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:
1. accounting records were not kept in respect of The Friends Of Wells Cathedral as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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