LIVERPOOL CATIIEDRAL COMMITTEE UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR EiYDED 31 DECEMBER 2023 Charlty Reglstered Number: 244005 LIVERPOOL CA￿DRAL CO]fflklITTEE UNAifDITED FINANCIAL STATEMENrs For the year ended 31 December 2013 Page Legal and administrativ¢ information Cojnmittee mcmbers, report tndependent Examiners, T¢POrt Siatement of finanGial activities Balance sheet io Notes to the Financial Ststements 11-16 LIVERPOOL CATHEDRAL COMMirrEE LECAL AND ADMINISTRATIVE INFORMATION For the ye8r ended 31 December 2023 registered 244005 number Committee members Mrs J GTeensmilh (Clk8ir) Mr W D Fulton Mr G Appleton Mr J Crane Mr J Davies MrPTHTod Mr A Flet¢h¢r Very R¢v¢rend Dr Sue Jone5 FAS J Hauxwell MrD M¢Donnell (retired 30 10 23) Mr D Morrison (Tcsigned 16.10.23) Dame Lorna Muirhead {retired 03 10 24) Mr A HRnnay (relired 30 09 24) Regbtered O￿T￿¢ St James House 20 St James Road Liverpool LI 7BY BAnkers HSBC 4 Dale Str¢¢t Livery)ool L69 2BZ Independent Ex#mlner8 Anita C Mason BA(Hong) BFP FCA Mit¢heU Charlcsworth Chartered Accountants Tempest Suite 5.1 12 Tithebam Street Liverpool L2 2DT Investment Manager& Quilier Cheviot 5 St Paul's Squarc Liverpnol L3 9SJ LIVERPOOL CATHEDRAL COMMrrrEE cOM￿tITTEE MElklBERS' REPORT For the year ejjded 31 December 2023 The Committee present their report together witb the financial staternents for the year ended 31 D¢¢¢mber 2023. The Committee confirm that the financt21 statements have been prqJar¢d in a¢¢ordance with th¢ ac¢ow)ting policies set out on p&ge I l and comply with current sthtutory requirements. Constitution The charity was registercd on I l August J965 under charity r¢gistration number 244005 and is a body corporate govemed by the provisions of the Liverpool Cathedrnl Acts 1885 and 1902. ObJects of the charlty The main objects of the charity are to manage the assets in order to ￿sISt in mBintsining 4nd preserving the fabric of Liverpool Cathedral and to TCCQiV¢ l¢uAcies Hnd donations and g6￿LIate incomL lo fulfjl the objects and purposes c()tmected therewith. Organisation The Committee m¢mb¢r4 who ar¢ also trustees of the chaTity. and who h&ve served during the year and since the year end are set out on page l. New Committee membcrs are approved and appoint¢d by the fidl Committee and there is an established induction PTOC¢SS. Some memb¢r3 ol th¢ Con]mitt¢# ar¢ also trnstees or members of the Cathedr81 Chapter And ils related entities. All members of the Committee decla￿ confiicts of iDlere5t when apposite, in the decision rn8king processes, wbich fidly accords with their individual re$ponsibAlities as tn￿leeS and the charity's Owll constitutioD and objectives. All powers and duties conferrcd or ltnpos￿ OD tb¢ CottUDitt¢¢ by thc Livejpool Cath¢draJ Act 1885 ar¢ ex¢r¢ised and perfornied und¢r the provisions of Section 6 of that Act. The Committee holds two meetings cach year to carry out the activiti￿ of the charity. Durin8 the year, tbc COtt￿ltte¢,S invcslm¢nt management fim¢tion transferred from the fornier Investment Sub-comrnittee to the Finance Committee of Liverpool Cathedral. The Financc Committee mec18 quart¢rAy. and the meD]bei8hip Includ￿ inv¢slmellt spe¢ialists. None of the membet? of the Committee received any remuneration orexpenses during the year. Grallt making polley The Con)mittee considers application8 from The Corporation of Liveryool Cathedral for relevant and eligible ants at their meetings. Grant5 may b¢ of a Singul￿ or recurring nature and amount dependent on application, and if 8pprov¢d will norn)ally be paid in the year of approval. Public Benefit Th¢ Committe¢ bas duly considered the Clwity cOmn￿s1on Guidance on PubliG Benefit in the approval and payment of grants. Revlew of acdvltles and aehievements in the ye The Committee has committed an annual grant of £60,000 to The Corporation of Liverpool Cathedral towards Een¢ral tllaintenance costs. Th￿¢ bave been no further awards beyond the 8nnual commitment of £60,000 since 2021. LIVERPOOL CATHEDRAL COMMrrrE COMM]TTEE MEKBERS> REPORT For Ihe year ended 31 December 2023 During 2014 th¢ Committee affiTmed that the charity's ¢xistillg fuTuls were available in support of '?4 for 2024" for projects in lin¢ wlth the Conuuit¢¢e's objects. Review of results for the year Income derived from investrnents and cash deposits kncre&4ed to £64,938 (2022: £62,325). Receipts from legaci¢8, donations, gifts ynd other income incre48ed to £5 (2022.. nil). As a result totsl income increased to £64,943, ¢x¢luding gains and losses on revaluation 3nd disposal of fixed asset investtnents, from £62,325 in 2022. ResOU￿eS expended during the year were grants to The Corporation of the Liverpool Cathedral of Christ iti Liverpool of £60,000 (2022: £60,000) and DWla8ement and administration and 8ovcrnan¢e costs of £12,242 (2021: £12,639). After 18king account of gains and losses on revAluations and disposals of investment asyets, there was 8 POSAtiv¢ net movement in funds of £103,371 (2022: n¢g41ive net movement in £146,844 in the Statement of Fin&ncial Activiti¢s. Future developments The Committce continues to believe that through Gattfui rnanagemcnt of resources, the regvlar and future grant applicatioDS from the Cath¢drai will be mcl. However this position has to be tempcrcd by reality otherwise the medium and IoD8 tenn prospeoÉy for the charity's invcslment funds will be adv¢rs¢ly affected. Illvestmen¢ p¢rfonDance and policy The funds held with Quilter Ch¢vAot at the beginnin8 of the year comprised £1,688,750 in investments and ¢ash of £23,559, totalling £1,712,309. The value of the fimds at th¢ elld of the year was £1,808,961 ID investments and cash of £4.898, totallin8 £1.813,859. £60,000 in grants and £12,242 in management governance ¢0sts were funded from th¢ ittvestment portfolio. Asset aUoeAtion at the year end was as follow8: 2023 15.5•A 2022 Fixed Inte￿st UK Index Linkcd UK Flxed Interest Overseas Equities UK Equities US I,tquiti¢s Japan Equities Europ¢ Asia Pacific Equities Other Propertylother fimds 4.Y/ 28.70/0 5.oyo 33.69A 5.lyo 1.4Q/ 5.3Yo 11.2% 0.6Y 2.69A 4.9Y. 9.P/• 1.5Y Th¢ Cornmittee'8 investtnent policy wms fvlly reviewed 8nd t¢vised in 2023. Inveskneut management and Tesponsibility fi>r delivering this ￿l1¢Y h8s been d¢l¢gatsd to QuAlter Cheviot. InYes(ment Mana8er4 under approved dis¢retionary tern￿ and ￿nditions. LIVERPOOL CATHEDRAL COMmI￿EE COMMrrrEE MEMBERS, REPORT For the year CDded 31 DeCe￿ber 2023 Reserves pollcy It is the Committ¢e's policy to maintain UDTestricted fiuuls. whtch are the free reserves of th¢ ¢lwity at a levcffi commensurat¢ with the known and antiGipated needs of Liverpool Cathedral in connection with the continuing maintenanc¢ and upkeep of the fabric of tbe Cathedral and other eligible grant expendikne within the confines and environ5 of the CathedTal as might reasonably b¢ expected to arise within the f0re5eeablc future. The trustees consider tb8t reserves held are sufficient lo meet knovm and atiticipated conjmitrnents for the ft)rs¢eablc thture. Risk a88essment Th¢ Committee bas rcvi¢wed the principal risks to which the charity is expo8¢d and is satisfied that 8uffiGiottt and appropriate systems or controls are in pl&¢¢ lo mitigate exposurc to those risks. The risk areas identified ￿¢. Accounting and Financial Investment Management Change PToc¢ss¢s - Funds Stock Market Uncertainties Ultra Vire8 A¢ts by Trustecg Post bAlan¢e Sheet event8 The trl￿te¢S continue to operate in line with thc objects of the charity and continue to explore ways in which it ¢an carry out ils objectives as effectively as possible. Despite volatility in investhi'ent markets and ullceriainty in the economy driven by world wents, the Committee remained able to fulfil its obje¢tives without disruption 8nd through c￿efUl management remaits8 in a 8tron8 position to continue to do so into tbe fiJtur¢. LIVERPOOL CATHEDRAL COMMITfEK COMMIThEE MEMBERS, REPORT For the year ended 31 December 2023 Trustees, re8pon8lbilltie5 for Ihe fmAnclal statemellts The tnjstees are responsibl¢ forpreparing the Tn￿le¢s, Report and the finanGial $18tements in a¢wrdance with applicable law United ￿ngdOrn Accounting Standards (United KiD8dom Generally Accepted Accounting Practice) Th¢ law applicable to clmrities in England 8lld Wales requires the trustee5 to prepare finan01￿ 8tatements for ea¢h financial year which gkve a tn￿ and fairview of the slate of affay￿ of the charity and of the incoming resources and application ofresour¢es of the charity for that period. Jn preparing the5¢ financial slatemenL8 the trustees ar¢ required to: Select 811itable accountin8 poIici¢s 8nd then apply ihem consist¢DtIy> observe the rnethods and principlu in the Charities SORP; make judgements &nd e8timata8 that are reasonable 8nd PTudent' Btatc wbether applicable accounting standards hav¢ been followed. subjeot to any materiaI dcpartures disclosed and explained in the financial statetn¢nls' pr¢p8re the financial stat￿nenL8 on the 8oiDg ¢on¢ern basis uDl¢ss it is inappropriate to prnsume thal the charity will continu¢ in business. The I￿ste¢S Are re8pon8ible for keeping accountiD8 r￿ordS which dis¢lose with reasonable accuracy at any time Ihe financial position of the ¢h8rity and enable them to eDsuTe that the fiJwi¢ial slalemenls of the charity comply with the Charitics Art 2011, the Charity (Accounts and Reports) Regulations, and the provisions of the Liverpool Cathedral Acts 1885 and 1902. They ar¢ also responsible for safcguarding th¢ assets of th# ¢harity and hence for taking reasonabl¢ Steps for the piev¢ntion and dcte¢tion of fraud and othcr irregularities. The tn￿tee9 wonsible for the maintenance and integrity of the charity and th¢ financial infonnation included on the Charity Commt8sion website, Legislation in the United Kin8dom governins the preparation and dissemination of financial statemeDls may differ from legislation ID other jurisdi¢tioDs. y order of the Commlttee J Greenymith Date,. 28110r2024 llYDEPENDENf E￿&mINERs REPORT LIVERPOOL CATHEDRAL cOMMI￿EE TO THE TRUSTEES OF THE LIVKRPOOL CATHEDRAL COMMrrrEE I report to tbe trustees on my examination of the accounts of Liverpool Cathethal Committee ('the charity,) for tbe year ended 31 December 2023, whi¢h are set out on pag&s 9 to 16. This report is made sol¢ly to the cliar1￿8 t￿￿tees. &8 a body, in aword8nce with Section 145 of the Ch￿itieS Act 2011. My ex8mination has been undertaken so that I might stale to the charity's trustees tlu)s¢ matters I8Jn r¢quiTed to stale to them in Independent Examinevs rq)0rt and for no other PUEPOSe. To the fullest extent pemiitted by law. I do not a￿ept or 18sume TesW)Usibility lo anyone other than the charity and the charity's tnjstees as a body, for my cxam1ng4tio￿ for this repo￿ or for the opinions I have formed. Responsibilities and basi8 of report AS the trustees of tbe charity YOU r¢5ponsible for tho preparation of the accounts in ￿Cord&￿e with the requirements of the Cbarities Act 2011 ('the 2011 Act,). I report in rcspect of my examination of (he charity's acwwits carried out und¢r section 145 of the 2011 Aot and ITh carrying out my examin&tton I hav¢ followed all the applicable Directions giv¢n by the Chatity Commi88ion under section 145 (5)(b) of the 2011 Act. Illdependent examlner's St¥Jtement Your attention 18 dravm to the fact that th¢ ckwity has prcpared finBncial statements in accordancc with Accounting and Reporting by Charities preparing their accounts kn &ccord4D¢¢ with the Financial Reporiing Standard V4pplicable in the UK and Republic of Ir¢land (FRS 102) in pr¢ference to the Accounting and Reporting by Charities: Sts¢em¢nt of Recomm¢ndLd Practice issued on l April 2005 which is referrcd lo in the extant regulations but has now been withdraw I understand that this has been done in order for ftnancial statemenls to provide a true and f8ir view in a¢¢ordan¢e with Generally A¢cepted Accowitin8 Practice effective for reportiog periods beginning on or after l January 2015 have completed my ¢x8mination. I confimi that no matetial rnatters have come to my attention iti ¢onne¢tion with tbe examination giving m¢ T¢￿Onable Cau￿ to beli¢v¢ that in any material respect: a¢countin8 record8 w¢re not kept in rcspcct of the charity as required by seciion 130 of the 2011 Act. or 2. the accounts do not accord with those records; or 3. the ￿OUntS do not cornply with the appIl￿ble requirements conc£n)ing the form and content of accounts set out in the Charities {AcoouThts and Reports) Regulations 2008 other than any requirement that the aoGoullts give a 'true and fair view, which is not a matter considered ￿ p8rt of an independent exomination. I have no concerns and have come across no other mattcrs in ¢onnection with the ¢xamination to which attention should be drawn in thi8 T¢POrt in order to enabl¢ a proper undcr8tanding of the accounts to be reache