CHARITY COMMISSION Friends of Carlisle Cathedral Registration number: 1023693 Annual Report and Financial ststements 31 December 2024 dOdd&co
Fri8nds of Carlisle Cathedral Contents Reference and Administrative Details Trustees, report Truslees, responsibilities Independent auditors, report staternent of financial activities Balance sheet Notes lo the financial statements 10
Friends of Carfisle Cathedral R•f8rence and Administrative Detsils Charity name Friends of Carlisle C8thedral Charity r8gistralion number 1023693 Principal officé Cathedral Offi Wesl Walls CARLISLE CA3 8UF Registared offlce Cathedral Office West Walls CARLISLE CA3 8UF Trustees D B Amstrong {Resigned 16 February 2025) R D Platt, Hon Treasurer K Gordon M Pearson M Reeves, Hon Secretary W D Paterson RKMann J Westoll, Ch8ir D Stobart J Churchill J Johnson (Resigned 9 January 2025) K A M Graham C Morris Bankers HSBC PIC 29 English Street CARLISLE CA3 8JT Accountsnt Dodd & Co Audit Limited FIFTEEN Rosehill Montgomery Way Rosehill Eslale CARLISLE CA12RW P8ge 1
Friends of Carlisle Cathedral Trustees. Report for the Year Ended 31 D8camber 2024 The financi81 ststements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Reeommended Practice applicable lo ehartties preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming documant The charity is controlled by its governing document. a deed of tnjst which constitutes an unincorporated charity. Organisational structure The chaiity was established in 1934 and is governed by its Trust Deed. The Trustees who acted during the year are shown above. Trustees are appointed by the board of Ihe Trustees for an initial period of three years. Meetings usually take pla four times a year. Risk Assassment The Trustees have reviewed the risks facing the charity, and are satisfied that there is no signtficant risk at present. The Trustees will continue to monilor this area. OBJECTIVES AND ACTIVITIES Objeclives and aims The charitys objectsves are set out in its governing document and are as follows., {al To further such religious and other charitable wotks of Carlisle Cathedral as the Trust, 8fter consultation with The Chapter of Carlisle Cathedral, shall deem appropriate. Ibl To co-operate with The Chapter in beautifying and mainlaining the fabric, fittings, ornaments, books, manuscripts. and vestments of and in Carlisle Cathedral, the Fratry and other Chapter buildings and grounds within the Cathedral Close of Carlisle Cathedral in the Diocese of Carlisle. (c) To assistThe Chapter in the maintenance of the music and SeNiS of the Cathedral. (d) To 8sSlSt in the general maintenance of the Cathedral and other Chapter houses, buildings, and grounds within the Cathedral Close. In detennining these objectives, the Trustees have paid due regard to Charity Commission guidan on public benefit. FINANCIAL REVIEW Reserves The Trustees also aim lo ensure the Trust maintains suffiaent reserves to meet ils pledges lo the Cathedral. At Ihe year end, the charity had unrestricted reserves of £435,453 and free reserves of £43.194. Surplus for the year Overall, there has been a surplus for the year of £11,910 compared with a surplus of £6,742 in 2023. Overall Income Total income during 2024 amounted to £35,449 compared with £36.083 in 2023 as detailed in the Notes to the Accounts. Legacies of £nil were reiVed in the year12023 - £nil)- Page 2
Friends of Carlisle Cathedral Trustees, Report for the Year Ended 31 December 2024 Grants to the Cathadrdl The Trust awarded grants to the Cathedral during 2024 of£20,630 {2023.. £31,901). This was made up ofmusic grants of £12,500 (2023.. £12,500), and fabric granls of £8,13012023'. £7,707112023.. £10.000 for computers and £1,694 for a new clock)- Assets On 31 December 2024, the investment portfolio was valued at £600,506 {2023.' £612,150) and cash reserves stood at £57,157 (2023.. £28,746). Although shares have proved to be a good long-temi investment, we re¢ognise the need for a flexible investment strategy. With the advice of our financial advisors who operate on a discretionary basis, we aim to protect the value of the capitsl by responding appropriately to changing conditions. Post Balance Shaot Event8 There are no post balance sheet events to report. FUTURE PLANS The Trust is comtnitted to making a contribution during 2025 towards Cathedral Music of £12,500 and £5.000 towards the organ scholar. Approved by the Trustees on 10 April 2025 and signed on their behalf by.. We Page 3
Friends of Carlisle Cathedral TNstees' Responsibilities in relatlon to the Financial Statements The twstees are responsible for preparing the Trijstees, Report and the fi'nancial ststement5 in accordan with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees lo prepa finaricial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Irustee5 are required lo.. select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy ot any lime the financial position of the charity and enable them to ensure that the financial statements comply wÉth the Charities Act 2011 as amended by the Charities Act 2022, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
Independent Auditors, Report to the Trustees of Friends of Carlisle Cathedral Opinion We have audited the financial statements of Friends of Carlisle Cathedral for the year ended 31 December 2024. set out on pages 8 10 16 which comprise the Statement of Financial Activities, the Balance Sheet and the related note$. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 (FRS 1021 The Financial Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the Charity's affairs as at 31 Dember 2024 and of its incoming resourtss and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities., and have been prepared in accordancewith the requirements of the Charities Act 2011. Basls for opinion We conduded our audit in accordance wth Intemational Stsndards on Auditing IUKI IISAS {UK)) and applicable law. Our responsibilities under those standards are further descrtbed in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financtal stslemenls in the UK, in¢luding the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordan with Ihese requirements. We believe that the audit evidenee we have obtained is SLrfficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the truslees use of the going concern basis of accounting in the preparation of the finan¢i81 ststements is appropriate. Based on the work we have performed, we have not identthed any malerial uncertainties relating to events or conditions that, individually or ¢ollectively, may cast significant doubt on the charity's ability to continue as 8 going concern for 8 period of at least e1ve months from when the original financial statements were aulhorised for issue. Our responsibilities and the responslbiliti8s of the trustees with respect to going concern are described in the relevant sects'tsns of this report. Other infomiation The other information comprises the infomiation included in the annual report, including the trustees, reporL other than the financial 8t8tements and our auditors, report thereon. The trustees are responsible for the other information contained within the annual reporL Our opinion on the financia5 statements does not cover the other information and, except to the e*(ent othemise explicitly ststed in our report, we do not express any fom) of assurance conclusion thereon. Our responsibility is to read the other infoTmation and, in doing so, consider whether the other information is materially inconsistent with the financial statemenls or our knowledge obtained in the course of the audit, or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the worff we have performed, we con¢lude that there is a material misstatement of this other information, we are required to reportthat fact. We have nothing lo report in this regard. Page 5
Independent Audltors. Report to the Trustees of Friends of Carlisle Cathedral . ¢on(inued Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and Its environment obtained in the course of the audit, we have not identified m81erial misstatements in the trustees, report. We have nothing to report in respect of the followng matters whare the Charitie5 IAc¢ounts and Reports) Regul10n$ 2008 requiffts us lo report to you if, in our opinion.. the infomiation given in the Financial Statements Is inconsistent in any material respect with the Trustees, Report" 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 infomation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Tru5toes' Responsibilities Statsment set out on page 4, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such inlernal control as the trustees determine is necessary to enable the preparalion of Financial Statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as going COnM, disclosing, as applicable, matters rel*ed to going concern and using the going concern basis of accounting unless the trustees either intend to liquidats the charity or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for thg audit of the financial ststements W8 have been appointed as auditors under section 144 of the Charities Act 2011 and report in acco¥dan¢e with regulations made under section 154 of that Acl and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that 8n audit conducted in a¢cordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic deusions of users taken on the basis of these financial statements. We identify and assess the risks of material misstatement of the finanaal statements, whether due to fraud or error, and then design and perform audit prOdureS responsive to those risks, including obtaining audit evidence that 1$ suffiaent and appropriate lo provide a basis for our opinion. In identifying and assessing risk of material misststement in respect of irregularities, including fraud and nOnOMplI8n with laws and regulations, we considered the following.. results of our enquiries of management about their own identification and assessment of the risks of irregularities- any matters we identified having obtained and reviewed the ch8tity's documentation of their policies and procedures relating to.. idenlifying, evaluating and complying with laws and regualtions and whether they are aware any instances of non-compliance., detecting and responding lo risks of fraud and whether they have any knowledge of any actual, suspected or alleged fraud.. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among the audit team regarding how and where fmud Might occur in the financial statements and any potential indicators of fraud. Page 6
Independent Audffitors. Roport to the Trustees of Friends of Carlisle Cathedral . continued As a result of these procedures, we considered the opportunities and incentives that may extst within the organisation for fraud and identified the greatest potential for fraud to be in relation to management overrido which, in common with all audils under ISAS {UK>, we are required lo perform specific procedures to respond to this risk. We also obtained an understanding of the legal and regulatory framewod( that Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the detemiination of material amounts and disdosures in the financial statements. The key laws and regulations considered in thi$ context included the Charities Act 2011. As a result of performing the above, in response to the risks identified, we did not identify any key audit matters related to the potential risk of fraud or non-complianc* wth laws and regulations. In addition, lo Ihe above, our procedures to respond to risks identified the following.. reviewing the financial ststements disclosures and tesling to supporting documentation to assess compliance with promsions of relevant laws and regulations described as having a direct effect on the financial statements,. enquiring of the trustees con¢eming actual and potenlial litigation daims., perfoming analytical procedures to identify any unusual or unexpe¢ted relationship5 that may indicate risks of malerial misstatement due to fraud., reading minutes of meetings of those charged with govemance" and in addressing the risk of fraud Ihrough management override of controls, testing the appropriateness of joumal entries and other adjustments., assessing whether Ihe judgements madè in making accounting estimales are indicative of potential bias- and evaluating the rationale of any significant transactions thal are unusual or outside the nomi81 course of the charity's work. We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-complian with laws and regulations throughout the audiL Use of our report This report is made solely to the charity's trustees. as a body, in acc4)rdance with The Charities Ad 2011. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to Ihem in an auditorfs report and for no other purpose. To the fullest extent permitled by law, we do not accept or assume responsibility lo anyone other than the charity's trustees as 8 body, for our audit work, for this report, or for the opinions we have fomed. 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 lo issue an audiloffs report that includes our opinion. Reasonable assurance is a high level of assuran. but is not a guarantee that an audit conducted in accordance wth ISAS IUKI will always detect a material misstatement when it eSts. Misstatements Can arise from fraud or error and are considered material if, individually or in aggregate, they CLsuld reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the finanual statements is lo¢ated on the Financial Reporting Council's website at.. wm.frc.org.uklauditorsreponsibilities. This description forms part of our auditors r¢port. /a/ [ AJ/ i.ij FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Dodd & Co Audit Limited Chartered Accountants & Registered Auditors 10 April 2025 Dodd & Co Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Page 7
Friends of Carlisle Cathedral Statement of Financial Activities for the Year Ended 31 December 2024 Unrestrictgd Endowment Totsl Funds Totsl Fund8 Funds Funds 2024 2023 Note Incom• Donations and legacies Investments 7,807 27,642 35,449 7,807 27,642 35,449 9,742 26,341 Total income 36.083 Expendlture Charitable activities 29,517 29.517 29,517 29.517 40.638 Total expenditure 40,638 ExrEss of expenditure Dver Incame 5,932 5,932 {4,555) Gainslllossesl on investment assets 1,950 4,028 5,978 11,297 Net incomel{eypendilure) 7,882 4,028 11,910 6,742 Transfers Transfers beeen fund5 1,391 (1,3911 Net movemenl in ftjnds 9,273 2,637 11,910 6,742 Reconciliation of funds Total funds brought forward Total funds carried forward 426,180 435.453 211,907 214,544 638,087 649,997 631,345 638,087 The notes on pages 10 to 17 form an integral part of these financial statements. Page 8
Friends of Carfisle Cathedral Balance Sheet as at 31 Decemb8r 2024 2024 2023 Note Fixed assets Investments 600,506 612,150 Current assets Debtors and prepayments Cash at bank and in hand 10 603 57,157 57,760 1,809 28,746 30,555 Cr•ditopJ: Amounts falling due wtthin one year 11 {8,2691 {4,6181 Net current assets 49,491 25,937 Net assets 649,997 638,087 The funds of tho charity: Endowmont funds 214,544 211,907 Unrestricted funds Unrestricted income funds 435,453 428.180 Totsl charityfunds 649,997 638.087 The financial statements have been prepared in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102). Appr d by the Board on 10 April 2025 and signed on its behalf by.. M Pearson Trustee J Wesloll Trustee The notes on pages 10 to 16 fomi an intsgral part of these financial statements. Page g
Friends of Carlisle Cathedral Notes to the Financial Statements for the Year Endad 31 Dacamber 2024 Accountlng policie8 Statement of compliancè The accounts (financial statements) have been prepared under the histori¢al cost convention wth items recognised at cost or transaction value unless othetwise stated in the relevant notels) to these accounls. The financial statements have been prepared in accordance wlh the second editian of the Charities Statement of ReGommended Practice issued in Odober 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Act 2011 as amended by the Charities A¢t 2022. The accounts Ifinancial ststements} have been prepared to give a 'true and faiv wew and have departed from the Charities (Accounts and Reports) Regulalions 2008 only to the extent required to provide a 'lrue and fair view. This d6parture has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 rather than the Accour)ling and Reporting by Charities'.Statement of Recommended Practice ¢ffe¢tive from 1 April 2005 which has Sin been withdrawn. Basis of preparation The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially reeognised al historical cost or transadion value unless otherwise stated in the relevant accountin9 policy noles. Going ¢on¢•m These financial statements have been prepared on a goino concem basis. Fund a¢¢ounting pollcy Unrestricted income funds are general funds that are available for use at the trustees, discretion in fijrtherance of the objectives of the charity. Further detsils of each fund aTe disclosed in note 13. Income and endowments Donations and legacies are recognised where there is entitlement. probability of receipt and the amount can be measured wth sufficient reliability. Income from Government and other grants, whether'capital, grants or'revenue, grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the gran15 have been met, il is probable that the income will be received and the amount can be measured reliably and is not deferred. Income from tsx reclaims are included in the statement of financ4al activities at the same time as the gift to which they relate. Investment in¢om$ is re¢ognised on a receivable basis. Page 10
Friends of Carlisle Cathedral Notos to thè Financial Statements for the Yèar Ended 31 December 2024 . continued Expenditure Liabilities are recognised as soon as there is a legal or constructive obligation comrnitting the charity to the expenditure. Ml expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the calegory. Charitable expenditure comprises those costs illCUTred by the charity in the delivery Df its aclimties and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature nessary to support them. Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with condition5 for its payment being a specific level of seNice or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specific service or output. Grants payable without performanc8 conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient bLrt th6re is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated lo activity cost categories on a basis consistent with the use of resources. for example. allocating propety Costs by floor areas, or per capita, staff Costs by the time spent and other costs by their usage. Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Investments Fixed asset investments are included at rnaet value at the balance sheet date. Realised gains and losses on investrnents are calculated as the differen beeen sales proceeds and their market value at the start of the year, or their subsequent cost. and are charged or credited to the statement of the financial activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged lo the statement of financial actsvities based on the market value al the year end. Donations and lègaci•$ Unrestricted Endowmgnt Totsl Funds Total Funds Funds Funds 2024 2023 Donations and legacies Appeals and donations Gift Aid lax reclaimed Subscriptions 298 1,616 5.893 7,807 298 1,616 5,893 7,807 3,706 603 5,433 9,742 Page11
Friends of Carlisle Cathedral Notes to the Financial Statemonts for the Year Ended 31 December 2024 . confinued All of the donations and legacies income in 2023 related to unrestricted funds. Invesljnent income Unrestricted Endowment Totsl Funds Totsl Funds Funds Funds 2024 2023 Interest on cash deposits Income from other investments 453 27,189 453 27,189 232 26,109 27.642 27,642 26,341 All of the investment income in 2023 related to unrestricied funds. Expenditure Fviènds of Carlisle Cathedral Total 2024 Total 2023 Direct costs Grants payable- institutions Management of investrnents 20.630 4,086 24,716 20,630 4,086 24,716 31.901 4,284 36,185 Support costs Computer software and maintenance costs Printing, postage and stationery Sundry expenses Accountancy fees The audit of the charitrfs annual accounts Bank charges 355 393 342 2,006 1,638 67 4,801 355 393 342 2,006 1,638 67 4,801 144 917 770 992 1,560 70 4.453 29,517 29,517 40,638 All of the expenditu in 2023 related to unrestricled funds. Grants to institutions Name of Institution Activity Cadisle Cathedral Support Cathedral objectives and activities 20,630 Page 12
Friends of Carllsle Cathedral Notes to th8 Financial Statements for the Year Ended 31 December 2024 . continued Governance costs 2024 2023 Accountancy fees Audit fees 2,006 1,638 3,644 992 1,560 2,552 Tru¥tee8' remuneration and expen8e8 No truste6s received any remuneration or expenses during the year. Taxation The registered thority is exempt from taxation on income and gains. Investments held as fixed assots L18ted Inveslments Markot value As at 1 January 2024 Revaluation Additions Disp08als As at 31 December 2024 612,150 5,978 11,330 128,9521 600,5Q6 Net book value As at 31 December 2024 As at 31 Dernber 2023 600,506 612.150 All investment assets were held in the UK. 10 Debtors and prepaymants 2024 2023 Other debtors 603 1,809 Page 13
Friends of Carlisle Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 . ¢onlinu8d 11 Creditors: Amounts falling due within one year 2024 2023 Other creditors 8,269 4.618 12 Related partles Controlling entity The ¢harity is controlled by the trustees. Related party transactions DuTing ihe year grants were made to Chapter of Carlisle Cathedral of £20,63012023- £31,901). 13 Analysis of funds Other recogni$•d gain811osse Atl January 2024 At31 December 2024 Incoming Ro$oure8s resources expended Transfers General Fund8 Unrestricled income fund 426,180 35,449 129,517) 1,391 1,950 435,453 Permanent Endowment Kemble-Dibble Bequest 211,907 {1,391) 4,028 214,544 638,087 35,449 129.5171 5,978 649,997 General Funds the general funds receive investment income and are used lo pay out grants lo Carlisle Cathedral. Kemble-Dibble Bequest cathedral fabr¢c. income from the pemianent endowment Is restricted lo maintenance of the Page 14
Friends of Carlisle Cathedral Notes to th8 Financial Statements for the Year Ended 31 December 2024 . continued Prior period Other recognised galnsllo$$è Atl January 2023 Incoming Re80vrees resource8 expended At31 December 2023 Transfors General Fund8 Unrestricted income fund 425,075 36,083 (40.6381 979 4,681 426,180 Pennanent Endowment Kemble- Dibble Bequest 206,270 (9791 6.616 211,907 631,345 36,083 {40,6381 11,297 638,087 14 Transfers Transfers relate to restricted dividends transferred lo unrestricted fvnds, in line with the temis of the endowment. 15 Netassets by fund Unrestricted Funds Endowment Funds Total Funds 2024 Totsl Funds 2023 Investments Current assets Creditors.. Amounts falling due thin one year Net assets 392,259 54,860 208,247 6,297 600,506 57,760 612,150 30.555 {11.666) 435,453 18.2691 649,997 {4.6181 638.087 214,544 Page 15
Friends of Carlisle Cathedral Notes to the Financial Statements for the Year Ended 31 December 2024 . continuad Prior period Unrestrictsd Funds Endowment Funds Total Funds 2023 Total Funds 2022 Investments Current assets Creditors.. Amounts falling due within one year Net assets 403,143 27.655 14,618) 426,180 209.007 2,900 612,150 30,555 14,6181 605.264 31,822 (5,7411 631,345 211.907 638,087 Page 16