Chwtty r•gkntrth numb•r 11•6166 THE FRIENDS OF LLANDAFF CATHEDRAL ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 THE FRIENDS OF LLANDAFF CATHEDRAL CONTENTS P•p• TfU•t•¢i r•pcrft Indopwtht exwninefs r•port Sl*tem•nt offNrKIBI ad¥lU Bal•rK• 11￿¢¢ Nots8 to IM fir4ndo1 gl*•ffle 9-19 THE FRIENDS OF LLANDAFF CATHEDRAL TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEAI8ER 2023 finandBI Statements pnl ¢omFty 1he d0￿mentI. th8 ChartsB Act 2011 and 'A¢wunllng and Ropjrtwig by Cl•rftkn: stst•m•nt d ReC0ft¥n￿ Prxa*é •F¢We to cthJnOes thelr accwnt8 4ccordqrts *41h th4 Fknandd StwKl•rd •p*rtA• in th• UK ol Ir•larAI IFRS 1ff2>' {effectlve 1 20191. Obj•GtI¥￿ and acthiu Th• objects and ofth• CIO w•... . To hdp •nd fin•rKa•lly Ch8tkn Cafvdrd for tho w￿¥0)n. m•trrtw￿nC• and •nhAnc•m¢nt ofthg Gthth•l ol Ll•rthff. . To sUPPryt •nd trad6th)M Df T*Dr¥hlp In the ￿th8th1, •wrtrg •rKI ML* to wppcft the life, t*ornhlp and mbn* ol thB Cath8th￿. Publk 8•n•fft The Iru8tees hove pthd r•Jwd to lsw•d by CMIlty Ctynmlmlon In tJ•ddTra tho charfty *￿Id undertak•. In pl•rw*N th1u￿. In kwUaA•r. th• tsult￿l ￿1￿lj•r h¢hv •ctMI TnJ8te8¥ r•h• rnonvy Ind make •nd +Jon•tKm to U•nd•ff Catrthl. Lkndaff Colhedr411i • pl•c• tyl hhtori￿l end culur41 importance. 11 hc4d8 vjncertj. m•lnla*A and hosts èvent8. 11 li tw to thè putllo m•klrw pollcy Th• c•th￿r•I Ch•ptw 1thSt grn)t •k¥41¢*btyM to lh• tru¥lM¥ foT ¥p•dk kYded8 tht tsy h•v• fvra￿d. Th6•• co￿1￿01•d ty th• tru*••8 •rhJ11 •r• opprtr4•d. gr•nts rn * toth• Cathedral. Achl•v•m•nts *nd p•rlorni•n Durfng th• y•w mol ¥Ath of h Ch•M•r to plan8 b••1 tho FrhThl• e￿Id *upport them. Dec15k>ns wer•t•ken to *¢bYrd g￿ts of £45,000 lo stppNt c•lfie(lrnl mu8k, £281,776 lU￿rdS T￿01 upgTad8 of1ho hoalr¥ £575 to h•¥> furKI I￿ crnt olth• c•th•drnl Vlnanclol rnvl•w It 15 Iha polky o11he chartty that fimds tA**h ha¥e bg8n d•*nat8d lor a u8e should t m•1rrtaW at not ￿&B than •xp•rth. Tr* knJs10•8 cw&der that reaervey at thb IMII 7•AII er¥8ure that. Iho e¥•nt ol o Wcart thcp In firKlkng. thoy VAII be able to ¢h•rt￿8 ¢Jffr•rt athlvos thle corwld&Tth18 glwn to ways In vhlc*J add￿0￿1 fur•Js be raised. This lèvtj of re¥w￿l haB bBon mdntatrwd lth*ughout th• y•8r. The flnan¢lal tht•m￿S Sr￿ IrNethr*ts at M•ketVal￿. Gn•ts thrir¥ th• year am￿nIed tg £314.351. Unr•itrfra•d r••thw •t 31 D￿•ffl￿ 2023 wern £814.937. ehwtty h•8 r4) empbyett FY•ns to rnCr￿t ￿Y fwg808at4# futwe. V4brf( i)n bgh•if of th• THE FRIENDS OF LLANDAFF CATHEDRAL TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Struclurn* gov•rnanc• and m#n•gwMnt The a Cttathth Pr￿danI Chlr Mr• L D Qulrn Tntst LDQUIM M E G PJthr8or+-R••d Caplakn Slr N LWEthwarfs trAADRe B Rctrf•tyb DrA J Ethb•rOg Mr D G Cdllr ACknp8y Mrn S ACMbhi~ •pPO￿•d 1310&r2fd3 Mr￿j¢￿￿-¥F￿h￿ 21M1r23 Nor* ol •ny binefityAI inter•* In tre CIO. Al crf th• tr￿1881 ¥• m•rY*ern ol th• CIO •nd guorgntètr to ￿n1ft￿Arte £1 in the event of 8 wiThlng up. Tr* CIO to r•crtdt truotè•¥ from bth Inald• Ar￿ rAthd• of tr* C•th•dr•l ¢ommurAly, from amorKJ th0￿ •n int•rnst In the herK8y. ¢￿ture lrnditKM ofthe C*a*al. Trusl•es a￿ •ppoiTrted 81 fv AMug1 ()¢nef•l Meeting. Durify3 t￿ y￿r •xhllry tWsts8• may apwlnt n•w tsu•tè88 who wlll b8 requlred to r•dm ar￿ •l•nd for rtrapWnlfflW￿ 41 nextAGM. THE FRIENDS OF LLANDAFF CATHEDRAL TRUSTEES REPORT (coKfiNUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 R•f•renM ind •dmlnl•trth Inlornwtlon Chadty number 1195865 Gov•rthg documgnt CIO.AM0cl8ttc￿ rq*8d 21 Serlembw 2021 Bink• Uo>th Bank l Str•ei Carthff CFIO 2AF COF Chirty 1 Arwl L• EC4R 3A8 Ind•p•nd•nt ex•mln•r Ty D•r Umè Tf•ts C¢MKt CF23 &48 Prln¢lplAddr• PTeb•thl Hou Ca CF5 2LA Hon•x•ry trU￿r•I Brkn RobirAon 10 BiilwAveN ca￿h1 CF6 2HJ Honornry ••cv•l•ry Arthw Impoy 5 Deart Ck*e Lland•ff M•mb•rnhlp ••cr•thry DrAJ 2 Mmxor* Pwk CF14 OUH THE FRIENDS OF LLANDAFF CATHEDRAL TRUSTEES REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEAIBER 2023 THE FRIENDS OF LLANDAFF CATHEDRAL INDEPENDENT EXAIIINERE REPORT TO THE TRUSTEES OF THE FRIENDS OF LLANDAFF CATHEDRAL l ￿ptsrt to It* trust•e6 cn my •xanir•tiM cl ol T￿ Frfwvjg ol LW C•thedrnl (the aftyl tor IM year ended 31 Dec*mbw 2023. R••pon#lbllltl•s and b••l* of r•port the r•quk•ffl•rts dth• Chqrld••Acl 2011 ryh• 2011 P4. I rewt in r••p•(l ofmy •wntn*lm ofiiw dwrW• frnwl •l•ttrhwts ••(Xlon 146 of lh• 2011 ILt. In c8tyng Out my •Xwrt1rk￿n I hAV• fofmd d th• •pplrA>l• (Xyqcll￿ gl¥•n ty th• Ct*TIty ComThd8qlc undor sodon 1445llb) 2011 kl. Ind•p•nd•nt •MmlA•f* •t*t•m•nt and R¢poitn9 ty CAwbll•o sY•p•thNJ thetr 8. thiiity IB d Public 8en¢fft Enw a6 d4fin•d by FRS 101 The ch8rfty ha8 tqk•n ￿ of SOFIP ky <*wlO8B not a Stst4Mnt CA lh Flow•. Thè In8ndal 6t8t8meNts dopwted frcyn th8 crArIl￿ {kn>￿tI R•wt8) R•gulath)n8 2008 orty trj th9 8Xt•nt r•qulr•d to wov*So a tw8 aThl latr t4bThi. Th18 dapariur• h88 h￿l*￿1 fdkwlng th• Ststgmont ol R•¢cmm•rnle(I Pr4(*￿ fof eknilei •ppfylry FRS 102 r•thw Ihffi Ihe ￿rI￿)n ol st4lwn•nl Recc*nmended Pr•cllce *thlch 1$ relwf•d lo In R•guWons Ixrt TAthIth dnce bo￿ Th1thd￿. fln•rdal •lat8ment8 prep¥•J In t*tich th the ￿lM￿Y of ch•rlty. Mon•tary nts in fin•%l*l ￿•t*￿￿e￿I IA r¢Md•d to Ihè n￿re1t L Thè fin•rKlal Atatam•rts bo￿ prnkwus wKl•r cr4t Tho p[IrKa￿l 4G¢ountkng pc4d•8 adoO•J w• oet +>Jl t*w. 1.2 Golng ￿ne•rn Al the lime ol •P￿r￿￿ the Iln•ndo1 ststem•nts. th• tru*•M h•Nn • r••8¢•￿ expec*4llon that th• eha ¢th￿nu* to •Joplth• gcaw Mnr*7J b•* (rf •¢u)urllng In ffln•nd•t thm•nts. 1.3 Ch•rflabl• fvnd• Unfa8trkted fijrth ar• a%•11￿0 for at tho dltcrnllon of thè In fUt￿￿r¢4 ol tr￿r Ra8trl¢aqd l￿d¥ are suLlect to speak c¢ThJitK¥M by th)rwJrn as lo IKMf thoy may bg ￿ld. The and UWJ ofthè rethded fimdi are let wt In th• tothe 8l•twnwl8. EndNm•rt knds we wt4•ct to 8p•c*lc dLYKn tr•t ts ca￿1 mu* b• mglrt•lngd by the d)8rfty. 1A Income th• •mourt# ￿ bo mtr8Bur•rl mllatfy. It trot tAIII b8 fTh*d. of Ihp th)natvJn. unths p•rfumvu ayndlor• req￿re d￿OrTal of ￿ ww)L IwA)mo tsx [W49T8b￿ In to Lkn•kn$ rec•l¥•d urthr QhlAJd or of cov•nont Is rwriwd at thi tirrv4 of th• cbnalcfi. THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL sTATEmE￿rs (coKriNUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Accouniing pollcl (Conlknu•dl Lews are feMwised on reL*pt or rf tt* ch•rlty has been of an ￿P￿dIva cl1str1bL￿(￿. the omount is kncrlm, ard r•ceiM Is expe(thl. 11 the anKyJnt i¥ N)t kntr•m, the *acy h treated as a ccffllr•nt ••••l. 1.6 Exp•ndltur• Exwdrtwfr 18 recwS8od On￿ Is a ￿gAI or constnth otligalion to transfer etsjnthnic ￿neffit to third p8rty, It 1$ wob8ble IMt 8 Irwofw of ecwmk *lM ba requir￿1 In *￿emenl and th8 amounl thè obligatkjn (an b• Mèalw￿ rellaw. Exp￿ditUrn 18 d•6sthed by athity. The o)sts of eath activty •r• mèdo vp ol tofvl cl di￿ cut• Ind 8harnd ¢0*8, Indudin9 SLVP¢ft costs inbrl¥od in un(knrtokirwJ •¢*vty. c￿118 attritNJiALYe to a Bingle Bell￿ty are allocated dlrecuy to Ihal ￿tt¥￿. Shwed c06ts contribukn lo mry• th•n gn• •cthlty and iurw1 costs vthld) er• ncl attribut8￿6 to • •trvJb• KO¥lty aro •pportlmgd b•l￿an th￿8 athlbs ￿ a bJsl8 ¢LV181st•nt wllh the u#6 of re8ource8. . 1.$ Flx•d •v•t Inv••tm•nts Flx•d •88•1 inv•¥lmenli ar• Iriuaity mea•￿ •t pru ¢%￿¥￿ ¢o#•. Ind suby•quenUy meawJed at fatr value at e8d) date. Chonge• In f•lr vakni afe recogrl•ed In n•1 In￿me1(axpand￿turol for tho y08r. Tran8aLl￿ COBts ar• •xpThd a• inwrred. 1.7 C••h and gqulvahnts Cash aNI ￿8h •qur410￿nt8 Incl￿ c•ph n h•rrfl, hdd at c•1 tmth t•nk4 olmr $I￿rt.1•mI Iquld inv•8tmenis ¥Ath v*ln81 m•tuthi•8 of ttwg• m¢yth OT l•Ns, bonk ov•rdrafti. 8llnk Dv•rdr4ft• ¥r• ohgwn wthln bOrm￿n9* In ¢ur(•nt 1.5 Fln•n¢l•l In•trurn•nts Th• chirty has •le¢a•d to appty cl S•dkffj 11 '8••lc Flnondgl IrAtrum•rrtB' •nd S•ctbn 12 'Other Nn8rKial Instr￿￿entS Issues, of FRS 10 •ll of rt• finwKi•I In￿n￿nI•. Flnan¢l•l I￿tr{￿n9nts &Y• r•ccrfwbB•d kn th• balanc• theet th• c￿TIty becom•¥ party to th• Fln•ncial a6¥ets liatilities •re offlrt ￿th t￿ nel ¥mounts p￿￿1¥￿ kn lh& ffinondal slatem•nts, when thw• is 8 le9ally enforc•&ble right lo set off ts wni8ed amourrts thef• 1$ an N)teth"on lo 8eltle Dn a net bo￿0 or lo rvallBe lh• ￿¢1 Jnd •ellle tr* Ilat41ty iinul1arww￿y. 88sK finan¢i81 ¥s8•t8, indLAl• debtorn aThJ cash arKI b￿￿ces, we irwb<y rneasur•d at tran88cllon prkn In¢lLKlirvJ tran•actlcn ¢0615 9￿ wfled 8t amryti5¢d cost the effective Inlwest metf£n8tlith 8 Ilntr)clrvJ trBnsthi. U* debt intrurTWrt 18 meawred at the Present Val￿ of fuiwo payment• al • r•1• (l l•L*th8 cl•Mlft•d •B p•y•blo one year are ncA amorb"sed. O•bt kn8lnJm•nts ￿ wt4•qu•nty c•rrfed •t wnrrt••d txrt L¥lng IM elhdi4* lrttw••t rt• mthod. Tr•d• cr••btorn 2023 2022 Amoubts f•lllw du• Th*hln on• y••r. 7C(I 550 17 Curr•nt M••t knv88tm•nts 2023 2022 Unlsted in¥thr￿ts 303.826 276.653 -16- THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 11 Crndltarn: wnount• f•llng du• ¥Athln on• y 2023 2022 1.174 1.143 19 EN1¢y￿•rf fvnd• ondc*vm8nl fvnd8 e4n bè Ltséd in ￿e￿￿nCe wilh *c*8 of c*anty and ly a$ unr•Btrictsd 1nqyno.kny raF41BI g•h or loB••s artolw on IM as•611 1)m pwt IWKI. ln fun •rKI ¥1 D•c•mb 2021 E E•rb B•quMt 24,837 13.3651 1.173 22,655 24.837 1.173 22,655 29 A••trlGt•d lundB {Jon•1￿5 •nd held on truot for spedk F4JPC•D8: Bal•nM •¢ R••owE•• 8•l•n¢• a3 L•gocy rnc•hd. P•tr• F¥ta TYTh￿1 471,811 471,811 1261,TX8) 210.035 labrlc. 17- t4J jji" 111- THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAI8ER 1023 R•lat•d party tr•MacUo In prK>r yew the rnt ou•t• of thg The Fr￿n￿S of Cithgdral Idbarty wmb•r 501362) ww6 -19-