A$5DOAnoN QF ENGLISH CATHEDRALS THE ASSOCIATION OF ENGLISH CATHEDRALS REPORT OF THE EXECUTIVE COMMIThEE AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 116 Statk)n Flo￿, sutt(￿ Coldftd4 B73 5LD THE ASSOCIATION OF ENGLISH CATHEDRALS Contsnts Report of the ExecLrtlve Commlttee Report of the Independent Examiner Statement of Flnancial Actlvltles 10-11 Balance Sheet 12 . Statement of cash flows 13 Notes to the Accounts 14-18 Income and Expendlture Account (trd1￿Ctor$'uS8 on￿) 19 THE ASSOCIATION OF ENGLISH CATHEDRALS REPORTOF THE EXECUTIVE COMMIThEE FOR THE YEAR ENDING 31 DECEMBER 2024 The members of the Executlve Commltte8 have pleasure in presenting ihelr report together wtth the financial statements of the Associatlon for the year ended 31 December 2024. The annual report serves the purposes of both a trustees, report and a directors, report under company law. The Committee Confirms that the Annual report and financial statements of the charitsble company comply with the current ststutory requlrements. the requlrements of the charttable companWs govemlng document and the provisions of the Stalement of Recommended Practice (SORP) applicable to charities preparlng their accounts in accordance wjth the Flnanclal Reportlng Standard applicable In the UK and Republlc of Ireland (FRS102) {effective 1 January 2019). sin￿ the Charity qualffies as small under section 382 of the Companies Act 2006, the strategic report requlred of medlum and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omltted. Reference and admlnlstradve InforM￿on .The principal address of the Assoclatlon Is: 116 Station Road Sutton Coldfield B73 5LD Company reglstered number: 06726262 Charity registered number: 1128254 The names of the persons who were members of the Executive Committee (trustees of the charlty and directors of the company) et any time durfng the year ended 31 December 2024 or have been appolnted slnce thet date v￿re.aS follows: Mr Davld Bllton, Chapter member. Newcastle Cathedral Mr Howard Castle-smith, Chapter member, Chltttester Cathedral {appointed 18 June 2024 and resigned 30 October 2024) The Very Rev'd Rogers Govender, Dean of Manche*er The Rev'd Canon Simon Grlfffths, Canon. Twro Cathedr81 (resigned 31 March 2024) The Very Rev'd Peter HOv￿lI-Jones, Dean of Blackbum The Very Rev'd Jo Kelly-moore. Dean of St Albans (Chalr) Mrs Emily MacKenzie, COO, St Paul's Cathedral The Very R￿'d David Montelth. Dean of Canterbury The Very Rev'd Nlck Papadopulos, Dean of Salisbury Mrs Anna Pitt, COO, Bimingham Cathedral (resigned 31 January 2025) The Rev'd Canon Aidan Platten. Canon, NO￿lCh Cathedral The Rev'd Canon Matthew Vemon, Sub-Dean, St Edmundsbury Cathedral Mr Jonathan Ward, Chapter member, Durham Cathedral SenkYst8ff Mrs Sarah King, Executlve Director (until 31 January 2025) Mrs Anna Pitt, interim Executive Dlrector (from 1 Febnjary 2025) Bankers Independent Examiner The Cowoperatlve Bank. PO Box 250, Delf House Southwey Skelmersdale WN8 8Vtr Mr J Fletcher FCA Fletcher & Partners Crown Chambers, Brldge Street Salisbury SP12LZ THE ASSOCIATION OF ENGLISH CATHEDRALS Structure, governance and management Govemlng docun78nt The Association of English Calhedrals was establlshed as an unincorporated association in 1990. The company Ilmlted by guarantee number 06726262 was Incorporated on 16 Ociober 2008 and became a registered charity in England and Wales charity number .1128254 on 25 February 2009. The Assoclation Is govemed by Its Artlcles of Assoclation as adopted on 14 June 2016. Under the Compani8s Act 2006 the trustees have the ststus of dlrectors. Thls report therefore constltutes a directors. report as required by section 477 of the Companies Act 2006 end has been prepared taklng advantsge of the exemptlons conferred by section 476 of Ihis Act. The Members of the Associatlon are the admlnlstratlve Ix)dies of the 42 English Angllcan Cathedrals. Westminster Abbey, St George's Chapel, Windsor, St Geman's Calhedral Isle of Man, Newport Cathedral and St D8vids Cathedral are assoclate members. In the event of the Association winding up, each member undertakes to contribute an amount not exceeding £10. Up)n the wlnding up or dissolution of the Association, all remalnlng assets shall be given or transferred to an¢ther charity having the same or slmilar objects to the Associatlon In accordan￿ with charity law. The trustees of the Association of English Cathedrals are known as Executive Committee members and are also the company directors. The management of the Association is vested in the Executive Committee, which is respgnsible for delivery of the Association's objects and settlng the strategic dlrection. The Committee manages and exercises all the powers of the charity In accordance wlth the Memorandum and Artlcles of Assoclation. The Executlve Commlttee is essisted in its work by a number of project boards and working groups, formed of Executlve Committee members and others with relevant expertise and experience. The project boards and working groups are fomied to deliver specffic projects and meel as and when requlred. Notes of all meetings are given to the Execullve Committee. The Execulive Commiitee delegates day-to4ay running of the Assoclatlon lo the Executive Director, Sarah King (until 31 January 2025) and Anna Pitt, Interim Executtve Director (from 1 Febwary 2025). The membeB elect nlne members of the Executive Committee. The nlne membets must Include no fewer than four deans and no fewer than four other Chapter members (excluding admlnlstrators). no fewer than three m8mbers must come from each Province of the Church of England. There are three ex-officio trustees: the Chair of the College of Deans, the Chair of the Cathedrals Admlnistretion end FInan￿ Assoclatlon and another member of the ExecutNe Committee of that Association. At every annual general meeting one-third. or the number nearest to (but not greater than) one third. of the elected Committee members retire from offic8. bLrt are ellgible for re-appolnlm8nt by the members. Those standlng down are those who have been longest in office since thelr last appointment or re4ppointment. There Is no r￿ed term for appointment as 8 Commlttee member. The Executlve Committee has the power to Co￿pt new member5 but those COwOPted have to stand for election at the following annual general meeting. Cfroptions are made to provide an appropriate balance of sktlls, experien￿ and gender, and to ensure that cathedrals of dlfferent types and wlth a geographical spread are ￿presented on the Committee. THE ASSOCIATION OF ENGLISH CATHEDRALS Staff salaries are revlewed 8nnually in July and any Increase refiects the average of pay rises given at three cathedrals. Bimiingham, Lichfield and St Albans. Objecdves end 8ctfvlttes The object of the Assoclat]on of Engllsh Cathedrals rs to advan￿ the Christlan rellglon for the benefit of the public In accordan￿ with the doctrines of the Church of England and to fijrther the misslon of the Angllcan religlon by: (1) Supportlng the English Anglican cathedrals (the members of the Chaflty) and Westmlnster Abbey, St George's Chapel, Wlndsor, St German's Cathedral, Isle of Man. Newport Cathedral and St Davids Cathedral in their work of advanclng the Christian religion by representlng the common Interests of cathedrals both in national and pcclesiaslical contexls. (2) Working with the Natlonal Church Institutions and other parts of the Church of England in furthering the mlsslon and work of cathedrals; (3) Working with the Churches, Legislation Advisory Service and other approprlate ecumenical bodles In furtherfng ihe mlssbn and work af cathedrals. {4) Working with the government and Its agenaes to represent the Interests of calhedrals and achieve an envlronment where cathedrals are 8nabled to fuffil their mission and work. {5) Debating and proposing policies and other matters affecting cathedrals, Includlng their role in adv8nclng educatlon: communlty development", arts, culture and herltage. and environmental protectlon and improvement, Also assistlng in developlng their role In promotlng religious and racial h8rmony and equality and diverslty; and (6) Encouraging the development end sherfng of good practice between . cathedr81s. Infomallon about the activities undertaken during the year is set out below in the section describing achievements and performan￿. The Executive Committee members conslder that all actlvities undertaken have been for the public benefit, and that they have pald due regard to guidance from the Charlty Commlsslon 'Publlc Benefft: runnlng a'charlty (P82)' in detemiining what work is done. The Charity Commission in its 'Charitles and Public Benefit, Guidan￿ requlres th8t there are two key prindples to be m8t in order to show that an organlsatlon's aims are for the public benetlt: first, Ihere must be an identlfiable benefit, and secondly, the benefit must be to the puISic or a section of the publlc. There were two changes to the membership of the Executive Commlttee In 2024, with Slmon Grifflths resignlng on his retlrement from Truro Cathedral 8nd Howard C8Stle-Smith being elected at the AGM In June but havlng to reslgn for personal reasons In October. Peter HowelkJones, Jo Kelly-moore and Nick Papadopulos stood for wleclion at the AGM aDd y￿re appoinled for a further temi. Anna PStt resigned on 31 January 2025 when she left her post as COO at Birmingham Cathedral and relinquished her CAFA dlrectorshlp. She was appointed as Interim Executive Director from 1 February 2025. The Executive Committee met on four occaslons durlng the ye8r todlscuss matters of Interest to the members. agree actions and revlew progress. meetings were held by Zoom. An In-person all-day meeting was held in November at the Royal Foundation of THE ASSOCIATION OF ENGLISH CATHEDRALS Sl Kathadne. An Annual General Meeting (AGM) attended by representetlves of the Associallon's members was held in June in London. At its a114ay meetlng In November, the Committee review￿1 the role of the Associalion. St continues to have regard to other entitles providing national support to cathedrals, including the College of Deans and CAFA from wlthin the cathedral sector and also the Church Commlssioners whlch provldes fundlng. regulates and supports cathedrals. The Commlttee agreed strategic priorities for the future and spedfic 8Ctlons in respect of its actlvltles and projects for 2024. The AEC'S Inductlon courses for new Chapter members. now tltled 'An Introductlon to Cathedral Governance,, were held on three occaslons In-p8rson. These courses are an Invaluable opportunlty for thos8 att8ndlng to underst8nd more about the role of Chapter end the ways of worklng of cathedrals and to develop a blgger plcture of cathedral life, enabllng them to dlscharge thelr responslbllilies wlth greater knowledge and skill. The Chapter Tralnlng Project Board, chalred by Slmon Cov411ing, the Dean of Wakefield. met on three QCC8sions to revlew course content now that 811 cathedrals are reglstered char￿48S, conslder the quantSty and skllls of those delfverlng the tralnlng, and also the frequency of the courses es the number of new Chapter members grows. Sus8n Chapman, who Jolned the AEC In Februery 2024 as Admlnlstratlon Offlcer, supports Chapter Tralnlng. The Communlcatlons Project, whlch alms to Improve the protlle of cathedrals In tradltlonal and soclal medla at a natlonal18vel and encourage the development of communlcatlons skills In cathedrals. contlnued Its work. It saw contlnued growth In numbers engaglng with the Assoclatlon's soclal medla accounts and webslte. Of partlcular note Is the #cathedralcelllng8 campalgn In the summer and the #c8thedralang8ls campalgn of late 20241 earty 2005 whlch W￿re successful In ralslng awareness of oyr cathedrals. A steady stream of cathedral storles was plcked up by natlonal, local and church medla throughout the year. Monthly Zoom drop In sesslons for cathedral communlcatlons staff have bgen well attended and are a popular way for staff to eng8ge and share good practlce. The Project Board, chalred by Jonathan Greener, the Dean of Exeter, oversees the Project on behalf of the Committee, Board members are drawn from communlcatlons spedallsts worklng In 'cathedrals and the Ncls. Wlth the approval of the Executlve Committee, an Art In Cathedrals Advlsory Board, 8 su￿¢0mMIttee of the CommunlcatSons Project Board, was Sel up, formed of c8thedrel representatlves wlth knowledge of art In cathedrals. The Executlve Commlttee also 8ppolnted an Arts Curator. Jacqulllne Cresw￿l1, with a brief to advlse Cathedrals on art Instsllatlons. Under Ihe overslght of th• CommunlcatSons Project Board, the 'Dlscover Cathedrals, Dlscover Pllgrlmage, Project has ccintlnued durlng the year. A number of cethedr8ls have participated In the Audlence Answers cathedral network to en8b18 data collectlon and Inform declslons about programmlno and marketlng deslgned to attract different audlences. Pllgrlm Passports continue to sell and to encourage vislts to cathedrals. The Cathedral Cyda Route elso continues to bring a steady stream of cycllsts to cathedrals. Llnks have been maintained wlth VlsilEngland, and the AEC encourages cathedrals lo use Its resources as they develop thelr vlsltor offer. The Commlttee contlnues to VKJrk closely the Church of England's Natlonal Safegu8rdlng Team and the cathedral lead on safeguarding m8tters Io ensure that thedrals are alert to and Implement good practlc8 In $8feguarding,' bt recognlses the Importance of providing the best possible care to chlldren and adults at rlsk in cathedral contexts, The AEC worked with the National Safeguardlng Team when requested to facilitate review￿ of varlous documentation and ensure cathedrals were aware of tralning sessions and support available. THE ASSOCIATION OF ENGLISH CATHEDRALS The Peer Rw4iew Project conduded in June 2024, successful completion of 42 reviews. Suryeys of cathedrals showed that they were p)sthve about their peer reviews. The decision was taken nol to pursue a second round of peer reviews at that point. Having been through Ihe process of charity registration and golng through a second round of safeguarding audits,. Ihere was recognlllon that othedrals lacked resou￿5 to participate and make a second round constructive and Su￿ssful at that time. Moira Dean, the ProieQ's Administrator. reti￿d In January 2024, and Les W8St, Prqect Manager. stepped down at the conduslon of the proiecL The Cathedral and Major Churth Projeds Support Panel's Proje(* Board continues to be chaired by Peter Howell-Jones. The AEC manages the administretion of the project, bvhich provides expert volunteer support to bolh cathedrals and major churthes, as set out in thè memorandum of understsnding with the Major Churches Network The volume of requests for asslstance frcrn calhedrals slowed in 2024 after an large number of post-pandemlc requests in 2023. It corrtinues to be difficult to reach decision-meker5 in the major churches resultlng in bwer than expethd numbers of requests. Requests for support are often focussed on financial and organisational sustsinabilty rather than on major projects, refiecting the challenging finanaal situatlon of most cathedrals. Reports on the project's progress are made regularty to the Executive Committee and also to the project funders, the Church Commissioners and the Benefact TrusL The AEC has continwd tts membership of the Churches Leglslalion Advlsory Seryrce and the Charity Tax Group so that It can with the ￿der thurch and charity sector, end also to provide infomiation to cathedrals on retevant legislative changes and developments In charity taxatlon. The AEC, as a member, ￿)rkS d05ely with the Heritage Allian(x, the b￿geSt alliance of heritage Interests In England furthering the interests of heritage organisations. It is also a member of the Herttage AllIan￿'S HSstorlc Religious Bulldlngs, Group. The AEC is a partner of the Assoclatlon of Leading Visitor Attractions (ALVA). sharing infonnation and partlcipating in webinars and meetings, erksuring that cathedrals, whlch are important tourist attractlons, are supported in improving their visltor offers. Exe(xJtive members and the Exeartive DireCtorw￿rked with parliamentarians, govemment departments and other national bodies on a number of issues relating to Lxthedrals, and appropriate action has been taken to represent interests of cathedrals by commenting on forthcoming legislatK>n. The AEC, tcwhefwiih the Cathedral and Church Buildings Department in the Ncls and CLAS. has worf(ed with the Martyn's Law team in the Home Office to ensure that the nature of cathedrals and churthes is understood and the legislation will cater for them. In November 2024. the AEC and Cathedral Music Trust hosted a day conference for ell involved In muslc In othedrals at Leicester Cathedral. Representattves came from every cathedral in England as well as some from Wales and Ireland, Royal Pecullars and others working in the Angllcan choral tradillon. The day was an opportunty to consider dlfferent modds for providing musrc in cathedrals and the challenges faced. both practical and financial. The Conferen￿ started a co￿ersatiOn which will contlnue in 2025. as groups of cathedrals and groups of those worklng in cathedrals will meet to lake th8 discusslon furthér. Planning work has started for a National Cathedrals cOnferer￿ in May 2026 In Bristol. Ttrk8 Executlve Director provided support to Catr￿ra￿ in a number of areas. faaltteting Zoom and In-person meetings for members of various cathedral networks. answertng questions and encouraglng the sharing of good practi￿. Susan Chapman, In addition to her support for Chapter Trainlng and the various project boards. provided support for the CAFA website THE ASSOCIATEON OF ENGLISH CATHEDRALS which has a g￿￿ng library of documentstlon covering a wide range of topics., the website facilitates the sharing of good pract1￿. Flnancl81 review Results ofthap8rfod Expenditure exceeded income by £25,399 (2023, expendlture eX￿ded Income by £41.637). Unrestricted income exceeded expenditure by £19,327 {2023: unrestricted income eX￿ded expenditure by £17,126). and restricted expenditure exceeded income by £44,726 (2023: expendItU￿ exceeded income by £58.763). Income of £187,472 was hlgher than the previous year (2023: £165,570). Subscription Income remained the same. Grant Income remalned 8t a slmilar level at £13.594 (2023: £14,943), with only one grant for the Cathedral and Major Church Pro5ects Support Panel. other projects were fully funded by grants In earfler years. The Associatlon remained actlng as banker for the Cathedral Safeguarding Network, which had a small surplus at the year 'end of £352. With hlgher Interest rates throughout the year, interest income was £8,825 slgnificantly greater than £6,549,in 2023. Expenditure VRS slightly hlgher than the prevlous year at £212,871 (2023: £207,207). Expenditure on other projects decreased, induding on the Peer Review Project with a smaller number of vlsits 2024: £11,020 {2023: £38,151). and the Communicatlons Prolect showed a slight decrease: 2024: £70,525 (2023: £71,969). The Peer Review Project completed in the year with the remaining funds of £1.7,295 belng transferred to the unrestricted fund. Reserves are needed to bridge th8 gap between the spending and r￿1vIng of resources and to cover unplanned expenditure. Income from subscriptions and contributlons to employment costs and the Communlcat5ons Project is received at one polnt in the year. whereas expenditure, including salary payments, continues throughout the year. Whllst the Exe¢utlve always seeks to fund projects wlth grants, reserves are also needed to fund prcijects which arise from lime to tlme whlch are important to cathedrals n8tlonally. In normal times Executive Committee members alm to maintain a reserve equlvalent to six months unrestricted and recurrlng restrided expenditure for cash flow purposes. In 2024, the target reserves level was £67.350. The Committee has been building reserves to the desired level over a number of years through subscriptions. the prlmary source of unrestricted income, and by controlling expenditure. The reserves policy is reviewed annually when the budget for the following year is approved. At the year end, free reserves were £86,498 (2023.. £87,171). Tha Assodatlon does not currently employ anyone dedlcated to fundralslng, nor does it use extemal fundraisers or commercial participalors. The Assodatton has not recelved any complaints about its fundraislng actlvities and practices. The members of the Executive Committee regularfy consider the risks vthich the Association may face. They are satisfied that there are adequate reserves In place to mttlgate any ftnancial risk, and deem any reputational risk to be sllght. The prlncipal risk facing the Association Is the loss of the Executlve Dlrector, which is mitigated by a three-month notlce period and adequately documented work. In respect of other risks, they conslder there are adequate contingency plans appropriate to the size of the Association In place to lessen thelr effect. TtrIE ASSOCIATION OF ENGLISH CATHEDRALS The Executive Committee continu8S to review how it can best support cathedrals in thelr work. In addition to the day to day SUPPOrt provlded to cathedrals through the work of the Executive Dir.ector and Communlcations Project team, tt will continue lo run and eslablish projects whlch support Chapters and staff wrjrklng In cathedrals to develop well*ovemed, strateoically foawed and sustalnable cathedrals. Over the ne￿ year. the Executlve Commlttee plans to contlnue its Chapter Tralnlng, Communlcallons, and Cathedral and Major Church Prdect Support Panel Projects to support cathedrals in their y￿rk. The 2026 N8tlonal Cathedrals conferen￿ W0￿1ng group vlll contlnue Sts work of plannlng for and organlslng the conferen￿. The Intenti￿ Is that the conference V￿15 provlde delegates wlth th8 opportunlty to conslder the resutts of research undertaken by Th808 Into the place of cathedrals In a post-Brexlt and k￿l-pendern1e nation facing the challenges of recent energy price, cost of Ilving and tax In(xeases. The research wlll bulld on the successful 2012 Spiriiual Capital VKJrk. The Executlve Committee is also worklng on plans for a new study of the economlc and sodal Impart of ENJlarKI's cathedrals. The Executlve Commlttee expects the AEC to ha￿ adequate resources to contlnue In operatlon81 extstence for the fores888ble future. It continues to adopt the golng ￿nCern basls of accountlng In proparfng the annual financl81 statements. The charlty trustees (*tho are also the dlrectors of Ihe Assoclatlon of Engllsh Cathedrals for the purposes of (x)mpany law) are responslble for preparfng a trustets, annual report and financial statements In accordance wtth appllcable taw and United Klngdom AcC￿nting Standards (Unsted Klngdom Generally Accepted A￿ou￿tng Practlces Includlng FRS102 The FlnancSal ReportSng Standard applicatAe In It￿ UK and Republic of Ireland). Company18w requlres the trustees to prepare financi81 ststements lor each Ilnanclal year vthlch glve a true and falr vlew of the state of affalrs ol the charftable company and of the Income end expendliure of the charitable company for that period. In preparfng the tlnanclal sL8tements, the trustees ere r•qulred to: Select su5table accountlng polldes and then apply them oinslst•ntly; Observe the methods 8nd winaples in the Charitles SORP (FRS102); Makejudgements and estimates that are reasonable and prudent,. State whether appllcable ac o Kell￿m00T8 Chalr 12 THE ASSOCIATION OF ENGLISH CATHEDRALS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Year ended 31.12.2024 Year ended 31.12.2023 Cash flows from operallng actlvttles: Cash rec8lpts Cash payments Net (>sh(usedyprothbyoperatlng activities 176,591 (217,697) (41, 106) 156,294 (206,543) (50,249) Cash from investlng a(#lvItle8: Interest Net C8shpmthbylnvesUng acuvities 8.825 8,825 6,549 6,549 Change In cash in th8 reporting period (32.281) (43.700) Cash at beginning of the reporting period 202,345 246.045 Cath at end of the reportlng perlod £170,064 Recondllatlon of net income to n•t cesh flow from operatlng 8Ctlvltles Net Incomel {8xpenditure) for the reporting period (as per the sL8tement of financial activltles) Adjustments for: Interest (Increase)I decrease in debtors Increasel (dec￿se) In credltors Net c%sh provldedl (used) by operating 8clivltle8 (25,399) {41,$37) {8.825) {2,587) (4,295) £(41,106) (6.549) (2,726) 663 £(50,249) Analysls of cash Year ￿ded 31.12.2024 Year ended 31.12.2023 Cash at bank Total cash 202,345 £170,064 13 THE ASSOCIATION OF ENGUSH CATHEDRALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION .The Association of English Cethedrals is a ptFvate company limlted by guarantee incorpordted in England and Wales reglstered number 06726262, and a registered charity number 1128254. The members of the (x)mpany a￿ the 42 Engllsh knglican cathedrals. The registered Offi￿ is 116 Station Road, Sutton Coldfield 873 5LD. In the event of the company being wound up, the liabilty in respect of the guarantee Is limited to £10 per member of the rx)mpany. AccouKfiNG POUCIES The finan(ial statements have been prepared in accordan￿ the Charities SORP (FRS 102) - Accounting and Re[￿ing by Charities". Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS 102) (effethe 1 January 2019), the Financaal Reporting Standard applicable in UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The As%Kiation of English Cathedrals meets the definition of a public benefft entty under FRS 102. Assets and liabilities are initially recognised at hlstorlcal ￿$t or transaction value unless otherwise ststed in the relevant accounting policy. 2.2 Going Concem The Trustees consider that there are no material Un￿rtaIn￿$ about the Charws abilty to continue as a going concem. 2.3 IrKomlng res￿rL*S Incoming resources are recognised when they are invorced (for example subscriptions) or when received (indudlng donations and bank interest). Where incoming resources have related expenditure, the incoming resources and reL8ted expenditure are reported gross in the Statemenl of Ftnancial ActNtIEs. 2.4 Eynditur8 Expenditure is recognised as s(Jon as there is a legal or construdive obligatlon CMCPSP 45,593 13,094 (19,325) Communlcatlons Project 24.601 73.520 (70.525) Peer Revlew Project 28,315 (11,020) (17,295) DC.DP 21,987 1,633 (12,412) 11,208 CAFA webslte melntenance 4,100 (750) 3,350 Natlonal Cethedrals Conference 4,898 {285) 4,613 Cathedral Safeguardlng 742 3,467 {3,857) 352 Total £141,976 £134,229 £(161,660)£(17,295) £97,250 10,769 39,362 27,596 Y*r ended 31 December 2023 Balanc8 al Income Expend Transfers Belen(x at 1.1.2023 -Iture belween 31.12.2023 funds Staff costs 11.462 CMCPSP 53,591 Communicatlons Project 26.580 Peer Review Project 66,466 DC,DP 31,857 CAFA website M81nte￿ance 5,289 Netlonal Cathedrals Conferen¢8 5,494 Cathedral Safeguarding Tot81 40,276 (39.998) 14,943 (22,941) 69,990 (71.969) (38.151) (11,057) {1,189) (596) 4,375 (3,633) £200,739 £130,771 £(189,534) 11,740 "45,593 24,601 28,315 21,987 4.100 4.898 742 £141,976 1,187 15 THE ASSOCIATION OF ENGLISH CATHEDRALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 contlnued) Fund balances are represented by cash. Staff Costs Fund: Amounts contributed by.cathedrals to the costs of employlng the Executive Director. Cathedral and Major Church Proith Support Panel Fund (CMCPSP).. Created by donations from the Benefact Trust and Church Commissioners to fund a Panel of expert volunteers, supported by ￿ part-time Co-ordinators, to give advi￿ to cathedrals and major churches on projects to ensure they are well Con￿1ved. planned and executed. Communkatlons Proied Fund: Amounts contributed by cathedrels to provide communications support to cathedrals and improve their protlle externally. Peer Revlew Project Fund.. Established to account for grants from the Church Commissioners to fund peer reviews. Dlscover Cathedra18, Dlscover Pllgrfmage (DC,DP) Fund: Established in response to grants from the Church Commissioners and Kirby Laing Foundation to fund expenditure to increase the mission and profile of cathedrals in 2020 anij subsequent years (originally: 2020 Year of Cathedrals, Year of Pilgrimage). CAFA Wthite Fund: Fundlng for AEC staff to provlde support to the new CAFA ¥￿bSIte. Nation81 Cathedrals conferen￿ Fund,. Establlshed to account for grants and payments received in respect of National Cathedrals Conferences. The next Conference Is planned for 2026. Cathedral Safeguarding Network Fund: Set up to account for a grants from funders for an annual Cathedral Safeguarding Network conference. ANALYSIS OF UNRESTRICTED FUNDS Year ended 31 D8￿mber 2024 Balance at Income 1.1.2024 Expend Transfers Balan￿ 8t .iture between 31.12.2024 fijnds General funds 67.171 53,243 (51,211) 17,295 86,498 Year ended 31 Decamber 2023 Baknce at Income Expend Transfers Belance ai 1.1.2023 .tture b8twe8n 31.12.2023 General funds 50,045 34,799 (17.673) 67,171 16 THE ASSOCIATION OF ENGLISH CATHEDRALS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS Year ended 31 D8cembar 2024 fund8 fund8 funds Current assets Cr8ditiJrs due withSn one year Total 88,023 (1,525) £86,498 102,563 190.586 (5,313) (6,838) £97,250 £183,748 Year ended 31 December 2023 Unrestrlcted Restrleled fund8 funds Total funds Current assets Credltors due withln one year Total 68,231 (1,060) £67,171 152,049 220.280 <10,073) (11.133) £141,976 £209,147 PAID EMPLOYEES During the year, the AssocSallon employed four part-tlme members of staff (total 1.6 FTE) and relmbursed thelr expenses totalllng £3,964 (2023: four part-tlme members of 8tsff (total 1.6 FfE), expenses relmbursed: £2,122). Year ended 31.12.2024 Year 6nd6d 31.12.2023 Sel8rles N8tlonal Insurence Penslon costs Total 63,176 361 2,553 £66,090 74,921 189 2,849 £77,959 No employee recalvod employee benefits of more then £60,000 In elther year. The A88odetlori ol Eng118h C8thodrn18 partldpates in the P•n8lon Bullder Scheme Sectlon of Church Workers, Penslon Fund (CWPF) for lay staff. CWPF Is admlnlstered by the Church of Enoland Penslons Board. whlch holds the CWPF assets separately from Ihose of the Assoclatlon and other partlclpatlng employers. CWPF has two sectlons: 1. the Deflned Benefits Scheme 2. the Penslon Bullder Scheme, which has two subsectlons; 8. a deferred annulty secllon known as Penslon Builder Classlc, and, b. e cash balance sectlon known as Penslon Builder 2014, The Assoclation partlcipates In the letter section whlch Is classed as a defined benefft scheme. Penslon Bulld8r20141s a cash balence scheme Ihat provides a lump sum whlch members use to provlde benefits at retirement. Penslon contrlbutlons are recorded In an account for each member. Dlscretionary bonuses may be added before retiremenc depending on Investment retums and other factors. The account, plus any bonuses declered Is payable. unreduced, from age fj5. 17 THE ASSOCIATION OF ENGLISH CATHEDRALS There Is no sU￿dIVISIon of assets between employers In each section of the Pensron Builder Scheme. The scheme is consldered to be a multl-employer scheme as descrlbed In Sectlon 28 of FRS 102. Thls Is because it is not possible to attrEbute the Penslon Build8r Schem8's assets and liabilities to sp.eclfic employers and means that contributlons are accounted for as If the Scheme V￿re a defined contdbutlon scheme. The pensions costs tharged to the SOFA In the year are the contributlons payable (2024: £2,553, 2023: £2,849). A valuation of the Penslon Bullder Scheme Is carrled out once every thre8 years. Tha most recent valuatlon carried out as at 31 December 2022. The next valuatton Is due as at 31 December 2025. For the Penslon Bullder 2014 sectlon, the valuatlon revealed a surplus of £8.5m on the ongolng assumptions used. There Is no requlrement for deficit payments at the current tlmg. The leg81 structure of the scheme Is such that If another employer falls, The Assoclallon of Engllsh Cathedrals could become responslble for paylng a share of the falled employerfs pen8lon Ilabllltle8. 10 EXECUTIVE MEMBERS REMUNERATION, BENEFITS AND EXPENSES No member of the Executlve Committee ￿￿S paid any remuneration or recelved any other beneflls from an employment wlth the Charlty. Members of the Executlve Commlttee had thelr travel and subslstence expenses relmbursed but no other payments ware made to Executlve Commlttee members (2022, £NIL). Year anded 31.12.2024 Year ended 31.12.2023 No. of members vtho were pald expenses Travel and subslstence expenses £1,961 £964 11 QOVERNANCE COSTS Year ended 31.12.2024 1,525 Year ended 31.12.2023 1,060 2,352 £3,412 Independent examlnar's ramunaratlon AGM costs T¢Xal £1,52& 12 RELATED PARTY TRANSACTIONS There were no related party transactlons. 18 THE ASSOCIATION OF ENGUSH CATHEDRALS INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Year ended 31.12.2024 Year ended 31.12.2023 Incorne Membership subscrfptions Grants Legacies Contributlons to staff costs Contrfbutions to CommunScations Project Survey costs Cathedral Safeguarding Day Conference Chapter training courses fees Cathedral Mustc Day Bank interest Other income Tolallncome 23,500 ' 13,594 3.500 42,515 73,520 5,700 3,467 4.745 6,473 8,825 1,633 187,472 23,500 14,943 40,276 69.990 4,375 4.750 6.549 1,187 165,570 Expendlture Executlve meetings Working groups Stsff costs and expenpes Chapter training COUfS88 C8thedr81 Mustc Day Surveys Discover Cathedrals Discover Pilgrlmage Project ' Cathedral & Major Church Projects Support Panel Communications Proj8Ct Peer Revlew Project National Cathedrals Conference CAFA Website . Cathedral Safeguarding Day Conference Subscrlptions Engllsh cathedrals webslte Conferences Govemance Insurance Other Totalexpendkure 3,413 306 43,486 6,330 7,460 27,685 12,412 19,325 70,525 11,020 285 750 3,857 1,132 1,260 791 1,525 695 614 212,871 2,782 39,998 5,933 11,057 22,941 71,969 38,151 596 1,189 3,633 934 .1,206 3,412 638 1,884 207,207 Operating (defidty surplus for the y￿r Trls Income andExtsnd/tur8Accounlls Includedin the FInanc￿/SlaIenlents In compllan . ￿th the Compantss Act2006. 19