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 flOv￿rS, 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 t￿0 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 DeCeml￿r 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 in￿rne r￿1Ved 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 ex￿ndItUre 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 Sub￿mmIttee, 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 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 folk￿ThJ 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 $tatsmonts The financial statements of the charty, whlch18 a PL*lic benefft enllty ￿der FRS102, have been prepared in accordan¢e the Charitres SORP {FRS1021 'AccountkvJ *KI Reportkng by Cfr•rtlie$'. siatemènl of Recommerbjed Practlc8 appI￿able lo ¢haride8 preparlw thetr acco￿18 kn accordance ¥￿th the FIn￿da1 Reporbng Standard applicable in the UK and Reputlic of Ireland (FRS 102) (effective 1 Janu8ry 20191,. Fknanclal Reportlng Standard 102 'The Finwial Reporting Stsndard aP￿1th in the UK arKJ Republic of Irdand. and the ch￿lIeS Act 2011. financial statemènts have teen prepared ur•Jer the historlcal cost convenllon ￿ tho exceptton of Inves1n￿nts vthlch are irKILthd at market valuè, as m¢xlifEd by the revaluation of certaln assets. The Dean Chapter of St D￿d$ 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 FI￿ndar Activities once ts charity ha8 enlltlement to the funds, 1118 probable that the Incomèthlll be recelveil and the amount mea$ured reliabty. Income from grants vrt￿her '¢apStaf grants or 'revenue' granls. are re¢0￿￿ed when the charity is entitted to the ffiJnds, any perfom)ance ¢oThlllons have been met, It Is probablg that Il* Inc(rfr¢ wll be received and the amount can be m8a$wed reliabty and is not deferred. Donauon arbj legacp$ inctsme indLwJes donations and glfts that pro￿de coro fundlng or are of a general nalure and are recognised vknere Ihere is entitlement, probabilty of recelpt and the am0￿1 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 01￿8 thg thvhjend ha$ been received. When ￿orne ha5 related expenditure (as Y￿1h 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 t￿e Is a legal or ¢cThtwdive obli9alion commrttry the ¢hÈnty lo that expen(Ulure, 11 Is probable that a transfer of econ0n￿¢ ber*fils be required in setuement and the amount of Ihe obligallon can be measured reliabty. EXpendi￿re is accounted for on an accruals basis and has been classlfied under headiTha$ Ihal aggregate all cost relatèd lo the category. w￿re 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 app0rlic￿￿ents'. Mirrislry Cathedral aThJ prerin¢ts upkeep Ed￿atioft and ththreath 55% 35% 10% Tanglbla fix•d ass•t¥ FIx8d assets are slate118 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 y￿re rtrinbursed for expenses Ihatv*re incurred during If* ordinary ¢our8e of the Charity business (2￿23-ll￿). 11 STAFF COSTS 2024 2023 Grosswages Social se(yJriLy costs Pension contr￿lon8 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 ye*r talculaled on full tine equivalents wa5 as followA: Mlnlsty MLk%iC Cathedral and Upkeep Education Administr*lion 19 2024 2023 The average head ctwnl ofeM￿oYed 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 Act1￿1108 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 D￿mber 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 Investn￿￿S are currenuy manw ty both BrevAn Dolphln and M & G provlde a falr vak*tlon 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 Cha￿Y 18 DEBTORS 2024 2023 2024 2023 Trade debtors Gfft Ald recelvable Other debtors Prepayment8 and aecrued income AM￿JntS 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$1,992 Pa￿29 R•gkstr8ll•n No.. 1169118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 Transf•r Movoment b•t4Y•on In funds funds 21 klOVEMENT IN FUND8- GROUP At 01.01.24 At 31.12.24 Unmtrlcl•d Funds General FUNJ 581,975 (17.668) 23.313 587,620 Deslgnatod Funds Library Fund Flower Fu￿1 Dr Judrfh Hillon Bequest Deans DiscrelicThry Fund Festival Fund Deans Expenses 11,319) 11,984) 1,319 1,160 1.984 621 49 3.999 958 621 130) 9.899 13.898 95B 589.586 (11,102) 25,792 604.275 Rtttrl¢t•d Fund& Propety gnd EquIpii￿ Frknds Flower Fur•J Fr￿d5 Other Fundy TLthr Church Music Organist Furhj IAlknnium Fur¥J (hgan Schdar Fund Tyr Perem Friends Fund Bev8n Locke Legacy CeN*tery FurKI C8lhedr81 Choir F￿ 50.001 1.160 47.997 44.050 172,127 1,154 31.214 5.172 958.554 50,001 (1,160) 47.997 40.934 196,152 1.589 29.149 13,118) 24,025 1.191 (2,065) (5,172) 12.406) 9,815 15.000 17561 956,14B {9.8151 15.221 15.000 14.779 1,326,429 36,112 {25,7921 1,336.750 TOTAL FUNDS 1,941,026 The transfers from unrestrided f￿d$ have been maye to finance a defiiit ￿ a restsicted fund. P•)e 30 Ch•n¢y ￿9191rat￿n 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 {ContIn￿lI UnT￿trIcted Funds General Fund 1,014.C61 11,056,692) 24,963 (17.6681 Designated Fund5 Library F￿d 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 F￿d FrierKts Flower Frieryts Other FuTrJs Tudor Church Music Organk8t Fund MiSknnium FLWXI Organ Scholar FurKI T￿r 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,$05 1149,8511 29,775 1,326.429 TOTAL FUNDS 1121973 209.958 1.916.015 Pagg 32 Ch8nty Reg*tration No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24 PURPOSE OF RESTRICTED FUND8 Proporty •nd Equlpment Thls reser¥e represents the donation from Ihe Friernls of St Davids Caihedral t¢)ward$ the pur¢ha¥e of the Wbvestmenl priwty In Goal Street In Sl Da￿d3. 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 fi￿r$ 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$ fu￿1 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$l vAth the cost of the organlsl's remUnera￿0Th and reprèserts the restrlcted hwestments held in the balance sheet. Organ Scholar Fund This fund was established in 2016 wlh a doriation from Friends of Cathedral Mu8lc and Tudor Church music and is used forts supwl of the organ scholarship at the cathedral. r Pgrgrfn Frlgnds Fund Thls re8eNe ￿presents a donation made in 2019 tythe Friends ol St Davids Cathedral and was provide to supm the St Davids Day Educational Workshops and to swport the V4t)rt( of T￿r Pererin for the next rive years. Bo¥an Locko Logacy This fund was received In the year to 2022. It wa8 specw that the money should be used ftsr the fabric of Ihe Cafvthal buildwig. R•pre•8nlallve Body ol the Church In Wal Thls fund wa8 awarded lo asslsl wlth developm6nl costs and towards the 8alary costs of senior pos15 ￿th￿l Ihg dwrfty. Page 33 c￿rity Reoiairatth No.. 1159118 THE DEAN AND CHAPTER OF 8T DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24 PURPOSE OF RESTRICTED FUNDS {¢onL.) C*th•drnl Cholr Fund This fund represents reGeiwJ to as5iSt Imth the travel eXy￿se¥ of choristers. 25 RELATED PARTY TRANSACTIONS The follo%Mng trugtees are also member8 of the exe¢uifve commlttee of cha￿ty Frtendg of St Davlds Cathedral ￿ttich 18 a charity￿0$e objeclives are to Suppr￿ thè Dean and Chapter St Davids Cathedral wlth Ms every day operauons. The Very Reverend Dr Sartkn Rffi￿and Jones Canon J L￿$ The Vener8ble P Mackness Canon L L Rlchardson Canon M H RO￿and8 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¥r￿d £465.00 in the year in respecl of choral duties. M8 RI￿8￿80n 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 d￿les. m￿ter 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 $(Tri￿laW of the Clerk to the Chapter. Mr Davles. P*Jg 34 No.. 1159118 THE DEAN AIID CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 26 SUBSIDIARY UNDERTAKING - ST DAVIDS CATHEDRAL BOOKSHOP UMITED St Davids Calheclral Bookshop Limrled lffjgryslered in England Wales company number 02474467} is a conyny limited by guarantee and not having a share capital. The c(ynpanVs reglstered offlcg Is: The Deanery, Thg P9bble$, 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 call￿dra1 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 Over￿ad5 1106,886) 1261.168> 52.900 (66,6281 Other Operatlng Income Profit forthe flnanclal year 52,900 (65.1241 Gift dc*Mted to Charlty (Lo￿￿r01￿ ¢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 cred￿Or8 12,846 1198,49n {2,895) Retaln8d Reserves 1120,96 Oolng Concorn Nolvhth$landing the defiul of assets at the balance sheel date. Ihese financial statements have been Prepared on a gOiThJ concwn bas15, on the grounds that the Charity vdil contirnie to support cornpany for a perlod of 12 months from the date of the fi￿¢1?1 51atemenls. Page 35 Reuistr&tion No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhlBER 2024 Thg follo￿ng pages do not form part of th8 Statutory accounts but are Includod a8 an ald lo Interpretatlon P4• 36 Cherily ￿lstraI￿￿ No.. 1159118 THE DEAN AND CHAPTER OF ST DAVIDS CATHEDRAL DETAILED STATEMENT OF FINANCIAL ACTivmES FOR THEYEAR ENDED 31 DECEMBER 2024 Unr•strl¢tod R￿trI¢l•d Funds Fund$ 2024 Total 2023 Total INCOME AND ENDOWMENTS Donatlons and 1ogacle• Coleclions Gift Aid Votive CaTrJles Legacles nts F￿eThI8- 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 EXhi￿tIOnS Fikning Fees Tows, wsits and library T￿1 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 In￿me 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 Expe￿eS - 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 Inv￿tm￿l m•Mg•mont costs Porttolio mana 2.064 1,718 3.842 2,207 Ch•rtt•blg A¢IMt￿l (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 m￿1¢ 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 Can0nryeXr￿seS 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, re￿S & 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 Ch￿ty 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 H￿pIlO11tyEVents 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