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),
0￿EcTIVEs 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 Wel￿Me 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 septeM￿r 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 cu￿ent 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 ch￿rty.
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. RiChard￿n
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 A￿OUn(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 fJnanei*l statements
In our npinion. exccpt for the po%sible effects of thL mdttLr dLSLri￿d in the Basis for Qualified Opinion paragraph. the
financial statements:
givc a truc fair vicw of-the state of thc chdrily's a￿airS 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 In5￿ct documentation to verify the trust
relationship for all of these and therefore are unable to confirm title for those pro￿rtIeS.
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 (A￿O￿ntS 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