister, Wells, Somerset BA5 2PA
## **Registered Number**
208797
> Page 1
## **THE FRIENDS OF WELLS CATHEDRAL THE REPORT OF THE TRUSTEES**
The trustees present their annual report and financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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) (issued October 2019) – Charities SORP (FRS 102).
## **Objects**
The objects of the Friends of Wells Cathedral are to seek to co-operate with the Cathedral Chapter and to further the mission and Christian purpose and to maintain the worship of the cathedral.
## **Public benefit**
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning future activities.
## **Achievements and performance**
The charity continued to raise funds and co-operate with the Cathedral Chapter to finance a range of projects in the year.
It is the policy of the charity not to commit the charity to any major new programme or work until sufficient funds are accumulated in the reserves to support the Chapter in their development.
At 31 December 2022 the charity had approved grants of £Nil (2021: £Nil) which had not yet been formally communicated to the recipients.
## **Financial review and investment policy**
The board of trustees are satisfied with the performance of the charity during the year and the position at 31 December 2022 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. At 31 December 2022 the charity had reserves of £1,042,846 (2021: £726,969).
The ongoing Covid-19 national pandemic has fortunately had very little financial impact on the Friends’ finances. Income levels have increased following the receipt of a large legacy, and with reduced expenditure, a healthy surplus has been generated. The trustees believe the Friends are well placed moving forward.
There are no restrictions on the charity’s power to invest.
## **Reserves policy**
Trustees are aware of the need to retain funding for future endeavours and developments. It is the policy of the charity that reserves should provide adequate financial stability and means for the charity to meet its charitable objectives for the foreseeable future. The charity’s long-term objective is to maximise and retain reserves to sufficiently generate a return which can then be used to meet its charitable objects. Unrestricted reserves which have not been designated at 31 December 2022 are £549,692 of which £375,061 are held as fixed asset investments. This leaves £174,631. The trustees feel these reserves are at an appropriate level to meet its day to day objects whilst focusing on increasing the overall reserves.
> Page 2
## **THE FRIENDS OF WELLS CATHEDRAL THE REPORT OF THE TRUSTEES**
## **Structure, governance and management**
The charity is governed by a written constitution. Its registered charity number is 208797.
The trustees who have served during the year and since the year ended are set out on page 1.
The **Friends’ Council** consists of the Chairman, the Honorary Treasurer, the Membership Secretary, a maximum of two individuals from the Chapter to be appointed by the Chapter and a maximum of seven individuals who shall not be members of the Chapter. The maximum number on the Council shall be twelve and each member of the Council shall be a Member of the Friends. The board of trustees meets regularly as a full board.
All questions at any meeting are determined by simple majority votes cast by members present, with each member having one vote. In the event of an equality of votes, the Chair may exercise a second vote as a casting vote.
## **Members**
Any individual or association (whether corporate or unincorporated) shall be entitled to annual membership who shall have paid a first subscription of such minimum sum as shall be fixed from time to time by the Friends’ Council, and whose subscription shall have been accepted and acknowledged by the Friends.
All matters concerning the organisation, business, policies and finance of the Friends shall be dealt with by the Friends’ Council.
## **Risk management**
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## **Key management remuneration**
The trustees are considered to be the key management of the charity. No remuneration is paid to any trustee (2021: £nil).
> Page 3
## **THE FRIENDS OF WELLS CATHEDRAL THE REPORT OF THE TRUSTEES**
## **Statement of trustees’ responsibilities**
The charity trustees are responsible for preparing the trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from the legislation of other jurisdictions.
Michael Hopkins Anne Paul Chairman Treasurer
**Approved for signature by the Friends’ Council on 2nd March 2023**
> Page 4
## **THE FRIENDS OF WELLS CATHEDRAL INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE FRIENDS OF WELLS CATHEDRAL**
I report to the trustees on my examination of the accounts of The Friends of Wells Cathedral for the year ended 31 December 2022, which are set out on pages 6 to 17.
## **Responsibilities and basis of report**
As the charity trustees of The Friends of Wells Cathedral 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 Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
- accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
- the accounts do not accord with those records; or
- 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.
Alexandra Shore FCA DChA A C Mole Chartered Accountants Stafford House Blackbrook Park Avenue Taunton TA1 2PX
Date: March 2023
> Page 5
## **THE FRIENDS OF WELLS CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022**
|Notes
**INCOME**
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
5
**TOTAL INCOME**
**EXPENDITURE**
Costs of raising funds
Charitable activities
**TOTAL EXPENDITURE**
6
**NET LOSSES/GAINS ON INVESTMENTS**
**NET INCOME/(LOSS)**
Transfers between funds
**NET MOVEMENT IN FUNDS**
**TOTAL FUNDS BROUGHT FORWARD**
**TOTAL FUNDS CARRIED FORWARD**
15|Unrestricted
Designated
Restricted
2022
2021
£
£
£
£
£
239,556
-
145,825
385,381
277,961
3,208
-
-
3,208
-
722
-
-
722
18
25
-
-
25
-|
|---|---|
||243,511
-
145,825
389,336
277,979|
||24,568
-
-
24,568
15,610
7,524
3,516
-
11,040
(1,378)|
||32,092
3,516
-
35,608
14,232|
||(37,851)
-
-
(37,851)
61,392|
||173,568
(3,516)
145,825
315,877
325,139
(55,759)
55,759
-
-
-|
||117,809
52,243
145,825
315,877
325,139
431,883
228,071
67,015
726,969
401,830|
||549,692
280,314
212,840
1,042,846
726,969|
The notes on pages 9 to 17 form part of the financial statements.
> Page 6
## **THE FRIENDS OF WELLS CATHEDRAL BALANCE SHEET AS AT 31 DECEMBER 2022**
|Note
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors
13
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**THE FUNDS OF THE CHARITY**
Unrestricted revenue funds
Designated funds
**Unrestricted funds**
**Restricted revenue funds**
**TOTAL CHARITY FUNDS**
15
Mr Michael Hopkins
Chairman|2022
2021
£
£
£
£
-
-
375,061
412,912
1,838
26,205
672,236
290,438
674,074
316,643
6,289
2,586
667,785
314,057
1,042,846
726,969
549,692
431,883
280,314
228,071
830,006
659,954
212,840
67,015
1,042,846
726,969
Mrs Anne Paul
Treasurer|2022
2021
£
£
£
£
-
-
375,061
412,912
1,838
26,205
672,236
290,438
674,074
316,643
6,289
2,586
667,785
314,057
1,042,846
726,969
549,692
431,883
280,314
228,071
830,006
659,954
212,840
67,015
1,042,846
726,969
Mrs Anne Paul
Treasurer|
|---|---|---|
||674,074
6,289||
||||
|||726,969|
|||431,883
228,071|
|||659,954
67,015|
|||726,969|
||||
## **Approved for signature by the Friends' Council on**
The notes on pages 9 to 17 form part of the financial statements.
> Page 7
## **THE FRIENDS OF WELLS CATHEDRAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022**
|Note
**Net cash generated by operating activities**
16
**Cash flows from investing activities:**
Interest from investments
**Net cash generated by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents brought forward
**Cash and cash equivalents carried forward**
17|Total
2022
£
381,076
_______
_
722
_______
_
722
**_______**
**_**
381,798
290,438
_______
672,236
**_______**|Total
2021
£
181,050
_______
18
_______
18
**_______**
181,068
109,370
_______
290,438
**_______**|
|---|---|---|
The notes on pages 9 to 17 form part of the financial statements
> Page 8
**THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Accounting Policies**
## **Basis of preparation and assessment of going concern**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated below. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued October 2019) – Charities SORP (FRS 102).
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern and the accounts have therefore been prepared on a going concern basis.
## **Income recognition**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **Life membership subscriptions**
As life memberships are not for a predetermined number of years, an exact apportionment of the income over the period of membership is not practicable. Therefore, we have adopted the policy of taking oneeighth of the balance in the fund in an attempt to recognise the subscription income over the period of life membership.
## **Legacy income**
Legacy income is recognised in the financial statements in the period in which it is received or when there is sufficient evidence that the legacy will be received, and the legacy can be measured reliably. The accounting policy applied is that receipt of a legacy is recognised when there has been grant of probate, the executors have confirmed there is sufficient assets in the estates, after settling liabilities, to pay the legacy, and any conditions attached to the legacy are either within the control of the charity or have been met.
## **Investment income**
Bank interest is recognised when receivable.
## **Expenditure recognition**
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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Charitable expenditure includes grants and support costs.
> Page 9
**THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Accounting Policies (continued)**
## **Grants payable in furtherance of the charity’s objectives**
The charity receives grant applications from the Chapter of Wells Cathedral and every application is considered by the board of trustees in relation to pre-agreed parameters. The board may accept or reject the application or accept the application subject to conditions. In accordance with the Statement of Recommended Practice, a liability is recognised for these grants within these financial statements when an application is accepted and communicated with the recipients. At 31 December 2022 the charity had approved grants of £Nil (2021: £Nil) which had not yet been formally communicated to the recipients.
## **Taxation**
As a registered charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the organisation, and is therefore included in the relevant costs in the Statement of Financial Activities.
## **Funds structure policy**
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance working capital.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
There is no formal policy on the allocation of funds to designated funds.
There is no formal policy of transfer between funds, other than that described under the Life Membership Subscriptions policy above. Any proposed transfer between funds would be considered on the particular circumstances.
## **Fixed assets**
Fixed assets are capitalised if the value exceeds £1,000. Fixed assets are initially recognised at cost. Depreciation is provided on office equipment at the following annual rates in order to write off each asset over its estimated useful life:
Computer 33 1/3% pa on cost
## **Investments**
Investments are stated at market value as at the balance sheet date. Any gain or loss on revaluation is taken to the statement of financial activities.
## **Cash and cash equivalents**
Cash and cash equivalents represent cash in hand and in instant access bank accounts.
> Page 10
**THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Accounting Policies (continued)**
## **Financial instruments**
The charity only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are recognised at transaction price and subsequently measured at their fair value.
## **Critical accounting judgements and estimation uncertainty**
The preparation of the financial statements in conformity with FRS 102 requires the trustees to make judgements, estimates and assumptions that affect the application of policies and the amounts recognised in the financial statements. The trustees are of the opinion that there were no critical accounting judgements or key sources of estimation uncertainty in the current or preceding year.
|**2**
**Donations and legacies**
Legacies
Subscriptions
Donations and appeals|2022
2021
£
£
200,947
170,968
33,712
52,854
150,722
54,139|
|---|---|
||385,381
277,961|
Income from donations and legacies in the year consisted of £239,556 unrestricted (2021: £214,040), designated £Nil (2021: £Nil) and restricted £145,825 (2021: £63,921).
## **3 Other trading activities - unrestricted**
|**Other trading activities - unrestricted**
Fund-raising events|2022
2021
£
£
3,208
-|
|---|---|
|**4**
**Investment income - unrestricted**
Interest received
**5**
**Other income - unrestricted**
Miscellaneous income|2022
2021
£
£
722
18|
|---|---|
||2022
2021
£
£
25
-|
> Page 11
## **THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
**6 Expenditure**
|Costs of raising funds
Charitable activities|Support
Total
Total
Costs
Grants
2022
2021
£
£
£
£
24,568
-
24,568
15,610
3,024
8,016
11,040
(1,378)|
|---|---|
||27,592
8,016
35,608
14,232|
Expenditure in the year consisted of £32,008 unrestricted (2021: £14,232), designated £3,516 (2021: £Nil) and restricted £Nil (2021: £Nil).
|**Analysis of support costs**
General office
Independent examination
Computer/website costs
Event costs|Total Total
2022
2021
£
£
16,062
12,772
3,024
2,466
4,704
2,662
3,802
176
27,592
18,076|
|---|---|
|**7**
**Grants**
**Unrestricted**
Flowers
Embroideries Guide
ETQ Choristership
Volunteer Gardeners
**Designated**
Cathedral Organ Repairs
Spiritual Guide Printing|Total
2022
£
1,500
2,000
1,000
-
4,500
-
3,516
3,516|Total
2021
£
1,500
-
-
200|
|---|---|---|
|||1,700
(5,544)
-|
|||(5,544)|
||8,016..
(3,844)||
> Page 12
## **THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **8 Net income before transfers**
|**Net income before transfers**
This is stated after charging:
Independent examination|2022
2021
£
£
3,024
2,466|
|---|---|
## **9 Trustee remuneration and related party transactions**
No remuneration was paid to trustees during the year (2021 – £nil).
Expenses of £314 (2021: £Nil) were paid to Revd D Goddard and £100 (2021: £Nil) were paid to Mr S Gibby in respect of their roles as elected members and expenses of £110 (2021: £53) were paid to Mr C Rees in relation to his role as membership secretary.
Indemnity insurance has been taken out on behalf of the trustees.
No member of the board or other persons related to the charity had any personal interest in any transaction entered into by the charity during the current or previous year.
## **10 Staff Costs**
There are no employees (2021 – nil).
## **11 Fixed Assets**
|||
|---|---|
|**Fixed Assets**
**Cost**
At 1 January and 31 December 2022
**Depreciation**|Computers
£
14,579|
|||
|||
|At 1 January and 31 December 2022|14,579|
|**Net Book Value**
At 1 January and 31 December 2022|-|
|**Depreciation**||
|---|---|
|At 1 January and 31 December 2022|14,579|
|**Net Book Value**||
|At 1 January and 31 December 2022|-|
> Page 13
## **THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
|**12**
**Investments**
Market value as at 1 January 2022
Decrease in market value
Market value as at 31 December 2022|Listed
investments
£
412,912
(37,851)|
|---|---|
||375,061|
Fixed asset investments have been stated at current market value as at 31 December 2022.
|**13**
**Debtors**
Gift aid tax recoverable
Legacy debtor
Prepayments
Accrued income
**14**
**Creditors:**Amounts falling due within one year
Accruals for grants payable
Other accruals|2022
2021
£
£
1,517
17,729
-
8,476
288
-
33
-|
|---|---|
||1,838
26,205|
||2022
2021
£
£
3,500
-
2,789
2,586|
||6,289
2,586|
> Page 14
## **THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **15 Statement of funds**
|
|**Analysis of movements in**|**funds**
Opening
Balances
Income
Expenditure
Investment
Loss
Transfers
Closing
Balances
£
£
£
£
£
£
431,883
243,511
(32,092)
(37,851)
(55,759)
549,692|
|---|---|---|
||
**Unrestricted funds**
General
**Designated funds**
Life Fund
Friends’ Weekend
Advertising
Spiritual Guide Printing
Organ Appeal
Legacy Fund
**Restricted income funds**
Friends’ Building
Organ Appeal
**Total Charity Funds**||
|||9,624
-
-
-
(213)
9,411
3,000
-
-
-
-
3,000
3,500
-
-
-
-
3,500
3,030
-
(3,516)
-
486
-
198,917
-
-
-
55,486
254,403
10,000
-
-
-
-
10,000|
|||228,071
-
(3,516)
-
55,759
280,314|
|||3,094
-
-
-
-
3,094
63,921
145,825
-
-
-
209,746|
|||67,015
145,825
-
-
-
212,840|
|||726,969
389,336
(35,608)
(37,851)
-
1,042,846|
The transfers from unrestricted funds to designated funds represents monies for specific projects that have been agreed by the trustees.
The transfer from the life fund to the unrestricted fund represents the release of life membership as stated below.
## Purpose of funds
Life Fund: To defray life membership income over a period of 8 years.
Friends’ Weekend: An allowance for the expenditure over the Friends’ three-day weekend.
Advertising: Advertising allowance for 2020 and for the Organ appeal.
Spiritual Guide Printing: The spiritual guide is a small booklet being produced by the chapter.
Organ Appeal: Monies for the Organ Appeal.
Legacy Fund: Monies designated for future investment in CCLA fund.
Friends’ Building: Monies towards the costs of maintaining the Friends’ building.
> Page 15
**THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
**16**
## **15 Statement of funds (continued)**
|**Summary of net assets by fund**
**Fixed assets**
Investments
**Current assets**
Debtors
Bank
**Liabilities**
Creditors: due within one year|2022
2021
Unrestricted Designated
Restricted
Total
Total
£
£
£
£
£
375,061
-
-
375,061
412,912
1,077
-
761
1,838
26,205
179,843
280,314
212,079
672,236
290,438
(6,289)
-
-
(6,289)
(2,586)|
|---|---|
||549,692
280,314
212,840
1,042,846
726,969|
## **Reconciliation of net movement in funds to net cash flow from operating activities**
||2022|2021|
|---|---|---|
||£|£|
|**Net movement in funds**|315,877|325,139|
|**Adjustments for**:|||
|Interest from investments|(722)|(18)|
|Losses/(Gains) on investments|37,851|(61,392)|
|Decrease/(Increase) in debtors|24,367|(22,805)|
|Increase/(Decrease) in creditors|3,703|(59,874)|
||______|______|
|**Net cash generated by operating activities**|381,076|181,050|
||**______**|**______**|
> Page 16
## **THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **17 Analysis of cash and cash equivalents**
|**Analysis of cash and cash equivalents**|||
|---|---|---|
||2022|2021|
||£|£|
|Cash at bank|672,236|290,438|
||______|______|
|**Total cash and cash equivalents**|672,236|290,438|
||**______**|**______**|
## **18 Comparative Statement of funds and Summary of net assets for the year to 31 December 2021**
|
|**Analysis of movements in**|**funds**
Opening
Balances
Income
Expenditure
Investment
Gain
Transfers
Closing
Balances
£
£
£
£
£
£
328,207
214,058
(14,232)
61,392
(157,542)
431,883|
|---|---|---|
||
**Unrestricted funds**
General
**Designated funds**
Life Fund
Friends’ Weekend
Advertising
Spiritual Guide Printing
Organ Appeal
Legacy Fund
**Restricted income funds**
Friends’ Building
Organ Appeal
**Total Charity Funds**||
|||10,999
-
-
-
(1,375)
9,624
3,000
-
-
-
-
3,000
3,500
-
-
-
-
3,500
3,030
-
-
-
-
3,030
40,000
-
-
-
158,917
198,917
10,000
-
-
-
-
10,000|
|||70,529
-
-
-
157,542
228,071|
|||3,094
-
-
-
-
3,094
-
63,921
-
-
-
63,921|
|||3,094
63,921
-
-
-
67,015|
|||401,830
277,979
(14,232)
61,392
-
726,969|
## **Summary of net assets by fund**
|**Fixed assets**
Investments
**Current assets**
Debtors
Bank
**Liabilities**
Creditors: due within one year|2021
Unrestricted
Designated
Restricted
Total
£
£
£
£
412,912
-
-
412,912
16,190
-
10,015
26,205
5,367
228,071
57,000
290,438
(2,586)
-
-
(2,586)|
|---|---|
||431,883
228,071
67,015
726,969|
> Page 17