2023-12-31-accounts

Annual Report and Independently Examined Financial Statements For Year Ended 31 December 2023

The Dean and Chapter of Brecon Cathedral

Constituted by The Welsh Church Act 1914 and The Welsh Church (Temporalities) Act 1991 and The Constitution and Regulations of the Cathedral Church of St John the Evangelist Brecon adopted on 27 May 2022 as amended on 22 September 2023

Charity Registration Number 1160017

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CONTENTS

• 3 Legal and Administrative Information

• 4 Trustees’ Report for Year Ended 31 December 2023

• 30 Independent Examiner’s Report

• 31 Statement of Financial Activities for Year Ended 31 December 2023

• 32 Balance Sheet for Year Ended 31 December 2023

• 34 Notes to the Accounts

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LEGAL AND ADMINISTRATIVE INFORMATION

Trustees/Canons: The Very Reverend Dr Paul Shackerley (Chair) The Venerable Alan Jevons The Venerable Jonathan Davies The Venerable Peter Brooks Reverend Canon Steven Griffith Mrs Gloria Jones Powell Mr Nigel Clubb Mr Richard Verge Chapter Clerk and Treasurer: Dr Mike Williams Charity Registration Number: 1160017 Independent Examiner: Mr Brian Turner FCCA 61 Gabalfa Road Sketty Swansea SA2 8NA

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TRUSTEES’ REPORT FOR YEAR ENDED 31 DECEMBER 2023

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1. OBJECTIVES AND ACTIVITIES

1.1. Purpose

The principal objectives of The Dean and Chapter of Brecon Cathedral ( Charity ) are to:

• Advance the Christian religion of the Church in Wales for the public benefit.

• Promote the mission of the Church in Wales in and through the Cathedral by promoting the statement of faith more particularly described in: The Constitution of the Church in Wales; The Royal Charter 1919; The Welsh Church Act 1914; and The Welsh Church (Temporalities) Act 1991.

• Resource the Cathedral for future ministry and mission.

• Achieve and develop lay and ordained vocations that will enable and equip ministers and laity in mission, education, and evangelism.

1.2. Activities

1.2.1. The Charity ensures that the Cathedral is a focus of worship, spirituality, and prayer for all who visit , by:

• Maintaining a daily pattern of corporate prayer and worship, giving glory to God, and holding the needs of the Church, the Diocese of Swansea and Brecon, and the wider society.

• Exploring innovative styles of worship alongside sustaining the centuries-old Cathedral sacramental and choral tradition.

• Supporting the Bishop in his ministry and developing links with the Ministry Areas across the Diocese.

• Enabling tourists and pilgrims to grow and flourish through new patterns of spirituality and prayerful explorations.

• Nurturing God’s people in the Christian faith and tradition, rooted in the study of Holy Scripture and prayer in the pattern of the Benedictine heritage of the Cathedral.

• Working to encourage children, young people, and families to feel welcomed and embraced by the variety of worship and events.

• 1.2.2. The Charity ensures that the Cathedral is an inclusive and hospitable space that welcomes those of faith, other faiths, and no faiths, as well as tourists and visitors , by:

• Bringing the Cathedral’s heritage and spiritual resources to a wide range of backgrounds and ages, providing opportunities to learn and respond to the Gospel.

• Extending welcome to those of all faiths and none who visit to pray, attend a community event, or want to explore the rich history and heritage of the Cathedral.

• Witnessing the sacred by exploring new ways of interpreting the building for tourists and visitors, and ensuring that it remains a light, open space that is clean, safe, and an uncluttered environment.

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• Working in partnership with external organisations to develop ways to attract more visitors to Brecon and to the Cathedral, recognising that people visit faith destinations for varied reasons.

• Developing the Tithebarn as a flexible learning and hospitality suite, as an adaptable space for multiple use, and to provide new income streams for the Charity.

• Develop the Cathedral shop as a welcoming destination for visitors.

1.2.3 The Charity is committed to mission and outreach , by:

• Working in partnership with other organisations in the public and private sectors, the civic and military groups, and charities for the common good of the communities served by the Charity.

• Developing ways to engage afresh with the Diocese and its Ministry Areas.

• Working with the Brecon Ministry area to ensure that the members of all the churches in the Ministry Area are able to contribute to the Cathedral and its mission.

• Safeguarding that Ministry initiatives are not duplicated but shared, recognising each church has its particular strengths to reach varied communities across the area.

1.2.4 The Charity will ensure that the Cathedral will become financially sustainable and establish a clear building program of maintenance and reordering , by:

• Ensuring the future sustainability of the Cathedral in order to ensure it has the capacity to develop its mission and grow its ministry.

• Ensuring that the Cathedral achieves a gender balance in governance and ministry as outlined by the Province of the Church in Wales.

• Developing a financially sustainable future through good use of the buildings and the Cathedral Close, offering annual teaching on Christian stewardship, and practicing robust financial protocols and procedures.

• Replenishing reserves and generating a surplus budget through identifying ways to increase revenue, particularly through charitable giving by those who visit the Cathedral and shop.

• Addressing the recommendations of the current Quinquennial Report through a major development and refurbishment project for the Cathedral, grounds, and Tithebarn.

1.2.5 The Charity ensures that the Cathedral is a centre of learning and discipleship , by:

• Engaging with Church, county, and local schools throughout the Diocese.

• Developing partnership with local schools through teaching music through the chorister and concert initiatives.

• Developing programmes of theological learning as a resource for Ministry Areas across the Diocese.

• Working collaboratively with the Bishop’s Officer for Children, Youth & Families to deliver children’s activities in the Cathedral and Tithebarn.

• Running public courses for Advent and Lent and encouraging formal learning ahead of baptism and confirmation.

1.3 Public Benefit

From the activities above, public benefit is delivered by the Charity:

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• By encouraging adults, children, young people, and families to find something of benefit to them in visiting the Cathedral, whether this is heritage-related, spiritual, or improving health and wellness.

• By welcoming all people of faith and those with none who come to the Cathedral for a spiritual experience, to join in a community event, to study the history and heritage of the site, or even just to find a few moments of peace in a beautiful building.

• By working in partnership with external tourist-based organisations and taking a lead-partner role in the newly created Brecon Cultural and Heritage Network (operating as Brecon Story), which seeks to bring together tourist-reliant organisations within Brecon to share ideas and stories with which to promote the town to visitors and tourists.

• By partnering with faith and non-faith organisations in the public and private sectors, the civic and military populations within Brecon and the Diocese, and charities for the common good of the communities we jointly serve.

• By working with Young Offenders’ Institutions and the Probation Service to offer work placement and training to those on probation.

• By working with young heritage-building apprentices and career-change adults to foster and maintain the traditional building skills applicable to a medieval building.

• By developing a partnership with mental health charity MIND to deliver projects for people affected through mental health issues and the wellbeing of people in general.

• By growing our engagement with Church, county, and local schools throughout the Diocese.

• By developing partnerships with local schools through teaching music through the chorister and concert initiatives.

• By expanding programmes of theological learning as a resource for Ministry Areas across the Diocese.

• By partnering with local museums to deliver children’s workshops in the Cathedral and Tithebarn.

The Trustees of the Charity have had regard to the Charity Commission’s guidance on public benefit in assessing their compliance with this requirement.

1.4 Principal Service

The principal service offered by the Charity (as identified in the accompanying accounts) is the provisioning of the Cathedral through undertaking the activities identified in 1.2. All actions of the Charity are in support of fundraising for and delivering the activities listed.

The total income for 2023 was £275,216 with an additional £11,395 realised and unrealised gain on investment funds and £14,325 deferred income carried forward to 2025.

The total operating expenditure for 2023 was £332,617, with exceptional items adding £96,843, to provide a total figure of £429,460.

2. ACHIEVEMENTS AND PERFORMANCE

The accounts cover the period from 1 January 2023 to 31 December 2023, and this section reviews some of the achievements of the Charity between these dates.

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2.1 Financial

• The accounts for 2023 show an operating deficit to the Charity of £57,401, to which must be added exceptional expenditure of £96,843. Realised and unrealised investment gains of £11,395 bring a total declared deficit of £142,850 for the year. This deficit was anticipated for 2023 since most of the exceptional amount of £96,843 is made up of project costs and repairs to Garth Cottage ahead of its proposed sale in 2024.

• The operating deficit of £57,401 for 2023 compares to £61,503 for 2021 (when exceptional income connected with Covid-19 support is ignored), and £35,505 for 2022.

• Part of the operating deficit is due to £14,325 of received income being carried forward to 2024, which would otherwise have brought the operating deficit down to £43,076. Further, £17,108 was also carried forward into 2024 from income received in previous years.

• 2023 will be the final year without greater support from the Representative Body of the Church in Wales following a settlement agreement in 2023. This will increase funding for the Charity and reduce expenditure on Ministry Share. For most of the past 20 years, the Charity has experienced operating deficits (averaging c . £30,000 but increasing markedly more recently except for 2020 and 2022 when Covid-19 support was received). These have been covered by calling upon investment capital and this has been necessary in 2023 and will be again in 2024. This is unsustainable and is the reason for the settlement with the Representative Body; without additional funding the Charity would not be viable in the long term.

• The highest expenditure this year, as last, was on salary costs (£143,029 to include National Insurance and pension contributions), reduced through a Choir Trust grant of £18,200 for the Director of Music, £7,400 for the Assistant Organist, and £5,333 for the Sub Organist, a contribution from St Mary’s Church of £4,100 for the Assistant Organist, and a Representative Body of the Church in Wales grant of £53,000 towards administrative salaries. The net spend on salaries during 2023 was, therefore, £54,996.

• Spending on salaries was higher than previous years as the Cathedral started paying the Chapter Clerk and Treasurer from April 2022 for three days per week with a full year’s salary being paid in 2023. This accounted for £39,486 of the salary cost, all taken from the £53,000 restricted grant from the Church in Wales Representative Body. An additional salary was paid to the newly appointed Accounts Officer in 2023.

• Ministry Share for 2023 was £30,619 (a low figure due to previous year adjustments; it will be higher in 2024) and was the highest expenditure after salaries.

• Other significant costs include utilities costs; gas use overall cost £27,886, offset by a rebate from the Diocese and clergy of £2,390 to give a net cost of £25,496. This is much lower than 2022 due to reasons explained in the previous Annual Report. The refund from British Gas to cover some of the high costs of 2022 was received in 2023 and amounted to an expected £8,171.48. This is shown in the accounts as unrestricted income as it was a refund of expenditure committed and paid for in 2022.

• Other operating costs include insurance and security costs totalling £18,419, property costs for the Assistant Organist of £10,105 (covered by restricted income brought forward from 2022), electricity use for all buildings cost £9,474, miscellaneous music (detailed below) cost £5,228, music events of £4,971, equipment maintenance was £4,662, hospitality came to £3,234, printing and publications was £3,104, event costs totalled £2,994 (covered by a restricted grant), website and internet fees were £2,547, and organ tuning and repairs cost £2,919. All other itemised costs, except those noted below, were under £2,000.

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• Exceptional costs (outside usual operating costs) were £71,764 on the Development Phase of the People | Passion | Priory (NLHF) project (some of which will be reclaimed from the NLHF in 2024) working towards a Round 2 submission in 2024, £19,809 repairs to Garth Cottage prior to sale in 2024, a new website and computers for two new staff members, and costs related to Convivium (which is now separate from the Charity; all remaining capital will be transferred in 2024)

• Extraordinary items have been shown separately in the accounts and relate to income and expenditure on the Brecon Heritage and Cultural Network (trading as Brecon Story). Although the project is run by and through the Cathedral, all income and expenditure are restricted and reliant on grants. There is no material effect on the Charity’s accounts except that £4,914 has been brought forward into the 2023 accounts and the remaining £1,561 will be carried forward into 2024. Brecon Story will be established as a separate organisation in 2024, and the remaining money held by the Charity will be transferred.

• Congregational and visitor giving was £58,807 in 2023 compared to £56,174 in 2022. This is closer to levels seen pre-pandemic.

• The existing fundraising initiatives have been continued during 2023 including the promotion of a 200 Club for congregation members, online donation methods through JustGiving, and an online shopping portal to raise commission-based donations for the Charity through GiveAsYouLive. Due to the success of the new Goodbox contactless donation unit, two congregation collection plates with built in card readers were purchased in 2021 with grant funding. These are proving very popular and the level of donations given electronically makes up for the decline in cash giving. Conversely, collection boxes were used more in 2023 than in 2022 showing that this is still a viable way of raising funds for the Charity.

• 2016 saw a significant investment in tarmacking the Cathedral car park and initiating a pay-and-display system of parking with camera enforcement. This remains a highly successful initiative, and income in 2023 was the highest yet. Gross income was £12,762 less management fees of £900 to give a net income of £11,862. By policy, no income is received directly or indirectly from fines.

• After the investments held as reserves by the Charity showed an unrealised loss of £40,604 in 2022, some of this was recovered through a realised (£2,024) and unrealised gain (£9,371) in 2023, totalling £11,395.

• Revaluations of property and heritage assets in 2023 resulted in a gain of £305,900.

• The Trustees are responding positively to this year’s and also past years’ funding deficits and are seeking to put the Charity on a more sustainable financial footing. This will not happen without considerable investment and the People | Passion | Priory project will provide this. Additionally, successful discussions with the Representative Body of the Church in Wales regarding funding for Cathedrals will provide more income in 2024.

2.2 People

• The Charity started 2023 with eight Trustees (The Dean, the Archdeacon of Brecon, the Archdeacon of Gower, the Archdeacon for Ministry Areas, the Canon Residentiary of Brecon Cathedral, and three lay members). All remained in post throughout 2023.

• Dr Mike Williams, the Chapter Clerk and Chapter Treasurer, remained in position for 2023.

• The Director of Music, Mr Stephen Power, remained in post for 2023.

• The Assistant Organist, Mr Jonathan Pilgrim, remained in post for 2023.

• The Administrator, Ms Karen Schiebe remained in post for 2023.

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• The Verger, Ms Jo Burges, remained in post for 2023.

• The Facilities Officer, Mr Shane Healey remained in post for 2023.

• The Cleaner, Ms Julie Morgan remained in post for 2023.

• A new Communications Officer, Ms Jo Burges (who will retain the separate post of Verger) was appointed on 1 September 2023 on a part-time basis.

• A new Accounts Officer, Ms Veronica Alexander was appointed on 1 September 2023 on a part-time basis.

• A new Assistant Facilities Officer, Mr Richard Williams (who has previously worked for the Charity) was appointed on 1 July 2023 on a part-time basis.

• With the Assistant Organists absent for some of 2023, a new Sub Organist, Dr Boyang Guan, was appointed on 1 September 2023 on a temporary full-time contract.

• The Brecon Heritage and Culture Network (administered by the Charity as lead-partner) employed an Administrator, Julia Blazer, directly from the organisation. She remained in post for part of 2023 before resigning. She has not been replaced.

2.3 Outreach

• HM The King and HM The Queen visited Brecon Cathedral to meet the Charity trustees, those working there, and specially invited guests from around the Diocese. Their Majesties listened to some choral music performed by the Cathedral Choir and the Ascension Mass Choir, who were providing a concert that evening.

• The Charity supports the Director of Music in selecting boys and girls with singing promise from local schools and inviting them to become Cathedral choristers. The Director of Music has a duty to ensure that socially deprived children have equal access to joining the choir. This provides selected choristers with voice and instrument lessons, as well as the opportunity to sing at services.

• The Charity had a Choir Open Day in January as part of developing chorister recruitment. It was a very successful day with more children enrolled into the Cathedral Choir.

• The Charity, with the involvement of the regiment of The Royal Welsh and 160 Brigade, held the annual Rorke’s Drift service in January (to commemorate events in the 1879 Zulu War). The military community also joined for the annual Remembrance Day Service and wreath laying.

• The Charity hosted Diocesan events in the Cathedral during 2023 including the ordination of one new deacon and two priests on 24 June, and the installation of three Honorary Canons on 11 November.

• On 3 March, the Charity was represented at the unveiling of a Purple Plaque dedicated to Brecon-born Dr Frances Hogan (the first British woman to receive a medical degree from a European institution) and exhibited the baptismal water jug given to the Cathedral in her memory at the reception following the unveiling.

• The Charity welcomed the Youth Zone to the Cathedral, when children and teenagers enjoyed finding out about the history of the building and how the Cathedral is used today.

• On 7 May, the Charity held a special Evensong to celebrate the Coronation of HM the King and HM The Queen.

• The Diocese-wide Mother’s Union groups held their annual service at the Cathedral.

• In May, the Royal School of Church Music held a choral festival at the Cathedral.

• The London Film Orchestra held two sell-out concerts in tribute to the music of Hans Zimmer and John Williams at the Cathedral, accommodating more than 400 people at each event.

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• On 1 June, the Charity held its annual Cathedral Chaos event with hundreds of children visiting for all or part of the day. There was music, a petting zoo, and balloon sculpting among the activities on offer. Over the Easter period, children in the Choir presented mothers in the congregation with a posy of flowers on Mothering Sunday. On 24 December there was also a Crib service for children.

• The Charity hosted the Order of the Temple of Jerusalem for its Investiture and Dedication service, attracting 40 attendees.

• The Charity welcomed the staff and children of Priory School and other local schools to make use of the Cathedral for services and events, including the annual school leavers’ service. The service was opened by pupils from Llangors primary—which has been awarded School of Sanctuary status—who shared a message about sanctuary, and there were crafts and activities and displays from Christian Aid and the Brecon Beacons National Park.

• As part of the Charity involvement with the Brecon Choir Festival, an Ascension Mass by Rod Paton was preformed at the Cathedral made up of local singers following several weeks of open rehearsals.

• The Charity engages with the Brecon Street Pastors and gives support to the Cathedral member on the team. The Pastors patrol the streets of Brecon through the evenings and nights at selected weekends and at festival occasions to keep locals and visitors’ safe whilst they are out and also at the Royal Welsh Show.

• Due to its ongoing popularity, the Charity continued printing its Cathedral trail leaflet for children visiting the Cathedral in the style of a detective hunt. Stickers are presented to those who take part. This has again proved extremely popular.

• The Treorchy Male Voice Choir performed at the Cathedral.

• The Charity arranged a Come and Sing Choral Evensong inviting local singers to take part alongside the Cathedral Choir.

• The summer lunchtime recital series saw performances by chamber orchestras, strings, piano, organ, and classical singers.

• The Charity held a Silent Disco, first for children, and then for adults, turning the Cathedral nave into a discotheque. Four channels of music were on offer with refreshments for those attending. Over 100 people took part.

• In August, the Charity hosted an arts project displaying an icon of The Woman at the Well in collaboration with the Retreat Association. It has been on display at 25 retreat centres, seven cathedrals, seven churches, and two educational establishments and been the focus for quiet days, conferences, and icon painting workshops.

• The Charity provides work for young people serving community sentences, through Mr Shane Healey, the Cathedral Facilities Officer and this helps rehabilitate offenders back into society and provides them with experience of working.

• The Charity worked with local mental health charity MIND to offer gardening and crafts.

• The Charity invited past choristers and lay clerks to a celebration of the life and choral works of Delyth Cresswell featuring a concert of music most associated with her teaching.

• The Charity held a one-day Medieval Fayre featuring music, talks, presentations, reenactments, food, drink, and crafts. Hundreds of visitors braved the wet day and feedback was extremely positive.

• To celebrate the centenary of the Cathedral, the Charity invited Dr Rowan Williams to give a talk at the Cathedral, which was attended by an almost full house.

• The Charity collaborated with the Brecknock Local History Society and the Regimental Museum of the Royal Welsh to invite Amy Kitcher from the Commonwealth War Graves Commission to talk in the Cathedral about the war graves in our area.

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• The Band of the Prince of Wales played a concert at the Cathedral in September, which was so popular that they returned in December for a repeat performance.

• The Harvest service this year, on 1 October, collected for the Brecon Food Bank, concentrating on items that they had specifically requested. A permanent collection point for donations to the Foodbank is kept in the Cathedral.

• The Charity hosted a pet blessing service at which local people brought in their pets to be blessed. It was a huge success and attracted significant publicity.

• To counter the wars and violence experienced in the world, the Charity arranged for weekly peace vigils to take place, which are popular with congregation and visitors alike.

• In collaboration with the Brecknock Society and Museum Friends, the Charity hosted Dr Martin Crampin to talk about the stained-glass windows in the Cathedral and launch his new book Welsh Saints from Welsh Churches.

• The Aberhonddu Male Voice Choir sang in the Cathedral with a soprano soloist.

• The Charity hosted a performance of Bach’s Christmas Oratorio ahead of the festive season, which was very well attended.

• The Charity hosted a Christmas Fair in December featuring craft stalls, food, drink, and musical accompaniment by the Cathedral Choir and guests. For children, there was a Santa’s grotto and bouncy castle.

• During the autumn, the lychgate roof was repaired and the Charity hosted an Open Day for people to learn more about the ancient craft of stone tiling. There were demonstrations on the day as well as the craftspeople talking about their work. The lychgate reroofing also saw trainee roofers being trained in heritage skills.

• The Charity hosted a popular ‘Afternoon in Paris’ themed concert.

• Crickhowell Choral Society preformed Brahm’s Requiem at the Cathedral, which was extremely popular.

• The Charity launched a brand-new website and keeps it regularly updated with news, events, and stories from the Cathedral. It also serves our social media sites on Facebook and Twitter.

2.4 Fabric

• Regular expenditure on fabric was kept to the minimum during 2023, with £1,307 spent on maintenance, mostly on minor repairs, and £4,662 for equipment maintenance, mostly relating to repairing and servicing machinery, maintaining fire appliances, and boiler repairs. Both sums combined were only £969 above budget and met the policy of instigating only minor repairs while the People | Passion | Priory project is ongoing.

• Expenditure on grounds maintenance was £1,373, including equipment maintenance (included above) related to servicing machinery.

• The Charity received funding from the National Lottery Heritage Fund in September 2023 and was able to commence the Development Phase of the project, working towards a Round 2 submission in 2024. The project includes reroofing the south transept, north transept, chancel (and organ chamber), and Havard Chapel (leaving for a subsequent phase the nave, north and south aisles and St Laurence Chapel/sacristy roofs) and making the Cathedral watertight (which will, in turn, reduce annual maintenance costs significantly), forming a west entrance (providing equal access for all), and reordering (allowing for a more flexible space), with a small allowance for the Tithebarn (to be developed as a source of income for the Charity). The expenditure on the project in 2023 was £71,764, almost entirely to develop the Round 2 submission.

• The Cathedral Architect, Mr Stephen Oliver, was reappointed for 2023.

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• A Quinquennial Inspection was carried out in 2021 by the Cathedral Architect, which has informed the application to the National Lottery Heritage Fund. The executive summary reads:

• The condition of the building has been of concern for some time. The stone tiled roofs were last relaid in the 19[th] century and are now all in need of retiling. However, resources for such a major project are not available, and so the work will need to be phased. The Chancel and South Transept are the highest priorities due to their poor condition and important interiors. Access for maintenance is very difficult and needs to be improved to allow clearance of moss and debris from gutters. Plant growth at high level remains a problem, which will need to be addressed, and kept on top of. The walls of the Tower appear to be suffering from driving rain ingress and there are other areas where pointing is poor, and this supports plant growth. There are numerous other concerns, for example to the roof of the Nave south-west turret, failing and blocked rainwater goods, the Boiler House asphalt roof. There are several damp patches internally. The floors have some trip hazards and monuments are damaged in places. Precinct walls are also poor, and the Lychgate needs reroofing.

• In the Parish Return for 2023 (submitted July 2024), the Cathedral boundary walls, lychgate, roof, rainwater goods, external pointing, and the existence of damp in the building were all recorded as poor. The path and steps, windows and guards, heating systems, and internal decorations were also noted as of concern.

2.5 Management

• As part of equipping the Charity to undertake the significant work for the People | Priory | Passion project during the Delivery Phase, preparations were begun to convert the Charity to a Charitable Incorporated Organisation. This transfer will be finalised in 2024. The trustees will remain the same and the new constitution will follow the Charity Commission’s approved format.

• The Charity Constitution requires trustees to meet every two months under the guise of the Cathedral Chapter, providing for six meetings every year. In 2023, six meetings took place in person.

• A Project Board was appointed to oversee the People | Passion | Priory project, reporting to the Charity trustees, and comprising the Dean (who Chairs the Board), Chapter Clerk (who Vice Chairs the Board), Canon Precentor, and three lay trustees, in addition to specialist members appointed for their skills in project development including a freelance Community Engagement Officer.

• The commercial arm of the Cathedral is operated by the Brecon Cathedral Tithebarn Company Limited, a company limited by guarantee. Its meetings are arranged by its Directors, which comprise three Charity trustees and a member of the College of Canons. The structure of this arrangement was reviewed in 2022 and, in light of the National Lottery Heritage Fund grant, it has become necessary to move the commercial arm into the Charity to allow grant money to be spent on the Tithebarn (which is currently a separate commercial facility out of Charity control). Accordingly, in 2024, the Brecon Cathedral Tithebarn Company Limited will be wound up and all assets and responsibilities will pass to the Charity.

2.6 External Approval

• In September 2022, the National Lottery Heritage Fund awarded the Charity a Development Phase grant of £158,297, with a potential Delivery Phase grant of

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£1,418,848. The requirements for the grant involve not only a thorough explanation and justification for the work required, but also a comprehensive business plan showing outreach, activities, interpretation, and community engagement. The fact our plans were at a level to attract this degree of funding shows considerable external approval whilst in competition with other worthwhile bodies. It was the culmination of eight years of preparation and change.

• Attendance figures at services for 2023 recovered further from 2022 with Easter and Christmas services getting to pre-Covid-19 figures. The experience at Brecon Cathedral is not unique and the Representative Body of the Church in Wales has put aside a £100 million fund for Mission activities over the next 10 years to bring people back to the Church.

• Weddings, and funerals were down from 2022 as there were less weddings in the Cathedral but still brought in £2,440. Candle sales were commensurate with 2022.

• The Charity received voluntary donations from its visitors (service collections and collection boxes including electronic donations and Gift Aid claimed thereon) in 2023 amounting to £58,807, which was commensurate with 2022 (£56,174) but still below the total of £68,117 in 2019 (the last full year before Covid-19 restrictions). Notwithstanding, this still demonstrates a significant expression of goodwill and approval by Cathedral visitors.

• On Trip Advisor, 93 percent of independent reviews are either Excellent or Very Good. All reviews in 2023 were of this standard except for two poor reviews involving an objection to paying in the car park. All negative reviews on the site relate to similar complaints but they are getting fewer as visitors get used to the charges.

• The Charity keeps a Visitor’s Book within the Cathedral, where feedback is unanimously positive. Work undertaken on the Visitor’s Book by a university graduate as part of his MA research demonstrated the geographical spread of visitors from all parts of the United Kingdom, European Union countries, Australia, New Zealand, the United States of America, Brazil, Japan, China, and Russia. This is also borne out by visitors to the website, which are also worldwide.

• The Charity received positive feedback from schools and other organisations we partner with, and Brecon Story chose to remain connected to the Cathedral for 2023 due to the outreach we achieve.

• The Charity received grant funding from external bodies in 2023 amounting to £42,676, representing independent positive endorsements of the Charity and its running by the Trustees. This sum excludes the grant provided by the National Lottery Heritage Fund for developing the People | Passion | Priory project, which will not become payable until 2024.

• Visitor numbers rose in 2023 to reach pre-Covid-19 levels.

• As part of the Charity’s second National Lottery Heritage Fund bid in 2019, 30 letters of support for the project and the Cathedral in general were received from individuals and organisations including the Archbishop of Wales, the local Member of Parliament, Member of the Senedd, and Lord Lieutenant of Powys, Christ College, Brecknock Sinfonia, Brecon Access Group, the Probation Service, Brecon Beacons National Park Authority, the Brecknock Society, the Brecknock Museum & Art Gallery, Dementia Matters, the Regiment of the Royal Welsh, Powys Association of Voluntary Organisations, Theatr Brycheiniog, Keep Wales Tidy, and local funeral directors. Cadw have also written since in support of our plans. The National Lottery Heritage Fund have required renewed letters from some but not all of these individuals and organisations (to meet new requirements for the 2022 submission) and these have all been forthcoming.

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3. FINANCIAL REVIEW

3.1 Review of the Charity’s Financial Position

The Cathedral Accounts for 2023 consist of a Statement of Financial Activities and a Balance Sheet. They were prepared by Dr Mike Williams, the Chapter Treasurer, and approved by Mr Brian Turner FCCA, an independent examiner, on 23 October 2024.

To provide more transparency in the accounts (and building on the policy adopted in previous years), netting off has been further reduced in 2023, showing the true expenditure and income under various headings. In some instances, this has resulted in further divisions of income and expenditure and, where this has happened, the corresponding figure for 2022 is included for the prior year figures where this is retrievable (or a combined total where this is not). This provides trustees (and external funding partners through this report) with more clarity with which to make decisions. Management accounts, in a simpler format but with the same division headings, are presented to the Charity trustees every quarter and are tracked against the annual budget for income and expenditure.

3.1.1 Expenditure

The total expenditure for 2023 (including amounts carried forward) with comparisons from 2022, can be divided among:

|Raising Funds
Charitable Activities
•
Maintaining the ministry of the Cathedral
•
Delivering the services of a Cathedral
•
Maintaining the Cathedral and grounds
•
Office staffing and costs
•
People | Passion | Priory project
•
Garth Cottage Repairs
•
Convivium Expenditure
•
Carried forward sum
Total|2023
2022
£ 1,635
£ 1,629
£ 79,880
£ 68,642
£ 77,486
£ 58,918
£ 90,777
£115,242
£ 86,195
£ 69,922
£ 71,764
£ 15,530
£ 19,809
£ 0
£ 1,914
£ 2,655
£ 0
£ 3,655
£429,460
£336,193| |---|---|

The Carried Forward sum is shown in Note 20.2: Deferred Income of the Accounts and not in Note 6: Expenditure for 2023.

Raising Funds

The cost of raising funds comprised prizes for the Cathedral 200 Club (£894), a small decrease from 2022 as new members did not outweigh leavers. The license fee (£20) came from unrestricted funds, but the prizes came from restricted funds gathered from members. £648 was spent on fees to run the Goodbox contactless donation unit and two contactless units built into the collection plates, commensurate with 2022. In addition, new giving envelopes were needed in 2023, which cost £93.

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Maintaining the Ministry of the Cathedral

The cost of maintaining the ministry of the Cathedral rose from 2022, mostly because of an increase to Ministry Share from 62,397 in 2022 to £71,809 in 2023. The rebate given as a Diocesan Board of Finance grant remained unchanged at £41,190 and is recorded in the accounts as income. Less was spent on altar requisites as the stock was high before the year started but, after purchasing no votive candles in 2022, a new stock was necessary for 2023. Miscellaneous ministry expenditure was high for 2023 due to the children’s play area receiving a make-over, equipment purchased for congregational hospitality, and new books purchased. All were allocated to Ministry as the most appropriate cost centre.

All expenditure comprised unrestricted funds except for £518 restricted income and £179 from expendable endowment income on altar requisites. Both sums comprised investment income.

Delivering the Services of a Cathedral

The cost of delivering the services of the Cathedral increased in 2023 from £58,918 in 2022 to £77,486 in 2023. This was due to an additional staff member being employed as a SubOrganist for some of 2023 on a total of £5,647, as the existing Assistant Organist was on paid leave. Additionally, housing costs for the Assistant Organist approximately doubled from £5,488 in 2022 to £10,105 in 2023 as costs were paid for a full year instead of six months in 2022. The Cathedral Choir Trust kindly allowed the Charity to use its grant underspend in 2020 and 2021 on the property costs.

Organ tuning decreased in 2023 (£2,919) from 2022 (£6,272) to due to the cyclical nature of repairs to the instrument. Music event expenditure rose by approximately £4,000 (to £4,971 in 2023) with £1,845 being spent on the Wholly Soul Band concert being the largest expenditure. These events generate revenue for the Charity.

Miscellaneous music costs increased to £5,228 (up from £501 in 2022) due to the Director of Music being absent for three months and cover being needed. A more permanent solution was found going into 2024. Music license costs include £683 for a CCLI licence (commensurate with 2022) and a new PPLPRS license in 2023 (costing £737). The organscholarship honorarium was for only part of the year in 2023. A trip for the choristers (staff welfare) cost marginally more in 2023. Hospitality increased (£247 in 2022 to £986 in 2023) as a dinner for the lay clerks was arranged and paid for by the Charity. Resources and subscriptions, mostly for online payments, were shown separately in 2023 instead of being added to miscellaneous expenditure.

Expenditure to Garth Cottage was necessary in 2023 to resolve a long-term issue of leaks from the roof and chimney. Since the intention is to sell the property in 2024 to the Church in Wales Representative Body, this work was necessarily undertaken in 2023. The cost associated with this has been separately itemised in the SOFA to avoid skewing comparisons with 2022 when no expenditure took place.

All expenditure was unrestricted in 2023 except £18,200 towards the salary of the Director of Music, £7,400 towards the salary of the Assistant Organist, and £5,333 towards the

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salary of the Sub-Organist, all of which was funded by a grant from the Choir Trust. A further £4,100 of the Assistant Organist’s time was recharged to St Mary’s Church in Brecon; for 2023 this included a regular element of underpayment for 2021 and 2022. £2,582 for organ repairs came from a restricted legacy. As noted above, the Choir Trust funded the accommodation for the Assistant Organist from prior grant underspends and has been regarded as restricted funds in the accounts.

Maintaining the Cathedral and Grounds

The cost of maintaining the Cathedral and grounds fell from £115,242 in 2022 to £90,777 in 2023. This was entirely expected since 2022 included a one-off event entitled, The Human One (detailed above) which cost £14,835 and was not repeated in 2023. Nor was any other large event organised during the year that may have cost similar. In addition, and as predicted in the Annual Report 2022, gas expenditure fell from £37,501 in 2022 to £21,859 in 2023. Further details are provided above.

Electricity use was up on 2022 figures (£8,838 in 2023 against £6,018 in 2022), since a new contract was necessary reflecting the recent price increase in supply. The Charity has signed a four-year agreement at prices that it considers will be cost effective going forward. Water rates were down from 2022 due to a more precise allocation of rates between the Cathedral, clergy properties, and the office. The new figure for 2023 is the benchmark for future years. It should be noted that the water rates for clergy properties and the Charity offices have increased as a result of this reallocation. Electricity testing was necessary in 2023, costing £1,234, whereas none was needed in 2022.

Insurance was entirely commensurate with 2022 (with a small drop in Cathedral insurance costs following a review of artifacts insured). It should be noted that Tithebarn insurance (which will be reclaimed) has been moved to this section for 2023 and the corresponding change made for 2022. Security was reduced due to an exceptional call out in 2022 not being repeated.

Expenditure on salaries rose according to the pay award granted from 1 January 2023, and also due to additional hours worked by the Facilities Officer (paid as overtime) and the Cleaner, whose contracted hours were increased. Additionally, extra help was required for the Facilities Officer, and a new role of Assistant Facilities Officer was created (see details above). The post is (to agreed and mutual advantage) a zero-hours contract and the postholder is paid for hours worked as required by the Facilities Officer.

The cost of the last Quinquennial Inspection in 2021 (paid for in 2022) was not repeated in 2023.

Cathedral maintenance and grounds maintenance were commensurate with 2022 figures (Cathedral from £1,474 in 2022 to £1,307 in 2023 and grounds from £1,401 in 2022 to £1,373 in 2023). This accords with the previously stated position of keeping expenditure to a minimum ahead of the anticipated start of the People | Passion | Priory project. No emergency repairs were necessary in 2023. Equipment maintenance and hire was also commensurate with 2022 (from £4,232 in 2022 to £4,662 in 2023, although maintenance was necessary to the disabled lift and is separately shown at a cost of £992 in 2023 compared to no expenditure in 2022.

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Event costs relate to the Medieval Fair that took place in May 2023 and amount to £2,994, the full amount paid for by grants.

Internet costs fell (£1,333 in 2022 to £930 in 2023) due to a new contract being agreed. Miscellaneous costs rose (from £242 in 2022 to £562 in 2023) due to the costs to pay for a revaluation of heritage items and the purchase of a new hot water boiler.

Expenditure comprised a mixture of unrestricted funds (£84,686), restricted funds (£5,910), and expendable endowment funds (£182). Of the restricted funds, most came from restricted investment income or restricted donations (£2,145), with £2,994 on the Medieval Fair from a Diocesan Mission Fund grant. A £771 donation from the South Wales Borderers Association was made towards security in the Havard Chapel.

Office staffing and (administration) costs

The cost of office staffing and costs rose from £69,922 in 2022 to £86,195 in 2023, almost all due to additional salary costs. The Chapter Clerk was only paid for nine months in 2022 whereas a full year was paid in 2023 (still at a part-time rate of three days per week). A new role of Communications Officer was appointed at a cost of £1,529 in 2023 and a new role of Accounts Officer was also appointed in 2023 at a cost of £764. Both of these roles were only paid from 1 September 2023 when the appointments were made and will increase in 2024. In addition, all staff were awarded a salary increase from 1 January 2023, which followed the rate set for all Church in Wales employees.

Water rates rose as described above and this will provide a benchmark for future years. Gas costs rose from £5,000 in 2022, to £6,027 in 2023 due to more accurate billing. Electricity for non-clergy buildings fell since the costs of the Almonry were excluded in 2023.

The cost of Council Tax rose from £679 in 2022 to £783 in 2023 and equipment maintenance of £87 was expended in 2023 on an electrical item.

Hospitality decreased for 2023 at £1,519 (compared to £3,234 in 2022) owing to increased expenditure due to the backlog of Covid-19 invitations and the need to lobby for the People | Passion | Priory project. The latter was still needed in 2023 but at a reduced rate. Similarly, there was less need for flower deliveries in 2023.

Printing and publications increased markedly in 2023 (£1,372 in 2022 rose to £3,104 in 2023) due to a new arrangement of Diocesan pricing for using their photocopier. Advertising and PR rose in 2023 but at a marginal level, but postage and stationery showed a marked reduction (£1,495 in 2022 to £340 in 2023). Since this was a revised category in 2022, it is uncertain which is a more appropriate figure for projecting forward. The same is true of telephone and mobile costs, which also show a marked reduction (£1,003 in 2022 to £386 in 2023).

The car park management fee, audit fee, conference fees, and collections taken for others and passed over were all the same or commensurate with 2022. Staff welfare included the cost of a Christmas lunch for all staff. No expenditure was recorded on accountancy fees since the new position of Accounts Officer will cover the same function, although 2024 will see a new cost for administering the payroll by accountants WJ James of Brecon.

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A new website was built in 2023 amounting to a cost of £2,699 and new computers and bought for the new staff positions amounting to £658. The costs associated with these items have been separately itemised in the SOFA since they will not reoccur. The cost of software for the new computers of £461 is not separately itemised as this relates to annually recurring subscriptions.

All expenditure comprised unrestricted funds except £53,000 grant from the Representative Body of the Church in Wales towards salary costs, recharges from the Diocese and clergy for gas and electricity of £2,867, a grant of £2,943 from the Diocesan Mission Fund to part-fund the cost of the new website and supervision of the build by the Communications Officer.

Convivium

The costs for Convivium in 2023 relate to hire of a retreat venue of £1,820 and miscellaneous expenses of £93 claimed by the organiser. This accounts for the only expenditure made by Convivium in 2023 and was from restricted grants.

Unspent sums brought forward from 2022 (£10,155) have been carried forward into 2023 with £1,913 being used during the year. The residual amount will be carried forward into 2024 when it is expected that Convivium will move location to St Mary’s Church in Brecon and the sum transferred accordingly. This was previously anticipated for 2023.

People | Passion | Priory Project

Work continued on this project in 2023 with a total cost of £71,764. The costs can be divided as follows:

Expenditure	Cost (£)
Project Manager	28,006
Architect	0
Interpretation and Activity Planning	7,200
Fundraising Consultant	11,880
Evaluation	7,425
Mechanical and Engineering	2,400
Measured Survey	10,410
Display Boards	886
Monuments Survey	1,416
Role Advertising / Recruitment	1,347
Planning Fee	570
Miscellaneous Project Costs	225
Total	71,764

As detailed above, these costs were incurred in as part of the Development Phase of the People | Passion | Priory project following an award by the National Lottery Heritage Fund. A proportion of these costs will be reclaimed from the National Lottery Heritage Fund in 2024.

The project funds are maintained in a separate bank account and are internally categorised as designated funds, reserved for project expenditure only. A Chapter resolution governs their use. In 2023, all funds came from this account.

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Brecon Heritage and Culture Network (trading as Brecon Story)

Income and expenditure relating to Brecon Heritage and Culture Network (trading as Brecon Story) has been categorised as Extraordinary Items in Note 7 since the project is entirely self-contained and funded by restricted grants. A full breakdown of expenditure is provided in Note 7. All expenditure (£15,924) comprised restricted funds from grants, donations, and membership fees (£11,010) and a release from restricted funds brought forward from 2022 (£4,914).

Unspent sums brought forward from 2023 have been carried forward into 2024 when it is anticipated they will be transferred to a new organisation, set up to take over the running of Brecon Story. This is deemed necessary as the Cathedral starts its conversion to a CIO.

3.1.2 Income

The sources of income can be divided among:

Donations and Legacies • Public donations • Grant funding • Legacies • Choir Trust and St Mary’s recharge • Sub-total Charitable Activities Other Trading Activities Income from Investments Total	2023 £ 61,290 £ 113,097 £ 2,582 £ 35,033 £ 212,002 £ 5,461 £ 46,435 £ 11,317 £275,216	2022 £ 61,855 £ 147,716 £ 10,011 £ 27,117 £ 246,699 £ 6,514 £ 27,262 £ 11,070 £ 296,117

The 2023 financial year reflects a modest fall in income compared to 2022. There are several reasons for this and these are detailed below.

Public Donations

Cash service collections fell in 2023 from £23,981 to £22,328 and this reflects a general trend away from cash giving to card giving. The Cathedral collection plates now include card readers, and these are popular. Indeed, the amount given by card reader (operated by Goodbox) rose from £6,139 in 2022 to £8,158 in 2023 more than making up for the drop in cash donations in service collections. Conversely, and against trend, the collection box received more cash in 2023, up from £8,134 in 2022 to £10,110 in 2023, showing that allowing visitors to give in various mediums is the best strategy. Giving by Direct Debit remained commensurate with 2022 (identified as Direct Giving). As the amounts given by Direct Debit and regular congregation members (via the envelope scheme) in 2023 remained fairly consistent with 2022, the Gift Aid recovered is also almost the same as for 2022. The maximum amount was claimed through the GASDS scheme, which does allow electronic giving amounts to be included.

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Online giving through Just Giving was very low in 2023 compared to 2022 because of a fault with the Charity account, which has now been rectified. Give as You Live remained low, albeit a slight increase over 2022.

Donations fell from £4,995 in 2022 to £2,447 in 2023. Since these are one-off gifts, they are very difficult to predict, although, in readiness for the launch of the People | Passion | Priory project, there was no stewardship promotion in 2023 to encourage donations.

All giving and donations were unrestricted apart from £1,155 in restricted donations, which all related to fabric repairs on the Cathedral, except for £6, which was for flowers. All of these donations were spent in 2023.

Legacies

There were legacies of £2,582 given to the Charity in 2023, which was, as in all years previously, unexpected. A legacy programme will form part of the People | Passion | Priory project fundraising potentially allowing us to budget for these gifts.

All legacy income was restricted for work on the organ.

Grant Funding

Grant funding fell from £147,716 in 2022 to £113,097 in 2023, a decrease of £34,619. There were specific reasons for the drop from the grant for the Human One Arts Project being a one off in 2022 and not repeated in 2023, the grant for the quinquennial inspection being a one off in 2022 and not repeated in 2023 and the Benefact Trust grant being received at the start of 2024 and, being entirely expended in 2024, not accrued in the 2023 accounts. This accounts for £30,786 of the decrease.

The grant from the Diocesan Board of Finance was received for the last time in 2023 at the same amount for 2022 of £41,190. Grants were received from the Representative Body of the Church in Wales at £53,000 for salaries. The new funding arrangements for 2024 will see both of these grants disappear and replaced with new funding arrangements from the Representative Body.

Grants were received from the Diocesan Mission Fund of £2,943 for part-funding the new website and some staff costs in relation to its build, and £3,000 towards the Medieval Fair.

A grant of £771 towards the alarm systems in the Havard Chapel was received by the South Wales Borderers Association (who manage the Chapel with the Charity) and shows an inflationary increase to that received in 2022.

No Cathedral Friends’ grant was forthcoming in 2023 but are expected in early 2024 and, being entirely expended in 2024, not accrued in the 2023 accounts.

Money was released in 2023 from grants made in previous years, which were brought forward as restricted funds. These comprise:

Choir Fund Grant: Salary Grant for use on rental property for Assistant Organist £10,105 Convivium Reserves £ 1,913

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Organ Scholarship £ 175 Total £12,194

In addition, £4,914 was released to the Brecon Heritage and Culture Network (trading as Brecon Story) as shown in Note 7 of the accounts.

All grants were restricted except for the grant from the Diocesan Board of Finance for £41,190.

Choir Trust and St Mary’s Recharge

The Choir Trust made grants towards music salaries of £25,600 in 2023, which was the same amount granted in 2022.

As outlined above, the Choir Trust also contributed £10,105 towards the rent of the accommodation of the Assistant Organist, taken from a brought forward amount from 2022 with the original use widened with permission by the Choir Trust.

St Mary’s contributed £4,100 towards the Assistant Organist in 2023. This sum included an element of arrears caused by the lack of an upwards adjustment to the reduced sum when Covid-19 restrictions ended and the Assistant Organist resumed working full hours.

All grants were restricted.

Charitable Activities

There was a fall in income from charitable activities of £6,514 in 2022 to £5,461 in 2023. Whereas funerals were commensurate with 2022, weddings fell by £1,095, accounting for the overall fall in revenue.

Candle sales were commensurate with 2022.

All fees received for charitable activities were unrestricted.

Other Trading Activities

Income from trading activities rose sharply from £27,262 in 2022 to £46,435 in 2023, providing an additional £19,173 in total. £8,171 of this was a one-off payment from British Gas as compensation for over charging in 2022 and a one-off refund of £1,026 for the Council Tax for Garth Cottage as it was empty throughout most of 2023.

Most of the remaining increase was accounted for by event income of £18,458 in 2023 as opposed to £9,497 in 2022. This included Brecon Jazz, the Brecon Choir Festival, Brecon Baroque, and event revenue received from the Charity’s lunchtime concert series. The revenue is the best since Covid-19 restrictions and shows a return to a full programme through the year.

Car park revenue rose in 2023 to £12,762 (£10,650 in 2022) after a review of pricing, following a similar review of pricing in town centre car parks. The Cathedral car park still remains the cheapest car park in Brecon. Complaints have reduced and there have been none about the increase in charging.

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VAT of £527 was reclaimed via the Listed Places of Worship Scheme for expenditure that occurred in 2023.

Member numbers of the 200 Club fell, resulting in a small fall in gross revenue.

Other income in this category was commensurate with 2022.

All income received through trading activities was unrestricted except for costs taken from the 200 Club revenue to cover prizes and fees of £874.

Investment Income

Trading conditions were still poor in 2023, albeit much improved from 2022. This resulted in investment income remaining commensurate with 2022 (£11,317 in 2023 and £11,070 in 2022). Most of this increase reflected higher interest rates throughout 2023; bank interest rose from £76 in 2022 to £1,432 in 2023. This increase must be tempered by the high inflation rates through 2023, however, which eroded the real term value of the rise.

Since £43,554 of investments were liquidated during the year and the 2022 figure being for five quarters and not four (as detailed in last year’s Annual Report), income from investments (as opposed to bank interest) fell by £1,109 from £10,994 in 2022 to £9,885 in 2023. With more liquidation of investments planned for the People | Passion | Priory project in 2024, this reduction in investment income will continue.

There was some variability between funds held with the Diocesan Board of Finance and the Representative Body of the Church in Wales in 2021 when the latter outperformed the former in terms of income. This was reversed in 2022 and in 2023, reversed again, with the Diocesan Board of Finance funds showing a yield of 3.6 percent, and the Representative Body a return of 3 percent. The comparable returns in 2022 were 3.52 percent on funds held with the Diocesan Board of Finance and 2.05 percent on funds held by the Representative Body.

Investment income was divided among unrestricted (£5,688), restricted (£3,836), and expendable endowments (£361), all showing a decrease on 2022 figures. This is reflected in Note 27.3 of the Accounts. A table showing the conditions regarding restrictions pertaining to each investment fund is contained in Note 27.1 of the Accounts.

Conclusion

The Charity accounts showed an operating deficit of £57,401 in 2023, which continues the trend of deficits reaching back over many years (punctuated only by those years with Covid-19 support). Indeed, even in 2021, despite a surplus being recorded, it was noted in the relevant annual report that, without grants specific to Covid-19, the operating position would have otherwise been a gross deficit of £61,453.

The Charity carried forward £39,441 of deferred income, which, if able to be spent in 2023, would have resulted in an operating deficit of £17,960, which is significantly lower than the yearly average previously.

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In addition to the operating deficit, there was further expenditure of £96,843 on, mostly, investment in the People | Passion | Priory project. Some of this will be reclaimed from the NLHF in 2024. The work to Garth Cottage has also been highlighted as exceptional since this was to bring the property into a saleable condition in 2023 pending revaluation and sale to the Representative Body in 2024.

Investment capital rose by a modest total of £11,395 during 2023, which reflected the volatility of the markets. Note 27.1 of the Accounts provides a full breakdown. A liquidation of £43,544 in 2023 meant that £2,024 of investment gain was realised, with £9,371 being unrealised.

The net reduction to Cathedral funds throughout 2023, including realised and unrealised investment gain, was £142,850. In terms of net funds, revaluation of tangible fixed assets and heritage assets led to a net increase in total funds (as detailed below).

Conditions in 2023 saw a return to a deficit account, an unwelcome trend that has lasted for many years. Expenditure rises annually and there is no more fat to be trimmed. Income benefitted from a return to more normal event revenue but it is unable to meet expenditure. There seems little way of overcoming these ruinous deficits without further support from the Church in Wales for Cathedrals and a scheme has been agreed in 2023 to offer more support from 2024. This will result in a net gain for the Charity of approximately £40,000. It will not be enough to counter the 2023 deficit entirely and the Charity will need to look to other means of raising revenue. This is the purpose of the People | Passion | Priory project. In the short term, it will require investment, but the long-term projections are for the Charity to move into surplus budgets.

3.2 TANGIBLE FIXED ASSETS

The Charity revalued its tangible fixed assets in 2023, which increased by £236,000 in 2022 to £717,000 in 2023 (details provided in Note 14 of the accounts). These comprise Garth Cottage (£300,000), which is occupied by the Director of Music, St John’s Centre (£175,000), which is under lease to Faith in Families, the car park (£220,000), which earns revenue for the Charity, Priory Field (£10,000), which earns a nominal rent for the Charity and is situated to the north-west of the Cathedral, Bishop Williamson’s Garden (£10,000), which is open space to the south-east of the Cathedral, and a toilet block adjoining Bishop Williamson’s Garden, which is under offer to Western Power for £2,000.

In 2022, the Charity took the decision to sell Garth Cottage and St John’s Centre and revaluation of both took place ahead of the sale in 2024.

The valuation needs updating in 2028.

3.3 HERITAGE ASSETS

The Charity revalued its heritage assets in 2023, which increased by £69,900 to £164,000 in 2023 (details provided in Note 16 of the accounts). These comprise paintings, the finest being ‘Peace’, 1896, by William Strutt (1825 – 1915).

The sixteenth-century Spanish crucifix in the style of Spanish artist Alanso Cano (1601 – 1667), reputedly brought back by a serving soldier at the Battle of Vittoria in 1813 was previously included in the accounts at a value of £16,500. However, the Charity has been

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advised by Bonhams Fine Art department that, under the Ivory Act 2018, it is now illegal to sell ivory with some exceptions. None of these exceptions apply to the Spanish Cross. Accordingly, it has no identifiable value and has been excluded from the list of Heritage Assets.

The valuation needs updating in 2028.

3.4 RESERVES

The Charity holds the following reserves:

• Investment value • Other (including net creditors)	2023 £292,000 £ 69,839 £361,839	2022 £324,149 £180,538 £580,796

The figure for other reserves include £39,441 deferred income to be carried forward into 2024.

The Charity holds reserves against deficits sustained on operating income, unexpected and substantial repairs or maintenance, special projects, such as the amount committed to the People | Passion | Priory project, and to allow for match funding against grant applications.

Our reserves policy seeks to hold unrestricted cash reserves equivalent to six months operating costs at all times (increased to nine months during Covid-19 uncertainty and now reduced to pre-Covid-19 levels). Moving into 2024, this equates to £166,309. The actual figure held is £112,216. The Charity, therefore, is falling short of the sum required by £54,093 and, if needed, this could only be obtained by liquidating more investments. This situation is referenced in the Risk Register extract below under ‘Reserves Policies’ where such diminution is anticipated as a result of funding the People | Passion | Priory project.

Of the reserves not held as cash or in current accounts, and not accounted for by net creditors, the following applies:

Funds Held at the Diocesan Trust Funds Held by the Representative Body	Unrestricted £ 79,397 £ 89,464 £168,861	Restricted £103765 £ 6,567 £110,765	Endowed £ 5,047 £ 7,759 £ 12,806

The policy behind investment strategy is governed by the Diocesan Trust and Representative Body to accord with protocols set by the Church in Wales. The Charity are satisfied that these protocols are adhered to by the respective bodies and match those decisions that would have otherwise been taken independently by the Charity.

3.5 UNCERTAINTIES

In 2023 a Risk Register was developed for the Charity to be adopted in 2024. Those risks deemed to be in the highest category (after mitigation) are:

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Risk Category	Consequences	Mitigation and/or	Action Identified
		controls in place
Health, safety and	• staff injury	• comply with law	• monitor and keep
environment	• product or service	and regulation	policies and
	liability	• train staff and	reporting up-to-date
	• ability to operate	compliance officer	• offer training
	(see Compliance	• put in place	where necessary
	risks) • injury to	monitoring and
	beneficiaries and the	reporting procedures
	public
Being unable to	• poor	• access to grant	• Maintenance Plan
properly maintain	quality/unsafe	funding	in place
Cathedral	buildings for worship	• continual	• Quinquennial
	• increased closure	monitoring of	inspections in place
	of areas	condition	• application to NLHF
	• public perception	• regular	for most urgent
	of decline	quinquennial reports	repairs
Grounds closure	• disruption to	• work schedule to	• carry out all
whilst roofs repaired	events	be planned	mitigation
(as part of the	• lack of income	• work phased to	• application to NLHF
**People	Passion	**	• reputational
Priory project)	damage	• clause in	repairs
		contractor’s contract	• some closure
		• events rescheduled inevitable
		or location moved
Reserves policies	• lack of funds or	• link reserves policy	• monitor and keep
	liquidity to respond	to business plans,	financial policies
	to new needs or	activities and	reviewed and up-to-
	requirements	identified financial	date
	• inability to meet	and operating risk	• will show
	commitments or	• regularly review	diminution to match
	planned objectives	reserves policy and	fund NLHF grant
	• reputational risks if	reserve levels
	policy cannot be
	justified
Cash flow	• inability to meet	• ensure adequate	• monitor and keep
sensitivities	commitments	cash flow projections	financial policies
	• lack of liquidity to	(prudence of	reviewed and up-to-
	cover variance in	assumptions)	date
	costs	• identify major	• regular meetings
	• impact on	sensitivities	with Finance Officer
	operational activities	• ensure adequate	• forecast and plan
		information flow
		from operational
		managers
		• monitor
		arrangements and
		reporting

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Counter party risk	• financial loss • research counter	• financial loss • research counter	• monitor and keep
	• disruption to party’s financial		financial policies
	activities or	sustainability	reviewed and up-to-
	operations	• contractual	date
		agreement	• due diligence on
		• consider staged	counter party
		payments
		• agree performance
		measures
		• monitor and review
		investments
		• establish
		monitoring and
		review arrangements
		where counter party
		is the charity’s agent
		(‘conduit funding’
		arrangements)
Falling numbers of	• inability to	• annual review of	• proposal for
congregations	maintain programme Cathedral finances		recruitment
leading to a	of ministry	through annual	• Minor Canon has
downward spiral in	• the inability of the return process		just been recruited
attendance and/or	Cathedral to meet its • Cathedral		with remit to grow
giving	financial	stewardship	congregation
	commitments campaign
		• enhance reputation
		for music etc
		• better advertising
		of services
Reliance on or loss	• in times of	• most activities are	• volunteer
of key members of	extended absence documented in		recruitment
staff or key	work not covered procedures manual		programme
volunteers	with appropriate skill • where possible,		• look at medical
impacting upon	level or experience cover to be arranged		insurance for staff
financial	• risk of financial loss for holidays /sickness		• regular review and
sustainability	if appropriate • split volunteers and update of
	safeguards not in staff accordingly		procedures manual
	place	• timely recruitment
	• vacuum in	• planned exit
	knowledge regarding strategies
	certain areas	of work
	• loss of key
	information to the
	organisation
	• reputational risk
	due to non-
	compliance or
	inaction of unknown
	tasks
	• particularly
	sensitive at

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Cathedral due to small number of staff

Overrun of	• financial loss and	•	review of	•	unbudgeted
expenditure against	income deficit	expenditure to		expenditure process
budget		budget costs		in place to monitor
		quarterly		unplanned expenses
		•	budget allocated
		and spend
		authorised by
		appointed person
Inflationary	• costs increase	•	review market	•	keep under review
pressures	ahead of income	performance as		but inflation is
	• financial loss and	benchmark		currently falling
	income deficit	•	allow contingencies
	• will erode value of	in budgets
	grant funding
Fall in property	• impact on property •		monitored	•	monitor property
prices	held by the Cathedral awareness of market			market with local
		trends		agents
		•	determination of	• regular valuations
		best value in any		• carry on with sale
		decisions that may		of Garth Cottage and
		result in disposal,		St John Centre to
		including		reduce risk
		consideration of any
		rental options,
		should market prices
		dictate this as an
		option
Public perception	• impact on	•	communicate with	•	keep under review
	voluntary income	supporters and		• website regularly
	• impact on use of	beneficiaries		updated
	services by	•	keep website well	• old information
	beneficiaries	populated and up-to- removed
	• ability to access	date		•Community
	grants or contract	•	ensure good	Engagement Officer
	funding	quality reporting of		recently appointed
		the Cathedral’s		•Communications
		activities and		Officer recently
		financial situation		appointed
		•	implement public
		relations
		•
		training/procedures
Government policy	• availability of	•	monitor proposed	•	read all charity law
	contract and grant	legal and regulatory		update bulletins
	funding	changes		• keep up-to-date
	• impact of tax	•	consider	with developments
		membership of		in charity market

Page 27 of 58

regime on voluntary appropriate umbrella • Chapter Treasurer giving bodies is a member of ACAT • withdrawal of Listed Places of Worship VAT scheme • impact of general legislation or regulation on activities undertaken • role of voluntary sector

These risks will be monitored by the Charity trustees throughout the year.

4. STRUCTURE, GOVERNANCE, AND MANAGEMENT

4.1 Structure

The Charity is constituted by the Welsh Church Act 1914 and The Welsh Church (Temporalities) Act 1991 and the Constitution and Regulations of the Cathedral Church of St John the Evangelist Brecon adopted on 27 May 2020 as amended on 22 September 2022.

4.2 Governance

In 2023, the Charity was governed by the Constitution of the Church in Wales and by the Constitution and Regulations of the Cathedral Church of St John the Evangelist Brecon, adopted in May 2020 as amended on 22 September 2022.

4.3 Trustees

According to Constitution and Regulations of the Cathedral Church of St John the Evangelist Brecon, the Charity Trustees comprise:

1. The Dean.

2. The Residentiary Canon and / or any other Canon appointed to such office.

3. The Archdeacons holding office in the Diocese of Swansea and Brecon.

4. Additional Clerics appointed by the Dean after consultation with the Bishop.

5. The Dean may, after consultation with the Bishop and persons as appropriate, appoint lay members of Chapter.

Appointment of Trustees is made via by the Dean after consultation with the Bishop under a policy of providing a broad range geographical location, skillsets, and experience. The Dean is conscious of the gender and minority imbalance that occurs on Chapter (as all individuals holding positions appointed under 1. to 4. are white males) and is working for this to be corrected.

5. REFERENCE AND ADMINISTRATIVE DETAILS

5.1. Registered name:

The Dean and Chapter of Brecon Cathedral

Page 28 of 58

• 5.2. Charity registration number:

1160017

• 5.3. Jurisdiction:

England and Wales

• 5.4. Principal office of the Charity:

Cathedral Office, Cathedral Close, Brecon, LD3 9DP

• 5.5. Registered office:

Cathedral Office, Cathedral Close, Brecon, LD3 9DP

• 5.6. Administrator:

Ms Karen Schiebe

• 5.7. Accountants:

Dr Mike Williams, Chapter Treasurer Accounts examined by Mr Brian Turner FCCA

• 5.8. Solicitors:

Legal services provided by the Church in Wales

• 5.9. Charity Secretary:

Dr Mike Williams, Chapter Clerk

• 5.10 Changes to Trustees/Canons:

None

6. EXEMPTIONS FROM DISCLOSURE

The Charity has not relied on any exemptions from disclosure.

7. FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

The Charity does not hold funds as custodian on behalf of others.

The Annual Report was approved by the Trustees at a meeting held on 24 September 2024 and signed on their behalf by the Chair of Trustees, The Very Reverend Dean Paul Shackerley.

Page 29 of 58

INDEPENDENT EXAMINER'S REPORT TO THE DEAN AND CHAPTER OF BRECON CATHEDRAL Registered Charity 1161K)17 I rep)rt to the trustees (Ihe Dean and Chapter) on my examination of the accounts of Brec( Calhedral for the year ended 31 Dwnber 2023 {Stalement of Financial ActTrvities. Balance Sheet and Notes 1- 28) Responsibilibes arml trAsis of repcxt As the charity's trustees, you are resFrf)nsible f￿ the preparation of the accounts in a￿)rdance V￿th the requirements of the Charities Act 2011 (Ihe Acr). I report in r@s￿ of my examination of the TnL8t's ￿l￿nts (arri￿1 out u￿ler seclion 145 of Ihe 2011 Act and in carrying oui my examination. I have fOlk)W￿ all the applicable Directions given by the Charity Commission under Secbon 145(5){b) of the ACL Independent Examinerfs Slatwn• The charty's gr¢￿S inc(Nne extxded £250,000 and l am qualifi￿ to undertake the examination being a qualtfied member of the ASs￿lation of Chartered Certified A(£ountants. I have completed my examlnalion. I confirm that no material matters have (x)me to my attention in connection with the examination which give me cause to believe that in any material respect: 1. the acc)unting records ￿tre not kept in aC￿dan(￿ with seclion 130 of the Chatilies Act or 2. the accounts dKI r￿1 a¢￿￿d with 1he acccwnting r￿)rds. or 3. the accounts did not Compty with the applicable wuirements con￿MIng the t￿M and content of a(Lounts set OLrt in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view which is not a matter constdered as part of an Indep￿dent examination. I have no cOn￿mS and have c(xne ￿OsS no other matters in (x)nT￿lOn with the examinatbon to which attenlion should be drawn in this feport in order to enable a proper understanding of the aa￿Unts lo be reached. BRIAN R TURNER FCCA 61 Gabalfa Road Skety Swansea SA2 8NA 23 0(ot*r 2024 Page 30 of 58

The Dean and Chapter of Brecon Cathedral Annual Accounts For the Year Ended 31 December 2023

From: 01-Jan-23 To: 31-Dec-23

SECTION A STATEMENT OF FINANCIAL ACTIVITIES

Notes Income and Endowments From: 3 Donations and Legacies Charitable Activities Other Trading Activities Investments Total Income Operating Expenditure on: 6 Raising Funds Charitable Activities Previous Year Adjustment Total Expenditure 2 Exceptional Expenditure on: Garth Cottage New Website Build Computers for New Staff Conviviuum NLHF Project Costs Total Expenditure 2 Gains/Losses on Investments 27.1 Realised Gains/Losses on Investments Unrealised Gains/Losses on Investments Total Gains/Losses on Investments 7 27.3 14/16 Total Funds Brought Forward Total Funds Carried Forward Net income/expenditure on Operating Figures Net income/expenditure after investment gains/losses Extraordinary Items Transfers between funds Gains/Losses on Revaluation Other Gains/Losses Net movement in funds Net Total Exceptional Expenditure Adjustment from Previous Year Shown as Income	2022 Unrestricted Funds Restricted Funds Endowment Funds Total Funds Prior Year Funds 101,325 110,677 0 212,002 246,699 5,461 0 0 5,461 6,514 42,345 4,090 0 46,435 27,262 7,119 3,836 361 11,317 11,070 0 0 0 0 4,571 2023
	156,250 118,604 361 275,216 296,117 761 874 0 1,635 1,629 219,470 111,151 361 330,981 320,918 0 0 0 0 -4,571
	220,231 112,025 361 332,617 317,975
	-63,981 6,579 0 -57,401 -35,505 17,138 2,671 0 19,809 0 703 1,995 0 2,699 0 658 0 0 658 0 0 1,913 0 1,913 0 71,764 0 0 71,764 13,646
	90,264 6,580 0 96,843 13,646
	-90,264 -6,580 0 -96,843 -13,646 2,024 0 0 2,024 0 4,920 3,870 581 9,371 -40,604
	6,944 3,870 581 11,395 -40,604
	-147,300 3,870 581 -142,850 -76,109 0 0 0 0 0 0 0 0 0 0 305,900 0 0 305,900 0 0 0 0 0 0
	158,600 3,870 581 163,050 -76,109
	961,500 106,462 12,225 1,080,187 1,156,296
	1,120,100 110,332 12,806 1,243,237 1,080,187

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 31 of 58

SECTION B

BALANCE SHEET

	Notes		2023	2023		2022
		Unrestricted Funds	Restricted Funds	Endowment Funds	Total Funds	Prior Year Funds
Fixed Assets
Tangible Assets	14	717,000	0	0	717,000	481,000
Heritage Assets	16	164,400	0	0	164,400	94,500
Investments	27.1	168,861	110,332	12,806	292,000	324,149
Total Fixed Assets		1,050,261	110,332	12,806	1,173,400	899,649
Current Assets
Debtors	19	6,825	0	0	6,825	12,719
Cash at Bank and in Hand	24	105,391	38,126	0	143,517	212,881
Total Current Assets		112,216	38,126	0	150,342	225,600
Less Current Liabilities
Creditors (Amounts falling due in one year)	20	38,473	0	0	38,473	635
Provisions for Liabilities		0	0	0	0	0
Deferred Income	20	1,315	38,126	0	39,441	42,224
PAYE Control	20	2,589	0	0	2,589	2,203
Total Current Liabilities		42,377	38,126	0	80,503	45,062
Total Assets Less Total Liabilities		1,120,100	110,332	12,806	1,243,237	1,080,187
Funds of the Charity
Unrestricted Funds
Funds available	27.3	234,924	0	0	234,924	381,220
Funds in property or heritage assets	14/16	881,400	0	0	881,400	575,500
Designated funds (for NLHF project)	24	2,460	0	0	2,460	1,608
Designated funds (for Choir Scholarship)	24	1,315	0	0	1,315	3,172
Restricted Funds	27.3	0	110,332	0	110,332	106,462
Endowment Funds	27.3	0	0	12,806	12,806	12,225
Total Funds of the Charity		1,120,100	110,332	12,806	1,243,237	1,080,187
Represented by:
Unrestricted Funds
General Fundbalance as at 1 January 2023	27.3	187,376	0	0	187,376	222,881
Transferred from Investment Fund	27.3	43,544	0	0	43,544	0
Net movement in fund		-154,244	0	0	-154,244	-35,505
Total		76,676	0	0	76,676	187,376
Investment Fundbalance as at 1 January 2023	27.3	198,623	0	0	198,623	224,102
Transferred to General Fund	27.3	-43,544	0	0	-43,544	0
Net movement in fund		6,944	0	0	6,944	-25,478
Total		162,023	0	0	162,023	198,623
Property and Heritage Asset Fundbalance as at 1 January 2023	14/16	575,500	0	0	575,500	575,500
Net movement in fund	14/16	305,900	0	0	305,900	0
Total		881,400	0	0	881,400	575,500
Total Unrestricted Funds		1,120,099	0	0	1,120,099	961,499
Restricted Funds
Investment Fundbalance as at 1 January 2023	27.3	0	106,406	0	106,406	106,406
Transferred to General Fund	27.3	0	0	0	0	0
Net movement in fund		0	3,868	0	3,868	0
Total		0	110,274	0	110,274	106,406
Appeal Fundbalance as at 1 January 2023	27.3	0	56	0	56	56
Net movement in fund	27.3	0	2	0	2	0
Total		0	58	0	58	56
Total Restricted Funds		0	110,332	0	110,332	106,462

Page 32 of 58

Expendable Endowment Funds Investment Fundbalance as at 1 January 2023 27.3 Net movement in fund Total Total Expendable Endowment Funds Total Funds 27.3	0 0 12,225 12,225 12,225 0 0 581 581 0
	0 0 12,806 12,806 12,225
	0 0 12,806 12,806 12,225
	1,120,100 110,332 12,806 1,243,237 1,080,187

The Financial Statements were approved by the Trustees at a meeting held on 24 September 2024 and submitted for Independent Examination, with approval given on 23 October 2024, and signed on their behalf by Chair of Trustees, The Very Reverend Dean Paul Shackerley.

Page 33 of 58

SECTION C NOTES TO THE ACCOUNTS

NOTE 1: BASIS OF PREPARATION

Charity Information

The Dean and Chapter of Brecon Cathedral is a charity registered with the Charities Commission, constituted by The Welsh Church Act 1914 and The Welsh Church (Temporalities) Act 1991 and The Constitution and Regulations of the Cathedral Church of St John the Evangelist Brecon adopted on 27 May 2021 as amended on 22 September 2022.

1.1 Basis of Accounting

The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011, and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (Second edition, October 2019). The charity

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going Concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Change to Accounting Policy

No changes to accounting policy have occurred in the reporting period.

1.4 Changes to Accounting Estimates

No changes to accounting estimates have occurred in the reporting period.

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates, and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects

1.5 Material Prior Year Errors

No material prior year errors have been identified in the reporting period.

Page 34 of 58

SECTION C NOTES TO THE ACCOUNTS

NOTE 2: ACCOUNTING POLICIES

2.2 Income

Recognition of Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and Donations

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is

Legacies

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Government Grants

The charity has received no government grants in the reporting period.

Tax Reclaims on Donations and Gifts

y

Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Contractual Income and Performance Related Grants

In the case of performance related grants, income must only be recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met.

Donated Goods

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so. There were none in the accounting period.

Donated Services and Facilities

Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably. There were none in the accounting period.

Support Costs

The charity has not incurred expenditure on support costs.

Volunteer Help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

Income from Interest, Royalties and Dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Page 35 of 58

Settlement of Insurance Claims

Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other income in the SoFA.

Investment Gains and Losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

2.3 Expenditure and Liabilities

Liability Recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance and Support Costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Grants Payable (with performance conditions)

The charity made no grants with performance conditions during the reporting period.

Grants Payable (without performance conditions)

Liability for the full funding obligation is recognised.

Redundancy Costs

The charity made no redundancy payments during the reporting period.

Deferred Income

Deferred income has been included in the Balance Sheet where grants have been received for expenditure in future years or restricted funds have not been expended in the current year.

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

Provisions for Liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

Basic Financial Instruments

The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.

Derecognition of Financial Liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2.4 Assets

Tangible fixed assets for use by charity

These are capitalised if they can be used for more than one year. As all tangible assets are held as land and buildings, a policy of revaluation is adopted.

Intangible fixed assets

Page 36 of 58

There were no intangible fixed assets identified in the recording period.

Heritage assets

The charity has heritage assets, that is, non-monetary assets with historic, artistic, scientific, technological, geophysical or environmental qualities that are held and maintained principally for their contribution to knowledge and culture. A policy of revaluation is adopted.

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

Stocks and work in progress

None were held or identified in the recording period.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Current Asset Investments

The charity has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet short term cash commitments as they fall due. They are valued at fair value except where they qualify as basic financial instruments.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Charitable Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. Endowment funds are subject to specific conditions by donors as to how they may be used and that the capital must be maintained by the charity.

Page 37 of 58

SECTION C

NOTES TO THE ACCOUNTS

NOTE 3: ANALYSIS OF INCOME

		2023	2023		2022
	Unrestricted Funds	Restricted Funds	Endowment Funds	Total Funds	Prior Year Funds
Donations and Legacies
Service Collections	22,328	0	0	22,328	23,981
Direct Giving	12,914	0	0	12,914	12,553
Collection Boxes	10,110	0	0	10,110	8,134
Tax Reclaimed - Gift Aid	3,297	0	0	3,297	3,367
Tax Reclaim - GASDS	2,000	0	0	2,000	2,000
GoodBox Donations	8,158	0	0	8,158	6,139
Just Giving	4	0	0	4	668
Give as you Live Online Giving	32	0	0	32	19
Donations	1,292	1,155	0	2,447	4,995
Legacies	0	2,582	0	2,582	10,011
Organ Scholarship Fund Released from 2022	0	175	0	175	275
Friends' Grant	0	0	0	0	0
DBF Grant	41,190	0	0	41,190	41,190
CiW Administrative Grant for Salaries	0	53,000	0	53,000	53,000
CiW Administrative Grant for Salaries Released from 2021	0	0	0	0	1,159
CiW Grant for Quinquennial Inspection	0	0	0	0	4,920
Diocesan Mission Fund Grant (Outreach)	0	2,943	0	2,943	0
Diocesan Mission Fund Grant (Medieval Fair)	0	3,000	0	3,000	0
Human One Creative Arts Project Grant	0	0	0	0	14,835
National Lottery Heritage Grant Released from 2021	0	0	0	0	2,545
Benefact Trust (previously All Churches Trust) Grant	0	0	0	0	11,031
Convivium Grants	0	0	0	0	4,310
Convivium Private Grant / Donations	0	0	0	0	2,000
Convivium Fund Released from 2022	0	1,913	0	1,913	0
SWB Grant (for Havard Chapel Security)	0	771	0	771	719
Choir Fund Grant: Salary Grant (Director of Music)	0	18,200	0	18,200	18,200
Choir Fund Grant: Salary Grant (Assistant Organist)	0	7,400	0	7,400	7,400
Choir Fund Grant: Salary Grant (Sub Organist)	0	5,333	0	5,333	0
Choir Fund Grant: Organ	0	0	0	0	375
Choir Fund Grant: Salary Grant Released from 2022 for use on rental property for Assistant Organist	0	10,105	0	10,105	5,488
St Mary's Recharge: Salary (Assistant Organist)	0	4,100	0	4,100	1,517
Organ Repair Fund Released from 2021	0	0	0	0	5,870
Collections for Others	0	0	0	0	0
Total	101,325	110,677	0	212,002	246,699
Charitable Activities
Marriage & Banns Fees	1,040	0	0	1,040	2,135
Funeral & Memorial Fees	1,400	0	0	1,400	1,359
Candle Sales	3,021	0	0	3,021	3,020
Total	5,461	0	0	5,461	6,514
Other Trading Activities
Rent Received	513	0	0	513	513
Events	18,458	0	0	18,458	9,497
Wine Sales	104	0	0	104	281
Car Park Income Received	12,762	0	0	12,762	10,650
VAT Reclaimed (Listed Places of Worship)	527	0	0	527	1,115
200 Club	784	874	0	1,658	1,898
Gas Refund from British Gas	8,171	0	0	8,171	0
Gas Recharge (DBF and Clergy)	0	2,390	0	2,390	2,143
Electricity Recharge (DBF and Clergy)	0	477	0	477	691
Electricity Recharge (Tithebarn)	0	349	0	349	439
Garth Cottage Council Tax Refund	1,026	0	0	1,026	35
Total	42,345	4,090	0	46,435	27,262
Income from Investments
Bank Interest	1,432	0	0	1,432	76

Page 38 of 58

DBF Investment Income RB Investment Income Total Total Income	3,588 3,682 179 7,450 8,462 2,099 154 182 2,435 2,532
	7,119 3,836 361 11,317 11,070
	156,250 118,604 361 275,216 296,117

All income in the prior year (2022) was unrestricted except for:

All income in the prior year (2022) was unrestricted except for:
Donations Organ Scholarship Released from 2021 CiW Administrative Grant for Salaries CiW Administrative Grant for Salaries Released from 2021 CiW Grant for Quinquennial Inspection Human One Creative Arts Project Grant National Lottery Heritage Grant Released from 2021 Benefact Trust (previously All Churches Trust) Grant Convivium Grants Convivium Private Grant / Donations SWB Grant (for Havard Chapel Security) Choir Fund Grant: Salary Grant (Director of Music) Choir Fund Grant: Salary Grant (Assistant Organist) Choir Fund Grant: Organ St Mary's Recharge: Salary (Assistant Organist) Organ Repair Fund Released from 2021 200 Club DBF Investment Income RB Investment Income Total Choir Fund Grant: Salary Grant Released from 2021 for	Restricted Funds Endowment Funds Total Funds 1,292 0 1,292 275 0 275 53,000 0 53,000 1,159 0 1,159 4,920 0 4,920 14,835 0 14,835 2,545 0 2,545 11,031 0 11,031 4,310 0 4,310 2,000 0 2,000 719 0 719 18,200 0 18,200 7,400 0 7,400 375 0 375 5,488 0 5,488 1,517 0 1,517 5,870 0 5,870 927 0 927 3,756 183 3,939 160 189 349
	139,778 372 140,150

Page 39 of 58

SECTION C

NOTES TO THE ACCOUNTS

NOTE 6: ANALYSIS OF EXPENDITURE

Raising Funds 200 Club Admin and Prizes Contactless Donation Unit Operating Fees Weekly Collection Envelopes Total Charitable Activities Ministry Share: Ministry Share (2023) Ministry: Gross Wages (Verger) Altar Requisites Flowers Votive Candles Lay Chapter Member Gowns Miscellaneous Ministry Music: Organ & Piano Tuning & Repairs Gross Wages (Director of Music) Gross Wages (Assistant Organist) Gross Wages (Sub Organist) Organ Scholarship Honorarium Chorister Recruitment Garth Cottage Property Costs (Assistant Organist) Music Events Hospitality Staff Welfare Licenses Insurance Resources and subscriptions Miscellaneous Music Water Rates (Cathedral) Electricity (including floodlights) Gas Electrical Testing Internet Insurance (Cathedral) Insurance (Tithebarn) Security Building Maintenance Equipment Maintenance and Hire Stannah Stairlift Maintenance and Repair Grounds Maintenance Leaf Vacuum Gross Wages (Facilities) Gross Wages (Facilities Assistant) Cleaning Gross Wages (Cleaning) Quinquennial Inspection Human One Creative Arts Project Event Costs Miscellaneous Maintenance Administration: Council Tax Water Rates (Clergy Properties) Water Rates (Office) Gas for non-Cathedral Buildings Electricity for non-Cathedral buildings Equipment Hire Equipment Maintenance Hospitality Flower Orders Advertising & PR Printing & Publications Postage and Stationery Telephone and Mobiles Cathedral Costs:

2022 Unrestricted Funds Restricted Funds Endowment Funds Total Funds Prior Year Funds 20 874 0 894 927 648 0 0 648 702 93 0 0 93 702 2023

761 874 0 1,635 1,629 71,809 0 0 71,809 62,397 3,681 0 0 3,681 3,456 0 518 179 698 1,761 917 6 0 922 81 1,091 0 0 1,091 0 0 0 0 0 268 1,678 0 0 1,678 679 337 2,582 0 2,919 6,272 13,779 18,200 0 31,979 30,277 1,824 11,500 0 13,324 12,259 314 5,333 0 5,647 0 0 175 0 175 275 0 0 0 0 1,372 17,138 2,671 0 19,809 0 0 10,105 0 10,105 5,488 4,964 6 0 4,971 905 986 0 0 986 247 384 0 0 384 300 1,420 0 0 1,420 650 0 0 0 0 373 349 0 0 349 0 5,228 0 0 5,228 501 117 0 0 117 1,065 8,488 349 0 8,838 6,018 21,859 0 0 21,859 37,501 1,234 0 0 1,234 0 930 0 0 930 1,333 15,495 567 0 16,063 16,213 2,357 0 0 2,357 2,357 0 203 0 203 1,608 167 1,140 0 1,307 1,474 3,850 590 182 4,622 4,232 992 0 0 992 0 1,307 66 0 1,373 1,401 0 0 0 0 599 16,441 0 0 16,441 14,048 1,918 0 0 1,918 0 779 0 0 779 768 8,190 0 0 8,190 6,630 0 0 0 0 4,920 0 0 0 0 14,835 0 2,994 0 2,994 0 562 0 0 562 242 783 0 0 783 679 1,777 0 0 1,777 961 426 0 0 426 0 3,637 2,390 0 6,027 5,000 158 477 0 636 1,736 0 0 0 0 0 87 0 0 87 0 1,519 0 0 1,519 3,234 0 0 0 0 615 732 0 0 732 571 3,104 0 0 3,104 1,372 340 0 0 340 1,495 386 0 0 386 1,003

Page 40 of 58

New Website Build Internet and Website Fees Computer Software Computers for New Staff Gross Wages (Chapter Clerk) Gross Wages (Administrator) Gross Wages (Communications Officer) Gross Wages (Accounts) Legal & Professional Fees Car Park Management Fee Accountancy Fees Audit Fee Conference Fees Collections Passed Over / Donations Staff Welfare Miscellaneous Administration Conviviuum: Catering costs Llangasty Retreat Miscellaneous costs NLHF Project: Project Manager Architect Interpretation and Activity Planning Fundraising Consultant Evaluation Mechanical and Engineering Measured Survey Display Boards Monuments Survey Role Advertising / Recruitment Planning Fee Miscellaneous Project Costs Convivium Donations Total Total Expenditure	703 1,995 0 2,699 0 2,547 0 0 2,547 1,372 461 0 0 461 0 658 0 0 658 0 0 39,486 0 39,486 27,826 6,556 13,514 0 20,070 18,882 581 948 0 1,529 0 764 0 0 764 0 0 0 0 0 670 900 0 0 900 840 0 0 0 0 2,640 500 0 0 500 500 117 0 0 117 93 340 0 0 340 396 308 0 0 308 0 0 0 0 0 38 0 0 0 0 2,655 0 1,820 0 1,820 0 0 93 0 93 0 28,006 0 0 28,006 13,454 0 0 0 0 1,884 7,200 0 0 7,200 0 11,880 0 0 11,880 0 7,425 0 0 7,425 0 2,400 0 0 2,400 0 10,410 0 0 10,410 0 886 0 0 886 0 1,416 0 0 1,416 0 1,347 0 0 1,347 0 570 0 0 570 0 225 0 0 225 192 0 0 0 0 3,655
	309,733 117,730 361 427,825 334,564
	310,495 118,604 361 429,460 336,193

Page 41 of 58

NOTES TO THE ACCOUNTS

SECTION C

NOTE 7: EXTRAORDINARY ITEMS

Item 1. Arwain Project

ANALYSIS OF INCOME

ANALYSIS OF INCOME
		2023			2022
	Unrestricted Funds	Restricted Funds	Endowment Funds	Total Funds	Prior Year Funds
Donations and Legacies
Transferred from Brecon Heritage and Cultural Network	0	0	0	0	36
Arwain Grants	0	0	0	0	0
Deferred Income Released from 201	0	0	0	0	0
Bank Interest	0	0	0	0	0
Total	0	0	0	0	36
Total Income	0	0	0	0	36
ANALYSIS OF EXPENDITURE
		2023			2022
	Unrestricted Funds	Restricted Funds	Endowment Funds	Total Funds	Prior Year Funds
Project Delivery	0	0	0	0	0
Recruitment	0	0	0	0	0
Office Equipment	0	0	0	0	0
Computers	0	0	0	0	0
Telephones	0	0	0	0	0
Mobile Telephones	0	0	0	0	0
Hospitality	0	0	0	0	0
Subscriptions	0	0	0	0	0
Gross Wages	0	0	0	0	0
Legal & Professional Fees	0	0	0	0	36
Translation Fee	0	0	0	0	0
Transfer to Brecon Heritage and Culture Network	0	0	0	0	0
Total	0	0	0	0	36
Total Expenditure	0	0	0	0	36
Net income/expenditure	0	0	0	0	-36

Page 42 of 58

Item 2. Brecon Heritage and Culture Network (trading as Brecon Story)

ANALYSIS OF INCOME

Donations and Legacies Grants Donations Membership Income Bank Interest Brought Forward from 2022 Total Total Income	2022 Unrestricted Funds Restricted Funds Endowment Funds Total Funds Prior Year Funds 0 9,224 0 0 10,890 0 550 0 0 300 0 1,197 0 0 2,625 0 39 0 0 0 0 4,914 0 0 6,475 2023
	0 15,924 0 0 20,290
	0 15,924 0 0 20,290

ANALYSIS OF EXPENDITURE

Project Delivery Gross Wages Transfer to Arwain Project Carried Forward to 2022 Total Total Expenditure Net income/expenditure	2021 Unrestricted Funds Restricted Funds Endowment Funds Total Funds Prior Year Funds 0 11,936 0 0 4,089 0 3,988 0 0 8,338 0 0 0 0 36 0 0 0 0 1,787 2,022
	0 15,924 0 0 14,250
	0 15,924 0 0 14,250
	0 0 0 0 0

Page 43 of 58

SECTION C NOTES TO THE ACCOUNTS

NOTE 6: FEES FOR THE EXAMINATION OF ACCOUNTS

Independent examiner’s fees Assurance services other than audit or independent examination Tax advisory fees Total Other fees (for example: financial advice, consultancy, accountancy services)	2023 2022 500 500 0 0 0 0 0 0
	500 500

Page 44 of 58

NOTES TO THE ACCOUNTS

SECTION C

NOTE 11: PAID EMPLOYEES

11.1 Staff Costs

11.1 Staff Costs
Total staff costs Salaries and wages Social security costs AVIVA Pension costs (defined contribution scheme) NEST Pension costs (defined contribution scheme)	2023 2022 129,524 102,666 9,696 6,929 2,467 2,916 1,342 867
	143,029 113,377

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000

11.2 Average Head Count in the Year

11.2 Average Head Count in the Year
Fundraising Charitable Activities Governance Other Total The parts of the charity in which the employees work	2023 2022 Number Number 0 0 7 5 0 0 3 2
	10 7

11.3 Ex-Gratia Payments to Employees and Others (Excluding Trustees)

No ex-gratia payments were made to employees in the accounting period.

11.4 Redundancy Payments

No redundancy payments were made in the accounting period.

Redundancy benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide redundancy benefits.

Page 45 of 58

SECTION C NOTES TO THE ACCOUNTS

NOTE 12: DEFINED CONTRIBUTION PENSION SCHEME

12.1 Defined Contribution Pension Scheme

Amount of contributions recognised in the SoFA as an expense

NEST (AE) Pension Scheme One employee has an AVIVA Pension Scheme: Aviva Pension Scheme Total	2023 2022 2,467 2,916 2023 2022 1,342 867
	3,809 3,782

Page 46 of 58

SECTION C NOTES TO THE ACCOUNTS

NOTE 14: TANGIBLE FIXED ASSETS

14.1 Cost or Valuation

The proceeds of any sale would become unrestricted funds.

14.1 Cost or Valuation The proceeds of any sale	would become unrestricted funds.
At the beginning of the year Additions Revaluations Disposals Transfers At Year End	Garth Cottage St John's Centre Car Park Priory Field Bishop Williamson' s Garden Toilets Fixtures and Fittings Total £ £ £ £ £ 235,000 64,000 160,000 10,000 10,000 2,000 0 481,000 0 0 0 0 0 0 0 0 65,000 111,000 60,000 0 0 0 0 236,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
	300,000 175,000 220,000 10,000 10,000 2,000 0 717,000

14.5 Revaluation

The effective date of the revaluation

The name of independent valuer, if applicable

The methods applied and significant assumptions for property valuation

The methods applied and significant assumptions for land valuation The carrying amount that would have been recognised had the assets been carried under the cost model.

Garth Cottage and St John's Centre valued at 4 March 2024 (current at 31 December 2023). The other valuations have been calculated in-house at 31 December 2023.

Mr David James FRICS, James Dean, Brecon. The other valuations carried out by Cathedral Treasurer.

Follows RICS UKGN7 "Valuations for Charities". Garth Cottage is valued with vacant possession, St John's Centre is valued subject to lease.

Car park based on 2023 income figures at a discount rate of 5 percent per annum in perpetutiy. Other land assigned nominal

N/A

Page 47 of 58

SECTION C

NOTES TO THE ACCOUNTS

NOTE 16: HERITAGE ASSETS

16.1 General Disclosures for all charities holding heritage assets

(i) Explain the nature and scale of heritage assets held

Art comprises pictures decorating the Cathedral building. The Spanish Cross is used in services, otherwise is on occasional display but see note on revalusation below.

(ii) Explain the policy for the acquisition, preservation, management, and disposal of heritage assets Heritage assets are items owned by the charity, mostly resulting from historical donations. They are not considered investments. The proceeds of any sale would be unrestricted funds.

16.2 Cost or Valuation

At the beginning of the year Additions Revaluations Disposals Transfers At Year End	Art Spanish Cross Total £ £ £ 78,000 16,500 94,500 0 0 0 86,400 -16,500 69,900 0 0 0 0 0 0
	164,400 0 164,400

16.6 Revaluation

The effective date of the revaluation: The name of independent valuer, if applicable:

Qualifications of Independent Valuer:

The methods applied and significant assumptions: Any significant limitations on the valuation:

Qualifications of Independent Valuer:

3 November 2023 Emma Sykes, Bonhams, Bath

Regional Manager and South West Picture Specialist

Insurance valuation

The Spanish Cross was identified by Bonhams Fine Art Department as being of ivory construction. Under the Ivory Act 2018, it is now illegal to sell ivory with some exceptions. None of these exceptions apply to the Spanish Cross. Accordingly, it has no identifiable value and has been excluded from the list of Heritage Assets. The valuation needs updating in 2028.

Regional Manager and South West Picture Specialist

Page 48 of 58

SECTION C

NOTES TO THE ACCOUNTS

NOTE 19: DEBTORS AND PREPAYMENTS

19.1 Analysis of Debtors

19.1 Analysis of Debtors
Trade Debtors Prepayments and Accrued Income Other Debtors Total	2023 2022 4,518 6,286 2,306.59 6,433 0 0
	6,824.93 12,719

19.2. Analysis of debtors recoverable in more than 1 year (included in debtors above)

Trade Debtors Prepayments and Accrued Income Other Debtors Total	2023 2022 0 0 0 0 0 0
	0 0

Page 49 of 58

SECTION C NOTES TO THE ACCOUNTS

NOTE 20: CREDITORS AND ACCRUALS

20.1 Analysis of Creditors

Accruals for grants payable Bank loans and overdrafts Trade creditors Payments received on account for contracts or performance-related grants Accruals Taxation and social security Other creditors Total PAYE Control	2023 2022 £ £ 0 0 0 0 135 135 0 0 38,338 500 0 0 0 0 Amounts falling due within one year	2023 2022 £ £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Amounts falling due after more than one year
	38,473 635 2,589 2,203	0 0 0 0

20.2 Deferred Income

Donations were received in 2023 relating to a Benefact Trust grant and a Diocessan Mission Fund grant. None of the former and only part of the latter were expended in 2023 and the residual sum will be carried forward to

Movement in deferred income account

Movement in deferred income account
Balance at the start of the reporting period Amounts added in current period Amounts released to income from previous periods Comprising:* Amounts added in current period Convivium Donations Benefact Trust Grant Diocesan Mission Fund Grant (Outreach) Sub-Total Amounts used in current period CiW Administrative Grant for Salaries Released from 2021 National Lottery Heritage Grant Released from 2021 Organ Repair Fund Released from 2021 Organ Scholarship Fund Released from 2022 Brecon Heritage and Culture Network (trading as Brecon Story) Convivium Sub-Total Amounts Brought Forward from previous period Organ Repair Fund Balance at the end of the reporting period*** Choir Fund Grant: Salary Grant Released from 2022 for use on rental property for Assistant Organist	2023 2022 £ £ 42,224 60,380 14,325 3,655 17,108 21,811
	39,441 42,224 0 3,655 9,652 0 4,673 0
	14,325 3,655 0 1,159 0 2,545 0 5,870 175 275 4,914 6,475 1,913 0 10,105 5,488
	17,108 21,811 2,945 2,945

Page 50 of 58

Convivium Brecon Heritage and Culture Network Choir Fund Grant: Salary Recharge Organ Scholarship Sub-Total Balance at the end of the reporting period	10,155 6,500 5,782 5,782 21,851 21,851 1,490 1,490
	42,223 38,569
	39,441 42,224

Page 51 of 58

SECTION C NOTES TO THE ACCOUNTS

NOTE 24: CASH AT BANK AND IN HAND

Unrestricted Restricted Unrestricted Restricted £ £ £ £ Short term cash investments (less than 3 months maturity date) 0 0 0 0 Short term deposits 0 0 0 0 Cash at Bank and On Hand Lloyds Current Account 8,669 0 60,832 0 Lloyds Bus Bank Instant 91,193 38,126 100,044 42,224 Appeal Account 2,460 0 1,608 0 Churchyard Account 740 0 734 0 Arwain/Brecon Heritage and Cultural Network 2,257 0 7,031 0 Petty Cash 72 0 408 0 Other 0 0 0 0 Total 105,391 38,126 170,657 42,224 Annual Total Of which, £1,315.00 of unrestricted funds comprises designated funds for: The Organ Scholarship Fund 1,315 1,491 Of which, £38,126.15 of restricted funds comprises restricted funds for: Benefact Trust Grant 9,652 0 Diocesan Mission Fund Grant (Outreach) 4,673 0 Organ Repair Fund 2,945 2,945 Convivium 8,242 10,155 Brecon Heritage and Culture Network 868 5,782 Choir Fund Grant: Salary Recharge 11,746 21,851 38,126 40,733 Total 39,441 42,224 2023 2022 143,517* 212,881	Unrestricted Restricted Unrestricted Restricted £ £ £ £ 0 0 0 0 0 0 0 0 8,669 0 60,832 0 91,193 38,126 100,044 42,224 2,460 0 1,608 0 740 0 734 0 2,257 0 7,031 0 72 0 408 0 0 0 0 0 2023 2022	Unrestricted Restricted Unrestricted Restricted £ £ £ £ 0 0 0 0 0 0 0 0 8,669 0 60,832 0 91,193 38,126 100,044 42,224 2,460 0 1,608 0 740 0 734 0 2,257 0 7,031 0 72 0 408 0 0 0 0 0 2023 2022	Unrestricted Restricted Unrestricted Restricted £ £ £ £ 0 0 0 0 0 0 0 0 8,669 0 60,832 0 91,193 38,126 100,044 42,224 2,460 0 1,608 0 740 0 734 0 2,257 0 7,031 0 72 0 408 0 0 0 0 0 2023 2022
	105,391 38,126 170,657 42,224
	143,517 212,881
		1,315 9,652 4,673 2,945 8,242 868 11,746 38,126 39,441	1,491 0 0 2,945 10,155 5,782 21,851
			40,733
			42,224

Page 52 of 58

SECTION C

NOTES TO THE ACCOUNTS

NOTE 27 CHARITY INVESTMENTS

27.1 Details of Material Funds Held and Movements during the Current Reporting Period (2023)

File Number Title Unrestricted Investments Funds Held at Diocesan Trust M66 Enoch Miles Legacy M81 Sale of 25 High Street (Ethel Gane Legacy) Totals Funds Held at RBCW 3088 Sales of Land Totals Restricted Investments Funds Held at Diocesan Trust M13 Elizabeth Williams Benefaction M16 Bishop Bevan Trust Fund M18 Bishop Bevan Fabric Fund M41 Bishop Williamson Bequest M54 Miss MC Bowen Fabric Trust M67 Margaret Greaves Smith Legacy Totals Funds Held at RBCW 3974 J Crichton Parry de Winton Bequest Totals Expendable Endowment Investments Funds Held at Diocesan Trust M10 AM Games Totals Funds Held at RBCW 4318 Cathedral Endowment Fund Totals Total Investment Funds Unrestricted Investment Values Restricted Investment Values Expendable Endowment Investment	Investment Balances Brought Forward Income Expenditure Transfers Gains and Losses Investment Balances Carried Forward 112,630 3,291 -3,291 -43,544 1,933 71,019 8,094 297 -297 0 284 8,378
	120,724 3,588 -3,588 -43,544 2,217 79,397 84,737 2,099 -2,099 0 4,727 89,464
	84,737 2,099 -2,099 0 4,727 89,464
	205,461 5,688 -5,688 -43,544 6,944 168,861 1,800 66 -66 0 64 1,864 14,137 519 -519 0 496 14,633 45,214 1,661 -1,661 0 1,588 46,802 18,491 679 -679 0 650 19,141 9,009 331 -331 0 317 9,326 11,591 426 -426 0 408 11,999
	100,242 3,682.22 -3,682 0 3,523 103,765 6,220 154 -154 0 347 6,567
	6,220 154 -154 0 347 6,567
	106,462 3,836.29 -3,836 0 3,870 110,332 4,876 179 -179 0 171 5,047
	4,876 179 -179 0 171 5,047 7,349 182 -182 0 410 7,759
	7,349 182 -182 0 410 7,759
	12,225 361.16 -361 0 581 12,806 0
	324,149 9,884.97 -9,885 -43,544 11,395 292,000

Page 53 of 58

INVESTMENT PURPOSE AND RESTRICTIONS

Fund names		Units Held	Type PE, EE, **R, or UR ***	Purpose and Restrictions
Funds Held at Diocesan Trust
M10	AM Games	2,887	EE	Services provided by the Cathedral
M13	Elizabeth Williams Benefaction	1,066	R	Cathedral grounds
M16	Bishop Bevan Trust Fund	8,370	R	Any except fabric
M18	Bishop Bevan Fabric Fund	26,770	R	Repair or restoration of fabric
M41	Bishop Williamson Bequest	10,948	R	Fabric
M54	Miss MC Bowen Fabric Trust	5,334	R	Repair of fabric
M66	Enoch Miles Legacy	40,621	UR	No restriction
M67	Margaret Greaves Smith Legacy	6,863	R	Maintenance of Cathedral
M81	Sale of 25 High Street (Ethel Gane Legacy)	4,792	UR	No restriction
Funds Held at RBCW
3088	Sales of Land	40,436	UR	No restriction
3974	J Crichton Parry de Winton	2,968	R	Maintenance, decoration, or improvement
4318	Cathedral Endowment Fund	3,507	EE	Maintenance and service

• Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and UR - unrestricted funds

Page 54 of 58

SECTION C

NOTES TO THE ACCOUNTS

NOTE 27 CHARITY INVESTMENTS

27.2 Details of Material Funds Held and Movements during the Previous Reporting Period (2022)

File Number Title Unrestricted Investments Funds Held at Diocesan Trust M66 Enoch Miles Legacy M81 Sale of 25 High Street (Ethel Gane Legacy) Totals Funds Held at RBCW 3088 Sales of Land Totals Restricted Investments Funds Held at Diocesan Trust M13 Elizabeth Williams Benefaction M16 Bishop Bevan Trust Fund M18 Bishop Bevan Fabric Fund M41 Bishop Williamson Bequest M54 Miss MC Bowen Fabric Trust M67 Margaret Greaves Smith Legacy Totals Funds Held at RBCW 3974 J Crichton Parry de Winton Bequest Totals Expendable Endowment Investments Funds Held at Diocesan Trust M10 AM Games Totals Funds Held at RBCW 4318 Cathedral Endowment Fund Totals Total Investment Funds Restricted Investment Values Unrestricted Investment Values Expendable Endowment Investment Values	Investment Balances Brought Forward Income Expenditure Transfers Gains and Losses Investment Balances Carried Forward 127,131 4,220 -4,220 0 -14,501 112,630 9,136 303 -303 0 -1,042 8,094
	136,267 4,523 -4,523 0 -15,543 120,724 94,673 2,182 -2,182 0 -9,935 84,737
	94,673 2,182 -2,182 0 -9,935 84,737
	230,940 6,706 -6,706 0 -25,478 205,461 2,032 67 -67 0 -232 1,800 15,957 530 -530 0 -1,820 14,137 51,036 1,694 -1,694 0 -5,822 45,214 20,872 693 -693 0 -2,381 18,491 10,169 338 -338 0 -1,160 9,009 13,084 434 -434 0 -1,493 11,591
	113,149 3,756 -3,756 0 -12,907 100,242 ` 6,949 160 -160 0 -729 6,220
	6,949 160 -160 0 -729 6,220
	120,099 3,916 -3,916 0 -13,637 106,462 5,504 183 -183 0 -628 4,876
	5,504 183 -183 0 -628 4,876 8,211 189 -189 0 -862 7,349
	8,211 189 -189 0 -862 7,349
	13,715 372 -372 0 -1,490 12,225 0 0
	364,753 10,994 -10,994 0 -40,604 324,149

Page 55 of 58

INVESTMENT PURPOSE AND RESTRICTIONS

Fund names		Units Held	Type PE, EE, **R, or UR ***	Purpose and Restrictions
Funds Held at Diocesan Trust
M10	AM Games	2,887	EE	Services provided by the Cathedral
M13	Elizabeth Williams Benefaction	1,066	R	Cathedral grounds
M16	Bishop Bevan Trust Fund	8,370	R	Any except fabric
M18	Bishop Bevan Fabric Fund	26,770	R	Repair or restoration of fabric
M41	Bishop Williamson Bequest	10,948	R	Fabric
M54	Miss MC Bowen Fabric Trust	5,334	R	Repair of fabric
M66	Enoch Miles Legacy	66,685	UR	No restriction
M67	Margaret Greaves Smith Legacy	6,863	R	Maintenance of Cathedral
M81	Sale of 25 High Street (Ethel Gane Legacy)	4,792	UR	No restriction
Funds Held at RBCW
	Sales of Land	40,436	UR	No restriction
	J Crichton Parry de Winton	2,968	R	Maintenance, decoration, or improvement
	Cathedral Endowment Fund	3,507	EE	Maintenance and service

• Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and UR - unrestricted funds

Page 56 of 58

SECTION C

NOTES TO THE ACCOUNTS

NOTE 27.3 TRANSFERS BETWEEN RESERVES

Current Year (2023) Figures

	Accumulated Fund Balances at 31 December 2022	Transfer Between Funds	Net Incoming/ Outgoing Resources	Gains/Losses on Revaluations	Accumulated Fund Balances at 31 December 2023
Unrestricted Funds
General Fund	187,376	43,544	-154,244	0	76,676
Investment Fund	198,623	-43,544	0	6,944	162,023
Total	385,999	0	-154,244	6,944	238,699
Restricted Funds
Investment Fund	106,406	0	0	3,868	110,274
Appeal Fund	56	0	0	2	58
Total	106,462	0	0	3,870	110,332
Expendable Endowment Funds
Investment Fund	12,225	0	0	581	12,806
Total	12,225	0	0	581	12,806
Total	504,687	0	-154,244	11,395	361,837
Prior Year (2022) Figures
	Accumulated Fund Balances at 31 December 2021	Transfer Between Funds	Net Incoming/ Outgoing Resources	Gains/Losses on Revaluations	Accumulated Fund Balances at 31 December 2022
Unrestricted Funds
General Fund	222,881	0	-35,505	0	187,376
Investment Fund	224,102	0	0	-25,478	198,623
Total	446,982	0	-35,505	-25,478	385,999
Restricted Funds
Investment Fund	120,036	0	0	-13,630	106,406
Appeal Fund	63	0	0	-7	56
Total	120,099	0	0	-13,637	106,462
Expendable Endowment Funds
Investment Fund	13,715	0	0	-1,490	12,225
Total	13,715	0	0	-1,490	12,225
Total	580,796	0	-35,505	-40,604	504,687

Page 57 of 58

SECTION C NOTES TO THE ACCOUNTS

NOTE 28: TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES

None of the trustees have been paid any remuneration or received any other benefits from employment with the charity or a related entity. Key management roles are undertaken by two Cathedral clergy, both of whom are all employed and paid for by the Representative Body of the Church in Wales. Their expenses used to be shown separately in the Accounts (see 2021 figures) but are now incorporated into the cost centre where the expense occurred to provide greater clarity. No

Page 58 of 58