CharbtyRegistratlon No: 1159118 REPORT OF THE TRUSTEES AND THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE DEAN AND CHAFfER OF ST DAVIDS CATHEDRAL Page 1
Ch3rity Re•stratton No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Pago Report of the Trustees 3-11 Report of the Indépendent Auditors 12-15 statement of Financial Activiti88 16 Consolidated and Charity Balance Sheet 17 Cash Flow Ststement 18 Notes to the Cash Flow Statement 19 Notes to the Finan¢lal Statements 20-35 Detailed Ststement of Flnancial Activilses 36-39 Pa90 2
Ctharity Re8iStration No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report th the financial statements of the charty for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reportlng by Charities: Statement of Recommended PractrcE applicable to Charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTivrriES Obj•ctives and aims The Charitable objectives of The Dean and Chapter of St Davids Cathedral, both short term and long term are" to advance the Christian Rdigion of the Church in Wales for the public benefit. 2. to promote the mission of the Church in Wales. Significant a¢tivities The Charity achieves these objectives by, among other things: regular worship presented to the highest standards Including a sequence of special services from Advent to Candlemas, and through Lent, Holy Week and Easter. outreach including through our educatlon and pilgrimage centre to schools and to visitors and pilgrims. mlnlstry of welcome to visitors to the Cathedral and the promotion of art and music through exhibitions and concerts. Public Benefit We have referred to the guidance contained In the Charity Commissions general guidan on public benefit when reviewing our aims and objectives arKI in planning out future activities. The following activrties are considered to further the Charity's purpose for the public benefrt.. 1. daily and occasional services With congregations ranging from under 5 to over 500 outreach as detailed above reaching over five thousand young people and adults each year. ministry of welcome to over two hundred and fifty thousand visitors each year. servi attendan and visitor numbers have been monitored to provide an indication of achievements of our goals. with the figures above relating to the pre-pandemic period. towards which there is a gradual, and continuing. return. Pa9e 3
Charlty Re8i5tration No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Volunteers The Dean and Chapter values the enormous contribution of volunteers who act as Stewards for services and concerts, support our educational outreach program and our music department, assist in the library, arrange flOvrS, ring bells, run a community garden, and help in many other ways. ACHIEVEMENT AND PERFORMANCE Charitable Activities The year was coloured by the arrival of the new Bishop of St Davids. Formerly Archdeacon of Carmarthen, and member of Chapter since 2007, Dorrien P Davies was elected on 17 October 2023. at an electoral Synod held within the Cathedral. His election was confirmed at a Sacred Synod in Cardiff on 29 November 2023, atwhich point he assumed the legal responsibilities of being Bishop of St Davids. He was consecrated on 27 January 2024 at Bangor Cathedral. and his service of enthronement in the Cathedral took place with great joy on 3 February 2024. The arrival of our new Bishop has initiated a fresh new chapter in the life of the Diocese, and the Cathedral as part of this. During the year, the Cathedral aeKordingly hosted a wider range of services and eventsfor the Diocese, many linked tothe presence of the new Blshop, alongside the usual rhythms of the liturgical year. He participated in the major Festivals, at the Chrism Mass and Ordinations, and in many other events. One highllght was the seNice to mark the Opening of the Legal Year Sn Wales. which was held at St D8vids for the flrst tlme. With the support of the Cathedral Muslc Trust, Music continued to thrive, in worship and in the concerts we offer or host for others. A Festival was again held, after the fallow year of 2023. and much appredated by all who Came. Tg'r Pererin, further extended its pilgrimage and education activlties, shaping these to respond to shifting needs in both areas. Through a range of services and events The Library expanded visitor engagement. joining as usual with the national Libraries Week in October. and with a growing programme of Tours to Rarely Seen parts of The Cathedral. Erw Dewi, David's Acre. our Community Garden continued to develop. A whole range of aspects of Cathedral lrfe - pilgrimage. services, music, heritage and more featured frequently on TV, radio. and other media. The Cathedral was particularly blessed to be chosen as recipients of the 7-volume St John's Bible Heritage Edition. This is an outstanding facsimile edition (made to last a thousand years) of the first hand-written. hand-illumined, Bible created for the Benedictine Order for over 500 years. Gommissioned by St John's Abbey and University in Minnesota. It was donated in appreciation of Donald Jackson, formerly scrlbe and calligrapher to the Crovm Offi, who, with the support of his wrfe Mabel. led the creative team, The flrst t0 volumes were presented in September, by donors Bruce and Elaine Culver, with the others arriving in December. They are routinely displayed in the Cathedral, for vlsitors to tum the pages themselves, and used at Tg'r Pererin, our Pilgrimage & Education centre, in retreats, Page 4
Charity Wsirth fotr. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 educational visits, and workshop8. We antiapatè lending volumes lo churches, ministry arèas arKI cathedrals across Wal8$. The Cathedral also received trom the Provis famity the gift of a Frank Roper Statuè of Christ on Donkey. in memory of in mèmory oftheir parents Anthony and Mary Provis, who received it in the éarly 1990s as a gift from thèir dose friends Frank and his painter vAfe Nora. And a specially commissioned icon of St Andrew was installed in the wall niche above the St Andrew altar in the North Transept, the gift of an anonymous donor. Ji this was against a difficult background for the wider tourism and hospit81ily sector. which has continued to operate at considerably below pr&pandemic levels. and which p8rticularfy struggled in the latter half of the year, seemingly influenced by the pwsistent wet weather, and fears around the nomy. The number of visits to the Cathedral rose only slighty. from 197k in 2023 to 207k in 2024- still around 30 /0 below 2019 figures which were over 29Ck This brings considerable challenge, as visitor spending and donations comprise the Cathedral's largest income stream. On the positive side. followng the closure in 2023 of the shop and café in the Gity Square, and the Refectory. the Bookshop Trading Company's core shop6 increased thelr turnover and profitability. An excellent tenant for the Refectory, Mamgu's Welshcakes (now called Mamgu's lfjtchenl joined us in early 2(Y24. which has added a reliable income stream. Clos8 monitoring and control of both income and experKliture must therefore continue, arKI this remalns very tight, even with the Increased support from thé Rèpresentative Body of the Church in Wal8s. and through the Diocese of St Davids (this an allocation of £45,000, which will be repeated in 2025 and 2026 only). During December, spalling stonework in the Quire forced its temporary dosure, wlth remedial work then carried out In eady 2025. with funding gratefully received from The Friends of St Davlds Cathedral (who also contlnue their rolling support across a breadth of Cathedral life). There were no other major building requlrements, though a wide range of maintenance and repair8 on a smaller scale continued. Thewider economic climate remains rfifficult, and the rising minimum wage {we aim to be a Liwng Wage Foundation employer} together wth the increase in employers Nl continue to put upward pressure on staffing costs. The Trustees remain mindfijl of the need to continue promoting income, and identify ways of reducing expenditure as necessary. The small surplus of the year must be built upon. and further work pursued towards longer tem financial stabilty. The Trustees are satisfied that the activities of the year have largely achieved the Charity's objectives. The Trustees have concluded that there is a reasonable expectation that the charity and its trading subsidiary has adequate resources to continue for the foreseeatlè fijture and therefore have continued to adopt the going concern basis in preparing the financial statements. Page S
CharltyRe•stratitffl No: 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Financlal position The results for the year ended 31 DeCemlr 2024 are shown in the Consolidated Statement ofFinancial Activities on page 16. This shows the financial results for The Dean and Chapter of St Davids Cathedral and its trading subsidiary St Davids Cathedral Bookshop Limited. As at the 31 Dec&nber 2024 the charity held total funds of £1.941,025 (2023 £1.916,015} which includes unrestricted funds of £604,275 {2023 £589.585). The current level offree reserves allows the trustees to continue wth their endeavours to pursue the objectives of the (arity. Income.. The total inrne r1Ved in 2Lf24 was £1.264,928 (2023 £1,209,534). Expendltur•.' Th8 totsl expenditure for 2024 was £1,285.827 {2023 £1,393.764). Th8 main reason ft)r the decrease CL)mpar8d to the previous year was due to reduced costs in the trading subsidiary. The Trustees annually monitor the risks both financial and non-financlal, facing the tharity and use, where appropriate, specialist consultants to monitor the risks and advise upon any action necessary. Investment pollcy and objeetives The Trustees seek to maximis8 finanaal retum from Tts reserves over the long term. Reserves that ar8 not anticipated to be ¢alled upon in th8 short tèrm are hekl in portfolio investments under the ttjntrol of recognised investment managers th a vi8W to achieve capital gr(h, whilst at the same time. minimise the risk of loss. Rwurves pollcy The Chapter plan to maintsin free reserves for the maintenance of the fabric ofthe Cathedral, arKI also for the development of music in the Cathedral, and other core activities. The level of free reserves as at 31 Decemter 2024 amounted to £406,009 (21f23 £395.639). Bearing in mind that the annual exndItUre ranges between £750.(M)O and £0,000, the trustees recognise that the current thl of free reserves is less than idealty constructed. and therefore are continuing to take steps to ensure that the charity wll be able to continue actwity in the fubjre to meet its charitable objectives. FUTURE PLANS Focus on the core objectives continu8s. while Glose attention continues to be paid to strengtherung financial sustainability. This indudes further development of opportunib'es for visitor gtving, including through contsrttess points and the work ofthewekoming team., the refvI encouragement ofthe bookj gift shops; a successful return of the F8stival" and other careful iniiiatives. The long-anticipated instsllation of upgraded IT capabilities by the Church in Wales is expected in the third quarter of 2025, and it is hoped that improved connecttvity wll 8ffectivety increase opportunities for visitor glvlr¥J. Pagè 8
Chlrfty Re8iStr*lion No- 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Consultants were appointed in ear 2025 to lead in preparing a major development projert ft)cused on repairs to the tower and other core items identffied in the Quinquennial Inspect, along with improving visitor access and engagemènt, and environmental and financ491 sustainability. This will be pursued in conjunction major grant bodies. A new arthitectwas also appointed in May 2025, Andrew Faulkn8r Asswi8tes Ltd, who will 81s0 be contributing to this work, alongside the more g8n8ral brief, in which continuing maintenance forms a significant elemert The continuing difficulties of the wider economic climate wll require thè Trustees to give particularly close attention to th8 financial und8rpinning of the charity's activf(ies in the coming years. STrUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document The charity Is ¢ontrolled by its governing document, a deed of trust, and constitutes an unincorporated charity. The Cathedral is govemed by its Deed of Constitution which was adopted on 31 July 2014. The Dean & Chapter adopted a governance document, aimed at moving the Cathedral's oversight, govemance, and management towards current best practice on 19 April 2018, and made minor revisions on 28 Juty 2018. Further amendments were made on 30 July 2020 to provide for electronic meetings and decision making, and online me&tings were accordingly held by both the Dean & Chapter and by the Finance SubmmIttee, to monitor and guide the charity through the challenges of the pandemic. The Dean & Chapter St David8 Cathedral became a registered tharity on 7th Nov8mb8r 2014. Organlsatlonal structuro The day-tcHYay management of th8 Cathedral is th8 responsibillty of tha Dèan, who also ensures that decisions of th8 Chapt8r ara put into action. Major stratsgi¢ and financial decisions are taken by the Chapter which mèets four tim8S 88ch year, its main meeting being held close to the Feast ol St James in Juty. The Ch8Pter has Su¢0mMIttee$ trj advise on matters of Finan¢X, HR and Pllgrimage. Education 8nd Outr8ach. The Bishop is not a member of the Chapter but is the Visitor under the terms ofthe Cathedral Scheme. He is conducting a Visitation during 2025, as a general review of the Cathedral, as part of a more comprehensive evaluab'on of parishes and ministry areas. and all other areas of Dlo¢esan, to ensure that there is a dear picture at the beginning of his episcopacy. from whlch we Can all bulld forwards. The Trustees have welcomed working with the Bishop and hls advlsors, trusting that together we Can maximise the benefits to the mlsslon and mlnlstry of the Cathedral that can rne through this thorough analysis. Page7
Chailty Reglstratlon No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 hen major projects are envisaged, sub<ommittees ar8 set up to meet on a more regular basis than the Chapter. The sutrTrcommittees then facilitste and monitor projects and report back tothe full Chapter. The Cathedral ¢troperat8s the Goveming Body and Rèpresentative Body of the Church in Wales, and the Diocesan Conference ofthe Diocese ofst Davids, tog8th8rwiththe Di0san Board ofFin8rth, in order to fulfil the minlstry and mlssion of the Cathedral. The Canons are appointed by the Blshop of the Diocese 0, by virtue of their role. become Trustees ofthe Dean and Chapter. Newly appointsd Trustses are offered SUFWt and guidan upon their duties and responsibilities by fellow Trustees. REFERENCE AND ADMINISTrATIVE DEfAILS REGISTERED CHARITY NUMBER.. 1159118 ADDRESS The Deanery St Davids Haverforthvest PbrokeSh1re SA62 6RD BISHOP Right Reverend D P Davies, BA DEAN & PRECENTOR Thé Very Reverend S C Rowland Jones, LVO, OBE. MA. PhD ARCHDEACONS 2024 Camiarthen M A R Hill, BI BD. MPhil. PhD- appointed 11 February 2024, previously Cursal The Venerable P Mackness, BA The Venerable R H E Davies. MBE. BTh. FRAgS 2018 2018 2019 st Davids Cardigan New Christian Communities Venerable M A Farah. BA, MA {occupies stall of Mathri) CANONS 1ST Cursal The Sovereign Llandysiliogogo Canon S E Jones. BA. BTh {Treasurer) Llawhaden Carnn D J Ll Roberts (Chancellor) St Nicholas, Penyffos Canon J P Lews, BA Caerfarchell Camn Rh M Johnson, MA, PhD, BD, DPT 2009 2013 2014 2015 Page 8
Cha¢rty Re8r5tr3tion 140: 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 2015 2018 2018 2019 2019 2022 2022 2023 2024 2024 2024 4tt) Cursal Trèflod8n 3rd Cursal Caerfai Llanfaes 5th Cursal Clydau Llanddewi Aberarth Uangan 2nd Cursal 6th Cursal Carn L L Richardson, BA, BTh, PGCE Canon M H Rowlands, BA, BD Canon S Bale, B& BTh Canon A G Loat, BD, MTh Canon M L Osbome RGN, BTh Canon J R Cecil, BA, PGCE Canon M S Ansell, B.Lib, PGCE, NPQH, Dip Theol Canon S A James, BA{Hons}, PGCE, MPhil. PGDip Revd G M Reid- appointed 20 Junè 2024 Revd J W Smith, BSC. BA- appolnted 20 June 2024 Revd J M Zipperfen, Msc, MTh- appointed 20 June 2024 HONORARY CANONS Canon A M Chadwick Canon A Howells Canon R Davies- appointed 20 Jun8 2024 CANON LIBRARIAN Canon Rh M Johnson, MA, PhD, BD, DPT CHIEF OPERATIONS OFFICER Miss A J Leigh BA Hons CHAPTER CLERK Mr A B C Davies. LLB DIRECTOR OF MUSIC Mr S Pearce BMu8 DEANS VERGER Mr C Crooks CANONS VERGER Mr M l Davies BANKERS Uoyds Bank PIC 7 Victoria Pla HaverfOre$l Pembrokeshire SA812JX REGISTERED AUDITORS Bevan Buckland LLP Chartered Accountants & Registered Audltors 45 High Street Haverfordwest Pembrokeshire SA6128P Pago 9
Charfty Re815wation No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 80LICITORS JCP Solicitors Goochvick House Charnbers 19 West Street Fishguard PemLYokeshire SA65 9AL EVENTS SINCE THE END OF THE YEAR Infomiation relating to events slnce the end of the year is given in the notes to the financial ststements. STATEMENT OF TRUSTEES RESPONSIBIUTIES The trustees are responsible for preparing the Report of the Trustaès and th8 financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unitèd Kingdom G8neralty epted AUntIng Practice). The law applicable to charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reports} Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year whi¢h give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resouros, indudlng th8 income and expenditure, of the charity for that period. In preparing those financial statements. the trustees are required to: select sultable accounting policies and then apply them consistently,. observe the methods and principles in the Chaity SORP; make judgements and eBtim8te$ that ar8 reasonable and prudenl., state whether applicable accounting standards have been followed, subject to any matsrial departures disclosed and explained in the finandal statements., prepare the financial statèments on the going concern bgsis unless it is inappropriate to presume that the charity wll continue in busin8SS. The trustees are rèsponsible for keeping proper accounting records which disdose with reasonatle acrd¢Y at any time the financi81 position of th8 tharity and to enable them to 8nsure that the financial statements comply with the Charities Act 2011, the Charty (Aunt5 and R8POrtsl Regulations 2008 and Ihe provisions of the trust deed. TW are also re$p¢Jnsib18 for safeguarding the assets ofthe charity and hence for taking reasonable stsps for the prevention and detection of fraud and other irregularities. Pag910
Chartty Registrauon No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 In so far as the trustees are aware.. there is no relevant gudit information (as defined ty Section 418 of the Companies Act 20Q6), of which the charity auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make them aware of any relevant audit infonnation and to establish that the auditor is aware of that infrjrmation. The trustees are responsibl8 for the maintenance and integrity of the financial information includéd on the charity website. Legislation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from legislalion in other jurtsdictions. Auditors The auditors are proposed for Irelappointment in Juty each year at Chapter Day, the Trustee's annual general meeting. Approved by the board of trustees on 2025 and signed on its behalf by: The Very Reverend Dr Sarah Rowland Jones- Chair of Trustees Page11
CharltyRewstratlon No.. 1159118 REPORT OF THE INDEPENDEpif AUDITORS TO THE TRUSTEES OF THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL Qualmed Oplnlon We have audited the financial statements ofThe Dean and Chapter of St Davlds C*dra1 {the'charity') and its subsidiary {the group) for the year ended 31 December 2024 which comprise the Consolidated Ststsment of Financial Activities, the Consolidated Statemerrt of Financial Position, the Consolidated Cash Flow Statement and notes to the finanaal staternents, [ludIng a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accwnting Stsndards, (United lfjngdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. In our opinion, except for the possible effects of the matter desulbed in the Basis for Qualified Opinion section of our reporL the accomparying consdidated financial statement.. give a true and fair view of thè state of thè group's and of the parent charity's affairs os at 31 December 2024 and of th8 groups surplus for the year then ended. have been properly prepared in accordance with United lfjngdom Generalty ApIed Accounting Practice have been properly preparéd in accordance wth the Charities Act 2011. Basis for quallfled oplnlon We were unable to observe the ¢Xiunllng of ptyslcal inventories at the beginning of the year, and wé were unable to satisfy ourselves ty alternative means conceming inventory quantities held on 31 December 2023. We conduotsd our audit in accordance vmth Intematicfflal Stsndards C Auditing (UK) {ISAs (UK)) and applicable law. Our reswnsibilities under those standards are further described in the Auditorfs responsibilities forthe aLKlit of the financial statements section of our report. We are independent of the charity in ardance wth the ethi121 requirnents that are relevant to our audit of the financial statements in the UK including FRC'S Ethical Standard and we have fulfilled our other ethical rèsponsibilities in accordance wth t requirements. We believe that the audii evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. Concluslons relating to golng ¢oncem In auditing the financial ststements, we have concluded thatthe trustees, use ofthe going concern basis of accounting in preparation of the financial statements is appropriate. Based on the work we have perfOed, we have not identified any material uncertainties relating to events or condllkjns that individually or collertivety. may cast significant doubt in the Group's and the parent charlty to continue as a going concem for a period of at least hvefve months from when the finanaal ststements ar8 authorised for issue. Page 12
Charlty Reystrab"on No: 1159118 REPORT OF THE INDEPENDEpif AUDITORS TO THE TRUSTEES OF THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL Our respsibilItIeS and the responsibilitles of the trustees wlth Spect to going concern are describèd in th8 relevant sections of this report. Other Infomiatlon The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the finan(aal statements and our Report of the Auditors thereon. Our rpinion on the financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our repor( we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statèments, or our knowledge obtained in the audit or otherwise appears to be materi811y misststed. If we identify such material inconsistencies or apparent material misstat8m8nts, w8 are required to determine whether this gives rise to a material misstatsment in the financial stat8m8nts themsefves. If, based on the work we have performed. we conclud8 that there is a matèrial misstatement of this other information, we are required lo report that fact. We have nothing to rèport in thi8 regard. Matters on whlch we arn rèqulred to report by exceptlon We have nothing io report in respect of the following matters where the Charities (Accounts and Réports) Regulations 2008 require us to report to you ff, in our OFinion: The infomialion given in the Report of the Trustees is inconsistent in any material respect with the financial statements", or Sufficient accounting records have not been kept., or The financial statements are not in agreement with the accounting records and returns,. or We have not received all the informalK)n and explanations we require for our audit. Responslbllltles of tru$tee$ As explained more fully In the Statement of Twstees, Responsibilities. the trustee5 are responsible for the preparatlon of trje financial ststements which give a true and fair view. 8nd for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materlal misstatement, whether due to fraud or error. Pa9e 13
Charfty Reo#r•tlon No.. 1159118 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL In preparing the financial statements. the trustees are responsible for assessing the charity's ability as a going concem. disclosing. as applicatle, matters relating to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Our responslbllltles for the audlt of the financial statements We have been appDintsd as auditors under Section 144 of the Charities A¢t 2011 and report in aGo)rdance with the Act and levant regulations made or having effect thereunder. Our objectives are to obtain re88onable assuranc8 about whether the financial statements as a bthote ar8 free from material misstatsment, whether due to fraud or error, and to issue a Report of the Independent Auditors that indudes our opinion. Reasonable assuran is a high level of assurance but 1$ not a guaranteè that an audit conducted in accordance with ISAS (UK) will always détect a material misstatement whén it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggr8gate, they could reasonably be expected to influen the economic dec46ions of users taken on the basis of the financAal statements. The extent to which procedures are capable of detecting irregularities, induding fraud Is detalled b810w. Our approach to ident1lng and assessing the risks of material misstatement in respect of irregulariti88. induding fraud and nonwcompliano with laws and regLAations, was as follows.. - we identified the laws and règulations aPIcable to the company through discussions th directors and other management. -we focused on specific laws and regulations whid) considered may have a directmaterial effect on the financial statements or the operalions of the company. -we assessed the extent of compliarte with the laws and regulations identified abjve through making erquiries of management and inspecting legal COTrespondence.' and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audiL assessed the susceptibility of the company's financial statements to rnaterial misststement, induding obtaining an uThS8rstsnding of how fraud might ¢Jccur, by.. To address the rlsk of fraud through management bias and overrid8 of controls. we: - performed anaWl¢al procedures to identify any unusual or unexpected relationships. Page 14
Charity Reratn No: 1159118 REPORT OF THE INDEPENDEKf AUDITORS TO THE TRUSTEES OF THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL In response to the risk of irregularities and non-compliarKe with laws and regulations, we designed procedures which included, but were not limlted to: - agreeing financial statement disclosures to underlying supporting documentation,. - reading Ihe minutes of meetings of those charged with goVerrkgn. There are inherent limitations In our audit procedures described above. The more removed that lav and gUlationS are from financi81 transactions, the less Ilkely it is that we would become aware of non- cornpllance. Auditing standards also limit the audlt procedure required to identify non-compliance with laws and regulations to enqury of the directors and other management arKI the inspedion of regulatory and legal corresponden¢e, rf any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve dellbwate concealment or collusion. A further description of our responsibiltties for the audit of financial statements is located in the Flnancial Reporting Council's webslte at TrV.frc.0r .uklauditorsres onsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charty's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are requlred to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to 8nyone other than the charity and the charty's twstees as a body, for our audit work, for this report, or for the opinion we have formed. &akn4 LLf. Bevan Buckland LLP Chsrtered Accountants and Statutory Auditors 45 High Street Haverfcdwest Pembrokeshire SA61 2BP Date 201h August 2025 Bevan Buckland Is eligible for appoinlment as auditor of the charity by virtue of its ellgibility for appolntment as auditor of a company under section 1212 of the Cornpanies Act 2006. Page 15
Chwty ReO51stiw 11&118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL CONSOLIDATED STATEMENT OF FINANCIAL ACTivmES {INCORPORAmNG AN INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Yot•l Fund5 FdI Funds Fund¥ INCOME AND ENDOWMENT8 FROM: Donat3 and Ltyaths Cther Tfadirwj Activitie5 Invesknent In¢(e se8.081 398.879 88250 22.W2 165.757 751,838 396.879 93,709 22,502 441.366 5.459 49,691 Total In¢om• 1,lJ93.712 171.216 1.284.928 1209.534 EXPENDITURE ON: Raisiny Funds 333.546 1,778 335,324 471.105 Ch•rital)le Activilles 796231 154,272 950.503 922.659 Total Expndltur• 1.129.rn 156.050 1.285,B27 1.393.764 Net Income telore gainslllo55e5) (36.) 15.166 (20.899} 1184.230) Net g81 rm Investment5 unalIsed nel Uoss) on property 15 24. 20.946 45.909 14.272 I37.0) N•t Incom•l(Exp•ndlturn} (11.1021 36,112 25.010 1206.958) Transfers beM*en fijnds 21 25,792 125.792) M•t Mov•m¢nt In Fuftds 21 14.8 10.320 25.010 1206.958) RECONCIUATION OF FUNDS Total funds brought forward 589.585 1.326,430 1.916,015 2.122.973 TOT FUNDS CPSIRIED FORWARD 21 604275 1.336.750 1,941,025 1,916. 15 The notes on Pa9 20 to 36 forni p•rt of th•8• accounts Page 16
CW Rt9lstrati¢fi No,. 1159119 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 Group 2024 Oroup 2Q23 Charlty 2024 Charty 2023 Notes FIXED ASss TangIb Flxed Asset8 14 17,767 13,447 7,492 Investmgnt Assets Inve&tment# Investment Propgty 18 16 578,573 230,500 517,884 230.500 578,573 230,500 517.864 230.5 826,840 701,611 816,565 748,165 CURRENT ASSETS Slo¢ks Inv8slments Debtors Cash at B8nk 17 57.304 302,140 77,535 681,351 53,373 250,000 62,014 823,445 352,140 276.032 668,505 250.000 325.811 796,378 18 1,168,330 1,188,832 1,296.677 1.372.189 UABILITIES: Credllors.. amounls fallng due thIn one year 19 (54,145) 134,428} {51.250) (30.4711 NET CURRENT ASSETS 1,114,185 1,154,404 1,245,427 1.341,718 TOTAL ASSETS LESS CURRENT UABILITIES 1.941,025 1.916,015 2,061,992 2.089,883 Total N•tAss 1,941.025 1,g16,015 2,061,99 .089,883 Th• Funds ofth• Charlty Unreslrithd Funds Reslrithd Fund$ 604,275 1,336.750 589,585 72S,242 1,328.430 1.336.750 763,453 1,326,430 21 TOTAL FUNDS 21 1.941,025 1,916,016 2,061,992 2,089,883 These financlal stalements approved by thè Board of Trustees on signed on118 behaw by.. 8Tr Tho v Roverend Dr Sarnh Rowland Jones Trustee The notes on paye$ 20 to 35 forni part of these accounts Pogg 17
Rogislration No.. 1 ISg118 THE DEAN AMD CHAPTER OF ST DAVIDS CATHEDRAL CONSOUDATED CASH FLOW STATEhlEMT FOR THE YEAR ENDED 31 DECEMBER 2024 31.1124 31.1123 Cash Flow from Opfrrntlng A¢tlvltlo8 Nel cash lu8ed inyprovhjed by 0rat1j advMle& (47.873) 1439,476) Cash flows Irom Inv•stlng acttvlues: Purchase of tgngible fix&J assets Purchase of flxed Investment assets Sale of fixed asset knve8trnents Interest recelved Dfvldend8 recelved 17,750) 130,634 {145,634} 17,916 12,753 (5,085) (60,991) 69.952 7,826 13,785 Net C•8h provldod byl(u¥od In) invoiting activtties 7,919 25.507 ChangB In cash and cash equlvalents In the y•ar {39.954) (413.} Ca¥h •nd ush gqulv•lgnts at thg bogknnlng ofth• ygar 1,073,445 1,487.414 ¢h and cash •qulvalgnts at the end of tho year P8p18
Chwity Reglstralkffl No.. 11S9118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE CONSOUDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.1123 RECONCILIATION OF NET INCOMEI{EXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income for the reporting per11 25.D10 1206,9581 Adjusted for-. Depreciation charges Los8 on disposal of thd 88sets LossesllGain51 on imStMents irter95t receivgd Diwdend$ recelved Incr&ose in Stock Decrease In debtors IncreasellDe¢rease) In creditors Lo88e$llG8in8) on property 1,402 2,028 (45.9091 {17,9161 {12,7531 (3,9311 (15,5211 19,717 {14,272} 17,826> 113,785) 15,549) 25,162 1255,8501 37.000 47.873 439.4761 2 ANALYSIS OF CHANGES IN NET FUND8 At 01.01.24 Flow At 31.1224 Cash at bank 1073 445 681351 Pa99 19
Ch8rity Reulstration No.. 116WI8 THE DEAM AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FIMAMCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES The folkThJ acoounting pokies have appled con8lstenty In dèallng Items vthl¢h are consklerfjd materfal In relallon to charws financkl stslemgnts. B$h of pr•parlng th• Ilnan¢lol $tatsmonts The financial statements of the charty, whlch18 a PLlic benefft enllty der FRS102, have been prepared in accordan¢e the Charitres SORP {FRS1021 'AccountkvJ KI Reportkng by Cfr•rtlie$'. siatemènl of Recommerbjed Practlc8 appIable lo ¢haride8 preparlw thetr acco18 kn accordance ¥th the FInda1 Reporbng Standard applicable in the UK and Reputlic of Ireland (FRS 102) (effective 1 Janu8ry 20191,. Fknanclal Reportlng Standard 102 'The Finwial Reporting Stsndard aP1th in the UK arKJ Republic of Irdand. and the chlIeS Act 2011. financial statemènts have teen prepared ur•Jer the historlcal cost convenllon tho exceptton of Inves1nnts vthlch are irKILthd at market valuè, as m¢xlifEd by the revaluation of certaln assets. The Dean Chapter of St Dd$ Cathedral18 an unlncoTPOTated charfty govemgd by a deed of tfU&I. 8asls of Consolldallon The group finan¢lal slalwnents ¢ortsolbJale Ihose of The Dean and Chapter of St Davkrfs Cathethal arn16ts subsldlary undertaklro, Sl Davlds Cathedral Bookshop Llmlled. made up lo 31 Decembèr 24 c4) 8 Ilne by Ilne b8819. The consolldated entlty18 kTh)vm as the group. Accounling poliryes spe¢ifi¢ to the ¢harity or group in total are181d oul below. Incom• All income 18 reccgnised In the Statement of FIndar Activities once ts charity ha8 enlltlement to the funds, 1118 probable that the Incomèthlll be recelveil and the amount mea$ured reliabty. Income from grants vrther '¢apStaf grants or 'revenue' granls. are re¢0ed when the charity is entitted to the ffiJnds, any perfom)ance ¢oThlllons have been met, It Is probablg that Il Inc(rfr¢ wll be received and the amount can be m8a$wed reliabty and is not deferred. Donauon arbj legacp$ inctsme indLwJes donations and glfts that prode coro fundlng or are of a general nalure and are recognised vknere Ihere is entitlement, probabilty of recelpt and the am01 can measwed 7Mlh sufficient reliabllty. Su¢h incomè is onty deferrèd the speclfie8 tt must be used In fLrture accountlng periods the donor has knpo8ed lch must be mèt before the charity has uncondmlonal enl111. Other tradlng aclSWes are recogni as the rehted 8eNl¢es are provlded 8nd there Is enlluemrt probabNIty of r8c¢lpt and the amount can be npasured wlh $uffi¢ient reliability. Income 18 dèferred vAien th& amounts received are in adv of the delw of the service or event to whith it relates. Commission sales are orly recognlsed vthen thkd paty goc*Js are sold. Interest on deposit fvrbjs held is indudgj en recewable arnl the amount can be mea$Lnd feliabty by Ihe charty Is upon notification of the Interest pald or payable ty Ihe bank. Dlvldends olher investmenl income are rncognlsed 018 thg thvhjend ha$ been received. When orne ha5 related expenditure (as Y1h fundralslng) the In¢omg and related expeThJiture reported gro In the Statement of Financlal Aclvllles. It Is not a Fdicy of fv charityto show ome net of expendllure. Page 20
CPwrity RegiBtralw No.. 115911B THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES IconLI Exp¢ndlturo Llabllitles are re¢ognlsed 88 expendlture as soon as te Is a legal or ¢cThtwdive obli9alion commrttry the ¢hÈnty lo that expen(Ulure, 11 Is probable that a transfer of econ0n¢ berfils be required in setuement and the amount of Ihe obligallon can be measured reliabty. EXpendire is accounted for on an accruals basis and has been classlfied under headiTha$ Ihal aggregate all cost relatèd lo the category. wre costs nn01 be direoty attributed lo particular headings have been allocated lo advltles on a ba&1# conslstent ¥th the use of resources. Allotatlon and apportlonmont of Costs Support aNI govemancfj costs have been allocated to actlvltles based upon the e8tlmated Ilme devoted by SUFWrt staff to the acllvlues. These accounts have been prepared usiro Ihe foll¢Mn9 app0rlicents'. Mirrislry Cathedral aThJ prerin¢ts upkeep Edatioft and ththreath 55% 35% 10% Tanglbla fix•d ass•t¥ FIx8d assets are slate<l al cost les8 acclwnulated depreclatlon. Depredatlon Is prode to rfghl off Ihe cost 1è8s Ihe esllmated residual volue of langlble fixed asse18 by equal Inslalments over Ih&lr 98tlmaled useful Ilves as follo& Offlco a1 other wulpmenl Refectory equipment TreasLry exhlbhlon Bookshop equlF)ffthl 25%. 20% and 10% stralght Ilne 20% straight line 10% straight linè 10% rèJu£ing bance Inv•stm•nt prop•rty Investment property is land and bulldlngs hold fgr rentsl IrQme arwjlor capltsl apprgclallon. They ar8 Inmlaly rmasured at cost and subsequently at fair value wlh m¢)vewnts renISell in the SOFA. The valuotion of the Investment property 1$ considered Innually for material movement arhl ¥alLd professionalty every five years No deprg¢latth Is provkled In respect of freehold inve$lmenl propertle$. Flx•d assèt Inv•stm•nts Inveslmenls are a fomi of baslc finaKlal Inslnment and are Irthlalty renISed al their tr8n6action v81ue and subsequentty measured al Ihelr lalr value as al the balar she•t dato UslrrfJ tho closlng quoted market prfee. The Statemenl of Finanal ActivlUe8 Indudes the net gaEns and losse8 arfslng on revaluauon and dI8PO8als th1¢9h0ut the year. The tharlty does not acqulre put opllons derlvatlves or other complex financial Instruments. I galns a1 losses are taken lo the StaleNl of FlnaNlal Acllvltles as they arf8e. Reallsed gaints and ltssse8 on Inveslments are calculal&d as the dffforence be8 sales proc8eds and I1r openlng eaTng value or Ihetr purd)ase value If acqulred subsequent lo the flrsl day of Ihe financl81 year. Unreallsed galn8 and 1088es are ¢al¢ulaled as the differen¢e belween the falr value at the year end arnl lIr ¢awylng value. Realised and unre&lised investment gaints and tosses are comtAn1 In the Slat8menl of Flnanclal acllv6tl&s. Stocks Stocks of retall good18 Included al the I0r of cost or net re8llsatAe value after maklng Ilue allowance for obsolete ar slow movlng Ilem8. Taxation tharity is exew from lex on rts charitable aCtie5. The tharfty$ trading &vb&idiary, St Davids Cathedral BL*Jkshop Limited. gift ads avallable profits lo Ihg went charfty. Page 21
¢tity Rw"atr•tiontrlu.' 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES {¢onLI Going conc•rn At the time of approving the finanwl statements. the trustees have a reasonable expectation Ihat the charrty ha5 adequate resources to contlnue In operalional eStere for the foreseeable future. The trustees have made this assessment baseil on financkql budws and forecasts for a period of 12 months from 1he date of Ihe approval of these financial statements. Thus the Iru$tee8 con11e to adopt Ihe going nCern basis of accounting in preparing the financial statements. Op9ratlng 19asg¥ Operating leases are recognised over the per1j of vthich the lease falls d. Benefits received and recwvable as an InntiVe to slgn an operallng lease are recognised on a straw line basis over the period of the lease. Fund accountlng Unre8tr1cted funds - these are ld8 vthl¢h Can be used In accordance vAth th? Charws charitth objects at the discretion of the Trustee8. Designated funds- these fund$ 0Te Set asJe bythe Trustees out of unrestricted funds for specrfic purpo$e5. Restricted funds - these are funds that can only be led for partieul¥ restricted purposes wlhln Ihe objects of the charity. Reslri¢tion5 arise sthen specified by IhE donor or%then fund5 are raised for particular restricted purp05e5. Further explanation of the nature aTrY purpose of each fund 1$ induded in the notes lo the financial slatements. Ponslon costs and other po¥t.r•tlrom9nt b9Dgfits The charity oper8le8 8 defined corrtributlon penslon scheme admlnlstered by The Peoples Penslon. Conlrlbutlons payable lo the Ghartys pension scheme are charged lo Statement of Financi81 A¢tivilieg in the period lo vlw¢h relate. Flnancl41 Instruments The group onty has flnan¢lal assets and finla1 liabilities or a Idnd tht qualfy as basic financial instrLmnts. Basic flnanclal Instruments are In81 re¢cgnlsed al transadion value arKI subsequently measured at their seluement valuè. Dobth, valh no slated Inlgr8$t rale a1 receivable lIhin tsne year recorded al transaction pri. Any losse5 arssing from impaimEnt are Tecognised in expeTrJiture. PrepayTrwts are valued at the amount prepaid nEt of any trade dl$¢ounis. Creditors and provlsions are recognlse(I vA)ere Ihe group has a present obligatlon resurtlng from a pag1 evenl th81 11 probably result in the transfer of funds lo a third party and Ihè amount due IL) settle the obligation can be measure(l or estirnated reliably. Creditors and provision5 are normalty recogrmsed at their settlement amount after allowing for any trade di5coun15 due. R•latgd party •x•mptlon charity has taken advanlage under the lem of Financial Rewling Standard 102 'The Finanaal ReporfirvJ Standard applicable In the UK and Republ1¢ of Ireland,, not lo disclose related part transactions with the wholty owned subsKliary. Volunto•rs The value of service8 provided by volunteers 18 not Inrporated into these flnancl81 slatemenls. FurtP*r detall of thelr Cor1Jh0n is provided in note 10 lo these finandal statements. Ch and ¥h •qulv•l•nts Cash and cash equlval8nls comprlse $h In hand and dernand dgposlts arKI other short term hlghly IiqLnd invest Ihat are readily convertible lo a knovm amount of cash and are subjed to an in$ignnlGonl risk lo ¢honge5 in value. 0gpo$rt acGounls, Includlng Ih0s9 nollce Feriods of greater than 90 days, are $hown as short term kWestrnts. Currnnt as$•t investments Current asset Investments comprl8e cash depos6ts held wllh bank8 notlce perlods of greater than 90 days. P4¥J• 22
ReO8tr8tbn No.. 1169118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMEltrs FOR THE YEAR ENDED 31 DECEMBER 2024 20 2023 2 DONATIONS AND LEGACIES Cathgjral Collections 309.141 11.011 20,058 14.033 305,946 25.200 12,000 9,415 1,697 16,736 1.336 995 24.270 321.656 12.602 19.852 21.578 220.813 24.000 8.670 6,025 1,689 17.352 1172 1.015 5,598 VotNe Candles Lega¢ies Gran18- see below Frlends- re wages FrEnds- Te Choral Scholars Cemgtery and burfal Incomg Fl¢)wer Donallons Other Don81ion8 Cefnogw Twr Pererln Millenium Appèal Donations Feslwal Donations and Sponsorship 751.838 661822 Grants receTrved. included in the above. are as follow8: Diocesan Board of Finance Representative Body of the Church in Wales DBF- Development All Churches Trust Limited Cathedral Musl¢ Trust Grant EthandThJ Pfjmbrokeshlre FuTrJ 178.792 80.208 5,000 16.603 15,1)Cxl 10,343 100.000 53.000 18.000 19.306 15.000 15,307 305,946 220.613 Pwje 23
ct•fy Regiat No.. 1159118 ThE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3 OTHER TIIADINO INCOME 2024 2023 Tradlng comp8ry Income Concert8 and exhlblllon8 Filming fees Tours, vlslts Ilbrary Tlr Pererin Education Centre st DavJ$ CÈlhedral Feslw81 281.354 31.385 420 28.350 14.403 40.967 339,952 35,873 1,489 23,673 6.045 34.534 39fj79 441,366 INVESThIENT INCOME 2024 2023 Rgnt. Goat street Rent- Aerlal Rent- Refectory Dlvldend Income Deposlt account Interest 20,503 5,107 37,430 12.753 17,916 28,120 5,924 13,785 7,826 93.709 6 OTHER INCOME 2024 2023 Contrfbutlon frwi PaSh Contribution toward srepairs from RBCIW MISlIaneOUS 12.200 8,400 35,000 6.291 10,302 22.502 49,691 6 RAISING FUNDS 2024 2023 Investment PTopety co¥ts Donation charg85 Bookshop runnlng costs Fesllval and concert expenses Brewn Dolphin portrolio management fees 20.007 5,594 228,454 77.427 3.842 20.752 5.483 405.076 37,587 2207 336,324 471.106 Poge 24
Cl Regkthticfi No.. 1169118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FQR THE YEAR ENDED 31 DECEIIBER 2024 7 CHARITABLE ACTMTY COSTB Dlrect Support Colts Ca$ts {•ee note 81 (see note 9} Mirristry Cathedral and Preanct upkeep Education and Outreach 332,732 322,160 58,960 130,158 82,828 23,665 462,890 404,988 82,625 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Expendtture on mlnlslry Cathe(Jral and Precinct upkeep Education aThl Outreach 332,732 322,160 58.960 360.960 280.488 49.288 Gov•rMrKg Costs 9 SUPPORT COSTS Manag•m•nt Total Minlsty Cathedral and Precinct upkeep Educalon and Outreach 126,650 80,596 23,027 3,508 2,232 638 130,158 82,828 23,665 Support Costs, Included in the above, are a8 foUov•E: Man•g•m•nt Cth•drnl & Precincl Educatlon Upko8p & Outrgach 2024 Total 2023 Total AllnlBty Salaries and wages Gerral administration costs Olher exkwxllture 87.727 18.888 20,036 15,950 3,434 3,643 159,503 34,341 36.429 143,349 39,796 43,778 12.019 12,750 126,650 80,596 23,027 230,273 226,923 Cath•dral & Po¢in¢t Education Upkeop & Outroach 2D24 T4)tal 2023 Mlnkny Governan C¢)sts Ilors Remuneralion 3.508 2.232 638 6.378 5,000 Capltal Prolects Comprls•: S(Krth PorchlNorth Cknsters Repair8 to Organi8ts Lodgings boundary Wall 5,600 6,03 Page 25
ChFAty Regllltratlan No.. 118>118 THE DEAN AMD CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 TRUSTEES REMUNERATION AND BENEFITS 2024 2023 Trustees RemLwallon Thè Aggregate amount ofexpenses ld tts Board menthr 17 5 trustees yre rtrinbursed for expenses Ihatvre incurred during If ordinary ¢our8e of the Charity business (223-ll). 11 STAFF COSTS 2024 2023 Grosswages Social se(yJriLy costs Pension contrlon8 s26,0 37,373 29,967 426,883 31,648 23.355 No employees ceIVed emoluments in excess of£60.000. Thè average number of emplo$ dLmJ the yer talculaled on full tine equivalents wa5 as followA: Mlnlsty MLk%iC Cathedral and Upkeep Education Administrlion 19 2024 2023 The average head ctwnl ofeMoYed staff mb&S forlhe year The average num olvolunteers invohred Tegdarfy on Charty business is 35 (2023 30). Thetotal key rn4nagemEnl personnel remuneration benefits during Ihe year re £64,18712023.' £58,220} Group Charlty 12 NET INCQMING RESOURCES 2023 2024 2023 Net Income 1$ ststsd after ¢harglngl(creiltlng)'. Alhjltors remUr*On Depredation Rents recefv8ble 6,378 1,402 163,040) 5,000 2,602 {34,044> 6,378 269 (63.040> 5,000 1,1C {34.044} Page 26
Charfty No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2Q24 13 COhlPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES 2023 Unr•strl¢tod Rwtrl¢ted Funds Funds Funds INCOME AND EMDOWMENTS FROM: Donations and Legaci$s OfvrTradlng Act11108 Invesknenl Income Other Income 515.443 441,366 50,466 49,691 147.379 662,822 441,386 55,855 49,691 5,189 Totsl Income 1,056.966 1S2,568 1,209.534 EXPENDITURE ON: RalsknJ Funds 470,108 471,105 Charftable AcUvlll88 812,276 310.383 922,659 Total Exp9ndnuro 1,082.384 311.380 1,393.764 Net Income before oalnsl{10s8e81 (25,418) 1108.812) {184,230) Net gainsl(10s8es> in investmen18 5,310 137.000} 14,272 (37.000} Incom[Exp•ndltur•l {57,108} 1149,8501 1208,958} Transfèrs betrA 129,TT5) 29,7T5 N81 Movemont In Funds 186,8831 1120,075) {,958) RECONCILIATION OF FUNDS Total fund5 brWI forward A8 previous reported Prior period adju51ment A8 Re-stated 678.468 1.446,505 2.122.973 676.468 1.446,505 2,122,973 TOTPI FUNDS CARRIED FORWARD 589.585 1.326.430 1.916.015 Pag 27
Ctrwlty R•gi•kn No." 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 DECEMBER 2024 14 TANGIBLE FIXED ASSErs Offlc• & R•fectory Equipmont Treuury Equlpmont Charlty Total Tradlng Total Group Tolal Equipmènt As al 01 January 2024 Adilllions (Disposals) 96.923 7.750 123.224 146.563 366.710 7.750 30.(61 396.771 7.750 {16.145) <16.144 A5 al 31 December 2024 104.673 123.224 146,583 374.460 13.916 Depreciation As al 01 January 2024 Charge {Dlsposals) 96.922 259 123.224 146.563 886.709 259 16.615 1.143 {14,117) 383.324 1.402 {14.117) As at 31 December 2024 97.181 123.224 146.563 3.641 370.609 Nèt Book Valu• As 8131 Dmber 2023 13.446 13.447 A5 al 31 December 2024 7,492 7,492 10.275 17.767 15 FIXED ASSET INVESTMENTS 2024 2023 Market v8lue at 01 January 202412023} 517,664 512,353 Additions to investrwts ol cost Disposals Realised and Unreallsfjd galnsl{105sesl on Investments 145.634 (130,634) 60.991 {69,952) 14.272 Markat value at 31 D•cembor 202412023) 578.573 517.664 LSsled knvestsnents are mea8ured al cost and subsequenty al fair volue al Ihe balance sheet date. These InvestnS are currenuy manw ty both BrevAn Dolphln and M & G provlde a falr vaktlon at the end of ea¢h ffinan¢lal quarter. 16 IMVESThIENT PROPERTY Market V8lL* at 31 Oe¢èmber 2024 Revaluatlon ¢Jurlng the year Market Value at 1 January 2024 30,500 230,500 Orlglnd Cost 126A02 The investrnent property foms part ofthe unre8lrfded and restrlcled fvnds balance. Pa 28
Chgrity Re9Strat No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FIMANCIAL STATEMENTS FQR THE YEAR ENDED 31 DECEMBER 2024 Group Char 17 STOCKS 2Q24 2Q23 2024 2023 stocks of goods purchased for resale 57, 53,373 Group ChaY 18 DEBTORS 2024 2023 2024 2023 Trade debtors Gfft Ald recelvable Other debtors Prepayment8 and aecrued income AMJntS due from trading subtsidiary 537 128 35.000 41,809 3,985 1,809 35,000 21,220 537 129 35,000 41,869 198,497 3,865 1,809 35.000 21.220 263,917 77,535 62,014 278,032 32S,811 Group Charlty 19 CREDITORS; amounts falllng dug wlthln ong ygar 2024 2023 2023 Trade Credllors Other Taxes and Soclal Security Costs Ac¢nJals and other deferred Income 6,777 12,027 35,341 6.410 11,450 33,390 1,21S 7,078 22,178 7,393 24.991 54,145 34.428 51,250 30,471 20 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS- consolidated Unrestrfcted Rostrlcted Total T8rrfJible assely Investments Investment Propety Current Assets Current Liabilifyes 17,767 382,420 196.153 180,499 50,001 73,719 1,094,611 (50,1301 {4,015) 17.767 578,573 230,500 1,168,330 {54,145) 75 1,336,750 1,941,025 APIALY818 OF CHARITY NET $SET8 BETWEEN FUNDS UnrgStrlctod Re8trlcted Tangible assets Inveslments Investment Property Currenl Assets Current Llabllltle5 7,492 382,420 180,499 202,068 147,2351 7.492 578,573 230.500 1.296,677 151.2SO} 196,153 50,001 1,094,611 (4.0151 725.242 1,336,750 2,0$1,992 Pa29
R•gkstr8ll•n No.. 1169118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 Transf•r Movoment b•t4Y•on In funds funds 21 klOVEMENT IN FUND8- GROUP At 01.01.24 At 31.12.24 Unmtrlcl•d Funds General FUNJ 581,975 (17.668) 23.313 587,620 Deslgnatod Funds Library Fund Flower Fu1 Dr Judrfh Hillon Bequest Deans DiscrelicThry Fund Festival Fund Deans Expenses 11,319) 11,984) 1,319 1,160 1.984 621 49 3.999 958 621 130) 9.899 13.898 95B 589.586 (11,102) 25,792 604.275 Rtttrl¢t•d Fund& Propety gnd EquIpii Frknds Flower Fur•J Frd5 Other Fundy TLthr Church Music Organist Furhj IAlknnium Fur¥J (hgan Schdar Fund Tyr Perem Friends Fund Bev8n Locke Legacy CeN*tery FurKI C8lhedr81 Choir F 50.001 1.160 47.997 44.050 172,127 1,154 31.214 5.172 958.554 50,001 (1,160) 47.997 40.934 196,152 1.589 29.149 13,118) 24,025 1.191 (2,065) (5,172) 12.406) 9,815 15.000 17561 956,14B {9.8151 15.221 15.000 14.779 1,326,429 36,112 {25,7921 1,336.750 TOTAL FUNDS 1,941,026 The transfers from unrestrided fd$ have been maye to finance a defiiit a restsicted fund. P•)e 30
Ch•n¢y 9191ratn No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHED14AL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Incomlng R•sourc Galn# and Mov•m•nt Resour¢e5 Expended Los In Fynds 22 MOVEAIENT IN FUNDS- OROUP {ContInlI UnTtrIcted Funds General Fund 1,014.C61 11,056,692) 24,963 (17.6681 Designated Fund5 Library Fd Flothv Fund Festival Fund Deans Expenses Dr Judiih Hilton Bequest Deans Discretionary 5.848 1.697 72,106 {7.1871 {3.8811 {82.207) 11.319) (1,984) 9.899 130) 130) 1,093,712 {1,129,77n 24.963 {11,1011 Ro¢t¢d Funds Repre8enladve Body of the Church in Wales Friends Wages Fund Friends Scholarshlp Fund BevanlLo¢ke Legacy Ty'r Pererii Ty'r PeTern Frlends Fund Friends Fl¢)wers Organist Fund Millennium Fund Tudor fvqu51C Cemetery Fund Friends Other Cathedral Chor Fund Organ Schdar Fund 80,208 25.200 12,000 180,2081 125,2001 112,0001 12.4061 122.9391 {5,1721 {1.1601 (1,778) 161 {3,1161 {2.406) 22,939 (5.172) (1.160) 24.025 1.191 (3.116) 9.815 4,857 1,197 20,946 9.815 15.000 15,0 12,1K5) 12,0651 171.216 (156,050) 20,946 36,112 TOTAL MOVEMENT IN FUNDS 45.90 26,010 Pag• 31
Ch•rity No.. 1159118 THE DEAN AND CHAPTER QF ST DAVIDS CATHED14AL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Tran¥fer As Rostatod Movèmgnt bètw••n At 01.Q123 fund fund# 23 COMPARinvE FOR MOVEMENT IN FUND8 At 31.12.23 Unra•trfct•d Funds General Fund 667,891 {53,6) {32226) 581.975 De¥ignated Funds Library Fund Flower Fund Organ Fund Di Judith Hilton Bequest Deans Discrelionary FUNJ Festival Furbj Deal ExperL8es Canon Watkin5 Legacy (3631 P.08TJ 363 2,087 1.984 (1.3791 1101 1.153 <7321 621 47 57 1,690 958 {57.107) {29.775) 589.586 Rostrlctod Funds Chotr Muslc Fund Propety arKI Equipment Frierbjs Scholarship Fd FrierKts Flower Frieryts Other FuTrJs Tudor Church Music Organk8t Fund MiSknnium FLWXI Organ Scholar FurKI Tr Pererin Frier¥Js Furwj Edward Pths Legacy Bevan Locke Legacy Representslive Body of the Chwch in Wales Cathedral Choir FuThJ Tft Pererin Cemetery Fund Cho* Music Fund ,001 11,770 3.247 55.652 44.146 158.303 $0.001 {11,7701 (2.087) (7,6551 1.160 47.997 44,050 172.127 1.154 31.214 5.172 13.824 1.154 (1201 (8.0) 31,334 13,172 1.C64.294 {105.7401 958.554 14.586 414 {26.9681 1431 (2.7641 15.000 26.8 1.446,$05 1149,8511 29,775 1,326.429 TOTAL FUNDS 1121973 209.958 1.916.015 Pagg 32
Ch8nty Regtration No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24 PURPOSE OF RESTRICTED FUND8 Proporty •nd Equlpment Thls reser¥e represents the donation from Ihe Friernls of St Davids Caihedral t¢)ward$ the pur¢ha¥e of the Wbvestmenl priwty In Goal Street In Sl Dad3. Frlends Scholarshlp Fund This thj wa5 established in 2017 anil represents assistance from the Friend8 of Sl Davlds C81hedral and is 8 contribution towards the cost of the Choral Scholarship run ty cathedral. Frtgnds Flow•r Fund This fund was established in 2017 and represents assistance from the Frfends of Sl Davids Cathedral and is a ¢othbulion towards the cost tsl fir$ in the cathedral. Friend$ Other Fund5 Thè Friend8 of Sl Davids Caihedral resolved to contribute £25.000 in 2017. £10,000 in 2018 and £10,000 in 2019 tOW8rds the Cathedrol Library Prole¢t. The balan¢e on IN$ fu1 represents the amount yel unspent. Tudor Church Muslc Th1$ reseNe$ represents fund8 donated towards Il Ferfomanc£ of Tudor churth musi¢ at the cathedral. Organlst Fund The ganISI Fund represen18 investmènt income generated from re51rided inve$lmenl$. This fvnd is used to a881$l vAth the cost of the organlsl's remUnera0Th and reprèserts the restrlcted hwestments held in the balance sheet. Organ Scholar Fund This fund was established in 2016 wlh a doriation from Friends of Cathedral Mu8lc and Tudor Church music and is used forts supwl of the organ scholarship at the cathedral. r Pgrgrfn Frlgnds Fund Thls re8eNe presents a donation made in 2019 tythe Friends ol St Davids Cathedral and was provide to supm the St Davids Day Educational Workshops and to swport the V4t)rt( of Tr Pererin for the next rive years. Bo¥an Locko Logacy This fund was received In the year to 2022. It wa8 specw that the money should be used ftsr the fabric of Ihe Cafvthal buildwig. R•pre•8nlallve Body ol the Church In Wal Thls fund wa8 awarded lo asslsl wlth developm6nl costs and towards the 8alary costs of senior pos15 thl Ihg dwrfty. Page 33
crity Reoiairatth No.. 1159118 THE DEAN AND CHAPTER OF 8T DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24 PURPOSE OF RESTRICTED FUNDS {¢onL.) Cth•drnl Cholr Fund This fund represents reGeiwJ to as5iSt Imth the travel eXyse¥ of choristers. 25 RELATED PARTY TRANSACTIONS The follo%Mng trugtees are also member8 of the exe¢uifve commlttee of chaty Frtendg of St Davlds Cathedral ttich 18 a charity0$e objeclives are to Suppr thè Dean and Chapter St Davids Cathedral wlth Ms every day operauons. The Very Reverend Dr Sartkn Rffiand Jones Canon J L$ The Vener8ble P Mackness Canon L L Rlchardson Canon M H ROand8 Canon M A R Hil Canon A G Loal The Clgrt to Ihe Chapter. is * rtner in thè legal firm JCP $ollcf(ors Ytho provlde legal advlc to the charfty. Th18 amounted to £4.836 n the year (2023 £6.otKI). M8 H. Rlthard$on e¥rd £465.00 in the year in respecl of choral duties. M8 RI880n is the daughter of Canon LL Richardson truske of this charity. Mr S. Rlchardson invoiced the cathedral £541 in respect of both choral tuition and for stock sales lo the trading 8ubsKliary. Mr S. Richardson Is the brollw of Canon LL Rlchard50n Iruslee of charlty. Mrs K Pearee, eamed £370 In respect of chor81 dules. Mrs K. Pear¢e Is the wlfe ofthe Director of Music. Mr S Peir(. mast C. Pearce. earned £855 in pect of Choral dles. mter C Pearce is the son of the Dlreclor of IAusl Mr S. Mr L. Pethlck eamed £5,735 In respe of lay ¢1grk dLrtks. Mr L Pethl¢k is ts $(TrilaW of the Clerk to the Chapter. Mr Davles. PJg 34
No.. 1159118 THE DEAN AIID CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 26 SUBSIDIARY UNDERTAKING - ST DAVIDS CATHEDRAL BOOKSHOP UMITED St Davids Calheclral Bookshop Limrled lffjgryslered in England Wales company number 02474467} is a conyny limited by guarantee and not having a share capital. The c(ynpanVs reglstered offlcg Is: The Deanery, Thg P9bble$, St Davlds, Haverford¥%psl, Pembrokeshlfe. SA62 6RD. The Dean and other tru81èes are dlre¢tor8 Oft eompany vthlch tr8de8 from prem16è8 ¥thIn the Cathedr81 preclnct The profits of thè company are paid lo the Dean 8Th1 Chapter under the gift ald sy81em. A gfft aid dtsnalion of £NIL was made to the Dean & Chapter in the year {2023 £NIL). The tjean & Chapter and Bookshop are reg6sleied for VAT as a gr(wp and submll a group VAT Telurn. The am¢xmts omng trom the subsidiary lo the pafenl company is Corded in current assets in the parent company balance sheet. Bookshop Llmited have been consolidated into these finanaal statements. A surnmary of the resulis ol Sl Dawd5 calldra1 BcthhDP Limited is given betow.. 2024 2023 Profil and LO Account Sale8 281,354 338.448 Cost of sales (121,568) (143.W8> Gross Profft 159,786 194.540 Overad5 1106,886) 1261.168> 52.900 (66,6281 Other Operatlng Income Profit forthe flnanclal year 52,900 (65.1241 Gift dc*Mted to Charlty (Lor01 ¢arrt•d forward B2,900 66,124 Balan¢¢ 8he9t 2024 2023 Flxed Assets 10,275 57,304 13.447 53.373 120 27,067 1263,91n {3,95n Debtors Cash at bank to Dean & Chapter Other credOr8 12,846 1198,49n {2,895) Retaln8d Reserves 1120,96 Oolng Concorn Nolvhth$landing the defiul of assets at the balance sheel date. Ihese financial statements have been Prepared on a gOiThJ concwn bas15, on the grounds that the Charity vdil contirnie to support cornpany for a perlod of 12 months from the date of the fi¢1?1 51atemenls. Page 35
Reuistr&tion No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhlBER 2024 Thg follong pages do not form part of th8 Statutory accounts but are Includod a8 an ald lo Interpretatlon P4• 36
Cherily lstraI No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL DETAILED STATEMENT OF FINANCIAL ACTivmES FOR THEYEAR ENDED 31 DECEMBER 2024 Unr•strl¢tod RtrI¢l•d Funds Fund$ 2024 Total 2023 Total INCOME AND ENDOWMENTS Donatlons and 1ogacle• Coleclions Gift Aid Votive CaTrJles Legacles nts FeThI8- re wages FrlerthJ8- re Choral Schdar8 Cemètery Account Flovu Donations Other Donations Cefno9wyr Tyr Pererin Mlllenlum Appeal Donallons Fe8lval Donat1 and Sponsorshlp 309,141 11,011 20.058 14,033 189,136 309,141 11.011 20.058 14.033 306,946 25,200 12,000 9,415 1,897 16,736 1.33fj 995 24,270 321,656 12.602 19.852 21.578 220.613 24.000 8,670 6,025 1.689 17.352 2.172 1.015 5.598 116,811 25,200 12,000 9,415 1.897 16.736 1,338 995 24,270 $86,081 165,757 751,83B 662,822 Oth¢rtradlny a¢tlvltl•s Bookshop Income Con¢ert$ and EXhitIOnS Fikning Fees Tows, wsits and library T1 Pererin Education Centre Fesllval Concert sales 281,3S4 31,385 420 28.350 14.403 40,987 281,354 31,385 420 28,350 14,403 40,967 339,952 35,673 1,489 23.673 396,879 396,879 441,366 Invo•tm•nl Income Rent- Goat Street Rent- Aerlal Refectory Inc(wne Dividend income Deposll ac¢ount interest 20,503 5,107 37.430 7,896 17.314 20,503 5,107 37,430 12,753 17.916 28,120 5,924 4,857 602 13,785 7.828 88,250 5,459 93,709 55.655 Othèr Incom• Surnlry Inme Staff cOMMOdatIon rentsl Conlrfbutlon from Porish 7,332 2,970 12.200 7.332 2.970 12.200 41,291 8.400 22,S02 22.502 49,691 Total Incomlng R68ourcoS 1,093,712 171,216 1,264,928 1.209,S34 Th1$ pago does not lorni part ot thg •t•tulory a¢counts
Chrity Rtyistr81th No.. 1159118 THE DEAN AND CHAPTER OF 8T DAVIDS CATHEDRAL DEfAILED STATEMENT OF FIPIANCFAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 UnTgstrlct9d Roslrl¢tsd Funds Fundi 2023 Totsi EXPENDrruRE Ralslng donatlons •nd1og•cl6• - Goat street proFety costs - Porth Y Twr ExpeeS - Donation charges 20,007 20,007 20,752 5.594 5.594 5.483 25.801 25.601 26,235 Othor tradlng •cllvhl•s - Bookshop an¢J Porth y Twr pw¢hases - Festival Expenses 228.454 77.427 228.454 77.427 405.076 37.587 305,881 305.881 442.663 Invtml m•Mg•mont costs Porttolio mana 2.064 1,718 3.842 2,207 Ch•rtt•blg A¢IMtl (l} Mlnbtry OrganlsL cholrma8ter and ¢holr Cholr ExpeN8e$ Concert Expenses Organlsts & Clo18ters Lodglngs Scholars Lodgings- Wayside Tre8sLry Houge running Costs Organ tuning & olher organ expenses m1¢ Department Costs Mlrri$lry wages Perfomiing rlghts soclaty 100,386 14.832 2,047 1,543 7,909 1,389 6,032 8.783 106,561 1.760 61.440 161.826 14.832 2,047 1,543 7.909 1,389 8,032 10,848 1,561 1.760 133,543 20,009 11.385 29,283 8,445 27,861 5,972 247 80,193 1.805 325 14,549 S,092 2,065 Can0nryeXrseS WI, wafern arKI candles Yc*k Project Vergers, aeeommodallon Tudor muslc expenses 6,482 6.664 6.482 823 823 3,116 22,154 97 3.116 266,111 66.621 332,732 360,960 {11) CathodMI and proclncts upk••p Heatir#J aThJ jhtIng General repairs, reS & thaning Contractors Bishops Palace T(ilets Cleaning Materials Cathedral wages Rent, rates. dIer and insurance SecLrrity and Ajar Fb)r3 Cloistets nmning costs Quinquennial costs Library Costs Capital prolocts 64,024 30.953 50.138 2.434 106.796 34.654 12,242 2,5C 8.043 2.299 6,911 64,024 30.953 50,138 2,434 1,796 34.654 12.242 47,421 16.833 58.214 2.066 83.925 32.512 8.158 3,571 7.640 1.160 8,043 6,911 14,109 6,039 321,000 1.160 Y22.180 280.488 Thls pago doos notfonn part ofthg $t•tutory a¢¢ounts Pag? 38
Chty R•goirnlon No.. 11S9118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unre8lrlcted Rostrlctod Fund8 Fund• 2024 Total 2023 Total {liil Education and outroach Andent and Mod8m T¥r Pererin- Wag88 Year of Pllgrfmag other running costs 14.834 28.111 42.945 38,907 1,109 9.272 16,015 18.015 30,849 28,111 68,960 49.288 Govorn Costs Auditors remunwallon 6.378 6,378 5,000 Supwt Costs M*nag•m•nt Admlnlstratlve 8orvlce8 Salaries Ind wage8 Recruthent expenses staff Training Telephon pp&s Conference and Meetings CompLrter expense5 Legal Fees 8ikellng 103.535 237 2.421 3,949 13,922 2,836 5,574 2,503 2.899 55.988 159,503 237 2.421 3.949 13,922 2,836 5.574 2,503 2,899 143,349 6,995 3.002 3.786 13.467 2,361 6,041 4,144 137.876 55.988 193,844 183,145 Othèr expondlture Sundry expense8 Bank Charge8 Profrssional Fee¥ Prof fees - HR Consultant HpIlO11tyEVents Donation5 made Derrfeclallon Bad Debts Non recoveratle VAT 4285 250 10,084 5.100 4,265 256 12,490 5.100 560 12,020 596 11.531 6.CK)O 2,406 259 1.106 13.499 13,499 11.962 34,017 2,412 36,429 43.T18 Total Rosour¢K Expgnd9d 1.129,7TT 156,050 1,286,827 1.393.764 Net (ExpendlbJr•lllncome before galns and10550S 138.065) 15,168 (20,899> 1184,231) Reall8 r•cognl¥od galns and19s$9S Realised gain8lOosses} on fixed asset investments Unrealised1088 In Inve8lm8nl property Tra)sfer8 between funds 24.963 20,946 45,909 14,272 {37,1)001 25.792 (25,792) NEf INCOME 14,690 10,32D 25,0 206,969 This pago does not fomi part of thg statutory accounts Pago 39