Charity number 1157705 THE FRIENDS OF ELY CATHEDRAL CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE FRIENDS OF ELY CATHEDRAL CIO REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31DECEMBER 2025 TRUSTEES Mr P L Back (resigned 20 September 2025 as Chair of Council, continued as a Trustee) Mrs A L Bishop (appointed 20 September 20251 Miss A Boardman lappointed 20 September 20251 The Very Reverend M P J Bonney, Dean of Ely (Chairman, retired 31 July 20261 Mr S M Brooker (appointed 20 September 2025 as Chair of Council I Mrs S Farmer (term ended 20 September 20251 Ms I l Fenton Iterm ended 20 September 20251 Mr J Green lappointed 20 September 2025, Assistant Treasurer from 14 October 20251 DrSEHall Miss D Man IHonorary Treasurer) Canon J S Reveley Mrs C Stonehouse (appointed 20 September 20251 Mrs B Watkins Iresigned September 20251 Mrsj Watts Canon J Wright lappointed 21 July 20261 FRIENDS, OFFICER.. Mrs S M Hunting (retired 30 November 20251 Mrs S Bolderson Ifrom 21 October 20251 PRINCIPAL BANKERS.. Lloyds Bank plc, Minster Place, Ely. INDEPENDENT EXAMINER- Shaun Jordan, Price Bailey LLP, Tennyson House, Cambridge Business Park, Cambridge, CB4 OWZ. REGISTERED ADDRESS.. The Chapter Office, The College, Ely, Cambs, CB7 4DL. CHARITY REGISTRATION NO.. 1157705
THE FRIENDS OF ELY CATHEDRAL CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31DECEMBER 2025 The Trustees present their report and independently examined financial statements for the year ended 31 December 2025. Objects of the Charity The objects of the charity are to asslst the Dean and Chapter of Ely in the advancement of the religious, pastoral, musical and educational work of the Cathedral including the preservation of its fabric and the ornaments and furnishings thereof. The charity pursues these objects by raising funds through membership subscriptions, donations and legacies, and by applying those funds in grants to the Cathedral. It also seeks to sustain a body of members with an active interest in the life and fabric of the Cathedral, supported by a programme of events, lectures and visits. The charity does not itself identify projects for funding. It responds to requests received from the Dean and Chapter, which are considered by Council at its quarterly meetings against the charity's objects, the availability of funds and the merits of the propos31. Individual gifts above £50,000 additionally require the approval of the members in general meeting. The Trustees consider that this arrangement, under which the Cathedral determines its own priorities and the charity exercises independent judgement on whether to SUPPOrt them, remains the most effective means of advancing the charity's objects. The Trustees assess performance principally by the ability to meet grant requests made by the Cathedral in support of its priorities. Complementary measures of success include maintaining membership levels, delivering a programme of well-attended events, and receiving positive feedback from members and attendee5. These indicators provide evidence of the charity's continued engagement with its supporters and its effectiveness in furthering its charitable objectives. The charity has l employee12024 - 11, but is otherwise dependent on the work of volunteers. In addition to the Trustees, who serve without remuneration, volunteers support the charity in a variety of ways, including assisting with the planning, preparation and delivery of events. Their contribution is not recognised in the financial statements, but without it the charity could not deliver its activities or sustain its membership, and the Trustees record their gratitude for it. The Trustees have considered the Charity Commission's guidance on public benefit, and they considerthat the charity is fulfilling its obligations in this respect by achieving the above objectives. Governing Document The Charity is regulated by its Constitution dated 29 April 2014. Organisation There can be a maximum of 14 Trustees (there are 11 at presentl comprising no more than 7 trustees elected at the annual general meeting of the members, l ex officio trustee (the Dean of Elyl and 6 trustees nominated by the Chapter of Ely Cathedral. Trustees shall hold office for three years but shall be eligible for re-elertion or nomination for up to three consecutive occasions. On 21 July 2026 the Council co-opted Canon J Wright as a trustee. On 31 July 2026, The Very Reverend M P l Bonney retired from the post of the Deanship of Ely. From that date the ex-officio trusteeship vacant position will remain vacant until a new Dean of Ely is appointed and takes up office.
THE FRIENDS OF ELY CATHEDRAL CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31DECEMBER 2025 Icontinued) Organisation Icontinuedl The day-to-day administration is handled by the Friends, Officer, Mrs S Hunting until her retirement and her replacement, Mrs S Bolderson. The Friends, Officer is employed by the charity. However certain responsibilities relating to this role are undertaken by the Cathedral on behalf of the Friends, in particular payment of salary and provision of an office. The charity, as the employer, is responsible for setting the Friends, Officer salary with the any increase being approved at a Council Meeting. Historically salaries have been increased in line with the increases granted to the administration staff employed by the Cathedral. A Memorandum of Understanding has been created to clarify what is the charity responsible for and what is provided by Ely Cathedral on its behalf in respect of the Friends, Officer. Gifts to Ely Cathedral up to a value of £50,000 are approved by the Trustees (Council) and those in excess of £50,000 must be approved by the members at the Annual General Meeting. Trustee induction and training New Trustees are selected from the local community, only if they have relevant experience, skills and enthusiasm to enable them to make a contribution to the administration of the charity. They are interviewed and, if they are willing to be appointed, they are formally proposed and seconded for appointment either at an Annual General Meeting or, if elected by the Dean and Chapter, by a meeting of that body. No formal training is Eiven to new Trustees, but they are briefed thoroughly as to the charity's activities. Charlty Governance Code The seven principle5 that make up this code.. organisational purpose, leadership, integrity, decision making risk and control, board effectiveness, diversity, openness and accountability, have all been considered by the Trustees who are satisfied that the charity meets these principles. Development. Activities and Achievements The principal charitable activity of the Friends is to SUPPOrt the fabric, furnishings and collections of Ely Cathedral. The Trustees approved gifts to Ely Cathedral during the period totalling £147,78012024- £35,075). Gifts previously agreed and not taken up in full and now written back totalled £18,38112024- £1,430), making a net charge in the financial statements of £129,39912024- £33,645). Substantially all of the grants approved in the period related to three projects.. the final tranche of £80,000 towards the Cathedral lighting project, £46,705 towards the Reredos project and £20,000 towards the Archive and Library project. The significant increase over the prior year reflects the timing of the Cathedral's project programme and approval timeline of previous grants rather than any change in the Trustees, grant-making policy. The Trustees regard the completion of the Lighting project as the principal achievement of the year, delivering a lasting improvement to the presentation of the building for worshippers and visitors alike. The membership is the central pillar of the charity. Funds were raised through membership subscriptions, donations and legacies, which enables to Charity to meet its charitable objectives in support of the Cathedral. The Tru5tees' objective5 for the period were to retain membership levels and, through a continued programme of events, to meet the interests and expectations of members. Membership at the year end remained significant and a range of events were held during the year with positive feedback, including a summer get together, silk spinning exhibition, a preview of the Cathedral Lighting and Friends Day in September along with several talks.
THE FRIENDS OF ELY CATHEDRAL CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Icontinued) A key annual fund-raising activity undertaken by the charity is the sale of Christmas cards. Each year one or two new designs are selected, always of the cathedral and created by a local artist. Cards are sold at charity events, in the Cathedral gift shop, online and at the Cathedral Christmas Fair. In 2025 thi5 generated a surplus of £7,04512024 £6,400). Other merchandise from the Friends includes bags, badges and blank cards. Review of the Financial Posltion and Transactions The finantial p051tion of the Charity is strong, and it is well able to meet the agreed gifts from funds which are readily available. In 2025 the total income of the Friends was £941,21512024- £93,218), expenditure excluding gifts was £42,919 12024 - £26,316). The value of the investments decreased by £5,870. As stated in the previous paragraph gifts totalled £129,399 leaving a surplus for the year of £755,73012024 £33,664). The principal reason for the increase in income in 2025 was the receipt of £853,948 in legacies12024 £14,547). The Trustees note that legacy intome is by its nature unpredictable and the Trustees do not expect income at this level to recur. In addition, future financial performance may be affected by the level of membership income given continuing cost of living pressures, the value of grant requests received from the Cathedral and investment market performance. Reserves Pollcy Normal recurring expenditure can be met by the expected income of the charity. Reserves are required to enable the charity to assist Ely Cathedral with projects as and when required and the Trustees have agreed that reserves should not be allowed to fall below £50,000. Total reserves held as at the year end were £1,235,68212024.. £479,952) which were all unrestricted. Fundraising The Charity under5t3nds its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches, and undue pressure to donate but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or fate to face campaigns and received no fundraising complaints during the year. Risk management The Trustees have reviewed the principal risks and uncertainties to which the charity is exposed and are satisfied that appropriate systems and procedures are in place to manage them. Given the charity's size and the Straightforward nature of it5 activities, the Trustees consider a proportionate approach appropriate, with risks reviewed by Council and revisited as circumstances change. The principal risks identified, and the Trustees, response to each, are as follows. Volatility of income The charity's income is dependent on membership subscriptions, donations and legacies. Legacy income is inherently unpredictable in both timing and amount, and the level of income received in the current period is not expected to recur. Membership income may be affected by continuing COSt of living pressures. The Trustees manage this risk by maintaining reserves sufficient to meet commitments, by avoiding grant commitments that depend on income not yet received, and by monitoring membership levels at each Council meeting.
THE FRIENDS OF ELY CATHEDRAL CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31DECEMBER 2025 Icontinued) Risk management {continued) Decline in membership. A sustained fall in membership would reduce recurring income and weaken the body of support on which the charity depends. The Trustees seek to mitigate this through the events programme, regular communication with members, and efforts to recruit new members from among the Cathedral's congregation and visitors. Dependence on volunteers. The charity has l employee and relies on volunteers for additional support, including for the organisation of events and the administration of membership records. The loss of key individuals would disrupt activities. The Trustees seek to spread responsibilities across a number of volunteers. Investment risk. The value of the charity's investments is subject to movements in financial markets, and a fall in capital value reduces the funds available for grant-making. The Trustees manage this by holding a balanced fund with a low to medium risk mandate, by holding short-term requirements in cash, and by taking a long-term view of returns. Reputation and safeguarding. The charity's standing is closely linked to that of the Cathedral, and its events bring volunteers and members into contact with the public. The Trustees follow the Cathedral's safegLJarding policies at events held on its premises and expect volunteers to do likewise. Data protection. The charity holds personal data relating to its members. Access is restricted to those who require it and data is held in accordance with data protection legislation. Investment Pollcy Apart from the Legacy Fund Isee below), the trustees do not envisage holding funds for the long term. As referred to above, it is intended that reserves will not fall below £50,000 and this is covered by cash deposits and an investment in M&G Charifund income units which cost £15,245 several years ago and at 31 December 2025 had a value of £44,06912024.' £37,561). In addition, the charity is invested in the CBF Church of England Investment Fund with dividends received held in a deposit account pending expenditure or re-investment. The investments have a balanced investment objective with low or medium risk and on 31 December 2025 had a value of £297,258, down 1.699A from £309,636 in 2024. Against an objective of preserving the real value of funds, a positive year for market returns IIIYO gain on the CBF comparative benchmark) and RPI increasing by 4.2% in 2025. the Trustees do not consider this objective to have been met in the year and will continue to monitor the performance of the funds closely. The majority of assets are held in a deposit account in the CBF Church of England Investment Fund so the charity is not at risk from stock market fluctuations, as grants are only made from available funds With regard to the Legacy Fund (previously called the Designated Fund) the Trustees have agreed that future legacies received from l January 2025 should be paid into this fund to readily identify funds available for grants. Total legacies of £721,643 were paid into this account during 2025 and a further £132,305 has been accrued. The balance on the Legacy Fund was £848,750 on 31 December 202512024.. £70,357).
THE FRIENDS OF ELY CATHEDRAL CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31DECEMBER 2025 Icontinued) Plans for future periods The charity will continue to consider requests from the Dean and Chapter of Ely for funding of projects which support the religious, pastoral, musical and educational work of the Cathedral including the preservation of its fabric and the ornaments and furnishings thereof. The receipt of substantial legacies during the year will enable the charity to support more significant projects in the future, when such a project is identified by the Dean and Chapter. On Behalf of the Trustees Mr Stephen Brooker (Chair of Council) Date.. 2410812026
Inde endent Examiner's Re ort to the Trustees of The Friends of El Cathedral CIO I report to the charity trustees on my ex3mination of the accounts of the charity for the year ended 31 December 2025 which are set out on pages 8 to 17. Your attention is to drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has been withdrawn. We understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. Re5 onsibilities and basis of re ort As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charit5 accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Inde endent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- l. Accounting records were not kept in respect of the charity as required by section 130 of the Act,. or 2. the accounts do not accord with those records; or 3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Chartties (Accounts and Reportsl Regulations 2008 otherthan any requirement that the accounts give a'true and fair Vie which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Shaun jordan ACA Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 OWZ Date- 24 August 2026
THE FRIENDS OF ELY CATHEDRAL CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 2025 Unrestricted Funds 2024 Unrestricted Funds Note Income Subscriptions, donations and legacies Fund Raising Investments Total Income 892,725 17,716 30,774 941,215 50,349 16,747 26,122 93,218 Expenditure Raising Funds Charitable Activities Total expenditure 7,297 172,318 179,615 7,475 59,961 67,436 (Decrease) / Increase in value of investments Net expenditure for the year being net movement in funds 15,8701 7,882 755.730 33.664 Reconciliation of funds: Total funds brought forward 479,952 446,288 Total funds carried forward 1,235,682 479,952 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The notes on pages 11 to 17 form part of these accounts
THE FRIENDS OF ELY CATHEDRAL CIO BALANCE SHEAT 31 DECEMBER Note 2025 2024 Fixed Asset Investment 341,327 347,197 Current Assets Debtors Stock of Merchandise for resale Bank account & cash Deposit Accounts 153,796 4,348 84,524 803,134 1,045,802 8,116 2,626 36,686 219,068 266,496 15 15 Current Llabllltles Creditors (amounts falling within one yearl Net Current Assets 151,447 133,741 894,355 132,755 Total Net Assets 1,235,682 479,952 Funds Unrestricted funds io 1.235.682 479,952 The financial statements on pages 8 to 17 were approved by the Council by circulation and signed on its behalf by.. Stephen Brooker (Chalr of Councll) 2026-Aug-24 15'.36 Deborah Man (Honorary Treasurer) 2026-Aug-24 11'.33 The notes on pages 11 to 17 form part of these accounts
THE FRIENDS OF ELY CATHEDRAL CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Note Cash flows from operating artSvitSes: Net cash provided byllused inl operating activities 14 601,130 {220,520) Cash flows from Investlng activlties: Dividends, interest and rents from investments 30,774 26,122 Net cash provided byllused in) investing artivities 30,774 26,122 Change in cash and cash equivalents in the reporting period 631,904 {194,398) Cash and cash equivalent5 at the beginning of the reporting period 15 255,754 450,152 Cash and cash equivalents at the end of the reporting period 887,658 255,754 10
THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2025 I. ACCOUNTING POUCIES General information The Friends of Ely Cathedral CIO is an unincorporated charity, registered in the United Kingdom. The registered office 15 The Chapter Office. The College, Ely. Cambs, CB7 4DL. Baslsof Accountlng The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republie of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities IAccounts and Reportsl Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure ha5 involved following the relevant version of the Statement of Recommended Practice applicable to charities preparirig their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are underthe historical cost convention, modified to include investments at fair value. The financial statements are prepared in Sterling which 15 the functional currency of the charity and are rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Golng conrn The Trustees consider that there are no material uncertainties about the Charity's ability to continue a5 a going concern. The main form of financial risk faced by the charity 15 that of volatility in equity rnarket5 and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors. The most significant areas of adjustment and kev assumptions that èffect items in the accounts are to d() with the gains and losses on revaluètion of these investments each year. This 15 covered in m()re detail in the performance and risk sections of the Trustees, annual report for more information. As such the financial statement5 have been prepared on a going concern basis as the Tru5tee5 are confident that the charity has sufficient funds to enable operations to continue fora period of at least 12 months from the date of approval of these financial statements. Income All income is included in the Statement of Financial Activitie5 ISOFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. For legacies, entitlement is taken on a case by case basis as the earlier of the date on which the charity is aware that probate has been granted, the estate has been finalised and notification has been made bv the executorlsl to the chèrity that a distribution will be made, or when a distribution is received from the estète. Receipt of a legacy, in whole or in part. is only considered probable when the amount ean be measured reliably and the charity has been notified of the executorfs intention to make a distribution. If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the asset being able to be reliably measured and title to the asset has passed to the charity. Where legacies have been notified or the charity is aware of the granting of probate, and the criteria for income recognition have not been met. then the legacy 15 a treated a5 a contingent asset and di5c105ed if rnateri31.
THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2025 ACCOUNTING POUCIES Icontinuedl Expendlture All expenditure is accounted for on an accruals basis and has been classified under heading5 that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure is categorised under the following headings.. Costs of raising funds includes support costs for the management of the investment portfolio. fund- raising and event organisation. Expenditure on charitable activitie5 includes grants made, governance costs and an zpportionment of 5UPPOrt costs. Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, salaries, and governance costs which support the Charity's activities. These costs have been allocated to expenditure on charitable activities based on cost. Governance costs are included in support costs and relate to the direct running of the Charity, allowing it to operate and generate the information required for public accountability. They include the costs of the independent examination. Grants, payable to third parties 3Te within the charitable objectives. Where unconditional grants are offered, this 15 8ccrued as 500n as the recipient is notified of the grant, a5 this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance, the grant is only accrued when any unfulfilled conditions are outside the control of the charitv. Investment Fixed Assets Investments are a form of basic financial instrurnent and are initially recogni5ed at their transaction value and subsequently measured at their bid value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment market5 due to wider economic conditions, the attitude of investors to investment risk, and changes in Sentiment concerning equities and within particular sectors or sub sectors. Investment income. gains and losses are allocated to the appropriate fund. Funds Restricted Funds are fund5 which have been given for particular purpose5 or project5. Unrestricted funds are funds given for no particular purpose or projects, to be spent as Trustees decide. Stocks Stock consist5 of purchased good5 for resale. Stock 15 valued at the lower of c05t and net realisable value. C05t is based on the cost of PLJrchase on a first in, first out basis. Cash at bank and in hand Cash at bank includes cash held in current and deposit accounts. 12
THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2025 ACCOUNTING POLICIES Icontinuedl Debtors Other debtors are recognised at the settlement amount due. Creditors Creditors are recogni5ed where the charity has a present obligation resulting from a past event that will probably result in a payment to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount. Finantial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at cost and subsequently measured at their settlement value. At the balance sheet date, fixed asset investments are recorded at market value and all other assets and liabilities are recorded at cost (which is their fair value). The investment note 6 details the original cost of the investments and their fair value Imarket valuel recorded in the accounts. Estimate5 and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectatitsns of future events that are believed to be reasonèble underthe circumstances. Although these estimates are based on the trustees. best knowledge of the amount, events or actions, actual results ultimatelv differ from these e5timate5. The trustees do not consider there to be any material estimates 8nd judgements. Income from subscriptions, donations and legacies Subscriptions including gift aid claims Donations Legacies Total 2025 36,796 1,981 853,948 892,725 2024 33,721 2,081 14,547 50,349 All relate to unrestricted funds in both years. Income from Fund Raising Activities 2025 2024 Income Expenses Net 2,112 327 7,045 935 10.419 Income Expenses Net 2,027 21 6,400 824 9.272 Friends, social events Friend's Day Christmas cards Other Merchandise Total 3,278 1,738 11,170 1,530 17.716 1,166 1,411 4,125 595 7.297 3,361 1,818 10,229 1,339 16.747 1,334 1,797 3,829 515 7.475 All relate to unrestrirted funds in both years. Income from Investments Investment fund dividends Interest- deposits Total 2025 11,014 19,760 30,774 2024 10,699 15,423 26,122 All relate to unrestricted funds in both years. 13
THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2025 Charitable Activities Gifts to Ely Cathedral- Dirert Costs Balance of gift5 previously agreed and not taken up in full.. Unrestricted Funds.. Bishop's West and Alcock chapel restoration Unrestricted Funds.. Music Commission for 1350 Celebration 2025 2024 118,3811 11,4301 New gifts.. Unrestricted Funds.. Choristers, prizes Grant To Broders Group Archive and Library Project Reredos Project Live Streaming Project Subtotal 75 1,000 20,000 46,705 75 35,000 33,645 49,399 Designated Fund New lighting installation 80,000 Total Gifts to Ely Cathedral 129,399 33.645 Support costs Printing, stationery, postage & telephone Salaries National insurance Pension contributions Sundry expenses Independent examination fees- governance costs Equipment Subtotal 2,195 25,186 2,827 1,322 5,281 3,000 3,108 42,919 2,185 19,919 1,494 1,295 199 1,224 26,316 Total 172.318 59.961 All relate to unrestricted funds in both years. The average number of employees Ipart-timel during the period was 112024- 11. No employee received emoluments of more than £60,000 during the year12024- None). The total employee benefits of the key management personnel were £29,33512024 - £22,708). Onlv one individual is employed by the charity but as detailed below, there was an overlap between the new Friend5 Officer starting and the retirement of the existing officer. The key management personnel were.. Mrs S M Hunting (Friends, Officer, retired 30 November 20251 and Mrs S Bolderson IFriends Officer, from 21 October 20251, Mr P L Back (Chair of Council, term ended 20 September 20251 and Mr S Brooker Ichair of Council from 20 September 20251 and Miss D Man (Honorary Treasurer) and Mr l Green IAssistant Treasurer from 14 October 20251- 14
THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2025 Cost 2025 242,597 Open marketvalue 2025 2024 347.197 339,315 15,8701 7,882 341.327 347.197 Investments At beginning of year IDecreasel/lncrease in value in year As at 31 December 2025 2024 242,597 242.597 242.597 Comprising 2,551 M&G Charifund income units 13,391.01 CBF Church of England investment fund income shares As at 31 December 2025 38,614 38,614 44,069 37,561 203,983 242.597 203,983 242.597 297,258 341.327 309,636 347.197 Debtors Income tax recoverable Accrued Income Legacies Total debtors 2025 5,706 8,211 139,879 153,796 2024 5,171 2,945 8,116 Creditors Ely Cathedral- re-imbursement of expenses Ely Cathedral- gifts Other Creditors Independent Examination Deferred Income Total Creditors 2025 12,439 129,934 7,574 1,500 2024 14,219 119,272 250 133,741 151,447 Included within Other Creditors is £7,57412024 - Nil) which relates to a legacy receipt that was incorrectly paid to the Friends instead of the named charity in the deceased's will. The Trustees are in contact with the executors of the relevant estate to resolve the issue. Commitments approved since December 2025 Exhibitions System Grant 90th Anniversary Gift Write back remaining balance on grant for Muslc Commission for 1350 Celebration Broders Archive and Library Project Total Commitments Made 2025 22,000 4,595 2024 11,4301 1,000 20,000 19,570 26,595 Whilst no specif1c gift has yet been approved the Trustees, at the January 2026 Council meeting it was agreed that the charity will provide underwriting of up to £400,000 for the refurbishment of the Cathedral's organ. 15
THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2025 io. Fund Reconciliation Asat 31.12.2024 Investment Gains/{Lossesl Asat 31.12.2025 Current Year Unrestricted Funds General fund Legacy Fund Total Funds Income Expendlture 409,595 70,357 479,952 70,443 870,772 941,215 199,6151 180,0001 {179,6151 6,509 112,3791 (5,8701 386,932 848,750 1,235,682 Asat 31.12.2023 Investment Gains/{Lossesl Asat 31.12.2024 Prior Year Unrestricted Funds General fund Legacy Fund Total Funds Income Expenditure 405,810 40,478 446.288 70,268 22,950 93.218 167,4361 953 6,929 7.882 409,595 70,357 479.952 167.4361 The Legacy Fund (previously the Designated fund) arose from substantial legacies which were set aside to provide funds for major projects. They have been used to fund the lighting project at the Elv Cathedral which should be completed during 2025. Council agreed that all legacies received from l January 2025 should be paid into the Legacy Fund. ii. Analysis of Fund Assets and Liabilitie5 Unrestricted Funds Legacv Fund Total Funds 2025 Investments Bank current account & cash Deposit accounts Other current assets Current liabilities Total Fund5 44,069 65,403 367,081 13,921 1103,5421 386,932 297,258 19,121 436,053 144,223 147,9051 848,750 341,327 84,524 803,134 158,144 1151,4471 1,235,682 2024 Investments Bank current account & cash Deposit accounts Other current assets Current liabilities Total Funds 37,561 24,437 408,880 10,742 172,0251 409.595 309,636 12,249 1189,8121 347,197 36,686 219.068 10,742 1133,7411 479.952 161,7161 70.357 12. Trustees, Remuneration During the period, no Trustee received nor waived any remuneration12024- nill. Expenses reimbursed to the Trustees in the year were Nil12024- Nill. 16
THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2025 13. Related Partles During the year the charity committed to gifts to Ely Cathedral totalling £129,39912024 £33,6451- Amounts outstanding at the end of the year were £142,37312024 - £133,491). There were no further related party transactions. The Very Reverend M J P Bonney served as Dean of Ely Cathedral throughout the period and until 31 July 2026 when he retired. Canon J S Reveley and Canon J Wright are both Residentiary Canons. 14. Reconciliation of net incomellexpenditure) to net cash flow from operating activities 2025 755,730 2024 33,644 Net income for the reporting period Adjustments for: IGainsl/losses on investments Dividends, interest and rents from investments Ilncreasel/decrease in stocks Ilncreasel/decrease in debtors Increase/ldecreasel in creditors Net cash provided byl(used in) operating artivities 5,870 130,7741 11,7221 1145,6801 17,706 17,8821 126,1221 174 246 1220,6001 (220,520) 601,130 15. Analysis of changes in net debt As at 31.12.2024 Cash flows A5 at 31.12.2025 Bank account & cash 36,686 219,068 255,754 47,838 584,066 631,904 84,524 803,134 887,658 Deposit accounts Net cash Debt Total 255.754 631.904 887.658 17