THE FRIENDS OF LIVERPOOL CATHEDRAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2024 Charity Registration No. 1122672
THE FRIENDS OF LIVERPOOL CATHEDRAL CONTENTS Page Trustees, annual report Independent examinels report Statement of financial activities Balan sheet Notes to the financial statements
THE FRIENDS OF LIVERPOOL CATHEDRAL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 The trustees are pleased to present their annual report for the year ended 31st December 2024. The financial statements have been prepared in accordance with the charity's constitution,,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 (FRS102) {effeGtive 1st January 2019). OBJECTIVES AND ACTIVITIES The Objectives are: To assist the Chapter to fulfil its duty of worship and contribute to the repair, maintenance, improvement of and additions to the fabric, furnishings and vestments. To promote and support any charitable activities calculated to preserve and beautify the Gathedral, its history and its music. Publlc Benefit In considering the objectives and activities, the Trustees have considered the Charity Commission's guidance on Public Benefit to ensure that the organisation is meeting its Public Benefit requirements. Membership Membership of the Gharity is open to all those who are interested in furthering the aims of the charity. The charity is managed by a committee, which reports to the members at the Annual General Meeting each year. The committee is responsible for maintaining accounting records and preparing financial statements for each financial period. They are also responsible for presenting the accounts to the Annual General Meeting together with an Independent Examiners, Report on the accounts. ACHIEVEMENTS AND PERFORMANCE Income has continued to be generated through subscriptions. donations and legacies as well as fundraising events. There was a talk and presentation about Ihe collection held in the Elizabeth Hoare Embroidery Gallery and the restoration work carried out there. A second talk and demonstration was given by the cathedrals former stone mason. During the financial year of 2024 we paid for the building and installation of the echo Organ and the repair and refurbishment of the remaining cross gild maces. Together with the Duchy of Lancaster, we paid for improvements to the westem approach to the cathedral. We part commissioned a piece of music and two stained glass panels to commemorate the Catherdrals Centenary. We helped to sponsor the SCIene and faith day in conjunction with Liverpool University as well as making our annual contribuition for the provision of flowers and. the mainitenace of the west end garden. FINANCIAL REVIEW Total income for the year was £36,512 (2023: £44,205) of which £nil (2023: £nil), related to funding for projects upon which restrictions are plad. Total expenditure for the year was £98,139 (2023: £150.710), leaving a deficit for the year of £61,627 (2023: deficit £106.505).
THE FRIENDS OF LIVERPOOL CATHEDRAL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 At 31st December 2024 the charity's reserves stood at £305,223 (2023: £366,850) of which £69,868 (2023: £159,611) represented restricted funds. Rlsk Management The main risks to which the tharity is exposed as identified by the Trustees have been considered and systems have been established to mitigate those risks. In accordance with the Constitution the Committee hold within their finances a sum of bmenty thousand pounds to cover any debts or liabilities shoud the Charity be dissolved. No members of the committee receive any payrnent for their services and outgoing costs are kept to a minimum. Income was down and had to rely solely on subscriptions, donations and legacies. However, we have been able to continue supporting the Cathedral during these difficult times. We have not reIVed any financial support from any other sources. Reserves Pollcy It is the policy of the charity to maintain unrestricted funds, which are free reserves that allows the charity to conlinue its activities for three years should no further funding be received. As at the end of the financial year the unrestricted funds totalled £235,355. The charitable company requires £8,396 for 12 months, running costs. STRUCTURE, GOVERNANCE AND MANAGEMENT The Friends of Liverpool Cathedral is a registered charity. number 1122672, registered on 7th February 2008. It is governed by its constitution dated 13th July 2003, subsequently amended on 13th January 2008. The Charity is managed by a committee consisting of eleven members; five appointed by the Chapter of Liverpool Cathedral (Chapter), four elected by the Friends at the Annual General Meeting, a Chair personally appointed by the Chapter and a Chapter representalive.
THE FRIENDS OF LIVERPOOL CATHEDRAL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS The Friends of Liverpool Cathedral 1122672 Name Charlty Number Address & Office Liverpool Cathedral St James Mount Liverpool L17AZ Trustees During the year members of the Committee were as follows: Mr David Hudson (Deceased 7th April 2024) Alan S Matthews (Chair) Margaret Palmer Valerie Rook8 Mr Gratten Williarns Treasurer Clive Harris other Commlttee Members Elsie Ander Carol Connor Alan Cookson Neal Barnes Dianne Rothwell Ann Trigg Mike Trigg (Chapter representstive) Independent Examiner Ying Huang ACCA clo LCVS 151 Dale Street, Liverpool, L2 2AH Bankers Barclays Bank PLC Lord Street Liverpool L2 1TD Signed on behalf of the Trustees" ci iu6 JOH URARLI. Alan Matthews, Trustee - Chair Date: D'S IRb)q4uR
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF LIVERPOOL CATHEDRAL I report on the accounts of the charity for the year ending 31st December 2024 which are set out on pages 5 to 12. The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and to state whether particular matters have come to my attention. Res ective res onsibilities of trustees and examiner My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. In connection with my examination, no matter has come to my Inde endent examinerfs attention: statement {1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the Charities Act. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached, Basis of inde endent examineffs statement Name: Ying Huang Relevant professional qualification or body: ACCA Address: c/0 LCVS 151 Dale Street, L2 2AH Dated:
THE FRIENDS OF LIVERPOOL CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 Notes Unrestrlcted Restricted Total Funds Funds. Funds 2024 2024 Total Funds 2023 2024 Income and endowments from: Donations and legacies Other trading Activities Investments 2a 2b 2c 20,556 790 15.166 20,556 790 15,166 31,799 1,205 11,201 Total income 36,512 36,512 44.205 Expenditure on: Raising Funds Charilable Activilies 450 7.946 450 97,689 473 150,237 89,743 Total expenditure 8,396 89,743 98,139 150,710 Net expenditure, net movement in funds 28.116 (89,743) {61,627) (106,505) Total funds brought forward 207.239 159.611 366,850 473,355 Total funds carried forward 235,355 69.868 305,223 366,850 The notes on pages 7 to 12 form part.of these accounts:, All the above amounts relate to continuing activities of the charity.
THE FRIENDS OF LIVERPOOL CATHEDRAL BALANCE SHEET AS AT 31ST DECEMBER 2024 Notes 31 St December 2024 31 St December 2023 Fixed assets Current assets Debtors Cash at bank and in hand 305,933 367,510 305,933 367,510 Current liabilities Creditors: amounts falling due within one year {710) (660) Net current assets 305,223 366,850 Total assets less current Ilabilities 305,223 ' 366,850 Funds: Unreslricted funds Restricted funds 235,355 69,868 207,239 159,611 305,223 366,850 Approved and authorised for issue by the trustees on signed on their behalf by: and Alan Matthews Trustee, Chair Clive Harris Treasurer
THE FRIENDS OF LIVERPOOL CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 1. Accounting Policies Basis of accounting The financial statements have been prepared in accordance with the Statement of ' Recommended Practi. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (SORP 2019) effective 1st January 2019 and Charities Act 2011. The financial statements have been prepared under the historical cost convention with Items recognlsed at cost or transaction value unless otheDJvise stated in the relevant note(s} to these accounts. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going concern At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate reSoUrS to continue in operational existence for the foreseeable future. The Trustees have therefore adopted the going concern basis of accounting in preparing the accounts. Fund accounting Unrestricted funds are the charity's free reserves available for the trustees to apply in" accordance with the charitable Company's charitable objectives. Restricted funds are subject to specific restrictive conditions imposed by the donor. All restriGted funds are accounted for as restricted income and expenditure for the purposes is charged to the fun'd. Income recognition All income is recognised once the charity has entitlement to the inGome, there Is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations and legacies comprise of donations and general grants which are recognised in the accounts when received, with the exception of known legacies which are accounted for when their receipt is certain. Income from other trading activities relates to outing and events and is recognised when the amount is certain. Income from investment relates to bank interest received and is recognised when the amount is certain. Expenditure recognition Liabilities are recognised as soon as Ihere is a legal or constructive obligation committing the Gharitable company to that expenditure, it is probable that settlement will be required, and Ihe amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual's basis. All expenses. includlng support costs and govemance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor.
THE FRIENDS OF LIVERPOOL CATHEDRAL NOTES TO THE TrilNANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Expenditure on charitable activities relate to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the charitable company. Support and govemance costs relate to the management and operatlon of the organisation and also compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charitable company. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity beGomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, wlien there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and .settle the liability simultaneously. Basic financial assets -Basic-financial assets,. which include debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic flnancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognitlon. of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or canlled. Taxation Income and gains are exernpt from taxation as they are applied for Gharitable purposes only. The charitable company benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Critical accounting estimales and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities
THE FRIENDS OF LIVERPOOL CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Ihat are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the eslimate is revised where the revision affects only that period, or in Ihe period of the revision and fulure periods where the revision affects both current and future periods. 2. Income and endowments from Unrestrlcted Restrlcted Funds Funds 2024 2024 Total Funds 2024. Total Funds 2023 Donatlons and legacies Donations Gift Ald Legacies Membership subscriptions 11.490 11,490 2,561 15,559 13,679 9.066 9,066 20,556 20,556 31.799 Income from donations and legacies for 2023 related wholly to unrestricted funds b. Other trading actlvltles. Outings and Events 790 790 1.205 Income from other trading activities for 2023 related wholly to unrestricted funds . Investments Bank Interest 15.166 15,166 11,201 Income from investments for 2023 related wholly to unrestricted funds 3. Expenditure on charitable actfvitles Direct Support & Total Charitable Governance Expenditure Costs Total 2024 2023 To promote and support any charitable activities calculated to preserve and beautify the cathedral, its history, and its music. 96,443 1,246 97.689 150,237
THE FRIENDS OF LIVERPOOL CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ST a. Analysed as follows: 2024 2023 Direct charitable expenditure.. Chapter gifts Organ scholarship 6,700 8Y,743 59,987 89,350 96,443 149,337 Support & Governance costs." Office costs Lawn master Accountancy 380 156 710 240 660 1,246 900 Total expenditure on charitable activities 97,689 150,237 £89,743 (2023: £89,350) of the above expenditure is restricted expenditure . b. Particulars of employees.. There were no employees during the period ended 31st December 2024 {2023: none). The Trustees are not remunerated for their services. No out-of-pocket expenses were reimbursed to trustees in the year (2023: £n il). 4. Tangible fixed assets There were no tangible fixed assets as at 31st Dember 2024 (2023: nil). 5. Debtors There were no debtors as at 31st December 2024 (2023: nil). 6. Creditors 2024 2023 Accruals 710 660 10-
THE FRIENDS OF LIVERPOOL CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sf DECEMBER 2024 7. Analysis of net assets between funds 2024 Tangible Fixed Net Current Assets Assets Total Unrestricted Funds General Fund Legacies 128,010 107,345 128,010 107,345 235,355 235,355 Restricted Funds E Golby Legacy 69,868 69,868 Totals 305.223 305,223 2023 Tanglble Fixed Net Current Assets Assets Total Unrestrlcted Funds General Fund Legacies 99,894 107,345 99,894 107,345 207,239 207,239 Restricted Funds E Golby Legacy 159,611 159,611 Totals 366,850 366,850 8. Unrestricted Funds Movements in the .Year Income Expenditure 2024 Funds at Beginning of year Funds at End of Year General Fund Legacies 99.894 107,345 36,512 (8,396) 128,010 107,345 207239 36,512 (8,396) 235,355
THE FRIENDS OF LIVERPOOL CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 2023 Funds at Beginnlng of year Income Expenditure Funds at End of Year General Fund Legacies 132,608 91.786 28,646 15,559 {61,360) 99,894 107,345 224,394 44,205 {61,360) 207,239 General Fund is used to finan the chaiity's general activities and core costs as oullined in the Trustees, Report. Legacles received to be used for the charity general activities and core costs. 9. Restricted Funds Movements in the Year Income Expenditure 2024 Funds at Beginning of year Funds at End of Year E Golby Legacy 159,611 {89,743) 69,868 159,611 (89.743) 69,868 Movements in the Year Income Expenditure 2023 Funds at Beginning of year Funds at End of Year E Golby Legacy 248,961 (89.,350) 159,611 248,961 {89.350) 159,611 These are monies given to the Charity to be spent at the discretion of the Board of Trustees for specific charitable purposes, as follows: E Golby Legacy - Contribution towards providing music in the Cathedral and build of the last section of the organ in the Calhedral and choral scholarship Organ Scholarship Donation - Contribution towards organ scholarship 10. Guarantees and Other Financial Commitments At the year-end there are no financial commitments under non-cancellable operating leases {2023: £Nil). 11. Related Parties There were no related party transactions during this or the previous year which require disclosure. 12-