Charity registration number: 208797
The Friends Of Wells Cathedral
Annual Report and Financial Statements for the Year Ended 31 December 2024
The Friends Of Wells Cathedral Contents (continued)
| Reference and Administrative Details | 1 to 2 |
|---|---|
| Trustees' Report | 3 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Cash Flow Statement | 10 |
| Notes to the Financial Statements | 11 to 20 |
The Friends Of Wells Cathedral Reference and Administrative Details
Patron The Right Reverend Michael Beasley, Bishop of Bath and Wells President The Very Reverend Toby Wright, Dean of Wells Vice President Lord Carey of Clifton Lady Gass Mrs A Maw Dr R Dunning Mr RC Duijs Honorary Editors Mrs Rose Longden-Phillips Mr William Newton Newey Friends' Council (who are Mr Michael Hopkins - Chairman Trustees of the Charity) Mrs Anne Paul - Honorary Treasurer Mr John Parsons - Elected Member Mr Richard Wynn-Jones - Elected Member Mr Paul Dickinson - Elected Member Mr Stan Gibby - Elected Member Ms Maureen Boylan - Elected Member The Reverend Doris Goddard Mr Arnold Wills - Membership Secretary Mr David Morgan-Hewitt Friends' Secretary Mr William Newton Newey Charity Registration Number 208797 Registered Office West Cloister Wells Somerset BA5 2PA Independent Examiner Sarah Twist FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Page 1
The Friends Of Wells Cathedral Reference and Administrative Details (continued)
Investment Managers
Bankers
CCLA 1 Angel Ln London EC4R 3AB Hampshire Trust Bank 80 Fenchurch Street London EC3M 4BY LLoyds Bank 24-26 High Street Wells Somerset BA5 2SJ Redwood Bank Limited The Nexus Building, Broadway Letchworth Garden City SG6 3TA
Page 2
The Friends Of Wells Cathedral Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024. 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. The main project which the charity is raising funds for is in respect of the Organ appeal, and the funds raised to date are included within restricted and designated funds.
It is the policy of the charity not to commit the charity to any major new programme or work until sufficient funds are accumulated i the reserves to support the Chapter in their development.
At 31 December 2024 the Charity had approved grants of Nil (2023: £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 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. At 31 December 2024 the Charity had reserves of £1,734,344 (2023: £1,208,834).
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 2024 are £674,823 of which £450,878 are held as fixed asset investments. This leaves free reserves of £223,945. Should the charity need cash then it could liquidate its fixed asset investments accordingly. 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 3
The Friends Of Wells Cathedral Trustees' Report (continued)
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 (2023: £nil).
Page 4
The Friends Of Wells Cathedral Trustees' Report (continued)
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the 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 & Wales requires the 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 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; and
-
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 keeping proper accounting records that 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 Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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 corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 6 March 2025 and signed on its behalf by:
......................................... Mr Michael Hopkins - Chairman
.........................................
Mrs Anne Paul - Honorary Treasurer
Page 5
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 2024.
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 The Friends Of Wells Cathedral'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
Since The Friends Of Wells Cathedral's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a 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 Friends Of Wells Cathedral as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the 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.
...................................... Sarah Twist FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Date:.............................
Page 6
The Friends Of Wells Cathedral Statement of Financial Activities for the Year Ended 31 December 2024
| Note Income Donations and legacies 2 Other trading activities 3 Investment income 4 Total income Expenditure Raising funds 5 Charitable activities 5 Total expenditure Gains/losses on investment assets Net income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 16 |
Unrestricted funds £ 148,251 3,775 499 152,525 (41,185) (7,041) (48,226) 27,072 131,371 (18,824) 112,547 562,276 674,823 |
Designated funds £ - - 5,462 5,462 - - - - 5,462 18,824 24,286 337,206 361,492 |
Restricted funds £ 363,254 5,129 20,294 388,677 - - - - 388,677 - 388,677 309,352 698,029 |
Total 2024 £ 511,505 8,904 26,255 |
|---|---|---|---|---|
| 546,664 | ||||
| (41,185) (7,041) |
||||
| (48,226) 27,072 |
||||
| 525,510 - |
||||
| 525,510 1,208,834 |
||||
| 1,734,344 |
The notes on pages 11 to 20 form part of these financial statements. Page 7
The Friends Of Wells Cathedral Statement of Financial Activities for the Year Ended 31 December 2024 (continued)
| Note Income Donations and legacies 2 Other trading activities 3 Investment income 4 Total income Expenditure Raising funds 5 Charitable activities 5 Total expenditure Gains/losses on investment assets Net income/(expenditure) Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 16 |
Unrestricted funds £ 46,522 1,821 13,388 61,731 (27,326) (18,203) (45,529) 55,763 71,965 (59,381) 12,584 549,692 562,276 |
Designated funds £ - - - - (2,629) - (2,629) - (2,629) 59,521 56,892 280,314 337,206 |
Restricted funds £ 93,767 2,885 - 96,652 - - - - 96,652 (140) 96,512 212,840 309,352 |
Total 2023 £ 140,289 4,706 13,388 |
|---|---|---|---|---|
| 158,383 | ||||
| (29,955) (18,203) |
||||
| (48,158) 55,763 |
||||
| 165,988 - |
||||
| 165,988 1,042,846 |
||||
| 1,208,834 |
The notes on pages 11 to 20 form part of these financial statements. Page 8
The Friends Of Wells Cathedral (Registration number: 208797) Balance Sheet as at 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible assets | 10 | - | - |
| Investments | 11 | 812,370 | 615,298 |
| Current assets | |||
| Investments - cash on deposit | 728,443 | 285,000 | |
| Debtors | 12 | 143,226 | 6,223 |
| Cash at bank and in hand | 13 | 62,371 | 319,530 |
| 934,040 | 610,753 | ||
| Creditors: Amounts falling due within one year | 14 | (12,066) | (17,217) |
| Net current assets | 921,974 | 593,536 | |
| Net assets | 1,734,344 | 1,208,834 | |
| Unrestricted funds | 674,823 | 562,276 | |
| Designated funds | 361,492 | 337,206 | |
| Restricted funds | 698,029 | 309,352 | |
| Total funds | 16 | 1,734,344 | 1,208,834 |
The financial statements on pages 7 to 20 were approved by the trustees, and authorised for issue on 6 March 2025 and signed on their behalf by:
......................................... Mr Michael Hopkins - Chairman
......................................... Mrs Anne Paul - Honorary Treasurer
The notes on pages 11 to 20 form part of these financial statements. Page 9
The Friends Of Wells Cathedral Cash Flow Statement for the Year Ended 31 December 2024
| Note Cash flows from operating activities Net cash income Adjustments to cash flows from non-cash items Investment income 4 Revaluation of investments Working capital adjustments Increase in debtors 12 (Decrease)/increase in creditors 14 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 4 Purchase of investments 11 Purchase of fixed term deposits Net cash flows from investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December |
2024 £ 525,510 (26,255) (27,072) 472,183 (137,003) (5,151) 330,029 26,255 - (613,443) (587,188) (257,159) 319,530 62,371 |
2023 £ 165,988 (13,388) (55,763) |
|---|---|---|
| 96,837 (4,385) 10,928 |
||
| 103,380 | ||
| 13,388 (99,474) (370,000) |
||
| (456,086) | ||
| (352,706) 672,236 |
||
| 319,530 |
The notes on pages 11 to 20 form part of these financial statements. Page 10
The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024
1 Accounting policies
Statement of compliance and basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. The financial statements have been prepared in accordance with 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)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Charities Act 2011.
The Friends Of Wells Cathedral meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income recognition
All income is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
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 one eighth 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
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 11
The Friends Of Wells Cathedral
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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 2024 the charity had approved grants of £Nil (2023: £Nil) which had not yet been formally communicated to the recipients.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
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.
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. Where cash has been invested in fixed rate bonds with a maturity date of greater than 12 months, these amounts are shown within fixed asset investments. For amounts invested in fixed rate bonds with a maturity date of less than 12 months, these are shown within current asset investments.
Cash and cash equivalents
Cash and cash equivalents represent cash in hand and in instant access bank accounts including short term deposits. Deposits in fixed rate bonds are included in fixed or current asset investments as noted above
Page 12
The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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 Estimates and Judgements
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accounting estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Page 13
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
The Friends Of Wells Cathedral
2 Donations and legacies
| Donations and appeals Subscriptions Legacies Total for 2024 Donations and appeals Subscriptions Legacies Total for 2023 3 Other trading activities Fund-raising events Total for 2024 Fund-raising events Total for 2023 4 Investment income Interest received Total for 2024 Interest received Total for 2023 |
Unrestricted funds £ 18,326 28,229 101,696 148,251 12,368 25,748 8,406 46,522 Unrestricted funds £ 3,775 3,775 1,821 1,821 Unrestricted funds £ 499 499 13,388 13,388 |
Designated funds £ - - - - - - - - Designated funds £ - - - - Designated funds £ 5,462 5,462 - - |
Restricted funds £ 363,254 - - 363,254 88,767 - 5,000 93,767 Restricted funds £ 5,129 5,129 2,885 2,885 Restricted funds £ 20,294 20,294 - - |
Total funds £ 381,580 28,229 101,696 |
|---|---|---|---|---|
| 511,505 | ||||
| 101,135 25,748 13,406 |
||||
| 140,289 | ||||
| Total funds £ 8,904 |
||||
| 8,904 | ||||
| 4,706 | ||||
| 4,706 | ||||
| Total funds £ 26,255 |
||||
| 26,255 | ||||
| 13,388 | ||||
| 13,388 |
Page 14
The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
5 Expenditure
| 5 Expenditure |
|||
|---|---|---|---|
| Support Costs £ Costs of raising funds 47,569 Charitable activities 3,660 51,229 |
Grants £ - 3,381 3,381 |
2024 £ 47,569 7,041 54,610 |
2023 £ 29,955 18,203 |
| 48,158 |
Expenditure in the year consisted of £54,610 unrestricted (2023: £45,530), designated £Nil (2023: £2,629) and restricted £Nil (2023: £Nil).
| General office Independent examination Computer/website costs Event costs 6 Grants Wellsprings Flowers Embroideries Guide Wells Cathedral Chapter Volunteer Gardeners Cassocks 7 Net income before transfers This is stated after charging: Independent examination |
2024 £ 21,564 3,660 20,224 5,781 51,229 2024 £ - 1,500 - - - 1,881 3,381 2024 £ 3,660 |
2023 £ 16,824 3,192 7,641 5,490 |
|---|---|---|
| 33,147 | ||
| 2023 £ 150 1,500 170 13,091 100 - |
||
| 15,011 | ||
| 2023 £ 3,192 |
Page 15
The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
8 Trustees remuneration and related party transactions
No remuneration was paid to trustees during the year (2023 - £Nil).
Expenses of £Nil (2023: £97) were paid to Mrs A Paul in relation to her role as Treasurer. Expenses of £192 (2023: £Nil) were paid to David Morgan-Hewitt. Expenses of £463 (2023: £398) were paid to William Newton Newey.
Indemnity insurance has been taken out on behalf of the trustees.
During the year restricted donations totalling £23,034 (2023: £20,444) were received from 7 (2023: 10) 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.
9 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries During the year there was 1 employee (2023 - nil). |
2024 £ 4,853 |
2023 £ - |
|---|---|---|
No employee received emoluments of more than £60,000 during the year
10 Fixed assets
| Cost At 1 January 2024 At 31 December 2024 Depreciation At 1 January 2024 At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Computers £ 14,579 |
|---|---|
| 14,579 | |
| 14,579 | |
| 14,579 | |
| - | |
| - |
Page 16
The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
11 Fixed asset investments
| 11 Fixed asset investments | ||
|---|---|---|
| Listed investments Cash on deposit Listed investments are made up as follows:- Market Value as at 1 January 2024 Increase/(Decrease) in market value Market value as at 31 December 2024 |
2024 £ 557,370 255,000 812,370 |
2023 £ 530,298 85,000 |
| 615,298 | ||
| £ 530,298 27,072 |
||
| 557,370 |
Fixed asset investments have been stated at current market value as at 31 December 2024.
12 Debtors
| Gift aid tax recoverable Other debtors Accrued income 13 Cash and cash equivalents Cash at bank 14 Creditors: amounts falling due within one year Accruals for grants payable Other accruals |
2024 £ 27,285 101,400 14,541 143,226 2024 £ 62,371 2024 £ 1,881 10,185 12,066 |
2023 £ 722 - 5,501 |
|---|---|---|
| 6,223 | ||
| 2023 £ 319,530 |
||
| 2023 £ 13,091 4,126 |
||
| 17,217 |
Page 17
The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
15 Contingent assets
The trustees have been notified that Friends of Wells Cathedral may be the beneficiary two legacies. The first is in relation the an equal share of the estate of the Late Caroline Gillan Hogston. The second is in relation to being named as a residual beneficiary of the estate of the Late Constance Ivy Eyers.
The trustees consider that it is not possible to quantify the value of these legacies due to Friends of Wells Cathedral at this stage.
16 Funds
| Unrestricted funds General General Designated Life Fund Organ Appeal Total unrestricted funds Restricted funds Friends' Building Organ Appeal Total funds |
Balance at 1 January 2024 £ 562,276 8,235 328,971 337,206 899,482 3,044 306,308 309,352 1,208,834 |
Income £ Expenditure £ 152,525 (48,226) - - 5,462 - 5,462 - 157,987 (48,226) - - 388,677 - 388,677 - 546,664 (48,226) |
Transfers £ Investment gain /(loss) £ (18,824) 27,072 (1,176) - 20,000 - 18,824 - - 27,072 - - - - - - - 27,072 |
Balance at 31 December 2024 £ 674,823 7,059 354,433 |
|---|---|---|---|---|
| 361,492 | ||||
| 1,036,315 | ||||
| 3,044 694,985 |
||||
| 698,029 | ||||
| 1,734,344 |
Page 18
The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
| Balance at 1 January 2023 £ Unrestricted funds General General 549,692 Designated Life Fund 9,411 Friends' Weekend 3,000 Advertising 3,500 Organ Appeal 254,403 Legacy Fund 10,000 280,314 Total unrestricted funds 830,006 Restricted funds Friends' Building 3,094 Organ Appeal 209,746 212,840 Total funds 1,042,846 |
Income £ Expenditure £ 61,731 (45,529) - - - (2,629) - - - - - - - (2,629) 61,731 (48,158) - - 96,652 - 96,652 - 158,383 (48,158) |
Transfers £ Investment gain/ (loss) £ Balance at 31 December 2023 £ (59,381) 55,763 562,276 (1,176) - 8,235 (371) - - (3,500) - - 74,568 - 328,971 (10,000) - - 59,521 - 337,206 140 55,763 899,482 (50) - 3,044 (90) - 306,308 (140) - 309,352 - 55,763 1,208,834 |
|---|---|---|
The transfer 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.
Purposes 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.
Organ Appeal: Monies for the Organ Appeal.
Legacy Fund: Monies designated for investment in CCLA fund.
Friends’ Building: Monies towards the costs of maintaining the Friends’ building.
Page 19
The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
17 Analysis of net assets between funds
| Fixed asset investments Current assets Current liabilities Total net assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds £ 450,878 236,011 (12,066) 674,823 Unrestricted funds £ 563,092 16,401 (17,217) 562,276 |
Designated funds £ 361,492 - - 361,492 Designated funds £ 52,206 285,000 - 337,206 |
Restricted funds £ - 698,029 - 698,029 Restricted funds £ - 309,352 - 309,352 |
Total funds at 31 December 2024 £ 812,370 934,040 (12,066) |
|---|---|---|---|---|
| 1,734,344 | ||||
| Total funds at 31 December 2023 £ 615,298 610,753 (17,217) |
||||
| 1,208,834 |
Page 20