THE FRIENDS OF IVELLS CATHEDRAL
RF.PuRT.4￿D 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 O￿lee
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 I￿lalid (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.
Fin￿￿e1￿1 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 T￿sllrer, 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 r￿ed 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 fi1￿lIcial 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[￿l￿ted 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 into￿e
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 recO￿lised 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
organ1￿110n, 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 I￿rL'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 th￿1 12 mui)ths, tliese arc bh()wii within cU￿1]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 reCei￿ed
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,ITEINIE￿Ts
FOR THF. YF.AR F.I%DF.D 31 DF.CENIBTr:R 2023
F.xpcnditure
sUp￿rt
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 Tn￿te¢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