2024-12-31-accounts

LIVERPOOL CATHEDRAL COMMITTEE

UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Charity Registered Number: 244005

LIVERPOOL CATHEDRAL COMMITTEE

UNAUDITED FINANCIAL STATEMENTS

For the year ended 31 December 2024

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		Page
		,
Legal and administrative information		3
Committee members’ report		4-7
Independent Examiner’s report		8
Statement offinancial activities		9
Balance sheet	:	10
NotestotheFinancialStatements		11-16

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LIVERPOOL CATHEDRAL COMMITTEE

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LEGAL AND ADMINISTRATIVE INFORMATION

For the year ended 31 December 2024

Charityregisterednumber	244005
Committeemembers	MrsJGreensmith (Chair)	MrA Fletcher
	MrWD Fulton;	VeryReverendDrSueJones
	MrGAppleton	Mrs JHauxwell
	MrJCrane	Dame LornaMuirhead (retired03.10.24)
	MrJDavies	MrAHannay (retired 30.09.24)
	MrPTHTod
Registered Office	St JamesHouse
	20 St JamesRoad
	Liverpool
	Ll 7BY
Bankers	HSBC
	99-101 Lord Street
	Liverpool
	L2 6PG -
IndependentExaminers	Anita CMasonBA(Hons)BFPFCA
:	MitchellCharlesworth
	Suites C, D, E& F
	14"Floor, ThePlaza
	100 OldHall Street
	Liverpool.
	L3 9QJ
InvestmentManagers	QuilterCheviot
	5 StPaul's Square
	Liverpool
	L39SJ

4

LIVERPOOL CATHEDRAL COMMITTEE

COMMITTEE MEMBERS’ REPORT For the year ended 31 December 2024

The Committee present their report together with the financial statements for the year ended 31 December 2024. The Committee confirm that the financial statements have been prepared in accordance with the accounting policies set out on pages 11-13 and comply with current statutory requirements.

Constitution

The charity was registered on 11 August 1965 under charity registration number 244005 and is a body corporate governed by the provisions of the Liverpool Cathedral Acts 1885 and 1902.

Objects of the charity

The main objects of the charity are to manage the assets in order to assist in maintaining and preserving the fabric of Liverpool Cathedral and to receive legacies and donations and generate income to fulfil the objects and purposes connected therewith. .

Organisation

The Committee members, who are also trustees of the charity, and who have served during the year and since the year end are set out on page 3. New Committee members are approved and appointed by the full Committee and there is an established induction process. ,

Some members of the Committee are also trustees or members of the Cathedral Chapter and its related entities. All members of the Committee declare conflicts of interest when apposite, in the decision making processes, which fully accords with their individual responsibilities as trustees and the charity’s own constitution and objectives.

All powers and duties conferred or imposed on the Committee by the Liverpool Cathedral Act 1885 are exercised and performed under the provisions of Section 6 of that Act. The Committee holds two meetings each year to carry out the activities.of the charity.

TheCathedral.Committee’sThe FinanceinvestmentCommitteemanagement meets quarterly,functionis theand theresponsibility membership ofincludes the Financeinvestment Committeespecialists.of Liverpool

None of the members of the Committee received any remuneration or expenses during the year.

Grant making policy

The Committee considers applications from The Corporation of Liverpool Cathedral for relevant and eligible grants at their meetings. Grants may be of.a singular or recurring nature and amount dependent on application, and if approved will normally be paid in the year of approval.

Public Benefit

The Committee has duly considered the Charity Commission Guidance on Public Benefit in the approval and payment of grants.

Review of activities and achievements in the year

In recent years the Committee has made an annual grant of £60,000 to The Corporation of Liverpool Cathedral towards general maintenance costs. At the Committee meeting on 10 March 2025, it was agreed to increase this to £65,000 in the light of increases in investment returns. There have been no further awards beyond the annual commitment of £60,000 since 2021.

LIVERPOOL CATHEDRAL COMMITTEE

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COMMITTEE MEMBERS’ REPORT

For the year ended 31 December 2024

During 2014 the Committee affirmed that the charity’s existing funds were available in support of “24 for 2024” for projects in line with the Committee’s objects.

Review of results for the year

Income derived from investments and cash deposits increased to £65,446 (2023: £64,938). Receipts from legacies, donations, gifts and other income increased to £140 (2023: £5).

As a result, total income increased to £65,586 (excluding gains and losses on revaluation and disposal of fixed asset investments) from £64,943 in 2023.

Resources expended during the year were grants to The Corporation of the Liverpool Cathedral of Christ in Liverpoolof £60,000 (2023: £60,000) and management, administration and governance costs of £16,276 (2023: £12,242).

After taking account of gains and losses on revaluations and disposals of investment assets, there was a positive net movement in funds of £103,946 (2023: £103,371) in the Statement of Financial Activities.

Future developments

The Committee continues to believe that through careful management of resources, the regular and future grant applications: from the Cathedral will be met. However, this position has to be tempered by reality otherwise the medium and long term prospects for the charity’s investment funds will be adversely affected. ;

Investment performance and policy

The funds held with Quilter Cheviot at the beginning of the year comprised £1,808,961 in investments and cash of £4,898, totalling £1,813,859. The value of the funds at the end of the year was £1,919,426 in investments and cash of £3,909, totalling £1,923,335. Grants of £60,000 and management and governance costs of £16,276 were funded from the investment portfolio.

Asset allocation at the year end was as follows:

	2024	2023
Fixed InterestUK	17.3%	15.5%
Fixed Interest Overseas	5.1%	4.9%
EquitiesUK	25.8%.	28.7%
EquitiesUS	27.9%	24.3%
Equities Europe (exUK)	3.9%	5.1%
Equities Japan	2.9%	3.0%
Asia Pacific (ex Japan)	1.1%	1.4%
Equities Other	5.4%	5.3%
Property/otherfunds	10.2%	11.2%
Cash	0.4%	0.6%

The Committee’s investment policy was fully reviewed and revised in 2024.

Investment management and responsibility for delivering this policy has been delegated to Quilter Cheviot, Investment Managers, under approved discretionary terms and conditions.

LIVERPOOL CATHEDRAL COMMITTEE

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COMMITTEE MEMBERS’ REPORT For the year ended 31 December 2024

Reserves policy

It is the Committee’s policy to maintain unrestricted funds, which are the free reserves of the charity at a level commensurate with the known and anticipated needs of Liverpool Cathedral in connection with the continuing maintenance and upkeep of the fabric of the Cathedral and other eligible grant expenditure within the confines and environs of the Cathedral as might reasonably be expected to arise within the foreseeable future.

The trustees consider that reserves held are sufficient to meet known and anticipated commitments for the foreseeable future.

Risk assessment

The Committee has reviewed the principal risks to which the charity is exposed and is satisfied that sufficient and appropriate systems or controls are in place to mitigate exposure to those risks. The risk areas identified are:

Accounting and Financial

Investment Management Change Processes - Funds Stock Market Uncertainties Ultra Vires Acts by Trustees

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Post balance sheet events

The trustees continue to operate in line with the objects of the charity and continue to explore ways in which it can carry out its objectives as effectively as possible. Despite volatility in investment markets and uncertainty in the economy driven by world events, the Committee. has remained able to fulfil its objectives without disruption and through careful management remains in a strong position to continue to do so into the future.

LIVERPOOL CATHEDRAL COMMITTEE

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COMMITTEE MEMBERS’ REPORT .

For the year ended 31 December 2024

Trustees’ responsibilities for the financial statements

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) -

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each ‘financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements the trustees are required to: - ,

• = select suitable accounting policies and then apply them consistently;

• = observe the methods and principles in the Charities SORP; = make judgements and estimates that are reasonable and prudent;

• — state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• = prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements of the charity comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations, and the provisions of the Liverpool Cathedral Acts 1885 and 1902. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and the financial information included on the Charity Commission website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the Committee

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J Greensmith
Chair
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Date: [b&-lo-2] -lo- 2S
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Date: 07/10/2025

LIVERPOOL CATHEDRAL COMMITTEE

9

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2024

		Unrestricted			Total	Unrestricted
						Funds
		Funds			2024	2023
‘Incomeandexpenditure	Note	£			£	£
Income
Donations and legacies	2	140			140	5
Investment income	3	65,446			65,446	64,938
Total incomingresources		65,586	——	~~:~~	65,586 )	64,943
Expenditure
Costs ofraising funds	4	11,607			11,607	10,820
Expenditure on charitable activities	5	64,669			64,669	61,422
Total expenditure		76,276			76,276	72,242
Netoutgoingresources beforegainsoninvestments		(10,690)			(10,690)	(7,299)
Net gains oninvestment assets	7	114,636			114,636	110,670
Netmovement infunds		103,946			103,946	103,371
Reconciliation offunds:
Total funds brought forward at 1 January	11.	1,859,957			1,859,957	1,756,586
Totalfunds carriedforward at	11	1,963,903			1,963,903	1,859,957
31December

The accompanying accounting policies and notes form an integral part of these financial statements.

There are no recognised gains or losses other than those included in the statement of financial activities for the two financial years. |

All operations are continuing.

These unaudited financial statements have been subject to independent examination. See report on page 8.

LIVERPOOL CATHEDRAL COMMITTEE

10

UNAUDITED BALANCE SHEET

At 31 December 2024

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2024 2023
Note £ £ £ £
Fixed assets
Investments 7 1,919,426 1,808,961
1,919,426 1,808,961
Current assets
Debtors 9 4,425 6,292
Cash on deposit 23,909 24,898
Bank 394,597 333,616
422,931 364,806
Creditors: amounts falling due
within one year 10 378,454 313,810
Net current assets 44,477 50,996
Net assets 1,963,903 1,859,957
Funds
Unrestricted 11 1,963,903 1,859,957
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The financial statements on pages 9 to 16 were approved and authorised for issue by the Trustees on 06 6C¥eBeR . dors,and are signed on their behalf by:

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b-lo- 2s
J Greensmith
Chair
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These unaudited financial statements have been subject to independent examination. See report on page 8.

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1 Accounting policies

LIVERPOOL CATHEDRAL COMMITTEE

UNAUDITED NOTES ON FINANCIAL STATEMENTS

For the year ended 31 December 2024

Charity information

Liverpool Cathedral Committee is an unincorporated charity registered in England.

Basis of accounting

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement ofRecommended Practice for charities applying FRS 102, the Charities Act 2011 and UK and Generally Accepted Accounting Practice as it applies from 1 January 2019.

Liverpool Cathedral Committee meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The Charity has taken advantage of the provisions in the SORP for Charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide.a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adoptedare set out below.

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounts in preparing the financial statements.

Charitable funds

Funds held by the charity are:

Unrestrictedfunds — these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. .

Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. _

Investment income is accounted for in the period in which it is received. Interest on bank and other deposits is received gross and accounted for in the period of receipt.

Donations, legacies and gifts, together with any associated tax recovery, are recognised as income in the accounting period of receipt.

These unaudited financial statements have been subject to independent examination. See report on page 8.

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LIVERPOOL CATHEDRAL COMMITTEE

UNAUDITED NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024

Accounting policies (continued)

Expenditure recognition

Management and administration expenses and Governance costs comprise all costs incurred in operating the charity for the period under review which cannot be directly allocated to the charity’s projects or fund raising. There were no employees during the year.

Grants paid or payable are charged in the year of approval by the Committee.

Cash and cash equivalents _ Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Investments -

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expénditure) for the year. Transaction costs are expensed as incurred.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amountsand there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basicfinancial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial. assets classified as receivable within one year are not amortised.

Basicfinancial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. -

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors and accruals are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

These unaudited financial statements have been subject to independent examination. See report on page 8.

‘ LIVERPOOL CATHEDRAL COMMITTEE

13

UNAUDITED NOTES ON FINANCIAL STATEMENTS

For the year ended 31 December 2024

Accounting policies (continued)

Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Recovery is made of tax deducted from income and from receipts under Gift Aid.

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from. other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. .

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Donations and Legacies

Donations and LegaciesLegacies
				Unrestricted
	Unrestricted		Total	Total
		Funds	2024	2023
		£	£	£
Donations	.	140	140	5
		140	140	5
Investment income
				Unrestricted
	Unrestricted Funds		Total 2024	Total 2023
		£	£	£
UKEquities& otherinvestments		45,719	45,719	48,128
UK Government Securities		3,094	3,094	- 2,720
Foreign Equities& other investments		15,231.	15,231	13,137
Bank interest		1,402	1,402	953
		65,446	65,446	64,938

3 Investment income

These unaudited financial statements have been subject to independent examination. See report on page 8.

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LIVERPOOL CATHEDRAL COMMITTEE

UNAUDITED NOTES ON FINANCIAL STATEMENTS

For the year ended 31 December 2024

4 Costs of raising funds

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|-|Total|UnrestrictedTotal| |Funds|2024|2023| |£|£|||£| |Investment management|charges|11,547|11,547|10,760| |Bank|charges.|60|60|60| |11,607|11,607|10,820| |5|Expenditure on|charitable|activities| |Unrestricted|Total|Unrestricted| |Total| |Funds|2024|2023| |£|£|£| |Grantfunded|activities:|-|—| |Grants|to|Liverpool|Cathedral|in year| |-|Maintenance|Dept.|costs|contribution|60,000|60,000|60,000| |Support and governance|costs:| |Independent|Examination|fees|4,669|4,669|1,422| |(2024|includes|£3,041|under|accruals|from| |previous|years)| |64,669|64,669|61,422|

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6 Employees There were no employees during the year (2023 — none). As the charity does not employ any of its own staff, it does not have any key management personnel costs.

7 Investments

Investments comprise shares and unit trusts in quoted companies and UK Government stocks.

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||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Market value|of investments|at|1|January|1,808,961|1,688,750| |Purchases|in the|year|at|cost|124,516|171,966| |Sales proceeds from|disposals|in the year|(128,687)|(162,425)| |Gains|and|(Losses)|in the|year:||| |-|Realised|gains|36,308|56,812| |-|Realised losses|(8,002)|(636)| |-|Unrealised gains|/|(losses) on|revaluation|86,330|54,494| |Total|realised and unrealised|gains|/ (losses)|114,636|110,670| |Net movement|during the|year|110,465|120,211| |Market value|of investments|at|31|December|)|1,919,426|1,808,961| |Historic. cost of investments|at|31 December|1,586,481|1,562,983|

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These unaudited financial statements have been subject to independent examination. See report on page 8.

LIVERPOOL CATHEDRAL COMMITTEE

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UNAUDITED NOTES ON FINANCIAL STATEMENTS

. For the year ended 31 December 2024

7 Investments (continued)

The main categories of investments at the year end were:

			2024	2023
			£	£
UK Equities & otherinvestments			856,486	862,358
UKGovernment Securities (fixed interestandindex linked)			169,409	146,289
Foreign Equities& otherinvestments		investments	893,531	800,314
			1,919,426	1,808,961
8	Financial instruments
		—
			2024	2023
			£	£
Carryingamount of financial assets
Debt instruments measured		at amortised cost	422,931	364,806
Equity instrumentsmeasured at fairvalue			1.919.426	1,808,961
Carrying amount offinancial assets
Measured at amortised cost			~~378,454~~	~~313,810~~
9	Debtors: amounts falling duewithinoneyear
			2024	2023
			£	£
	Accrued interest and dividends ;		4,425	6,292
			4,425	6,292
10	Creditors: amounts falling duewithinoneyear
			2024	‘2023
			£	£
	Grantcommitments		373,976	309,653
	Accruals and deferredincome		4,478	4,157
			378,454	313,810

11 Funds

All of the funds of the charity are considered to be unrestricted and available for the general purposes of the charity. Unrestricted funds as at the year-end amounted to £1,963,903 (2023: £1,859,957)

These unaudited financial statements have been subject to independent examination. See report on page 8.

“LIVERPOOL CATHEDRAL COMMITTEE

16

UNAUDITED NOTES ON FINANCIAL STATEMENTS

For the year ended 31 December 2024

12 Related parties

Management services to the value of £11,547 (2023: £10,760) were provided in the year by Quilter Cheviot. Mr P T H Tod, who is a member of the Committee, was.also an employee of Quilter Cheviot in the period under review.

None of the members of the Committee received any remuneration, benefits or expenses from the charity during the year or the previous period.

Grant commitments due to the the Corporation of the Cathedral Church of Christ in Liverpool, amount to £373,976 (2023: £309,653).

.

There were no other related party transactions in the year.

13 Operating leases

At the reporting end date, the charity had no commitments for future lease payments under non-cancellable leases (2023: £nil).

These unaudited financial statements have been subject to independent examination. See report on page 8.