Cathedral Church of the Holy and Undivided Trinity of Carlisle Consolidated Financial Statements For the year ended 31 December 2023 Charity no: 1200677 dOdd&co
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 Index lo the Flnanclal Statements Page RefergnGe and Administrative Details Annual Report of the Trustees Trustees, Responsibilities in relation to the Financial Statements Independenl Auditors. Reporl Consolidaled Slatemenl of Financial Activities 15 16 20 Consolidated Balance Sheet 21 Carlisle CalhedTal Balance Sheet 22 Consolidated Slatemenl of Cash Flows 23 Notes to the Financial Statements 24
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 Decembef 2023 Annual Report ol Ihe Trustees REFERENCE AND ADMINISTRATION DETAILS Tllle: Cathedral Church of the Holy arvj Undivided Trinity of Carlisle Registered Ottlce: The Cathedral Office West Walls CAFILISLE CA3 8UF Charlty number 1200677 Worklng name Carlisle Cathedral Members ol Cha The Dean: The Very Reverend Jonathan Brewster lappoinled 30 September 20231 Interlm Dean: The Reverend Canon Michael Manley (until 30 September 20231 The Reverend Canon Dr Benjamin Carter- Canon Warden The Reverend Canon Michael Manley- Canon Missioner Canon Alan Johnston Resldentlary Canons: Lay Members.. Canon Trevor H8bdon Canon Alison Clarricoats The Revèrend Canon Ruth Crossley Canon James Spedding Mr James Westoll Iretired 30 September 20231 Advisers to Ihe Cha Operallons and Flnance: Chief Operating Officer Mrs Edith Mccolgan As of 14 February 2023, Mrs Mccolgan also fulfilled the role of Chief Financial Off icer Head of Finance Vacant
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 Audit & Risk Committee: Canon Simon Harpar (Chairl Canon Charles Proctor Canon Trevor Hebdon Canon Alan Johnston Finance Commlttee: Canon Alan Johnston Ichair) Mr Myles Thompson Mr Brian Armstrong (retired 3 October 20231 The Reverend Canon Dr Benjamin Carter Mrs Alison Welion (appointed 14 February 20231 Nomlnations Commlllee: Canon James Spedding, IChaiT} Canon Alison Clarricoats The Reverend Canon Dr Benjamin Carter Canon Trevor Hebdon Iretir8d T, FebrLJary 20231 Mrs Clare Hanslord lappointed 71h February 20231 Fabric Advisory Comrnittee: Mr Charles Blackell-ord (Chair) The Reverend Canon Peter Cavanagh Mrs Janaki Speddlng The Reverend Canon Christopher Morris Mr Humphrey Welfare Dr Howard Coutts Surveyor To The Fabric: Ulrike Knox Knox Mcconnell Architects Lld 24 Victoria Fload Saliaire BRADFORD BD18 &iR
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 Cathedral Archaeologist: Mr David Heslop Auditors: Dodd & Co Audit Limited Charlered Accountants & Registered Auditors FIEEN Rosehill Montgomery Way Rosehill CARLISLE CA12RW Bankers.. The Royal Bank ol Scotland DrUmmOr Housè 1 Radheughs Avenue EDINBURGH EH12 9JN Inveslment IAanagers: CCLA Investme Managemenl Ltd Senator House 85 Queen Victoria Sl LONDON EC4V 4ET M & G Charities P.0. Box 9038 CHELMSFORD CM99 2XF The Charities Properties Fund clo Cordea Savills LLP 33 Margaret Slreet LONDON W1G OJD
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 Schroder Unil Trusls Limiled P.0. Box 1102 CHELMSFORD CM99 2XX Ralhbones Investmenl Managemenl George Holfrse 50 George Square GLASGOW G21EH
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitulion of the Calhedral The Constitution was adopted 29 June 2022 in accordance with the Cathedrals Measure 2021. Flegislered Charity Status was achieved on 13 October 2022 IRCN 12006771. Charltable objects The objects ol the Chapter are la) lo advance the Christian religion in accordance with the laiih ar¥J practice of Ihe Church of England, in particular by furthering the mission of the Church of England.. Ib) to care for and conserve the fabric and structure ol the cathedral church building-, Ic} lo advance any other charitable purposes which are ancillary to the furtherance ol the purpose referred to In sub-paragraph lal or {bl- The Chapter musl act for the public benefit within the meaning ol section 4131 ol the Charities Act 2011 as amended by Ihe Charf(ies Act 2022. The Appolntmenl of Chapier Members Chapter Members Appointed by His Majesty The Bishop The Bishop Chapter with approval ol the Bishop The Dean Senior Non-Expcutive Member ISNEM) Residentiary Canons Non-Executive Members Roles and Responsibilltles The Chapter and Its Offlcers The Dean is Chair ol the Chapter. 11 shall be the duly ol the Chapter to direct the overall strategy and governance ol the Cathedral. The Chaoer mel on six occasions during Ihe year. The Chief 0rating Officer is the Chair of the Senior Management Team and prepares the business lor Ihe meelings of the Chapter. in Gonjunclion with the Dean. and all decisions are recorded. The Head ol Finance, along with the Chief Operating Officer, Is resF)onsible lor reporting the financial aclivities of the Cathedral lo the Chair ol the Finance Committee. Chapter members are appointed in accordance with the Conslitution and Statutes. Non- Executive Membersrrrustees are appoinled for terms of three years and can serve a total of three terms. Newly appointed Chapter Members receive external training through the Association of English Cathedrals {AEC} and the Charity Commission. Chapter's arrangemenls for selling the pay and remuneralK)n of key senior staff do not differ from Ihe arrangements for appointing all lay stall.
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 College ot Canons The College of Canons has the following lunclions: a) to discuss matters concerning the life ol the Calhedral, bl lo share in the ministry of worship, witness and hospitality offered in and through the Cathedral, c} lo receive and note the Annual Report and audited accounts of the Cathedral. The College of Canons met once during the year. OBJECTIVES AND ACTIVITIES OUR VISION To be a living communily of faith which proclaims afresh ihe good news ol God's lovè to City. County and beyond OUR PURPOSE Praylng Maintaining of daily prayer in varied styles as the heartbeal of the Cathedral's life Sustaining the music pathway ol the Anglican Choral Tradition and engaging with more than 40 chorister families Ensuring a commitment lo the quality of the content of all the worship we offer Cherlshing Working to build a community ol faith, hope and love Being committed lo a minislry of welcome and hospilalily for all "Treading gently" in order lo achieve a more sustainable lifestyle Trnnsfomilng Seeing Ihe Cathedral as a channel of God's lianslorming purpose and power Being open lo change ourselves - individually and corporately Recognising that we are being transformed by Jesus Christ in order lo transform the world OUR VALUES Unity Commit time lo building the lif& of our community Work as a leam wilh internal colleagues arKI external allies Listen lo one another and lo voices in the wider communty Truih Promote learning ihrough faith and heritage Encourage creativity and imagination Respect one another's view Love Embody God's love in our worship, witness and welcome
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 Promote loving community where justice is seen to matter Allirm common humanity in our work of pasloral care ACHIEVEMENTS AND PERFORMANCE In 2022 Chapter adopted five sliategic aims lor the period 2023-2025.. Strengthen the Cathedral as a place of excellence with a mixed ecology of worship and mission serving the Diocese, city, county and beyond. Fully realise the opportunities created by our Charitable status. Be a sale and great place lo work, volunteer and visit. Secure a sustainable financial business model. Ensure the financial sustainability ol our musical tradition. These will lorm Ihe slrucluTe for this report on the achievements and performance of the charity through the last year. 11 is important to frame thi5 Teport with the underlying challenge of stalling and capacity which have been a recurring iheme through the year. The slrong financial performance of both the Chapter accounts and the consolidated posrtion is a testimony to the hard work and resourcefulness of the Cathedral tearn. Through the majority 012023 the Cathedral was without a Dean after Ihe retirement of The Very Revd Mark Boyling in September in 2022. In April the King approved the norninalion ol The Revd Canon Jonathan Brewster as the lorty-second Dean of Carlise and his rninisiry as Dean of Carlisle began with his inslilulion on the 30th September 2023, a year lo the day aller the retirement of his predecessor. Jonathan comes lo the Calhedral wilh experience ol ministry in Bradford, London, St Paul's Cathedral and rural south Cumbria. As Jonathan begins his ministry as Dean, we would like lo take this opportunity to acknowledg8 and Ihank The Revd Canon Michael Manley, Canon Missioner, for acting as Interim Dean through the year ol vacancy and The Flevd Canon Dr Benjamin Carter, Canon Warden lor his support during this period. Given Ihe head winds ol the world and the nalional economic environmenl, the Chapter is very pleased with the financial perfoimance of the Cathedral in 2023. These achievernenls are all the bètter given the fact that we have been working with no Head of Finance for most of the year. During this lime, we have also been seeking io app)int a Business SuptK)rt Officer and are pleased lo have made an appointment lo that role lo begin in early 2024. The challenge of recruitment mirroTS the experience of other similar organisalions in the region and the Chapter continues to work to address these challenges. We are lully aware that these two extended vacancies have ptrt increased pressure on the core slafl, not least on Mrs Edith Mccolgan, our Chief Operating Officer who has also acted as the Chief Financial Officer. We would like lo take this opportunity to thank Edith. and all the Cathedral slalf. for their hard work and dedication through the staffing challenges ol this last year. 1. Strengthen the Cathedral as a place ot excellence wlth a mlxed ecology ot worship and rnlssion servlng the Diocese, city, county and beyond. The daily pattern ol prayer and worship remains the beating heart of the Cathedral in both said and sung services. Attendance al regular worship, both week by week and at festivals, has ielurned lo pre-pandemic levels and we have been heartened by the small but committed group of younger people making their worshipping home at the Cathedral. The Cathedral has also hosted a series of significant services lo celebrate events in national and Diocesan life. In May we held a special Service, working in conjunction with the Lord-
Cathedral Church of the Holy and Undivi(led Trinity of Carlisle Year ended 31 December 2023 Lieutenant of Cumbria, to celebrate the King's Coronation. This service included invitees from across Cumbria, as well as input from ecumenical and inter-laith representatives. In JLJIY we hosted the farewell service lor The Ri Revd James Newcome as Bishop of Carlisle and in September the service ol institution ol The Very Revd Jonathan Brewster as Dean of Carlisle. For these major services, and in ovr daily pattern of worship, music plays a central role and its importance is highlighted by ils inclusion as one of the Chapter's main strategic aims. Through our musical life we rlol only enhance our worshipping life but offer high-quality, free at the point ol access, music education for in the region ol lifty children and young people through our boys and girls choirs and Cathedral Consort. The choirs, who between them offer seven sung services a week in term-lime, fully engage with the riches of the English choral tradition which we are committed lo developing and growing lo more varied and diverse groups of people as a Cathedral. Recruitment lo the Calhedral choirs is undertaken, in the main. through visits lo a wide varieiy of schools in Carlisle and beyond. The natuye ol this recruitment means that the socio-econDmic, racial, and ethnic diversity of ihe children in our choirs bucks the trends traditionally expected of Cathedral choirs and also the largely while-Brilish context of Carlisle and North Cumbria. Through our schools, oulreach programme. Cantale Children's Choir we also offer musical experiences to primary school aged children in musical styles beyond the traditional Church repertoire which is lh8 mainstay of our Cathedral Choirs. Through all of this work we would pay tribute lo Mr Mark Dulhie our Direclor ol Music, and the whole music team, lor the extremely high standard of music and professionalism they bring lo our worshipping life. More will be said below in this report on our ongoing cornmitment to the maintenance and developmenl of this musical tradition. These traditional forms ol worship have been complemented by the creative patterns of Mission and engagement undertaken al Ihe Cathedral. The All-Age parallel congregation conlinues to develop under the day-to-day leadership ol a lay leam under the supervision of the Canon Missioner. We have also begun a regular commLJnily well-being activity called "Flourish" run by our Cathedral Curate which offers regular spaces for conversation and activity for those who might be socially isolated. Alongside these "come and see. missional aclivities we have Gontinued to develop the "go forth and tell" aspects of Ihe Cathedral engagement programme. The Schools, Labyrinth has been installed in the far southeast of Ihe Diocese in Kirkby Lonsdale, the far west in Sl Bees, and the far north in Farlam. In September we were able lo gain funding through Ihe Cumbria Community Foundation lo lake our "Rest under the Slars. installation on a 'Cumbrian Journey" initially lo localions in the Eden Valley and we hope, in 2024, to locations in West Cumbria. This journey. as we continue lo work wilh the acSsible arts charity Prism Arts, works wilh local communities lo explore the joufneys and stories ol their local context in sound and art. These will be brought logether lor a final installation in the Cathedral in the summer of 2024. We recognise Ihal, in the midsl of this activity, we have not been able lo develop our discipleship as vnuch as we would have liked, wilh More explicitly themed patterns of preaching, learning and quiet days, although two adult discipleship groups do meet regularly at the Cathedral. 2. Fully reallse the opportunltles created by our Charitable ststus. Through the last year we have been learning to embed and understand what il means lo work as an independent charity wilhin the structures of the Calhedrals Mèasure and our new Conslilulion and Statutes. We are pleased Ihat all the new committees have been fully reciuiled lo. In 2023 Canon James Wesloll retired as a Non-Execulive Member ol Chapter
Cathedral Church of the Holy and Undivl(led Trinity of Carlisle Year ended 310ecember 2023 where he has served lor len years, some of that time as Chapter Treasurer. We would like lo thank James lor his long service, not least in remaining in post during the period ol Decanal vacar)cy and are pleased that we will continue to work with him in his new role as Chair of ihe Friends of Carlisle Cathedral. Day lo day the new governance structures are working well with a recognition that more needs lo be done lo distinguish and communicate the difference between Ihe governallce and slralegic focus of the Cathedral Chapter and the operational responsibilities of the Senior Management Team. Work has been undertaken, led by the Reverend Canon Ruth Crossley and Canon Alison Clarricoats, in developing a deeper understanding of the Calhedral's vision and values with the statt and volunleers. In a(klilion, the newly constituted quarterly inductions lor staff and volunteers, as well as regular all-slaff and team meetings, is allowing foi the better communication of ihese new structures. More work will need to be done through 2024 on both the organisational and cullural changes ihal flow from our new status and all of Chapter are committed to SUPPOrting and encouraging Ihis at all levels of Cathedral activity. In November 2023 the Cathedral undeM6nt its lirst"P8er Review" underthe system organised by the Association ol English Calhedrals in conjLJnction with the central church. At the point ol WTiling Ihis report the final report has not been published bul Chapter is committed to engaging with the report's recommendations and using thern lo inform our priorities going into the new year. 3. Be a safe and great place lo work, volunleer and vislt. Safeguardlng The Chapter continues lo place the hiohesi priority on safeguarding.11 sees good safeguarding practice at the Cathedral lo b& Ihe expression of Christ's loving car8 for his people and his desire lo see 'lhal they should have life in all its fullness., Safeguarding is a standing item on the agenda ol Chapter meetings, Senior Management Team meelings and regular staff ffleelings. In 2023 there has been a focus on making the processes and information on safeguarding simpler lo find. The saleguarding page ol ihe Caihedral website has undergone a redesign linking not only to Cathedral documents but also lo documents within the wider church which underpin and support Ihese. In addition, a new Safeguarding Handbook has been issued which mirrors the format and best practice outlined in the Church ol England Safeguarding Handbook. In October we ran, for the third year. a very well received Safeguarding Season where we worked with survivors ol abuse to show our solidarity in prayer, worship, and action, wilh all who have been affected by abuse. The Cathedral's safeguaiding wot1( is fully inlegrated with the safeguarding work of Ihe Diocese ol Carlisle and Chapter has requested that ils safeguarding activity should fall within the remit ol the Diocesan Safeguarding Advisory Panel, The Diocesan Safeguarding Adviser gives generous lime lo advise the Chapter, and a Memorandum ol Understanding between Chapter and the Diocese is in place. The Chapter Safeguarding Lead and Safeguarding Administrator work closely wilh the DIesan Safeguarding Advisor to monitor safeguarding concerns and uphold and ¢evelop best practice. This is supported by the Cathedral SaleguaTding Group which draws ils membership from across all parts of the Cathedral community. In 2024 plan lo strengthen the work ol this group, currently convened and chaired by the Cathedral Safeguarding Lead, by the appointment ol an independent Chair.
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year endeil 31 Decembei 2023 Volunleers and Iralnlng As already ated, thls year we instituled a rolling pattern of quarterly inductions lor all staff and volunteers. Through 2024, as well as ottering these lo new starters, we plan to ensure that all members of Ihe existing Cathedral team have Urertaken this induction. Training provision for staff and key volunteers has been developed through the year with safeguarding, fire marshal, and first aid Iraining underlaken by a wider proportion ol the Cathedral team. In addition. some staff have been able to undertake some focused peisonal development training. With Ihese a significant number of new policies, procedures, and handbooks have been prepared and adopted by Chapter through the year lo support staff and volunteers in their roles at the Calh8dral. Volunteers remain al the heart ol the Cathedral's life. Through 2023 we have been delighted lo welcome new volunteers and remain commilled to developing and broadening the volunteer ofler at the Cathedral. To assist with this, we have been working with a consultant provided by the National Lottery Heritage Fund to assist in forming a volunteer strategy and action plan growing out of the work of the Cathedral s lottery supported Fralry Project. This work is being led by a nominated member ol Chapter with the support of the Cathedral's newly appointed Learning and Voluntèer Otricer. Through the early months of 2024 we will be conducting a volunteer questionnaire and survey to inform and develop the strategy and action plan rnoving lorward. The appointment of the Learning and Volunteer Officer is a lasting and visible legacy lo the Fratry Project which was finally corNpleted in the late summer of 2023. This new role allows us lo build on the success ol this project in three linked ways. The lirsl, as slated above, is the development ol the Cathedral volunleering opportunities. The second, the steady expansion of our schools, wogramrne which is now supported by a small bul growing number of volunteers. The third is the enhancement of our visilor offer. We are pleased lo say that visitor numbers and donalions have largely recovered to pre-pandemic levels. Through the year we have been able lo enhance our visitor experience through new lours (particularly of the Bell Tower and the "Angel's View" Irom the clerestory) and the return ot the Rest under the Stars" installation before it began ils "Cumbrian Journey.. 4. Secure a sustalnable flnancial business model. Like all similar organisallons the Cathedral has been challengecl by the cosl-ol-living crisis over the last year. The robust financial performance of this last year is due, in no small part, to the strong linancial management by the Cathedral leam and the very impressive financial results of Carlisle Caihedral Enterprises Ltd. We continue efforts lo diversity income streams and were pleased in 2023 to holij, for the first lime Sin the redevelopment. a wedding reception in the Fralry Hall as well as CO[nerCIallY successful events such as concerts by the London Film Music Orcheslra. G4 and Cumbria SirKJers. The Finance Committee chaired by the Chapter Treasurer, tether with the Audil & Risk Comrnillee, continue lo provide scrutiny, challenge and support not only in the areas ol finance but across all areas ol risk identified under the risk managernenl framework. The Cathedral Chapter and the Board of Carlisle Cathedral Emerprises Ltd continue to Work, and meet, together to ensure the close and sympalhelic working between the two bodies. The employment of a Head of Fundraising thiough the whole year has successfully increased revenue from visitor income, grant making Irusls, and new forms ol regular support. With our new Dean in post, we recognise that developing and deepening our income generation is of vital importance, particularly as the financial forecast lor 2024 is more challenging than 2023, 10
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 not least berAuse of including the full effect ol the rise in utililies, the full impact ol which we had managed lo delay until the middle part 012023. 5. Ensure the tinancial su5talnability of our muslcal tradltlon. As slated above, music is al th8 heart of the Cathedral's life and Chapter remains committed lo ensuring its long-term financial viability. In 2023 Ihe Caihedral received the single largest granl, just under £30,000, from the Cathedral Music Trust as well as awards from other grant making bodies lo support the work of the Cathedral ¢hOrS and the Cathedral's music outreach programme. The Sponsor a Chorister Scheme. launched late in 2022, now has over Iwenly- live subscribers. Plans torlhe corning year and beyond: Strateglc planning and vlslon The Calhedral's"Peer Review" process will help inform the strategic planning of the Cathedral into 2024. A Chapler strategy day is planned to allow Chapter to locus on the recommendations ol the review and priorilise activity lor the coming year and beyond. CenlTal to this will be a refocusing ol our lime and resources on the central mission and identily of the Cathedral as il serves Ihe people of this city, county and beyond. We lake our Augustinian values seriously and wanl to 'work from a place ol rest, crealing a cutture where everyone works an appropriate amount ol time for the Ilourishing of all. Stafflng and capa¢lty With our new Dean in post, and concerted plans lo lill the vacancy in the Finance department, we hope to work through the coming year with a larger team to allow us to continue lo deliver on our strategic aims as we have in 2023. A key means ol this will be the continued development ol our Annual Business Development Plan so that all departmental activily can locus on delivering our strategic obj'eclives with regular pallerns of reporting on this to Chapter Ihrough the Senior Management Team. Flnancial plannlng and management The sound management of the Cathedral's assets and properties and the recruitmenl ol a Head of Finance remain a key opportunity and challenge lor Chapter. We will aim lo have a Head of FinanGe. or equivalent, in place by the summer 012024. In 2023 Chapier reviewed the managemenl ol its investmenl portfolio leading lo the transfef of these funds to management by Ralhbones and CCLA which will be completed in 2024. In 2023, Chapter formed a Property Working Group whose membership bring extensive experience of commercial and residential property. This group allows for the planning of the Cathedral's properties as we seek lo meet the challenges ol Nel-zero whilsl also maxirnising the financial benefit ol these assets. To support this work, we were delighted lo be awarded in December 2023 an Eco-church Bronze award and are committed lo moving to the Silver award in 2024. A key locus ol our financial planning will be the development of a robusl fundraising strategy to support the Cathedral's musical heritage including plans for the refurbishment, in time, ol the Cathedral organ. The Cathedral's very fine -Father Willis" Organ dates from 1856. Like all pipe organs il requires both regular mainlenance and luning. In the 1990s il received some low-level restoration but is now due a substantial rebuild to maintain this vital part of our musical heritage and Cathedral fabric. Chapter is under no illLAsions that Ihis strategic aim 11
Cathedral Church of the Holy and Undivided Trinity of Carli51e Year ended 31 December 2023 requires careful and focused attention through the coming year and that, through that, we remain ambitious lo continue lo place music, ancl the worshipping life that it enhances, central to the life, identity. and flourishing of Carlisle Cathedral inlo the coming year and beyond. Saleguardlng In the area ol safeguarding, we will be working wtth the Diocese of Carlisle to refine our working ielalionship lo allow both ihe Catheéral and Diocese lo become integrated inlo the National Safeguarding Case Management System. Both parties envisage this being achieved through a redrafling of the Memorandum of Understanding. We also hope to reform our Cathedral Safeguarding Action Plan around the newly published Church of England National Safeguarding Standards. This process will support and refine our saleguarding systems as we prepare lor our next Safeguarding Audil currently scheduled for Ihe beginning of 2025. Statement of publlc benellt As a Cathedral of the Church of England the Chapter's slatulory responsibility under the Cathedrals Measure 2021 is to be the seat ol ihe Diocesan Bishop and a centre of worship and mission and lo provide a locus for the life and work of the Church ol England in the Diocese. The Chapter report explains how Chapler provides a benefit lo the publi¢ through its support lowards the Bishop and the Diocese's "God For All" strategy which is shared by three other Christian denorninations representing the ecumenical county of Cumbria., its provision of worship, pastoral and outreach activilies lor the people ol Carlisle and beyond, and the welcome, hospitality, music and increasing range of activities and events provided for all the Cathedral's visttors throughout the year. In setting the Cathedral's objectives the Chapter has paid due regard lo the guidance sel by the Church Commissioners and the Charity Commission. Principal rlsks and uncertalnties Whilst the responsibility lor building a robust Risk Management Framework remains entirely with Chapler, the Audit & Risk Commrtlee brings an additional and very important layer of oversight. During the year Chapler, with scrLJliny and input from the Audit & Risk Committee, undertook ils firsl review DI the new Risk Management Policy and continued to evaluale and relresh the Risk Register with regard lo the key risks being laced by the Cathedral. As identified within the Risk Register. there are a number of risks and uncertainties laced by the Cathedral and, at the time of this report. there were five risks where the implementation ol additional control measures is being progressed lo further improve the managemenvmiligation of the iisk.. delivery ol an Annual Business Developrnent Plan (underpinned by key performance indicalorsl by the Senior Management Team and Heads ol Departrnenl, with quarterly reporting lo Chapter so that progress against the achievement of Chapter's overall strategic aims and key strategic objectives can be evalualed,. proactive management of the investment portfolios by our investment managers and quarterly review ol the perlormance ol the investment portlolios against Ihe health of the wider market by the Finance Committee, wrth subsequent reporting to Chapter., development and implementation of a Pioperty Management and Maintenance Plan in conjunction with the Surveyor lo the Fabric. the Fabric Advisory Committee, Ihe Fabric Sub Committee and the Chapler-appointed Property Working Group., recruttment of key staff lin particular, a new Head of Finance) and volunteers; and Ihe ongoing embedding of a strong safeguarding culture. 12
Cathedral Church of the Hoty and Vndivided Trinity of Carli51e Year ended 31 December 2023 Progress of the above is reviewed by both Chapter and the Audtt & Risk Committee on a regular basis, alongside the periodic monitoring and re-assessment of each of the identified risks in line with the Risk Management Policy, whilst the Senior Management Team holds Chapler-delegated responsibility for day-to-day risk management arrangements. Finan¢lal review The Chapter originally budgeted for a deficit of £56,753, excluding the distribution from CCEL. The Chapter accounts for the year ended 318t December 2023 show a net surplus in the Common Fund of £125.598. including a distribution from CCEL of £118,021, and before considering unrealised gains or losses, and wlhout taking into consideration income and expenditure on malor projects. including the Fratry Project. Group incoming Common Fund resources amounted to £1,234,094 (2022- £1.074,9081. Regular sources of income including congregational giving, investment income. property and Gift Aid from visitoi donations continue to come under pressure, reflecting the challenges that Chapter faces in achieVn9 sustainable income streams. More visitors are choosing lo donate to the Cathedral using electronic means such as Goodbox and other online plattorms that have been set up this year. Total group Common Fund resources expended amounted to £1,109,160 (2022 £1,113,213). Chapter continue to seek efficiency savings throughout its operations, which were notably achieved in Ihe Cathedral. Expendrture on music is also being rigorously managed. Chapter will develop a long-term fundir)g plan for music in order to sustain the Choir into the future and support its development. Carlisle Cathedral Enterprises Limited accounts for the year ended 31 December 2023 show a profit before tax of £119,140 (2022.. £34,714}. Turnover amounted to £598,507 {2022'. £481,883). This has resulted in a donation of £118,021 (2022.. £34.609) to Chapter this year. Overall, there has been a surplus this year of £108,999. This is made up of the following.. Nel surplusldeficl Unwealistd gain5rttssses TraTrslois 124.935 285 2.191 40,655 14321 127.8011 139.8J3 18.6001 {5,039) 63.r17 180,112 588 1,ieo 11.8561 .251 9.S39 {17.107) 130.834) 56.526 84,327 4.754 2 779 41.835 17.107 108.999 The cash balasK4S hgld by tach of Above lund5 i&: ndo Cagh held 779 066 140.999 9.574 554.517 Chapter is able to fund the forecasled deficits from reserves built up over previous years. We arè working hard to retum to a balanced budget as soon as possible and rebuild our reserves to ensure the future financial stability of the CathedTal. Central to this will be our plan lo optimise the market opportunities arising from the Fratry re-development and build important new income streams, without which the Cathedral is nol likely to become financially sustainable. 13
Cathedral Church of the Holy and Undivided Trinity of Cadisle Year ended 31 December 2023 Fundraising standards inlonnation The charity does not hold any agreements with professional fundraisers or commercial participators. Rernuneratlon of key management personnel Chapter d&tprmines the remuneration ol the Chief Operating Officer, whose performance is reviewed by the Dean. The remuneration of senior staff is determined by Chapter on the advice of the Chief Operating Officer, who reviews their performance. Pay is sel with regard lo the pay of equivalent roles in English cathedrals of similar slanding. Inveslment policy and perlormance Chapter's investment objective is lo create sufficient incorne and capital growth to enable the Chapter lo carry out its purFoses consistently year by year with due and proper considefalion to future needs and to maintain and enhance (where wssiblel Ihe invested funds. Investments held by the Chapter were managed and split between CCLA Investrnent Management Ltd. Schroders, M&G Chanly funds, Charilies Property Fund and Ralhbones Investment managers,. and follow ethical investment guidelines. Reserves Policy Chapter holds unrestricted free reserves to manage financial risk. secure the preservation and management of ils assets. and to ensure the fulfilmenl of its mission. Unrestrided free reserves are held so that linancial cotnmttments are mel as they fall due, optimal investment in the fabric ot the Cathedral and rts surrounding property is made, and to protect againsl uncertainties in tEs future income levels. Chapter assesses that Ihe Cathedral's need tor reserves will flucluale depending on ils fillancial position and the assessmènl of the risks faced at any one tim8. This Rese¥ves Policy will, accordingly, be reviewed on an annual basis. Chapter's present policy is lo hold unreslricled free reserves of at least 6 rnonlhs, operating costs Of £354,280. This threshold has been sel by Chapter following an assessment ol Ihe following factors.. - Chapter's projected annual income and expenditure - An assessment of risks- analysing PTobabiliiy and impact - The stale of the Cathedral's assets., and The level ol fixed, non-adjustable outgoings {such as insurance etcl The level of unrestricted reserves held in Chapter only as at 31st December 2023 were £1,760,920 of which £179,066 are designated for propety repairs,. £103.612 held as fixed assels, £1,369,419 held as inveslments and £108,823 free as unrestricted reserves. The level ol these reserves is subject to volatility and kept under annual review. 14
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 Statemenl of responsibilities of the Thislees The Cathedrals Measure 1999 and Ihe Care of Cathedrals Measure 2011 are the two principal pieces ol legislation which govern cathedrals. The Cathedrals Measure 2021 further governs Carlisle Cathedral since it regis18red as a charity with the Charity Cornmission. The Iruslees are responsible under requirements laid down by the Church Commissioners under the powers given to them by the Cathedrals Measure 2021 and in accordance with applicable law and United Kingdom Accounting Standards lor.. preparing and publishing a Trustees, Report and audited financial stalemenls which give a true and lair view ol the financial aclivilies lor each financial year and ot the assets, liabililies and funds al the end ol each financial year ol the Cathedral and ils connected entilies; select suitable accounting policies and then apply them consistently., make judg&ments and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained in the financial statements- prepare the financial slalernents on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. keeping Proper accounting records from which ihe financial posilion of the Cathedral can be ascertained with reasonable aeKura¢y at any time., safeguarding the assets of the charity and hence for taking reasonable steps lor the prevention and delection traud and other irregulaiities. Audltors The auditors, Dodd & Co Audit Limited, will be proposed for re-appointmenl. On behalf ol the Trustees= Dean of Carlisle Treasurer of Carlisle Cathedral Datgd.. Dated.. 15
Cathedral ChL¢rch of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 Report of the Independent Auditors to ihe Cathedral Church of Ihe Holy and Undivided Trlnity ol Carllsle Year ended 31 December 2023 We have alrted the consolidated financial statements of the Cathedral Church ol the Holy and Undivided Trinity ol Carlisle for the year ended 31 December 2023, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. These financial statements have been prepared in accordance with the accounting policies sel out therein. In our opinion, the financial statements= give a true and fair view ol the state of the group and the Cathedral's affairs as al 31 DeCeber 2023 and of its incorne and expenditure lor the year Ihen ended. have been properly prepared in accordan¢e with United Kingdom Generally Accepted Accounting Practice and. have been prepared in accordance wilh the guidelines specified by the Church Commissioners under Ihe powers given lo them by the Calhedrals Measure 2021 and the Charities Acl 2011 as amended by the Charities Act 2022. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's reswnsibilities for the audit ol the financial stalemènls section of our report. We are independent of the Calhedral in accordance with the ethical requirements that are relevant to our audit of the linancial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe that the audit evidence we have obtained is sufticient and appropriate to provide a basis lor our opinion. Concluslons relaling to going concern In auditing the financial statemenls, we have concluded Ihal the members use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to the events or conditions that, individually or colleclively, may cast significant doubt on the charity's ability lo continue as a going concern lor a period ol at least twelve months from when the original financial statements were authorised lor issuè. Our responsibilities and the responsibilities of the members wilh Tespecl lo going concern are described in the relevanl sections ol the report. Olher InlomiatDon The members are responsible for the other information. The other inforrnalion comprises the informalion included in the annual report other Ihan the financial slalements and our auditor's report Ihereon. Our opinion on the financial statements does nol cover the other information and, except lo the extent otheiSe explicitly stated in our report. we do not express any form of assurance conclusion Ihereon. In connection with our audit ol the linancial slatemenls, OLAr responsibility is lo read the other information and, in doing so, consider whether the other inlormalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to 18
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 be malerially misstated. 11 we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether there is a material misstal8ment in the financial statements or a malerial misstalement ol the other inlormalion.11, based on the work we have performed, we conclude that there is a material misstatement ol this other information, we are required lo report that facl. We have nothing lo report in Ihis regard. Matters on which we are requlred to report by exception We have nothing lo rewrt in respect of the following matters where the Cathedrals Measure 2021 and Charities Act 2011 as amended by the Charities Act 2022 requires us to report to you if, in our opinK)n'. the information in the Annual Reporl is inconsistenl in any material respect with the financial slalements- or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns- or we have not obtained all the information and explanalions necessary lor the purposes of our audit. We have been appointed auditor under section 27 01 the Cathedrals Measure 2021 and the Charrties Act 2011 as amended by th8 Charities Act 2022 and report in accordance with that Acl. Our objectives are to obtain reasonable assurance aboul wheiher the financial statements as a whole are free from material misslalement. whether due lo fraud or error, and to issue an auditor's Teporl that inGludes our opinion. Reasonable assurance is a high level ol assurance, but is nol a guarantee that an audit conducled in accordance with ISAS IUKI will always deleGt a malerial misstalement when it exists. Misstatements can arise from fraud or error and are considered material, il individually or in aggregate, they could reasonably be expected lo influence the econornic decisions ol users taken on the basis of Ihese financial statements. A further description of OUT responsibilities for the audit of the financial statements is localed on Ihg Financial Reporting Council's website at www.frc.org.uklaLJditorresponsibililies. This description foms part ol our audilors report. Responsibllltles ot the members As explained mor8 fully in the stalemenl of responsibilities set out on page 10, the members are responsible lor the preparation of the financial statemenls and lor being satisfied that they give a true and lair Vew, and lor such Snternal conlrol as they determine is necessary to enable the preparation ol financial slalemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Ihe trustees are responsible for assessing the Charity's ability to conlinue as a going GOnrn, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidale the Charity or lo cease operalions, or have no realistic alternative but to do so. Our responslbllilies for the audit ol the tinanclal statements We identify alld assess the risks of material misstatement ol the financial statements. whether due lo fraud or error, and then design and perform audil procedures respor6ive lo those risks, 17
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 including obtaining audit evidence that is sufficient arKI appropriate to provide a basis lor our opinion. In idenlitying and assessing risks of material misslalement in respect ol irregularities, including fraud and non-compliance with laws and regulations, we considered the following-. results ol our enquiries ol management about their own identification and assessment of the risks of irregularities- any matters we identified having obtained and reviewed the charity's documenlalion of their policies and procedures relating to.. idenlitying, evaluating and complying with laws and regulations and whether they are aware of any instances ol non-complian. detecting and responding lo risks ol fraud and whether they have any knowledge of any actual, suspecled or alleged fraud., the internal contro15 established lo mitigate risks ol fraud or non-complian with laws ané regulations., the matters discussed among the audit team Tegarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered Ihe opportunities and incentives that may exisl within the organisalion for fraud and idenlified the greatest potential tor liaud lo be in relation to management Dverride which, in common with all audits urider ISAS IUKI, we are required to perform specific procedures to resporKJ to this risk. We also obtained an understarIng ol the legal and regulalory framework that the company operates in, focusing on provisions ol those laws and regulaliDns that had a direct effect on the delerrnination of material arnounls and disclosures in the financial slalemenls. The key laws and regulations we considered this context included the Cathedrals Measure 2021. the Cathedral SORP, and UK financial reporting andardS as issued by the Financial Reporting Council. As a result ol performing the above, in response lo the risks identified, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations. In addition lo the above. our procedures lo respond to risks identified the following.. reviewing the financial slalemenl disclosures and testing to supporting documentation lo assess compliance with provisions of ielevanl laws and regulations described as having a direct ellect on the financial slatemenls. enquiring of management concerning actual and potential liligalion claims-, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks ol material misslalemenl due to fraud., reading minules ol meetings ol those charged with governance., and in addressing Ihe risk ol fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether th8 judgements made in making accounting eslimales are indicative of a potential bias,. and evaluating the rationale of any significant transactions Ihal are unusual or outside the normal course ol the charity's work. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or non-compliance with laws and regulations throughoul the audrt. 18
Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2023 Use of thls report This report is made solely lo the Trustees of Carlisle Cathedral, as a body. Our audit work has been undertaken so that we might slate to the Trustees those matters we are required lo slate lo them in an audilor's reFy)rt and lor other purpose. To the lullesl extent permilled by law, we do not accept or assume responsibility lo anyone olhei than the Charity and the Trustees as a body, for our audil work, lor this report or lor the opinions we have formed. P, J¥ , fj. AJ,/ Dodd & Co Audit Limited Chartered Accountants & Registered Auditors FIFTEEN Rosehill Montgornery Way Flosehill Estate CAFILISLE GA12RW Dodd & Co Audit Limited is eligible to act as an audrtOT in tèmis of section 1212 of the Companies Act 2006 19
J 10 Ln- oj Ln* ¢7> NNO¢DO O>tsJ r (fj OJ a0c0 wcc £S(Jw 20
C#th•dial Church of th• Holy and Undlvld8d TriDity of Carllsle Con501¥datod Balantè Sheet as at 31 December 2023 Notes 31.12.23 31.12.22 Restrl¢tgd Unr8strlcted P•m8nent Endowment Totsl Total Flxed Asset# Non Investment ass8ts Prop8rty Eouipmenl and plant Investment assgts Property Inv8slmenls 5,149,172 5,149,172 117,919 5.149,172 83,169 117,919 1,930,0(K) 1.625,332 8.704,504 1,930,000 3,320,571 10,517,662 1.930,000 3,344,003 10.506.344 325,820 325,820 1,369.419 1,487,33B Curront Assets Stock Debtors Cash al bank and in hand 31,157 126,778 332.784 490,719 31.1S7 126.778 554.517 712.452 27.290 174,622 397 025 598,937 13 221.733 221,733 Credllors: amounts tslling d within one ypar Net Current Assets 14 87 221,646 213,619 277,100 213,706 498,746 199,506 399,431 Total 8s$ets lèss current Ilabllltle$ 547,466 1,764,438 1704,504 11,016.408 10,905.775 Credltors- amounts falllng due after more than one year 15 9,550 9,550 9.550 Provlslon tor liabllltles and charg 16 13.5181 13.5181 11,8841 Net A95el¥ 1,760,920 8,624,954 10,933.340 10,824,341 Funds Unrestrl¢tèd Funds Common Fund Bequest Fur 8eqvest Fund - Abbey PrDpenies Reslrl¢t8d Funds Cathedral Fabric Fund Music Fur*1 Brown and Ford Prize FUTh Chapler Oiscretionary Fund Jack Dix Local Mission Fund Other Fieslricled Funds Whrtelaw Fund Fratry Project Fund Permanent Endowment Rev. G 8ennett Estate Cathedral En¢Jowment Calh8dral Property fund Total Fund$ 17 756.171 825,683 179.066 756.171 825,683 179,066 576,060 830,437 176,287 207,235 215,506 1,427 37,396 8,721 1,818 4,216 71.147 207.235 215,506 1,427 37,396 8,721 1,618 4,216 71,147 165.41)0 214,164 1,305 9,053 50,099 4,001 155,474 585,840 1,039,492 6,999,622 585.840 1,039.492 6,999.622 593.463 1,048.976 8,999,622 1,760,920 8,624,954 10.933,340 10.824,341 The accounts of Carlisle Cathe(Iral wer• approved by the Trustees and auihorised lor issue on... and signed on its bthaif by.. Dean of Carlisle Dated.. Treasurer of Carfisl8 Cathedral Oateij.. The not&s lorrn part of these financial 5tal8menls 1.£.2+ 21
Cathfjdral Church ol the Holy and Undlvlded Trlnity of Carlisle Carllsle Cathedral Balance Sheet as at 31 December 2023 Notes 31.12.23 31.12.22 Restrlcted Unrestricted Permanent Endowment Total Total Flxed Assets Non Investmenl assets Prop&rty Equipment and plant Investment assèts Property Invostmenls 5,149,172 5.149,172 103.612 5,149,172 69.922 103,612 1,930,000 1,625,332 8.704.504 1,930,000 3,327,571 10,510,355 1,930,000 3,351,003 10,500,097 12 325,820 325,820 1.376,419 1.480.031 Current Assets Debtors Cash al barTrk and in hand 13 288,090 174,057 462.147 288,090 395,790 683,880 247,446 323,984 571.430 221,733 221,733 Creditors: amounts falling due withln one year Nei Current Assets 14 187 221,646 1181,258 280,889 181.345 502,535 168,300 403,130 Totol assets less currenl Ilabililies 547.466 1.760,920 8,704,504 11,012,890 10.903,227 Creditors: amounts falllng due after more than one year Nel Asset8 15 79,550 8 624,954 179,550 10,933.340 79,550 10 823,677 1,760.920 Funds Unrestrictad Fund$ Common Fund Bequest Fund Bequest Fund - Al*ey Properties Restrlcted Funds Cathedral Fabric Fund MUS Fund Brown and Ford Prize Fund Chapter Discretionary Fund Jack Dix Local Mission Fund Other Restricted Funds Whilelaw Fund Fralry Project Fund Permaneni Endowment Rev. G Bennett Eslale Calhedraj Endowment Cathedral Property Fund 17 756.171 825,683 179,066 756,171 825,683 179,066 575,396 830,437 176.287 207.235 215,506 1,427 37,396 8,721 1,818 4,216 71,147 207,235 2f5,506 1.427 37,396 8,721 1,818 4,216 71.147 165.400 214,164 1.305 9,053 50,099 4,001 155,474 585.840 1,039.492 6,999,622 585,840 1,039,492 6,999.622 593,463 1,048,976 6,999,622 Total Funds 8 624 954 10.933 340 10 823,677 The accounts of Carlisle Cathedral were approved by the Trustees arnl authorised lor issue on and signed on its behaff by- Dean ol Carlisle Cathedral Dated.. Trgasurer ol Carlisle Cathedral Dated..
Cathedr81 Church of tho Holy and Undivided Trlnlty of Carlisle Consolidated Statement of Cash Flows lor the year ended 31 December 2023 Note 2023 2022 Cash flows from operatlng activities: Net ca8h provided by operating activilies 23 110,5351 1259,801) Cash flowg from Investing actlvllies: Dwidends, inlerest and rents from investments Proceeds from sale ol inveslments Purchase ol investments Purchase ol property. plant and equipment Net cash provided by Inve8tlng aclivltles: 250,506 6,336 113,7371 75,079 168,026 218,340 14.627 125,2781 36,206 171,483 Change in Cash and cash equlvalenl$ in the reporting perlod 157,491 188,3181 Cash and cash equivalents at the beginning ol the reporting period 397,025 485.343 Cash and cash equlvalents at the end of the reportlng perlod 397,025 Restricted Unrestricted 221,733 332,783 554 516 276.403 120.622 The notes form part of these finanual statements 23
Cathedr81 Church of th8 Holyand Undivided Trlnlty ot Carllsl• Noles lo the FInan¢1 Statements lor the ye8r ended 31 Docember 2023 l A¢countlng policies Statement of ¢ompllance The accounts have bpen prepared in accordance with the Accounting ar Rggulations lor English Anglican cathIral5 2018, aThJ the Statement ol Recommencled Practice.. Aeeountirg arKI Reporting by Charilies prpparino Iheir accounts in ac(x)rdance with the FinancK41 Reporting Standard appiieable in the UK and Republi of Irdand IFRS 1021 ihe Financial Reporting Standard applicable in Ihe United KiwdotD and Republi¢ ol Ireland IFRS 1021 and lh& Charl'e5 Act 2011 as amended by Ihe Chaiilies Act 2022. The accounis (finarla1 staternentsl have beèn prepa to oive a'lrue and fai¢ view and have departed from the Charities IA¢counts and Reports) Regulalions 2008 only lo the èxlenl requlred io provide a 'lrue and lair view.. This ¢Jeparture has involved following Accounting and Reportiw by Charities preparing their accounts in aOrdanCe with the Financial Reporting SlarKlard aprIable in the UK anrJ RepublK ol Ireland IFRS 1021 rather than the Accounting and Reporting by Charilies-.Siatefflent ol R8COtnmended Praclice elleclivE from 1 April 2005 which has sincp b8en withdrawn. The accounts a presemed in stetling. which is the functional oJrr&ncy of the cathedral. and rounded lo the naarest pound. The Cathedrals Measure 1999 ar1 the Care of Calhedrals Measure 2011 are the tsvo principal piCS of legislation which govérn Cathra&. The Cathedrals IAeasure 2021 further gover Carlisle Cathedr81 Sin it r8gislered a5 a charity Wllh Ihe Charity CommissKJn. Basls ol w•paratSon The charity meets the definitK)n of a public ben8fit entity uThJer FRS 102. A5sels and li*)il'ties are nitially recognised at PKslorical cost or iransaction value unless otherwise slaled in th8 relevant aOUntIng wliw notes Golng Concem The Trustees have conshlered whethèr thg use of the going concem basis ol accounliThJ 15 appropriate. To do this, they have considered whether there are any material unrtaInlieS as to the charity's ability to continue as a ooino cOnrn. They have carr out this assessment for a periJ of ai least one year from the date ol approval ol these accounts The trustees hav8 prepared, and keep under review. detailed budgets. As a result DI this rgVEW. the mèmbers are saiisli8d that itrEre are no material uncertainlie5 about the charity's akn'lity to continue as a goino concèm. Ineome Incorne is recognised in the SOFA when a transaction or other evgnl resutts In an increase in the alhedral's assets or a reduction in ils li8bilrties. Incorne rnu51 only be recOgnid when rhe crrtena ol entitlernent. probability and measurement are mel. Payrngnls madp direct io third parties which are never received by Chapter are also included. along with the corresFA)rKling expenditure. TIE main exampb ol this in the aGcounis is the slipends paid by the Church Commissionws, This inc(xne is shown as reStre, bul as income alayS matches the expendilufe the balanc6 81 the year end is always nil. Legacies Legacies are aecountwj forwhen they ale due. They are deemed to be due when the ¢rileria of eniitlem¢nl, probabilily and Measurement have been met. Grants recel¥8bl8 and pardble Grants ale credited or charged C an aecruaLs basis. Expendltur• Expenditure is recognised ore Ihere is a legal or ¢or61rUlve obligation to make a pawnent to a third party, it is probab thal settlern&nt will be required a1 th8 arnount of the oblttjalion can be mea5uied reliably. Expnditure is classrfied uN1er th8 following headings". - Cost ol raising funds cornprise the ¢0sls ol cornrnercial trading and their associated SUPKK)rt costs., - Expenditure on charitable activili8s inclL¥Yes the costs of aclivilies und8rtaken to further the purposes ol the cathedral their as50cialed sutport costs. IrrecoverabFe VAT is charged a5 a cost against Ihe acthlty for whKh the expeThJitu was incurred. Support Costs e those functiorts that ass1 th8 WO of catttedral but do not dkeelly uThYertthe either charitable or fundraising a1vil5. The noles lorm pari of g¥se financial statgrnents
Cathedral Church of the Holy and Undlvlded Trinity of Carflsl8 Notes to the Flnanclal Stements for the year ended 31 December 2023 1 kcounting pollcieslcontinuedl Tangible fixed assets Individual fixed assets costing £200 or more are capilalised at ¢ost and depreciated over thelr useful economic lives on a slraighl line basi5 as follows.. Motor vehicles 20¢/r& Straight line Equipment 20V/o slraighl line BUildiS are not depreciated. as the Ghapter has a policy and practice of regular MaIntenae ol the property. Repairs are charged to the SOFA and the Chapter therefore considers that any depreciation charge would be immalerial. The Fralry project buildings are inclL#Yed al fair value. No depreciation is charged on these assets. The fair value is determined by the value in use of the buildings. based on their service polenlial. As the buildings are expected lo continue lo meet their service potential for the foreseeable lulure, their value in use is reflected by th8 costs ol construction of the buildings rather than the amount for which they can be sold in the market. Horitage assets HerNage assets include the cathedral and ancillary buildings and the items in the inventory prepared nder section 24111 ol the Care ol Cathedrals Measure 2011. No value has been allribuled to these assets acquired before 31 December 2023. because informalion on their hislori¢al cost is not available. Inveslment propertles Investment properties are included in the accounts at fair value. No depreciation is charged on investment properties in line wlh FRS 102. Investments Investments are a lorm of basi¢ financial instrument and are initially recognised at their transaction value and subsequently measured at their lair value al the balanee sheet dale using the closing quoted market price. Th& Statement ol Financial Activities includes the net gains and losses arising on revaualion and dis osals throughout the year. Realised ains and IDsses on inveslmenls are calculated as the erence between sales proceeds and I eir opening car ng value or their purchase value il acquired subsequent lo the first day of the financial year. nrealised gains and lossgs are calculated as the difference between the lair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement ol Financial Aclivilies. The cathedral does not acquire pul options, derivatives or other complex financial instruments. The main form of financial risk faced by th? cathedral is that ol volatility in equity markets and invesimenl markets due to wKler economic conditions, the attitudes of invesiors lo investment risk, changes in sentiment concerning equities and within particul* sectors or subseclors. Deblors Trade and other debtors are recognised at the selllemenl amount due after any trade discount offered. Prepayments are valued al the amount prepaid net ot any lyade discounts due. Cash at bank and in hand Cash al bank and cash in hand includes tash a1 short lerni highly liquid investrnenls with a short maturity of three months or less from the date ol acquisition or opening ol the deposit or similar account. Creditors and provlslons Creditors and provisions are recognised where the charity has a present obligation rgsulting from a past event that will probably result in the Iransler ol lunds lo a third party and the amount due lo settle the obligatn can be rneasured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing lor any trade discounts due. The notes form part ol these linancial statements 25
Cath8dral Church of the Holy and Undlvlded Trlnlty of Carflsle Notes to the Flnanclal Slatements for the year ended 31 December 2023 1 Aeeounting pollci•s{¢ontinued) Equlty sharing loan In 1988 the Church Commissioners granted an equity sharing loan lo linanee the cost of improvefflenls lo the Deanery, The capital value of the loan is expressed as a percentage of the value ol the Deanery and is repayable only if the prwerty is sold. Interest on the k)an was initially set at 3¢/. per annum. to be increased annually by no more than the movement in the retail price index for the preceding year. Funds The Chapter operates restricted, unreslri¢led, desKJnaled and p8rmarbent endowmern funds. Restricted funds are Ihose where the donor is specific as lo the use to which the funds are to be put. Tha main restricted funds are the Fralry Fund, Cathedral Fabric Fund and the Music Fund. Smaller funds are set up when specific L*)nations make this requirement. Unrestricted funds are those where Chapter is free lo expend the funds in aCCordare With the conslllulion. Designated funds are those set aside for a SlI1C purpose. There are three permanent endowment funds. The first in the form ol a legaty received from the Reverend G S Bennett. This endowment may nol be exnded and the income is to be spent on th9 annual repair and maintenance ol the Cathedral. This income is Iherelore restricted in use and is ¢rediled to the Cathedral Fabric Fund. The second enck)wment fund consists ol the Cathedral Endowment Fund. These assets were Iransferrecl lo the Church Commissioners under SeclK)n 24 01 the Cathedrals Measure 1963. These funds may in certain circumstances be expended: bul the proceeds or any replacement asset would form part ol the original endowment under the terms ol section 23 01 Ihe Cathedrals Measure 19&3. Income from this endowment is unrestricted in use. The third endowment is the Cathedral Propety Fur, which con8lSts of Ihe cathedral properties that are held within the cathedral precinct, aswell as the deanery IDan. Consolidatlon The consolidated accounls include the accounts of the charity and subsidiary. Carfisle Cathedral Enterprises Limited, drawn up to 31 December 2023. SubsKJiary undertakings are included usiro the acquisitions method ot aceounling. The noles form part of these financial statements 26
Coihedral Church ol the Holy and Undivid8d Trinity of Carl5510 Notes to the Financ1 Stsiements lor the year endod 31 D8cembeT 21Y23 2 5ncom8 31.12.23 Flestrl¢ted Unrestrleted Totsl 31.1222 Rostrlcted Unrestrlcted Tolal Donations WKI legacle8 Collections Vi81tOT donations DDnatK)n5 App881s and fundraisir Development Trust grants Frignds grants Sp8cial events Legac5 96,210 8t.420 3,191 20,351 49,460 22,500 25,711 285 299,128 96,210 81,420 15,861 20.351 53.428 31.901 25.861 285 325,317 88.717 71,992 88,717 71,Y92 12,670 14.5TI 38,714 7,352 466 14.577 80.850 19.852 49,029 10,862 335,879 3,968 9,401 150 42,136 12,51X) 48,563 10,862 274,770 26,189 61,109 Grants 1Vable Church Cotnrrlssioners Other revenue ancj catal grants 256,702 53,113 309,815 65.875 92,300 158.175 322,577 145,413 467,5 287,495 78.631 366.126 $4,795 80,441 135,236 342,290 159,072 501,382 Trading and lun(kaising activitiès Visitor donations Facility fees Gross income liorn shop, lè and worts departrrÈnt 5.748 24.509 5,748 24.509 3,981 8.972 3.981 8.972 528,447 466.424 479 377 466,424 558 704 Investments Renihl incom8 Irw8Stmanl Iome &3.326 132.342 215,668 83,326 167,180 250,506 8318 105.680 188.998 83,318 135,022 218,340 34.838 34.838 29.342 29,342 Other Other income 11.709 11,709 11.799 11.799 11.799 11,799 Total ineome 370.842 1,243,384 1,614,226 456,577 1.090,180 1,546.757 The notes foim part of these financial stat8mnts 27
Cathedrnl Church of the Holy and ilndlvl¢Jed Trfnlty ol Carflsle NDteB lo Ihe Flnanclal Slaterr•rst8 for Ihe yeaTended 31 Decèm1 2023 3 Ralslng lunds 31.12.Yd Restrfcted UnrKtrfcted 91.12.22 Restrithed Unreslrfctsd Total Genera mark019 costs Property Iairs an(J mwnknanc8 Costol trading actiwlies SuNx>rt co$ls 7.71 t 1,514 3.577 431.772 81,552 518.415 9.&5 3.577 431.T12 104.404 548,978 6,924 9.354 435.302 63.710 515.290 6,924 9,354 435,302 22,852 30,5S8 19,875 19.875 535.165 4 Expendllure on 31.12.23 Vnrestrlded 31.12.22 R8Stvlcied Unr¢UtrfOd Restri¢ted Total TotHI Mlnlstry Clergy Stipends and v4orkmg expgnses S&W@s. musi¢ arKI choir Visrfor seFvicp¥ SuppDrt costs 113.203 44.828 41.806 114.905 52 155.009 159.733 133.7 44.396 48,429 107,306 32.600 182.225 151.702 32.6DO 73.729 440.256 2Z,484 180.515 95.739 410.533 20,365 198.557 230,018 241,69g e8th•dro1 and preclncts upkèep m4.or repairs and renovgtions and Interior upkeep Cathedral Insurance Verg8rs arKI inlelvr upkeep Precincl and grounds Suppm costs 28.923 16.347 6.446 63.6S4 57.126 95,363 5.59D 80.643 308 822 35.369 80,001 57,126 141,627 41,500 16,789 23,732 73,683 49,825 116.350 18,044 65.232 90,472 49,B25 142.430 19.709 75.553 443.221 46,264 26,080 1.665 24.1DY 110.143 26,954 118.48B 107597 427310 Educotion •nd outreach Oulward gi¥iw and ttlucaix)n SuFyort costs 567 5.485 6.032 15,968 16.$35 12,013 4,735 16.748 2,99 12.37D 15.003 33.776 39.808 OlhÈrexpendltuie on rn110n lere51 pay8ble ljher exwnsès 4.341 20.602 24.943 4.341 4.050 44.131 48.181 4,0 47.764 Totsi Exp•ndlture 35B419 1.115.974 1 474 393 251 624 1 505 232 The wte5 fomi part ol these firyancial staiemerts 28
C8lhedral Church of the Hoty and Undivided Trinity of C¥rlisl• Notes to the Financial Statèments lor the year ended 31 Decèmber 2023 5 Allocatlon of support Costs 31.12.23 31.12.22 Direct costs Support co$ls Total Total cCt of rwsing functs Ministry cathedr and precincts upkeep Education ar outreach Olher expenditure on mission 444,574 314,794 319,713 16,535 47,765 104.404 95.739 107.597 23.273 548,978 410,533 427,310 39,808 47,765 535,165 440,256 443,221 32,108 54,482 1,143,381 331,013 1,474,394 1,505,232 The followirKJ expenditure is incILd in 8LlPPOrt costs.. Auditors remuneration lor= Audit services Other servFces 10.990 41.427 52.417 10,990 41,427 52,417 10,990 2,360 13,350 Other services incILeS assistsnce with management accounts lor the first 9 McthS ol the year. 6 Employees Erybloyee remun8rallon 31.12.23 Reslrl¢ted Unrestricted 31.12.22 Total Total Total gross salary and Stind st AtprentiGeship levy Employers nalional insurance Employer5 pension Contributions 209,803 292 16,688 22,950 249,733 483,093 692,896 292 51,534 49,826 794.548 746,855 373 60,097 65,117 872.442 34,846 26.876 544.815 The Church Cotnmissioners finance directly the stind. pension and associated employerfs national insurance ol the Dean and Camns. The remunwation ol. and pension provision foi, clerical members of the Chapter arè paid in accordance wlh scales laid down annually by the Church Conmissioners, the Archbishop's Cojncil and the Church ol EnglarKJ Pensions Board. The remuneration and tEnsion cOntritiOnS of the resKJentiary memkTS ol Ihe Chapler are set OLrt below.. 31.12.23 Penslon 31.12.22 Pension Sllpend Stlpond The Very Revere1 Mark Boyling The Reverend Canon Michael Manley The Reverend Canon Dr Benjamin Carte The Very Reverend Jonathan 8rewsler 28.442 28.268 28.268 8,835 9,342 9,342 29.485 29.485 10.099 7,127 7,127 Totsl rgmuneratlon and penslon contribulnS 69.069 14254 84,978 27,519 The notes lorm part ol IFse financi statements 29
Cathedral Church of the Holy and Undlvkled Trinlty of Carlisle Notes lo the Flnanclal Statements for the year ended 31 December 2023 Employee$, contd. No single employee received remuneration exceeding £60.000. The key management personnel of the charity comprises the chief operating officer, Head ol Fundraising, and the Dean's PA. The total remuneration of key management P8rsonnel duing the year was £121,66612022- £126.0641, the reduction was due lo the ievision of the guest services ro. The lolal number ol employees of the Cathedral during the year was as follows.. 31.12.23 31.12.22 Clergy Administration and olli Mu51C Works Department Vergers Cadisle Cathedral Enterprises 10.0 14.0 41.0 12.0 38.0 The lull time equivalent number of staff during the year was as follows. 31.12.23 3.00 3.01 4.30 0.17 2.28 31.1222 2.75 Clergy Adminisiraiion and office Music Works Department Vergers Carlisle Cathedral Enterprises 1.92 3.80 12.25 30.90 21.29 During the year expenses wtrre reimbursed to three Chapter members as follows.. £11,08012022'. £10,512) Travel, subsistence. office and entertaining There were no addits.onal payments made lo Chapter memlxrs lor additional work done over and above their normal duties during the year. 7 Heritsge assets As slated in the accounting policies. no value has been placed Dn the calh8dral and arKillary buildings and the items in the inventory prepared under section 24111 ol the Care of Cathedrals Measure 2011. The Care of Cathedrals Measure 2011 requires cathedrals to keep an inventory of all items considered to bè ol archilectUTal, archaeological, artistic or historic interest in the possession of the calhedral church. No additions to the inventory in the last four years have mel th8 definition ol heritage asset and there have been no transactions involving heritage ass8ls in the same lime period. The note5 forrn part ol these financial slatements 30
C•lhedral Church ot the Holy and UNll¥lded Trlnity of C8tr11818 Not88 to Ihe Flnan¢lo1 Stetemn18 for tho ar end&1 31 Oecember 2023 8 Y•rvJlblèllxed a58els Group Mot¢*r Vehlcles Equlpment Land and Fratry Pr0ct buildinots ljulkllng8 Tolal COST OR VALUATION Al 1 JanuBry20 di1 Dtsposals Al 31 Decefflb8r 2trWJ 8,7 207,080 75.079 118,744 263.415 1,633,(NJO 3.516,172 5.384,349 75.079 18.744 5420,684 8,r7 1.3.() 3.516.172 DEPRECIATION At 1 January 20 Chaige lor year Eliminated on di$[x)s& At 31 December 2023 18.(Ya71 1132,(X)91 140.3281 140.3281 16.744 145496 152,593 NET BOOK VALVÉ Al 31 Decem1 2023 Al 31 DeGembpr 2022 117,919 3.168 1.633,000 1,633,000 3,516,172 8.516,172 5.267.091 5.ZJ2.340 Chapler Moier vehirles Equlpment L8nd and Fmlry prol8¢t bullding8 bulldlngs COST OA VALVATICN Al 1 January 2023 Additn5 DIsw5als Ai 31 DecefflbEr2023 8,097 183,258 71,034 18.744 ¥J5.546 1.833.OOD 3.516.172 5,340,527 71,034 18.744 5392617 1 633 000 3516172 DEPAECIATION Al 1 January2028 Charge lor year Elirninal on dtsrA)sd$ Ai 31 Decetnbw 2tr23 18.097) 1121,4341 197,3431 18,744.00 137,3431 18.744 NET BQQK VALUE AI 31 DBcembèr20WJ Al 31 Decefflber 2022 103,612 69,921 1,633,000 1,633.000 2,516,172 8,51&172 5.252.784 5.219.093 The rrf)le5 lomi part ol Ih96e fin8noal 8181emenl8 31
Cathedral Church of the Holy and Undlvlded Trfnliy of C8rflsle Notes to the Financlal Stat•men18 lor the year ended 31 December 2023 g Land and bulldlng4 Including Fratry projèct buildings Non investment property is all freehold, an¢ is carried in the accounts al valuation. The Fratry project buildings are held al fair value. Tho lull accounting policy is disclosed on Page 25. All other Iixgd assets are carried al cost. Non investment property is split as follows= 31.12.23 31.12.22 For cathedral trading aclNf(ies Foi occupation by cathedral stall or used loi worship, educational or administrative purposes 3,516,172 3,516,172 1.633,000 1,633,(KJO 5,149,172 5,149.172 Land and buiklings were revalued during the year ending 31 December 2010. 10 The properties other than the Cathedral which ale heliy by the charity are as follows- Deanery 3 The AbY 7 The Abbey 10 garages Priorfs Tower 4 Th8 Ab1Y 8 The Abbey Fratry 1 The Abbey 5a The Abbey 9 The Abbey Prior Slee House 2 The Abbey 5b The Abbey 10 The Abbey Bishop Smith Registry 2a The AblY sc The Abbey Masons. Lodge Cathedra Calé 2b The Ab 6 The AÈbey The Lodge 11 Investment propgrty Permanent Endowmenl Total VALUATION Al 1 January 2023 Revaluation Al 31 Decefflber 2023 1,930,000 1,930,000 1,930,000 1,930.000 All investmènt pr(perties are freehold Investment properties were last valued during the year ended 31 December 2021 by D C Goodland FRICS IRRV ol Watton Goodland (Chartered Surveyors.) 12 Investments 31.12.23 31.12.22 Market value As al 1 January 2022 Revaluation AllIonS Di8posals Total Group Inve$tment8 at 31 December 2023 3,344,003 130,8341 13.738 6,336 3.320.571 3,475,695 1142.344} 25,279 114,627 3,344.CM)3 Carlisle Cathedral Enterprises Limited lan unlisted company) lo/0 of the issued ordlnary share capital. at par 7,01)0 Total Chapter Investments as 8131 December 2023 3,327,571 3.351.003 The notes form part of these financial slaiemenls 32
Cathedral Church of the Fk•ly and Llndivid8d Trinity ol Carllsle Notas to thè Nnonclal Stalemenl$ for the y1 ended 31 D8cernbei 2023 13 Debtors Group 31.1223 31.1122 Restrlded Unre8lricted Totsl Total Trade (kbto Prepayments and accrued income Oth8r d8btoTs 45.018 80,483 1,297 45,018 80,463 1.297 18.521 145,021 11.080 t26.778 126,778 174,622 Chbptsr 31.12.23 31.12.22 Aestrlcled Unrestricted Total Tolol Trath debtors Prepayments and aCcd Incom8 Other debtors Afflnts 0 by conn8cied enlltl8S 58,030 196,963 1,297 31.800 34,940 179,671 1,035 31.8(K) 196,963 1,297 31,800 288,OW) 288,090 247.446 The amo¢Jnts owed by conn8clgd sntities comprlse a loan to Carlisle CathJral Enterprises Limiied. The loan is intwesl free and has no lixed dale for repayment. 11 is du8 in Tnore than one year. No discounting has bgen applied 10 Ihls balance b8caus8 the lime value of tnoney would be immaterial. Trath debtors includes £17,023 du8 from Carlisle Cathedral Enierpris8s timiied12022- £17,977). Prepayments and accrued incorne Include £118,021 due from Garllsle Caihedral Enterprise5 Limited 120212- Q4,6091. 14 Crediiors- amount$ falllng dug wlthln one year Group 31.12YJ 31.12.22 Restri¢t•d Unr•slrf¢ted Total Total Tra¢ creditors A¢¢ruals aThl deferred iOe Other taxas and sctial securlty 79,308 107,087 27,224 213.619 79,308 107,174 27,224 213,706 96,656 81.241 21,609 199,608 87 87 Chap¢or 31.12.23 31.12.22 Rostricted Unrestrlcled Toi81 Toial crediiors Accrua15 and deferred income 79.486 101.772 79,486 101.859 86.417 81,883 87 87 181,258 168800 Trade creditors includes £12,9S2 due lo Carlisle Cathedral EnlerprkEe5 Limite(112022- £3171. Accruals aj deteried income hav8 no balance due to Carlisle Caihadral Enierprises Limned12022- £8,902). The notgs lorm part of these tinarla1 statèments 33
Cathedral Church of the Holy and Undivkled Trlnlty ol CarlS$le Notes to the Financlal Staternents for the year ended 31 December 2023 15 Crèdltors". amounts falling due after more than one year 31.12.23 R8siricted Unre$triGted Pemianent Endowment 31.12.22 Total Totol The Deanery vJue linked loan 79.550 79,550 79,550 79.550 79,550 79.550 The Deane the Church Loan was taken out in 1988 and is repayable if the charity sell the propety lin which case ommissioners are entitled lo 37.02571°/0 ol the selling price less any selling costs as lull seltlement ol the loan). 11 the charity wsh lo repa Independent valualion of the prorrty's c¥)en ma Ihg loan, but not sell the property. then an Commissioners are entitled to 3 et value is required (in which case the Church .02571 /& of the valuation as full s8tllemenl of the loanl- 16 Prov181ons for Ilabllltles and charges Group (Chapter- Nil) 31.12.23 Restri¢ted Unrestrlcted Pem)anenl Endowment 31.12.22 Total Total Deferred income Deferred tax 108 1,776 3,518 3,518 3,518 3,518 1,884 The notes form part of these flnancial slalemenls
Cathodral Church of th• Holy and Undlvld8d Trlnlty of Carflsle Notés to Ihe Fin$neial Stat•m•nts lor the year ended 31 Dec8mb8r 2023 Incomlng Outgolng R•- Resources Resources valudti0115 17 Funds 1.1.23 Tr•nslers 31.12.23 Group General funds Common Fund Bequest Fund Bequest Fund- Abbey Prop8rtigs 576,080 1.234,094 11,109.1801 830,437 285 176,287 9,005 18,6001 15,0391 63.777 756,171 825,683 179,066 16,8141 1,582,784 1,243,384 1,115,974 13,051 63 777 1 760,920 Bestrleied funds Cathedral Fabr FUTh 165,400 40,655 1,180 207,235 Other lunds Music Fund Brown and Ford Prize Fund Chapter Discretionary F)d Church Commissioners Jack Dix Loc41 Mission FurKI Olher Restricted Funds Clock Furtd Cumbria Journey Hedge Fund Whitslaw Fund Fratry Project 214,164 1.305 11.9781 122 3.320 215,506 1.427 37,396 37,396 256,702 150 2,390 15,276 4,677 1,090 215 49,687 370.842 1256,7021 14821 15721 117.2041 14,8811 11.0901 9,053 SO,099 8,721 1,818 150,0991 1,928 204 4,001 155,474 599,496 4,216 71.147 547,466 77.488 358.419 676 63,777 Capltal Endowmont Funds Rev. G Bennett Estate Cathedr81 Endowment Cathedral Property fund 593,463 1,048,976 6.999,622 8 642 061 17,6231 19,4841 585,840 1,039,492 6,999,622 8,624,954 17,107 Total Funds 10.824.341 1 614226 1 474 393 10,933,340 l Funds eqU8St un -The equest un - The Common fund was sel up Restrlcte(I lunds - Th Gath ral Fabri¢ F nd set up lo maintain the labrie of the Gathwjral buildlnos. This U5 rge sca enan eandim The Music f exi ts 10 rovi efun rovemenls. stosup ort musie In the Cathedral - The Brown ord P> Pund exists to prDvi riz8 a an annual prize to onè of th8 Cathadral Choristers. -The Discretionar ommissione te s wtth mone receive - The Whitel w Fund was sel up to fund wotks to thaTreasu urc om Issioners towar The Fr Fund was - Other ricled Fu 5 In other donations a Incom placed a strict10n on the use of the funds. Jack Dix Local Nlission Fund 15 a local Mission Fund created to find a g8p-year volurrt99r to Staff the Cathedral's young eople's work. - Tho 8iocK fund was set up to fund vital work on the Cathedral's historic clod(, woth was completed in summer 2023 The hed e fLJnd Is a restncted fund wa5 Set up to fun¢J a schools engagement project for the plantin9 01 an 80 metre British naPive hedge In February 2023 Cumbria Journey is a reslricled fund was sel up to fund the Rest Under the Stars.. A Cumbrian Journey lour in 2023, during which the mixed v15u81 and sound installation toured arourKI east Cumbria nunr tricted fu an co118Cts dr incom8 r8 s trorn a byugsl Irom o manage the day to day unning of t IV8d ra r0ml8gacS. attrdra1 finaTK4S. fund is primarily l¥und& P" gtion. sourc9s where the dDWK)r has The notes lomi part of these linancial slalements 35
Calhedral Church of the Hoty and Undivlded TTlnlty of Carllsl• Notes to the Flnanclal Stsiement$ foi the year ended 31 D9Mber 2023 17 Funds Icontlnued) Copltal Endowment Funds - The Reverend G Bennett Esiaiè was sel up by a lègacy from Rev G B8nnetl. Income Irotn this fund is US8d to lund Ihe repair and maintenancè of Ihe cathedral and is crèditgd to the Fabr Fund. The Ca*hedral Endowment Fund was Sel up lo prO¥e inrne to support thè gèneral running of thè Calheclral. Income received 15 cr8diled to the Common Fund. - The Cathedral Property Fund comprise8 the proFerty held within the Cathedral Precin¢t, aswoll as the Deanery Loan_ Transfers The transfer of £50,099 from Dlher rèstricted fuThls was a transfèr of £37.396 to the Discretionary FuThJ, £3,320 to the Music Fund and £9.383 to the Comtnon Fund. A transfer tsf r56,526 from Iho Fratry Fund related to a nutnber ol items capitalised in the year and trefOre moved to Ihe Common Fund. An additional transfèr from the Common Fund for £2.132 was to cover the deficit b&J&nces in Ihe Clock Fund of £1,928 and the Curnbria Journey fund of £204. lJKomlng tgoing Resoute8¥ Flesourc8s Atr ¥alu•tion8 Chiptsr 1.123 Tr8n8terB 31.1?23 Genero1 funds Cornrnon Fund Bequest Fund Bequest Fund- Abbey PropertiEs 575.396 830,437 176,287 832,e13 285 9.005 1707.2151 18,6001 15,0391 588 63,777 756,171 825.683 179,066 16,6141 1,5V2.120 842,103 14,029 13,051 63.777 1,760.920 Resirfcted funds Calh8dral Fabric Fund 165,400 40.655 1.180 207.235 Olher thnds Music Fund Brown and Ford Prize Fund Chapter Discretionary Fund Church Commissioners Jad( Dix Local Mission Fund Othgr Resiricted Funds Clodi Fund Cumbria Joumey Hedge Fund Whit8law Fund Fratsy Proiect 214,164 1,305 11,9781 122 3,320 21 5,506 1.427 37.396 37,396 256,702 150 2,390 15,276 4,677 1.090 215 49.687 370,842 1256,7021 14821 15721 117.2041 14.8811 11,0901 9,053 50,099 8,721 1,818 150,0991 1.928 204 4.001 155,474 599,496 4,216 71,147 547,466 77,488 1358,419 56,526 63.777 1676 Capiial Endowment Funds Rev. G Bennett Estate Cath&dral Endowinent Calhedral Propèrty fund 593,463 1,048.976 6,999,622 8,642,061 17,6231 19.4841 585,840 1,039,492 6,999,622 8,624,954 17,107 Totsl Fund$ 10,823.677 1,212,945 1.072,448 30,834 10,933.340 Thè nots$ torm part ol these thnan¢ial statements 36
Cathedral Church ot the Holy ond Undividtd Trinily ol Carllsle Notes to the Financial Siatements for the year ended 31 December 2023 17 Fur*ds lcontinuedl Comparative funds Incomh Resoue Outgokng Funds 1.1.22 ¥aluatlons Tr¥n4ler5 31.12.22 Group General lunds Cofflmon Fund Bequest Fund B9qU8St Fund - Abbey Properties 604,406 1,074,908 11,113,213) 126,0461 e43.047 10,862 123.4721 ¥32,7S5 4,410 19,2991 36,CN)5 576,060 830,437 178,287 140,3951 1.fj80,208 1,090,180 1,153.608 56,817 24,821 1,582,784 Rtstrleted lund8 Cathedial Fabric Fund 148,309 36,341 117,57n 11.6731 I,400 Olher lunds rthjsic Fund Brown and Ford Prize Fund Churchill Book Fun¢J Church commissior$ Jack Dix Locai Mission Fund Othei Restricted FUrS Whitelaw Fun(J Fratry Project Y25,148 1,478 110.9841 11731 214,164 1,305 287,495 466 14,869 61 117,345 456577 1287,4951 8,587 50,423 4,623 114,681 553,249 9,053 50,099 4,001 155.474 599,496 115,1931 16831 30,676 351,624 45,876 45,876 12,830 Capital Endowment Funds Rev. G Bennett Estaie Calh8diai Endowment Calhedial Property furKI 623.074 1,090,062 6.978,567 8,691 703 129,6111 141,0861 593,463 1,048.976 21,055 6 999.622 21,055 8 642 061 Tol81 Fund8 10,925,160 1,546,757 1505 232 142,344 10824341 The notes fomi part ol these fiTrarKial stalernents 37
Cothedral Church of the Holy and Undlvlded TrSnlty ol Ca1$1• Notes to the Finonclal Statements for the year tnded 31 December 2023 17 Funds Icontinuedl Comparatlve lunds Incomlng Oulgolng Aesout¢es Resou0% Chwter 1.122 valuatlons Trislets 31.1122 General bJnd8 Cotnmon Fund 8equest Fund Bequest Fund - Abbey Properties 604,406 843.047 232,755 657,WJ 10,862 4.410 1696,8521 128,0461 123,4721 19,2991 s6,(j5 575,3 830,437 176,287 140,3951 1.680.208 673,155 737,247 58,817 24,821 1.582,120 Re8trlcted funds Cath8dral Fabric Fund 148.309 36.341 117,5771 11.6731 165,4 Otr lund$ Music Fund Bro¥m and Ford Prize Fund Churchill Book Fund Church CDmnNssioners Jack Di¥ Local Mission Furvj Qther Reslrictsd Funds Whilelaw Fun Fratry Project 225,148 1.478 110,9841 11731 214,164 1.305 287,495 466 14,869 61 117.345 456.577 1287,4951 8,587 50,423 4,623 114.681 553,249 9.053 50,099 4,001 155,474 599,496 115,1931 16831 130.6761 351,624 45,876 45,876 12,830 Capital Endowment Funds Rev. G Bennett Estate Caihetjral Endowment Catfdral Propertylund 623.074 1,090.062 6,978,567 8,691.703 129,6111 141,0861 593,463 1.048.976 21,055 6.999.622 21,055 8.642 061 70,697 Total Funds 10,925,160 1.129.732 1,08B.8711 142,344 10,8¥d.677 The noles form part of these financial statements 38
C8thèdral Church of the Holy and Undlvlded Trinity Df Carlisle Notes to the Flnanclal Staternents for the year ended 31 December 2023 18 Net assets by fund Group Restridèd Unrestricted Permanent Endowmenl Total Taroible fixed assets Investment wopety Investments Current Assets Creditors.. amounts due wrthin one year Creditors.. arnounls due after one year 117,919 5,149,172 1,930,000 1,625,332 5,267,091 1,930.000 3,320,571 712,452 325.820 221,733 1,369,419 490,719 {871 1213,6191 (213,7061 13,5181 179,5501 183,0681 Total net assets 547,466 1.760.920 8,624.954 10,933,340 Chapter Restricted Unrestrlcted Permanent Endowment Total Tangible fixed assets Investment properly Investments Current Assets Creditors- amounts due wlhin one year Credilofs. amounts due after one year 103,612 5,149,172 1,930,000 1,625,332 5.252,784 1,930,000 3,327,571 683,880 325.820 221,733 1,376,419 462.147 187) 1181.2581 1181,3451 179,550) 179,5501 Total net ass91$ 547,466 1,760,920 8,624,954 10.933.340 The notes form part of these financial slalemenls 39
C#thedral Church of the Holy and Undivlded Trlnlty of Corflsle Notes to the Financlal Statements for the year ended 31 December 2023 18 Net assets by fund Compardtlve lunds Group Restrlcted Unreslricted Pmnent Endowment Totsl TangiLYÈ fixed assets Investment property Investments Current Assets Creditors- amounts due within one year Creditors.. amounts ckne after one year 83,169 5,149,172 5,232,341 1,930,000 1.930.000 1,642.439 3,344,003 598,937 323.976 279,922 1,377.588 319,015 14.4021 1195,1041 1199,5061 11.8841 179,5501 181,4341 Total net se13 599,496 1,582,784 8.642,061 10.824,341 Chapter Re¥tricted Unrèslricted Pemianonl Endowment Total Tangib fixed assets Investment property Investments Gurrent Assets Creditors.. amounts due within one year Credilors.. amounts due after one year 69.922 5,149,172 5,219,094 1.930.0 1,0,000 1,642,439 3,351,003 571,430 323,976 279,922 1,384.588 291,508 14,4021 1163,8981 1168,3001 179,5501 179.5501 Totsl net a$s•ts 599,496 1,582,120 8.642,061 10.823,677 19 Ultlmate controlllThg party The activities of the Cathedral arg controlled by the Trustees. The notes form part ol these financial statements 40
Caih•dral Church of the Holy and Undivlded Trlnlty of Carlisle Note$ to the Flnanclal Statements for the year ended 31 December 2023 20 Related party transactions The Friends of Carlisle Cathedral and Cartisla Cathedral Development Tlust are not controlled by the Trustees but arè wholly for the benefit ol the Cathedral. Income receivable from these entthes Ss included in the financial statements. Grants of £31,901 were receivable from the FrierLls ol Carlisle Cathedral during the year 12022 £29,85210l which nil was oulslanding at the ygar end12022 - £2,094). Further grants of £53,428 were receivable from Carlisle Cathedral Development Trust 12022 £80,849). of which £8.059 was outstanding ai the year end12022- £17,1521- The Friends of Garlisle Cathedral purchased sèrvlces 01 £286 from the Cathedral during the year lor printing WOTks and stall costs. Carlisle Cathedral Devdopment Trust is a charty conirolled by the board of Irusiees whSch musl include one executive member of Chapter and one non-executive memlxr ol the Ghapler. In consequence Carlisle Cathedral Development Trust is a relatod party. During the year Carlisle Cathedral Development Trust rented property lo the charily. rent and ulilittes tolalling £25,416 were paid in the year12022 - £13,848). Carlisle Cathedral Development Trust purchased nil services from the charity12022- £2,296). There were £1,825 from Iruslees of the charity 12022., £3,140) through regular giving and one-off donations. The following exlracls are laken from the audited financial slalemenls ol the Friends ol Carlisle Cathedral and the Carlisle Cathedral Development Trust. Both organisations received unqualified audr( reports. Summarised financial statemen18 Friènds of Carllsle Cathedral Catllsle CAthedral Development Trust 2023 2022 2023 2022 Total incoming resources Nel movement on lund8 Gross assets Nel assets 36,083 34.027 83,982 61,949 6,742 138,8091 17,922 196,7151 642,705 637,086 1,418,203 1,417,119 638,087 631,345 1,404.644 1,386,722 At the year erKI, the charity owned one Iradino subsldiary- Carlisle Cathedral Enterprises Limited. The amounts owed between these two parties is sel out in notes 13 and 14. During the y¢ai, the charity bought goods and Services lolalling £29.827 Irom the EnteriSe Company on normal Comfflercial lerms12022 - £5,8701. The charity also supled goods and services totalling £93,555 ID the Enterprise Company12022 - £63,691). The nLites form part of these financial slalemenls 41
Cathodral Chureh ol the Hoty and Undivlded Trlnlty ol C&rlbs10 Notes to the Flnancl81 Statgments lor the ar ended 31 D¥cernber 2023 21 Penslon c0ntr1trIIon5 Carlisle Dean & Chapter ID8SI partici staff. CWPF is administered by the C ates in the Pension Buikjer Scheme Section of CWPF lor lay uich of England Pensions Board, which holds the assets ol Ihe $CMe separately from those of Ihe Employer and the other participating employers. CWPF has two seclions.. 1.Ih& Deh'ned Benefits &heme 2.1 Pension Builder Schemè, which has two subseclions., a.a deferred annuity section as Pension Builder Classic. and. b.a cash balance section known as Pension Builder 2014. Dèfin•d Benellts Scheme The D8fined Benefits Scheme I"DBS I section ol the Church Workers Pension Fund provides benefits for L4y staff based on 1Snal pensionable salanes. For futKliry pucposes. DBS is dlvided into sub-pools in respect ol each participating employer as well a8 a further sub-pool, known as the Life Risk Pool. The Lrfe Risk Pool exists lo share certain risks b&knn employers. including those relaiiThJ lo mortality and posl-retirement investment returns. Th8 division of the DBS inlo sub-pools is notional and is forthe ¢ontritxJtions. This does not airer the facl that the assets of the Burpose ol calculating ongoing BS are held as a single trust fund out of which all (he benefits are to be provided. From time to lime, a notional premiurn is transferred from employers, sub-pools lo the Life Risk Pool and all pensions and death benefits are paid from the Lifè Risk Pool. The schème is a mulli-employer scheme as described in Section 28 01 FRS 102. It is not possib to attiibulè D8S assets and liabilities to specific employers, Sir each employer, through Ihe Life Risk Section, Is exposed to actuarial risks as50cialed with the current and former employees of other eniilies participating in DBS. This means that contributions are aeeounted tor as il DBS wère a defined contribution scherne. The pensiDnS C051s charged lo Ihe SOFA durin the year are wnlributions payable towards benefits and expenses accrued in that year12023.' £84.908, 2022.. £24,937). If, followlng an a¢iuarial valuation of the Lrfe Risk Pool. there is a surplus or delieil in the pool, further Iranslèrs may be made from the Lrf8 Risk Pool lo the employers. supoOls, or vice versa. The amounts lo be transferred land their allocaiion between the sub-pool$l wll be settled by Church of England Pension5 Board having laken advice frotn the Actuary. A valualbn of DBS 15 carried out oncE every three years. The wnost recently linalised valuation was carriecl out as al 31 December 2022. The overall sU1S in DBS was £73.6m. The next actuarial valuation is due at 31 Dember 2025. P8nsion Bullder Schem8 Both seciions DI Ihe Pension Builder Scheme are classecl as defined benefit scheme$. Penslon Bulldor Cla$$ic prowdes a pensiDn. accumulated from contributions paid and converted into a delerr8d annuity during employrn¢nl based on terms set and reviewed by the Ghurch ol England Pensions Board trom time to lime. Discretionary increases may also be added, depending on inveslrnenl returns and other factors. Penslon Builder2014 is a eash balance scheme Ihal provides a lump sum which members use 10 provide benefits at retirement. Pension contributK)ns are recorded in an account for each member. DtscreliDnary bonuses may be added before retirement, depending on InVeMnI returns a1 other lactors. The accouni. plus any bonuses declared is payat}. unrèduced. from age 65. The note5 forrn part ol these linaneAal statements 42
Cathedral Church of the Hoty and Undlvlded Trinity of Carlisle Notes to the Flnanclal Slatemenl$ for the year ended 31 December 2023 21 Penslon contributions Icontinuedl There is no sub41vislon of assets been èmployers In each section ol the Pension Buitder Scheme. The scheme is considered to be a mulli-employer scheme as desebed Sn Section 28 01 FRS 102. This is because il is not possbi le to attribute the Pension Builder Scheme's assets and liabilities lo specrfic employers and means thai contributions are accounted for as if the Scheme were a defined conl¥ibulion heM0. A valuation of Ihe Pension Builder Scheme is carried out once every three years. The most recent valvation was carried out as at 31 Decernber 2022. For the Pension Builder Classic section, the 2022 valuation reveated a surplus of £34,8m on the ongoing assumptions used. At the most recent annual reviow ellgctive 1 January 2024, the Board chose to grant a discretionary bonus o16.P/o to both pensions not yel in payment and pensions in payment in respect ol service prior to April 1997. and a bonus on pensions in payment in respect ol post April 2006 service so Ihal Ihe pension increase was SW. Iwhere usually il would be calculated based on inflation L¥) 10 2.5 /.). This followed improvements in funding wsilion over 2023. There is no requi¥emenl lor deficit payments at the current ts'me. For the Pension Builder 2014 section, the 2(Y22 valuation revealed a SUU of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments al the current time. The next valuation is due as al 31 December 2025. The legal slrLKlure of the schgme is such that if another empbyer fails, Carlisle Gathedral could become responsible for paying a share of the failed em0YerS pension liabilitles. 22 Operating leases Future minimum lease payments.. 31.12.23 31.12.22 ExFiry of lease.. Land & buildings Not18ter than one year Later than one year and not later than live year5 Later than live years 19,51)0 97,500 52,000 19,500 97,500 71,500 Other Not later than one year Later than one year and not later than live years 1,504 675 1,653 1.557 The notes form part of these financial slalemenls 43
Cathedral Church of the Holy and Undlvlded Trinity of Carflsle Notes to the Financ181 Statements for the year ended 31 December 2023 23 Re¢on¢llia*ion of net movement In funds to net cash floTM from operallng activities 31.12.23 31.12.22 Net incomellexpendlture) for the reportlng perlod las per the Statement ot flnan¢lal actlvlties) 108,999 1100,819) Adjuslmenls for.. Depreciation Charges GainsllLossesl on investments Dividends, interest and rents from investments Ilncreaselldecrease in slcsck Ilncreaselldecrease in debtors Increaselldecreasg) in credllors 40,328 31,327 30,834 142,344 1250,5061 1218,3401 13,8671 18001 47,844 173.3541 15,833 140,1591 Net cash provlded by (used In) operatlng aetivilies {10.5351 1259,8011 The notes lorm part ol these financial statements 44