REGISTERED CHARITY NUMBER . 1086760 THE RIPON CATHEDRAL DEVELOPMENT CAMPIGN (Ripon Cathedral Development TTUSt) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
RIPON CATHEDRAL DEVELOPMENT CAMPAIGN coNrENTS Pag¢ R¢f¢ren¢e and admiDistratRve det*Us of the Clwlty, Its Trustees ajjd 8dTi50f5 Trustees, report tDdependeDt audltors, report on the fillallcial stateynents 8-11 StstemeDt of financiol Activities Balance sheet 12 Notes to the fllkanefi•l stAtements l3-20 The following pages do not forni part of the statutory financial statcments: The Trust's detaued Income and expenditure account aDd 8ummarle8 21
RIPON CATHEDRAL DEVELOPMENT CAMPAIG REFERENCE ATrID ADMINISTRATIVE DETAILS OF THE CHAIUTY, ITS TRUSTEES AND ADVISORS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustte6 Mil¢hd Ingham- Barrow Reverend Nicholas J M¢rcer Chair Appointcd I" lune 2024 Chair Rcsigncd 26° F¢b 2024 The Very Rcvd Jo]m Dobson MT Andr¢w Kitchingman Mrs ChTSStin Thackray MTS Judith Donovan CBE Miss Vidoria Oldham Mrs Sarah Ali r John Sayer Mr Richard Coad Mr Rory Wardro CbgrSty registered Dumber 1086760 Prithelpal office Liberty Courthouse MingteT Road liipon North Yorkshire HG4 IQS Independent auditon Arnistrong Watson AudAt Lillmted Cbartered AG¢ountants York House Northallerton Nortb Yorkshirc DL6 2XQ Bankers HSBC RipoJ] NoT¢h Yorkshire HG4 2BL Solicitors Hutchinson & Buchanan 77 North Str¢el Ripon North Yorkshire HG4 IDS Page 2
RIPON CATHEDRAL DEVELOPMENT CAhIPAIGN STATEMENf OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Tnte¢S are raTonsible foT prcparing the Trnstees, Teport and th¢ fjnaD¢ial statejnents in accoTdance with applicable law and United Kingdom Accounting Slandards (Uniled Kingdom Generally Aepted Ac¢ounting Practice). The law applicable to Chariti in England & Wales requires the Trnstecs to prepare financial statements for each finan¢ial year which give a trne and fair view of th¢ stat¢ of affairs of the Charity and of its incorning T&8OUTC¢S and application of rOT¢¢S, including its income attd expenditur4 for the period. tn prepaTing tbesc financial stemetsts, the Thistees Ore required 10: select suitable accounting policies and then apply them consistenlly. obseThTe the methods and principles of the Cbaritics SORP (FRS102)' make judgrrtents and accounting estimaÉes that are renable and prndent. state whether applicable UK Accounting StandaTd8 (FRS 102) have be¢n follow¢¢ subjecl to any malerial departures dilosed and explaincd in the fina131 statements. prepare the financial statemenls on the going concern basis unl¢s$ it is inappropriate lo pr¢sumc that the Charity will continue in business. The TTUStees are responsible for keeping adequate accounting record5 thal ar¢ sufficieni to show and explain the Charity's transa¢tioJ)s and disclose with reasonable ac¢ura¢y at any time the fAnancial position of the Charity and enable them to ensure that the financial statements compty with the CIMTities Act 2011, the Charity (Accounts and ROrtS) Regulations 2008 and the provisions of the Tht deed. Th¢y are also Tesponsible for safeguar(linE the assets of the Clwity and hen¢¢ for tsking reasonable steps for the prev¢ntion and detection of fi7ud and I¢gulaTIti¢S. Approved by QTder of the mernbers of the board of TnL8tees and sign¢d oa its behalf by: of Ripon e. O 3 Jun& 202S Page 3
RIPON CATHEDRAL DEVELOPMENT CAMPAIGN TRUSTEES? REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Thc trustvts picsent their report with the fmao¢ia] slatcments of the ¢Prity for the year ended 31 December 2024. The trustecs have adopted the provisions of Accounting and Reporting by Charities: Statement of Re¢ommended Prdctic¢ applicable to charities preparing their ac¢ounts in accordance with the Financial Reporting Standard 4)plicable in the UK and Repllblic of Treland (FRS 102) (effective fmm l January 2019) Objectives and Alms The charity was established by Deed ofTrust dated 10 April 2001 and is a 1¢8lStered Charity (Number 1086760), The objectives of the Charity are: To apply the amiual incom¢ of the Tnw Fund to or for "Such Charitable Ptsrposu connecfed with Ripon Cathedralas the Truste¢s Jhalzfrom time lo time in thelr a&Yolule discrelir)n deterniine" tncludTng: Restoration aLd repair of the fabric of the Cathe41ral The preservation of the Cathcdrdl's treawre Supporting the educational role of the Cathedral To rtILer the Cathcdral's mwical tradition And such other charitabl¢ purp05eS as the Trn$le¢s shall from tim¢ to lime detcnnine. RIpoD Catbedral Development Trust Strategy and Prlorltle8 Th¢ fundraising strategy 18 to provid¢ finan¢ial assistance to the Dev¢Jopment Committee of Ripon Cathedral through the most dircct and effectivc means. This includes a¢iivities such &8 fundraising event4 patron dev¢lopment, legacy and donations and, where appmpriat4 grant opportunities from cultural and heritage org8nizations and private trusts. Throughout 2024. th¢ Trnst contiT)ued to support thc"Ripon Cathethal Renewed" project and cathedral music well as delivering a Programme of fiLndraising events were also ddivered including the Spring Fayre. Bccr F¢Etival. Wilfrid Banquet and Christinas Fa. Aehievements aDd p¢rformance Jn 2024. th¢ trust¢¢s arc pleased to report a successful yeaes performan for the Ripon Cathedral Developm¢Dt Trust. The Trust supported the Chapter during the year with fimding of £189,954 towards general nLtining costs and £32,821 lowdS the A&si3tant Organisl position. At year end UestrI¢ted T¢s¢rves totalled £26.774 and restricted fimds totalled £222,493, Page 4
RIPON CATHEDII4L DEVELOPMENT CAMPAIGN TRUSTEES9 REPORT (CONTINUED) FOR THE YEAR EM)BD 31 DECEMBER 2024 The Cathedral is open to the public every day of the year. There is a Program of public W0bIP, prayer and other tiVItI9 tbroughout the year. This includes ¢xhibitions, events and ¢oncerts which also support the wider cornmunity. The trustees are confident that the work ofthe rharity meets th¢ IaL TequAr¢nient that its activiti are for the public benefit as required under se¢lion 4 of the ChltieSACt 2006. Income 2024 2023 UDrestrieted funds General fund 134,014 157089 R¢5tri¢ted funds Music hnd Fabric fimd Cathedral Renewed fund Digital Development 98,942 48 123,844 48 98990 J54 186 Tot*1 Income 233 004 312 075 Trust Donors and Charlties Developing relationsbips with lo¢al and national charitable trusts and other donors is an ijnportant part of Ihe work of the Trnst. A rnusic appeal was also Ihe core focus for ¢n¢ouraging donations, in support of ongoing chorister reuuitment and traiDing as part of PToje¢t Phoenix. The rnusic appeal will be a key focus for fundraising in 2025. Patron members amd doDatioD$ There are a number of patron schemcs which enable companies and individuals 10 support the development of the Cathedral. The current scheme includes SL Wilfriil St. P¢¢cr, St. Etb¢ldr¢d4 SL Cha4 St. Hijd and Sponsor a Chorister opportuniti¢& DuTing 2024 patron's numb¢ts remained stable, with patron's events including a very successfuI St WilfTid's Banquet and a very convivial ChrAsthias lun¢h at Rllddittg Park. Staff voluntsers As well as the day to day nu)ning of the Tn the work and Gampaigns rely heavily on the generous and loyal 6UPPOrt of many volunteers. including over 70 volulltecrs at th¢ Sprin£ and Christmas Fairs and Beer Festival. The Th1CeS are very grateful to the staff, past and presenL ambassadors and voluntecrs and would like ¢0 thank them for the greal contribution they make to the succcss of the OTganization. Pag8 5
RIPON CATHEDRAL DEVELOPMKNT CAMPAIGN TRUS fEESI REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 21124 Structure, Governanee and Managemtttt Constitution Ripon Cathedral Dcv¢lopment Campaign is constityted under a TTUSt Deed dated 10 April 2001 and 15 a Registered Charity (Number: 1086760). In 2019, the trnSte decided to chaDg¢ the trading naTne of the Bipon Cathedral Developmcnt Campaign to liipon Cathedral Devclopmcnt Ttust. The TNst believes this better reflects the ongoitig natUTe of the work involved in tneeting its airns and purposc. Ils legal identity T¢mains Ripon cat1]raI Development Campai8n. The 'working name, be¢n registered with thc Charities Commisslon. Public BeDeflt The Cath¢dral is open to the public evcry day of the yeaT. There is a program of public worship) prayer &nd other activities throughout the year. This includes exhibitions, ¢vents and conccrts whi¢h also support the wider community. From l April 2008, section 4 of thc Charilies Act 2006 requires all charities to nieet the Icgal requirem¢llts that its aims aTe for the publi¢ benefit. Th¢ Charity Commission in its"Chariti¢s and blaC Bencfit" GuAdance states that there are two key principles lo b¢ met to show tbat all organization's aims are foy the public benefit: firstly, there Jnust be an identifJabl¢ benefit and secondly, that Ib¢ benefit must bc to the public or a section of the public. The trnstees confm that thcy h&ve complied with the duty in Section 4 of the Charities Act 2006 to have due T¢gard to the public benefit Buidance published by th# Conunission in delerniinfftg the actiYiti¢s Undertaken by th¢ Charity. The tNsle¢s are satisfied that the aims attd obje¢tive$ of the Charity and thc activities reported on above to achieve thosc aims. meet these priTh¢ipl¢s. OrgaDisatlon ]n Fcbruary we said farewcll to ReVelld Nicholas merc who rrtir¢d as Chair, the Trustees would like to thank him for his great ontribution to the charity. In Junc we welcomed Mitchel lll£bam- BaTrow as the new Chair, a list of all Thstees Can be found on page 2. Under th¢ De of ThisL. the power of appointm¢nt of new lTUCeS is vested in th¢ Dean and Chapter in consulthiioD with the Chairnlan of the Trnstees. Togetber, thcy shall use their best ¢ndeavors to cnsurc tbal the numbcr of trustees shall be maintained at Dot less than four and at least one of tbeir member shall be a member of thc Chapter of the Cathedral. Management As at De¢ember 2022, the Tn no longer bas DP10Yees, with support being provided directly by staff employ within the Development Depknent by the Chapter of Ripon Cathedral, led by tbe Director of Development. Risk Mallagem¢nt The trnstees hav¢ examined th¢ major Strategic, business and opcrdtional risks which the Trnst faces And confinn tbat sysl¢ms have been tablished to eDable regular reports to be produced so that the D¢¢essary steps Can be taken to minirnize these risks. The major short-temi rlsks identified aTe=. a) Loss of inconc- our management team k¢cps a close ¢y¢ on memberships and the performan¢e of its events programme to ensure it can forecast incom¢ aod monitor chan8¢s and trends. The Érnstees revi its minimum T&8ervas policy rcgularly to ensure the Trust can remain solvent at ail tirnes. b) Investment nsk- the Trust limits lDveskneDI risk by holding most of its funds as cash investments. c) Sy8t¢ms & data risk- there 15 a necd to maintain our systems and to ensure Ibat staff can operate aod utilize its functionality. Th¢10ss of data throg a Cyber-attack is a recognized dattger so we maintain PToce(lure8 and software to r¢duce this risk to a nilnimu. Page 6
IUPON CATHEDRAL DEVELOPIWIENT CAMPAIGN TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 d) Reputational risk- the TrLt monitors and is aware of its financial position, the appropriaten¢ss and risk profilc of ils events and activities and its sour¢es of income. Strict procedures and policies are in plaGe for safeguarding statt, volunteers and tbe public. e) Key staff risk- the dependance of the Trust's sU¢¢¢Ssl events and merrtbership programmes Telle5 on a very small team. This risk is frequently Teviewed by the truslces. Outlook The Trust has had a very successful year despit¢ th¢ cost-of-living crisis and inflation which have made conditions so difficult, economically. As always, it is hoped in 2025 that we can incre&se our income from events? patrons and giving and that newly appolnted trustees will bring energy and new vision to the TTU8t. The tNstees are ¢onfident that the Trust ha5 5uffici¢nt funds available to continuc sU¢SSlIY for the foreseeable and continues to keep its fRnanc¢s under constant review. Approved by order of the membeTS of the Ripon Cathedral Development Trust Board of Trustees and signed on their behalf by.. Date.. OS J(Jne ZOZ5 AndreTV Kitchingman Page 7
RIPOIY CATHEDRAL DEVELOPMENT CAMPAIGN rNDEPEIYDENT AUDITORSY REPORT TO THE TRUSTEES OF THE IUPOiY CA THEDRAL DEVELOPMEf4T CAMPAIGN Oplnion We hav¢ audited thc fmancial stalements of The Ripon Cathedrnl Dev¢lopment Campaign (the '¢haTity') for the y¢ar ended 31 December 2024 which Comprise the stat¢m¢Dt of fman¢ial activities, tbe balance sheet and the related notes, iucluding a summary of signifjcant accounting po]icies. The financial reporting framework that has been appli¢d in their preparation is applicable law and Unitsd Kingdom Accounting Standard& including Financial Reporting Siandard 102 The Financial Reporting Standard app]icabl¢ in the UK aJ]d Repub]ic of Ircland, (United Kingdom Generally A¢G¢pt¢d Accounting Practi¢¢). The financial ststements havc been prepared in a¢cordanc¢ with Accounting and R¢portlDg by C]LaTilies Preparing their accounts in accordance witb the Financial Reporting StaDdants applicable in the i]K and Repub]ic of tr¢laDd (FRS 102) in pieference to th¢ Accounting and Repor£tng by Charities: Statement of Recommended Practi¢¢ issued on l April 2005 which is ref¢rred to in ihe extant regulations but bas bccn withdrawn. This bas been done in OTder for the accounts to provide a true and fair view in accordanc¢ with the Generally Accepted Accounting Ptice effective for reporting period6 bcginning on or after J January 2019. Jn our 47pinion the financial ateMents. give a ttue and fair view of the state of tbe chaTity's affairs as at 31 December 2024 and of its incoming resources and application of resources forthe year th¢D ended. hav¢ been properly prq)aTed in accordance with United Kingdom Generally Accwted A¢¢ounting Practice. and have been prared in aw)rdance with Ibe requirements of the Charities A¢1 2011. Basis for opillAon Wc conductcd our audit in accordallcc with Int¢rnational Standards on Auditing (IJK) (ISAS (UK)) and applible law. Our respoTAsibilities under those standards are fiyther described in the Audilors, responsibilities for the audit of the financial staternents section of our report. We are independent of the Clty in accordance with ihc ¢thical requirements tbat are relevant to our audit of the fancial statements in the Unit¢d Kingdom, including tbe Firjancial Reporting Council's Ethica] Standard, and we have fulfilled our otber ethical responsiTr)ilities in accordance with these requirements. We beli¢ve that the audit evidence we have obtain¢d is sutYici¢nt and appropriate to provide a b&sis for our opinion. Conclusions rdatlng to golng con¢ern Jn auditing the financial staternent$, we have concludcd that the Tzustee5' Use of the going concern basis of accountin8 ill tbe preparation of the financial staten]ents is appropriate. B&8¢d on the work wr have performc(L we have not identified any Mat1&1 un¢¢rtainties relating to events or conditions that, individually or collectivcly, may wt significant doubt on the chariV$ abiJAty to contlDue as a going concern for a period of at lea twelve months from when the financial staternents are authorised foT Issue. Our re4)QSIbIlities and the respoDsibilities of the Trustees with respcrt to going concan de5crib¢d in the rel¢vant sections of tbis report, Other iDform&tion The other iDforniation comprises the inforn)ation included in the annual report other than the fancial stat¢m¢nls and our auditors, report thereon. The Truste are respoDsiI)le for the other inforna¢ion contained witbin th¢ annual report. Our opinion on the fmancial statanents does not cover the other ?nforniation and, exccpi to the extcnt othcNise explicitly stated in our Teport. we do not express any fomi of as5UTancc conclusion thereon. Our responsibility is to read th¢ other infornMtion and, in doing so, consider wh¢th¢T tbe other infonDatioD is materially inconsi5tenl with the financial statements, or our knowledge olrtained in the course of the audiL or oth¢rwise appears to b¢ materialty misstated. If wc id¢ntify such rnat•ial inconsistencies or apparent material misstatement4 we are required to deterniinc whether this Elves rise to a material misat¢M#At ID the fllwicial statements Page 8
RIPON CATHEDRAL DEVELOPMENT CAMPAIGN INDEPENDENT AUDJTORS, REPORT TO THE TRUSTEES OF THE RIPOIY CATHEDRAL DEVELOPMENT CAMPAIGN themselves, Ir, based on th¢ work we have perfomed, we conclude that there AS a mateJial misstatement of tbis othcr iDfoTmation, wc aTe required to ryort tbat fact. We have nothing to report i]L this fe2aTd. Matters on which we are required to report by exceptio In the light of the knowledge aThd underst&DdiDg of thc chatity and its cnvironm¢Dt obtained in the coursc of the audit. we have not identkfjed material mRsstatemeDts in the trnste¢s' report. We have nothing to report in respect of thc following rnattcTS where the Charitics {Accounts and Reports) Regulations 2008 requires us to repoTt to you if. in our opinloll: the infoTmation given in the Tru5tccs' rcport is inc4JllsAStent in any material r&wt with the financial statements. or sufficient accounting rccords have not been kepL or the fmancial statements are Dot ID agreement witb the accounting Tecords and rcturns. or w¢ hav¢ not received all the infonnation and explanations we require for our audit. Responslbilities of trustees As explained more fully in the tru51ees' responsibilities ststejnent, the Trustees are responsibl¢ for the PTeparation of the financial statements which give a true and fair view, and for su¢h internal control as the Trustees dctcimine 15 necessary to enable the preparation of financia] sta¢etnents tha¢ ar¢ fre¢ from material misstaternent, whethcr due to fraud or cOr. In preparing th¢ financial statements, the Thistees arc responsiblc for assessin8 the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concenL and using the going Concern basis of aOUntIng unless the Trusl¢¢s either illtend to liquidate the charity or to ¢e&se operations, or have no rea]istic alternative but to do $0. Auditor5, responsibilities for the audit of the fin#nd81 ststemeDts W¢ have been appointed as auditor under section 145 of the Charities Act 2011 and report accordance with the ACÉ and relevant regulations made or having effect thereunder. Our obje¢tives are to obtaiffj reasonable assurance about whether the financial statcments as a wbole are free from rnateTiat misstatemcDt, whetber due to fraud or enDr, and to issue an auditOFS' report that illcludcs our opinion. Reasonabl¢ &8SUfdnce is a higb level of assurance. but is not a guaTantec that an audit ndllctCd in accordance with ISAS (UK) will always detect a mataial rnisstatcmcnt when it exis Misstatcmcnts can ls¢ from frd or eOr and ar¢ coDsidered material 1£ individually or ID the aggregate, th¢y could reasonably be ¢xpcctcd to influcncc the economic decisions of useTS taken on thc basis of these fi]Lancial statements. JTregularities, illcludinE fr&ud, gre instan¢es of non-compliance with laws and regulations. We design pToc(xluT¢s in linc with our re¥onSibiliti. out]ined abov4 to detect material mi&%tatcmcnts in respect of irregularities, includiDg fraud. Tbe extent to whiGb our procedur are capable of detecting iTre8ulariti£% including fraud is dctailcd below. Our approach to identifying and asse&8ing the risk8 of rnateTial misslatemcnt in respect of ITrcgul1tiC4 induding fraud and non- cornpliance with laws a]Ld iegulations. was as follows: the eDgagcrnellt partner ensure41 that the engagement team collcctivcly had the aPPTopriate competence, Capabiliti and sktlls to identify or recognise non-compliance with applicablc laws and regulation8, such as the ChaTities Act 2011. we identified the laws and regulations applicabl¢ to the Chlty througb discussion5 with TDJSte¢s and other managemenL we assessed the extent of compliance with the laws and Te8ulatioDs identified above through maknng enquiTi of managemeni" and identified laws and T¢gulations were cornmunicated within th¢ audit tsam regularly and th¢ team remained ai¢rt to instances of non-cornp]iance throughout the audit. Page 9
RIPON CATHEDIiAL DEVELOPMENT CAMPAIGN INDEPENDENT AUDfToRSJ REPORT TO THE TRUSTEES OF THE WPON CA THEDRAL DEVELOPMENT CAMPAIGIY We eSSed tbe susceptibility of the Charitys fmancial statements to llmterial misstatemenL including obtaining an uaderstanding of how fraud occur, by: making enquitics of management as to where they considered there was susceptibility to frau4 their knowledge of actual, susp¢¢t¢d and alleged fraud. and considcring the internal controls in place to mitigat¢ Tisks olfraud and non-compliance with laws and regulations. To address the risk of fraud tl)rough managcment bias and override of controls. we: perfornied analytical proccdurc5 as a risk SeSsMent tool to identify ally uJ]usual or unexpecte41 relationslLiPS" tcstcd journal entri&s to identify unusual transactions,. tested the operating effcctivcncss ofkey controls over kcy transaction cycle5 such as income, purchases and wages" and reviewed the appliGation of awounting polici&8 including i]Le appliGation of capitalisation of tangibl¢ asscls Itt re6poDse to the risk of irregularities and non-¢ompliaDce with laws and regulations, we desIed prOceduS which included, but wcrc not limited to: agreeing financial statemcnt disclosures to underlying supporting dowr[LentatiO and enquiring of management as to actual aod potential litigation and claims. Due to the inh¢r¢nt limitations of an audit, there is an Unavoidable risk that we may not have deteLtcd some Enaterial misstatetnents in the financial slaternents, even though we have prOplY planned and perform•1 OUT audit in zccordance with auditing standards. For example, as with any audil there remained a higher risk of non-det¢¢tion of irregularities, as Ihesc rnay involve collusion, forgery, intenlional omxssion& misrepresentations, or the QVNTide of internal controls. W¢ are not responsible foT prcventing frdud OT noncompliance with laws and regulations and camiot be expected to delect all fraud and non-compliance with laws and regulations. A fi)rther description of ollr respi)nsibiliti¢8 for the audit of the finarAcial statements is located on tbe Financial Reyorting Council's website at: www.frc.org.uklauditorsresponsibilities. This description fornis part ofour audiloTS' report. Use of our report This rcport is trAade solely to the chaTity's trustees. as a body. in a¢¢ordance with Part 4 of the ChitIeS (Accounts and Reports) RcgulatAons 2008. Our audit work has been undertaken so that we might state to the charity's tsvstees tbose rnatters we aTf rrquired to state to them in an auditors, report and for llo other purpose. To the thllest extent pennittcd by law, we do not xccept or assume rwonsibility to anyone other than the charity and its tmste¢4 as a body* for our audil work, for this reporL or foT the opinions wc have forme(L Annstromg WAtson Audit Limlted Chartered Accoun¢aots & Ststutory Auditors Northall¢rton Date: OS Tune £S Arnistrong Watson Audit Limited are eligible to act as auditors in tenns of section 12E2 of the compani Act 2006. Page 10
RIPON CATHEDRAL DEVELOPMENT CAMPAIGN STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Funds 2024 Unrestricted Fund$ 2024 Total Funds 2024 Total Funds 2023 Note Inco]ne from: Donations and legacies Ottler tradÉng activities tnvestrnents 98,990 8,416 121,455 4,143 107,406 121,455 4,143 165,259 143,677 3,139 Total Income 98,990 134,014 233,004 312,075 Expenditure on: Charitable activities 64,326 235,158 299,484 334,181 Total expenditure 64J26 235,158 299,484 334,181 Iyet movement in funds 34,664 {101,144) (66,480) (22.106) ReconciliatioD of tuDds: Total Funds brought forward Net movement in funds 187,829 34,664 127,918 (101,144) 315,747 (66,480) 337,854 (22,107) Total fund$ carried forward Z22,493 26,774 249,267 315,747 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 13 to 20 form part of these fllwicial ststem¢nts. Page 11
RIPON CATHEDRAL DEVELOPM CAMPAIGN BALANCE SHKET AS AT 31 DECEMBER 2024 2024 2023 Note Cllrrellt assets Debtors Cash al bank and in hand 5A08 246985 22,600 307,645 252?93 330,245 Creditors: amounts falling due Thithin one year (3J26) (14,498) Total asgets less current li*billtfes 249267 315,747 Tijtal net assets 249,267 315,747 CbArity fi]nds Restricted Thds UnTestiicted funds io io 221493 26,774 187,829 127,918 249,267 315,747 The fllHicial statements wer¢ approved and authoriKd for issue by the TSteeS and sisned on their behalf by. JO] Dobson ,. 03 fufie 202S The notes on pages 13 to 20 forni part of th financial statements. Page 12
RIPON CATHEDRAL DEVELOPMENT CAMPAIGN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ounting polleles 1.1 Basis of PTep8rlDg the finnncial st*temeDts These narClaI statements have been prepared in compAiallce with FRS 102. 'The Fillancial Reporting Stsndard applicable sn the UK and Republic of Jreland.. thc StateJnent of Rccorntnendcd Practice applicablc to ebarities prepating thcir accounts in accordanc¢ with tho Finan¢iaI Reporting Standard applicable in thc UK and RUbliC of Ireland (FRS 102) {(]]arities SORP (FRS 102)) and the ChaTitics Act 2011. (FRS 102) (cffcctiv¢ l Jalluary 2019) the ChaTitics Act 2011. Ripon Cathedral Development Campaign meets the definitioll of 2 public benefit entity uuder FRS 102. Awls and Itabililies ar¢ initially recognised at lustori cost OT transaction value unless Othenvise Stat in tbe relevant accounting poli¢y. 1.2 GOIDE concerD Th¢ Board of Trustee5 has assessed the histori¢ financial PerfOrnnce of the TTU8t and fjjture plans. Given thc Tst I limited cornmitted obligations for the period to at least twelve months after the date of the aPPToval of Ibese accounts, and significant ¢ash holdings that il ¢ould utiliso at short notice that 1$ rnore likely than not to exceed any obligation, the trustees are satisfied from this review that the Trust remains a going Goncem. The financial statemmts have besll prepared on that basis accordingly. 1.3 Finanelal reportlng standard 102-redu¢ed disclosure exemptlon8 Th¢ TNst has taken advantage of the following disclosuTe exemption in preparing these fmancial Statement4 &g peTmitted by FRS 102 'The FiLancial Rq)orting Standard applicable iji the UK and Republi¢ of Ireland,. the requiranellts of Section 7 Statement of Casb Flows. 1.4 ID¢ome All income is recognised in the Statemcnt of Finallcial Activiti once the Trust has an entitlernent to the nds, it is PTobablc that the iucome will be receive and the aJnount can be measured reliablc. Jncome t recoverable in Telation to investrnent incornc is recognised at th¢ time the investment incom¢ is receivabl¢. 1.5 Expenditure Liabilities are TecogDised as expenditUTe as soon as thcTe is a legal or constructive obligation committing thc Tru I1£ expenditUTe, a transfer of cconomic bcnefits will probably be ffequir in settlen)ent and thc amount of the obligation can be measured reliably. Expenditure is accounled for on an accrnals basis and has been classified widcr hcadings that ggrega¢e all cost Telated to the category. WheT¢ costs cannot be directly attributed to particular heading8, they have been allocated to activities on a basis consistent with the use of resource8. Expenditurs on cbaritabl¢ activi1i¢5 is incurred on dir¢Gtly undertaking the activitics which fiJrth¢r the Charity's obje¢tives, as well u any associat¢d support costs. 1.6 Debtors Trade alld other debtors are TeGOEnised at thc settl¢ment amount after any trade disGount offcre(L PTepaynents aTe valued at the amount pr¢paid net of ally tTad¢ discounts due. Pasc 13
RIPON CATHEDIL4L DEVELOPMENT CAMPAIGN NOTES TO THE FINAF4CIAL STATEMENTS FOR THE YEAIi ENDED 31 DECEMBER 2024 Accounting pollcies (¢ontlnued) 1.7 CAsb at bank and hand Cash at bank and in hand includes cash and Short-le highly liquid invcstments viith a short niathrity of three months or le&8 from the date of ac44UiSition or opening of the dqjosit or SImar account. 1.8 Liabilities and provislon$ Liabilities are reco2nised when th¢T¢ is an obligation at thc balance sheet date as a result of a past event, a transf¢r of cnoMiC bcnefit will be required in s¢ttlemenL and the amount of settlement CAU be tInIated Teliably. Liabilities are recognis¢d at the xmount that the Thst anticipates it will pay to settle the debt or the amoullt it has received as advall¢ed payments for th¢ goods or seTVTces it must provide. Provisions ar¢ measured at th¢ best estimate of tbe amowlts requir to settlc tbe obligation. Wh¢re the effect of the time value of rnoney is material, thc provision is based on tb¢ piesent value of those arnounts, discounted at the pre-t&Y discount rate that reflects th¢ risks specific to the liability. Th¢ unwinding of thc dIoullt is recognised in the statement of rinallcial aetivities as a flllance cost. 1.9 FiDanelal lllstruments The Trnst only has financial assets and liabi]ities of a kind tha¢ qualify as basic fiLao¢ial instrument& Basic financial instrum¢nts arc initially reco£nise4 at transaction valu¢ and subsequently measured as thciT settlement value with the exception of bal loans which are subsequently rneasured at amortised cost using the effe¢live inteIest method. 1.10 T*xatlon The charAty is exempt from on its chaTitable activitics. l.lj Fund accounting Unrestricted funds can be uscd in accordance with the charitable objectives at the discretion of the trnstees. RestiictrAI nds can ODly be uscd for particular restricted putpnses within the objects of the Trust. Restii¢tions arise when speoified by the donor or whert fvnds are raiscd for pthicular restrictcd purposes. Furtbcr explanation of the natllTe and purpose of eaGh fLwd is includcd in Ib¢ notes to the financial statcments. ILvesknent income, gains and losses arc allocatcd to Ihe appropriate fun(L 1.12 Pension ¢osts alld other p05t-retlrement benefjts The Trust operates a defined contribution pension Scheme. Contriblltions payable to the Trust's pension schfflnc a Charged to the Staternent of Financial Activities in the period to whi¢h they relate. Page 14
RIPON CATHEDRAL DEVELOPMENT CAMPAIGN NOTES TO FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 J)ECKMBER 2024 Z Income from other trading actiVKties Income from fuDdraisiDg events Unrestricted Funds 2024 Total Funds 2024 2024 Events and ndralg C11$t29 card sales SOCI lotteries Group tours 120,075 120,075 lJ80 LJ80 Totsl 2024 121,455 121455 Totsl Funds 2023 Funds 2023 Events and fundraising ChTiStmas wd sales Social lotteries Group tthirs 141J9 262 1,690 476 141,249 262 1.690 476 Totsl 2023 143 677 143 677 3 Investment Income Unrestrieted Funds 2024 Total Funds 2024 D¢poslt a¢eowit int¢rest 4,143 4,143 Total Funds 2023 Ftmds 2023 Deposit account intetrsÉ 3,139 3,139 Page 15
RIPON CATHEDRAL DEVELOPMKNT CAMPAIGN NOTES TO THE FINANCIAL STATEMEF4TS FOR THE YEAR ENDED 31 DECEMBER 2024 4 Support costs 2024 2023 Managcment Finance Governance 169 2,940 380 2,460 3.109 2.840 Jn a¢cotdanc¢ with the Thist's investment po]icy, th¢ truste have decided not lo charg¢ a managernent fee thk8 ycaT to any restricted fidS (2023. £Nil) 5 Charitsble costs The has rnad¢ donations of £259,126 (2023.'£226,327) in total to the Cathedral. This includes £NIL (2023: £5,000) to support tbe Cathedral Renewcd project. 6 Auditor's Temuneration 2024 2023 Fees payable to the Ch2ritys auditor for the audit of the Charity's annual accounts 2,940 2,460 7 Tnt, remvnerAdon and expenses During the year, no ThstCC8 TeceivpJl any remuneration or other benefits (2023-£NIL}. DurAng the year erAded 31 D¢ber 2024, no TTUStee expenses bav¢ been incurted (2023 - £NtL). 8 Debtors: Due witbln ODe year 2024 2023 Other debtors 5,408 22,600 9 Creditor$:Amovnts fHlliDg due withiD one year 2024 2023 Trade Creditors Other credA¢ors AccNal aT)d derfeI income 32 3W4 14.498 3,126 14,498 Page 16
IUPON CATHEDRAL DEVELOPMENf CAMPAIGN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 ststement of thnds Statement Df fllDd5- eiirrent year Balance at I January Balance at 31 December 2024 21124 ID¢ome Expellditure UDrestrArted funds General funds 127,918 134,014 235,158 26,774 R45tricted fullds Music Fund 181J84 98942 64026 216,iMbO Fabric Fund 6,435 48 Cathedral Renew (394) {394) Digital D¢velopm¢nt 404 4114 187 29 26 222.493 Tot#l of fllDds 315 747 249267 Description of funds General fund - to be used tovMTd$ the n]ll ov¢rall objective of the Trust. Music fund- to secure the financial tr]re of Dwsi¢ at the Cathedral. Fabric fuThd - to S¢CUTS the fabric of the Cathedtal for futurc generations. Ripon Cathedral R¢newed fimd- to develop the cathedr to be fit for the 21st Century. Digital Development- A specific grant receiv¢d to wpport a new digital a5SiStant. Page 17
BJPON CATIIEDRAL DEVEtA)PMENT CAMPAIGN NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024 10 StatsnDt of funds (continued) Ststement of funds- prior year Balance at I January 2023 Bth¢e At 31 December Inconhe 2023 UDre5tri¢ted funds General fimds 197,110 157,889 227,081 127,918 Restrlcted funds Music Fund 119.672 123,844 62.131 181,385 Fabric Fwid 6,387 48 6,435 Cathedral Renewed 4,606 5,000 (394) Digila] Devdopment 10,079 30294 39969 404 154 186 107 100 187829 Totsl of funds 337,854 312075 315 747 11 Summary offunds Ststsmellt of funds - currenl year Balance at I Jgnuary 2024 Balan¢È At 31 December 2024 Ineome Expenditure General funds 127Jl8 134.014 235,158 26.774 Restricted fvnd6 187*29 9&990 64J26 221493 315 747 299 83 249 67 Page 18
RIPON CATHEDRAL DEVELOPME1 CAMPAIGN NOTES TO FIIYAIYCIAL STATEMENTS FOR YKAR ENDED 31 DECEMBER 2024 11 Summory of funds (continued) Statement of fund$- Prlor year Balan¢e #t I Jattuary 2023 BAIADce at 31 December 2023 Income Expenditure General fimds 197,110 157.889 227,081 127,918 Rcstsi¢te4 fi]nds 140,744 154,186 107,101 187,829 337 854 312075 334 182 315 747 12 AD&tysis of net assets b¢tweeD funds Analysis of nel assets between funds - current period 2024 R¢strlcted Funds 2024 ULre$trl¢ted Funds 2024 Total Fuod5 2024 Current assets 222,493 29,900 252J93 Creditors du¢ within onc year (3,126) (3,126) Tthal 222,493 2fj774 2497 Anatysis of net assets between fimd5 . prior pulod 2023 Restri¢¢ed Funds 2023 Unre%trkted Funds 2023 Total Fullds 2023 187,829 142,4l6 330,245 Creditor5 due within one year (14.498) (14,498) Total 187,829 127,918 315,747 Page 19
RtPON CATHEDRAL DEVELOPMENT CAMPAIGN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Related PArty transaetlong There was a £NIL (2023:£Nil) contribution to the manageent of the TTUSt by the Ripon Cathedral Music Thst in the year ¢nded 31 December 2024. Tbere were of £253,775 (2023:£223,000), and facility ft¢s of £3 J27 (2023..£3,327) paid to the Chapter of Ripon CatheJral in the year ended 31 De¢ember 2024. The POW of appointmcnt of new trUSte¢s in vested in the Chapter and the Chapter h&8 iDdemnified the trustees against liabilities arising from third paty claims. Rental contribution5 of£3,024 (2023:£3,024) werc paid io Thorpe Pr¢bend House Trnst. Page 20
RIPON CATHEDRAL DEVELOPMENT CAMPAIGN Income and Expenditure Account lor the Year EDded 31 December 2024 2024 2024 2023 2023 llVCOM Incornc Donations and legaGies Evenls Christzuas card sales Social lotterics Group Tours Deposit a¢¢ount interest Grant Income 107,406 120,075 134,965 141249 262 1,690 476 3,139 30.294 lJ80 4,143 233,004 312.075 Gross income in the reportlng period Less: Fundralslns and ¢harAtable *ctivities Patron penSeS Evenl fundraisillg costs Grant - Digital Volunteer To Cathedral Chapter Cathedral Music Organ scholar CathedTal Renewed proj¢at 135D Celebrations Dulvcrton Trust Calhedral Support funding 233,004 312,075 J,296 33,979 950 59,979 39,969 30,000 3482J 30,000 31,000 5,000 189954 157,(K)O 288,050 323,899 Support costs (MRnAgemeDt) Salaries Pensions 239 350 575 1,078 3,024 336 SUTance 547 Sundrie5 Rent Subscription$ Stationery & postage Professional Fees Rcfvrr contribution txgacy expenses 3,024 3J27 3,354 209 182 8024 7,443 Finanre governance e05ts Bank clwges and interest Audit 169 2,940 380 2,460 3,109 2,840 Tot expenditure 299,483 334,182 SuTpIu81 {d¢fi¢it) for th¢ reportlng period (66,480) {22,107} The nots on pages 13 to 20 fomi part of these financial statcmenls Page 21