CHARITY REGISTPATION NUMBER: 1202787 The Cathedral Church of St Woolos, Newport Unaudited Financial Statements 31 December 2024 WALTER HUNTER & CO LIMITED Chartered accountsnts 24 Bridge stet Newport South Wales NP20 4SF
The Cathedral Church of St Woolos, Newport Flnancial Statements Year ended 31 December 2024 Page Trustees, annual report Independent examiner's report to the trustees 10 Statement of financial activities 11 Statement of financial position 12 Notes to the financial statements 13
The Cathedral Church of St Woolos, Newport Trustees, Annual Report Year ended 31 December 2024 The Iruslees present their report and the unauditsd financial statements of the charity for the year endod 31 Decembei 2024. Rgforente and admlnlstrativa details Reglstered charlty namè The Cathedral Church of St Woolos, Newport Charity reglstration number 1202787 Principal offlce The Cathedral Off 105 Slow Hill Newport NP20 4ED The trustees The Very Reverend l Black Canon R Davies Canon F Howe Canon P Lea Reverend Canon A Lightbown Canon l Loynd Reverend Canon M (ven Canon C Walsh The Venerable J Williams Canon C Woollard Canon H Burch Canon l Rees Canon R Cornelius Canon J Connell {Resigned 23 June 20241 {Resigned 30 September 20241 (Appointed 30 September 2024) IAppointed 23 June 2024) (Appointed 10 July 20241 Chief Operating Officer Mrs P Cole Kgy Management Personnel Mrs P Cole Mr T Coxhead Independent examlner Mr Jonathan Rhodes BSC BFP FCA 24 Bridge Street Newport South Wales NP20 4SF
The Cathedral Church of St Woolos, Newport Trustees, Annual Report(conllnued) Year ended 31 December 2024 Bankor5 National Westminster Bank High Street Newport Lloyds Bank Commercial Street Newport Santander Bank Commercial Street Newport Cathedral Architect Emma Mullen Elm Architects Ltd Minster Youngs Paddk Salisbury Wif(shire SP5 1RS Investsnent Manag•rs RBC Brewin Dolphin 5 Callaghan Square Cardiff CF10 58T Redmayne Bentley 3 Wellington Place Leeds LS1 4AP
The Cathedral Church of St Woolos, Newport Trustees. Annual Report (conllnued) Year ended 31 December 2024 The trustees present their report and accounts for the year ended 31st Dember 2024. The accounts have been prepared in accordance with the accounting policies set out in the notes to Ihg accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Ch8rf(ies.' Slalemenl of Recommendèd Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard appluble in the UK and Republic of Ireland IFRS 102}" leffeclive 1 January 20191. These accounts opresenl the first full year sinGg the Cathedral Chapter became a CIO. Structure, govemanc9 and management Governing document The Calhedfal Chapter is part of the Diocese of Monmouth within the Church in wa¥. The Church in Wales is a Province within tho Anglican Communion and, as such, exi515 lo advance the Christian Religion through world-wide mission. The object of the Chapter is lo ensure that the life and work of the Cathedral helps to fuffil that mission. both locally and more widely. The Chapter is a Charitable Incorporated OTg8nisalion. It is also regulated by the Consti(ution of the Church in Wales as arrtended from lime to ts'me by ils Governing Body sel up under Section 1311} of the Welsh Church Act 1914. Members of Chapter are appointed in accordance wrth the conslf(ulion. Two are elected by the Cathedral Congregation as Cathedral Wardens. Others are drawn from the Diocese. All persons over the age of 16 whose names are entered on the Cathedral Electoral Roll are entitled to vote and those over 18 are eligible lo sland for election as Cathedral Warden. The Representalive Body of the Church in Wales holds the land and property of the Church in Wa including St Woolos Cathedral and other church buildings and the churchyard and their conlenls. The lilles to numbers 9 and 10 Clrfton Road are held on Chaplerfs behaK by the Representative Body. Number 9 was sold during the year, with number 10 being placed on the market. The Represenlalwe Body is an exempl Charity and was sel up under Section 13121 of the Welsh Churches Acts 1914. 11 ads on beham of the Province in paying the stipends of the full-lime clergy and administers the Church in Wales scheme of covenanted and gift aid giving recovering tax on beha of the parishes. Cathedral clergy are paid through the Represenlalwe Body and not this charity. Organisational structure The Chapter is responsible inter-alia for promoting the mission of the Cathedral, the budget and all expenditure there under, the care and maintenance of the Cathedral fabric and of the grounds, for action on any other matter referred to it in accordance wth the consti(ulion. There is a Congregational Cornmittee, elected by the Annual Meeting of the Congregation. This has no function in governance but act5 as a vehicle for promoting the life and ministry of the Cathedral. The Chapter delegates the day-l(Fday administration of the Cathedral to the Chief Operating Officer, who reports lo the Chapter through attending Chapter meetings, the Managernent meeting and the Dlary meeting.
The Cathedral Church of St Woolos. Newport Trustees. Annual Report (cpnllnu•dJ Year ended 31 December 2024 Structure. goYemanGo and management (conunt Committee Structure Beeen the regular meetings of the Chapter several committee5 meet lo support the Chapter and include.. Management Group consisting of the Dean. the Residentiary Carbons, the Cathedfal Wardens. the Chf Operating Offr and the Director of Music. Diary Management Meeting consisting of the Dean, the Residenliary Canons. the Chief Operating Offir, the Administrator and Events Coordinator and the Director of Music. Finance Committee consisting of the Dean, three members of Chapter, a further member drawn from the Cathedral comrnunity with financial expertise and the Chief Operating Officgr. 11 is chaired by an extemal lay member of Chapter. Fabric Commitiee consisting of fvjo members of Chapter together with the Dean, two members drawn from the wider Cathedral community and the Chief Operating Officer. The Cathedral Archtiect is invited as need arises. Safeguarding Commrttee chaired by an external member of Chapter and con51sls of the Canon for Worship and Congregational Life, the Cathedral Safeguarding Officer, the Director of Music and a Cathedral Warden. Hearth and Safety Committee, chaired by an external member of Chapter, consists of the Cathedral Heah and Safety Officer, the Chief Operating Officer and a membèr drawn from the wider Calh8dral community with expertise in Heamh and Safety matters. Rlsk Management Risk management is constdered by the Chapter and review on a periodic basis. The ri%ks facing the Charity include the slate of repair of the Cathedral, which are being met through the architect's Quinquennial Inspection and ensuing scheduled works. This is fonning the basis of the conservation plan. During the year minor repairs were carried out along with the first phase of more significant repairs and conservation works. The finances are reviewed by the Finance Committee with tho necessary reporting. Chapter h8s also taken prLKlent steps to designate funds for current and future projects.
The Cathedral Church of St Woolos, Newport Trustees. Annual Report (¢¢)nllnued) Year ended 31 December 2024 Oblectlves and activitles The Cathedral Church of Sl Woo105, Newport is the seat of the Bishop of Monmouth and therefore the mother church of the tl'ocese, within the Church in Wales. 11 has deep spiritual roots and has been a sacred space for over frfteen hundred years since Gwynllyw Sanl {Sl Woolosl founded a place of prayer on this site in the late frfth century, fo51owing a ViSKJn and calling by God. Today Newport Cathedral is a vibrant house of prayer and worship, offering an open and inclusive welcome to all, and reaching out in farthfvl and loving setvice. Atthough ong of the smallest of the Welsh CathraIs, f( offers intimacy and versatilty. The objects of the Charity. under thg Church in Wales Constitution, is the promotion of the wholo mission of the Church, pastoral, evangelistic, Sla1 and ecumenical, in the Cathedral. The Cathedral aims to welcome and witness in the name of Jesus Christ. 11 responds to this vocalKJn in cooperation with all people across th8 City of Newport and Diocese of Monmouth. The Church in Wales is part of the world-wide Anglican Communion. Its Consbtution defines its purpose as being "lo nurture men and women in the faith of Jesus Christ and lo aid them to grow in the fellowship of the Holy Spirit, so that the good news of God's grace may be cleady pr¢xlaimed in the world and that God's Kingdom may be honoured and advanced" (Volume 1.. Prefatory Note}. Newport Cathedral has this vocation wrthin ils title deeds. The Cathedral is governed by the Chapter, under the leadership of the Dean. In 2023 Chapter aligned ils Strategic Plan wrth the Diocese of Monmouth Vision - Faith in our Future. To this Chapter added vo more branches- Worship and Prayer, and 'Music'. The seven branches of the plan are therefore.. Worship and Prayer- The heartbeat of the Cathedral., Music Central to the Cathedral's life and worship., Discipleship - Growing more like Jesus., Stewardship- Lwing as thankful and generous people., Environment- Caring for God's creation., Sc¢ial Justi - Serving together to strengthen our communf(ies'. Equalty and Diversity- Wekoming all. Under each of these sections Chapter has identrfigd, in consuttation with others. the areas of activity, distinguishing them as= Core work - what we want lo continue and need to make sure is gnergised. Emerging work- the ways we want to enhance what we do. Where we want lo be- our aspirations to extend and develop. These aims and objectives enable the Chapter lo meet the requirements of public benefft. These aims and objectNes are under constant monitoring as they take shape in active plans and to assess the resources they require. Further work has taken place this year lo build on and expand rt, drdwng on five key focal areas of Prayerful, Pastoral, Proclamation and Prophetic along with Resilien to ensure buildings. finan5 and govemance functions serve the planning. Chapter has consulted on these and expects to publish the expanded document during 2025.
The Cathedral Church of St Woolos. Newport Trustees, Annual Report (conllnuodj Year ended 31 December 2024 Achlevements and pgrfomiance 2024 brought significant changes to the lrfe and ministry of the Cathedral. Changes in the funding fomula for the support the Cathedral receives from the Represenlalive Body of the Church in Wales look over the direct funding of cleigy posts. with the exception of housing and training costs. This rneanl that the Dean and one full-time residentiary canon were dire¢lly funded. An addilKJnal post was created. to be detemined in conjunction with the Bishop. These changes enabled a refocus of the ministry in the Cathedral lo be able lo appoint a Canon for Worship and CongregalMJnal Lrfe la new posll, and a Canon for Mission and City Chaplain, worf(ing 40% internally focused on the Cathedral and 60% externalty, extending the Cathedral's rninislry into the city of Newport 8nd working in partnership across Ministry Area boundarios. Canon Andrew Lighlbown moved into this refocused role as 'missionerf and, after advert and interviews, Canon John Connell was appointed lo the post of Canon for Worship and Congregational Life. This change Icok effed in the summer. The Director of Music. Emma Gibbins, after 9 yeais moved on to lake up the role of Director of Music * Chelwnsford Cathedral, in the Church of England. After advert and inletview, Chapter was pleased to apFM)inl Tom Coxhead as the new Director of Music. He started at the beginning of September, which meant there was no need lo make interim arrangements. He has bui5t on the fourKlalions left by Emma. The boy and girl choristers have been brought loyelher into one line and the older teenagers fomied into a new youth choir, with the adurts providing the lower voKes for both sectDns. Chapter has been grateful for support from the Cathedral Music Trust. In May the choristers were siven 8 special opportunity with members of the choral group Genesis Sixteen leading them in a workshop in the Cathedral. The Cathedral is open each day from Moming Prayer until Evening Prayer usually 8.00am to 5.30pm. Footfall wa5 around 37,000 12024.. 36,0001. Events were restricted due to Ihe disruption caused by the inlefflal lighting w0S limiting availabilty during the summer and autumn. The heartbeat of the Cathedral is its worshipping life. This Continues to grow, in both thè core Ir(urgy and also different styles when the choir is on a break and there is no visf(ing choir. The liturgical diet has been expanded at Christmas lo both address the capacity congregation fof the Festival of Lessons and Carols, and offer an infomial service of carols, what has become known as the 'Christma$ Jumper SeNu'. Average worshipping attendan has increased with 129 adults and 24 children on Sundays. There is a faf(hful ConggatIOn at both Morning and Evening Prayer and the daily Eucharists. Even though the Cathedral does not have a parish, there were 6 baptisms in the year and we are frequenlty asked lo host funerals for those wlh a civic or high profile connection, or which other churches would not be able to accommodate. There 15 still a high level of association with 'St W(KJlos' as the ancient parish church for the crty. The increased use of Welsh language in both the liturgy and at special services has continued wrth a Welsh language Choral Evensong in the summer. The DI0San Choral Festival is becoming an established fealurè in the Cathedral year, drawing together choirs from aiound the diwgse. In May the Cathedral choir joined with the choirs of Llandaff and Bwon Cathedrals for a Welsh Three Choirs Festival in Brecon. The Cathedral hosted the Sacred Synod for the confirmation of the election of the Bishop of Bardsey during the Aprsl Goveming Bcdy, held in Newport. The Cross of Wales was brought lo the Cathedral for this service and one of our choristers was privileged to Carry this al the special Service of Choral Evensong. The Calhedrafs CIV ministry has continued with the annual civtc service and Holocaust Memorial Day commemoration, as well as hosting a meeting for the Homewards projert, the initiative of the Prin of Wales to make homelessnes5 rare. brief and unrepealed. Homelessness is an issue which comes direct to the Cathedral door arKI a protocol has been devised for how these guests are welcomed and cared for along with their possessions while in our grounds.
The Cathedral Church of St Woolos, Newport Trustees. Annual Report I¢onithuod) Year ended 31 December 2024 Achlevements and performance (contlnu At the beginning of August, with the disturbances around the UK. the Cathedral clergy organised and hosted very quickly within 24 hours a Peace Vigil. Interfaith, ecumenical and civic partners attended and were very grateful for the invitation and for the offering of the space for the cf(y lo come together. This drew on the work that has taken place to strengthen ecumenical and interfaith connections. 11 has been a busy year for concerts and events. With the sudden announcemenl of a General Election in June, BBC Radio 4 contacted the Cathedral al short notice lo h051 a live broadcast of Any Qveslions,. This was because they had been here before and were impressed with how smoolhty the Cathedral 51aff worked with them. In November BBC Radio Wales came for a broadcast of their Sunday Celebration. In addrtion to the regular monthly Music@SlWoolos COnrtS, showcasing young musicians from the Royal Welsh College of Music and Drama and perfomers from furth8r afield, a varied programme has been staged. The partnership with St Woolos Sinlonia as hestra in residen provided a Ir(urgical rendition of 8ach's Cantata 'Nun Komm Der Heiden Heiland. on the second Sunday of Advent. We were honoured that the Salvation Army Inlemalional Staff Band and Songsters carne lo give a concert in the Cathedral as part of their CebratiOn weekend in Newport in July. A key aspect of the Cathedral's role is to host diocesan services and events. In addition lo the annual ordinations and Chrism Eucharist, the Cathedral supported the bishop's ministry. We WeOMed schools from around the Diocese for the annual Church Schools year 6 leavers services, and a conference for headteachers. Variou5 schools have come to the Cathedral for educational visits. The first ecumenical ¢anon was instslled when Captain Kathryn Slowers, from the Salvation Amiy, was appoinlÈd. Three diocesan dergy were also installed as canons. Revds Salty Ingle-Gillis, Justin Groves and David Matthews, Everyone who works in the Cathedral is highly deduted and Chapter is very grateful for their commitrnenl. Chapter is mindful to ensure that capacity is not exceeded. The Cathedral's mission and ministry relie5 heavi on dedicated volunteers. Withoul the work of these volunteers. the Cathedral could not function and Chapter thanks them for all they do. The Cathedral is commitied to working towards Net Zero carbon emissions and is working towards the silver A Rlxhe Eco Church award. This has been assisted wrth the cty council installing two electric vehicle charging ports in car pat1(ing spaces by the tychgale. Works identified in the Quinquennial Inspection report have been progressed ardIng lo priorty. The pawng inside the Cathedral has been repointed lo remove trip hazards. Work also look place lo improve the rainwater go)ds where the East wall of the St Luke Chapel meets the chancel. Rainwater was overshcoling the gutters and soaking the wall, leading the plaster lo blow and also the ferrous work in the window5 to rust, with consoquenl stone damage. The deteric)ration of the Cathedral lighting led lo a major refurbishment of the system. The works fevealed that the installation required Complete rewiring, a new control system, along wfth the eplacemenl of the semiconductors in the light fittings. Some lights were repositioned lo take account of the lrturyical changes of recent year5. The hanging light fittings above the Canons, Stalls were removed a5 part of this work. Wrth the introduction of the Rood, these detracted from the visual and spiritual focus of the Rood and the chan110[ of the Diocese approved their removal. The fittings have had to be retained and a photograph of the chancol wrth the lights In 5i(u is displayed in the Corridor l¢Jwards the kitchen so that the historic image is retained. This photograph shows the wonderful effect around mid-summer when the early sunlight shining through the East window Greates 8 corona effect on the chancel fknor. The lighting has improved visibilty and veisatility.
The Cathedral Church of St Woolos, Newport Trustees. Annual Report(conth¢*dJ Year ended 31 December 2024 Achievements and perfomiance (conllnu8d) Plans were advaneed on the external lighting to the paths and drive, to improve safety and security. and this work will take place during the Spring of 2025. Additional surveys were Tequired as part of the civil ppanning consent, which pushed the start date for the work into the following year. M4or tree work had to be carried out in the Cathedral grounds to remove diseased and dangerous trees. The tower iepairs have been progressed with further tests and a structural engineer'5 report. A beam inside the tower was discovered lo be riddled with woodwomi and had lo be removed to prevent a catastrophic fall onlo the bells as well as lo remove the infestation. Oaling of this beam proved inconclusive and nothing of il could be salvaged. such was the damage. A significant Challenge for the larger project is the change lo the Listed of Pla5 Worship Grant Scheme, through which VAT on repairs is reclaimed, announced by the Westminster government in early 2025. Claims have been restricted lo £25,000 per year and there is no guarantee that the reduction will be reversed, or the scheme extended beyond 2025126. This leaves the prospect of 20Vo additional costs on major works. The Cathedral signboard was replaced. This had been in 8 dilapidated slate for a long time. M¢)ney for this was raised by members of the congregation from the proceeds of the monthly Coffee, Cake and Chal on Saturday mornings. This provides a valuable opportunsty for people to corne together from the communty 8nd spend lime in one anothels company. The board now gives a frtting welcome lo those arriwng at the Cathedral and displays th8t this is a pl¥e of vibrant, open and inclusive welcome. The Cathedral ha5 welcomed a number of exhib(tions this year. The artist Elvzabelh Gray-King brought her paintings under the title 'Open lo all., reflecting on the inclusive love of Christ. This was in partnership with Open Table Nthork. During Lent a snakes and ladders boardgame was brought into the Cathedral. which provided an opportunity to reflect on what helps us ascend the spiritual ladders and what causes us lo slide down the snakes. For Advent, the train sel returned for the Newwrt Posada, this year incorporating a mini 'Chrislmas te festival, wrth I81 businesses providing decorated tree reflecting Iheif business and support for the community. VaNous talks, study days and discussion groups have been Organis through the year, allr)wing opportunities lo deepen farth and engage with particular issues. Along wf(h the annual Chaitisls Convention. the Cathedral hosted a number of events to 5UPPOrt the campaign for a Statue for Lady Rhondda lo be sited in the cty centre. We were given a plaque on the slalue when (( was unveiled in the city cenlre. We joined with Newport Pride, offering a 5ts11 at the event and held a seNice in the Cathedral on the eve of the main day. Many commented on the importance of seeing the rainbow flag flying from the lower. The Cathedral aims to be inclusive and provide a welcome space for all. The Cathedral community has a passion for justice and Social care. This is displayed through continued support for refugees, food hunger projects in local schools, the foodbanks and provision for the horneless. Sadly. the MIND support group, which met in the hall on Mondays without Charge, had lo close due lo cuts in their funding. The Congregational Commrttee has continued to meet throughout the year and be a congregational voice lor the promotion of Ihg Cathedral communrty's life and ministry. A communications committee continues to l¢wk at ways lo devebp and improve communications wrthin the Cathedral and lo those who visit. There is a steady flow of ppIe corning in lo visit. to pray, find a still space in whth to sf(, or looking for assistance and finding an open welcome. This is one of onty a very small number of religious buildings open in the crty all day and every day. The Cathedral has been a beacon on the hill foi 1500 years, and we trust in God's grace that it will continue lo be so for many generations lo Me.
The Cathedral Church of St Woolos, Newport Trustees. Annual Report (condnuedj Year ended 31 DeGember 2024 Flnanclal review Reserves Pollcy Newport Cathedral recognises the need to hold reseNes lo ensure fvnds are available to provide eonlinuing mission should the income levels fall. Resetves are also required to meet the future maintenance programme for the Cathedral and Church buildings. The Chapter holds in free reserves sufficient funds lo cover 6 nnthS of the resources expended in general funds. At this level the members ot the Chapter feel that they would be able lo continue the current activities of the Cathedral in the event of a significant drop in lunding.11 would be necessary to consider how the funding would be Placed should this happen. The level of free reserves of the charity after the unrestricted net assets less unrestricted tangible assets and design*ed reserves whith amounts lo £681,21512023: £840,302) Results The total incoming resources increased to £611,87912023'. £213,328). The level of direct voluntary contributions al each act of worship. excluding tax reclaimed through Gift Aid giving amounted to £55,713 {2023'. £48,507). Tris represents an increase of £7.206 The level of expenditure amounted to £652,410 (2023.. £320,508). The Ministy Share payable amounted to £74,778 12023.. £48,050). Donations and mission payments made during the year amounted to £10.476 12023.. £10,512), the funds for which were collected during either regular or spe¢ial services. The overall decrease in the level of unrestricted funds amounted to £187,425. The designated fvnds inc5ude the acts"vities within the Cathedral i.e. external lighting and North Gully work, all funds used by the aclNity groups are retained for thelr use but will be returned lo general fvnds upon SatIOn of activity. Investment pollcy and objectlves The Chapter has invested in specialised unit trusts, designeé for the charity sector. The Chapter has taken specialist investment advi¢e regarding the investments they control to maximise income, invested in line with the Ethical Investment criteria of the Church in Wales. Funds invested include surplus fvnds and those specifically donated or bequeathed. Some funds bequeathed are held by the Representative Body of the Church in Wales who act as custodian trustees. The trustees. annual report was approved on 14 May 2025 and signed on behalf of the board of trustees by= The Very Reverend l Black Trustee
The Cathedral Church of St Woolos, Newport Independent Examiner's Report to the Trustee8 of The Cathedral Church of St Woolos, Newport Year ended 31 December 2024 I report to the trustees on my examination of the financial statements of The Cathedral Church of St Woolos, Newport I'the charity'l for the year ended 31 December 2024. Responsibilities and basi8 of report As the trustees of the charity you are responsibk for the preparation of the financial statements in accordance with the requirements of the Chartlies Act 2011 I'the Act'l. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have lollowed all the applicable Directions given by the Chanty Commission under section 145(5){bl of the Act. Independent examlnerf$ Statement Since the charity's gross income exceeded £250,000 your examiner rnust be a member of a body listed in se¢tion 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales IICAEW). which is one of the listed bodies. I have completed my examination. I confim that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respe¢t.' accounting records were not kept in SpeCt of the charity as required by section 130 of the Act., or the financial statements do not accord with those records,. or the financial statements do not Comp with the applicable requirements concerning the form and conlenl of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concern$ and have con* acr¢)ss no other matters in connecli)n with the examination lo which attention should be drawn in thls report in order to enable a woper understanding of the a¢¢ounts to be reached. Mr Jonathan Rhodes Bsc BFP FCA Independent Examiner 24 Bridge Street Newport South Wales NP20 4SF 14 May 2025 10
The Cathedral Church of St Woolos, Newport Statement of Financial Activities Year ended 31 December 2024 Period from 1May23to 31 Dec 23 Year to 31 Dec 24 unstrICted Restricted lunds funds Totsl funds Totsl funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 124,553 43,793 25,237 4.074 216,204 85,087 9,829 3,102 314,222 340,757 128,880 35,066 7,176 511,879 52,059 121,626 27,435 12,208 213.328 Total income 197,657 Expendlture Expendsture on raising fund5'. Investment management costs Expenditure on charitable a¢t+vf(ies Total expenditure 3.773 236,782 1,097 410,758 4,870 847,540 4,962 315,546 9,10 240.555 411,855 652,410 320,508 Net losses on inveslmenl pr¢pety Net gains on listed inveslments 12 12 170,0001 27,794 {70,0001 32,664 4,870 13,0 Net lexpenditure)lincome 185,1041 <92,763) {177,8671 194,0841 Donation- The Cathedral Church of St Woolos Transfors between funds 1,753,379 1102.3211 102,321 Net movement In fvnds (187.4251 9,S58 {177,8671 1,659,295 Reconciliatlon of funds Total funds brought forward Total funds carried forward 1,263,960 1,076,535 395.335 404,893 1,659,295 1,481.428 1,659,295 The statement of financial activities includes all gains and bsses recognised in the year. All income and expenditure derive from continuing activities. The notes on pag•$ 13 to 29 fomi part ot thes• financlal ststements.
The Cathedral Church of St Woolos, Newport Statement of Financial Position 31 December 2024 2024 2023 Flxed a$89ts Investments 16 992.832 1,220,038 Current assets Stocks Debtors Cash al bank and in hand 17 18 7,308 136,657 372,014 515,979 6,890 5,913 470,967 483.770 Credltors: amounts falllng due wlthln on8 y¢or Net current assets 19 27,383 488,596 1,481,428 1,481,428 44,513 439,257 1,659,295 1,659,295 Total assets less current liabilities Net assets Funds of the charity Restricted funds Unrestricted funds 404,893 1.076.535 395.335 1,263,960 Total charlty funds 20 1.481,428 1,659.295 These financial statements were approved by the board of trustees and authorrsed for issue on 14 May 2025, and are signed on behalf of the board by.. The Very Reverend l Black Trustee Th• notes on pages 13 to 29 forni part ofth•s• financial statemonts. 12
The Cathedral Church of St Woolos, Newport Notes to the Flnan¢lal Statements Year ended 31 December 2024 Genoral inforniation The charty is a public benefft entity and a registered charity in Englantj and Wales and is unincorporated. The address of the principal office is The Cathedral offe. 105 Stow Hill. Newport, NP20 4ED. Statemont of ¢omplian¢e These financial st*emenls have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Slalement of Recommended Practice applicable lo charities Pparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {Charities SORP IFRS 10211 and the Charities Act 2011. A¢¢ounting policios Basts of preparation The financial statements have been prepared on the histOriC81 cost basis. as modified by the revalualKJn of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going wncom There are no material uncertainties about the charity's ability lo continue. Dis¢lo$ure exemptions The entty satisfies the criteria of being a qualifying entty as defined in FRS 102. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, eslimales and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and a based on experience and other IlOr$, including expeclalions of future events th81 are believed lo be reasonable under the circumstances. Fund accountlng Unreslricled funds are available for use at the discretion of the Iruslees lo fvrther any of the charity's purposes. De5ynaled funds are unrestricted funds eam)arked by the trustees for particular future project or CLYnmilmenl. Restrfcted fvnds are subjected to restrictions on their expendf(ure declared by the donor or through the temis of an appeal, and lall into one of two sub-Glasses'. restricted income funds or endowment funds. 13
The Cathedral Church of St Woolos, Newport Notes to the Financlal Ststements (tt+ntiftu•d) Year ended 31 December 2024 Accountlng poliGies {contlnuod) InGomlng resources l inccming resourees are included in the slalemenl of financial aetivilies when entillemenl has passed to the charty., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following Spe¢rf policies are applied to parbcut8r categories of income.. income from donations or grants is recognised when there is evidence of entitlement lo the grft, receipt is probab and ts amount can be measured reliabty. legacy income is recognised when r8¢gipI is probable and entitlement is established. income from donated goods is measured al the fair value of thè goods unless this 1$ impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contrads for the suppty of services is recognised with the delivery of the conliacted selve. This is Classified as unrestricted funds unless there 15 a ntraCtUal requirernent for Tt to be spent on a particular purpose and retumed if unspent. in whh case il may bg regarded as restricted. Resour¢ts èxpended Expendf(ure is fecognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classrfied under headings of the statement of rinancial actwities to which it relates.. expenditure on raising frJnd5 Includes the costs of all fundraising actrvf(ies, events, non-charitsble trading activities, and the sale of donated goods. expenditure on charitsble aclwrtie$ includes 811 costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries, including those support Costs and costs relating to the govemance of the charity apportioned lo Charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity part of ts expendrf(ure on charitable activities. All costs are allwaled lo expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activty are alkncated directly lo that activity. Shared costs are aPPOrtned betsveen the aclNilies they contribute to on a reasonable, justifiable consistent basis. Investments Unlisted equity investments are inilialw recorded at cost, and subsequentty measured at fair alue. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured al fair value with changes in fair value being recognL¥ed in incorne or expenditure. 14
The Cathedral Church of St Woolos, Newport Notes to the Flnanclal Statements (eoDtinuw9 Year ended 31 December 2024 AGGounting policles {conllnuodJ Invostment propgrty Investment property is initially recorded at cost, which includes purchase price and any diredty attributable expenditure. Investment property is revalued to rts fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measuro of fair value is no longer available without undue cost or effort for an rtem of investment propety, it shall be transferred lo tangible assets and Irealed as such until it is expected that fair value will be reliably measurable on an on-going basls. Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at Cost less any ¥cumulaled impaim)enl losses. Investrnenls in associates accounted for in accordance wrth the fair value model are inilialty rewrded at the transaction price. Al each pOrting dale, the investments are measured al fail value, with Changes in lair value taken through income or expendrture. Where it is impracticable lo measure f8ir value reliably wrthout undue cost or effort. the cost mod81 will be adopted. Dividends and other distributions receNed from the investment are recognised as income wrthout regard lo whether the dislribulions are from accumulated profits of the associate arising before or after the dale of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in aordanCe with the cost mdel are rorded at cost les5 any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordanee wsth the fair value rnodel are ini(ialty recorded al the transaction price. At each reporting dale. the investments are measured at fair value, Mlh changes in fair value taken through income or expendf(ure. Where it is impracticable lo measure fair value reliably witholrt undue cost or effort, the cost model will be opted. DNidends and other distnbulions received from the investment are recognised as ineome without regard lo whether the dislribulions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impaimient of ftxed assets A wew for indicators of impairm9nl is [ried out at each reports'ng (Jae, wrih the recoverable amount being eslimaled whore such indÉcalors eSt. Vvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible revetsal al each reporting date. 15
The Cathedral Church of St Woolos, Newport Notes to the Financlal Statements (contlnue Year ended 31 December 2024 A¢countlng poli¢ie$ (coniinuadj Impalmient of flxed assets f¢on*nuedJ For the purposes of impaimenl testing, when it is not possible lo estimate the recoverable amount of an indivKJtJal asset, an estimate is made of the recoverable amount of the cash-generaling unil lo which the assel belongs. The cash-generating unri is the smallest ideritrfiable group of assets that includes the asset and generates cash inflows that largely independent of the eash inflows from other assets or groups of assets. For wmpairmenl testing of g¢xthill, the goodwill acquired in a business combination is, from the quisilion date, allocated lo each of the cash-generating units that are expected to ben8fil from the syngrgies of the combinaiion, irrespectwe of whether other assets or liabilrties of the charity are assigned to those units. Stocks Stocks are measured al the lower of cost and estimated selling Pri less costs lo complete and sell. Cost includes all costs of pUhase. costs of conversion and other costs incurred in bringing the stock to ils present location and Condition. Flnanclal Instruments A financial asset C a financial liability is recognised only when the charty becomes a party to the nlractual provisions of the instrument. Basic financial instruments are initially recconised al the amount receivable or payable including y related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected lo be paid or received and not discounted. Debl instruments are subseqventty measured at amortised cost. here investments in share5 are publicty traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in lair value recognised in income and expenditure. All other such investments are subsequenlty measured at Cost less impairnient. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted al a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the stalemenl of financial actNilies. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are rneasured at cost or amortised cost are reviewed for objective evidence of impaimient al the end of each reporting date. If there is obj-ective evidence of impairment, an impairment loss is r&ognised under the appropriate heading in the statement of financial activrties in which the initial gain was rewgnised. 16
The Cathedral Church of St Woolos, Newport Notes to the Financial Statements (conthiuet¥ Year ended 31 December 2024 A¢¢ountlng policies (contlftu8d) Flnanclal Instruments (cgnllnu•#) For all equity instruments regardless of significance. and other financial assets that are individualty significant, these are assessed individually for impaimient. Other financial assets a either assessed individually or grouped on the basis of similar credrt risk chaiaderisti¢s. Any reversals of impairment are recognised immediatety, to the extent that the reversal does nc resur( in a carrying arnount of the financial asset that exceeds what the carrying amount would have b*n had the impairment not previously been recognised. Donatlons arKI legaciès Unrestricted Funds Restricted Total Funds Funds 2024 Donatlons Donations musldchr MusiclChoir- French Huguenot 55,713 55,713 8,633 1,000 10,364 6,633 1.000 10,364 Share rebate Food Bank Mission Other donations Bellringers 240 710 4,184 9,786 240 710 4,184 9.786 Grants Benefact Trust- Wages Diocesan Board of Finance 30 Something RepresenlalThie Body of the Church in Wales - Cathedral Roof Represenlalive Body of the Church in Wales - Sl Lukes Chapel Repiesenlative BcKly of the Church in Wales- Inlemal Lighting LPWG VAT- Internal Lighting Benefacl Trust- Internal Lighting Bell Refurbishment LPWG VAT- 14th Bell LPWG VAT- St Luke's Chapel 8,301 8,301 58,476 81 58,476 81 9,882 9,882 12.071 12.071 95,637 41,631 14,000 2,080 5.140 4,828 95,637 41,631 14,000 2,080 5,140 4,828 124,553 216.204 340,757 17
The Cathedral Church of St Woolos, Newport Notes to the Flnancial Statements (¢gnllnued) Year ended 31 December 2024 Donations and legacles icontlnu8dJ Unreslrict Funds Reslricled Total Funds Funds 2023 L)onatlons Donations MusicJChoir MusiclChoir- French Huguenol GrftAk Share rebate Food Bank Mission Other donations Bellringers 37.211 11.296 48,507 991 2,561 2,561 Grants Benefact Trust- Wages Diocesan Board of Finance 30 Something RepresentslNe Body of the Church in Wales - Cathedral Roof Represenlalwe Body of the Church in Wales- Sl Lukes Chapel RepresenlalNe Body of the Church in Wales - Intemal Lighting LPWG VAT- Internal Lighting Benefacl Trust- Intemal Lighting Bell Refurbishment LPWG VAT- 14th Bell LPWG VAT- Sl Luke's Chapel 40,763 11,296 52,059 Charitable activities Unrgslricled Funds Restricted Total Funds Funds 2024 Church in Wales Fees, activities and shop income Rental income 85.087 85,087 40,252 3,541 40,252 3,541 43,793 85,087 128,880 18
The Cathedral Church of St Woolos, Newport Notes to the Financial Ststements (conVnu8d) Year ended 31 December 2024 Charitable actlvltles (conttnu8¢¥ UnTestrided Funds Restrided Total Fur$ Funds 2023 Church in Wales Fees, activities and shop income Rental income 42,039 14,873 4,171 61,083 60.543 102,582 14.873 4,171 60.543 121.626 Invostmgnt Incorne Unrestricted Funds Restrict Total Funds FurKIs 2024 Income from listed investments Bank interest receivable 15,186 10,051 25,237 9,829 2S,015 10,051 35,C66 9,829 Unre8lricled Funds Restricted Total Funds Funds 2023 Income from listed investments Bank interest recewable 18,569 4,3( 4,560 23,129 4,306 22,875 4.560 27.435 Other Income Unrestricted Funds Restricted Total Funds Funds 2024 Other income 4,074 3,102 7,176 Unrestrieted Funds ReStrted Totsl Funds Funds 2023 Other income 12,208 12,208 Investment management costs Unrestricted Funds Reslricled Total Funds Funds 2024 Investment management costs 3,773 1,097 4,870 Unfeslricted Funds Restricted Total Funds Funds 2023 Investment management costs 4,962 4,962 19
The Cathedral Church of St Woolos, Newport Notes to the Flnanclal Statements fconllnue Year ended 31 December 2024 Exp8nditur& on charitable activities by fund type Unreslrictgd Funds Restricted Totsl Funds Funds 2024 General Funds ChLtrch in Wales Mission Bell Refuffoishmenl Fund Music Education & Support Resilien IPreviousty Pantry on the Hill) The Headley Tlust Represenlalive Body of the Church in Wales 14th Bell Other Music Costs Representative Bcty of the Church in Wales- Internal Lighting Representative Body of the Church in Wales- Sl Lukes Chapel West Tower Represenlalive Body of the Church in Wales- Cathedral Roof The Benefacl Trust- Internal LMJhling LPWG VAT- Internal Lighting LPVVG VAT- 14th Bell Rescue Appeal - balance for floor The Benefact Trust - Wages Bellringers Support costs 206.653 206,653 85,087 10,467 85,087 710 9,757 20.416 20,416 176.307 176,307 42,688 42,688 14.821 14,821 666 14,000 37,360 5.140 11.271 8,301 8,812 14,000 37.360 5,140 11,271 8,301 8,812 5,551 5,5S1 236,782 410,758 647,540 Unrestricted Funds Restricted Total Funds Funds 2023 General Funds chUh in Wales MSKIn Bell Refurt)ishment Fund Music Education & Support Resilien (Previousty Pantry on the Hill) The Headley Trust RepresentatNe Body of the ChurGh in Wales 14th Bell other Music Costs Represenlalwe Body of the Church in Wales - Internal Lighting Represenlalive Body of the Church in Wales- Sl Lukes Chapel West Tower 181,029 181.029 2,777 24,578 2.000 29,189 36,430 18,147 5,990 2.777 24,578 2,000 29.189 36.430 18,147 5,990 20
The Cathedral Church of St Woolos, Newport Notes to the Financlal Statements fmnllnued) Year ended 31 December 2024 Exp8nditurn on charttable activities by fund type fcontlnuedj Representative Body of the Church in Wales - Cathedral Roof The Benefact Trust- Internal Lighting LPWG VAT- Intemal Lighting LPWG VAT- 14th Bell Rescue Appeal - balance for floor The Benefact Trust Bellringers Support costs 1.254 1,254 9.6S2 9,652 4,500 4,500 185,529 130,017 315,546 10. Expendlture on charltable actlvities by activity type ActivitS undertaken Grant funding direclty of activities Support costs Tolal fvnds 2024 General Funds DJan Board of Finance Unallocaled Reslricled Funds Music Costs Represenlalive of the Church in Wales- Inlemal Lighting Represenlalnie Bcdy of the Church in Wales- St Lukes Chapel West Tower Repiesenlative Body of the ChuTch in Wales ~ Cathedral Roof The Benefacl Trust- Internal LhtIng LPWG VAT- Internal Lighting LPWG VAT- 14th Bell Rescue Appeal - balance for floor The Benefact Trust - Vvages Bellringers Govemgnce costs 233.264 58,476 233,264 58,476 1 D,467 20,416 10,467 20,416 176,307 176,307 42,688 14,821 42.688 14,821 666 14,000 37,360 5,140 11,271 8,301 8,812 5,551 14,000 37,360 5,140 11,271 8,301 8.812 5.551 831.522 10,467 5,551 647,540 11. Anatysls of grants Period from Y9arto 1 May 23 to 31 Dec 24 31 Dec 23 Grants to institutions Mission 10,467 10,512 Total grants 10,467 10,512 21
The Cathedral Church of St Woolos, Newport Notes to the Financlal Ststements Iconllnu8dJ Year ended 31 December 2024 12. Net gains on investmenty Unrestricied Funds Restn"cted Total Funds FurKIs 2024 Gainsllfossesl on investment property- 9 Clrfion Road (Sold) Gainslllossesl on investment property- 10 Clrfton Road Ilmpaimient) Gainsl{losses) on listed investments 125,0001 125,000) {45.0001 27,794 125,000) 32,664 137.3361 4,870 {42,206} 4,870 Unrestricled Fund5 Restricted Total Funds FurKIs 2023 Gain51llosse5} on investment property Gainslllosses} on listed investments 7,822 5,274 13,096 7.822 5.274 13,096 13. Indgpgndent 9xaminatlon fogs Period from Year to 1 May 23 10 31 D9c 24 31 Dec 23 Fee5 payable lo the independent examiner for.. Independent examination of the financial statements 4.620 4.500 14. Staff costs The total staff costs and employee benefits for the reporting period are anatysed as follows.. Period from Year to 1 May 23 to 31 Dec 24 31 Dec 23 Wages and salaries 125,866 83,662 The average head count of empbyees during the year was 5 {2023'. 51. No employee received employee benefits of more than £60,000 during the year12023.' Nill. Key Management Personnel Key management personnel include all persons that have authority and responsibility for pianning, directing and controlling the aixlvttS of the char. The total compensatn paid to key management personnel for seNces provided lo the charty was £55,52012023.'£45,8561. 15. Trustoe remuneratlon and expenses No remuneration or other benefits from employment wf(h the charity Of a related entity were received by the trustees. No Iruslee eypenses have been incurred during the year. 22
The Cathedral Church of St Woolos, Newport Notes to the Financial Statements fcontlnuodj Year ended 31 December 2024 16. Investmonts Cash or cash Listed Investment equivalents investments properties Total Cost or valuation Al 1 January 2024 Additions Disposals Fair valuo movements 8,548 86,196 791,490 1,220,038 110,965 197.161 (170,125) (210.000) {380.1251 758 758 420,000 At 31 De¢ember 2024 94.744 733,088 210,000 1.037.832 Impalrnient Impaiimenl in value of investment property {45.O¢J)I {45.0001 At 1 January 2024 and 31 December 2024 Canying amount Al 31 December 2024 94,744 733.088 165,000 992,832 At 31 December 2023 8.548 791,45 420.01)0 1,220,038 Atl investments shcwn above aro hgld al valuation. Investment propertles Investment propety comprised 9 Clifton Road, Newport and 10 Clifton Road, Newport. 9 Clffton Road was sold for £185.000 in February 2024. The title to the properties are registered with the Represenlalive Body of the Church in Wales. Flnanclal assets held at falr value The fair value of the Investrnenl Property has been arrNed al on the basts of a valuation carried out by Linells Property COnsuan1$ on 19 August 2022. 17. Stocks 2024 2023 Raw materials and consvmables 7,308 6,890 18. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 2,099 129,148 5,410 5,913 5,913 136.657 23
The Cathedral Church of St Woolos, Newport Notes to the Financlal Statements {conthiu¢d) Year ended 31 December 2024 19. Creditors: amounts falling du8 wlthln one year 2024 2023 Trade credi(ory Accruals and deferred income Other creditors- desc in ajcs 4,¢)00 18,019 44,513 27.383 44,513 20. Analysis of charitable funds Unre$trictgd fund$ Al 1 Jan 2024 Gains and At losses 31 Dec 2024 Income Expendf(ure Transfers General funds Qesignaled fund- Bellringers Designated fund- 30 Somethings Designated fund- Children's and Youth Mission Designated fund- External lights Designated fund- North gully Designated fvnd- Wesl Tower 1,260,303 197,657 1240,5551 (282,321) {42.2061 892,878 3,657 3.657 100.000 100,000 50,000 50.000 30,000 30,000 1,263,960 197.657 1240,5551 1102.3211 142,2C6) 1,076,535 At 1 May 2023 Gains and Al bsses31 Dec 2023 Income Expenditure Transfers General funds Designated fund - 8ellringers Designated fvnd - 30 Somethings Designated *und- Children's and Youth Mission Designated fund- Extemal ligh15 Designated fund- North gvlly Designated fund- Wesl Tower 1,442,479 {189.9981 7,822 1,260,303 9.390 19,3901 1,583 1493) {1,0901 3,657 3,657 1,457,109 {190.491) {10.480) 7,822 1,263,S60 24
The Cathedral Church of St Woolos, Newport Notes to the Financial Statements {conthpueil) Year ended 31 December 2024 20. Anatysls of charitable funds (conUnu¢ The designated funds represent group activities wthin the Cathedral. The funds are designated for the use of the groups whilst the adivity continues. Once the acttvity ceases. the funds revert lo the Cathedral general funds. Funds of £100,000 have been designated trmards the cost of extemal lights. Funds of £S0,0(K) have been desonated towards the repairs to the North Gully Funds of £30.000 have been designated trmards the repairs to the West Twer. Rgstrictgd funds At 1Jan 2024 Income Expendsture At 31De 2024 Gains and losses Transfers Bell Refurt)ishment Fund Rescue Appeal- balance for floor Chancel Repair Fund John Lester Leech 2.080 12,0801 4.670 851 28,642 1.208 E M Jones 14,200 Music Foundation 186,898 Cathedral Endowment 124,367 Music Education & Support Resiliencg (Previously P8nlry on the Hill) French Huguenot (Music) The Headley Trust RepresenlalNe Body of the Church in Wales 14th Bell Benefacl Trust Wages Other Bellringers 30 Somethings (11,271) 6.601 851 28,642 1,208 14,200 196.661 128,2r 5,990 3.839 (1,0971 4,870 20,734 6,633 (20,4161 6.951 935 240 1,175 1.000 1,000 8,301 7.286 9,786 81 18,3011 2,350 9.390 1,090 9,636 10,364 1,171 18.812) 25
The Cathedral Church of St Woolos, Newport Notes to the Financial Statements (continued) Year ended 31 December 2024 20. Anatysis of charitable funds {conlinu•dJ At 1Jan 2024 At 31 Dec 2024 Gains and losses In¢ome Expenditure Transfers RepresenlatNe Body of the Church in Wales- Inlefnal Lighting Benefact Trust- Inlemal Lighting LPWG VAT- Intemal Lighting LPWG VAT- 14th Bell Representative Body of the Church in Wales - St Lukes Chapel Representative Body of the Church in Wales - Cathedral Roof Church in Wales LPWG VAT- St Luke's Chapel Mission 95.637 (176,3071 80.670 14.000 {14,0001 41,631 137,360) {4,2711 5.140 15.1401 12.071 {42,6881 30.617 9,882 85,087 1666) 185,087) 19,216} 4.828 710 4,828 1710} 395,335 314,222 1411,8551 102,321 4,870 404,893 At 31 De¢ 2023 1May 2023 Gains and losses Income Expendi(ure Transfers Bell Refurbishment Fund Rescue Appeal - balance foi floor Chancel Repair Fund John Lesler Leech Grrffin E M Jones Music FOundatn Cathedral Endowment Music Education & Support Resilience IPreviou51y Pantry on the Hill) 1.437 12,777) 1,340 5,924 711 27,988 1,176 13,825 184,290 {1,2541 4,670 851 28,642 1,208 14,200 186,898 140 654 32 375 2,608 124,242 125 124,367 41.812 {24.578) 3,500 20,734 2,935 (2,0001 935 26
The Cathedral Church of St Woolos, Newport Notss to the Financial Statements (co*011 Year ended 31 December 2024 20. Analysls of charltable funds (¢ontlnuo At 1May 2023 Gains and losses 31 Dec 2023 InGome Expenditure Transfers French Huguenot (Music) The Headley Trust Representative Body of the Church in Wales 14th Bell Bonefacl Trust Wages Other Bellringers 30 Somethings Represenlalive Body of the Church in VVales- Inlemal Lighting Benefacl Trust- Internal Lighting LPWG VAT- Inlemal Lighting LPWG VAT- 14th Bell Representative Body of the Church in Wales - St Lukes Chapel Represenlalive Body of the Church in Wa$ - Cathedral Roof chUh in Wales LPWG VAT- St Luke's Chapel Mission 3.500 29,189 13,5001 129.189) 36.430 18.147 9.652 8,340 (36,430) 118,147) 19,652) 15,990) 2,350 9,390 1,090 9,390 1,090 509.598 1130,0171 10,480 5,274 395,335 27
The Cathedral Church of St Woolos, Newport Notes to the Flnanclal Statements (conl1ntdj Year ended 31 December 2024 20. Analysis of Gharftable funds (¢ondnu• Bell refurbishmgnt fund represents specrfic money collected and costs incurred. Reseue Appeal was launehed to provide funds for the refurbishment of the Cathedral roof, tower and any other part of the Cathedral. The Chancel Repair Fund was bequeathed for St Woolos Cathedral. Jthn Lester Leach Fund is held by the RepresenlatNe Body of the Church in Wales for the benefrt of the Cathedral. The Music Foundation was established from grants from the Ouseley Trust {£45.0001, the Frignds of Cathedral Music 1£65,000} and the Pilling Trust {£50,0001. Income lo be used for suptKJrting music in the Cathedral. The Cathedral Endowment was established from the legacy of Miss Marior¢e Jones {£50,CQOI. Income to be used for genoral Cathedral purposes. The Grrffin and E M Jones funds are reslricled endt)wmenls held within the Representative Body of the Church in Wales Common Investment Fund and managed by Monmouth Diocesan Board of Finance as custodian trustee. Pantry on the Hill fijnding wa5 received for Splf1¢ projects in the community. French Huguenot funding was received Iow8rd8 music in the Cathedral. The Headley Trust grant was r1Ved towards the phased refurbishment of the Cathedral fabrtc. Represenlalive Body of the Church in Wales funding is for salaries. 14th Bell funding was received from a priv81e donator. Other restre funds iepresent monies from GAVO food bank and otherfunds. The Bellringers fund is memberfs contributions for specffic expenditure relating to the Bell Tower. The 30 Somethings fund 1$ a social fund for parish members. 28
The Cathedral Church of St Woolos. Newport Notes to the Flnanclal Statements (¢onllnuo0) Year ended 31 December 2024 21. Analysis of net assets between funds Unrgslricted Funds Restricted Oesignaled Total Funds Funds Funds 2024 Investment properties Investments Current assets 210,000 781,172 33,939 210,000 827,832 488,5 46.660 153.657 Net assets 1,479768 46,660 153.657 1,526,428 Unrestricted Funds Restricted Designated Total Funds Funds FurKIs 2023 Investment properties Investments Current assets 420,000 443,872 3Q6,431 420,000 800,038 439,257 356,166 39,169 3.657 Net assgt$ 1,260,303 395,335 3,657 1,659,295 22. Related partles Three trustees are also trustee5 of the Represenlatwe Body of the Church in Wale8 who have provided grant funding lo the charity. The Iruslees corbcerned are not involved in the decision making with regard to the level offunding set. Two of the trustees are also trustees of the Monmouth Di0san Board of Finance who provide grant funding lo the charily and receive ministry share income from the charity. Two Iruslees were members of the Diocesan Investment Group. Wth regard to the trustees who are also Iruslees of Monmouth Diwesan Board of Finan, one trustee is Chairman and a setond trustee is a member of the Budget committee Ihal recommends the level of share for all the ministry areas and the Cathedr81 ofthe di¢xese.