REGISTERED CHARITY NUMBER: 513485 Rcport of the Tru5tee5 and Financial Statctncnls for the Year Ended 31 December 2024 for Friends of St Davids Cathedral Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Williamsion l.lousc 7 Godt Strecl IlavcrfoTdwLSt P¢mbrokeshire SA61 IPX Ashmole & Co. Friends of St Davids Cathedral Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Report of the Independent Auditors 7 to 10 ststement of Financial Activities Balance Sheet 12 Cash Flow Statement 13 Notes to the Cash Flow Statement 14 Notes to the Financial Statements 15 to 25 Detailed Statement of Financial Activities 26 to 27 Friends of St Davids Cathedral Report of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The irustees have adopted the provisions of Accounting and Reporting by Charities= Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims Th¢ Charitable objectives of Friends of St 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 Tequired for the maintaining of worship and the maintenance and beautifying of the fabric of the Cathedral and its environs. 3. To &ssist in the raising of Capital sums required for any emergency that may arise which cannot be PTovided from funds available to the Dean and Chapter. The Charity achi¢v¢d 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. Grants are made following an application from the Dean and Chapter in support of a specific project or need. 2. Maintaining "fy'r P¢rerin' for the use of the Dean and Chapter which is the Cathedral's Education and Pilgrimage Centre. Public Benefit We havc refe]Ted to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning out fuiure activities. The following activities are examples which are considcrcd 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 fiLII-lime second verger which ensures the building is open and welcoming to the near 300,000 visitors who ¢aTne to the Cathedral every year pre-covid, with nurnbeTS again rising towards that figure. 2. The provision of Ty'r Pererin enables children from schools groups to receive educational outreach and offers a welcome and a centre of resource for adult pilgrims. Page I Friends of St Davids Cathedral Report of the Trust¢C5 for the Year Ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Charilable activities During the course of the past year the Friends of St Davids Cathedral have continued their substantial contribution to the work of the Dean and Chapter by providing grants towards wages. choral scholarships and capital purchase support. Wider direct support this year remained broadly at post-pandemic levels, with some Tnajor repair work Ca￿led out at Ty'r Pererin. Letting the first floor unit as a holiday property, and the second floor as a long terni residential unit began in early 2023, with continued steady income from both. The ground floor shoplcafe found a long temk tenant from March 2024. The activities and income generation of the Charity are undertaken in support of the Dean and Chapter of St Davids Cathedral. After the Dearl and Chapter had experienced a very difficult year financially in 2022, the improvements of 2023 continued in 2024, supported by new funding arrangements from the Representative Body of the Church in Wales, and the St Davids Diocesan Board of Finance. The Friends received notification of a generous legacy from an Arnerican benefactor) part of which has been received during the financial year, with additional funds anl'icipatcd when probate has been completed. There was som¢ confusion over ihc initial paymenl and the Executive Council (EC) appointed a sub-committee to take this important malter forward. FINANCIAL REVIEW Financial positioll During 2024, the trustees significantly in￿eased spending on a now largely completed programme of repairing, maintaining and upgrading the Property Portfolio, to safeguard its value and limii future maintenance costs. Staffing costs also rose, reflccling the need to build greater capacity in support of the brcadih of the charity's activity. Revising the constitution also incurs costs, which will not be ongoing once this process is Completed. Given the legacy. this additional spending over regular income through the year, as agreed by trustees, will not detrimentally affect the charity's future capacity to continue ￿lfIllIng its charitable objectives. The Trustees feel satisfied that the financial position of the charity is satisfactory. Reserves policy The Charity has no reserves policy on the grounds that th¢y have no recurring financial commitments. FUTURE PLANS 'I'he 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 unincorporafrd to an incorporated charity with a renewed constitution, through the appropriate decision making structures set out in the current ¢onstilution. Page 2 Friends of St Davids Cathedral Report of the Trustees for thc Year Ended 31 December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENr Governing document rriends of St Davids Cathedral is a Rcgislcred Charity, governed by a document of Lonstitution and conslitutes an unincorporatcd charity. The Bishop of St Davids is the President of the charity. Thc charity constitution of 2008 AGM provides for an Executive Ci)uncil of13 members and il is th¢5C that manage the charity's affairs, supported by the Hon. "I reasurer and Hon. Secretary. The Executivc Council comprises The Dean as ex-officio Chair, 6 members nominated by the Dean & Chapter, and 6 members elcclcd frorn amongst the E,"riends for a period of thrce years, on a rotating basis of two per year. Where a vacancy arises, the Executlve Council are empowered to fill this by appointment. All members of the executive committee act a5 trustees. On election. new Irustees are given copies of relevant Charity Commission publications and briefed on the procedures by the Secretary and the Dean. The EC meets at least four times a year to make decisions concerning the manaoement of the Friends, including setting the annual budget. The EC has established 3 sub-committees chaired by EC members. One is a property sub-committcc that works with the Friends Secretary to managed our propety portfolio. The second is the sub-committee dealing with Ihe constitutional matters relating to the proposed dissolution of the current unincorporated Friends charity and the establishment of a successor incorporated charity. The third deals with matters relating to a significant bequest that was notified to us in 2024. In addition EC member5 infornially tske on responsibility for various matters such as melnbership. Thc EC delegate5 the day to ddy Tunning of the charity to the Dean and the Secretary, who dcals with matters of adrninistration. and to the Treasurer, who deals with financidl matters. The investment portfolios are managed by BrL'win T)olphin Investmcnt Management. During the year the EC (1150 took forward the work relating to constitutional changeb towards incory)oration into a ncw the CIO. Risk management The t￿Sle¢S have a duty to identify and review the risks to which the Charity 15 exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and eLTor. We have exarnined the major strategic business and operalional risks which the charity faces and confimi that systems have b¢en established to enable regular reports to be produccd so that the necessary steps can be taken to lessen those risks. Page 3 Friends of St Davids Cathedral Report of the Trustees for the Year Ended 31 Decen)ber 2024 REFERENCF AND ADMINISTRATIVE DETAILS Register￿ charity number- 513485 Principal addre55 The Deanery St Davids Haverfordwest Pembrokeshire Officers President The Right Reverend Dorrien Davies 'I'reasureT Miss C Marks c/0 The Deanery St Davids Haverfordwest Pembrokeshire Secretary Ms F E4ill clo The Deanery St Davids Haverfordwest Pembrokeshire Page 4 Friends of St Davids Cathedral Report of the Trustees for the Yeor Endcd 31 Dceembcr 2024 F.xecutive committee Chair The Very Reverend DT Sarah Rowland Jones Dean & Chapter Nominees Canon J.P. Lewis The Venerable P. Mackness Canon L.L. Richardson Canon M.H. Rowlands Canon Dr M.A.R. Hill Canon A.G. Loat Elected Members 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 All members of the executive committee act as Trustees of the charity Bank¢r5 Lloyds Bank plc St Davids Haverfordwcst Pembrokeshire Investment advisors Brewin Dolphin 12 Smithfield Street London ECIA 9BD Auditors Ashmole & Co Chartered Certified Accountants & Registered Auditors WilliaTll5ton House 7 Goat Street Haverfordwest Pembrokeshire STATEMENT OF TRUSTEES, RESPONSIBILITIES The trnsiees are responsible for preparing the Report of the Trnstees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Ac¢¢pted Accounting Praclic¢). Page 5 Frlends ofst Davids Cathcdral Report of the Trustees for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES, RESPONSIBILITJES - continued The law applicable to charities in England and Wales, the Charities Act 201 I, Charity (Accounts and Reports) Regulations 2008 and the provision5 of the trust deed requires the trustees to prepare financial statements for each fknancial 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. 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 consistently. observe the methods and principles in the Charity SOiiP' 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. Approved by order of the board of trustee5 on ........... ...... .. .. .. .. . and signed on its behalf by: The Very Reverend I an Jones - I'rustee Page 6 Report of the Independent Auditors to the Trustees of Friends of St Davids Cathedral Opinion We have audited the financial statem¢nts of Friends of St Davids Cathedral (the 'charity') for the year ended 31 December 2024 which comprise the Staternent of Financial Activities, the Balan¢¢ Sheet, the Cash Flow Statement and notes to the fmancial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of thc statc of thc Lharily's affairs as ai 31 Dcccmber 2024 and of its incoming resources and applicalion of rcsourccs, for the year th¢n ended. havc bLL'n prvperly prepared in accordance with United Kingdovn Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Charities Act 2011. Basi5 for qualified opinion We conducted our audit in accordance with Inten]ational Standards on Auditing (UK) (ISAS (UK)) and applicable law. OUT responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are indepcndent ol. thc charity in accordance with the ethical requirements ihal are relevant to our audit of the financial statemcnts in thc UK, including thc FRC'S Ethical Standard, and wc hdvc fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined 15 sufficient and appropriate to provide a basis for our opinion. As explained in Note 14 to the accounts, severdl parcels of land included within investTnent properties and with a valuc or £194,001 are held at either their 2007 or 2017 valuation. It is not considered that these parcels of land are held at fair value. As a result. il is considered that the balance Sheet valu¢ of the investment propertie5 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 statements. Conclusions relaling lo going concer In auditing the financial staternents, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties relating to events OT conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a pertod of at least tsvelve months from whcn the fIn￿¢la1 stateinents are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relcvanl sections of this report. FJmphasis of matter As explained in Note 14 of the accounts, some investment properties are held in trust by the Representative Body of the Church in Wales on behalf of the charity. We have not been able to inspect documentation to verify the trust relationship for all of these and therefore are unable to confirm title for those PToperties. Other information The trustees are responsiblc for thc othcr infonniAtioT]. Thc oihcr infornialion comprises the inforn)ation included in ihc Annual Repor( other than the financial statements and our Report of the Independent Auditor5 th¢reon. Our opinion on the financial statements does not covcr the other inforniation and, except to the extent othenvise ¢xplicitly stated in our report, wc do not cxprcss any form ofa55urnnce conclusion ihcrcon. In connection with our audit of the financtal statements, our responsibility is to read the other infonnation and. in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tsted. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whcther this gives rise to a material misstaternent in the financial stalements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other information, we are required to report ihat fact. Wc have nothing to report in this rcgard. Page 7 Report of the Independent Auditors to the Trustees of Friends of St Davids Cathedral Matters on which we are required to report by cxccption We have nothing to Teport in respect of the following malters whLrc thc Charitie5 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the infomiation given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the inf0m￿tIOn and explanations we require for our audit. Responsibilities of trustees As cxpldined mi)re fully in the Statement of Trustees, Responsibilities, th¢ trustees are responsible for the preparation of the rinancial .4tdtements which give a true and fair view, and for such int¢mal control as the trustees determine is ncccssary to enable the preparation of fmancial statements that are free from material misstatement. whether due to fraud UT C￿or. In preparing the financial statements, the trnstees are responsible for assessing the chaTity'5 ability to continue as a going concern, disclosing, as applicable, mattcrs related to going concern and using the going concern basis of accounting utiless the Irust¢es either intend to liquidate the charity OT to cease operations, or have no realistic altemative but to do so. Page 8 Report of the Independent Auditors to the Trustees or Friend5 of St David5 Cathedral Our rcsponsibilities for the alldit of the financial statements We have been appointed as auditors under Section 144 of the Charlties 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 financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Rel￿Ondble as5urancL is a high level of assurance, but is not a guarantee that an audit conducted in accordaT]ce with ISAS (UK) will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are coTJsidered rnaterial if. individually or in the aggregate, they could reasonably be expected to influenc¢ the economi decisions of users tsken on the basis of these financial statements. 'rhe extent to which our procedures are capable ol-detecting irrcgularities, including fraud is detailed below.. In identifyingy and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulation5. we considered the following: nature of the charity and the sector in which it operates. - the legal and regulatory framework in which the charity operates. and in particular those laws and regulations that directly affect the financial statements or have a fundamental effect on operations eg Charities Act 2011, and safety legislatLOn. - results of enquiries of management and those charged with governance any matters identified relating to the charity's policies and procedures foT identifying, evaluating and complying with laws and regulations, and whether there were any known instances of non compliance. detecting and responding to the risks of fraud and whether there is any knowledge of actual, suspected or alleged fraud. the inlemal controls established to mitigate risks of fraud or non compliance with laws and regulations. health As a result of perforniing 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 thc Éibove, our proccdures included-. reviewing the financial statement disclosures and testing to supporting documentation to assess compliance relevant laws and regulations enquires of management and those charged with governance concerning actual and potential litigation and claims perfomjing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material tnisstatement due to fraud review of minutes of committee meetings written representations with A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at Mryvw.frc.Org.u￿auditorSre5POThSibIlit[es. This description forn￿ part of our Report of the Independent Auditors. Page 9 Report of the Independent Auditors to the Trustees of Friends of St Davids Cathedral Usc of our rcport 'I'his report is made solely to thc chiirity's trustees, a5 a body. in accordance with Part 4 of Ihc Charities (Accounts and Reports) Regulation.5 2008. Our audit work has becn undertakcn go thÉit we might state to the charity's trustces thosc matt¢rs WL are required to state to them in an auditors, rcport and for no other purpose. To the fullest extent pern)itted by law, we do not accept or assume responsibility lo anyone other than the charity and th¢ charity's trustees as a body, for our audil work, foT this report, or for the opinions we have formed. C. Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Williamston House 7 Goat Street Ilaverfordwest Pembrokeshire SA61 IPX 17.¢8.Z5 Pagc 10 Fri¢nds of St Davids Cathedral Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 Total rundb 31.12.23 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 22,212 603,744 625.956 35,452 Investment income Other income 83,631 ,150 83,631 1.150 86,650 4,617 Total 106,993 603,744 710,737 126,719 EXPENDITURE ON Raising ￿ndS 48,853 4,000 52.853 104,048 Charitablc activities St Davids Cathedral 131,868 1,699 133,567 80,693 Total 180,721 5.699 186,420 184,741 Net gains on investments 6,250 6.250 287,589 NF.T INCOMEI(EXPENDITURE) (67,478) 598,045 530,567 229,567 RECONCILIATION OF FUNDS "rotal funds brought fonvard 4,062,201 7,650 4,069,851 3,840,284 TOTAL FUNDS CARRIED FORWARD 3.994.723 605,695 4,600,418 4,069.851 The notes form part of these financial statements Page 11 Friends of St Davids Cathedral Balance Sheet 31 December 2024 31.12.24 Totsl funds 31.12.23 Total funds Unrestricted funds Restricted nds Notes FIXED ASSETS Tangible assets Investments Invcstments Investment propety 12 I,575,793 1,575,793 1,577,012 13 14 120,815 2,199,001 120,815 2,199,001 12,445 2.199,001 3,895,609 3.895,609 3,888,458 CURRENT ASSETS Debtors Cash at bank 15 4.936 105,719 602.743 7,650 607,679 113,369 10,616 177,512 110,655 610,393 721,048 188,128 CREDITORS Amounts falling due within one year 16 (11.541) {4.698) (16,239) (6,735) NET CURRENT ASSETS 99,114 605,695 704,809 181,393 TOTAL ASSETS LESS CURRENT LIABILITIES 3,994.723 605,695 4,600,418 4,069,851 NET ASSETS 3,994.723 605,695 4,600,418 4,069,851 FUNDS Unreslricted funds Restricted ￿llds 17 3,994.723 605,695 4,062,201 7,650 TOTAL FUNDS 4,600,418 4,069.851 The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. Reverend Dr S.C. on 'I'he notes forn) part of these financial 5tatement5 Page 12 Friends of St Davids Cathedral Cash Flow Statement for the Year Ended 31 December 2024 31.12.24 31.12.23 Notes Cash flows from operating activities Cash generated from operations (64,422) (65,797) Net cash used in operatÉng activities (64,422) (65,797) Cash ftlows from investing aetivities Purchase of fixed asset investments Purchase of investmeni propety Sale of fixed asset investments Sale of investment property Interest received Dividends received (37,869) (9,985) (45,111) 93,290 190,000 489 3,132 32,303 2,994 2,851 Net cash provided by investing activities 279 2Jl,815 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the bcginning of the reporting period (64,143) 166,018 177.512 11,494 Cash and cash equivalents at the end of the reporting period 113,369 177,512 The notes form part of these financial Statements Page 13 Fricnds ofst Davids Cathedral Notes to the Cash Flow Statemcnt for Ihe Year Ended 31 December 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATJNG ACTIVITIES 31.12.24 31.12.23 Net income for the reporting period (as per the Statement of Financial Activities) Adjustmcnts for.. Depreciation charges Gain on investments Interest received Dividends received Investm¢nt portfolio cash decrease In¢rea5e in debtors Increa5e/(decrease) in creditors 530,567 229,567 1,220 (6,250) (2,994) (2,851) 3,445 (597,063) 9,504 1,220 (287,589) (489) (3,132) 4,464 (7,273) (2,565) Net cash used in operations (64,422) {65,797) ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At31.12.24 Net cash Cash at bank 177,512 (64,143) 113,369 177,512 (64,143) 113,369 Total 177,512 (64,143) 113,369 The notes fomi part of these financial statements Page 14 Friends of St Davids Cathedral Nolcs to the Financial Statemcnts ror the Year F&nded 31 Dccembcr 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial siatements of the charity. whiLh is a public benefil entity under fRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'ALLOUllting and Reporting by Charitics= Statcrnent of Kecommended Practice applicable to eh(Irities preparing iheir ¢iccounts in accordance with the Financial RLPOrting Standtird applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financiiil Rcporting standI￿d 102 'The financial Reporting Standard applicable in the UK and Republic of Ireland, and thc Charities Act 2011. The financial stalcments have been PTepared under the historical cost convention. with the exception of investments which arc included at markct value, &5 modified by the revaluation of certain asscts. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, il is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure a5 soon as there is a legal or constructive obligation comrnitting Ihe charity to Ihat expenditure, it is probable that a transfer of economic ben¢fits will be required in settlement and the amount of ttle obligalion can be measured reliably. Expenditure is accounted for on an accruals basis and has been classificd under headings that aggregate all cost related to the category. Where costs cannot be dir¢crly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resource5. Grants otyered 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 usefiEI life. Fixtures and fittings Computer equipment 15% oncost 15/tson cost Investment propcrty 'I'he invc8lTnent propertics are either held in the namLs of the charity trustees or the Representative Body of the Church in Wales as custodian trustses. Not all of the investment properties are held at fair value and the Trust¢¢s recognise that this is a departure from the requiremcnts nf the Charities SORP (FR8102). Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted ￿ndS 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 15 continued... Friends of St Davids Cathedral Notes to the Financial Statements - eontinued ror th¢ Year Ended 31 December 2024 DOIYATIONS AND LEGACIES During the year the charity was awarded one legacy of which £602,743 was received shortly after the year end (2023- 1 legacy of £500). The rcsidu(Il arnount of the estate was unable to be quantified at the datc of approval of these accounts by the Trustees. INVESTMENT INCOME 31.12.24 31.12.23 Rents received Other fixed assct inv incorne Deposil account inteTest 77,786 2,851 2,994 83.029 3,132 489 83,631 86,650 RAISING FUNDS Raising donatiolls and legaeies 31.12.24 31.12.23 Sundries Legal & professional fees 600 4,000 6,343 4,600 Investment management costs 31.12.24 31.12.23 Portfolio management Property repairs Maintenance charges Legal & professional fees Cathedral House - shoplcafe Cathedral House - Holiday Let 938 4,317 1,347 1,210 34,166 ,236 20,584 18.800 21,709 14,391 27,260 48,253 97.705 Aggrcgate amounts 52,853 104,048 Page 16 continued... Friend5 ofst Davids Cathedral Notes to the Fingncial Statcmcnts- conttnucd for the Year Ended 31 Dcccmber 2024 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Support costs (see note 7) Direct Costs 6) Totals St Davids Cathedral 73,843 48,239 11,485 133.567 GRANTS PAYABLE 31.12.24 31.12.23 St Davids Cathedral 48,239 36,640 The totsl grants paid to institutions during the year was as follows: 31.12.24 31.12.23 Choral Scholar Donation Festival Spunsorship Contribution to Cathedral Siaff Costs Contribution to Flowers Expenditure Contribution to Cathedral expenses 12,540 4,000 25,200 216 6,283 9,030 24.000 3,610 48,239 36,640 SUPPORT COSTS Govcrn&nce costs St Davids Cathedral 11,485 TRUSTEES, REMUNERA TION AND BENEFITS I'here were no Irustees, remuneration or other benefits for the Ye￿￿ cnded 31 December 2024 nor for the year endcd 31 December 2023. Trustees, expenses No Trustees received travel expenses for the year ended 31 December 2024 nor for the y¢ar ended 31 December 2023. Page 17 continued... Friends of St Davids Cathedral Notes to the Financial Statements - continued ror the Year Ended 31 December 2024 STAFF COSTS 31.12.24 31.12.23 Wages and salaries Social security costs 13,802 287 14,089 Last year payment5 to the treasurer and secretary were made by Honorarium. The average monthly numbcr of employees during the year was as follows: 31.12.24 31.12.23 Administration No employees received emoluments in excess of £60,000. io. AUDITORS REMUNERATION 31 st December 31 st Dcccmber 2024 Auditors Remuneration Other Service - Accounts prcparation 2,040 2,760 1,980 2,520 4.800 4,500 ii. ANALYSIS OF NET GAINSI(LOSSES) ON INVESTMENTS 31 st December 31 st December 2024 2023 Realised gain on disposal of listed investments Realised gain on disposal of investment property 10,865 3,940 i 0,000 10.865 (4,615 ) 13,940 (295) 248,944 25,000 Unrealised loss on revaluation of listed investments Unrealiscd giiiT] or] revaluation of investment properties Unrealised gain on revaluation of freehold property 6,250 287,589 Page 18 continued... Friends of St Davids Cathedral Notes to the Financial Statements- continued for the Year Ended 31 December 2024 12. TANGIBLE FIXFD ASSETS Fixtures and fittings Freehold property Computer equipmcnt I'olals COST QR VALUA TION At l January 2024 and 31 December 2024 1,574,979 8,254 9,659 1,592,892 DEPRECIATION At l January 2024 Charge for year 8,254 7,626 ,219 15,880 1,219 At 31 December 2024 8,254 8,845 17,099 NET BOOK VALUE At 31 December 2024 1,574,979 814 1,575,793 At 31 December 2023 1,574,979 2,033 1,577,012 Cost or valuation at 31 December 2024 is represented by: Fixtures and fittings rreehold property Computer equipmcnl Totals Valuation in 2000 Valuation in 2007 Valuation in 2017 Valualion in 2023 Cost 99,752 225,000 13.382 25,000 1,211,845 99,752 225.000 13,382 25,000 1,229,758 8,254 9,659 1,574,979 8,254 9,659 1,592,892 The value (£400,000) of one of the two freehold properties held is based on a valuation carried Dut by the trustees for the year ended 3 l December 2023. This property was previously carried at £375,000 following a 2017 valualion carried out by an independent valuer. The second of the two freehold properties is considered to be a specialist asset. As it is considered that its markct value is less than its purchase and renovation cost, it is carrÈed at its recoverable amount being its value in use. This is the present value of the asset's service potential based upon its replacement cost. No depreciation is provided in respect of freehold land and property on thc basis that it is the opinion ol the trustoes that the residual valuation 15 likely to be at least equal to the recorded cost. Page 19 continued... Friends of St Davids Cathedral Notes to the Financial Stat¢menls- continued for the Y¢ar Ended 31 December 2024 13. FIXED ASSFT INVESTMENTS Listcd investments MARKET VALUE At l January 2024 Additions Disposals Revaluations 12.445 37,869 (34,732) 5,233 At 31 December 2024 120,815 NET BOOK VALUE At 31 December 2024 120,815 At 31 December 2023 112,445 'I'h¢re were no investment assets outside the UK. C05t or valuation at 31 DLcember 2024 is represented by.. Listed investmcnls Valu¢ltion in 2024 Cost 17,478 103.337 120.815 If fixed asset investments had not been revalued they would have been included at thc following historical cost: 31.12.24 31.12.23 Cost 90,463 90,463 Fixed asset investments were valued on an open market basis on 3 l December 2024 by Brewin Dolphin Limited. Page 20 continued... Friends of st Davids Cathedral Notes to the Financial Statements - eonlinued for the Year Ended 31 December 2024 14. INVESTMENT PROPERTY FAIR VALUE Ai l January 2024 and 31 December 2024 2,199,001 NET BOOK VALUE At 31 Dcc¢mbcr 2024 2.199,00 I At 31 December 2023 2,199,001 All three investment properties relating to buildings that are held in trust by the Representative Body of the Church in Wales on behalf of the charity and those where title is held by the charity itself, were revalued in 2023 by an independent valuL'r, RK Lucas & Son. Ch