Charity registration number: 208797
## The Friends Of Wells Cathedral
Unaudited Annual Report and Financial Statements
for the Year Ended 31 December 2025
## **The Friends Of Wells Cathedral Contents**
|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 22|
**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** 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 Arnold Wills - Chairman (elected 15 November 2025) **Trustees of the Charity)** Mr Michael Hopkins - Chairman (resigned 15th November 2025) 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 - Elected Member Mr David Morgan-Hewitt Revd Canon Dr Megan Daffern **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** CCLA 1 Angel Ln London EC4R 3AB **Bankers** 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 2025. 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 have been recognised as income within restricted and designated funds.
As at 31 December 2025 the charity had communicated commitment the the Cathedral Chapter of the full balances held in designated and restricted funds of £434,554 and £1,163,036 respectively. In addition, the charity has committed to a further £559,540 of support which is planned to come from future fundraising.
It is the policy of the charity not to commit the charity to any major new programme or work until sufficient funds are accumulated in the reserves to support the Chapter in their new development.
At 31 December 2025 the Charity had approved grants of £Nil (2024: £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 2025 and consider 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 2025 the Charity had reserves of £254,687 (2024: £1,734,344).
The trustees believe the Friends are well placed moving forward.
There are no restrictions on the Charity's power to invest.
Page 3
## **The Friends Of Wells Cathedral Trustees' Report (continued)**
## **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 2025 are £245,029 of which £279,892 are held as fixed asset investments, and £948 is held as tangible fixed assets. This leaves free reserves of negative £35,811. Unrestricted liabilities include grant commitments totalling £559,540, which will be fall due as the organ project progresses. If the charity requires liquid funds to meet these commitments, the trustees note that the fixed asset investments could be realised to provide the necessary cash flow.The trustees are therefore satisfied that, despite the current level of free reserves, overall reserves remain appropriate for the charity’s day‑to‑day operations. The charity continues to focus on strengthening its reserves position over the long term in order to support its charitable objectives.
## **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.
Page 4
**The Friends Of Wells Cathedral Trustees' Report (continued)**
## **Key management remuneration**
The trustees are considered to be the key management of the charity. No remuneration is paid to any trustee (2024: £nil).
## **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 25th March and signed on its behalf by:
......................................... Mrs Anne Paul - Honorary Treasurer
......................................... Mr Arnold Wills - Chairman
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 2025.
## **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 2025**
|**Note**
**Income**
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
Total income
**Expenditure**
Raising funds
5
Charitable activities
5
Total expenditure
Gains/losses on investment
assets
Net expenditure
Gross transfers between
funds
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
18|**Unrestricted**
**funds**
**£**
171,715
3,014
5,254
49
180,032
(40,069)
(566,223)
(606,292)
(4,479)
(430,739)
945
(429,794)
674,823
245,029|**Designated**
**funds**
**£**
60,893
-
19,728
-
80,621
-
(434,554)
(434,554)
-
(353,933)
(945)
(354,878)
361,492
6,614|**Restricted**
**funds**
**£**
526,315
7,623
23,336
-
557,274
-
(1,252,259)
(1,252,259)
-
(694,985)
-
(694,985)
698,029
3,044|**Total**
**2025**
**£**
758,923
10,637
48,318
49|
|---|---|---|---|---|
|||||817,927|
|||||(40,069)
(2,253,036)|
|||||(2,293,105)
(4,479)|
|||||(1,479,657)
-|
|||||(1,479,657)
1,734,344|
|||||254,687|
The notes on pages 11 to 22 form part of these financial statements. Page 7
## **The Friends Of Wells Cathedral Statement of Financial Activities for the Year Ended 31 December 2025 (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
Gross transfers between
funds
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
18|**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 22 form part of these financial statements. Page 8
## **The Friends Of Wells Cathedral (Registration number: 208797) Balance Sheet as at 31 December 2025**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Investments - cash on deposit
Debtors
12
Cash at bank and in hand
13
**Creditors: Amounts falling due within one year**
14
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
15
**Net assets**
Unrestricted funds
Designated funds
Restricted funds
**Total funds**
18|**2025**
**£**
948
449,892
450,840
357,884
357,168
1,260,659
1,975,711
(1,285,734)
689,977
1,140,817
(886,130)
254,687
245,029
6,614
3,044
254,687|**2024**
**£**
-
812,370|
|---|---|---|
|||812,370|
|||728,443
143,226
62,371|
|||934,040
(12,066)|
|||921,974|
|||1,734,344
-|
|||1,734,344|
|||674,823
361,492
698,029|
|||1,734,344|
The financial statements on pages 7 to 22 were approved by the trustees, and authorised for issue on 25th March and signed on their behalf by:
......................................... Mrs Anne Paul - Honorary Treasurer
......................................... Mr Arnold Wills - Chairman
The notes on pages 11 to 22 form part of these financial statements. Page 9
## **The Friends Of Wells Cathedral Cash Flow Statement for the Year Ended 31 December 2025**
|**Note**
**Cash flows from operating activities**
Net cash (expenditure)/income
**Adjustments to cash flows from non-cash items**
Depreciation
Investment income
4
Revaluation of investments
**Working capital adjustments**
Increase in debtors
12
Increase/(decrease) in creditors
14
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
4
Purchase of tangible fixed assets
10
Sale of investments
Redemption/(purchase) of fixed term deposits
Net cash flows from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December|**2025**
**£**
(1,479,657)
364
(48,318)
3,306
(1,524,305)
(213,942)
2,159,798
421,551
48,318
(1,312)
274,173
455,558
776,737
1,198,288
62,371
1,260,659|**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|
The notes on pages 11 to 22 form part of these financial statements. Page 10
**The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2025**
## **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 financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
## **Income**
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.
Page 11
## **The Friends Of Wells Cathedral**
## **Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
## **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
## **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 2025 the charity had approved grants of £Nil (2024: £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.
## **Tangible fixed assets**
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **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
Page 12
**The Friends Of Wells Cathedral**
## **Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
## **Research and development**
Research and development expenditure is written off as incurred.
## **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
## **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
## **The Friends Of Wells Cathedral**
## **Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
## **2 Donations and legacies**
|Donations and appeals
Subscriptions
Legacies
**Total for 2025**
Donations and appeals
Subscriptions
Legacies
**Total for 2024**
**3**
**Other trading activities**
Fund-raising events
**Total for 2025**
Fund-raising events
**Total for 2024**
**4**
**Investment income**
Interest received
**Total for 2025**
Interest received
**Total for 2024**|**Unrestricted**
**funds**
**£**
8,185
29,326
134,204
171,715
18,326
28,229
101,696
148,251
**Unrestricted**
**funds**
**£**
3,014
3,014
3,775
3,775
**Unrestricted**
**funds**
**£**
5,254
5,254
499
499|**Designated**
**funds**
**£**
-
500
60,393
60,893
-
-
-
-
**Designated**
**funds**
**£**
-
-
-
-
**Designated**
**funds**
**£**
19,728
19,728
5,462
5,462|**Restricted**
**funds**
**£**
481,380
-
44,935
526,315
363,254
-
-
363,254
**Restricted**
**funds**
**£**
7,623
7,623
5,129
5,129
**Restricted**
**funds**
**£**
23,336
23,336
20,294
20,294|**Total**
**funds**
**£**
489,565
29,826
239,532|
|---|---|---|---|---|
|||||758,923|
|||||381,580
28,229
101,696|
|||||511,505|
|||||**Total**
**funds**
**£**
10,637|
|||||10,637|
|||||8,904|
|||||8,904|
|||||**Total**
**funds**
**£**
48,318|
|||||48,318|
|||||26,255|
|||||26,255|
Page 14
## **The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
|**5**
**Expenditure**
**Support Costs**
**£**
Costs of raising funds
40,069
Charitable activities
4,154
44,223
General office
Independent examination
Computer/website costs
Event costs
Depreciation
Sundry expenses
**6**
**Grants**
**Unrestricted**
**funds**
**£**
**Designated**
**funds**
**£**
Flowers
2,000
-
Wells Cathedral
Chapter
559,859
434,554
Cassocks
-
-
Wells Art
Contemporary
200
-
562,059
434,554
**7**
**Net income/(expenditure) before transfers**
This is stated after charging:
Independent examination|**Grants**
**£**
-
2,248,872
2,248,872
**Restricted**
**funds**
**£**
-
1,252,259
-
-
1,252,259|**2025**
**£**
40,069
2,252,521
2,292,590
**2025**
**£**
27,543
3,790
6,677
5,621
364
228
44,223
**2025**
**£**
2,000
2,246,672
-
200
2,248,872
**2025**
**£**
3,790|**2024**
**£**
41,185
7,041|
|---|---|---|---|
||||48,226|
||||**2024**
**£**
21,564
3,660
13,840
5,781
-
-|
||||44,845|
||||**2024**
**£**
1,500
-
1,881
-|
||||3,381|
||||**2024**
**£**
3,660|
Page 15
**The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
## **8 Trustees remuneration and related party transactions**
No remuneration was paid to trustees during the year (2024 - £Nil).
Expenses of £216 (2024: £nil) were paid to Mrs A Paul in relation to her role as Treasurer. Expenses of £Nil (2024: £192) were paid to David Morgan-Hewitt. Expenses of £2,835 (2024: £463) were paid to William Newton Newey.
Indemnity insurance has been taken out on behalf of the trustees.
During the year restricted donations totalling £43,198 (2024: £23,034) were received from 9 (2024: 7) 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 (2024 - 1).
Administration|**2025**
**£**
9,041
**2025**
**No**
1|**2024**
**£**
4,853|
|---|---|---|
|||**2024**
**No**
1|
No employee received emoluments of more than £60,000 during the year
Page 16
**The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
## **10 Fixed assets**
|**Cost**
At 1 January 2025
Additions
At 31 December 2025
**Depreciation**
At 1 January 2025
Charge for the year
At 31 December 2025
**Net book value**
At 31 December 2025
At 31 December 2024
**11 Fixed asset investments**
Listed investments
Cash on deposit
**Listed investments are made up as follows:-**
Market Value as at 1 January
Disposals
Increase/(Decrease) in market value
Market value as at 31 December|**2025**
**£**
279,891
170,001
449,892
**2025**
**£**
557,370
(274,173)
(3,306)
279,891|**Computers**
**£**
14,579
1,312|
|---|---|---|
|||15,891|
|||14,579
364|
|||14,943|
|||948|
|||-|
|||**2024**
**£**
557,370
255,000|
|||812,370|
|||**2024**
**£**
530,298
-
27,072|
|||557,370|
Fixed asset investments have been stated at current market value as at 31 December 2025.
Page 17
## **The Friends Of Wells Cathedral**
## **Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
|**12 Debtors**
Trade 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
**15 Creditors: amounts falling due after one year**
Grants payable
**16 Reconciliation of grants payable**
Grant commitments b/fwd 1 January
Grant commitment made in the year
Grant commitments paid during the year
Grant commitments at year end|**2025**
**£**
200,000
29,377
54,457
73,334
357,168
**2025**
**£**
1,260,659
**2025**
**£**
1,271,000
14,734
1,285,734
**2025**
**£**
886,130
**2025**
**£**
1,881
2,248,872
(93,623)
2,157,130|**2024**
**£**
-
27,285
101,400
14,541|
|---|---|---|
|||143,226|
|||**2024**
**£**
62,371|
|||**2024**
**£**
1,881
10,185|
|||12,066|
|||**2024**
**£**
-|
|||**2024**
**£**
13,090
3,381
(14,591)|
|||1,880|
Page 18
**The Friends Of Wells Cathedral**
## **Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
## **17 Contingent assets**
During 2024 the trustees were notified that Friends of Wells Cathedral may be the beneficiary of three legacies.
## **Estate of the Late Caroline Gillan Hogston**
The charity has been named as an equal beneficiary of the estate. No further progress has been made in administering this legacy during 2025.
## **Estate of the Late Constance Ivy Eyers**
The charity has been named as a residual beneficiary of the estate. No further progress has been made in administering this legacy during 2025.
## **Estate of the Late Judith Elaine Slade**
The charity is entitled to a share of the residual estate. During the year an interim distribution of £140,000 was received and recognised as legacy income.
After the year end, and prior to approval of these financial statements, the executors agreed a further distribution of £90,000. This post year end receipt has not been recognised as income in the year but is disclosed as a non adjusting event.
The trustees consider that it is not currently possible to quantify the final amounts due to Friends of Wells Cathedral from any of these estates, as the administration of each estate remains ongoing.
Page 19
**Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
## **The Friends Of Wells Cathedral**
## **18 Funds**
|**18 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
**_Unrestricted funds_**
General
**_Designated_**
Life Fund
Organ Appeal
**Total unrestricted funds**
**Restricted funds**
Friends' Building
Organ Appeal
**Total funds**|**Balance**
**at 1**
**January**
**2025**
**£**
674,823
7,059
354,433
361,492
1,036,315
3,044
694,985
698,029
1,734,344|**Income**
**£**
**Expenditure**
**£**
180,032
(606,292)
500
-
80,121
(434,554)
80,621
(434,554)
260,653
(1,040,846)
-
-
557,274
(1,252,259)
557,274
(1,252,259)
817,927
(2,293,105)|**Transfers**
**£**
**Investment**
**gain**
**/(loss)**
**£**
945
(4,479)
(945)
-
-
-
(945)
-
-
(4,479)
-
-
-
-
-
-
-
(4,479)|**Balance**
**at 31**
**December**
**2025**
**£**
245,029
6,614
-|
|||||6,614|
|||||251,643|
|||||3,044
-|
|||||3,044|
|||||254,687|
Page 20
## **The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
|**Balance**
**at 1**
**January**
**2024**
**£**
**Unrestricted funds**
**_Unrestricted funds_**
General
562,276
**_Designated_**
Life Fund
8,235
Organ Appeal
328,971
337,206
**Total unrestricted funds**
899,482
**Restricted funds**
Friends' Building
3,044
Organ Appeal
306,308
309,352
**Total funds**
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)**
**£**
**Balance**
**at 31**
**December**
**2024**
**£**
(18,824)
27,072
674,823
(1,176)
-
7,059
20,000
-
354,433
18,824
-
361,492
-
27,072
1,036,315
-
-
3,044
-
-
694,985
-
-
698,029
-
27,072
1,734,344|
|---|---|---|
## **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 21
**The Friends Of Wells Cathedral Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)**
## **19 Analysis of net assets between funds**
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**£**
948
279,892
538,463
(14,734)
(559,540)
245,029
**Unrestricted**
**funds**
**£**
-
450,878
236,011
(12,066)
674,823|**Designated**
**funds**
**£**
-
85,000
356,168
(107,964)
(326,590)
6,614
**Designated**
**funds**
**£**
-
361,492
-
-
361,492|**Restricted**
**funds**
**£**
-
85,000
1,081,080
(1,163,036)
-
3,044
**Restricted**
**funds**
**£**
-
-
698,029
-
698,029|**Total funds at**
**31 December**
**2025**
**£**
948
449,892
1,975,711
(1,285,734)
(886,130)|
|---|---|---|---|---|
|||||254,687|
|||||**Total funds at**
**31 December**
**2024**
**£**
-
812,370
934,040
(12,066)|
|||||1,734,344|
Page 22