Charlty reglstrathth number 119S743 IEllglwud Wale$} SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO) LEGAL AND ADMINISTRATIVE INFORMATION TTU4ttt Rcornwell ReV¢rU￿ L FRTodoyc Th¢ Ven¢rable J sedgw.ck P Stwrock J Page CBE Thc Very Rever¢td Drm 03￿¢Y IAppoill*d 5 March 20241 Charlty number IEng12nd attd Wales) 1195743 Prin¢lp•l address Southwark Cathedtal OffAce MoAia¥u¢ Chatnbers Moniagu¢ Close London SEL 9DA Independettt ¢xamlner Darren HardingACAbCCA DChA lknchard Plac¢ Dobg)JJ Serviees Limit 1-7 Siaiion Road Crawl¢y W¢sl Su$8ex RHIO IHT BaDktrs CAF LI￿k 25 KinES Hills Avell KinES Hill West Mallijig ME19 4JQ SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO) CONTENTS Pag¢ Tn]stces' report Jndependentexamirtctrs ￿POrt Statemcnt of r)DattciaJ aciivilies Balance sheet Siaiem¢nt of eash flow5 Noi¢s to th¢ f￿￿tIal sut¢n￿ll￿ 7-14 SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGAINISATION (CIO) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The tswsttts PTC5ent their￿￿Val repjrt and finwial 8tatoll¢ots for the Y{￿ ended 31 Dccembcr 2024. Th¢ financial slai¢ments have b¢cn proared in acrordance with ihe acco¥niing poiicics 8ei IMII bn notr I to the finan¢iaJ Slutements and Comply with the CIO'¥ Foundation Mod¢l const]￿tiO￿ Chatitieg AL't 2011 #t￿.AcCOunting aLd Reporting by Charities.. StateJncDt of RecotJllThended Prnclice applicabl¢ to charities preparing thcir accounts in a¢cordanc¢ with the Finynci31 Reporting Standard appltcable ill the UK and Rqjublic of Irela￿1 IFRS 102). (effective l January 20191. Oblectlves and aetlvhlej The ch3ritable objtcts of the CIO are- To &dvan¢c th¢ Chrisiign religiots for th¢ public beneflL in particular bul not ¢xclu5ivcly by assisting in extcnding developing #nd [na￿￿illing thc buildithgs. fabric. aTr¢ffjiiies andwork of Southwark Cathedtal.. attd For such othcr cbarii&bl¢ pu4)oyes lac£OrdU￿ to the law5 of Ett8lalld and Wales) as the tn]slee% see fit from time 10 time. Pvblie b¢nefii The Iru5tees have paid duc to guida￿¢ i55ued by the Ctwity CommissioD iu deciding what activities Ibe CIO should uLd¢rt&ke. Achievementy and performgnce gniftcanÈacÉivilias and47¢hievÉments ttgGfnsE objecrives Qn 21 November 2024, CCLA itivestmenls IDtalli￿ £750,7(X) weTC I￿n￿r¢Tr¢d from Southwark Calhth Deyelopmetti Tnist to the CIO. From these the CIO awaT(kd £74.7Q5 in grants to SouthwarkCathedAI durinB Ihc year. Finan¢iil review Ai 31 Dec¢mb¢r 2024. the CIO h¢ldtotsl filnds of £679,685 (2023- £1981, It￿ludIng reytrictcd fi]nd8 of £98.63512Q23-£Th111. R￿erV£¥polIcV Th¢ trUs￿S aitThs are io rnainlain reserves only to cover one year's cxpectcd administrative and $tsffLtt8 Costs of the CAthedraJ Drvclopmenl Olyice. Followiug re￿ipl by Ihe Trust in Mareh 2017 of the Johll Tievor Williams legacy1£688,2661. the tN5tees dccided to k¢¢p ibis u]trestriL'i¢d l¢ga¢y in the 8¢nernl fund pending 8 d¢cision on bow besi to use ihe mon¢y. Th¢re is therefore urrently a iaTgerr¢serve th￿) is needcd simply for Developm¢nt Office purpo￿¥. Strncturey ￿ver￿#￿te Thc CIO 15 a public bejjtfit crLtity with i foulldation nodel coostinition. T[￿te¢S of th¢ Southwatk Caththl Lkv¢lop]nertt Twst transfened the investrnent a8set3 Of tkLe Trn5t ¢0 the CIO on 21 Nov¢rnb¢r2024. Thc trust¢C8 who s¢rv¢ddwiD8 thc ye4r and up to th datr of sigtsature of thc finan¢ial state1t￿LIS were.. R Comwell R¢v¢ttnd L Trgrodoyc Thc V¢n¢rdble J Sedgwick P Sturr(Kk J Page CBE Catton R&w50tt The Very R¢v¢r¢nd Drm 02kley (Resiwd 5 20241" (Appointed S March 2024) SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Irust¢¢8' report w83 approved by lh¢ Boyrd of Tn￿le¢s. Thc Very RevercRd Dr M Oakley Trustee l)- ## **SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO)** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO)** I report to the trustees on my examination of the financial statements of Southwark Cathedral Development Trust Charitable Incorporated Organisation[(] CIO)[(] the CIO[) ] for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect ofmy examination of the CIO's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under sec.lion 145[(] 5)[(] b[) ] of the Charities Act 2011. ## **Independent examiner's statement** Since the CIO's gross income exceeded £250,000, the independent examiner must be a member of a bod[y ] listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that[n] o matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the CIO as re[q] uired by section 130 of the Charities Act 201 I. 2 the financial statements do not accord with those records[; ] or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set.out in the Charities[(] Accounts and Reports[) ] Regulations 2008 other than any requirement that the financial statements give a true and fair view, 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 financial statements to be reached. ## **Darren Harding ACA FCCA DChA** Richard Place Dobson·services Limited Ground Floor 1-7 Station Road Crawley West Sussex RHlO lHT Date: ........................... . 30/10/2025 SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORA'fED ORGANISATION (CIO) STATEMENT OF FtNANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Uuttstrict¢d funds Restrictsd futtds 2824 Thtai Unrestricted furtdl 2023 2024 2124 Notes Intome (rom: Do￿110￿5 and leg4¢ies Invesim¢ttls 651.928 6,528 98,673 750,601 6,528 99 Total theome 658.456 98,673 757.129 99 El￿ndI￿re ott.. Charitable activities 77.465 77.465 Total expend1￿re 77.465 77,465 60 Net gaIn￿(lO88¢sI (kn itivesments (13YI (381 Netincomt and mfyvement In funds 58U,852 9&635 679,487 39 Re¢onctli8tlon of futtds: Fund balattccs at L January 2024 198 198 159 Fund b*l8D¢e5 #t31 Dec¢wber 2024 581,050 98.635 679,685 198 The statellKfji of fJn8ncial acliviti¢s I￿l￿deS all gain8 and 1o$yes re¢0￿￿sed in the year. All in¢om¢ artd exp¢nth"tUTe derive from eontinuiE)g a¢tivities. soirrHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO) BALANCE SHEET ASAT31 DECEMBER 2024 2024 23 Plote5 Flxed 455et$ lllve51meLIs Ji 682.34$ Cash at bank Bttd in hand 198 Creditora: amounts fllllillg due witbill one year 12 12.7W) et currgnt Viabilititsyassets (2.660) 198 Thtal asjets les$ turremt ]A*bllldes 679,685 198 The fllnd5 of th¢ CIO Restricted in¢ome fijllds Unrestricted fithds 13 14 98.63S 581,050 679.685 198 rmancial statements were approved by the knJslee5 on.. Th¢ Very Keverend Dr M O￿leY TrDstee SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2•24 2023 Notes C85h tIMvs from oper21Sng 8¢tiviti¢$ Cwh gcnera*d from opctatiotts 17 675,836 39 VnvesdmE 8Ctivities Tran5feT of investni¢nis fron} old ¢titity Purthase of iThvestsAeLIS Proceeds from diS￿S8[ of inv¢stsnents Investment inwjue received (750,7001 {2,8221 71.(MJO 6.528 Net Cash used In Inve4thig a¢thrfltes (675.994) Net ¢W5h generated from flAiJcing aetiyitles Ne¢ Idetreaseylncr¢*se ill cash attd eash equivthttts (1581 39 Cash attd ca¥trL equivaiellts at beginnitig of year 198 159 C#$h and Cash equfvaltnts at ¢tsd of ye4r 198 SOUTIIWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGAIYISATION (CIO) NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YLIR ENDED 31 DECEMBER 2024 AccoDntitsg poll£i¢5 Charity irjformation Southwark Cath¢dral Devejopment TttJ81 Cbaritsble Iutorporatd OrsaLi8atioa ICIOI is a public b¢nefitentity. l.1 B881$ of prep*rfttlon The financial $14iem¢nts have bcen prepared in awordatwe with th¢ CIO'S govcrning documettL thc ch￿Ill¢S Aci 2011, RS lin "The FinartciJl Rcptrrtirtg Standard applicable irt ihe UK Republic of Ir¢land" and thc Ch8riti¢$ SORP "A¢¢ouAting and Reporting by Ctthriiies.. Ststctnent of Recommcndcd Practice applicablc io ¢lwilies prepanng th¢ir atCOilQ15 jD a¢¢ordathcc with the FJn8ncial Keponing Standard applicable in th¢ UK and Republic of Ireland (FRS 102)" The CIO is 8 Publie B￿CrI1 EDtity as dcfincd by FRS 102. The fi[￿￿1*1 siaiemertts have dcpgrted from the Cjwrilies (Accounts ALd Reports} Regul&tiOllS 2008 only to thc cxtent requir¢d to provide a and fdir vA¢w. Thi5 departure ba5 itivolvcd follo￿]ng the Siaicmcnt of Reeommendcd Practice for chariiie5 applyin8 FRS 102 rdlher thajj the V¢Tsion of th¢ Strte￿￿ of RecomU*[￿d Practice wkn'th is r¢frrred io in th¢ RegLdations but wbithhas stnce been wtihdrawn. The financial ¥tstettwnts are prepated ill sterling. which is the fuDCtiottal cumcy of the CIO. Monetary amowits itt these fill￿tial Statements 8r¢ routtded to th¢ n¢arest £. ThE fma0¢i￿ statemettts bav¢ been preparcd under the knsloricBI to$t convention, Thc priticipal JccoDniing tx)licies adopted axc out below. 1.2 Going concer At the time of approviDg the financial statements, the th￿tte8 have a rea50nable expectation that the CIO has adequa resourc¢5 10 COJLlinu¢ In operational existence for the forc5¢¢able fiLtuw. Thu5 the tnwees Continue io adopt the 8OLll8 ¢i)nccrn basis of accouutitig ia PT¢PAfillB the fLoarKig1 siaiemetsis. 1.1 Chxrh*ble Unrestrictcd fwids are available for use at the discr¢tion of the ttuste¢s in fiLrtheTance of their Gh8Titsblc objectivcs. Restricted funds are subject w specific condirions by dolloys as 10 how th¢y rnay be wed. Thc purpD¥es attd uses of the f¢Stricled fiErtds ar¢ s¢t out irt the nores ro the fmaocial ytatcm¢nts. The8e are included in the St•tement of Fina[￿la7 Activib¢5 whett.. TheTrust bccotn¢$ ¢ntitled to thc reyourc£s Tb¢ Trustees arc virtuylly Certain thcy will receive th¢ TesourcTh and Thc mon¢tsry value can b¢ Tne28ured wiib suifL¢L¢nl ieliability. Grattrs and doThation8 are only included irL Ihe SoFAwlLen the charity has Unc0[￿]110￿ak ￿ttle￿¢￿tt0 the 5esour¢es. Investmettt income L5 incl￿ ill th¢ accounts when receivablc. ]nvesiment and loss¢s i￿l￿de ally gaio or 1055 Qll th¢ Sale of inv¢sttt*rtts and any ￿ill or loss r¢wlting from rcv4iuiL8 ujvestments to mHrkei vaLue atthe ettd (Ffthe year. SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCOIIPORATED ORGANISATION (CIO) NOTES TO THE FINALYCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AteDuAdDg pollcles (Colltinuedl 1.5 Eipenditure F.xpendtturc is recognised once there is a legal or ¢oll5truciive obligation 10 traosferccortomi¢ benefit to & thi'rd parry, it L$ probable thai a IrdDSt¢r of economic bcn¢fJts will bc rwuircd io settlemcTrl. and the anwulll of Ihe obligati(bn can b¢ nhLwured r¢liHbly. Expcndilure is classified by aclivily. Th¢ ¢osts ufcach adivity arc tnad¢ up of thc iolal of direct cost5 and shared Costs, including suppon c05ts involv¢d ITh undertaking activity. Dir¢cL G0515 aitribulable to a sin81¢ activity aTe allocared dirtctly to Ibai aLIiVLly. Shared ¢081s wllith ¢oninbut¢ io more than one aciivity and 5UPPOrt Costs which aT¢ ]WI aNribulabl¢ io a single acti￿TY are appDrtiiJn¢d b¢rweaJ those a¢iiviue$ on a bast5 wnsisteni with ikne use of resowci%. Centra] costs are 8llocatd on the b&sis of tittte SF¢nL and deprocigtion tharyes ar¢ #]1(¢at￿ on Ib¢ PDrlion of the a55et's us¢. GrwTts w11hp￿f0rnTQ#¢eCORd1E10￿s Wlkere the charity BSV3C5. SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHAIUTABLE INCORPOIL4TED ORGANISATION (CIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 DECEMBER 2024 Fix¢d w&8et tsvestmettts Li¥ted irtvt8tmtnts Cost or v4luatiOII Ai l January 2024 Additions Valuation changcs TTan$f¢r io from old entity 1822 750,700 171,1Y)8) At 31 Dc¢emb¢r 2024 682J45 Carrylng Amount At 31 December 2024 682J45 Al 31 Dec¢mber 2023 The followirtg ini'estmen15 had * value of OVCT 5Yo of the mllTkct valu¢h¢ld ot year ¢n(l= LA In￿¢￿traC￿l Fund- £468,307 CCLA Property Fund- £214,038 HlstoritLI cost: At 311)ccernber2024.. £750,?￿ Ai 3 1 Decembcr 2023.. £0 12 Credltor5= xmollnts f4lU#g due wlthlo one year 2024 2023 Other cxediiors Ac¢mals 8txi d¢fetted iLcor 6(M) 2.100 2,700 SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE IIYCORPORATED ORCANISATION (CIO) NOTES TO THE FINANCIAL STATEMENTS (COIYTIIYUED} FOR THE YEAR ENDED 31 DECEMBER 2024 ij R¢stri¢ttd fuNd$ Th¢ restricted fimd8 of the charity comprise the unexpBnded baiancu of donation¥ ajkd held oll tnLSt stsbjea to specifjc condition¥ by donors as tc ]M7W they may bc uscd. At l Jattuary 2024 rt4our¢ Gains At JI D￿ember 2024 Fabric Fund Ik115 Fund Mu51¢ Fund Mission Furtd 30.861 9,837 5,413 52,562 30,861 9.837 5.413 52.524 1381 98.673 (38) 98.635 Fabric Fulld- to provide gr￿ts to Ihc Cathe4Jral for repairs lo the Calhedrnl and it5 pr￿*￿¢[5 d¢fL￿d as lattd within ihe "gteen lin¢, agr¢c44 with tbc Cath¢dral fabri¢ Cotntnis$ion for Engl#r¥l under the carc of Caihedrais Mcasure 2005. ljells Fund-to provide grants for c&pita] works a$50¢i2ted with the bElls attd the b¢ll chombEr. Mv5i¢ Furtd- to rc¢eive endowmcDI m¢)tiies to be tranSfe￿£d kn the Cathedrnl'5 Choirs Endowment Futxl to support the cos¢ of m￿lc,. 10 prtsvide regular granls to th¢ Cathedral's Gir15' artd Boys, Cboirs from dortations received,. 3nd to Provide g￿ts forwork on the organ. Mi%i¢)n Fund-to provid¢ grants to the Cathethal to help it r￿11¥C its mission prioritie& All in¢o]nt recognis¢d in the tesiricied d￿Ing the y¢AT relat￿ exclusively 10 the trattsfcr of T¢Stri¢ttyJ from Souihwark Cathedral Dev¢loptncDtTnLSI. 14 UorÉstrkted fuDd$ 'rhe wwestricted futtds of the chaTity comprise th¢ unexpc*d¢d balan￿ of donatiOllS and grynts whicb arc Lot subjccr to specific conditions by donors gnd gr&Thlors 8S to how they may be used Th¢s¢ illcludt d¢si8naied funds which hav¢ bcctt sei aside out of ut)restrict¢d fullds by the tNst¢N forspecifJ¢ p￿p0￿. At I In¢omlDg Résourct CaiDS andAt JI Detember 10sS¢5 2024 2024 GeD¢tsI fiLnds 198 658,456 177,4651 (1391 581,050 Previous year: At l JaThuary 2023 IDtorniryg rtsource8 Resources ¢xp¢nded CaiDs *ndAt31 December 202J Genernl fvtx 159 198 SOUTHWARK CATHEDRAL DEVELOPMENT TRUST CHARITABLE INCORPORATED ORGANISATION (CIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 An¥ly515 of net ll55et$ bttwten futtds UDre5tricied Restricted flln& 2024 Total 2024 21124 At31 December 2024: ILvestmcnts CurreLI as￿¢S1111abIllTie3I 583.710 12.6601 98.635 681345 {2,6601 581,050 98,635 679,685 Unrestricted Restritttd fuDd 2023 Total 2023 2023 At3A December 2023: Current asseisllliabiliti¢s) 198 198 198 198 16 Relaled Party trsnsattlfiD8 The Very R￿cl¢nd Dr Mark Oakicy is also D trustee of the charity The Cathedral and Collegiate Lhurth of Saitit Saviour artd Saint Overie. Southw2rk (Workittg Name.. Souibwark Cathedral), which was tegistcttd on l Novembcr 2022. During thc year. the CIO made grants of £74,705 to Souihw8rk CathedT&I12023.. £nill. 17 C•sh Rtntrated from operalions 2024 2023 SuTpIu5 forthc yc¥t 679,487 39 Adjustments for: Invc5tmcnt incomc rcctrgttised in statement of fJngn¢i3] activities ss on disposal of inve5tD*ttts Fairvalue gains thd losses on investments 16,5281 169 Movtmtnts in working eapitsi: locrease in cr￿J1t0Ts 2,7(M) C*5h ￿n￿rIted from operatloDS 675,836 39 18 Analysis of changes In Bet funds The CIO bad no m81¢riaJ debi during rhc ycar.