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 st￿et
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 Padd￿k
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 De￿mber 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
Be￿een 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 Ch￿f Operating Off￿r and the Director of Music.
Diary Management Meeting consisting of the Dean, the Residenliary Canons. the Chief
Operating Offi￿r, 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 Hea￿h 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 Cath￿raIs, 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, S￿la1 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. finan￿5 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 w0￿S 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 Cong￿gatIOn 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 DI0￿San 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 COn￿rtS, 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 Ce￿bratiOn 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 We￿OMed
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 a￿rdIng 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 chan￿110[ 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 Pla￿5 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 t￿e festival, wrth I￿81 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 p￿pIe 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 n￿nthS 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
un￿strICted
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 off￿e. 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 P￿paring 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$ure exemptions
The entty satisfies the criteria of being a qualifying entty as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,
eslimales and assumptions that affect the amounts reported. These estimates and judgements
are continually reviewed and a￿ based on experience and other I￿lOr$, 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 selv￿e. 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 wh￿h 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 aPPOrt￿ned
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 a￿ordanCe with the cost mdel are
r￿orded 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 e￿St. 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 pU￿hase. 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
musldch￿r
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
ReStr￿ted 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
chU￿h in Wales
M￿SKIn
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
Activit￿S
undertaken Grant funding
direclty
of activities Support costs
Tolal fvnds
2024
General Funds
D￿J￿an 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 L￿htIng
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 aixlvtt￿S of the char￿. The total compensat￿n 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 COnsu￿an1$ 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 FOundat￿n
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
chU￿h 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 (conl1nt￿dj
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 Sp￿lf1¢ projects in the community.
French Huguenot funding was received Iow8rd8 music in the Cathedral.
The Headley Trust grant was r￿1Ved 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 restr￿e￿ 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 Di0￿san 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.