REGISTERED CHARITY NUMBER: 513485 Report of the Trustees and Financial Statements for the Year Ended 31 December 2023 for Friends of St Davids Cathedral Ashmole and Co. Chartered Certified Accountan15 and Stalulory Auditors Williamston House 7 Goat Strcel Haverfordwest Pernbrokeshire SA61 IPX
Friends of St Davids Cathedral Contcnts of the Finaneial Statements for the Year End¢d 31 December 2023 Page Report of the Trustees Report of the Independent Auditors 6 to 8 Statement of Financial Aetlvities Balance Sheet io Notes to the FlnAllciAI StAtements 11 to 19 Detailed Statement of Financial Activities 20 to 21
Friends of S¢ Davids Cathedral Report Df ih¢ Trustees for the Year Ended 31 December 2023 The Iruslees present their report with the financial stalemenls of the charity for the yeai. ended 31 December 2023. The trustees have adopted the provi5ion5 of Accounting and Repoi'ting by Charities: Statement of Recommended Practice applicable to charities preparing their aLLounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019), 0EcTIVEs AND ACTIVITIES Objectives and #ims The Charitable objectives of Friends of Sc Davids Cathedral are.. l. To assist the Dean and Chapter in maintaining the Cathedral Church to the greater Glory of God and in honour of Saints Andrew and David. 2. To subscribe to the funds required for the maintaining of worship and the maintenance and beautifyingof the fabric of the Cathedral and its environs. 3. To assist in the raising of capital sums required for any emergency that may arise which cannotbe provided from funds available to the Dean and Chapter. The Charity achieved the above objectives by: l. Making Donations and Grants to the Dean and Chapter of St Davids Cathedral for the refurbishment, maintenance and enhancement of the Cathedral Church. Grant5 are made following an application from the Dean and Chapter in support of a specific project or need. 2. Maintaining 'Ty'r Pererin, for the use of the Dean and Chapter which is the Cathedral's Educationand Pilgrimage Centre. Publie Benefit We have referred to the guidance contained in the Charity Commission's general guidan¢¢ on public benefit when reviewing our aims and objectives and in planning out future activities. The following activities are examples which are considered to further the Charity's purposes for the public benefit . l. Grant towards the Cathedral wages has. inter alia, enabled the continuing provision of a full-time second verger which ensures the building is open and welcomin8 to thc nedr 300,000 visitors who came to the Cathedral every year pre-covid, with numbers again ristng towards that figure. 2. The provision of Ty'r Pererin enables children from schools groups to receive educational outreachand offers a WelMe and a centre of resource for adult pilgrim5. Page I
Friends of St Davids Ca¢h¢dral Report of the Trustees for the Year Ended 31 December 2023 ACHIEVEMENT AND PERFORMANCE Ch#ritJble altivities During the course of the past year the Friends of St Davids Cathedral have conlinued their subslantial contribution to thc work of the DLan and Chapter by providing granls lowards wages. choral scholarships and capital purchase support. Widcr direct 5UPtx)rt this ycar again rcmained tcmporarily limited, with funding focused on consolidaÈing the upgrade ofBelmont House, now renamed Ty'r Eglwys Gadeirol, Cathedral House. Letting Ihe first floor unit as a holiday property. and the second floor as a long term residential unit began in early 2023. ThL shup/LdlL. Ica5Ld to thL DLan and Chdptcvs trading company from the end of septeMr 2022 severnl months later than plunned, Ihen had a diificuli winter's trading, tollowing which they withdrew in May 2023. '1'he facility was then Icascd to an indcpcndcnt 'pop-up' through thc summcr of2023, and then to a lon£ term tenant from March 2024. The salc of thc propcrty at Macs y Mynach was complcted in the Final quarter of 2023. in a difficult housing market. The value released is largely reinvested. The activities and income generation of the Charity are undertaken in support of the Dean and Chapter St Davids Caihedral. After a very difticult year financially in 2022, 2023 saw improv¢m¢nts including through significantly increased visitor donations as well as through withdrawal from hospitality activities including the shoplcafe in Ty'r Eglwys Gadeirol. Further improvements are anticipated in 2024. FINANCIAL REVIEW Financial position The Trustees feel satisfied that the financial position of the charity is Satisfactory, particularly in anlicipalion of further expenditure on its properly portfolio during the next financial year. Reserves poliey The Charity has no reserves policy on the grounds that they have no recurring financial commitments. FUI'URE PLANS The Friends of St Davids Cathedral remain committed to supporting the Dean and Chapter, and expects to continue focussing its financial contributions accordingly, alongside its regular provision of grants. The Friends anticipate taking forward plans to restructure from an unincorporated to an incorporated charity with a renewed constitution. through the appropriate decision making structures set out in ihe cuent constituLion. STRUCTURE. GOVERNANC"F. AND iVIANAGFMP N'r Governing document Friends of st David.8 Cathedral is a Registered Charity, govL"rncd by a documLnt of constitution and constilules an unincorporated charity. The Bishop of st Davids 18 the Presidcnt of thL chrty. The charity constitution of 2008 AGM provides for an Executive Cuuncil OF13 members and it is (hese that manage the charity's affair5. SUPPOrtcd by th¢ Hon. Trcasurcr and Hon. Scerelary. The Executive Council comprises 'fhe Dean, 6 chapter members and 6 members elected from amoTrgsl the Friends for a period of three years. on a rotating basis of two per year. Whcre a vacancy ariscs, Ihc Ex¢¢utivc Council are empowered to fill ihis by appointment. All membe.". of Ihe execulive committee act as trustees. On election. new Irustees are given copies of relevant Charity Commission publications and briefed on the procedures by the Hon Secretsry and the Dean. The Ex¢culive Council meets at least four times a year and delegates the day lo day running of the charity lo th¢ D¢an, the Hon. Secretary. who deals with matters of administration and to the Hon. Treasurer, who deals with financial matters. The investment portfolios are managed by Brewin Dolphin Investment Managernent. The Executive Council makes decisions concerning the management of the freehold properties. Page 2
Friends of St Davids Cathedral R¢port of the Truste¢5 for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustees have a duly to identify and review the risks to which the Charity is exposed and to ensure appropriale controls are in place to provid¢ reasonable assurance against fraud and error. We have examined the major strategic business and operational risks which the charity faces and confirni that systems have been established to enable regular reports lo be produced so that the necessary steps can be taken to lessen those risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity number- 513485 Principal address The Deanery St Davids Haverfordwest Pembrokeshire OffJcer3 President The Right Reverend Joanna Penberthy (Retired 31 July 2023) The Right Reverend Dorrien Davies (Elected 29 November 2023) Treasurer Mis5 C Marks o The Deanery St Davids Haverfordwest Pembrokeshire Secretary Mr T J Llewelyn (Stood down 14 September 2023) Ms F Hill (Appointed l November 2023) clo The Deanery St Davids Haverfordwest Pembrokeshire Page 3
Friends ofst Davids Cathedral Report of the Trustees for the Year Ended 31 D¢¢¢mb¢r 2023 Executive commiltee Chair The Very Reverend Dr Sarah Rowland Jones Council The Venerable D.P.Davi¢s (retired 26 October 2023) Canon J.P. Lewis The Venerable P. Ma¢knes$ Canon L.L. RiChardn Canon M.H. Rowlands Canon M Osborne (retired 26 October 2023) Canon Dr M.A.R. Hill (appointed 26 October 2023) Canon A.G. Loat (appointed 26 October 2023) Elected Members Mr A.B.C. Davies LL.B. {retired 9 September 2023) Mrs J.D. Kitchell Mr W.A.G. Black Mr J.R.T. Hayward His Honour Judge D.W. Morgan Dr. S. Ashtiany Mr T.J. Llewelyn (elethed 9 September 2023) All member5 of the executive Committee act as Trustees of the charity Bankers Lloyds Bank plc Si Davids Haverfordwest Pembrokeshire Investment advisor5 Brewin Dolphin 12 Smithfield Street London ECIA 9BD Auditors Ashmole & Co Chartered Certified AOUn(ants & Registered Auditors Williamston House 7 Goal Slreet Haverfordwesl Pembrokeshire STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing (he Re]x)rt of the Trustees and the financial statements in accordance with applicable law and United Kingdom A¢untIng Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, Ihe Charities Act 2011, Charity {A¢counts and Reports) Regulations 2008 and the provisions of the Irust deed requires the trustees to prepare financial statements for each tirlancial year which give a true and fair view of the state of affairs of the charity and of ihe incoming resources and application of resource5, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consislenily. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent; prepare the Linancial statements on the going concern basis unles5 it 15 inappropriale to presume that the charity will continue in business. Page 4
Friends of Si Davids Cathedral Report of the Trustees for thc Ye8r Ended 31 December 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES - continued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the tn]st deed. They are also restx)nsible for safeguardin£ the a&sets of the charity and hence for taking re&sonable steps for the prevention and detection of fraud and other irregularitie5. Approved by order of the board of trustees on ... ........ .. and signed on its behalf by: The Very Reverend Dr S.C.Rowl Page 5
Report of the Independeni Auditors to the Trustees of Friends of st Davids Cathedr41 Opinion We have audited the financial statements of Friends of St Davids Cathedral (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities. the Balance Sheet and notes to the financi?.I statements, including a summary of significant accounting policies. The financial reporting framewot that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accq)ied Accounting Practice). Qualified opinion on fJnaneil statements In our npinion. exccpt for the po%sible effects of thL mdttLr dLSLrid in the Basis for Qualified Opinion paragraph. the financial statements: givc a truc fair vicw of-the state of thc chdrily's aairS as at 31 December 2023 And of its incoming resources and applicalion ofresources, for the yvdr then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requiremenLs of the Charities Act 20 I I. Basis for qualified opinion We conducted our audit in accordance with Internalional Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our resix)nsibiliti¢s under those standards are further described in the Auditors, responsibilitics for thc audit of the financial statements sectiorl of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe that tne audit evidence we have obtained 1$ sufficient and appropriate to provide a basis for our optnion. As explained in Note 13 to the accounts, several parcels of land included within investment properties and with a value of £194,001 are held at either their 2007 or 2017 valuation. It is not considered Ihat these parcels of land are held at t.air value. A5 a result, it is considered that the balance shecl value of the investment properties as a whole of £2,199,001 does not represent their fair value at year end and also that the value of these assets are understated in the financial sutemenrs. Conelusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions thai individually or collectively, may east significant doubt on the charity's ability to continLEe as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described sn the relevant sections ol-this reporL. Emphasis of matter As explained in Nnte 13 of the accounts, some investment properties are held in trnst by the Representative Body of the Church in Wales on behalf of the charity. We have not been able to In5ct documentation to verify the trust relationship for all of these and therefore are unable to confirm title for those prortIeS. Other informatio 1.he trustees are responsible for the other information. The other information comprises the inforn]ation included in the Annual RLVUrt, othcr than thc tinancial statemenLs and our Report of the Independent Auditor.8 thereon. Our opiniun on thc financial statemenls does not cover the other inforniation and. except to the extent otherwise expli¢i¢ly slated in our report, we do not express any forni of assurance conclusion thereon. In connection wi(h our audit of the financial Statements, our r¢5ponsibilily is to read Ihe other information and, in doing so. eonsider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially mi53taled. If we identily such material inconsistencies or apparent material misstat¢m¢nts, we are required lo delerniine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the work we have perfornied, we conclude thal there is & material misstatement of this oiher information. we are required to r¢port thai fact. We have nothing to report in this regard. Page 6
Report of the Independent Auditors to the Trustees of Tr riends of St Davids Cathedral Matters whieh we are required to report by exception We have nothing to report in respect of the following matters where the Charities (AOntS and Reports) Regulations 2008 requires us to pOrt ¢0 you it", in our opinion: the infomlalion given in the Report of the Trustees is inconsistent in any material respect with the financial statements. or sufficient accounting records have noi been kept; or th¢ financial statements are not in agreement with the accounting re¢ords and returns- or we have not received all the infomlation and explanations we require for our audit. Responsibilities of trustees As explained more fully in Ihe Stafrment of Twste&s' Responsibilities, the trustees are responsible for the prepdration or the financial statements which give a true and fair view, and for such intemal control as the trustees delern]ine is necessary to enable the preparation of financial slatments that are free from muterial mibslatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo conlinue as a going concern, disclosing, &8 applicable, matters related to 8oin8 concem and using the going concern basi5 of ecounting unless th¢ trustees either int¢nd to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financÉal sthtements as a whole are free Irom material misstatement. whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Rwonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements arise Irom fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influenee the eeonomic decisions of users taken on the basis of these financial statements. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below= In identifying and assessing risks of material misstatement in respect of irregularities. including fraud and non- compliance with laws and regulations, we considered thc following: nature ot the Charity and the sector in which il operates. the legal and regulatory framework in which the ¢harity operates, and in particular those laws and regulation5 that directly affect the financial slatemenls or have a fundamental efYe¢t on operations eg Charities Act201 health and safely Icgi51ation. results of enquiries of management and those charged with governanee any matters identified relating to the charity's policies and procedures for identifying, evaluating and complying with lawsand regulations, and whether there were any known instances of non compliance. detecting and responding lo the risks of fraud and whether there is any knowledge ofactual, suspected or alleged fraud. the internal controls established to mitigate risks of fraud or non compliance iviih lawsand regulations. As a result of performing the above, we did not identify any key audit matters related to potential risk of fraud or non compliance with laws and regulations. In addition to the above, our procedures included: • reviewing the financial statement disclosures and tesling to supporting documentation to 115sess Lompliancewiih relevant laws and regulations enquires of management and those charged with governance concerning actual and wlential litigation andclaims performing analytical procedures lo identify any unusual or unexpected relationships that may indicate risks ofmalerial misstalemeni due lo fraud review of minutes of commiltee meetings written representations Page 7
A lurther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklaiiditorsresponsibilities. This descriptioTh forms part of our Report of the Independent Auditors. Use of our report This report is made solely lo the charity's trustees, as a t&idy. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so ¢hat we mighi stale to the charity's trustees those matters we are required to state lo them in an auditors, report and for no other purp05¢. To the fullest extent permitted by law. we do not accept or &8sume responsibility to anyone other than the charity and ihe Charity's truslees as a body, for our audit work, lor this report, or for ihe opinions we have form. Ashmole and Co. Chartered Certified Accountants and Statulory Auditors Williamston House 7 Goat Street Haverfordwe5l Pembrokeshire SA61 IPX Date: vlt 202* Page 8
Friends of St Davids Cathedral Statement of Financial Aelivities for the Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Tolal nds Unrestricted nds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 34,274 1,178 35,452 31,076 Investment income Other income 86,650 86,650 35.521 Total 125,541 1,178 126719 EXPENDITURE ON Raising funds 104,048 104,048 28,111 Charitable activities St Davids Cathedral 80,693 139 192 Total 183 563 184 741 167 303 Net gainsl(losses) on invesljnents 287 589 287 589 94.557 NET INCOME/(EXPENDITURE) 229,567 229,567 (195,263) RECONCILIATION OF FUNDS Total funds brought forward 3,832,034 7,650 3,840,284 4,035,547 TOTAL FUNDS CARRIED FORWARD 4 062.201 4 069 851 3 840 284 The notes forni part of these fmancial statements Page 9
Friends ofst Davids Cathedral Balance Sheet 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Investments Inv¢stments Investment property 1,577,012 1,577,012 1,553,232 12 13 112,445 2 199 001 112,445 2 199 001 196.569 2 084.946 3,888,458 3,888,458 3,834,747 CURRENT ASSETS Debtors Cash at bank 14 10,616 169 862 10,616 177.512 3,343 7.650 180,478 7,650 188,128 14,837 CREDITORS Amounts falling due within one year 15 (6,735) (6,735) (9,300) NET CURREiYf ASSETS 173 743 181393 5.537 TOTAL ASSETS LESS CURRENT LIABILITIES 4,062,201 7,650 4,069,851 3.840,284 NET ASSETS 4 062 201 7,650 4 069 851 3 840 284 FUNDS Unrestricted ndS Restricfrd funds 16 4,062,201 7,650 3,832,634 7.650 TOTAL FUNDS 4 069 851 3 840 284 The financial statements were approved by th¢ Board of Trustees and authoris¢d for issue on and w¢re signed on its behalf by: everend Dr S.C. Jones - Trnstee The notes forni part of these financial statements Page 10
Friends of St Davids Cathedral Noles to th¢ Financial Statemcnts for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basi5 of preparing the financial 5tatemcnts "l-he financial slatemenls of ihe charity* which is a public benefit enti¢y under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accord&ncL with thc Financial Reporting Standard applicable in the UK and Ilepublic of Ireland (FRS 102) (eft'ective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicablc in thc UK and Rcpublic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investmenLs which are included at markct valuL. a5 mudificd by thc revaluation of certain assets. Tncome All income is recognised in the Statement of Financial Activiti¢s once the Charity has entitlement lo the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basi5 and has been classified under headings that aggregate all 5t related to the category. Where costs cannot be directly attributed ¢0 particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings Computcr cquipmcnt ] 50/0 on cost ] 50/0 on c05t lThvestment property The investment pmperties are either held in the names of. the charity trustee5 or thc RcprLscnlalivc Body of thc Church in Walc5 as custodian trustces. Not all of the investmenl properties ale held at lair value and the Trustees recognise that this is a departure from the requirements of the Charities SORP (FRS102). Taxation The charity is exempl from on ils charitable activilies. Fund accounting Unrestricted funds can be used in accordance with Ihe Charitable objertives al the discretion of ihe trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes, Page 11 ontinued...
Friends of St Davids Cathedral Notes to the Financial Statements - eontinued for the Year Ended 31 December 2023 DONATIONS AND LEGACIES During the year the charity received one legacy ot £500 {2022: one legacy of £2,000). INVESTMENT INCOME 31.12.23 31.12.22 Rents received Other fixed asset inv income Deposit account interest 83,029 3,132 48 23,950 11,319 252 35,521 RAISING FUNDS Investment management costs 31.12.23 31.12.22 Portfolio management Property repairs Maintenanee charges Legal & professional fees Cathedral House - shoplcafe Cathedral House - Holiday Let 1,210 34,166 1,236 20,584 18,800 3,810 21,532 2,769 CHARITABLE ACTIVITIES COSTS Granl lunding of aclivilie5 (see note 6) Support costs (see note 7) Direct Costs Totals St Davids Cathedral GRAN13 PAYABLE 31.12.23 31,12.22 St Davids Cathedral 100 800 The tolal grants paid to institutions during the year was as follows- 31.12.23 31.12.22 Choral Scholar Donation Contribution lo Cathedral Staff Costs Contribution to fit out c.athedral House Contribution to Cathedral expenses 9,030 24.000 8,400 22,400 70,000 100,800 Page 12 continued...
Friends of St Davids Cathedr81 Notes to the Finallcial Statements- continued for the Year Ended 31 Dec¢mb¢r 2023 SUPPORT COSTS Governance costs St Davids Cathedral TRUSTEES, REMLNERATION AIYD BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees, expenses No Trustees received travel expenses for the year ended 31 December 2023 nor for the year cndcd 31 December 2022. AUDITORS REMUNERATION 31st December 2023 31st December 2022 Auditors Remuneration OthLr SLrvicc - Accounts preparation 1,980 2.520 1,680 2.160 3,840 io. ANALYSIS OF NET GAINS/{LOSSES) ON INVESTMENTS 31st December 31st December 2023 2022 {Loss)Igain on disposal of listed investments Revaluation of lis*d investments (1,421) 5.066 (65,043) {94,557) Page 13 continued...
riends of St Davids Cathedral Note$ to th¢ Financial Statements- eontAnyed for the Year Ended 31 December 2023 ii. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Computer equipment Tola15 COST OR VALUATION At l January 2023 Revaluations 1,549,979 25.000 8,254 9,659 1,567,892 At 31 December 2023 74 8254 .592.892 DKPRECIATION At l January 2023 Charge for year 8,254 6,406 14,660 At 31 December 2023 54 NET BOOK VALUE At 31 December 2023 574 979 2,033 1,577,012 Ai 31 December 2022 549 979 3,253 1,553,232 Cost or valuation at 31 December 2023 is represented by.. Fixtures and fittings Freehold property Computer equipment Tolals Valuation in 2000 Valuation in 2007 Valuation in 2017 Valuation in 2023 Cost 99,752 225,000 99,752 225,000 25,000 2),000 229 758 1574 979 1.592.892 The value (£400,000) of one of the two freehold properties held is based on a valuation carried out by the tru5tces for the year ended 31 DeLembcr 2023. This properly was previously carried at £375,000 following a 2017 valuation carried out by an independent valuer. The second of the two freehold properiies is considered to be a specialist asset. As il is ¢onsidered that its market value is less than its purchase and renovation cost, it is carried at its recoverable amount being its value in use. This is the present value of the asset's service FK)lential based upon its replacement cost. No depreciation is provided in respect of freehold land and property on the basi5 that it is the opinion of the trustees that the residual valuation is likely to be al least equal lo the recorded cost. Page 14 continued...
Friends of St Davids Cathedral Notes to the Fln#nci*l Statements - continued for the Year Endcd 31 Dectmbcr 2023 12. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l January 2023 Additions Disposals Revaluations 196,569 9.985 (99,175) At 31 December 2023 112445 IYTr:'R' BOOK VAI.Ufr. At 31 December 2023 112445 At 31 December 2022 196569 There were no investment assets outside the UK. Cost or valuation ai 31 December 2023 is representcd by: Listed investments Valuation in 2023 Cost 21.982 112445 If fixed asset investments had not been revalued they would have been included the following historical cost: 31.12.23 31.12.22 Cost 174044 Fixed asset investments were valued on an open market basis on 31 December 2023 by Brewin Dolphin Limited. 13. 1Tr4VESTMENT PROPERTY FAIR VALUE Ai l January 2023 Additions Disposals Revaluaiion 2,OR4,946 45,111 (180,OQO) 248.944 Al 31 December 2023 2 199001 NET BOOK VALUE Ai 31 December 2023 2 199001 At 31 December 2022 2 084.946 Page 15 continued...
Friends of St Davids Cathedral Notes to the Financial Statements - continued for the Year Ended 31 December 2023 13. INVESTMENT PROPERTY- continued All three investment properties relating to buildings that are held either in trust by the Represenlalive Body of the Church in Wales on behalf of the Charity or whose title is held by the charity itself, were revalued in 2023 by an independent valuer, RK Luca5 & Son. Chartered Surveyors. These three properties lotalled £2,(M)5,000 in value. The remaining balance of £194,001 comprises several parcels of land which are carried at their 2000 valuation {£34,001) and one at its 2017 valuation {£160,000). It 18 not considered that these parcels of land are held at fair value. These parcels of land are held either in trust by the Representative Body of the Church in Wales on behalf of the charity or by the ¢harity itself Fair value at 31 December 2023 is represented by: Valuation in 2007 Valuation in 2017 Valuation in 2023 Cost 536.792 167,500 248,943 245 766 2 199 001 14. DEBTORS: AMOUNTS FALLING DUE WITIIIN ONE YEAR 31.12.23 31.12.22 'L'rade debtors 3.343 15. CREDITORS: AMOUNTS FALLING DUE WITHJN ONE YEAR 31.12.23 31.12.22 Other creditors 9,300 16. MOVEMENT IN FUNDS Nel movemenl in funds At 31.tul Al 1.1.23 Unrestricted funds General fund Revaluation reserve 3,494,500 338 134 204,567 3,699,067 363.134 3.832,634 229,567 4,062,201 Restricted funds Legacy - GC Shaw 7,650 7.650 TOTAL FUNDS 3 840 284 229,567 4,069,851 Page 16 continued...
Friends of St Davids Cathedral Note5 to the Financial Statements - continued for the Year Ended 31 December 2023 16. MOVEMENT JN FUNDS - eontinued Net movement in funds. included in the above are a5 follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricled funds General fund Revaluation reserve 125,541 (183,563) 262,589 204,567 125,541 (183.563) 287.589 229,567 Restricted funds Donation 1.178 (1.178) TOTAL FUNDS 126,719 184.741) 287 589 229 567 Comparatives for movement in funds Net movement in fvnds At 31.12.22 At 1.1.22 Unreslrieted funds General fund Revaluation reserve 3,689,763 338 134 (195,263) 3,494,500 338 134 4,027,897 (195,263) 3,832,634 Restricted funds Legacy - GC Shaw 7,650 7,650 TOTAL FUNDS 4 035 547 195 263 3 840 2PA Comparative net movement in fimds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unreslricted funds General fund 64,597 (165,303) (94,557) (195263) Restricted funds Legacy- GC Rokkan 2,000 (2,000) TOTAL FUI¥DS 167 303) 94 557) 195,263) Page 17 continued...
Friends of St Davids Cathedral Notes to the Finaneial Statements - continued for Ihe Year Ended 31 December 2023 16. MOVEMENT IN FUNDS - continued A current Ye 12 months and prior year 12 months combined position is as follows.. Net movement in fund5 At 31.12.23 At 1.1.22 Unrestricted funds General fund Revaluation reserve 3,689,763 338 134 9,304 25,000 3,699,067 363 134 4.027,897 34,304 4,062,201 Restricted funds Legacy - GC Shaw 7,650 7,650 TOT AL FUNDS 4 035547 4 069 851 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Revaluation reserve 190,138 (348.866) 168,032 9,304 190,138 (348,866) 193,032 34,304 Restricted funds Legacy- GC Rokkan Donation 2,000 (2,000) TOTAL FUNDS 193 316 352 044) 193 032 17. OTHER FINANCIAL COMMITMENTS The program of work for the development of Cathedral House, fornierly known &8 Be]mont House, was completed during the year. Page 18 continued...
Friends of St Davids Cathedral Notes to the Financial Statements - continued for the Year Ended 31 December 2023 18. RELATED PARTY DISCLOSURES Ele¢ted Trustee Anvel Davies Esq. LL.B. 15 a director in law firm JCP Solicitors. JCP Solicitors provide legal services to ihe charity. During the year, fees of £300 were paid to JCP Solicitors (year ended 31 December 2022- £nil). Mr Arwel Davies retired as a Trustee in September 2023. Several of the charity's truslee5 during the year. namely The Venerable D.P. Davies, The Venerable P. Mackness and The Very Reverend Dr Sarah Rowland Jones were also directors of the Dean and Ch2Pterfs trading subsidiary, St David's Cathèdral Bookshop Limited which leased a property from the charity for part of the year. A number of the charity's trustees are a]so trustees of the Dean and Chapter. Ther¢ were no other related party transac1ion5 tor the year ended 3 1 December 2023. 19. RESTRICTED FUNDS Legacies The legacy of £7,650 was received in 2020 from G.C. Shaw to be used for the furtherance of thc Cathcdral'5 choral work. Page 19
Friends of St Davids Cathedral Detailed Statement of FinRncial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donations and legacies Gifts and donations Giftaid Legacies Subscriptions 17,921 3,324 500 9.955 3,343 2,000 35,452 31.076 Investment income Rents received Other fixed dS5cI inv incumc Deposit account interest 83,029 3,132 489 23,950 11,319 252 86,650 35,521 Other income Coronation Prom Total incoming resources 126,719 66,597 EXPENDITURE Raising donations and legacies Sundries 6,343 Investment mAnxgement costs Portfolio management Property repair5 Maintenance Charges Legal & protessional fees CathLdral HuusL shop/L&fe Cathedral Ilouse - I loliday Let 1,210 34,166 I,236 20,584 18,800 21,532 2,769 97,705 28,111 Charitable activities Licenses and insurance Printing. Postage & slationery Professional Fees Sundries Property repairs Secretary honorarium Assistant treasurer honorarium Friends 90th Anniversary Event Friends 90th Anniversary b(K)k Friends Weekend expenses Composition for enthmnement ofnew Bishop Carried fonvard 3,720 7,392 1,620 841 15,800 1,981 3,292 3,032 8.090 1,618 247 6,625 3,098 5,212 5.250 317 1,000 35.963 33,172 This page does not form part of the statutory financial statements Page 20
Friends of S¢ Davids Cathedral Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 Charitable activities Brought forward Computer equipment depreciation Grants to institutions 35,963 1,220 33,172 1,220 100 800 73,823 135.192 Support costs Governance costs Auditors, remuneration Sundries Legal fees Accounting fees 1.980 1,680 160 2,010 Total resources expended 184741 167303 Net expenditure before gains and losses (58,022) (100,706) Reglised and unrealised reeognised gains and losses Realised and unrea5ised gains/(losses) on fixed asset investments 287 589 94 5571 IY¢t ineomel{expenditure) 229 567 195 26)) This page does not form part of the statutory financial statements Page 21