THE FRIENDS OF IVELLS CATHEDRAL RF.PuRT.4D UNAUDITED ACCOUNT.S FOR THE YF.AR EYDF.D 31 DECF.MBER 2023 REGISTERED CHARITY NUMBER: 208797
'I'IIL TrRIEI'DS OTr WLLLS CA'I'IILDIiAL FILYANCIAL ST.4"fEMEfi'l'S FI)R"I'HF. YF.AR F.NDED 31 DF.CF.MBER 2023 c()INTE'T8 Page Churily Infomialion Trustees. Report Iiidepeiideiit Examincr's RcEK>rt Sialeincnl of Pinancial Altivities Balance Sheet Stdtcinent of Cayh Flows Nolls to the Fiiiancial Slaieinents 9- 17
TIIE TrIIIENDS OF WLI,LS CATIIEDRAL CHARI'fY iNF()RIIA'I'ION Patron TIIL. Riglii Reverend MichaLI Beasley, Bishop of Bath and Wells Preqldent The Very Reverend Dr John DaviLs. Dean of Wells (until Jaiiuary 2023) Vice-Presidents Lord Cai'ey of Clifton Lady Gass Mi's A Maiy Mrs A Currie Dr R Dui)nii)¥ Mr R Duys Honorary Editor5 Mi'b Rosc Longdcn-Phillips Mr William Newton N¢wey I riends, Council (who are I'rustees of the Charilv) Mr MiLhacl Ilopkins- Chaimian ** Mrs Anne Paul - Honorary Treasurer. Mr Colin RLcs- Membership SecrL'tary {restgncd June 2023) Mr J(Ihii Pars01)s- EleLtcd ML'mber (appointed September 2023) Mi. Richard Wynn-Jones- EleLlcd Member (appoinicd Seplember 2023) Mi. PaLII I)ickinson- Ele¥tLd Mcmbcr (appointcd November 2023) Mr Stan Gibby- Elecied Member
Ms Maureeii Boylan- r.lecled Memb¢r The RLvcrL'nd Doris Goddard Mi's Rose Longden-Phillips (resigned June 2023) Mi. Arnold Wills- Membership Sccrctary *** Tlie Vcry Rcvcreiid Dr Jnhii Davics- Chaptcr Nominee (resigned January 2023) Mr David Morgan-H¢witt- Chapter Nomince {appointed July 2023) io servc until 2024 1 **to sbrve until 2025 1 io scrve until 2026 Friends, Secretary Mr Williain Newton Newcy Independent Examiiicr Alcxdiidra Shore FCA DChA, A (' Mole, Stafford Hou5c. Blackbrook Park Avenue. Taunton. Somcrset. TA12PX Bankers National Wcstminslci Bank Plc. 7 High Strcet. Wells. Somersct BA5 2AD Lloyds Bdnk. 24-26 I4igh Street. Wells. Somersei. BA5 2SJ Redwood Bank Limited. Tli¢ Nexus Building. Broadway. Letchworth Garden City. SG6 3TA Hainpshire Trust Bank. 80 Fenchurch Street. LA)ndon F.C3M 4BY Investment Managers CCLA, l AngsLI Ln, London. EC4R JAB Ilegistered Olee West Cloister. Wells. Somerset BA5 2PA Registered Lyumber 208797 Pagc
'I'IIE Tr"RITr:NDS OTr. WLLLS CA'I"IIEDRAL THE RkP()RT OF THE TRUSTLE.S -l-l)e tnistL¢s prc5cnt thiir annual rL'lXIrt and financial stai¢inLnts for thc yLaf Lndcd .1 I DLYcinbLf 2023. '1'1)c finaiicidl %talLlllCtit8 hai'e been pr¥par¢d iti acLordancc with ihL aLLountiiie policies 5cI ()ut iii i)ote I to thc aLLVilI)t% diid Loiiiply wilh Ihe charity'5 trus1 deed, Ihc Charilics Act 2011 and Accounling and R¢poriing by Charities.. Sialeiiicnl of RLcomiiiL'I)clL'Il Pra¢liLe applicablc lo churiliL8 preparing thcir acc(Trui)ts iii acLordaiicc with the Fiii<lllLiL21 Rcportiiig .8tandard appliLabl¢ in the UK and Rcpublic of Ilalid (FRS 102) {is5u¢d (k'tober 2019}- Lhurilies SORP {FRS 102). Objects I'he objeLls of the Pri¢nds of WLlls CaihLdrnl are to seck to Co-operdtc wilh tlic CaihLxlral Lhaptcr and tu fiirtlicr the Inissioii aiid Chiislian piirpos¥ aIid to maintain thL' IVOt3hip of thc L#thLdrdl. Public beneflt Tl)e tru4tees have rcfcrrcd lo the guidance contained in the C'harity Coininission's gcncral guidance on public bcncfit whcn r¢viewing our aims and objcclivcs and in planning fulurc aLliviiies. Achlevcments and performance Thc charity continiied io rai5c funds and co-opcralc Ivlth the Cathcdral Chapter to finaiicc a range of project5 iii ihc year. The niain projcci which ihc charity is rnising funds for is in res¢1 ofihe Organ appeal. and thc funds raised to date arL iiicludcd within re%iriLted alld dcsignalLd fui)ds. It is ihe policy of ihc charity not to commit thc charily to any major new programme or work until suificient funds ai'c aclumiilated in thc rcsc'rv¢s to support thc Chapter in their dcvclopment. At 31 DcccinbLr 2023 the charity had approved grants of £Nil (2022= £Nil) which had not yct been formally eoiilmuiiicatcd t() IhL' recipieiit5. Fine11 rLvieTh' And ini'e5tmcn¢ policy Thc board of trnstecs arc satisfied with thc pcrfomJanc¢ of the charity during the year and lh¢ posilion at 31 De¢emb¢i- 2023 anil Lonsider thal thc chatbly is in a stTong p05ilion to continLIL its aciiviiics during ihL coining year, and tl)ai th cliarity s a8%et.s are adequate to fulfil its obliga110. At 31 December 2023 the charity liad resen'es of £1.208,S34 (2022.. £1,042,846). Tlie truslees belteve the friends are well placed movino fon¥'ard. TherL arL nv restrictions 011 thc charity's power lo invcsl. Reserves policy Trustees are aware of the need io relain funding tor future endeavours and developments. li is Il)e policy ol'tlie charily Ilidt rL5Lrvcs slioiild providL adLqiiatL. financial stability and mcans for Ihc charity to Incct ils charitablc objcctivcs for IIIL forL%LLable flittire. Thc charity's loiig-temi objcclivL' is io maximisc and rL"laii) reservcs to suffiLILI)tly gL'I)cratL a rclurn ivhich Can then k uscd lo meel its charitablc objec18. Unrcstricied rcs¢n'es which have not b¢en dcsignalcd ai 31 Dcccmbcr 20?3 lire £562.*76 olivhi¢h £563.09ti are held as fixcd as5cI ini cstin¢nl%. This Icavcs negaiive frcc rcservcs of £¥16 ulthoiigh sliould thc ehdrity iiecd cash then il could liquidate its fi.xed asset illi'Cshncnt% aLLordiiigly. The trusl¢¢s fecl ihcsc rcscrves are al an appropriatc Icv¢l io mcel its day to day objccls whi151 focusing on illLfcasing the over811 res¢rv¢s.
I'IIL FRIENDS OTr" WELLS CA'I'IIEDRAL TIIE REP()RT (IF, TIIE TRU8TF.ES Structure? governance and man2gemen¢ The charily is governcd by a writlcn conslitution. Its rcgistered charity numb¢r is 208797. The tnisle¢s ivho have served during ihe year and since the year cndcd are set out oil page l. The b'riends, Couiicil consists of th¢ Chatm]an. the Honorary Tsllrer, thc Mcinbership Scci'ctary. a maximiim of two individuals from the Chapter to be appointed by the Chapter and a maximum of seven individuals ivho shall nnl be tncinbers of tlie Chapter. -I"hc maximum numbcr on the Coullcil shall be tweli'u and each membcr of tlie Coiincil shall be a MLinber of the Friends. The board of trustccs meets regularly as a fvll board. All questions at any meeling are det¢miined by simple majorily votes casi by members present, with ea¢h member having oiie vole. In th¢ rvcnt of all equality of votes. the Lhair may exercisc a sccoiid vote a% a casling vote. Members Aiiy iiidividual or association (whether corporate or unincorporated) shall be entiiled to annual meinbership ivho shall havc pdid a first subscription of such miniTnuni sum as shall bc red from iimc to time by thL" Friends, Council, and whose subgLriplioii shall have b¢¢n accepted and acknowledged by th¢ Friend5. All matters coiicerning the organisatioll, business, policics and finance of thc Friends shall be dcali witli by the Friends. Louncil. Rlsk mallagement The trust¥Ls havL Lxaiiiined the major 5tratcgic. busines¥ and operdtional risk5 whicli th¢ chaiity faces and ¢onfinn that systems have bccn c5tablished lo enable regular reports to be produced so that the necessary steps cali be takeii to 1¢sscii these risks. Key management remuneration The trustees arc consider¢d io be Ihc key management of ihe chariiy. No rcrnuneralion is paid to any trustee (2022.. £nil). Page
'riIL Tr"RIEINDS Ob WELLS CA'I'IITr:DRAL THE REPI)RT OF THE TRUSTEES Statement of trustees, responsibilities Th¢ charity truslecs are rcsponsible for Prcparing Ihc irusiees. annual rcpon and financial sla(ciiients in ac¢oi'daiicc wilh clpplicablc luw ai)d ljiiited Kingdorn Accoui)tiiig Staiidards iiicludiiib. Fiiiancial Reportinb. Stalidic rd 102.. Thc Fiiiai)Lial Rcporting, Staiidard applicablc in thc UK and Republic of Irclund (United Kingdom Cjeiierally Acceptcd ALcounling PracliLe). Tlie law applicable to charities in Ingland and Wale8 requires ihe charity truslees to prepare financial stateinei)Ig for caih financial yedr wl)i¢h givc a triiL and fair view of thc statL of affairs of thL charity and of thc illLUliiC and expundittirL of thL Lharity for tlial period. In prepariiig these fi1lIcial siai¢in¢iits. thc tnbStLus are required to.. sclcct guitable accounting w)li¢ieq and then apply thcm ¢onsisteiitly- observc the meth(Kls and principlcs in the Charilies SORP- make judgements And accounling estimales that are reasonable and PTudenl: Slate whether applicable accounting standards have been follow¢d, subjecE to any malerial d¢parture5 disclosed and explainLd in thL fiiiic ncial sLitemLntS- pwarL the fiiiancial stalLThents on thc going Conceni basis unlc5S it is inappropriatc tu presunie that thc charity will continuc in business. Tlie truqtees are re5w)nsible for maintaiiiing proper accounting records which disclose with reasonable accuracy at aiiy tiime Ihe fiiiancial posilioii of the charily and enable them lo ensure thai ihe financial slalements comply wilh ihe Cl)arities Act 201 I, the Charity (Account5. and R¢ports} Rcgulativns 2008 and thc provisions of the collstilution. Tliey ar¥ al.qo re5P0115iblc for safegiiarditTrg thc as8cl8 nf the charity and henLY for taking reasonable steps for ihL' prevention and detection or rraud and other irrcgularilies. The Trustees arc rc5poiisible for the maintenanLe and intcgrity of the charity'5 website. Legislatioii ii) the Uiiited King7dom govcming the preparation and diss¢minalion of thc finan¢ial atCMents may differ from the l¢gislation of oih¢r jurisdictions. MiLhiiLI HupkiIi¥ CliairnTran Annc Paul Treasurcr Approved for signature by the briends, Council o Page
THF, FRIENDS OF WELLS CATHF.DRAL INDF.PENDENT EXAMINF.R'.S REPORT TO THE TRUSTEES OF THE FIUENDS OF WELIS CATHEDRAL I report lo the trustees on my examination of the accounts of The Friends of Wells Cathedral for the year ended 31 December 2023. which are set out on pagc5 6 to 17. Responsibilities and basis of report As the charity trustees of The Friends of Wells Cathedral you are respoiisible for the preparation of the accouiits in accordanc¢ with the requirements of tl)¢ Charities Act 2011 ('Ihe Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act awtd in carrying out my examination I hav¢ followed all the applicable Direction5 given by the Charity Coinmission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with th¢ examination giving me cause to beli¢ve that in any material respect= • accounting records were not kept in respect of the Charity as required by section 130 of th¢ Act. or the accounts do not accord with thox records- or the accouiits do not comply with Ihe applicable requiremenls concerning the fom) and conl¢nt of accounts set out in Ihe Charities (Accoun15 and R¢tX)rts) Regulalions 2008 other ihan any requirement that the ac¢ounts give a 'true and fair view, i¥hich is not a matter ¢onsidcred a5 part of an independent ¢xamination. I have no con¢erns and have come acros5 110 otlier Inalters in connection with the exainination to which attention should be drawn in this r¢port in order to enable a proper understanding of the accounts to be reaclied. Alexandra Shore FCA DChA Acmole Cliarter¢d Accountants Stafford House Blackbrook Park Avenue Tauiiton TAI 2PX Date.. Isr Zoi¥ Page
THF. FRIF.NT)S OF WF.LLS CATHEDRAL STATEMF.NT OF FINANCIAL ACTIVITIES FOR THF. YEAR ENDED 31 DECEMBER 2023 Note5 Unrestricted Designated R¢stricied 2023 2022 INCOMF. Donatioi)s and legacies Otl)er trading activities Iiivesttllent income Other income 46.522 1.821 13,388 93.767 2,885 140,289 4,706 13,388 385,381 3,208 722 25 TOTAL INCOME 61.731 96,652 158383 389 336 EXPENDITURE Costs of raising funds Charitable activities 27.326 18,203 2.629 29,955 18,203 24,568 11,040 TOTAL EXPENDITURE 45.529 2,629 NF.T GAINSILOSSES ON INVESTMEwrs 55.763 37,851 NET INCOMEI(LOSS) 71.965 (2,629) 96,652 165,988 31 S,877 Transfers between funds (59.381) 59.521 {140) NET MOVEMENT IN FUNDS 12.584 56,892 96.512 165,988 315,877 TOTAL FUNDS BROUGHT FORWARD 549,692 280,314 212,840 1,042,846 726 969 TOTAL FUNDS CARRIED FORWARD 15 562.276 337,206 309,352 1,208,834 1,042,846 The notes on pages 9 to 17 forni part of the financial stateiiienls. Page
'I'IIE FIIIENDS OF WELLS CATIILDRAL BALA'CE SHEET AS AT 31 DF.CF.MBER 2023 2023 2022 FIXF.D ASSF.TS ngiblc assels Invcslmcnts Notc 12 615.298 375,061 CURREN'f ASSETS liiveslmenls - cash on deposit Debtors Cash at bank and in hand 285.OIMI 6,223 319,530 610.753 13 1.838 672,236 674.074 CURREiYf LIABILITIES Crcdilors.. Amounts falling due within one ycar 14 17217 6,289 ,NEI' CURRLIYT ASSETS 593,536 667.785 TOTAL NET ASSETS ,208,834 1,042,846 THE FUNDS OF THE CHARITY Unrestricted revenue lunds 562.276 549,692 DCS[lted funds 337,206 280,314 Unrestricted funds 899,482 830,1106 Ilestri¢ted revenue funds 309.352 412.840 TOTAI. CHARITY FUNDS 15 1,208.834 1,042.846 Mi. MiLh<iel Hopkins Chainnan Mrs Anne Paul Trcasurer Approved for signature by the Friends, Council on l44 Tlie nolcs (Trn pa&Fcs 9 10 17 forni part of thc financial Siatemcnts. Page
'I'llb FRIENDS OTr- WELLS CA'I"IIEDRAL ST.ATLMENI' C)F CASII FL()II'S F()R THF, YF.AR Tr:NDF.D 31 DTr:CF.MBF.R 2023 Tolal 2023 Toial 2022 Note INet cash generated by operating &ctivitie$ 16 103.380 381,076 Cgsh Ilo)vs from inyesling activities: Purchasc of investments Purchasc or rixcd icmi dcposits IiitLrcst from iiiVLsbnLnts (99.474} {370.0(K)I 13,388 722 Net cash (uscd in>lgener&ttd bv investing aetivities (456,086) 722 Change in cash and cash equivalents in the vear {352,7061 381,798 Cash Jiid Lash cquivalents brought forward 672,236 290.438 Cash and eA5h equivalents carried forward 17 319.530 672.236 The notes on pages 9 to 17 forni parl ol Ihe financial 5th1einenis Pagc
'I'IIF. FRIENDS OTr WELLS CATIIEDRAL N()TES TC) THTr; TrIYANI'CIAL STATEMEN'TS FOR THF. YF.AR F,NDED 31 DF.CF,MBF.R 2023 Aecounting Policies Basis of preparation and assessment of going eoneern The financial statement5 have been prcpared under thc bistorical cost convention with ilems recognised 1( t cost or transaction value unl¥ss oihcrwise statLd IKlow. Thc financial statcillcnts have bLun prepai'¢d in a¢cordance with the Statement of Recommended Practice.. Accounting alld Reparting by Charities prcparing th¢ir accuunts in ac¢ordancc with the Financial Rcpurting Standard applicablc in th¢ UK and Rcpublic of IrelaTtd (FRS 102) {issued Octobcr 2019)- CharÉtics SORP {FRS 102). Thc charily constitutes a public benefit entily as defined by FRS 102. The trustecs Consider that there are no malcrial uncertainties aboul the charity's ability lo continue as a 70ing conccrn 8nd the acLounts have iherefore bccn prepared on a going conccrn basis. Income reeognltion All incomc is rccognised once the charity has entitlemcnt lo the income. it is probabl¢ that the income will be received and the amount of income r¢c¢ivablc can be mcasurcd reliably. Life membership subseriptions As life membcrships are not for 3 predetermined numbet of years. an cxaLI apportionmcnt of th¢ in¢oine over the period of membership is not practicable. Therefore. we have adopted the policy of taking one- eightli of IhL balance in Ihc fund in an attempt to recognisc thc subs¢ripiion income over thc pcriod of life membership. Le£a¢y intoe Legacy illLome is r¢cogni5cd in the financial statements in Ihc periiKt in which it is receivcd or when there is sutTicicnl evidence that the l¢gacy will be re¢eivcd, and the legacy can be measurcd reliably. The accounliiig policy applied is that receipt of a legacy is recOlised when there has been grant of probate, the executors have confinmed there is sulricient assets in the estates, after settling liabilities. to pay the legacy, and aiiy conditions attached to IhL Icgacy are ciihcr withiii ihc conlrol of tlie Lliarity or have be¢1) mel. Investment income Bank interest is reCogn[d when receivable. F.xpenditure recognition Liabiliiies arc recognised as cxpciiditure as soon as there 1% a Icgal or coiistruLlivc obligation eon)mitting tlic charily to that expendilurc. il is probable that seltlemeni will bc required and ihe amounl of lh¢ obligalion can be measured rcliably. All expendillire is accountcd foT on an accruals basis. All cxpens¢s including support costs and yovernance ¢osts arc allocated or apportioncd to the applicablc cxpenditure headings. Charitable ¢xpendi(ure includes grants and support costs. Page
'I'IIL PIIIENDS OTr M'LLLS CA'I'IIEDRAI. i%()TES TC) TIIF. FIYANCIAL STATEMF.NTS F()R THF. YF.AR Tr:NDF.D 31 DF.CF.IIIIF.R 2023 AceouDlillg Policies (continued) Grants pavable in further8nce of the charlt! s objectivcs The charity rcccives grant application5 from the Chaptcr of Wells Caihedral and cvciy applicaiion is considered by the board of trustees in relation to pre-agreed paratneters. The board niay aceepl ()r reject tlie application or accept the application subject to condition5. In accordance with the Statement ol. Re¢ommeiided PraLti¢e, a liability is rL'cogniscd for ihLse grdnls within Ihcsc financial slatLiiients whcn an Jpplication iy acLLPted and cominutbiCatLxI with the rccipients. At 31 DcLLTnbLr 2023 thc LhaTiry had approvcd ¥rants of £Nil (2022: £Nil) which had nol yet been formally ¢onin)unicaied io the recipients. Tixation As a rcgi8tered charity. the organi5ation is exempt from income and corporation tax to tlic ext¢nt that its ineonie and gaiiis are applicable to charitable purrM)ses only. Value Added Tax iq iiot recoverable by the organ1110n, and is thcicfor¢ in¢ludLd in thc relevant costs in thv StatLlllLnl of binancial Actii'iliLs. Funds structure polity Th¢ charity maintains a gcn¢rdl unrcslricted fund which reprcs¢nts fund5 which arc cxpcndabl¢ at Ihc discretion of the truslccs in furtherancc of the obj¢cls of thc charily. Such funds may bc hcld in order lo fiiian¢e workiiig capital. Restricted funds have been provided to the charity for particular putyoses. and it is the policy of the board of trust¢Ls to carLfully monitor thc appliLation of thosc funds in accordanc¢ with thc rcstriLtions placcd Iipun thein. There is no formal policy on the allo¢ation of funds io designated fuiids, Ivith the ex¢eptioii of legacies re¢¢ivcd. Whcn a l¢ga¢y of over £5.000 is rcccii"cd, if noi rcslricied. Ih¢n SOD/o is designat¢d to tl)c Organ Appeal fuiid aiid s/0 to gciicral IrL'striCted fun(l%. There is no fom)al policy of transfer between funds, otlier ihan ihal described ui)der the Life Meinbership Subsciiptions poli¥y abovc. Any proposcd tran5fcr b¢tween funds would bc considLY¢d on thc particular LiriiiiMstancc5. Fixed assets Fixed assets arL' eapitalised if thc value exceeds £1,000. Fixed assl are iiiitially reL0}ised at Lost. Dcprcciaiion is provided on office ¢quipmcnt al th¢ lollowing annual ral¢s in ordcr lo wri1¢ ofrcach asscl ov¢r its cstimated uscful life.. ComputLr 33 113&/o pa on cosl Investmenls Iiivestmciil% are stated at markct valiie a8 at the balance sheet date. Any gaiii or Ioss on rcvaluation is takcn to thc siaicment of financial activiiies. Whcrc cash has bccn invcsicd in fixed ratc bonds with a iiiaturily dic tc of gr¢al¢r ihan l ? monihs. Ih¢sc amounts are shown ivithin fixed assel invcslments. For amounts iiivestcd in fixed rate boiids iyiih d Inalurity datc uf less th1 12 mui)ths, tliese arc bh()wii within cU1]t asscl invcstmenls. Cash and cash equiv*lenls Casli aiid cash Lqiiivalciits rcprc5CTII lash iii liand and in instant accc5s bank accounts includiiig short lenn dL'P()%it%. Deposit iii fix¥d ra(L boiids iilLluded in fixed (Trr currL'lii assel iiii'L4hiiLT)t4 as i)otLd iib()VL. Page 10
TIIE FRIENDS OF WELLS CAI'IIEDRAL ()TES TO TFIE FINI A.SCIAL STATEmE'Ts FOR THE VF.AR F.P*'DFD 31 DF.CF..MBF.R 2023 Arcountlllg Policies {continued) Financial instruments The charity only has financial assets and liabilities that qualify as basic rtnancial instrnmcnts. Basic financial instrliments are rccogniscd al ITansaLlion PTice and subsequently m¢asur¢d al thcir fair valu¢. Critical aceountlng judgements &nd estimatioll un¢ertaRnty The pr¢paratioii of ihe financial statements in conformily wilh FRS 102 requires Ihe irustees lo Inake judgements, Cslimaies and as5Utiiplions that atTect the application ofpolicics and the amounls rccogniscd in Ihc finaiiLidl statvtnents. The trustees are of the opinion that thcre wcrc iio critical accounting judgeInciits or kcy soiirces of estimation un¢¢rtainty in the current or preceding year. Donations and legacies 202.3 2022 Lcgacics Subscriptioi]s Donations and appcals 13,406 25,748 101.135 200,947 33,712 150,722 140289 -185,3111 Income from donations and IcgaLiCS in the yedr con8iqled of £45.529 eStrIcted (2022.. £239,556), desigiiated £Nil (2022: £Nil) and re.8lrictcd £93,767 (202?= £145.825)- Other tradlng activities 2023 2022 Fiiiid-raising events 4.706 Income from other trading aclivitics in the year consisted of £1.821 uttrestricted (2022: £3,208), designatcd £Nil (2022.. £Nil) aiid restricted £2,885 (2022.. £Nil). Investmellt ineome- unregtricted 2023 2022 Interesl reCeied 13,388 722 Other income - unrestricted 2023 2022 Miscellaneous income 25 Page
'I'IIL PIiIENDS OTr- WEI.LS CA'I'IILDRAL N()TES TI) THE FINAJCIAL ST,ITEINIETs FOR THF. YF.AR F.I%DF.D 31 DF.CENIBTr:R 2023 F.xpcnditure sUprt Total 2023 Total 2022 Grdn(S Costs of raising tunds Charitable activities 29.955 3.192 29.955 18.203 24.568 11.a40 15,011 33.147 15,011 35,6011 Lxpendilure in Ihe ycar ¢onsi51ed of£44.040 unrcslrici¢d (2022= £32.092). designat¢d £2.629 (2022: £3,516) and rcstrithed £Nil {2022-. LNil). Analvsls of sllPPOrt tosts Total 2023 Total 2022 CJeneral officc IiidLpeiidci)t exan)iiiation Compuicrlwcbsitc costs Event Losls 16.824 3.192 7,641 5.49U 33.147 27.592 16,062 3,024 4,704 Grant5 Total 2023 Total 2022 Unrestricted Wellsprings Flowcrs EinbroidLrics Giiide l..TQ Cl)oristership Wells Cathedrdl Chapter Voluntccr CJardcn¢rs 150 ,500 170 1,500 2,000 1.000 13.091 15,01 4,500 Designated Spiritual tiuid¢ Priniing 3.516 -3.516 15,011 S,Q16 Page 12
TIIE FRIENDS OF WELIS CA'I'IIEDIiAL '()TES TC) THE FIYA)I CIAL .STATEMENTS FC)R THF. YF.AR F.NDF.D 31 DF,CF.MBF:R 2023 i et infome before transfers 2023 2022 This is stated after charging.. Indcpendcnl cxaminalion Trustee remuneratlon and relllted party transactions No rcmuncralion was paid to trustees during Ihc year (2022 - £Nil). Expenses of £Nil (2022.. £314) were paid to Revd D Goddard and £Nil (2022: £1 (K)) were paid to Mr S (iibby iii respccl ofthcir rolcs as cleclcd members and cxpenw of £Nil (2022-. £11 O) were paid to Mi C Ree5. in Irlalion to liis role as m¢mbcrship seLretary and cxpensos of £97 (2022.. £Nil) wcre paid to Mrs A Paul in rclation lo her role as Treasurer. Indetnnily insurance has been taken out on behaifofihe Irust¢es. During thc year restricted donations iotalling £20.4H {2022: £5.494) were reccived from 10 (2022.. 7) Trusices. 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. io Staff Cost5 Therc are no employees (2022- nil). li Fixed Assets Computers C05t At l January and 31 Dec¢mber 2023 14,579 Depreeiation Ai i JaT]uary and 311)ec¢mber 2023 14,579 Net Book Value At l January and 31 December 2023 Page 13
I'IIL Tr"RIENDS Ob WLLLS CA"I"IIEDRAL '()TES T() THTr. FINANCIAI. STATEMEINTS FC)R THF. YEAR F,P*DED 31 DF,CENIIITr.R 2023 2023 2022 12 Fixed asset investment5 Listcd invcstmcnls Casb oji deposit 530.298 85.000 615,298 375,061 375,061 Listqed iiivesttneiits are made up &s follows=. Markcl valuc as at l January 2023 Addilions Increasel(Dccreasc) in market valu¢ Markel valiL¢ a5 at 311)eccmber 2023 375.061 99.474 55,763 530.298 412,912 (37.851) 375.851 Fixed asset inyeslmenls have been stated ot current maTkei value as ai 31 tkcember 2023. 2023 2022 J3 Debtors 722 1,517 288 33 Cjift aid tax rccovcrable Pr¢paymcnts Aclrned incoinc 5,501 1.838 2023 2022 14 Creditors: Amouiit% fallin¥ duc iyithii) onc yeai Acci'uals for grants payable Oilier accruals 13.091 4,126 3,500 2,789 6,289 Page 14
THE FRIENDS OF WELLS CA'fiIEDRAL INOTES TO THE FI.NAINCIAL .sTATEIVIE,TS FOR THF. VF.AR ENDF.D 31 DF:CFMIIF.R 2023 15 Statement of funds Anal 51$ of movements in funds Opening Balances Investment Gain Income Expenditure Closiiig Balance.4 Traiisfers Unrestrleted funds Cjeneral 549.692 61.731 45.529 Desi iiated funds Lifc Fund Friends, W¢ekcnd Advcrtising Organ Appeal Legacy Fund 55.763 59,381 562,276 9,411 3,000 3,500 254.403 10,000 280.314 (1,176) (371) (3,500) 74,568 i 0,000 59.521 8,235 (2.629) 328,971 Restricted Income funds rriends, Iluilding Organ Appcal 2.629 337.206 3,094 209.746 212,840 1,042.846 96,652 96,652 158,383 {50) 90 140 3,044 306.308 309,352 1,208,834 The transfers from Ltnrestricted fimds io dcsignatcd fim(Ls represents monies for specific projccts thai have been agrced by thc trustees. Total Charity Funds {48,158 55,763 The traiisfer from the life fund to th¢ unrestricted fund represents the rclease of lifc membership a8 stated bclow. The Iransfcrs froin Ihc Fricnds. Weekcnd and Advertising funds lo unrcstrictcd fund was to clear thc designated runds as deemed no longcr required by thc Tnte¢s. I'hc transfer from the legacy fund to the unrestricted filnd rcprescnts thc relcase of th¢ fund for genrral invcstillent. The transfer from frienth building to Organ Appeal was a reallocation requested by the donor. The transfer from Organ Appeal to the unrestricted fund represents a previous misallocation of donations. ose of funds Life Pund.. To defray life mcmbership income ov¢r a period of 8 years. rriends, Weekend: An alloivance for the expenditure over the friends, IhTee-day weekend. Advertisiiig: Advertising alloivallce for 2020 and for thc Organ appeal. Organ Appeal: Monies for the Organ Appeal. Lrgacy Trund.. Moni¢s dcsignaicd for fvtUTC inveslment in CCLA fijnd. rriends, Buildin¥.- Monies lowards the costs of Tnainlaining the Friends, building. Page 15
'I'IIE TrRIENDS OF WELLS CA'I'IILDRIlL N()TES T() THE FINANCIAL STATEMEi%TS FOR THE YF.AR F.N'DF.D 31 DF.CF.IIBF.R 21123 15 Statement of funds {continued) Summar of net asset5 b fund 2023 Total 2022 Ttstal UnTe5triCtcd Designated Restricted Fixed assets Investments 615.298 375,061 563.092 52.206 Current assets Iiivcstincnts- cush on dcposit Debtors Bank 285,000 285,000 6,223 319.530 5.781 10.620 M2 308.910 1.838 672.236 Liabilities Crcditors.. due within one yc&r (17217) (17,217) (6,289) 562.276 337,206 309,352 1 ?08,834 1,04?,846 16 Reconciliation of net movement in funds to nel cash floii froln operating Activities 2023 2022 Net movement In funds 165,988 315,877 Adjustments for: Intercsi froin inveslincnls (CJains)It.osses on ini'estments (Incre8sellt)ecrease in debtors lii¢rLas¢ iii CT¥diiors (13.388) (55,763) (4.385) 10,92 (722) 37,851 24.367 3,7()3 Net cash generated by operating activitles 103.380 381,076 Page 16
TIIL TrRIENDS OF WELLS CATIIEDRAL IN'()TLS T() I'HE FIYAJCIAL STATEMEh'TS FOR THE YF,AR F.NDF,D 31 DECF•iMBF.R 2023 17 Analysis of cash and eash equtvglents 2023 2022 Cash at b&iik 319,530 672,236 Total eosh and cash equivalents 319.530 672.236 18 Comparative StAtemeht of funds and Summary ofnet assets for the year to 31 December 2022 sis of movements In funds Opening Balances Invcslment Loss Income Expendilure Closing Balances Transfers Unrestrlcted fund5 Geiieral 431,883 243.511 (32,092 37,851 55,759 549,692 Desi nated funds Life Fund Fricnd.q' Weekend Advertising SpiritLml Guidc Printing Organ AppLal Legacy fund 9.624 3.000 3,5UO 3.030 198.917 i 0.000 228.071 (213) 9,411 3,000 3,500 {3.516) 486 55,486 254,403 i 0,000 280,314 3,516 Restricted income funds Frieiidg, Building Organ Appeal 55,759 3,094 63.921 67.015 726,969 3,094 209 746 212.840 042 846 145,825 145.825 389.336 Total Charity Tr"unds 35.608 37.851 Summar of net assets b fund 2022 Total Unrestricted Designated Restricted liixed assets InvLstin¥nls 375.061 375.061 Current assets Debtors BaI)k 1.077 179,843 761 212,079 1,838 672,236 280,314 Liabilities Creditors= due within one year 6.289 549,692 {6.289} 1.042,846 280.314 212 840 Page 17