2025-12-31-accounts

Charty registration nuM￿r. 1200677 Cathedral Church of the Holy and Undivided Trinity of Carlisle Annual Report and Consolidated Financial Slaiement$ for the Year Ended 31 December 2025

Cathedral Church of the Holy and Undivid•d Trinity of Carlisle Contents Reference and Administrative Details 1to3 Chapter's RgPQrt 4t020 Statement of Chapterfs Re$ponsibilrtie5 21 Indep￿deft1 Auditors. Report 22to25 C¢￿S011d#1ed Statement of Financial Actiwlies 26 Consolidated Balance Sheet 28 Balance Sheot 29 Consolidated Statem8nl of Cash Fl¢)W8 30 Notes lo the Financial Statements 31to69

Cathedral Church of the Holy and Undlvided Trinity of Carlisle Reference and Administrative Detalls Title- Cathedral Church of the Holy and Undiwded Trinity of Carfisle Reglst•red Offlc•: The Cathedral Office West Wals CARLISLE CA3 8UF Charity number. 1200677 Working name: Carfisle Cathedral W•bsits: MOM￿ry￿ of Chapter: The Dean: www.¢arfislecathedral.org.uk The Venerable Michael Everitt- Interim Dean, Executive Member (appointed 1 st August 20251 The Very Reverend Jonathan Brewster- Dean, Executive Member (resigned 30th June 20251 Ro8ldendary Canons: The Revd car￿ Dr Benjamin Cwler - Canon Warden, Executive Member (Acting Interim De8n during Juty 20251 The Revd Canon Peter Gunslone Member Canon Precentor, Executive (appointed 29th June 20251 (Licensed as Minor CaThJn arKI in attendance at Chapter meetings from 15th June lo 29th June. Licensed and installed as Canon Precentor on 29th June 20251 Canon James Spedding - Senior Non-Executive Member Canon Alan Johnston- Canon Treasurer. Non-Execulive Mamber The Revd Canon Ruth Crossley- Non4xecutwe Member Canon Trevor Hebdon- No￿XecUtive Member Canon Allson Clarricoats Non-Executive Member (resigned 13th May 2025) Canon Julie Clayton 2025} Canon Paul Agnthy - Non-Executive Member (appointed 7th July 20251 Lay Members: Non-Execulive Memb8r (appointed 13th May AdVI￿r5 to the Chapter. Operatlons and Finance: Chief Operating Officer Head of Finance Mrs Edith Mccolgan Mrs Victoria Farish Page 1

Cathedral Church of the Holy and Undivided Trlnlty of Carllsla R•fer•nce and Admlnlstrative Details Audit & Risk Committ8•: Canon Simon Harper {Chalrl Canon Chades Proctor Canon Trevor Hebdon Canon Aan Johnston Flnance Commlttse: Canon Aan Johnston (Chairl Mr Myles Thompson The Reverend Canon Dr Benjamin Carter Mrs Alison Wetton Canon Paul Agnew Mr James de Sau$mar&z (appointed 4th November 2025) Nomln•tlon$ Commlttee: Conon James Spedding (Chairl Canon Alison Clarri¢oats (resigned 13th May 202SI Th6 Reverend Canon Dr Benjamin Carter Mrs Clare Hansford Canon Julle cla￿On lappoSnled 16th December 20251 Fabric Advl80ry Commltt¢e: Mr Charles Blackett-ord (Chair) The Reverend Canon Peter Cavanagh (resigned 15th May 20251 Mrs Janaki Spedding (resigned 30th April 2026} Mr Humphrey Welfare Dr Howard Coutts Ms Bronwèn Riley {appoinled 7th May 2025} Mf Andrew Carter (appointed 15th January 20261 Survoyor to the FabriG: Ulrike Krtr)x Knox Mcconnell Architects Ltd 24 Victoria Road Saltaire BRADFORD BD18 3JR Cath•dral A￿h0•Ologist. Mr Damd Heslop Auditors: Dodd & Co Audit Limrted Chartergd AcGounlants & Regi$lered Auditors FIFTEEN Rosghill Montgomery Way Rosehill CARLISLE CA1 2RW Page 2

Cathedral Church of the Holy and Undivlded Trinity of Carllsle Rafarence and Admlnlstratlve Detalls Bankers: The Royal Bank of S￿tIOnd Drummond House 1 Redheugh$ Avenue EDINBURGH EH12 9JN Investment Managers: Rathbones Invesln*nt Management George House 50 Gèorge Square GLASGOW G2 1EH CCLA Investment Management Ltd Senator House 85 Queen Victoria St LONDON EC4V 4Er The Charities Propertles Fund clo Cordea Savills LLP 33 Margaret Street LONDON W1G OJD Page 3

Cathedral Church of the Holy and Undivided Trinity of Carlislo Chapterfs Report STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon of th? Cathgdral The Constitution was adopted on 29th June 2022 in aGG¢rdanc¢ wrth the Cathedra15' Measurg 2021. Registered Charity Status was aGhi¢ved on 13th October 2022 IRCN 12006rii. Charitable objects Under the Cathedral's Measure 2021. the objects ol the Chapter are.. lal lo advance the Christian religion in accordancE with the faith and practice of the Church of England, In particular by furthering the mission of the Church of England: (bl to care for and conservg the fabric and structure of the cathedral ChU￿h building., Icl to advance any other charitsble purposes which are ancillary lo the furtherance of the Pu￿oSe r8ferred to in 5uWaragraph {al or (bl. The Chapter must act f￿ the public benefrt w((hin the meaning of section 4(31 of the Charities Act 2011. Th• Appolntment of Chaptgr M•mb•rs hapter Members Tho Dean Senior Non-Executive Member ISNEMI R8sidentiary Canons Non-Execuliv8 Members Appolnt•d by His Majesty The 31shop The Bishop Chapter with approval of Ihg Bi$hop Roles and Responslbllltles The Chaptsr and its Officers The Dean 1$ Chair of the Chapter. It shall be the duly of the Chapter lo direct th8 overall strategy and governance of the Cathedral. The Chapter met on Six O￿aS10￿S during the year. The Chief Operating Officer is the Senior Lay Advisor to Chapter, Chair of the Senior Management Team. and prepares the business for Chapter meetings. in conjunction with the Dean, and all decisions are recorded. The Head of Finance, along with the Chief Operating Officer, is responsible for reporting the fin8ncial activities ol the Cathedral lo the Chair of the Firbance Committee. Chapter members are appoinlgd in a¢cordarbce with the Constitution and Slatules. Non-Execulive Members￿ruSte&S are appointed for terms of three years and can serve a total of three temis. Newly appoinled Chapter Members receive extemal trainin9 through the A$s￿latIon of En91ish Cathedrals IAECI and th¢ Charity Commission. Chaplerfs arrangements for selling the pay and romuneration of key senior staff do not drffer from the arrangements for appointing all lay staff. Collggo of Canons The College of Canons has the foll¢xing fundiorbs.. al lo discuss matters concerning the life of the Cathedral," bl to shaTe in th& ministry of worship, witness and hosprtalty offered in and through the Cathedral." cl to receive and noto tho Annual Report and Audited Accounts of the Cathedral. Page 4

Cathedral Church of the Holy and Undlvided Trinity of Carlisle Chapter's Report Thg College of Canons met once du￿ng the year. OBJECTIVES AND ACTIVITIES During the cour8e of 2025. Chapter revisited ils Mission, Purpose and Value8. This process included consultation with staff and volunteers as well as wth the wider cathedral community. The revised Mission, Purpose and Values were adopted by Chapter on the eth Juty 2025. These can b6 found below. The values of Unty, Truth and Love remained unchanged, bul more depth was added to Ihgir definitions. During the same process, Chapter also reviewed rts Vision and Strategic Aims for 2026-2030, and Ihesg were ￿30 adopted by Chapter in July 2025 to begin in January 2026. All of the *ove was fornally shared and launched with the cathedral's C¢)mmunttles on Advent Sunday 2025. the start of the 1rtur9￿01 year. INovember 30th. 20251 The Chapter receives a rep¢)rt from the Dean al each Chapter Mo&ting thrO￿hOut the year, prowding prggress against each Strategic Aim. Mlssion Statement Catlisle Cathedral a community of prayer. welcome and rest for all lo encounter the love of God in Jesus Christ. Purpose Statement For centuries, Cadis5e Cathedral has been a living Christian communty, seeking God and bringin9 rest to restless hearts amid the ever•changing history of our borderlands. We steward this place and ils rich heritage for the city, county and diocese we seNe. We are entnjsteil wrth the $lories il holds. We are cal￿￿ lo use this inherrtance as we seek to t811 anew the love ol Gcé in Jesus Christ for current and fvlure generations. As the seal of the Bishop of Cart68le. we are a &gn of unty, committed to deepening our life of prayer and worship while embracing new way8 to build a sustainable and hope-ffilled future. We welcome all - Msitors. Iraveller8 and pilgrims alike - inviliThJ them to experience the Iransfoming truth and presence of God. Through the storw of G¢xI's love and the richness of Cumbrian lrfe arid helitage, we seek lo inspire and uplift all who we encounter. Valuey Our values are drawn from the Or￿Inal foundation of th¢ Cathedral based on the Rule of Sl Augusllne. His words underpin our daity pattem of prayer and radiate oui Into all aspects of our lrfe. Page S

Cathedral Church of the Holy and Undlvidod Trlnlty of Carlislé Chaptsrfs Report Unlty - we work l(9olhgr for a shared purpose, carin9 for one another as members of the Cathedral community with 'one mind and heart on the way to God". Truth we uphold honesty, inl8grity and humilty for Yhe heart is illumined when f( hears-. G¢)d is truth.. Love - we serye all %Mth compassion, hospilalty and kindness 'lo Iovg God and our neighbtrjr In all we do.. Vibion 2026-2030 Building on more than 900 years of pray8r, worship and discipleship. to create a vibrant, sustainable future for our communty, buildin98. heritage and music lo enable everyone lo take their next step with Strategic Aims 2026.2030 We will strengthen the Cathedral as a place of prayer and a centre of ex¢¢llènee Nl worship and mission to enable all to grow in God's love. We wll nurture our staff and volunteers lo devèlop and flourlsh in their roles. We welcome successive generations lo ￿ inspired and transfomed Ihrou9h eng8gement th tha Cathedral and our region's heritage. We wil establish tho Cathedral at the heart of the ￿gIOn'S musical and cultural lands¢ape. We Mll develop 8 Sustainable. holistic financial rnodel. maximising the potential of the Cathedral's fabric, 0nd￿ment and commercial activities. We wll deepen our relationship WI￿ the people and communities of Ihe Diocese and county through prayer arKI partnership. These were formally launched lo the wider ealhedral eommunlty and stakeholders on the 30th November 2025 and both mark significant work undertakèn wlhin 2025 and shaping the work to Comé into the future. ACHIEVEMENTS AND PERFORMANCE Chapt•r and Episcopal changes Th8 V8ry Revd Jonathan Brwster tend8red his resignation as Dean with effect from the 30th June 2025. We thank him for the contribution he made lo the Cathedfal. Following consutslion with the Chapter. the bishop licensed The Venerable Michael Everitt as Interlm Dean with effect from the 1 $1 August 2025. This is a time limited post for oighteen month$. The R8vd Canon Dr Benjamin Carter Wa5 Ading Interim Dean during Juty 2025. The Revd Peter Gunstone was liGens¢d as a Minor Canon on the 15th June 2025 and Ih8n I￿anSed and instal￿d as Canon Precentor on the 29th June 2025. Canon Alison ClarriGoats completed her lime of s8Nng on Chapter and again we thank har for hèr conlribulion lo tho Chapt8r. Julie Clayton was appointed as a nonéxecutive member of Chapter on th8 13th May 2025 and Paul Agn8w on th8 7th Juty 2025. Both were installed as Conons on the 4th August 2025. Pagè 6

Cathedral Church of the Holy and Undivided Trinity of Carlisle Chapter's Report The Right Revd Robert Saner Haigh. Acting Bishop of Carlisle, was nominated by the Crown Nominations Committee to the See of Carlisle. Carlisle Cathedral College of Canons duty elected him and following Confimiation of Election by the Archbishop of York, he way welcomed. in8tslled and enlhroned as Bishop on the 29th November 2025. Safeguardlng INEQE Safeguarding undertook an audit of the Ditscese and Cathedral as part of a national church process. Their Report was published in March 202S. The Cathedral received twenty recommendations and has pul in place an Action Plan to duly respond to the58. The conclusion of their audil staled= -From a s8feguarding pe￿￿ttl1v6. tho Cathed￿1 b9nefits from slrong leade￿hlp. driven by committed and experienced volunleer¥. staff, arKI a hardwot*ing, highly effective, p8rt4ime CSL" The Independent Safeguardlng Audit of Carfisle Diocesan Board of Finance and Carti$l8 Cathedral Report can be found on the Cathedral website. The Safoguarding Actttin Plan is regularly reviewed by Chapter, the Diocesan Safeguarding Advisory Panel. the Audit and Risk Ccwnmittea and the Cathedral Safeguarding Group. The Cathedral Safeguarding Group, which draws membership from representatives acTOSS the Cathedral community, offer5 important pradical interrcrfjation of safeguarding practice. The Calhetlral's "Safeguarding Season. in November included eng￿ernent with Victims and SyMvoT groups. 11 also had a I￿u$ on Suicide Prevention with liaining for staff and ¢Jther stskeholders through 'Every Life Matters." Strat4glc Aims The 2Q2&2030 strategic aims build on the existing 202¥2025 aims. as noted belchv. In this fftport the new stralegic aims lor202&2030 noted in italics within the context of 2024-2025 forconlinuily. Strntfjglc Alms 202￿2028 To strengthen the Cathedral's offering of worship, mission and discipleship. To secure a sustainable financial model To make the Catheéral a great place to woth and achieve "Investors in People Bronze" a¢¢reditalion lor an equivalent approved by Chapter) To agree a sustainabilty plan for all buildings in the preclnct To strengthen the Cathedral's connection with the Cty and County by. lal Clarifying and Feveraging the role of the College of Canons= and Ibl Holding regular high-level meetings bekneen the Cathedral & University of Cumbrk8. Page 7

Cathedral Church of the Holy and Undlvided Trlnlty of Carlisle Chapter's Report 1. 2025 To strnngthen the Cathedrafs offerlng of worship. mlsslon and disGipleshlp. St￿ngth￿ned for2026-2030 to Strat69￿ Aim l. "We will slrpngthen the Cathedral as a place ofprayer and a centrg of excellenco in woTrhip and mission to enable all to gmw in Gods love-, 8nd Strategic in 4. "We will gstablish the Cathedral at the heart of the rggm's musJc81 and cultural landsc8Pe". Wornhlp and Llturyy The Cathedral has sustained ts threefold daity pattern of prayer throughout the year, a leslimony to the dedication and farthfulness of many, to whom profound thanks are du9. At Easter 2025, the Cathedr81 Communty Roll was fulty revised in accofdance wlh the Cathedfals, Measure 2021, resulting in a Worshippers, Roll of 96 and a Comrnunity Roll of 33. While these figure$ 811 below average Sunday aftondances, they provide a Clearer baseline from whi¢h to focus future gro%￿h. engagement. and belonging. G￿￿th and accessibllity are understood in their widest $8n8e, extending beyond numerical indicators. Since S8plember 2025, sermons from Sunday morning worship and selectgd other Services havo been m8da available on the Cathedral website, attracting almost 400 wews at the time of writing and broadening the Cathedral's digital reach. Alongsid& thi$, all members of the Worshippers, and Communty Rolls, together wth key stakeholders. have received a fulkcolour brochur8 articulating the Cathedral's Missv)n, Purpose. Values, Vision, and Ams, slienglh8ning shared understanding and strategie alignment. A defining characteristic of a cathedral is its relationship with the Dioc8s8 and its Bishop. The planning and delivery of the Enthronernenl in November 2025 demonstrated the Cathedral's strong partnership with the Diocese, as wall as the commitment, professionalism. and adaptability of its staff and volunt8ers. Thp sèNice was delivered lo an exceptional standard and provlded 8 confident and appropriate foundation for the new Bishop's ministry. Seasonol worship continues to be an important point of connection, with attendance at Christm8$ services showng encouraging growth of over 20Q/¢, Irom 1,464 in 2024 to 1,760 in 2025. In response, plans are underway lo expand the Provision of Nine Lessons and Caro15 to threg services in 2026. Throughout Advent and Christmas, an open invitation was extended to 811 to participate in Alpha, supporting the explor*ion of Christian faith ond di$cipleship, with the programme scheduled lo lake place in 2026. At the beginning of th8 yèar, the Head Verger, James Armstrong, wa$ diagnosed with a leminal illness and died in Moy 2025. James had served as Head Verger since 1991 and was instrumental in maintaining excellence in worship. Following a national recruitment process, J¢)hn Wilkinson was appointed and installed as Heod V?rger. Music The Cathedral both delivers and hosts a full range of musical acliwties Ithich. through participation as perfomi8rs and audiences, is Cent￿ to the region. It also provides the framework for fthure musicians by delivering high qualty musical angagement. They are drawn from I￿al school8. There are 14 boys, 18 girfs and 6 adutt Lay Cletks in the main choirs. Undei the Director of Music, sing the majority of services as well as participating in the Hadrian's Three Choirs FestNal, Choristers in Concert and the Carols by Candlelight Concert. Page 8

Cathedral Church of the Holy and Undlvided Trlnlty of Carlisle Chaptsrfs Report Alongside them is the Consort, whbch [8 a SATB choir of boys and girfs in secondary education. They have Sung in various services including the Eden Vallèy Hospice Carol Service and Carols by Candlelight. The Cantale choir continues to grow in strength, confidence and numbers, with Six concèrts a year within the Outr&ach Prcgramme. They have also sung at various other concerts and seNice8. Acting as a link to the other choirs they have an impact on musical engagement beyond the traditional cathedral communities, The Outreach Programme involves local schools and gives them opportunities lo expèriénce participating Dl singing at a ht¢Jh standard and perfomlng within the Cathedral. The Organ Re8toratSon ProJo¢t: 'Heavenly Volces, Mlghty Sound. Foll¢)wing on from an initial report on the current condition of the organ carried out by the Revd Canon Nicholas Thisllelhwaite, Independent Organ adwsor, in 2024, the proposed organ proieet undewent a Feasibility Study in October 2025, conducted by Sodal Research Buillers {SRBI. Thè Faasibilty Study involved engagement with a wide range of stakeholders. including key supporters, amc representatives, members of the congregation, and Cathedral staff. As part of this process, SRB conducted a seri&s of convèrsations and a short, confidential Survey lo gather insight into perceptions of the organ, thg importance of music to the Cathedral community. and appetite for supporting the project. This research helFed to shape the campaign strategy as the Cathedral moves toward5 the next phase of delivery. SRB wa9 then subsequentty wmrnissioned" to support the development of a robust fundraising approach to enable the Cathedral to move forward wth this proiect, whieh i8 a subslants'al undertaking. with an overall projecl cost of £2.4 million. Education and Leaming Leaming actiwlies have shown a healthy groYAh through 2025 based on good school bookings and a diversification into wider areas of aclivtty such as aduft craft and learning aclivitE$, thu5 providing a solid base for achieving the budgeted largel for leaming for 2026. Highlights from the year indude the first Cathedr81 Camp {children's summer clubl which provided a solid foundation lo develop for 2026 and the Litue Stsrs Carol Service which received a much stron9er response than expected. Although we have not been abk to sustain a weekly t¢)ddler group - Little Stsrs now runs Month￿ - the strong response to thi8 event Provid￿ a way to engage with new families in drfferent and creatwe ways. Collectlons The appointment of a Head of Collections has slrenglhened organisalional capaclly in Collections Management. enabling a more strategic and evidence led approach lo the care of collections. Environmental conditions particularty humidity and its long4emi impact on the collection and histori fabric. have been identif￿d as a risk. A phased programme of work to add￿$$ these challenges wll commence in 2026, infom)ed by monitoring, anatysis and prioritisation. This programme will be fully integrated into the emerging 10-ye8r Fabric Masterplan. ensuring that environmentsl ￿ntrOl. conservation resilience and capital investment are aligned within a long-lerm, sustainable framework that 8UPPOrts responsible stewardshp and strengthens the case for future funding. Page 9

Cathodral Church of the Holy and Undlvlded Trlnlty of Carllsle Chapterfs Report MarktitTng and Communications A Mixture of digital and printed marketing methods was used to communicate to a wide variety of audiences. Thi8 produced increases in follower numbers across most of our social media platforrns, as well as our &newsletter $ubscriber5. Quarter￿ What's on Guides have bean produced and well recgived. and this will be reviewed in 2026 to ensure that the conlenl and fomiat is produced in the most efficient way. Our relationships ¥wth both local and national media groups hove been nurtured. with regular press relea8es circulated and media interviews arranged fof TV. radio and print. We have continued our membership with Cumbria Tourism and maximisod the marketing opportunities offered, lo reach their wider national and intemational audiences. In 2025 a marketing package was arranged with the Cumbria Guide, lo promote our activities to their ne￿Ork in Cumbria and beyond, and benefrt from their strong digital presence. This will be reviewed and considered again for 2026. Z To socure a sustainable flnancial model strengthened for 202&2030 to Strategic Aim 5. "We will develop 8 SUStaln8ble. holisti¢ finanual llK)del, ma¥imising Ihe polenltal of Ihe Cathedr81s f8biic. endowment ar￿ Comme￿la1 activili&s'. Strong financial management and a continued solid perfonnance from CadI81e Cathedral Enl¢rprise8 Ltd contributed lo a positive outcome for 2Q25. Al the end of 2025 income acro$$ the lines have exceed9d budget. wf(h the exception of Worship & Mission. Outporfornance is driven primarily by strong Visitor Inwme and Gener81 Fundraising Donations wrth helpful lifts in Music Donation8. However, Grfi Aid is underperfomiing, particularty in the Stewardship Scheme (Regular Giving) and Regular Worship giving. These fv40 ar&a$ reprv3enl the main development opportunities ben&ath th8 hèadline success. The Caf8, Sh¢)p and Events all oulperfomed budget, to deliver another successful year of commercial trading for Carlisle Cathedral Enterprises Ltd. Events will be the primary commercial growth driver in 2026, focused on revenue growth. margin impmement. and dgmonstrablg return on invgslmgnl. The Cathedral undement external ￿ViewS in 2025. These ar6 part of a national programme for the Church of England. looking al sustainabilty. opportunities, viability and challenges. Th858 are by invitation and whilst ¢ommissioned to help inform the Church Commissioners and the National Church. bolh report lo the Cathedral their findings. The Church Commissioners engaged BDO lo support them in assessing the financial sustainability in the Cathedral Sector. The objectives for Proj8cI Narthex, werg to assess financial suslainabilrty acro55 the sector and id8ntify the srLe of the structural deficits,. under8tsnd challenges and opportunf(ies,' idenlfy areas for improvement and assess potential options to improvè financial sustsinability and operational resilience. BDO commented favourdbly on the leannes$ of the operation at Carlisle whilst indicating opportunfiie5 for developmenL The Associat￿ of English Cathedfal8 commissioned a national research proifjd, Conducted by Theos Think Tank, whrh explored the spiritual, $¢xial, and cuhural impact of English eathedrals Igday. This project wa$ built On the 2012 Spintual Capital report and the 2019 ECOR YS study, aiming lo update and deepen our understanding of cathedrals. role in society. P8ge 10

Cathedral Church of the Holy and Undlvlded Trinity of Carlisle Chapterfs Report 3. To make the Cathedral a great pla¢0 to work and achleve "Investors In People 8ronzo" a¢¢r6dltatlon {or an equlvalenl approved by Chapter} Strengthened ft?r 202&2030 to Strat8gic Aim 2, We will nurtuTr our st8ff and volunte8rs lo d8valop and flourish in ttTreir roles.. During the year, a number of new posts were created and successfully filled, strengthening both the Cathedral's leadership aml operational capacity. These included the appointment of a Head of People and an HR Officar wlh a dedicated focus on volunteers. Further key appointments were made lo the roles of Oevelopmenl Director. Vi51tor Experience Manager, and Head of Collections. Several of these strategically important posts were made possible through support from the Church Commissioner$' Cathedral Sustainabilty Fund. Building on this incr&asad capacity. continue to develop the programme of staff engagement initiated in 2025 through the introduction of 8 revised approach to staff Supervision and appraisals. This enhanced framework strengthens and eomplemenls 8xisling arrangements for staff indudion and the rolling programme of in service trainlng. During 2025 the Cathedral's volunteer Bell ringers were ￿1c8 recognised for their work by national bodig$. The A$sociation of English C8lh8dral's shortlisled them as 'Volunleei Team of the Yearf and they were named "Band of the Yearf, in Ihe annual Association of Ringing Teachers IARTI Awards. In addrtion to this the Bell Tower Team completed their first full peel using only ringers from the Cathedral band. To agree a suslalnabllty plan foy all bulldlTrgs In tha proclnct Strengthened for 202&2030 to Strategic Aim 3, -we will welttome successive g8nerations to be inspired and transfomied U7rt)ugh eng8g8m8nt with the Cathedral and ourreglon's henlag8°. The conservation of the Cathedial's fabric presents both ongoing challenges and signfficanl opportunitie5. Thè most recent Quinquennial Inspertion on the Cathedral Klentified a number of priority areas for attention over the coming years, inclvding work$ lo the Clerestory wind(Y•VS. Savill's were appointed lo carry out quinquennial inspections on all olhor buildings within the Cathedral precinct, with the exception of the Deanery. wh￿h was undertaken in 2024 by the Cathedral's SuNeyor lo the Fabrfc. In 2025, the Cathedral was awarded £150,DJO Ihrou9h the Ar¢hbi¥hops' Council funded Nel Zero 'Demonstratorf Grant Scheme. This project will convert the Cathedral's historic habgen lighting system to energy efficient LED technology. while sensitively upeycling the existing inlraslructure rather than replacin9 f( wholesale. The appr03ch will delNer a substantial reduction in energy consumption and carbon emissions. while avoiding the embedded Co￿0n and waste associated with the installation of a new system. The project will serve as a practical case study for other cathedrals, churches, and heritage buildings seeking to adopt low carbon lighting solutions in a conservation led and sustainable way. Anlicipaled oulccme$ include reduced operational costs, minimal waste and disruption. and improved lighting quality and reliabilty. The pfojecl is sche<luied for Gomplelion in 2026. The Cathedral's achievement of the Silver Eco Church Award reflects a demonstrable commitment to environmental sust8inabiif(y and ensures that this remains a key area for continued dgvelopmenl. Projects such as the Fratry develDpmenL alongside th? active use of the Cathedral grounds, enable meaningful engagement wrth a wi¢Je range of audiences across th& Cathedral precinets. Page 11

Cathedral Church of the Holy and Undivided Trinity of Carlisle Chapterfs Report In 2025, Bishop Smith's Registry was restored follcwing the SU￿9$sful award of grant funding. This project delwered significant capitsl works. transfoming a previousty dorelicl 17th century building within Car1151e's Historic Quarter. Th& singlè storey. Grade11 listed Registry has been regeneraled lo provKle a welcoming. accessible space to support a diverse programwE of community, crealNe, and engagement &tivitie$. In addition, improvement works were undertaken across a number of residential properties, including the installation of new kitchgns and bathroom5, internal redecoration, and repairs to exi8llng windows. This programme of work will continue into 2026. 5. To str8ngthon th• Cathedral's conn•ctlon with the City and County by: lal Clarffylng and l•v8raglng tha role of the Collegg of Canons: and Ibl Holdlng regular high4èvel meetlngs betweon th• Cathedral & UnlversSty of Cumbrla. SI￿ng1h0ned for 202&2Q30 to 6, We will deepen our rBlationship with the people and communities of the DI0￿Se and county thmugh prayerandp8rtnotship'. The College of Canons in 2025 fvifilled its most important legal duty in boing ralled by the then Interim Dean. The Revd Canon Dr Benjamin Carter to meet to elect the new Bishop of Cadisle. To enable this clarification as to membership and role of the College occurred. Th8 College then participated in the enthronement and are roulin8ly invited and included into the activities of the Cathedral. Tre Calhedral wntinue$ lo benefit from a strong and strategically Important relationship wlih the Unniersty. The Universty uses the Cathedral for its graduation ceremonies, which remain a prominent feature of its ceremonial lrfe. The partnèrship is reinforced at governarbce level through the inv0￿ment of the Canon Warden on the University5 Board. At a strategic level, the Cathedral's Chief Operating Officer meets regularly with the Universty8 Chief Translormalion Officer. These meetings focus on how the Cathedral, and the Universty can continue lo work together slralegically and devekJp the partnershrj in support of their long temi priorities. The Pears Medical School has established particulady strong conn￿li0n5 Wlth the Cathedral, including the physical presence of key stsff within the Cathedral Close and a programme of fomial and infomial events held within the pre¢ind$. These links have strengthened relationships and supported wider engagement. The Unwersity was also heavity involved in the Safeguarding Season, demonstrating a shared Commitmènt to safeguarding, learning, and publi¢ engagement. IMPACT ThroyghoLrt 2025, the Cathedral sustained its role a$ a centre of worship, mission, and publi 9ngagement for the City, County, and Diocese. Attendance data demonslrales both regular worshipping commitment and signfficant engagement at seasonal and crvic moments. The Church of England Octobar Census recorded average weekty attendance of 41 children and 208 aduKs, indicating a $18ble core congregation. Seasonal worship continued lo draw substantial numbers. wi(h 7,864 attendees during Advent1301h November lo 24th Decembgrl, 1,089 during Holy Wgek, 469 al Easter. and 1,760 al Christmas. A further 3,885 people attendeLI other seNices across thg year. Collectively. these figures evidence the Cathedral's continuing e8pacity to gather large and diverse congrogalions al key points in the Christian year. Page 12

Cathedral Church of the Holy and Undivided Trinity of Carlisle Chaptsrfs Report Bayond regular worship, the Cathedral fundKJned as a convening and hosting space for thè wider ommunty. During 2025, 52 events involving the Univetsty and other regional and national groups were held, allracling a lolal attent1an¢e of 23,4C6. These events reinforced the Cathedral's position as trusted ¢bViC venue ab￿ to support leaming, dialogue. commemoration, and cultural exchange, at scale. Engagement with Child￿ft and young people remains a stralegiG priorty. In 2025, 1.227 s¢hool children parti¢ipatèd in Calhedral-led educational aclivty, supporting curri¢ulum4)ased learning and spiritu81 development. Leadership ¢onneth'ons further slrenglhenerj institutional r8lationships, wth the Dean and later the Interim Dean serving as a foundation govemor and members of Trinity School Academy Trust, which serves 1,600 children, #nd the Canon Warden seNing on the University of Cumbria Board. The8e roles extend the Calhe(Iro1's influènee into education81 governance and long-tem Shaping of leaming environments across the region. In addition to worshippers, event attendees, and educational groups, approximalety 150,000 visitors entered thé Cathedral during 2025. This level of f¢)orfall highlights the Cathedral's Sign￿CanCe as a heritage, Gullural. and spiritual deslinalion, contributing to the cills tourism and economic eco8yslem. The musical lrfè (rf the Cathedral, detaikd elsewhere in this report. continues lo make • subslanlial contribution to the CU￿Ur81 landscape of the City and County. Music functions not only as &xpression of worship but as a means of broad public engagement. allracling audiences beyond the regular worshipping communty- Safrguarding remained a 8ignthcant strategic focus during 2025. A dedicated Safeguarding Season deepened awareness and understanding among staff. volunteers. and the wider conNnunity. This involved partnership working with university students, the Diocese, parishes, and extemal charitKgs. with particular emphasi5 on suicida awareness and support for suNNors and V￿liMS of abuse. This worf( positioned the Cathedral as a vsible and trusted contributor lo wellbeing. care, and public responsibility across the locality. The Cathedral's st￿ardShiP of ils buikllngs and Sp￿e$ continue8 to enable a wde range of worship, cultural, educational, and cNic uses. The Enthronement Serv￿e exemplified the Cathedral's role al the centre of diocesan life, while events Such as the new Communrty Flag launch, Ukraine War anniversary memorial, Remembrance, and other county and national observances demonstrate its capacity lo respond to and hold momerbls of shared signfficance. Taken together. the reach of the Cathedral's worship, events, educalv)n, 8nd partnershlps direcdy engages tens of thousands of people each year. relnforcing its position as a spiritual anchor. civic partner, and Gumural resource for both city and County. FUTURE PLANS Building on the priorities 8et out in the 2024 Annual Accounts, Chapter has identified the fgllowing key afeas for development in 2026. Stratsglc Plannlng and Vlsion The full embedding of our Vision 202&2030 will Shape the Cathedral's 81ralegic direction over the coming years. Translatin9 this Vision into h'ved practice across worship, govemance, staffing, partnership8, and use of buildings will be a central focus. ensuring that Strategic Aims are eonsistently understood. owned, and ddivered. During 2026, priority wlS1 be glven lo sustaining growth and engagement across the Cathedral community, including congregations, volunteers, partners, and visitors as well as development and growth within th8 trading ami of the Cathedral (Carlisle Cathedral Enterprises Lldl. A key milestone wll be the recruf(ment and appointment of a subslanlive Dean, providing stable leadership to carry the Vision ft)rward and deepen the Cathedral's ro18 wf(hin the Diocese. City, and Region. Page 13

Cathedral Church of the Holy and Undivided Trinity of Carlisle Chapterf5 Report Strengthening ¢ongwal•)nal lifg and ￿mmunitY development will be a core priority for Chapter during 2026, lod by the Canon Precenlor, Developing a flourishing, engaged worshipping community is integral not only to the Cathedral's mission but also to ils long temi financial $uslainbilty. Congregational participation and 8UPPOrt will continue to be recognised as a key indicator of sharad Commitment to tha Cathedral's futurè. Alongsid8 this, the Cathedral VMII continue lo pursue a balanced approach lo income generion. commercial aclniity. cost Control, and long term planning, ensuring that mi$$ion is undorpinned by resilient f￿nancial planning. Staffing Ernbedding the staff appraisal system in 2026 will bo an impDrtanl step in strengthening organisalional effectiveness. The system will provide a consistent framework for setting expectations. offering constructive feedback, and idenlifying professional development need5. Over time, this wll support Individual growth. improve perfom)anee. and foster a tulture of a¢countability, confidgnce. and continuous improvèment across the staff team. Th• Organ R8storatlon Projod: 'Heavonty Vobcgs, Mlghty Sound. The organ restoration project represents a major opportunity for careful renewal.. lo secu￿ thg long-term health, reliabilty and musical intègrty of an instrument of national signrficance, ensuring it can continue to serve worship. education and cuhural lrfe for decades to come. It is an opportunty lo invest in something irreplaceable, a liwng instrument that continues lo be loved, used and 8hared. This is an important project. both in terms of ils fundraising ambrtion5 and the difference it can make for the Cathedral. Momentum has been strengthened through a generous pledge from the Benny Walker Charitable Trust. which relects a signrficanl vole of confidenc8 in the Cathedral's music. heritsge and civic role across the Northwest and Borders. Bringing the project lo life will depend on continued Collaboration, clear governance, and the active involvement and 8UPPOrt of our friend$ and partner8. 2028 will mark the fomial public launch of the Orgon Projecl, alongside the signing of conlracls, and the start of an aclivo fundraising phase ID secure the remaining investment nèeded to Safeguard this remarkable instrument for future generations. Fabrlc The completlon of a 1¢>year Fabrlc Masterpl8n In 2026, Lrtilising tha dota provided by the recent quinquennial reports. will provide a Glear, ¢on5erv*ion Igd framework for the long-lerm care of the Calh8dral and buildings within the precinct, gnsuring that repair and maintenance are planned and priorilised in accordance with their architectural, historic, and liturgical significance. 11 will address current and emerging conservation needs across the wider Cathedral Close, establish appropriate principles for Ihe care of historic fabric and support infomed, phased decision making. By moving from reactive inlewvenlion to proactwe stewardship. the Masterplan will slrenglhon the Colhedral's ability to conseNe ils heritsgè ￿spOnSIbty and Sustainably for worship, mission, and future generations, while also enhancing commercial potantial and support lon94ern financ￿1 resilience. Planning applications are currenlty being prepared for two signfficanl fabrK projecl8.' the return of No. 7 The Abbey lo rosidenlial rental use and the proposed Sl Mary's Car Park plan. Subject lo planning pemission and $talutory consents, both developments are anticipated to rnove into delivery during 2026. Togelhar, thes8 projects wll diversfy income streams, strengthen long term financial 5uslainabilty. and enhance the wider Calhedral precinct. Page 14

Cathedral Church of the Holy and Undivided Trinity of Carlisle Chapter's Report V181tor Engagement Dlo¢68è and Partnershlps The Chapter wil continue lo strengthen and broaden ils relationships with the Carlisl8 Cathedral Dovelopment Ttusl and the Friends of Carlisle Cathedral. Closer collaboration will support shared priorrties, enhanee fundraising ¢apacity, and ensure that supporters are 8¢tivety engaged in suslaining the Fife and mission of the Cathedral over the long term. The Diocese ¢c￿linUeS to explore ways of deepening its engagement wth tho Cathedral. In addition to existing relationships wrth schools and chur¢he$. plans are underway for a Diocesan Clergy Wellbeing Day based al the Cathedral. This initialN& reflects a shared commf(ment to clergy support, wellbeing, and the Cathedral'y role as a centre for diocesan galhering, care. and fomalion. Major programmed events will continue lo play a strategic role in widening engagemènt and deepening the Cathedral's public profile. In 2026, Luke JeNam's Museum of the Moon will be hosted in October, alongside tho Chri$tsnas Tree Festival and other events. The Museum of the Mwn builds direclty on leaming gained from the Christmas Tre¢ Festwals of 2024 and 2025, both of which saw signrficant growth in wsttor numbers. In prèparalitrn, we are developing a more coherent and intentional approach to visitor welcome, both in presentation and content, lo ensure successlul delivery of these major events and to embed lasting improvements in how visitors, pilgrims. and worshippers are received year-round. A particular focLJS will be given lo sustsining momentum into December 2026, when th8 Cathedral will h¢)St its third Christm88 Tree Feslwal. Safeguardlng Plans foi 2026 include embedding addrtional professional safeguarding expertise wrthin the Cathedral Team, with C￿ar links to the Diocesan Safeguarding Team. Membership of the Cathedral Safeguarding Group will be broadened to include independent extemal members and vith'mlsuNivors. Safeguarding reporting will also bè strengthened through the full impkmenlation and use of th8 National Safeguarding Case Management Sy81em, 'MyConcern'. STATEMENT OF PUBLIC BENEFIT As a Cathedral ol the Church of England the Chaptels statutory responsibility under the Cathedrals M&asure 2021 is lo be the se* of the Diocesan Bishop and a centre ol worship and mission and lo provide a focus for the lrfe and wortt of the chU￿h of England in the Diocese. The Cathedral is engaged with the Diocase. strategy and delivery, shared wlh three other Christian Denominations represented in the ecumenical County of Cumbria, The publie benefit is delivered through ils promsion of worship, pastoral and outreach actwities for the people of Cartisle and beyond, and the welwme, hospital￿, MUS￿ and increasing range of activities and events provided for all the Cathedral's visitors throughout the year. In setting the Cathedr81's objectives the Chapter has pahl due regard to the guidanGe Set by the Church Commissioners and the Charity Commission. PRINCIPAL RISKS AND UNCERTAINTIES Whilst the responsibility for building a robust Risk Management Framework remains entirely w￿h Chapter, the Audit & Risk Committee brings an additional and very important layer of oversight. During the year Chapter. with scrutiny and inpul from the Audit & Risk Committee, reviewed the Risk Management Register with regard to the key risk8 being faced by the Cathedral. As iderrtified vmthin the Risk Register. there are a number of risks and uncertainties faced by the Cathedral and, at the lime of this report. the following tsyo risks represent the hlghest net risks identified during the year.. management of the fabric of the Cathedral and 88socl8ted buildings.. and the ongoing embedding of a strong safeguarding wllure. Page15

Cathedral Church of the Holy and Undlvided Trinity of Carlisle Chapterfs Report Within the overall Rlsk Management Framework, the Committee has ad<nowledg¢d that certain risks, by virtue of their nature. will always be ragarded as high risk", however, it remains a key objective that these risks are managed mitigated in a controlled manner. Progress of the above is reviewed by both Chapter and the Audit & Risk Committee on a regular basis, alongside the period￿ monitoring and r8-assés$ment of each of the identified risks in line wrth the Risk Managem8nl Policy. whilst the Senior Management Team holds Chapter4elegated responsibility for day-to-day risk management arrangements. Audit and Risk Committ9o- Report Irom the Chalr The committeg mel 4 times in the yegr ended 315t December 2025. Discussion topics included the following.. Financial Statements and Annual Report for the year ended 31 st December 2024, inc4udin9 accounling policies, material judgements and the basis of going concern. Discussions wrth the external auditors concerning the progress of their aLKIit and their finding¥ arising out of their audrt. Consideration of staffing resour¢e$ and the risks arising Continued rsvi8w of the Risk Register. review of the Risk Appetite and the actions being taken by management to mitigate identified risks to ensure that these were wrthin the desired risk appetite. Rgview of the findings of th8 INEQE independent safeguarding audit and the actions being undertaken by the Calhedral arising from the audit Rewew of Policy updates Review of the Annual InsuranGe Report Review of the extemal oudilors and recLKnmendation to Chapter over their reappointmonl Flnance Committee- Reportfrom the Chalr The Committee met 6 times during the year ended 31 December 2025. Discussion topu included the followtng. Financial Slalemenls and Annual Report lor year ended 31 Dgcembèr 2024. in conjunction with the Audit and Risk Cummittao. Review of mc•)Ihly management accounts for Chapter and C•rfisle Cathedr81 EnterpTise8 Ltd. Completion of the transfer of part of the inv8strnent portfolio to new fvnd managors. Funding of swnrficant property maintenance works. Reviw of polcy updates. Negotiations relating lo the Deanery Loan. Oversight of process and review of budgets. The Finance Committee and the Audit and Risk Committoe wnlinue lo provide oversight, scrutiny and hallenge in financial matters and all areag of financial risk id8ntrfied LFndèr our Risk Management Framework. Looking to the future, our forocasl for 2026 is challenging. We face ever increasing eosts and 80 our fo¢u$ remains firn￿ on prudent management coupled with growing existing income streams and generating new sources of income. In particular, The Moon exhib¢tKJn will attract visitors generating additional income as well as shop and café 5ale5. Page 16

Cathedral Church of the Holy and Undivided Trinity of Carlisla Chapterfs R8port The committee will also be providing oversight of the financial aspects of the Organ restoration w¢rk ensuring appropriate financial conlrtsls are in place. Nomlnations Committee- Report fr(Mn ho Chalr Tho Nominations Committee 1$ responsible for Ide￿trf￿ng, a$ses8in9 and recommending suitably skilled and diverse candidates for appointment to Chapter and ils committees, ensuring appointment8 are made on merit and in accordance with the Conslilulion, SlalLrtes and relevant guidan￿. 11 oversees fair. transparent recruitment processes and helps maintair) tha balance of oxperience, Independen￿ and expertise needed for effective governance. This year the Cathedral has welcomed The Venerable Mithael Everiti as Interim Dean. after the resignation of The Very Revd. Jonathan Brewster as the last Dean. We have also celebrated the appointm8nt to Chapter of The Revd. Canon Peter Gunslone {car￿n Precentorl, and af Canon Julie ClaWcn and Canon Paul Agnew as new lay members of Chapter. We have also been delighted lo welcome James de Sausmarez as a member of the Finance Ccmmittee, and Bronwen Riley as a new member of the Fabric Advisory Ccnmittee. Flnanclal R•vi•w The consolidated results for the year ended 31 December 2025 show a net increase in lolal fund8 of £356,497, bringing total consolidated funds to £11,515,794 at the year end. This represents a strong nancial outturn for the Cathedral Group, driven by heatthy trading p8rfom)ance, improved ViSTior income, continued fundraising support. and positive investment returns. Total consolidated income for the year was £2,014,295, Compared wlh £1,753,142 in 2024. Growth has been delivered across several income streams, including visitor donalv)ns, concerts and events, trading income via Carfislg Cathedral Enterprises Ltd {CCELI, and reslrielèd grant income. Total consolidated expenditure was £1,956,886 {2024'. £1,574,805}- These eosts reflect Continued investment in ministry, musi¢, fabric maintenance, conservation, visitor se￿￿eS, and the delivery of the Cathedral's mission. Rising costs in utilities, staffing, and materials continue lo exert pressure, careful management has ensured that expendrture remained within approved budgets. Trading Subsidiary - Carl181• Cathedral Enterprl$es Ltd Carli8￿ Cathedral Enterprtses Ltd dellvered anolher strong Gommer¢ial performance, genorating tumover of £778,380 from shop and ¢afé operations, and events. The company commilled lo make a distribution of £146,978 to the Cathedral during the year. Thts contribution continues to be an important source of unrestricted svpport for the Cathedral'5 mission and ongoing work. Page 17

Cathedral Church of the Holy and Undivided Trinity of Carlisl• Chapter's Report Overall. there has been a surplus this year of £3se,497. This is made up of th8 following.. Common Abbey fund Destgnated Propertles funds Boquest Fabrfc fund Other funds Net SU￿lUS/def￿lt Unrealised gainsllosses Realised gains￿osSeS Transfers 61,647 11,114) 5,511 182,091} 15,221 75,221 32,374 31,752 2,335 15611 15,049 700 416 2,250 15681 {110.153} 115.4321 130.000 47.909 799 31,054 10.096 14.660 90.501 Fratry lund Endomnont funds Total Net Surplusldeficil Unrealised gainsllosses Realised 98insllosses Transfers 131.8421 14,856 57,409 212,400 293.349 2,941 5,739 {20,6461 209,551 131,8421 356,497 The cash balances held by each of the above funds is.. Common fund Abbey Fabri¢ Oth•r Fratry Endvwment Properties fund funds fund funds 7.040 194.237 125.270 9,265 54,620 817,559 8gque$t Total Cash held 419,040 8.087 Resgrves Pollcy Chapl8r aims lo maintain reserves equivalent lo 6 months of unreslricted operating expenditure, consislenl wrth charitable sector best practice. Current reserves fall within this target. Chapter continues to seek opportunf(ies to strengthen reserves wh8re possible and considers that the Cathedral's need for reserves will fluctuate depending on its financial po$rtion and the assessmerit of the risks faced at any one lime. The reserves policy wl1 be reviewed on an annual basis and updated accordingly. The lèvel of unrestricted reserves held in Chapter only as al 31 December 2025 were £2.014,499 of which £201.626 are designated for property works, £157,909 is designated for future wor*s, £101,353 held as fixed a$¥el$, £1,552,626 hold as inveslmenls, resulting in free reserves of £985 al 31 D8cembef 2025. Page18

Cathedral Church of the Holy and Undivided Trinity of Carlisle Chaptsr's Report Prlnclpal Funding Sourc9$ The Calhedral'g core income derives ffom.. voluntary income Idonalions, legaeies, Frfends and Development Trust supporti visitor donations and lour income ' grants from the Church Commissioners investment income trading adivities via CCEL ' project and restncted grants from funders This diver¥e income base remains vital in supportin9 the Cathedral's mission, worshp. mu81C, h8rrtag8 responsibilrties. and visitor ministry. Going Concam Chapter has reviewed detailed budgets, cashflow foracasls, and forward income expectations for at least 12 months from the date ol approval of these accounts. Based on this review, and taking into atcourbt current reservès, unrestricted cash. and conflm)ed income stwms, Chapter is satisfied that the Galhedral Group remains a going concern. Investments pollw and pèrfomianc8 Investments held by the Chapter, were managed and spirt behveen CCLA Investment Management Limf(ecl, Ralhbones Investment Managers and the Charities Property Fund, and they all follow ethical investment guidelines. Ralhbones Investment Policy has moved lo a total relum on investment basis this ytrar. Fundraislny standards Informatlon The charity is committed lo maintaining hKJh standards in all fundraising aclivilios and complies with the Code of Fundraising Prxtice. During the year, the charty engaged consultants who were paid to complete a feasibility study and support the charity wilh applying for grants on the charity's behaw, in connection wlh the organ restoration projed. Thesè consultants do not carry out publi¢ fundraising or diredly $olicrt donalicms from members of the public. Appropriate contracts are in place with all consultants, clearty Setting out the scope of servI￿s. feè arrangements, and expectations regarding ethical conduct, transparency, and compliance with relevant legislation 8nd guidance. The charty carries oul due diligence prior to appointment and monitors the work of consultants throughout the engagemenl lo ensure aetNrties align with the charty's values. The chartty remalns responsible ft)r all fundraising carried out in its name. TfUStee8 overs fundraising arrangements and ensure that the chariws approach reflects best pradice. The charity is mindful of its responsibility to protect the public, including vulnerable people, and does not p&rmit unreasonably intrusive or aggressive fundraising practices. As consuttants do not have direct contact with indiwd￿l donor8. the risk of such practices is low. Durfng the reporting pefioj, no compkinl$ were receivod in relation lo fundraising activities. Page 19

Cathedral Church of the Holy and Undlvlded Trlnlty of Carllsle Chapter's Report Remuneratlon of key managèmènt Porsonnel Chapter determines the remuneration of the Chief Operating Officer, who$e perfomiancg is reviewed by the Dean. The remuneration of senior staff is determined by Chapter on the advice of the Chief Operating Officer. who reviews theif P8rfom)ance. Pay is sel with regard to the pay of equivalent roles in English cathedrals of similar standing. The annual report was approved by the Chapter of the charity on 12 May 2026 and signed on its behalf b￿. veritt Trustee A J Johnston Trustee Page 20

Cathedral Church of the Holy and Undlvlded Trlnity of Carlisle statemont of Chapterfs Responslbilities The Calhedials Measure 2021 and The Care of Cathedrals Measure 2011 are the principal lègislation governing English cathedrals. Following its registration with Ihe Charity Commission, Carlisle cahedral is also governed by the char¢tsble requiraments set out in the Charities Act 2011. The Chapter are responsible for preparfng the Chapter's report and the financial stalgm6nt$ in accordance with the United Kingdom A¢¢wnting Standards IUni18d Kingdom Generally Accepl8d Accounting Praclicel, and applicable law and regulations. along with the requirements laid down by the Churth Commissioners under the p0￿r$ gwen lo them by the Cathedrals Measure 2021. The Lgw applicable to charitie¥ rèquires the Chapter to prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the chartty and the group and of the incoming Tesources and application of resources. including rts income and expendktur8, for Ihal Porth. In preparing these financial slalements, the Chapter are required to.. Select suitable accounting policies and appty them consisten￿Y', observe the methods and principles in the Charrties SORP., makejudgemenls and estirnates that are reasonable and prudent., s￿￿e whether applicable 8ccounting standards have been folkxied. subject to any materkil departures disdosed and explained in the finoncial ststemenls., and prepare the financiai statements on the going concern basis unlèss il is inappropriate to presume that the group continue in business. The Chapter are responsible for keeping proper accounting records that disclose wrth reasonable accuracy a any time the financial position of the charity and the group and enable them lo ensure th the financial stslemenls compty with the Charities Ad 2011, the Charities (Accounts and Reports) Regulation8 2008, and the provisions of the constitution. The Chapter is also responsible for safeguarding the assets of the charty and the group and hence for taking reasonable steps for the prevention and delertion of fraud and other irregularities. Approved by order of the m¢mbers of tho bo of Chapter on 12 May 2026 and signed on its behalf by.. Revm Trustee ritt A J Johnston Trustee P4e 21

Cathedral Church of the Holy and Undlvlded Trlnlty of Carllsle Independent Audltor's Report lo the Members of Cathedral Church of the Hoty and Undividad Trinity of Carlisle Oplnlon We have audited the financial statemnls of Cathedral Church of the Hoty and UndDiided Trinty of Carfisle Ilhe 'parenl charity) and its subsidi8ries Ilhe 'group') for the year ended 31 December 2025, whlch comprise the Consolidated Stsloment of Financial Activities, Consolidated Balanc8 Sheet, Balance Shgel. Consolidated Staloment of Cash Flows and Notes to the FinarKial Stalemenls, including a summary of significant accounting policies. The financial reporting framework that has been apPl￿d in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slal8ments'. give a true and fair view of the stale of the group's and parènt Charity's affaits as at 31 December 2025 and of tt5 incoming resources and applicatK)n of resour￿$, including its incomo and expendllure. for the year then ended,. have been property prepargd in aCCordar￿e with United Kingdom Generally Accepted Accounting Practice; and have been prepared In accordance with the guideline8 spècified by tho Church Commissioners and the Charities Ad 2011. Ba818 for oplnlon We conducted our audit in ?¢cordance wrth International Standards on Auditing (UK) {ISA8 IUKII and applicable law. Our responsibilities undgr those standards are further described in the auditor responsibilit￿S for the audit of the financial stalem&nls section of our report. We a￿ independenl of the group in accordanc8 with the ethical requirements that are relevant to our audit of the financial statements in the UK. including FRC'S Ethical Standard. and we havè fulfilled our other ethical responsibilil*s in accordance with these requirements. We believe that the audrt evidence we have obtained is suffKienl and approprHto to provide a basis for ou¥ opinion. Con¢luslon$ rglatlng to g0Sng Mncem In auditing the financial slalements, we have concluded that the Chapter'5 Use of the going conrEm basis of Kcounling in the p￿paratIOn of the financial slalements is appropriate. Ba$ed on the work we have performed, we hav8 not id8ntrfied any material uncertainties relating lo events or conditions that, individuany or collectively, may cast significant doubl on the group's abilty to continue as a going concem for a period of al least twefve months from when the original financial slalements were authorised for issue. Our responsibiltties and the r¢$ponsibililies of the Chapter V￿th respect to going concem are descnbed In the relevant sections of thi$ report. othgr Informatlon The ChapleT are responsible for the other infomialion. The other informalKJn compr(ses the information included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls doas not cO￿r the other infomation and, except to thè extent otherwise explicitly stated in our report. we do not express any fom tsf assurance conclusion thereon. Pag& 22

Cathedral Church of the Holy and Undivided Trinity of Carfisle Independent Auditorfs Report to the Members of Cathedral Church of the Holy and Undivided Trinlty of Carlisla In COnnect￿n with Dur audit of the financial statements. our responsibilty is lo read the other infomation and, in doing so. consider whether the other infomialiorb 18 materially inconsistent with ihe financial statem￿tS or our knowledge obtained in the audit or otherwise appears to be materialty mi5slaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether there is a merial misstatement in the financial slalemenls or a material misstatement of the other infomiation. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other infomiation, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are requlrod to report by gxc8ption We have nothing to report in respect of the following matters Whe￿ the Charities {A¢¢ounts and Report} Regulations 2008 and the Cathedr?1¥ Measure 2021 requires us to report lo you rf, in our opinion.. the infomiation in the Annual Report 18 inconsislenl in any material resped %Mth the financial st81emenls.' or the parent charty has not kept 8ufficknl accounting records.. or the pafftnt charity financial statements are not in agreement wlh the accounting records 8nd returns,. OT we have not obtained am the information and expLqnations necessary forthe purposes of our audit. Responsibilities of thè Chaplor As explained more fully in the Statement of Chapterfs Responsibilities {sel out on page 21}, the Chapter are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Chapter determine is necessary to enable the preparatKJn of financial statements that are flee from material mtsstatemenl, whether due lo fraud or error. In preparing the financial statements, the Chapter are ￿spOnSible for assessing the charity's ability to conlinu& as a going concem, disclosing, as applicable. matters related to going concern and using the going cOn￿M basis of accounting unless the Chaptér either intend to liquidate the charity or lo cease operations, or have no reah$l￿ allem81ive but lo do so. Auditor responslbllltles for the audlt of the flnanclal ststements We have begn appointed as auditor under section 151 of the Charities Act 2011 and report in accordance vith the Act and relevant reguL8tions made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a vthole are free from material misstslement, whether due lo fraud or error. and to issue an auditor's rèport that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always ¢Jetecl a material misslalemenl when il exists. Misstatements can arise from froud or error and are consi(Jered material if, individual or in the aggregate, they could reasonab￿ be expected to influence the economic decisi￿5 of users tsken on the basis of these financial slatemenls. The extent to which our procedures are capable of detecting ifTegulariti&s, including fraud is detailed below.. Page 23

Cathedral Church of the Holy and Undivided Trlnity of Carllsle Independent Auditor's Report to the Members of Cathedral Church of the Holy and Undivided Trinity of Carlisle results of our enquiries of management about their ￿ ident[r￿at10n and ass8ssment of the risks of irregu18r((ies', - any matters we identified having obtained and reviewed the charitys documentation of thelr poI￿leS and procedurès relating to.. idenlrfying, evaluating and ¢omplying wth law5 and regulation5 and whether they are aware of any instances of nonrycompliance., detecting and responding to risks of fraud and wholher they have any knowledge of any xtual, suspected or alleged fraud., th$ inlemal controls established to mitl9ale risks of fraud or nonacompliance with laws and regulations., thè matters discussed among the audit team regarding hrythv and where fraud might occur in the financial statements and any potential indicators of fraud. As a re8uK of these procedures, we considered the opportunities and incentives that may exist wlhin the organisation f¢X fraud and idèntified the greatfjsl potential lor fraud to be in relation lo management override which, in common wrth all audits under ISAS {UK), we are required to perforn specific procedures lo rèspond lo this risk. We also obtained an understanding of the legal and regulatory framework that the charty operalgs in, focusing on prowsions of those Laws and regulation$ that had a direct effect on the determination of material arnounts and disclosures in the financial slatemenls. The key laws and regulations we considered this eonlext included the Cathedral$ Measure 2021. the Charities Act 2011. and UK financial reporting standards as issued by the Financial Reporting Council. As a result of perfomiing the above. in response to the risk$ identified, we did not identrfy any key audit matters retaled lo the potential risk of fraud or non<ompliance with law8 and regulations. In addrtion to the above, our procedures to respond to risks identified Ihg foll¢)wing.' reviewing the financial slalement disclosures and testing 10 5UPPOrting documentation lo assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial slalements.. enquiring of management concerning actual and potential litig8tion claims- perfoming anatytical procedures lo identfy any unusual or unexpected relali¢n$hip$ that may indicate risks of matefial misstatement due to fraud.. - reading minutes of meetings of those charged with govemance., and in adt#re8sing the risk of fraud through management override of controls, 185ling the appropriateness of joumal erilrie5 and other adju$lmgrbts', assessing whether the judgements made in rnaking accounting estimates are indi¢ative of a potential bias., and evaluating the rationale of any signrficant Irans8clion8 that are unusual or oulshl8 the normal course of the char￿S wotl¢. We also communicated relevant identified laws and règulations and potential fraud risks to all engagement team members and remained alert lo any indi&ilions of fraud or non-compliance wth laws and regulations throughout the audit. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilf(ies. This description foms part of our audilorfs report. Page 24

Cathedral Church of the Holy and Undivided Trinity of Carlisle Independent Audltorfs Report to the Members of Cathedral Church of the Holy and Undivided Trinity of Carlisle Use of our roport This report is made solely to the Chapter of Carfisle Cathedral. as a body. in accordance with section 144 of the Charities Act 2011. Our audit work has been undertaken so that we mKJht slate to thè group's Chaplgr Ihosg matters we are required lo slate to them in an auditols report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilrty lo anyone other Ihan the charity and its Chgpter as a body. for our audit wcik, for this report, or for the opinions we have fomied.

a4, 1. AJ./ I,-U Dodd & Co Audit Limited (Senior Ststutory Auditor) For and on beha￿ of Dodd & Co Audrt Linrted, SlatLrtory Auditor FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW 12 May 2026 D¢dd & Co Audit Limited is eligible for appointment as auditor of the charity by virtue of its elIg￿llIty for appointment as auditor of a company under section 1212 of the Cempanies Act 2006. Page 25

Cathedral Church of th• Holy and Undivided Trlnlty of Carllsla Consolidated Statement of Financial Activities for the Year Ended 31 December 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognlsed Galns and Losses) Unrestrlcted funds Restrlctsd funds Endowment funds Total 2025 Note Income and Endowments from: Donations and legacies Charitable adiviligs other trading activities Investment income 462,502 91,266 778,380 192.6S6 459,533 922,035 91,266 778,380 222,614 9.312 20,646 Total inetsme 1.524,804 468.845 20,646 2 014,295 Expenditure on: Raising funds charitab￿ activitEs 1836,1931 704,658 (25.3121 384,933 15.790} 1867,295) 1.089,591 Total expenditure Unrealised gainsnosses on investment assets Realised gainsnosses on investment assets (1,$40,8511 1410,2451 15,7901 11.956.886) 66,461 14,488 212,400 293,349 3,366 588 2,941 5,739 Ng1 income Transfers betsveen fund8 53,780 19,847 72,520 799 230,197 20,648 356,497 Net movement in funds 73,827 73.319 209,551 35S,497 ReconGSllatlon of funds Total funds brought forward T¢Jtal funds ￿TrIed forward 22 1,940,e72 561.416 8,657.009 11,159,297 2,014,499 634,735 8,866,580 11,515,794 Thg notgs on paws 3110 69 fomi an integral part of these financial slalgmenls. Page 26

Cathedral Church of the Holy and Undivided Trinity of Carlisle Con801idated Statement of Financial Actlvltles for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognisad Gains and Losses) Unrestrided fund$ Regtrfcted funds Endowment funds Total 2024 Nots Income and Endowments from: Donations and legacies Charitable activities Other trad￿n9 actwilies Investment income 418.123 57,317 576,339 250,911 412.883 831,006 57.317 576.339 288,480 37,569 Total income 1,302,690 450.452 1.753,142 ExpendSture on: Raising funds Charitable activilias 1563,7681 616,966 128,1491 364,319) (1,603) 1593.520} 981.285 Total expenditure Unreali8ed gainsllosses on inveslmenl assets Realised gainsllosses on investment assets 11,180,734) 1392,468) 11,8031 11.574,805} 37.645 6.848 48,740 93,233 25,077 15,082 45,613 Net income Transfers bets¥een funds 134,524 45.428 59,378 45.428 32.055 225.957 Net movement in fund$ 179,952 13.950 32,05S 225,957 Reconclllatlon of funds Total funds brought foNard Total funds carried fomard 22 1,760,920 1,940,872 547,466 8,624,954 8.657,009 10,933,340 11 159,297 561.416 All of the group's activities derrve from contlnuing Operat￿n8 during the above periods. The notes on pagès 31 to 69 form an integral part of these finaneial statements. Page 27

Cathedral Church of the Holy and Undivided Trinity of Carllsle (Rogistration number: 1200677) Consolidated Balance Sh8et as at 31 December 2025 2025 2024 Note Fixed ass•ts Tangible assets Investments 10 12 5,139,874 5,683.601 10,803.475 5,337,547 4.009,500 9,347,047 Cwrr•nt ass•ts Stocks Debtors Cash at bank and in h8fbd 13 14 29.66 205,477 817,559 29,465 145,804 1.959,155 2,134,424 1,052,702 Creditors: Amounts falllng due wlthln one year Net current assots 15 259.074 239,926 793.828 1,894,498 To¢•1 •$8ots less current Ilabllliles 11,597,103 11,241,545 Crèdltors: Amounts falllng duè after morg than one yèar 16 Provl$lon$ 179.550) 179,550} 18 1,759 11,515,794 2,698 11,159,297 N&t assets Funds of thg group". Endowmènt funds 8,866,560 8,657,009 R•strl¢tsd Income fund$ Reslricled funds 22 634,735 561,416 Unr•strict¢d inGomg funds Unreslricled funds 2,014.499 1,940,872 11,159,297 Total fund$ 22 11,515,794 Th¢ financial ¥t*gmgnts on pages 26 to 69 were approved by the Chapter. and aulhori$ed for issue on 12 May 2026 and Signed on their behalf by.. RevMJ Trustee veritt A J Johnston Trustee The nol¢$ on pages 3110 69 fomi an integral part of these financial $lat8ments. Page 28

Cathedral Church of the Holy and Undlvlded Trinity of Carlisle (Registratlon number: 1200677 Balance Sheet as at 31 Dacember 2025 2025 2024 Not8 Flx•d assets Tangibte assets Investments 10 12 5.132.525 5.670.601 10.803.126 5,326,360 4,016,500 9.342,860 Current assets Debtors Cash al bank and in hand 14 393,090 588.335 981.425 338,997 1.742,949 2.081,946 Credltors: Amounts falllng due wlthln one year N•t currgnt assets 15 189,207 185,959 792,218 1.895,987 Tot•1 assets le88 currènt Ilabllltle8 11,595,344 9,550 11.515.794 11.238,847 Credltorn: Amounts falling due after more than one year 16 Not assets 79,550 11.1S9,297 Fund8 of the charlty: Endowment funds 8,886,560 8.657.009 Restrfthd Incomo funds Restricted funds 22 634.73S 561,416 Unrestrlcted Income funds Unreslricled funds 2,014.499 1,940,872 Total funds 22 11.515.794 11.159.297 The financial statements on p8ges 26 10 69 were approved by the Chapter, and authorised for issue on 12 May 2026 And signed on their behalf by- Rev M J Everitt Trustee A J Johnston Trustee The notes on pages 31 to 69 forn an integral part of these financial statements. Page 29

Cathedral Church of the Holy and Undivided Trinity of Carllsle Con301idated Statement of Cash Flow8 for the Year Ended 31 December 2025 2025 2024 Note Cash flows from opgrating activiti Net cash income 356,497 225,957 Adjustments to ¢a$h flo￿ from non4ash it•m* Dopr9ciation Investment income Revaluation of invetstments 40,108 {222,8141 299,088 47,707 1288,4801 47,620 {125,0971 (62,4361 Worklng capltal adjustments (Increase)Idecrease in 8tocks Increase in debtors Increase in eredilors 13 14 15 {2011 159,8731 18,209 1,692 119,0241 25,399 Nel cash fiows from operating activities 166,762 S4,369 Cash flows from inveyting activitiès Aequisrtions of tangible assets Purchase of investments Proceeds from sale of investments Dividend income 130,4351 12,466,599) 1,299,586 222,614 148.1631 {86,0391 1,304,730 288,480 Net cash flows from investing actsvth'es Net l(Secreasellincrease in cash and cash equivalents Cash and cash equivalent5 al 1 January Cash and cash equivalants at 31 December Restricted Unrestricted Endowment 974,834 1.4S9,008 11,141,596) 1,959,155 1,404,639 554,516 817,559 327,585 435,354 54,620 817,559 775,002 42,557 1,959,155 428,138 1,098,610 432,407 1,9S9,15S 708,505 1.250,650 1,959,155 Cash on hand Cash held lo ba reinvested 817,559 All of the cash flows are derwed from continuing operation8 during the above ￿0 periods. The notes on pages 31 to 69 fomi an integral part of these financial stalemenls. Page 30

Cathodral Church of the Holy and Undlvlded Trinity of Carllsle Notss to the Financial Statements for the Year Ended 31 December 2025 1 Accounting pollcl Summary of slgnlflcant a¢countln9 pollcles and key a¢¢ountlng 88tlmate$ The principal accounting policies applied in the preparation of these financial statements afe set out below. These policies have been consistently applied to all the years presenled, un5ess othe￿ise slated. Statement of compliance The financial statement8 have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charilie$.' Slalement of Recommended Practice applicable lo charili preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iréland IFRS 102) (effective 1 January 20191. the Financial Reporting Standard applicat4e in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial stslemenls have been prepared to give a Irue and fair, view and have departed from the Charities {Accounts and Reports) Regulations 2008 onty to the extent required to provide a 'true and fair, view. Thi8 departure has involved followFng the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities- Slalèment of Recommended Practice effective from 1 April 2005 which has since been withdraw￿. The accounts are presented in sterling, which18 the fvnctional ￿rrencY of the Calhedral, and rounded to the nearest pound. Basis of preparatlon Cathedral Church of the Holy and Urmlivided Trinity of Carlisle meets the definition of a public benefft enlrty under FRS 102. A$sels and liabilities are inrtially fecognised at historical Gost or transadion value unle$s otherwise stated in the relevant accounting polty notes. The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial 81alements of the Ch8rity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. GoSng concern The Chapter has considered whether the use of going concem basis of 8ecounting is appropriate. To do Ihls, they havè considered whether there are any material uncertainties as lo the chaiity's ability lo continue as a goin9 concern. They have carried out this ass¢ssment for a perK)d of at least one year from the date of approval of these accounts. The Chwtsr ha8 prepa￿d, and keep under revtew. detailed budgets. As 8 result of this ￿V￿, the members are salisfied that there are no material uncertainties about the ¢harills ability to Gonlinue 08 a going concem. Page 31

Cathedral Church of the Holy and Undlvlded TrSnity of Carlisle Notes to the Financial StatemBnts for the Year Ended 31 December 2025 Incomg and 9ndowmgnls Income Is recogniged in the SOFA when a transaction or olhgr event results in an increase in the charivs assets or a ￿ductIon in its liabilities. Income musl only be fecognised when the criteria of entrtlement, probabilty and m8a$urement are mel. Payments made direct to third partie$ which are never recewed by the charity are also included, along wf(h the corresponding expenditur8. The main example of this in the accounts is the stipend8 paid by the Church Commissioners. This income is shown as restricted, but as thè income aK¥ays fflalches Ihe expenditure the balance al the year end is ahvay5 nil. Donatlons and legacles Donations a￿ recogni5ed when Ihe charity has been notthed in writing of both thg amount and settlement date. In the event that a donation 1$ subject to condrf(ion$ that require a level of perfomance by the charity before the charity is entitled to the funds, the income is deferred 8nd not recognisèd until either thos8 conditions are fully mel, or the fuifilmenl of those conditions is whol w(thin the control of the charity and it is probable that these condili)ns wll be fu￿111ed in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administralorlexeculor for the estale ha$ ¢ommuni¢ated in writing both the amount and settlement dale. In the event that thè gift is in tho form of an asset Ot￿r than cash or a financial asset traded on recognised stock exchange, recognition 1$ subject to the value of the gift being reliably rneasurable with 8 degree of reasonable accuracy and the lit￿ to the asset having been transferred to the charity. Grants r•ceivabl• Grants are reeognised when the group has an entitlement to the frJnds and any conditions linked to the grants have been met. Where perfomiance condili)ns are attxhed to the grant and are yel to be mèt, the in¢om8 is recognised as a liability and included on the balance sheet as deferred income to be released. Capital grant8 are recognised when there is enti118m8nt and ar8 not deferred over the lrfe of the asset on which they are expended. Unspent amounts ￿ wJilaS grant are refiecled in the closing funds balance al year end. Expendlturn All expenditure is recognisad once there 1$ a legal or constructwe obligation to that expendilLtre, rt is probable settlement 15 required and Ihe amount can be measured reliabty. Expendrture is classifi'ed under the following headings-. Cost of raising funds comprise the co818 of commercial trading and th&r associated support costs. and Expendthre on charitable activit￿ include$ th8 ¢o$l$ of activiligs undertaken lo further the purpose5 of the cathedral and their associated support costs. Irrecoverable VAT is charged as a cost against the adivity for which the expenditure was incurred. Support costs are those functions that assist the wod( of the cathedral but do not dirodty undertake either Charitable or fundraising aclivi(ies. Tangible fixgd a¥88ts Individual fixed assets costing £1,000.00 or more are initially recorded al cost. Page 32

Cathedral Church of the Holy and Undivlded Trinity of Carllsle Notes to the Flnanclal Statements for the Year End•d 31 Dgcember 2025 Heritage assets Heritage assets includè the &*hedral and ancillary buildings and the items in the inventory prepared under section 24(1) of the Care of Cathedrals Measur& 2011. No value has been attributed lo these assets acquired before 31 December 2025, because inforrnalion on their historical ￿$1 is not availab￿. Depréciation and amortlsatlon Depreciation 1$ provided on tangible fixed assets so as to Wfite off th$ Gosl or valuation, less any estimated residual value, over their expected useful economic lifg as foll¢)ws'. Assot class Motor vehicles Equipment Depreciation method and rate 20°h straight line 2￿kn straight line Buildings are not depreciated, as the charity has a policy and practice of regular moinlenance of the propety. Repairs are Charged to the SOFA and the charity therefore considers that any depreciatM)n charge would ￿ immaterial. The Fratry project buildings are included at fair value. No depreciation is charged on these assets. The fair value 1$ delemiined by the valije in use of the buildlngs, based on thérr $trvi¢e potential. As the buildings are expected lo continue to meet their service potential for the foreseeable future, their value in use is reflected by the costs of construction of the buildings rather than the amount for whi¢h they could be sold in the market. Investment propertles Investment picperties are included in the accounts al fair value. No depreciation is charged on investment prc¢)erties in line wtth FRS102. Fixed asset in¥oStments Investments are a fomi of basic financial instrument and are inf(ially recognised at thelr transaction value and sub8equenlty measured al their fair valua at the balance sheet dale using the closing quoted market price. The SLitement of Financial Adivf(ies includes the net gains and bsse$ arising orb revaluation and disposals throughoth the year. Realised 9ains and 1055es on investments are calculated as the difference be￿een sales proceeds and their opening carrying value or their purchase valve rf acquir8d subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference bO￿ten the fair value al the year end and their carying value. The charity does not acquire put options, derivatives or other corfplex financial instrument5. The main ftsmi of financial risk faced by the charity is that of volatility in equty markets and investment markets due to wlder economic conditions. the attitudes of investors lo inherent risk, and changes in sentiment conceming equities and within particular s¥lor5 or ¥ubsector8. Stock Stock is valued al the lowor of co8t and estimated selling price less costs to complete and sell, after due regard for obsolete and momng stocks. Page 33

Cathedral Church of the Holy and Undlvlded Trinity of Carlisle Notes to the Flnanclal Statements for the Year Ended 31 D•¢emb•r 2025 Trade deblors Trade and other debtors are recognisgd al the settlement amount due after any Ifade discount offered. PrepayTnents arg valued at the amount prepaid net of any Ifade discounts due. Cash and ca$h oquivalents Cosh and cash equivalents comprise c88h on hand and call deposits. and other short-lemi highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Trado creditors Creditors and provisions are recogni8ed where the charity has a presgnl obligation resutting from a past event that will probably resutt in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliabty- Credf(ors and provisions are normally recognised at their settlement amount after allowng for any trade di8counls. Borrowlngs In 1988 thè Church Commission8rs granted an equty sharing loan lo finance the ¢¢$1 of improvements lo the Deanery. The capital value of the loan is exp￿$sed as a percentage of th8 value of the Deanery and is repayable only if the property 18 Sold. Interest on the loan was initialty set al 3&/. per annum. to be increased annually by no more than the movement in the retail price index for the preceding year. Provisions Provisions are r8cognisèd whèn thè charty has an obligation at the reporting dale a8 a resutt of a past event. it is probablé that the charity will k rgquirgd lo s&ttle that obligation and a reliabl¢ estimate can be made of the amount ol the obligation. Page 34

Cathedral Church of the Holy and Undlvlded Trlnlty of Carlisle Notes to the Financlal Statements for the Year Ended 31 December 2025 Fund structure The charity opere$ resffieted, unrestricted. designated arbd permanent endowment funds. Restrlcted funds are those where the donor 1$ $p¢crfic as to the use lo which the funds are to be PLrt. The main restricted lunds are the Frnlry Fund, Cathedral Fabric Fund and the Music Fund. Smalkr fvnds are set up when specifi'c donatsons make this Tequirèment. Unrestricted funds a￿ th08e where the charity is free lo expend the funds in accordance wrth the conslilulion. Designated funds are those set aside for a Sp￿ifiC purpose. There are three pemanenl and¢)wment funds. The first is in th8 form of a legacy received from the Reverend G S Bennett. This endowment may not be expended and the income is lo be spent on the annual repair and maintenance of the Calh&Jral. This income is Ih6refce reSt￿eted in use and is credited lo the Cathedral Fabric Fund. The second endowTnenl fund consists of the Cathedral Endowment Fund. These asset8 were transferred lo the Church Commissioners under Section 24 of the Cathedrals Measure 1963. These funds may in certain eircumslances be expended, but the proceeds or any replacement asset would forni part of the orrginal èndowment under the terms of section 23 of the Cathedrals Measure 1963. Income from this endowment is un￿strICted in use. The third endowment is tha Cathedral Propety Fun(I, which Consists of the calhedial properties that are held wrthin the cathedral precinct and the deanery loan. Flnan¢lal Instruments The tharity only has financial assets and financial liabilit￿S of a klnd that qualify as basic finanei81 instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value w(th the exception of bank loans which are subsequendy measvred at amortised eost Using effective interest rate method. Total return basls The Cathedral operates a total ￿t￿M approach to the management of port of the listed investment portfolio representing the endowment fund. Using this approach. the Cathedral is roquired lo analyse the fund be￿n the amount held for inveslmenl {non4istribul8ble funds) and the unapplied total relurn. The Cathedral 1$ pemitted lo allocalo from the unapplied lolal return element such sums as the Chapter considers appropriate provided that the Chapter exercises their slalutory duty to be even handed as be￿een present and future beneficiarSes and that they maintain the unapplied total return al such a level as lo ensure it remains positive after having due consideration lo the volatility of the investment market$. Page 35

Cathedral Church of the Holy and Undlvlded Trlnlfy of Carlisle Notes to the Financial Statements for the Year Ended 31 December 2025 Re5tstement of comparatlv•8 The charity has reclassified certain income items from other income, other trading aclwilies and donations and legacies lo charitable activities following 8 reviaw of income presentation. Other income has decreased by £12,766, other Iratjing activities has decreased by £28,626, donations and legacigs ha$ decreased by £1 S,925 and charitable activilies incomg has In¢￿ased by £57.317. This is a disclosure-only change and do88 not affect total income, net movem8nt in funds, or the charit￿8 financial position. Prior-year comparatives have been restated accordingly to ensuro onsisleney with the current yearfs pres8nlation. Page 38

Cathedral Church of the Holy and Undivided Trinlty of Carlisle Notes to the Flnanclal Ststernents for the Year Ended 31 December 2025 2 Income from donations and legaclos Unrnstrict funds General Restrlcted funds Total 2025 Donations and legacies Collections Visitor donalions Donations Development Trust grants Friends grants Special events 90,562 111,923 9,344 53,794 12,500 33,063 311,186 90,562 111,923 23,782 53,794 20,711 33,063 14.438 8,211 22,649 333,835 Grants Church Commissioners Other revenue and cawtsl grants Archbishop's Council- Net zero grant 75,931 75,385 307,767 24,117 105,OIXI 436,884 383,698 99,502 105,000 588,200 922.035 151,31e 462,502 459.533 Unrestrictsd funds Gèneral Prforyear Restrictgd funds Total 2024 Donations and bgacie3 Collection8 VisiloT donation$ Donations Development Tnjsl grants Friends grants Special events Legacies 88,193 97,752 7.195 53,617 12,500 39.243 2,000 300,500 88,193 97,752 28.698 53,617 20,630 39,473 2,000 330,363 21,503 8.130 230 29,863 Grants Church Commissioners Other revenue capital grants 29.387 88,236 117,623 418,123 328,969 54.051 358,356 142.287 383,020 412,883 500.643 831.006 Pago 37

Cathedral Church of the Holy and Undivided Trinity of Carlisle Notes to the Flnanclal Statements for the Year Ended 31 December 2025 3 Income from charltable actlvltles Unrnstrictad funds Ggngral Total 2025 Facility and other fees Cathedral ¢on¢ert income Education and Oulr8a¢h 59,484 12.163 19,619 59,484 12.163 19,619 91.286 91,266 Unrestricted funds General Prior year Total 2024 Facilty and other fees Cathedral concart incom Education and Outrèach 28.626 12.766 15,925 28.626 12.786 15.925 57,317 57,317 4 In¢om• from other tradlng activities Unrostrictad funds G•neral Total 2025 Visitor tours Gross incomg from shop and cafe 7,467 770,913 778,380 7.467 770,913 778,380 Unrestrlcted funds Gèn&rnl Prloryear Total 2024 Visitor tours Gross in¢omo from shop and cafe 7,537 568,802 576,339 7,537 568,802 576,339 Page 38

Cath8dral Church of the Holy and Undlvlded Trinity of Carlisle Notes to the Flnancial Statements for the Year Ended 31 December 2025 S Invejtmènt Incomè Unrestricted fvnds General Endowment funds Pfjmianont Restrlcted funds Total 2025 Rental income Investment income 102,846 89,810 102,846 119,768 9,312 20,646 20,646 192,656 9,312 222,614 Unre*trlct•d funds General PnToryear Rostricted funds Total 2024 Rental ineome Investment income 94,960 155,951 250911 94,960 193,520 288,480 37,569 37,569 6 Expendituro on raislng funds Endowment funds Permanent Unrestrlctod funds Designated Goneral Re$trlct•d funds Total 202S General marketing Investment managgment fees Propety repair8 and maintenance Cost of trading actwilies Support costs 7,411 1.250 8.661 7,561 498 5,790 13,849 26,518 8,524 668,004 120,175 33.042 668,004 143.739 867.295 23,564 26,518 809,675 25,312 5,790 Unrestrlctgd fund5 General Endovmient funds Perrnanent Prforyoar Rgstrlctgd funds Total 2024 General marketing Investment management fees Propety repairs and maintenan Cost of trading activities Support C0818 9,564 1,751 4,023 232 13,587 3,S86 1.603 5.426 455,170 91.857 5,426 464,083 106 838 8,913 14,981 28,149 563.768 1,603 593,520 Page 39

Cathedral chU￿h of the Holy and Undivided Trinity of Carlisle Notes to the Financial Statements for the Year Ended 31 December 2025 7 Expendlturo on charltablg actlvllle8 Unrestrlcted funds Designated General Ro8trict funds Total 2025 Mlnl$try Clergy stipends and working expenses Services. music and choir Support ¢osl$ 7,642 131.881 105.179 244.702 152,280 69.430 23,742 245,452 159,922 201,311 128,921 490,154 Cath9dral and prgclncts upkgep Major répairs and r8novations Maintenance and interior upkeep ¢*hedral insurance Vergers and interior upkeep Precinct and grounds Support eosls 57,142 57,142 51,853 67,502 61,594 106,962 11,627 92,341 17.845 137,200 61,594 129,377 17,128 116,744 519,185 22,415 1,781 24,403 123,586 3,720 55.573 340,026 Educatlon and outrgach Oufv4ard gNing and education Support costs 8,479 26,405 3,616 5.963 12.095 32,368 44,463 34,884 9,579 Other Interest payable other expen$e$ 4,662 24,811 29,473 4,862 31,127 35,789 1,089,591 6.316 6.316 55,573 649,085 384,933 Pag& 40

Cathedral Church of the Holy and Undlvlded Trinity of Carlisle Notss to the Financial Statsmonts for tho Year Ended 31 December 2025 Unrestrlctod funds General PnToryear Restricted funds Total 2024 Minlstry C18rgy stipends and working expenses SeNices, music and choir Support costs 1.859 126,398 81,191 209,448 188,452 45,952 15,336 249,740 190,311 172,350 96,S27 459,188 Cathedral and pre¢incts upk8OP Major repairs and renovations Maintenance and interior upkegp Cathedral insurance Vergers and interior upkeep Precinct and grounds Support costs 8,880 70,192 59,439 116,914 32,539 83,761 371,725 25,840 27,955 34,720 98,147 59,439 148,576 32,539 101,953 31,662 18,192 103,649 475,374 Educatlon and outrea¢h OU￿ard giving and education Support costs 7,243 18,882 26,125 2,784 3,569 6.3S3 10,027 22,451 32,478 Other Interest payable Other exp8ns8s 4,465 5.203 4.465 9,780 14.245 981.285 4,577 9.668 616,966 4,577 364,319 Page 41

Cathedral Church of the Holy and Undivided Trinity of Carlisle Notes to the Financial Statements for the Year Ended 31 December 2025 8 Anaty$ls of support costs suPF￿rt ¢o¥ts Dlrert costs 2025 Raising funds Minlslry Cathedral and precincts upkeep Education and outreach other 723,506 361.233 402,441 12,095 35.789 143,789 128.921 116.744 32,368 867,295 490,154 519,185 44,483 35,789 1,535,C64 421.822 1.956,886 Prloryear Support sts Dlrect costs 2024 Raising fvnds Ministry Cathedral and precincts upkeèp Education and outreach other 486,682 362,661 373,421 10,027 14,245 1,247,038 1(6,838 96.527 101,9S3 22,451 593,520 459,188 475,374 32,478 14,245 1.574,805 327,769 Thg following gxpgnditure is included in support costs.. Olre¢t Costs Support C08ts 2025 2024 Auditors remuneration for.. Audii serw¢es Other $eM¢es 16.650 6,118 22,768 16,650 6,118 22,768 12,500 7.885 20,385 9 Stsff Costs Total 2025 Total 2024 Rèstrictèd UnT8Strictad Gro$$ salary and stipend cost Apprenticeship levy Employerfs national insurance Employerfs pension contributions 238,757 379 22,201 709,905 946,662 379 86.765 843.748 449 43,029 64,$64 29,361 46,001 820,470 75,362 1,109.168 71.868 959.094 288,698 Page 42

Cathedral Church of the Holy and Undlvlded Trinity of Carlisle Notes to the Flnancial Statements for the Year Ended 31 December 2025 The Church Commissioners finance directy tha stpend. pension and as$¢x￿1ed empl¢)yerfs nalicnal insurance of the Dean and two Canons. The remuneration of, and pension provision for, clerical members of the Chapter are paid in ordance with scales laid down annualiy by the Church Commissioners, the Archbishop'8 Council and the Chur¢h of England Pensions Board. During the year the charity made the following trans*ions wlh key management personnel.. Reverend Canon Michael Manley The Reverend Canon Michael Manley received remuneralKJn of £Nil12024'. £25.746} and £Nil12024.- £6,810) of expensès were ￿1mbUr$¢d during the year. Reverend Canon Dr Benjamin Cartor The Reverend Canon Dr Benjamin Carter recesved remuneration of £32,582 12024- £31,486) and £6,405 {2024.' £6,810) of expenses were reimbursed during the year. Very Reverend Jonathan Brevtster Thg Very Reverend Jonathan Brewster received remuneration of £21.493 {2024.. £41,751> and £3.251 12024". £8.6161 of expenses were reimbursed during the year. Very Reverend Mlchaol Everltt The Very Reverend Michael Everitt received remunerallon of £14,54012024.' £NIII and £3.27812024: £Nill of expenses were ￿1mbur5ed during the year. Reverend Canon Peter Gunstone The Reverend Canon Peter Gunstone received reMunerat￿n of £17,869 12024- £Nil) and £6,405 12024.. £Nill of expenses were reimbursed duriNJ the year. The number of employees whose emoluments fell Vdithin the follthving bands was.- 2025 No 2024 No £60.001- £70,000 £70.001- £80,000 The key management personnel of the charity cryrises the Dean. Canon Warden. Canon Precentor. Chief Operating Officer, Head of Finance, Head of People, the Development Director and the Head of Commercial. The total employee benefits of the key management personnel of the group were £298,96212024 - £309,079}. Page 43

Cathedral Church of the Holy and Undivided Trinity of Carlisle Notes to tho Financial Stalements for the Year Ended 31 December 2025 The monthly average number of persons {includin9 senior management / leadership team) employed by the group during the year expressed a8 full lime equivalents was a8 follows: 2025 No 2024 No Clergy Administration and office Music Works Department Vergers Carti$S9 Cathedral Enterprises 10 23 19 50 The lull timo equival•nt number of staff during the year was as follows.. 2025 No 2024 No Clergy Administration and offiee Music Works Department Vergers Cartisle Cathedral Enterprise5 2.42 3.00 7.53 4.09 1.25 3.00 9.57 28.44 4.26 1.57 2.49 13.06 31.84 During the year exp8ns8s were reimbursed to tho four Chapter members as follows: £5.592 (2024- £6,701} Travel, subsistence. office and entertaining There were no addftional payment$ made to Chapter members for additional work done over and above their nomial dutie$ dyrifig the year. Page 44

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Cathedral Church of the Holy and Undlvlded Trinity of Carlisle Notes to the Financial Statements for the Year Ended 31 December 2025 Land and buildlngs. Includlng Fratry proJeGt buildings Land and buildings ar8 h8ld at deemed cost. Deemed cost represents the 2010 valuation adopted on transrtion to FRS 102. The Fratry project buildiryjs are held at fair value. The full &covnting pollcyls disclosed on page 33. All other fixed assets a￿ Carried 81 cost. Non investment propety is split as folhThvs: 2025 2024 For cathedral tradir*g activities For occupation by cathedral staff or u8ed lor worship. educational or admlnlstratlve purposes 3.516,172 3,516.172 1.515,000 1.703,000 5,031,1n s.219.172 The propertie$ held as fixed assets are as foll(￿￿$= Deanery Priors Tower Stonemason's Yard Fratry Bishop Smith Registry Cathedral Cafe 28 Thé Abbey 2b The Abbey 3 The Abbey 4 The Abbey 7 Th8 Abbey 10 garages Page 47

Cathedral Church of the Holy and Undivlded Trfnlty of Carlisle Notes to the Financial Statements for thg Year Ended 31 December 2025 11 H8ritage as¥gts H•rltag• assots not rocognised in thg balance shaet As stated in the accounting policies, no value has been placed on the cathedral and anci118ry building$ and the items in Ihe inventory prepared under section 24111 of the Care of Cathedrals Méasure 2011. The Care of Cathedrals Measure 2011 requires cathedrals to keep an inventory of all items ¢onsidered to be of architectural. archaeological. artistic or historic Inte￿81 in the possession of the cathedral church. No additions to the inventory in the last four years have met the definition of heritage assets and there have been no transactions Involving heritage assets in tht same time period. 12 Flx•d assgt Investments Group 2025 2024 Investment properties Other investments 2,115,000 3.548,601 1,860,000 2.149,500 5.663,801 4,009,500 Inveslmenl propertles lTrvestment propertl•8 Cost or Valuation At 1 January 2025 Revaluation Tron$fer$ t¢)ffrom propfjrty, plant and equipment At 31 December 2025 1,860,000 67,000 188,000 2.11 S,000 Provlslon AI 31 D8C8mber 2025 Net b¢)ok value Al 31 December 2025 2,115,000 Al 31 De￿rnber 2024 1,8SO.000 Investment properties were18sI valued during the year ended 31 Decen*)er 2025 by D G Gocxlland FRICS IRRV of Walton Goodland {Chartered Surveyors). All investment propert￿$ are freehold. Page 48

Cathedral Church of the Holy and Undividod Trinity of Carlislo Notss to the Financial Statomonts for the Year Ended 31 December 2025 The propgrties held as investment properties are as folbws.. 1 The Abbey 2 The Abbey 58 The Abbey 5b Tha Abbey 5G The Abbey 6 The Abbey 8 The Abbey 9 TheAbbey 10 The Abbey The Lodge Prior Slee House Oth•r Investmonts Llsted Investments Total Cost or Valuailon At 1 January 2025 Revaluation Additions Dispo$als At 31 December 2025 2.149.500 2,149,500 232,088 232,088 2.4e6,599 2,466,599 1,299.S86 1,299,586 3,548.601 3,548,601 Net book value At 31 Decerfi4)er 2025 3,548.601 3,548,601 At 31 December 2024 2,149.500 2,149,500 Ch•rity 2025 2024 Investment properties other inveslwEnts 2,115.000 3,555.601 5,870,601 1,860,000 2,156.500 4,016,500 Page 49

Cathedral Church of the Holy and Undivlded Trlnity of Carlisle Notos to the Financial Ststements for the Year Ended 31 December 2025 Other investments Usted Investments Total Cost or Valuation At 1 January 202S Revaluion Additions Disposals 2,156,500 2,156,500 232,088 232,088 2,466,599 2,466,599 1,299,586 1.299.586 Al 31 December 2025 3,555,601 3,555,601 Net b<M)k value Al 31 December2025 3.55S,601 3.555,601 At 31 Do¢ember 2024 2,156,500 2.156,500 Dtails of und•rtakings Delai15 of the inve51men15 in which the charity hold5 200A or more of the nominal value of any Class of share eaprtal are as follows.. Country of incorporation Proportion ol voting rights and sharo9 held 2025 2024 Principal activity Undertaking Holding Subsidiary und•rt*kings Cafe retail souvenir g¢Jods and Carfisle Cathedral EnleTprise5 Limited UK Ordinary share$ 100Qh 100% Subsidiaries The profil for the financial pèriod of Carfisle Cathedral Ent6rprisès Limi18d was £146,978 {2024 £147,284) and the aggregate amount of capital and raserves al the end of the period was £7,000 12024 - £7,000). Paga 50

Cathedral Church of the Holy and Undlvlde(l Trlnlty of Carlisle Notes to the Financial Statements for the Year Ended 31 December 2025 13 stock Group Charty 2025 2024 2025 2024 Slocks 29,666 29.465 14 Debtors Group Charlty 2025 2024 2025 2024 Trad8 debtors Due from group undertakings PrepayTnen15 othei debtors 91,851 51.035 104,976 31,800 108.323 255.301 5,303 1,013 205.477 145,804 393.090 338,997 The amounts owed by connected entities wmprise a loan lo Cartisle Cathedral Enterprises Limited. The loan is interest free and has no fixed date for repaymènt. It is due in more than one year. No discounting has been applied to this ba18nce because the lime value of money would be immaterial. Trade debtors includes £19,857 due fiom Carlisle Cathedral Enterprises Limiled {2024 - £19,200}. Prepayments and accrued income in¢lud8 £146,978 due from Carfisle Cathedral Enterprises Limf(ed (2024- £147,284). 67,562 31,800 239,1 439 94,330 439 15 Creditors: amounts falllng due wlthln one year Group Charlty 2025 2024 202S 2024 Trade creditors other tsx*ion and social security A￿r￿gIS 12S,169 110,354 108.544 102,472 41,286 92,619 32.703 96,869 239,926 80.663 83 487 259.074 189207 185,959 Trad8 creditors irKludes £4,299 du8 lo Carlisle Cathedral Enterprises Lim(£ed (2024 - £10,249). Page 51

Cathedral Chur¢h of the Holy and Undivided Trinity of Carlislo Notes to the Flnancial Statements for tho Y8ar Ended 31 December 2025 16 Crndltors: amounts falllng duo aftèr onoyéar Group Charity 2025 2024 2025 2024 Other loans 79,550 79.550 79,550 79,550 The Deanery Loan was taken out in 1988 and is repayable rf the charbty sells the propety lin which ease the Church Commissioners are entitled to 37. J25710A of the selling price less any selling costs as fvll settlement of the loan). If the charity wish lo repay the loan, but not sg11 the property. then an indepandénl valuation of the prop8rtls op8n market valu8 is r8quir8d lin which cas8 the Church Commissioners aro gnliued to 37.02571% of the valuation as fvll Sottlemenl of the loan). 17 Obllgat5ons under leases and hlre purchase contracts The total valu& of future minimum lease payments was as follow5.. Group Charty 2025 2024 2025 2024 Wrthin one year In tsvo lo five years In over fNe years 19,5DO 97,500 13,000 130,000 19,500 97.500 32,500 149.500 19.500 97.500 13.000 130.000 19,500 97,500 32.500 149.500 18 Provisions Group Dofgrrgd Tax At l January 2025 Ulilised during the period Al 31 December 2025 2.698 9391 1,759 19 Commltments Charlty Capital commitmonts Al the year end the Calhedral had entered into a conlracl for works relating lo the LED proifjd. The work is scheduled to commence after th8 year end. A grant was recewed in the year from th8 Archbishops Council to fund these works. The total amount contracted for bul not provided in thè financial slalement$ was £124,288 12024 £Nil}. Page 52

Cathedral Church of the Holy and Undivided Trinity of Carlisle Notes to the Flnancial Statements for the Year Ended 31 December 2025 20 Contlngent as$et5 Charlty The Cathedral has been nolrfied of its interest in a legacy arising from the sale of a property and a painting. At the reporting date. the value of the legacy cannot be measured with sufficient reliabilty. In accordance with FRS 102 and the Charities SORP, the legacy Is therefore disclosed as a contingent asset and will be recognised when the cdleria for income recoKJnition are met. The Bgnny Walker Charitable Trust have made a svbstanlial offer to the Cathedral to part fund the repair and reconstruction of the Cathedral Organ. Al th8 reporting date this dld not meet the Qrileria for recognition in the financrdl slalements. A formal fundi8ising appeal for the project was launched after the year end. 21 Analysis of net funds Group At31 December 2025 At 1 January 2025 Flnanclng ¢ash flows Cash al bank and in hand Current asset investments 708,505 1,250.650 66.497 1.208.093 775,002 42,557 Net debt 1.959,155 1,141.596 817,559 Prloryear At31 De¢emb9r 2024 At 1 January 2024 Flnanclng cash flows Cash at bank and irb hand Current asset investm8nls 554.517 153,988 1.250.650 708,505 1,250,650 Nel debt 554,517 1,404.638 1.959,155 Page 53

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Cathedral Church of the Holy and Undlvlded Trinity of Carlisle Notes to the Financial Statements for the Year Ended 31 December 2025 The spècrfic purposes for which the funds are to be applied are a$ follows: Designated funds Emergency Fabric Works - £90,000 surplus designaled to fund gre8tly required cosmetic and 5tructuT81 repairs lo some of the residential properties within the Cathedral precinct. LED Project- funds designated by the Cathedral Igwards the Cathedral interior lighting schem8. Fabric slrucluTal defficil - funds designated by the Cathedral towards the overall f8bri¢ stiuclural deficit. General funds - The Common fvnd was sel up to manage the day to day running of the Cathedral finances. The Bequest fund is an unrestricted fund and Gollects all income recelved from legacies. - The Bequest Fund - Abbey Propertbes is funds from a bequest from GraGe Little. Restricted Funds The Cathedral Fabrbc Fund was sel up to maintain the fabric of Cathedral buildings. This fund is primarily used lo pay for large scale maintenance and improvements. The Musi¢ fund exists to provide lunds lo support music in the Cathedral. The Brown and Ford Prize Fund exists lo provide an annual prize to c￿e of the Cathedral Choristers. The Chapter Dlscretionary fund Includes donallons and income thal Chapter can spend at their discretion. The Church Commissioners fund deals with money received from the Church Commissioners towards slaff costs. Jack Dix Mission fund is a ltscal mlsslon fund created to find a gapye8r vc4unteer lo staff the Cathedral's young people's work. Other Restricted Funds in¢lude5 all other donations and inwme sources where the donor has placed a restriction on the use of the lunds. - The Whitelaw FUMI wès set up to fund works to the Treasury. - The Fratry Fund was sel up to fund Works on the Fratry building. LED Project - set up to fund the conversion of the Cathedral inlerTor lighting scheme from the existing halogen systein lo modem LED t8chnology, assisting with our jouiney towards our Net Zero largel and reducing the Carbon foolprinl of the Cathedral precinct. It is anllapated this projerA will bè completed in Spring 2026. Christmas Tree Project - Following on from the success of the firsi ChTislmas Tree Festlv81 in 2024, this has become an annual event with sponsorship received from Iixal businesses ar￿ charities lo fund the costs involved in running the event. Any eX￿sS 5pM)nsor5hip unspent at the end of the year is carried over to ￿ used th& following year. Bishop Smith - Set up lo fund a capitsl works projecl that Iransfom)ed a derelict 17th century building within the Cathedral precinct in the heart of the Historic Quarter of Cailisle. The slngle-slory Grade 11 listed Bishop Smith's Registry building has been regeneroled to enable il to be used for range of accessible community. creative. engagement activit￿S. This was a Cumberf8nd Council grant from the UK SharedlRural England Prosperity Fund, and work was completed in September 2025. Organ Project - Set up to fund the careful renewal of the Cath8dial organ. whith will secure 115 long-lerm health, reliability. and musical integrity. £1.8m of funding has been secured post year end. wtlh a further £600.000 fundraising target iequired lo enab￿ the Cathedral to appoint specialist organ builders and move forward with the project responsibly. P898 62

Cathedral Church of the Holy and Undlvlded Trlnlty of Carlisle Notes to the Financial Statements for the Year Ended 31 December 2025 Flower Fund - Set up lo allow the public to dtsnste towards Ihe arrangement of flowers wlhin the Cathedral. Any excess donations vnsp&nl at the end of the year are carried over lo the following year and used tows additional Ilower arrangement costs in th8 Cathedral at Easter or Chnslmas. Capital Endow7nent Fund$ - The Reverend G Bennett E$l8te Fund was set up by a legacy from Rev G Bennett. Income from thi5 fund 18 used lo fvnd the repair and maintenance of the cathedral and is credited lo the Fabri¢ Fund. - The Cathedral Endowment Fund wa$ set up to PfDvide income to support the general running of th8 Cathedral. Income received is credited to the Common Fund. - The Cahedra Propety Fund cemprises the propaty held within the Cathedral Precinct. as well as the Deanery loan. Detsils of endowment invested on a totsl return basis are as follows.. Trust for Investmènt Unapplied Total Return Total Endowment Endowment fund At beglnning of tho roporting perlod: Gift component of the pemianent endowment Total Movements In tho reporting period: Allocation from trust for inveslmtrnl Investrnent return.. dividend5 and interest Investment return.. unrealised gains ar Ik¥ses) Investment retum.. Tealised gains and {losse$) Investment management ¢o$ls Total Unapplied total return allocated lo ineome in the reporting period Not movements in roporting perlod 738,081 170.285 20.646 908,366 20,648 63.088 994 2,667 252,346 63,088 2,667 990,427 738.081 20.646 231700 20,648 969 781 At end of the rnportlng period.. Gift component of the pemianent endowment Unappled total return 738.081 738,081 231,700 231.700 TOTAL 738,081 231.700 969,781 Page 63

Cathedral Church of the Holy and Undivlded Trlnlty of Carlisle Notes to the Flnanclal Ststements for the Year Ended 31 December 2025 The Charities Act 2011, together with the Chanties (Total Return) Regulations 2013, permits charities holding p8rmanenl gndowmenl to adopt a 'lotal return, approach lo the investment of endowed funds. Chapl8r has resofved lo appty this approach lo the Calhe(Iral's pemanent end¢)wmenl investrnenls. held in equf(ie6 and fixed interest securlties. Under thls method, the capital grfts to the endov4ment are maintained as the Investment Fund, whi18 all subsequent investment gain8 and undistributed income aTr treated a$ Unappliod Total Retum. The deleTminalion of the Investment Fund ha$ bgen based on thg earfiest rollable valuation of endowed assets held by the Cathedral. The Property Pwl value al 1 January 1988, amounting 10 £634,554, together with £103,527 of investments wlassrfied a5 endowment al 31 De￿rnber 1999. have been idenltfied as representing the origlnal and subsequent caprtal contributions lo the pemianent endowment. These telal £738.081, which Chapter has de$ignal¢d as the Inve$lment Fund for the puiposes of optraling the lolal retum approach. All investment income and all revaluation gains or losses arising during the year have been creditod or debited lo the Unapplied Total Retum. Chapter may draw upon the Unapplied Total Return to support the Cathedral's acliwlies where appropriate. balancing the need to pr8seN8 the long4emi value of the endowment for lulure generations. During the year, Chapter resolved to transfer an amount equal to the investment income lo the General Fund lo support the Calhedral's ongoing work. No additional contributions were made to the endowment during thè year, and movemènt$ on the fun¢J ¢ompri$ed inve5tmgnt returns and révaluations only. Page 64

Cathedral Church of tho Holy and Undivided Trinity of Carlisle Notes to the Financial Ststements for the Year Ended 31 December 2025 23 Analysis of not assots between funds Group Total funds at31 Decemb¢i 2025 Unrestrict•d funds General Endt)wment funds Pernianent RestrlGted lunds Tan9ible fixed assets Fixed asset investments Current assets Current liabilrties Creditors ov8r 1 year Provislons 108,702 1,545,626 621,004 (259,074 5,031,172 3,819,338 95,600 5.139,874 5,663.601 1,052.702 1259.074) 179,5501 1,759 298.637 336,098 179,5501 1,759 Totsl nel ossels 2.014.499 634.735 8.866,560 11.51S,794 Totsl tunds at31 December 2024 Unr8strl¢tsd funds G•n¢ral Endowment funds Pemianènt R8strictod lunds Tangible fixed assets Fixed as881 investments Current assets Current liabilities Creditors ovar 1 year Provisions 118.375 789,407 1,273.879 {238,0911 5,219.172 3,086.583 432,407 11,6031 179,5501 5,337,547 4,009,500 2,134,424 1239,9261 (79,5501 2,698 133.510 428.138 1232) 2,698 Totsl Ml a8sels 1,940,872 561,416 8.657,009 11.159,297 Page 65

Cathedral Church of the Holy and Undlvlded Trfnlty of Carllsle Notes to the Flnancial Statements for the Year Ended 31 December 2025 Charity Total funds at31 D•¢8mbor 2025 Unrestricted funds General Endowment funds Pormanent Restricted funds Tangible fixed assets Fixad asset investments Current assets Current liabilities Creditors over 1 year Total net a¥sel$ 101.353 1.552,626 549,727 (189,207) 5,031,172 3,819,338 95,600 5,132,525 5,670,601 981.42S 1189.2071 79,550 298,637 336.098 179,S501 8,866,560 2.014,499 634,735 11.515.794 Totsl funds at31 Docom￿r 2024 Unrestrlcted funds General Endowment funds Pernianent Prforyear R•$trict•d funds Tangible fixed asset5 Fixed asset investments Current assets Current liabilities ¢￿￿110r$ over 1 year Total net ass8ls 107,188 796,407 1,221,401 1184,124) 5.219,172 3,086,583 432,407 {1,603) 79,550 5.326.360 4,016.50Q 2,081,946 1185,9591 9.550 133.510 428.138 (2321 1,940,872 561,416 8,657,C()9 11,159.297 24 R•latod party trans•ctlons Charty During the year the charity m&e the fdlowing related paty Iransadion¥: Friends of Carlisle Cathedral (not controlled by the Chapter but wholly for the benefit of the Cathedral) Income rece¢vable frc*n Ihis entity is included in the flnancial statements. Grants of £27.711 wer8 receivable from the Friends of Cadislg Cathodral during thg year 12024 - £25,630). The FTiends of Carliyle Cathedral purchased s8rvic8s of £178 12024 £481 from the Cathedral during the year for printing Works Al the balance sheet date the amount due from Friends of Carfisle Cathedral was £27,809 {2024 - £7,315). Carllsle Cath9dral Dovelopment Trust {controlled by its board of trustees wh￿h must includg ong executive member of the Chapter and one non-executive member of the Chapter) Income receivable from this entity 18 included in the financial statements. Grants were receivable from Carlisle Cathedral Development Trust of £53,794 12024 - £56,225). During the year Cartisle Cathedral Development Tru$l rented property to the charity, rent and utilities lolalling £22,944 were paid in the year12024 - £22,837). At the balance sheet date the amount due to Carlisle calhedro10ovelopment Trust was £2,660 (2024 - £2,696 due from). Page 66

Cathedral Church of the Holy and Undlvlded Trlnlty of Carlisle Notes to the Flnancial Statements for the Year Ended 31 December 2025 Chapter Mom￿r9 There wa$ £4,850 received from members of the charty 12024 - £1,375) through regular gi￿ng and on&off donal)ns At the balance sheet dae the amount due tolfrom Chapter members was £Nil12024 £Nil). S Carter (Wrfe of Canon Warden) Salary and expenses recefved during the year of £34,298 {2024- £32.7461 Al the balanee sheet dale Ihe amount due lolfrom S Carter was £Nil12024- £Nil}. The following extracts are taken from the audited financial slalemenls of the Friends of Carlisle Cathedral and the Carfisle Cathedr81 Development Trust. Both organisations received unqualified audit reports. Summarisad flnan¢lal 8tatsments Frlonds of Carllsle Cathe(Iral Carllsle Development Trust 2025 Cathedral 2025 2024 2024 Total income Net movement on funds 40.434 35,449 84.086 80,144 65,817 6,910 134,227 34,081 746.723 658,266 1,582.192 1.447,568 710.814 644,997 1,572,952 1,438,725 At the year end, the charity owned one trading subsidlary Carlisle Cathedral Enterpri$88 Limited. The amount$ owed be+￿9n Ihese two parties is sel out in notes 14 and 15. Gross assets Net a8sets During the year. the charity bought goods and services totslling £41,576 from the Enterprise Company on normal commercial lem18 {2024 £34.3021. The charty also supplied goods and setvice8 totalling £26.784 and rent and utilities of £66.758 to the Enterprise Company12024 - Goods and serv￿e5 £12,747. rent and utilities of £64,500). Th8 Enterprise Company also made a donalton in the year lo the charity of £146,97812024- £147,284). Page 67

Cathadral Church of the Holy and Undivided Trlnlty of Carllsle Notes to the Financlal Statements for the Year Ended 31 December 2025 28 Pension contrlbutlons Cadisle Dean & Chapter IDBSI participates in the Pension Builder Scherne section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers. CWPF has fv40 SOCtions'. 1. th8 Defined Benefits Scheme 2. the Pension Builder Scheme, which has 8ubsections', a. a deferred annuity section known as Pension Builder Classic. and, b. a cash balance section known a8 PensKJn Builder 2014. Dgfinod B9ng11ts Schome The Defined Benefits Scheme I'DBS'I Section of the Church Workers Pgn$ion Fund provides benefrts for lay staff based on final pensionabl& salaries. For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool. known as the Life Risk Pool. The Lrfe Risk Pool exists lo share certain risks btheen employers. including those relating to mortality and postaretirement investment rèturns. The division of the DBS into sub-pool$ i¥ nOt￿nal and is for the purpose of calculating ongoing contributions. This does not aller the faet that the assets of the DBS are hold as a single trust fund out of which all the benefits arg lo be provided. From limo to lime, a notional premium is transferred from 8mployers' sub-pools lo the General Reserve and alt pensions and death benefits are paid from the General Reserve. The scheme is a mutti-employer scheme as described in Section 28 of FRS 102. 11 is not possible lo attribute DBS assets and liabilities to specific empbyers, since gach employer, through th9 General Res8lVg, 1$ gxpo$gd lo actuarial risks associalod with the current and fomier employees of other èntiti8s participating in DBS. This means that contributions are accounted foi as if DBS were a defined contribution scheme. The pensions costs charged lo the SOFA during the year are contributions payable lowarés benefits and expenses accrued in that year 12025.. £35.423. 2024.. £33,660}. If. fdl¢Ming an actuarial valuation of tho Ggnaral Resorvo, thgre is a Surplus or deficit in that reserve, further transfers may b8 rnad8 from the G8n8ral Res8rve to the employers, sub-pools, or vice versa. The amounts lo be transferred land their allocation between the suWool31 wll be Sèttled by the Church of England Pensions Board having taken advice from the Actuary. A valuation of DBS 1$ caryigd out once every Ihree year5. The Most recenlty finalised valuation w?$ carried out as at 31 December 2022. The overall surplus in DBS was £73.6m. The next actuarial valuation is due at 31 December 2025. In 2024. the Board entered into a full bU￿n agrggm8nt with Aviva lo insure all accrued beneffts within the DBS of the CWPF. It wa$ also agreed that $ome employers ￿Uld use assets in the DBS in lieu of contributions to P8nsion Builder Classic andlor Pension Builder 2014. The Church of England Pensions Board agreed that defici( contributions should ￿ase with effect from 31 Docember 2022 for employers whose pools were eslimaled lo be materially in surplus. As a ￿SUIt, there is no obligation recognised as a liability within the Employerf5 financial statements as al 31 Decèmber 2023 or 31 December 2024. Page 68

Cathedral Church of the Holy and Undlvlded Trlnlty of Carllsle Nots8 to the Flnancial Statements for the Year Ended 31 December 2025 The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employerfs pension liabilities. Ponslon Bullder Schomo Both sect￿8 of the Pension Builder Scheme are classed a5 definad benefit schemes. P6nsM Builder Classic provides a pension, a￿mulated from contributions paid and converted into deferred annuity during employment based on tems sel and reviewed by the Church of England Pension$ 8oard from lime to timé. Discretionary increases may also be added, depending on investment relums and other facto￿. Penslon 8uilder 2014 1$ a cash balance scheme that provldes 8 lump $um whi¢h members use to provide benefits * retiremenl. Pension contributions are recorded in an account for each member. DiscTelionary bonu3e$ may be added before relirernenl. dep8nding on investment retums and other factors. The account, plus any bonuses dec18red 15 payable. unreduced, from age 65. There is no sub-divi8ion of a88els betrthn employers in each section of the Pension Builder Scheme. The scheme 1$ ¢onsidgT8d to be a multi-employer scheme as deseribed In Section 28 of FRS 102. This is because it is not possible to attriblrte the Pension Builder Scheme'$ asset$ and liabilities lo specific employers and means that contributions are accounted for as if the Schgme were a defined contribution Scheme. A valLMtion of the Pension Builder SGheme is carried out once every three years. Tho most rotsnl valuation was carried OLrt as at 31 December 2022. Foi the Pen8i0n Buildei Cla8SIC section, the valuation ievealed a surplus of £34.8m on the ongoing as$umplions Used. Al the most recent annual review effective 1 January 2026. Ihe Board chose lo grant a discretionary bonus of 100/0 to both pensions not yet in payment and pensions in payment in respect of service prior lo April 1997., and a bonus on pensh)ns in payment in iespecl of post April 1997 service so that the pension in¢rease was also 100A (where usually il would be calculated based on inflation up to an annual cap of 50A for pensions in payment in respect of seM¢e prior lo April 2006 2.SOA for pensions in payment in respect of 88iwice post April 20061. This followed improvements in the funding posf(ion over 2025. The￿ is no requirement for deficit payments at the current time. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time. The Church of England Pensions Board has agreed that some empbyers could use assets In the OBS of the CWPF in lieu of contributions to Pension Builder Classic andlor Pen$ion Builder 2014. The next valuation is due as 8131 December 2025. Tho legal structure of the scheme 18 su¢h that rf another employer fails, Carlisle Cathedral could becom• responsible for pawng a share of th8 fai18d emplo￿tr5 pensi?n liabilities. Page 69