Charrty registrallon number 1195865 THE FRIENDS OF LLANDAFF CATHEDRAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE FRIENDS OF LLANDAFF CATHEDRAL COhlTE14TS Tiustees report Independent examiners port Statement of financial aCti¥e$ Balance Sheet Notes to the financial statements 9-19
THEF IENDS OF LLANDAFF CATHEDRAL TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual rewt and financial aternerts for the year ended 31 December 2024. The ftn8nual ststements have been prepared in accordance wth Ihe accounting poliues sel OLrt in note 1 to the financial statements and ujmpty th the tharis goveming docjjmenl. the charib.es Act 2011 and "Ac¢ounting and Reporting by Charities.. Statemi ent of Reconmended Practice applicable to chanties preparing their accounts in accordance wth the FinanGial Reporting Standard applicable in the UK and RepU1C of Ireland {FRS 1021" (effective 1 January 2019). Objectives and activities The objects and aclivti*s ofthe CIO are... To help 2nd finanaally sU)rt to Chapler of Uandaff Cathedral for the provision, maintenance and enhancement of the Cathedral Church of Uandaff. To support and devdop the tradth.ons of wowship in Ihe (xthedral. induding suppo"ng and enhanang ils choirs and musiG to support the life. worship and ministy of the Cathedral. To encourage the furtheran of Social, edUtional and cJJlbJral oPF(rfnl1Ies for the benefft of rnembers, Llandaff Cathedral's wmmunity and society as a vthole. Public Benefrt The trustees have paid due regard to g(ridan issued by the Chanty Commiwon in deciding what actwit.ies the charity should undertake. and in annIng fulure athibes. In p2rticular. the truStS consider how planned aclivtties will contribute lo the objects. Trustees raise money and make grants ar donations to U8ndaff Cathedral. Llandaff Cathedral is a place of historiral and culttjral importance. It holds ConrtS. maintains choirs. and hosts national everrts. It is open lo the public. Grant maklng policy The Cathedral Chapter submit grant applicabons to the trustees for speafic proie¢Ès that they have prior51ised. These are consÉdered by the trustees and rf they are approved. granis are paFd to the Cathedral. Achievements and perk)rmance During the year Irvstees met wth representstives of Ihe Chapter to o)nsider their plans and how best the Friends could support them. Decisions %Yere tsken to award grants of£45.000 to supwjrt CAthedral musio Financlal Trview It is the policy of the charity that unrestricted funds which havo not ljeen designated for a specific use should be maintained at not less than one year's expendrture. The tnjstees consider that resetves at this level will ensure th81, in the event of a significant drop in funding, they wll be able to conth.nue the charity's wrrenl activities while consideration is gNen to vrays in which addttional frjnds rnay be raised. This level of reserves has been maintained throughout the year. The financial ststements show invethents at market vall. Gr3nts paid oth during the year amount[ lo £45.000. Unrestricted reserves at 31 December 2024 were £842,850 (2023". £814.9371. The charity has no employees and has no FAans to recnmt any in the foreseeable future. Mbrk on behalf of the charity is carrred out by vdunieer5 and therefore, no unnecessary costs a being incurred.
THt FRIEND LLANDAFF CATHEDRAL TRUSYEES REPORT (CONTINUED FOR fAE YEAR EIVDED 31 DECEMBER 2024 Structur". governance and management The chanty is a Chartsble Incorporated Organisation The trustees who served during the period and up to the date of Signatu of Ihe financlal statements were" President Captain Sir Nomaj) Lloy&Edward5 Chair Mrs L D Quinn Trustees Mrs L D Quinn Mrs M E G AJxlerson-Reed Captain Sir N Lloy&E(Iwards rAAD Rees Mr B Robin50n Mr D Gwesyn Smith OrA J Edwards Mr D G Collins MrAC Impey Mrs S A Davies Mr t>L Jones None ol the trustees has any beneficial interest in the CIO. AJI of the tnJstee5 ate mem$ of the CIO and guarantee to contribute £1 in the event of a vnnding up. The CIO seeks to recruit trustees widely. from both inside and oulstde of the Cathedral community, from among Ihose with an interest in the heritage, culture tradth.ons of the Cathedral. Trustees are appointed al the Amual General Meeb"ng. Dunng the year existrng trustees may appotnt new trustees who will be required lo rettre and slarKI for r&appointMt ai the nextAGM.
THE FRIENDS OF LLANDAFF CATHEDRAL TRIJSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and admlnlstratlve Inforniat(on Charlty number 1195865 GoveTning document CIO-Assoriation registered 21 September 2021 Bankers Uoyds 1 Qlteen Street Cardiff CFIO 2AF COIF Charity Funds 1 Angel Lane London EC4R &4B Independent Examiner AzetsAudtL Servi$ CharteredAccountanls & Statutory Auditors Ty Derw Lime Tree Court Cardiff Gate Business Pa Cardrff CF23 8AB Principal Address Uandaff Cathedral Administration Office Prebendal House Uandaff Cardrff CF5 2LA Honorary treasvrer Brian Robir¢ 10 Bishops Avenue Uandaff Cardrft CF5 2HJ Honorary secretary Arthur Impey 5 Deans Close Uandaff Cardiff ember5hip secretary Nitholas Lambert 5. Rinaston Court Faiater Roa¢J Cardrff
TH# VRIENDS Or LLANDAFF CATHEDRAL YRUSI"EES REPORT {CONTINUED) FOR f&4E YEAR tNL)E0 31 DECEMBER 2024 The trustees report was approved by the Board of Tfus*ee5. Dale.. ...
THEF DS OF LLANDAFF CATHEDRAL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF LLANDAFF CATHEf)RAL. report trj the trL15tees on my examTnation of the finanGial stst¢m¢nt8 of The Friends of Llondaff Cathcdral (the chaTilyl for the year ended 31 December 2024. Responsibilities and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance wlh the requirements oflhe Charilie5Acl 2011 (the 2011 Acti. I report in respecl of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carying out rlly examination I have folloyrfed all the applicable Directions given by the Charity Cornmission under section 14515llbl of the 2011 Art. Independent examinevs statement Your ?ttenlion i* dravm to tho fact th2t tha charty h28 prepared fingnty81 st31•menls in aecord3t urith Aeeounting and Reporting by Charities preparing their accounts in accordan Nlh the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} in preference to the Accounting and Reporting by Charilie5.' Statement of Rècommended Pfactice issued on 1 April 2005 whi¢h is referred to in the extant regulations but has E)een wlthdrawn. l understand that this has been done in order for financial statements to proiride a tfue and fairview in accordance with GeneralIyAepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examin4tion. I confirm that no matters have come to my attentson in Connection virth tre examination giving me cause to believe that ill any materi31 respect- accounting records were not kept in respect ofthe charity as required by section 130 of Ihe 2011 Act,. or the financial statements do not accord with those records," or the financial statements not comply with the applicable requiremenis ¢Dncemirsg the form and conieni of 8c¢ounts set out In thè Charities (Accounts and Reports) Regulations 2008 other tlan any requirement that the a¢unt5 give a true and fair view which is not a matter considered as part of 8n independent examination. I have no COnmS and have come across no other matters in connection wrth the examination to which attention should be drawn in thls report In order to enable a proper understanding of the financtal statements to be reached. Andrew Howells Azets Audit Serylces Ty Detw Lime Tree Court .gJrdiff e.atÈ Busin Park Cardiff CF23 8AB Unlted Kingdom Dated.. 141 2024
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THE FRIENDS OF LLANDAFF CATHEDRAL BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Fixed assets Investments 14 641,553 608,512 Current assets Debtors Investments Cash at bank and in hand 15 16 650 312.163 124.204 700 303,826 135.763 437.017 440,289 credIts. amounts falling due wlthln one year 17 (1,800) {1.174) Net current assets 435.217 439,115 Totsl assets less current liabilities 1.076,TTO 1,047,627 Capital funds EndO1nent thunds- general Income funds Restricted funds Unrestrtcted fijnds 18 23.885 22.655 19 231.469 821.416 210.035 814,937 1,076.770 1.047,627 zoi The finanaal statements were approved by the TTUStee5 on.. ... .... ............ Thistee- Brlan Robinson
THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢ies Charity infonnation The Friends of Uandaff Cathedral is a Charilatle Incormted Oryanisati¢M register1 21 septem 2021 whose principa Offi is Uandaff Cathedrdl. Administration Office. Prebendal House. UarKlaff. Cardiff, CF5 2LA. 1.1 Aeeounting convention The finanoal slements have been prepared in accordan with the charl$ goveming document, the Charities Act 2011, FRS 102 "The Finanaa Rewrting StarKlard apicable in the UK and Republic of Ireland" I"FRS 102.1 and the Cha¥tb"es SORP -Accounting and Reporting by Chariti"es: Statement of Recommènded Practice ap&rficat4e to carits"es preparing their aCtntS in accordan th the Financial Reporting Standard apF1icae in the UK and RepulAic of Irdand IFRS 1021. {effecttve 1 January 20191. The chanty is a Put4ic Benefft Enttty as deffir by FRS 102. The charty has taken advantage of the provis[cS in the SORP fc¢ charities r#)t to prepare a Statanenl of Cash Flow The financial ststements have departed from the ChaTibes {AccrrtJnts arFd Reports} Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved followng the Statement of Recommended Practice for tharities apth'ng FRS 102 rather than the version of the Statement of Recommended Prath"ce whKh is referred to in Regulaticms Ixrt has gn(E been Mthdrawn. The finanrAal statements are prepared in sterling. whth is the functional currency of the tharity. Monetsry amounts in these finanaal statements are rrxjnded to the Iare$l The financiat statements have been prepared under the historical cost convention. modified to incljde rtain finanua instruments at fair value. The prinupa accountru prAiaes adopted are set out below. 1.2 Golng concern At the lime of approving the fin8nu81 ststements, the trustees have a reasonable expedation that the charity has adequale reSoUrS to continue in operationaE eSten lor the foreseeable futu. Thus the trkEtees conts.nue to adopt the gotng Conc basis of accounting in Krywring the finan081 ststemen 1.3 Charitable funds Unrestricted funds are avalat4e for use * the di%xetion of the Iruslees in fvjrtherance of their tharitable objectives. Restricted funds 8re subject to 5pecrfic CL1rts0Tr5 by don¢xs as lo W Ihey may be used. The PUTFoses and uses of the restn.cted fttnds are set nut in the notes to the )Inawal atement& Endowment funds are subject lo spe(ific conditrons by don0 that the caprta must be maintained by the charity. 1A Income Income is recognised when the charity is legally entiued to it after any performance corKlition5 have been met. the amounts can be measured reliat4y, and it is wobatle that income 11 be reved. Cash donations are recognised on receipt Other donaltons are recognised once the th3rity has been nolified of the donation, unless performarKe Cond"0n5 require deferra of the amount Income tax recoverable in rekb.on to donati¢)ns received under GiftAid or deeds of Ca)venant is recognised al the time of the donation. Legaaes are recognised on recapA or otherwise rf the charity has been notified of an impending dstrit*rtion. the amount is known. and reIpt is expected. If the amount is not knovm. the legacy is treated as a contingent asseL
THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 ExpenditUTe Expenditure is recconised On is a lega clThtve otlgatton to traT nOmiC to a third party. it is probatle that a transfer of economic beneffts wtll be required in settlement, and the amount of the obligation can be measured rdiabty. Expenditure is dassffied by actiwty. The costs of each activity are made up of the total of dIrt costs and shared c05t5, indLKding supwrt costs invdved in undertakn.ng eath ath"vrty. Direct costs attributstAe to a single activity are allocated direclly to that activity. Shared costs which contribute to more than one acl'vity and support Costs whith are not attn"butable to a s?ngle al are ar4)orts"onJ befvRen those acb'vites on a basis consstent wth the use of resource& . 1.6 Fixed asset investments Fixed asset investments are inrb.dty rneasured at tr3nsaclion prtce exdudiThJ trartsaction costs. armj are subsequently measured at fair value at each reporting dat& Changes in fair value are recognised in net incomellexpeiKliture) for the year. Transacon costs we expensed as incuThed. 1.7 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at C811 wth banks, other shOrteTrn liquid investments w¢th original maturities of three months or less. and bank overdraft& Bank overdrafts are shown thin borrowngs in current liaknliti'es. 1.8 Financial instruments The tharity has elected to apFty the proviwons of secti 11 'Basic Finanaa] Instnjments, and Section 12 'Olher Finanoal Instruments1&8ues' of FRS 102 to all of its financial insbuments. Financial instrument5 are reccgni5ed in the chantys ban sheet the ¢anty tecomes party to th8 contractual provisions of the instruTnent Financial assets and abrtIeS are olTset, the net amounts Presented in the finanual statements, when there is a legaljy enforceatle right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabrftty simsJtaneou. Ba51¢ financial assets Basic financAal assets. which indude debtors and cash and bank balan5, are intb'ally meastjred at transacts.on price induding transaebon eosts and 8re subw]uenty carried at amorbsed cosl using the effeth've InteSt method unless Ihe arrangemenl conslriutes a finanung tsan5adion, vthere the transaction is measured at the present Value of the firture receipts thscounted at a market tate of rteresL Fina assets dassified as rec*vabte within one. are not amoitised. Basic ffnancial Ilabllitles Basic financial liabl1.es, induding creditors and bank kjans inalty rerA)gnised at transactirffl pri unless the arrangement (sitteS a financtng transath"on. where the debt instrument is measured at the present value of the fuiure payments discounted at a market rate of interesL FInana liabibkn'e5 das5ffjed as payabk wthin one year are not amOrsed. Debt instruments are sub5equenty carried at amortised rt usiNJ the effective interest rate method. Trade creditors are obligations to pay for goods or Serv thal have been acquired in the cdIn&Y COUTse of operations from suppliers. Amounts payable are dasstfied as current liabilities if payment is due wthin one ye8r or less. If not, they are presented as nonwCUTrent habiltiies. Trade cre(lrtors are recognised iniJ"ally at transath.on pnee and subsequenty measured at amorts. cost using the effeth.ve interest method.
THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Derecognftion of fina181 IITaknliiies Financial liabilibes a derecognised when the charitys Contrac oLligabon5 expire or are distharged or cancelled. CrSUcal accounting estimates and judgements In the 8pplicatson of the ctsrrvs accounting wAiues, the trnstees are required to make judgements, estimates and assumptions aut the carrying amount of assets and liabilitses that are TK)t readily apparent from other Sour$. The estimates and assoaated assumpb'ons are based on historical experien and other factors that are considered to be reievanL Actual results may dtffeifrom these estimate& The eslimales and underlw.ng assumptions are revieed on an ongoir¥J basis. Revisions to accounting estimate5 are recognised in the pericmj in vthich the estim*e is revised where the revision affects Lnty that period, or in the period of the revision and firture pericrtys where the reOn affects both current and futu periods. Donatloos and legacie5 Unrestrlcted Unrestricted fund5 funds 2024 2023 D¢)nalions and gifts Legacies rewvaL4e 7.156 8,396 112,003 8,196 120,399 Donations and glfts Donations 7,156 8,396 7.156 8,396 Charitable activities 2024 2023 Events income 1,939 1.257
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THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ralslng funds Unrestrieted Unrestrieted funds funds 2024 2023 14 Other fundraising costs 3.580 2,954 3.580 2.954 Charitable aclivilies 2024 2023 Insuran Other Expenses 157 156 130 157 286 Giant fijnding of activities {see note 81 Share of governan costs (see note 91 45.000 1.790 314,351 1.004 46.947 315,641 Analysis by fund Unrestricted fvnds Restricted ftjnds 46.947 53,865 261,776 Grants payable 2024 2023 Grants lo institutions- Music of the Cathedral Major upgrade of Cathedral Heating System Garden of Remembran Cathed1 Archives 45,000 45,000 261,776 7,000 575 45,000 314,351
THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Govemance 2024 2023 Independent examinatvjn fees 1,790 1.790 1.790 1,790 1,004 Analysed beeen ChaTri8tle active$ 1.79Q 1,790 1.004 10 Trustees None of the trustees (or 3ny persons corwEcted wryih them) recwved any remunerntion or benefits from the charity during the year. 11 Employe8s The average monthty n¥Jmber of emFloyees rIng the yearwd5: 2024 Number 2023 Numbgr Tirtal There were no empbyees vthose annual remuneralion was more than £60.0(ML 12 Net gainslllossesl on inveslments Unrestr1d Endowment nds funds general 2024 Totsl Unrestricted Endonent fund5 funds general 2023 2024 2024 2023 2023 Revaluation of investments 40.148 1.230 41.378 57,499 1.173 58.672 The revaluation gain comprises a gain on fixed asset Investm of £33.041 12023 gain of £31.499) and revaluation gain on rrent asset investments of £8.337 {2023 gain of £27.1731. 13 Taxatlon The charity is exempt from tax on income and gains falling vithin serthon 505 ofthe Taxes Act 1988 or sects'on 252 of the Taxatpjn of Charyeatle Gwns Act 1992 to the extent that these are applied to its charttabte objeGts.
THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Fixed asset investments Unlisted investments Cost or valuatlon At 1 January 2024 Valuation changes 608.512 33,041 At 3lDeMber 2024 641.553 Carrying amount At 31 Dember 2024 641,553 At 31 December 2023 608,512 IS Debtors 2024 2023 Amounts falllng due within one year. Trade debtots 650 700 16 Current asset investsments 2024 2023 Unlisted investments 312.163 303,826 17 CreditOf5: anM)unts falling due within one year 2024 2023 Accruals and deferred income 1,800 1,174
THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Re5trtcled funds The income funds of the drity indude restricted tunds the frAlcwing unexpended balan ot donations and grants held on trust for 5peufic purposes.. Movement in funds tncominy Trnn5fw5 Balanc8 at 31 1)ecember Legaey received- Rita Tyrrell 471.811 1261.7761 210.035 6.245 15.189 231,469 Mrs Rita Twdl legacy was [l¥ed for the upkeep aThJ Maintenan and improvement of the Cathedral Transfers are an ac4'ustment of interest received rel* to the re5trirAed fund since the fvnds were reIVed.
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THE FRIENDS OF LLANDAFF CATHEDRAL NOTES TO THE FINANCIAL STATEPaENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Related party tr4nsactiorts In the prior year the net assets of the chanty The Friends of Llandaff Cathedral (charity number 501362) were transfeTred to this tharity. There were no rAher related paty transacttons during the prior year.