2025-12-31-accounts

Annual Report and Consolidated Financial Statements for the year ended 31 December 2025

The Cathedral and Collegiate Church of St Saviour and St Mary Overie, Southwark

Registered charity number: 1200866

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DEAN’S REPORT

2025 was a busy and important year as we continued to strengthen the foundations outlined in our Vision, and began to make ourselves accountable to the five year Operational Plan we put in place last year.

Our commitment in the Vision is to the discerned vocation of Making Space for Love: with heart, mind, and soul. It is an attempt to build upon Southwark’s great history and spiritual heritage, as well as clarify our current needs and exciting potential. It maintains the worship of God as our heartland. Our belief in hospitality, learning, social justice, and the commitment to local community and partnerships, flows out of this nonnegotiable priority. Our Plan seeks to ensure that the Cathedral is sustainable, both in our commitments to net zero, but also in the longer term financial viability of the Cathedral, as well as the workload of our staff, clergy, and volunteers.

The financial health of Cathedrals remains a concern for the Church of England. We are addressing these concerns at Southwark by using the significant surplus from 2024 to continue our work on growing our income and visitor numbers in 2025. Visitor numbers in the year were ahead of target and are 50% ahead of pre-pandemic levels. This should allow us to break even in 2026 and then achieve surpluses going forward.

Our values, identified in the Vision, began to appear more important in 2025, as various political developments in the UK and the world took place. Kindness, integrity, justice and courage, are needed now more than ever, and we remain vigilant to make sure they direct all our decisions and practice at the Cathedral.

We worked hard in 2025 to improve our structures, our processes and our compliance. These are there to ensure we are a safe, diverse, fair, and transparent community. We made good appointments for our musical life, administrative efficiency, fabric oversight, safeguarding responsibilities, and for a wider engagement with the diversity of people that are drawn to the Cathedral and its locality. I was particularly grateful to the Friends of

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the Cathedral for funding new signage boards around the Cathedral, as well as for the many other ways in which they support our ministry, community, and our Cathedral building.

Southwark Cathedral in 2025 continued to uphold its long tradition of reverential worship, held together with a commitment to justice with peace, a strong sense of community, honesty about both Church and world, and a sense of fun. The energy of our congregation, staff, volunteers, and leadership team, was, and is, as strong and as passionate as ever.

The Very Rev’d Prof. Mark Oakley FSA Dean of Southwark

ANNUAL REPORT

OBJECTIVES AND ACTIVITIES Charitable Objects

The Cathedral and Collegiate Church of Saint Saviour and Saint Mary Overie, Southwark (Southwark Cathedral) is a charity registered and regulated by the Charity Commission for England and Wales under the Charities Act 2011. Our charitable purposes are as follows:

(1) The objects of the Chapter are:

(a) to 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;

(b) to care for and conserve the fabric and structure of the Cathedral Church building; and

(c) to advance any other charitable purposes which are ancillary to the furtherance of the purpose referred to in sub-paragraph (a) or (b).

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(2) In paragraph (1):

“the mission of the Church of England” means the whole mission of the Church of England, pastoral, evangelistic, social and ecumenical;

“Cathedral Church building” means the buildings within the ecclesiastical exemption for the Cathedral; and

“charitable purposes” means purposes within section 2(1) of the Charities Act 2011.

(3) In furthering the objects set out in paragraph (1), the Chapter must act for the public benefit within the meaning of section 4(3) of the Charities Act 2011.

Mission Statement: Making Space for Love

Rooted in Christian faith, to be a place of hospitality, exploration, imagination, and kindness. We will be a Cathedral that rejoices in making space for all people to flourish and grow, in heart, mind, and soul.

The pathways in which we will make space for love of God and neighbour are:

Heart: To keep the heart healthy in London by a commitment to social justice, upholding the human dignity of all people and of every age.

Mind: To help people both live faithfully and think critically, being a place of learning and discovery.

Soul: To be a school for the soul, a place for enrichment of the inner life through prayer, our Cathedral building, the arts, and community

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ACHIEVEMENTS AND PERFORMANCE Worship and Liturgy

The Liturgical life of the Cathedral is key to the delivery of our charitable objects of advancing the Christian religion in accordance with the faith and practice of the Church of England. At the heart of our work here are the Eucharist and the round of daily offices. As a community, although our worship is rooted in an orthodox Anglican tradition, we are committed to modern, inclusive, imaginative, and accessible worship. In our role as the Mother Church of the Diocese, the worship offered on Diocesan occasions seeks to be non-partisan, authentic and engaging. Most Cathedral services use the Common Worship contemporary language rites. The Book of Common Prayer is used regularly for Choral Evensong.

Our worshipping community currently consists of approximately 380 individuals, including 24 children (aged 0–10), 32 young people (11–17), and 323 adults, the majority of whom attend one or more of the principal Sunday services. In terms of our online engagement, an average of 50 people join us for Morning Prayer across Facebook and YouTube. Approximately 80 people join us live online for the Sunday 11am Choral Eucharist, with an average of 400 total views. We also have over 3,300 subscribers to our YouTube channel.

During the week, from Monday to Saturday, we offer a rhythm of daily services including Morning Prayer, Midday Prayer (excluding Saturdays), Eucharist and Choral Evensong / Evening Prayer. These services are attended by smaller congregations who are nevertheless an integral part of the Cathedral community. This weekly round is supplemented by seasonal liturgies around important festivals and principal feasts in the Church year.

Our online congregations are increasingly important to us. The foundation of our online offering is the streaming of Morning Prayer each day and a weekly Choral Eucharist and evening compline on Sundays. These are streamed via the Cathedral’s YouTube channel and Facebook page.

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Engagement figures remain high, and one particular sermon from the Dean drew over 50,000 views. There were higher figures across both weekdays and Sundays in March and December, in line with increased activity during Lent and Advent respectively. We are grateful to our vergers, who manage weekday streaming with their customary efficiency, as well as our team of volunteers who assist with the streaming of Sunday worship and occasional "specials". An important development in 2025 was the streaming of the Ordination of Deacons. In a diverse diocese many of those to be ordained have family overseas, so the decision to stream this service was of significant pastoral benefit to a new generation of clergy.

In addition to our regular worshippers, our community is further enriched by visitors. These include curious tourists, educational groups, visiting organisations and individuals seeking sanctuary. Our four daily weekday services are offered in the context of a historic building that is free to enter and open to all, reflecting our commitment to public benefit. Visitors are also welcome to enter the Cathedral at other times for private prayer, to light a candle, or to seek guidance and conversation with one of our Day Chaplains.

In 2025, major services included the Consecration of the new Bishop of Basingstoke, and the Installation of the new Archdeacon of Wandsworth. The Cathedral continued to support the ministry of the Bishop and the wider Diocese, with the annual rhythm of Ordinations, Confirmations and Archdeaconry services, and a joyful All Age Diocesan gathering for Pentecost, as well as services for children from schools across our Diocese. We welcomed partner institutions for services such as the Thomas Cure Evensong, Livery Company services and the High Sheriff’s Annual Service of Thanksgiving, when the Cathedral again welcomed the senior judiciary and Lieutenancy. We were proud to host a one-day Festival of Preaching, at which Bishop Mariann Edgar Budde preached to a packed cathedral. Our delivery of major services which engage with and celebrate local institutions and civic bodies, both in London and nationally, is a key part of the fulfilment of our charitable purposes.

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Examples of our service to the wider Christian community include our Diocesan Evensong, which filled the nave with choirs from churches across the Diocese under the direction of the Cathedral’s Director of Music, and a new ecumenical celebration in which the Cathedral Choir was joined by the choir of St George’s Roman Catholic Cathedral for a service of Vespers here to mark the week of prayer for Christian Unity, taking our own Choral Evensong to the Roman Catholic Cathedral of St George’s, Southwark.

Liturgical and musical excellence in the delivery of our special services is key to how the Cathedral delivers its stated aims. It also engages in civic events and moments of national importance through worship and, whilst keeping its orthodox roots, offers an inclusive welcome to those of other worship traditions.

Parish and Community

As a Parish Church Cathedral, we have an Electoral Roll which is compiled in accordance with the Church Representation Rules. In 2025, the Electoral Roll was fully revised, resulting in a total membership at 362 at the Annual Parochial Church Meeting in May 2025. Those living in the Cathedral parish and those who worship with us regularly are supported in their life of faith through baptism, confirmation, marriage and funerals. A good number of weddings were celebrated and funerals took place regularly throughout the year for those associated with the Cathedral. We were delighted that adults baptised in 2024 were confirmed at the Easter Vigil in 2025.

The Sub Dean coordinates ministry to the sick and housebound, assisted by our Commissioned Lay Pastoral Minister and one of our Honorary Minor Canons. He also looks after the Sunday Listening Team. During the year, the Living Faithfully programme, supporting learning and faith enrichment for our community, has continued to flourish with a variety of events and talks from writing a rule of life to walking the Camino. Primary aged children are usually admitted to Holy Communion in November, though this year it was postponed until March 2026. Our Junior Xpress and Youth Xpress groups continue to flourish and many of our young people took part in the ROBES SleepOut in November. We plan to grow

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the congregation in depth and numbers through developing the Living Faithfully programme, more regular welcome evenings for those new to the congregation and offering new opportunities to explore faith. During the coming year we will also review our ministry among families and young people, including listening to their experience, ideas and desires for the future.

We work closely with the Norwegian Church in Rotherhithe and St George’s Cathedral, Southwark, together with Southbank Churches. These relationships flourish in parallel with our close links with Rouen Cathedral, France and Bergen Cathedral, Norway who visited us during the year. During the Week of Prayer for Christian Unity the choirs of St George’s Cathedral Southwark and Southwark Cathedral sang Choral Evensong and Solemn Vespers in each other’s Cathedrals. We have a video call bilingual Lectio Divina four times a year with Rouen Cathedral which ensures a close relationship between our two communities. The Cathedral has long enjoyed a close relationship with the Anglican Diocese of Masvingo in Zimbabwe. Regular video meetings take place between our two communities and we look forward to Bishop Osiward’s visit to Southwark in April 2026.

We have a particularly close relationship with the ROBES homeless charity whose offices are on the Cathedral site. During the year we have looked at different ways of strengthening our relationship, both financially and by inviting ROBES staff to Cathedral events. We participate in staffing the Christ Church night shelter for three months each year and hosting the fundraising ROBES SleepOut in November.

Each year we give 10% of our Sunday collections and regular giving to a number of charities themed through the five marks of mission. For 2025 this amounted to just over £27,000 and details of the successful charities are published in the newsletter. We will continue to monitor the impact of our giving by requesting a mid year report.

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Education

Established in 1996, the Learning Centre is operated by the Southwark Cathedral Education Trust (SCET), an independent charity whose charitable objectives are the provision of educational opportunities for schools, children and young people at Southwark Cathedral in support of the Cathedral’s wider education ministry. The SCET board of Trustees is chaired by the Canon Chancellor and includes the Dean, a representative from Chapter, the Southwark Diocesan Director of Education, the Southwark Diocesan Lay Ministry Consultant and members of the Cathedral community with a background in education. In 2025 the Learning Centre employed one part-time manager and one part-time administrator. The work of the Learning Centre is also enriched and supported by a team of 12 teaching volunteers.

Throughout 2025, the Learning Centre continued to work primarily with schools from the faith, community and independent sector enabling highquality curriculum-linked Learning Outside the Classroom experiences that support Religious Education, History, Art & Design, Personal Social & Health Education, Philosophy & Ethics and Citizenship for students from Early Years through to Key Stage 5. The school programme aims to encourage a deeper sympathy for the Christian faith and appreciation of the Church’s contribution to culture and community.

The Learning Centre had another busy and successful year in 2025 enabling 5345 instances of pupils participating in education trails and workshops compared with 4551 in 2024. Regular post-visit surveys sent to teachers revealed high levels of teacher satisfaction in relation to session content and relevance, teaching, trip organisation, operations and value. As well as delivering an annual programme of thematic workshops and trails, the Centre’s work in 2025 also included:

Continuation of a bursary scheme for local Southwark borough schools, with high proportions of students eligible for Pupil Premium to come for a free visit enabled via a grant from the St Olave’s Foundation Fund;

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Continued partnership with the Southwark Diocesan Board of Education (SDBE) to deliver the popular Journey to the Manger Christmas event for Diocesan primary schools and a year-round programme of teacher training;

Coordinating the Cathedral’s role in ‘The Triangle of Unity’ programme culminating in a month-long exhibition of student-curated artwork on the theme of racial and social justice at the Cathedral in January 2026.

Developing and delivering family learning activities and trails in school holidays including a new family trail for the summer ‘Peace Doves’ exhibition;

Ongoing support and development for the dedicated Learning Centre volunteers through training, external visits and regular communications;

• Supporting core work with foundation schools through delivery of educational tours for students coming for their annual services and concerts.

Strategic plans for the Learning Centre for 2026 are focussed on continuing to develop close working relations with Cathedral teams, sustaining the school visit programme within increasing constraints on Cathedral access, supporting the Cathedral’s annual social justice programming and reviewing the existing suite of workshops and trails to ensure alignment with new curricula including the new SDBE primary Religious Education syllabus.

Conservation work

Southwark Cathedral continues to welcome the City and Guilds Art School BA students into the building each year to carry-out their practical curriculum. In 2025-26, they have turned their attention to the condition of the stonework in the retrochoir and choir. The column bases are looking worn and there are minor cracks in the retrochoir vaults. A wider teaching

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opportunity was created this year with the generous input from Ed Morton, Conservation Structural Engineer (The Morton Partnership). These and further smaller monitoring and student research projects within the Cathedral will be presented at the March Conservation Seminar hosted by the Cathedral. This year we hope the seminar will generate a conservation programme of works for the Cathedral.

In September 2025, we were delighted to be one of three London cathedrals to host tours to the 120 delegates of the European Conference of Cathedral Architects and Stonemasons. The conference discussed two future areas of interest to cathedrals – structural roof voids and the journey to net zero carbon. The delegates were most interested in our recent exploratory works to the ringing room ceiling in the tower and the dendrochronology confirming presence of Medieval floor joists and clues to the history of the development of tower and bell-frame. The current building and fabric challenges for cathedrals across international borders are remarkably similar and we share the need for increasingly rare skills and craftsmanship.

The Property Department ran the annual Conservation Housekeeping Week in January, led by Housekeeping Conservator Debbie Garton, who worked with an energetic team of volunteers in the retrochoir. In September 2025, an additional event was run in collaboration with the Volunteers Officer which included UCL students joining the Cathedral volunteers. An enormous amount of careful cleaning, dusting and debris removal transformed the West End of the Cathedral.

In the year ahead, considerable fabric repair and conservation work is planned. Much of the work relates to the Cathedral’s stained glass windows, including the Comper’s East window ‘Christ in Majesty’ and St Francis’s Chapel window. There are further works required to the bellframe, clock, winch-room and chandelier.

2025 was also the year of the Cathedrals Fabric Commission for England’s required selection process for a new quinquennium of Fabric Advisory Committee members. This Committee are appointed to advise Chapter on

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on the care, conservation and development of the Cathedral building, its contents and its context.

Sustainability

Southwark Cathedral is aligned with the work of the Diocese to reduce carbon emissions and has worked continuously in recent years towards its net zero carbon targets for 2030 (Diocese target – 2035). Significantly in 2025, we managed to decarbonise the offices in Montague Chambers with heat and cooling being provided wholly via air source heat pumps. With a commitment to green energy supply until 2030 this largely completes the first step in the Cathedral’s Net Zero Carbon Plan. This was achieved with the help of the Church of England’s Net Zero Carbon ‘Quick Wins’ fund. We are now planning for the more complex steps of decarbonising the Millennium Building and the Cathedral.

Mechanical, Electrical and Plumbing Consultants, Max Fordham, were appointed by the Cathedral in the summer to progress the heating and hot water plan for the remaining precinct. With help from funding from Southwark Council’s Green Energy Fund, they delivered their Stage 2 feasibility report detailing the air source heat pump requirement and power demands. We hope to progress plans for the Millennium Building in the first instance, subject to permissions and funding.

We are keen to achieve better data to measure and continue to plan the details of the journey to net zero carbon. With funding support from Better Bankside via Southwark Climate Collective, consultancy Sustainability X has been assisting us in creating a bespoke Carbon Calculator, including scope 3 emissions and those of the property portfolio.

The Sustainability Committee comprises both Cathedral staff and members of the congregation and has worked this year to raise awareness, educate and inspire those most able to share sustainably the world’s resources. Monthly meetings were held throughout 2025 and the EcoChurch framework continues to be used to improve the Cathedral’s

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performance. We are working towards Eco-Church gold status.

Small operational changes in 2025 have contributed to significant steps forward. We have increased our recycling streams and improved our waste output, achieving a 73% recycling rate and saving 41 tonnes CO2 emissions. The Cathedral grounds continue to be managed to increase biodiversity and to encourage an appreciation of God’s creation. The Churchyard won a Gold Certificate from London Churchyards in Bloom 2025, scoring maximum points for The Environment and Conservation. The Learning Centre and JX have been important participants in our valued pocket of urban greenery, using the planting in the Monastic Herb Garden and designated courtyard planters as learning opportunities.

The Mother’s Union raised sufficient money to sponsor each of the visitor toilet cubicles for the ‘Toilet Twinning’ scheme. Toilet Twinning funds global WASH projects (water, sanitation and hygiene), working with local teams to transform lives through sustainable access to private toilets, safe drinking water and healthy hygiene.

Aspirations for 2026 include building fabric improvements to reduce heat loss and a large LED light replacement scheme to reduce energy use. The Sustainability Committee will continue to raise awareness, share the global message and implement behavioural change.

Estate Management

In 2025, the Cathedral continued to deliver on its Property Strategy, reporting regularly to Chapter on progress. This year the proportion of market rental properties grew within the existing residential portfolio with plans for this to increase further in 2026. This is with an aim to retain all existing estate and maximise income.

The Property Department continue to operate the health & safety monitoring system across the portfolio. Compliance works have been at the forefront of planned building and maintenance projects. The status of the portfolio in relation to statutory regulations and other landlord obligations is reported monthly to Chapter.

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Progress has been made in small but significant matters identified in the residential conditions surveys commissioned in 2023. The larger project work has been scheduled across the next five years. There continues to be a significant quantity of remedial and fabric upgrade works required across the portfolio after a long period of austerity.

The Property Strategy Group have been working on behalf of the Cathedral to find an appropriate tenant for All Hallows Church Hall who might be prepared to fund the significant remedial repairs to the building. In 2025 a prospective tenant showed a serious interest in the property and are currently conducting a feasibility study for their plans.

Eco Church continues to worship at All Hallows in the community garden. The garden is now managed by the Diocese and the Local Authority with the assistance of Eco Church and the community gardening group.

The Cathedral Architect has been working with us to establish a strategic approach to major projects across the Cathedral Precinct. A masterplan and seven-year strategic plan has been developed and is being discussed as part of a larger funding bid programme. Projects that are being considered range from a fully coherent access plan and upgraded power, lighting and data infrastructure.

The Property Department has engaged with a new Health and Safety management system and has been integral in implementing policies, processes and emergency procedures on site. This work had culminated in an external Health and Safety audit from which a programme of works will be developed for the year ahead.

As part of an on-going project to build infrastructure resilience into the site, a programme of major works to Electricity Circuit Boards has been completed this year. Works to courtyard and churchyard external lights resulted in significant repair of existing lampposts and perimeter lights after years of them not functioning. Further improvements can now follow to lighting and CCTV provision across the site.

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The beginning of perimeter pedestrian and entrance improvement works started in 2025 and continues to be developed as part of the seven-year strategic programme. The first stage of works to be completed this year was the signage project which included internal and external wayfinding and information signs. All perimeter signage boxes were restored and are now fully functioning as lit notice and poster boxes advertising Cathedral activities. Railing and gate-mounted signs clearly indicate the route to the main entrance and a cohesive scheme of information signs continue inside the Cathedral. We are now working closely with our neighbours and Southwark Council to improve the public realm adjacent to the Cathedral.

We are now meeting weekly with the stage 2 contractor, Multiplex on the construction site opposite the Northwest end of the precinct It has been a challenging year to manage the on-going impact of the development. The noise and dust have proved particularly difficult for all working, using and visiting the Cathedral. The developers, GPE, have renamed the building ‘Delft’ and remain scheduled to complete the external landscaping by the summer of 2026.

Visitor Engagement

Our Visitor Engagement (VE) team has been through a transitional time in 2025 with the departure of our previous Head of Visitor Engagement and the re-writing and expansion of the job specification to broaden the focus and bring in more elements of Cathedral activity.

Over the summer we hosted Peter Walker’s “Peace Doves” which brought in 44,744 visitors in the six-week period of its installation. In late November we also hosted, for the first time, Lux Muralis, a sound and light experience.

In our first year of delivering a co-ordinated strand of social justice programming which in 2025 was focused on modern slavery, the team delivered two modern slavery awareness days, and an “Art is Freedom” exhibition from modern slavery charity, Hestia.

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Visitor figures for 2025 increased by 16% on 2024, which is encouraging and something for us to build on in 2026 as we welcome our new Head of Engagement to deliver key elements of the strategic plan.

In 2025 the VE team delivered a large array of diverse events, including talks, art exhibitions and concerts as well as an array of other activities including a series of Living Faithfully talks, a tours programme and a Guides training course to improve the skills and knowledge of our volunteers.

FINANCIAL REVIEW

The total operating result for 2025 before gains and losses on investments was a deficit of £211,560 this compares to a surplus of £324,578 in 2024. This includes a surplus of £87,284 on restricted funds (2024 - £2,795).

£150,000 of the designated fund set aside in 2024 were released in the year to drive income by increasing visitor numbers and supporting long term planning on property projects. This brings the general fund deficit to £155,000.

There was a net loss of £77,000 on the revaluation of investments in 2025, principally because of a reduction in the valuation of investment properties of £120,000, offset by an increase of £43,000 in other investments.

Total consolidated funds at 31 December 2025 were £17,341,837 (2024 - £17,630,732). Of these £277,950 were restricted funds (2024 – 188,419) and £16,187,006 were endowment funds (2024 - £16,256,810). The unrestricted fund was £576,881 (2024 - £735,561), and £300,000 were designated funds (2024 - £450,000). Unrestricted and Designated funds include £165,028 represented by the net value of tangible fixed assets and £702,800 by investment properties. The free reserves were therefore minus £290,947 (2024 - £133,129), this excludes the £300,000 designated fund.

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Reserves Policy

The Chapter’s aim is to build up its free reserves to £540,000 as this is level deemed to be sufficient to address any short-term loss of income and cover a significant exceptional item of expenditure. This will be achieved through investment in visitor growth through 2026 to 2029 as outlined in the trustee plans for 2026.

TRUSTEE PLANS FOR 2026

In the coming year, Chapter has identified the following as its priorities in the delivery of the charity’s objects:

Continuing to develop the Operational Plan, to embed the Making Space for Love strategy, into everything we do as a Cathedral;

• Further improving how we welcome visitors and worshippers. We will do this by:

Producing an Engagement Plan with the new Head of Engagement to build a better understanding of our visitors and worshippers, including a greater focus on, audience development (we have secured funding through the Cathedral Sustainability Fund to appoint an Audience Development Manager)

Growing our presence and reach in communications through a greater investment in digital communications (we have also secured funding through the Cathedral Sustainability Fund to appoint a Digital Marketing Manager)

Continuing to improve our signage and interpretation

Delivering a new and refreshed Visitor Guidebook

Building on our initial learning from our social justice programming on modern slavery to grow and develop this area of the Cathedral’s work

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In collaboration with Southwark Diocese, delivering a successful INEQE audit in June 2026 with the help of the new Cathedral Safeguarding Officer

Continuing to develop our fundraising and development activity (with input and guidance from Chapter and SLT)

Completing the Conservation Management Plan

Delivering a workable solution for the All Hallows site

Working with the newly constituted Fabric Advisory Committee to approve longer term projects as part of a seven-year strategic plan

STRUCTURE, GOVERNANCE AND MANAGEMENT Governance

The Cathedral is registered as a charity with the Charity Commission, in accordance with the Cathedrals Measure 2021.

The Chapter are the board of charitable Trustees that exercise governance and have responsibility for the overall life of the Cathedral. The Chapter consists of the Dean, two executive Residentiary Canons, three nonexecutive Residentiary Canons, and six lay non-executive members. The lay non-executive members include the Senior Non-Executive Member and the two Cathedral Wardens.

Chapter meetings are chaired by the Dean, or by the Senior NonExecutive Member in the Dean’s absence. Chapter meets ten times a year, and is attended by members of Chapter as well as the Chief Operating Officer (COO) and the Chief Financial Officer (CFO). The Bishop attends one Chapter meeting per year. Each meeting includes reports from the COO and CFO, as well as items on governance, compliance and general matters to enable Trustees to make decisions that are in the best interests of the Cathedral.

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The Dean is the principal dignitary of the Cathedral after the Bishop and has a particular role in ensuring the proper performance of Divine Service in the Cathedral. The Dean also has several statutory roles and responsibility for the governance of the Cathedral, including as Chair of the Trustees.

Trustee Recruitment and Training

Trustees are appointed following Safer Recruitment practice set out by the Church of England. New Trustees complete an induction process suggested by the Association of English Cathedrals, which involves the Trustee being invited to meet staff, attend worship at the Cathedral, be guided on a historical tour of the fabric of the Cathedral and its ancillary buildings and provision of key governance and Cathedral documents. Trustees must also register with the Charity Commission and complete necessary documentation, including a Fit & Proper Person Declaration and Declaration of Interests Form.

Chapter Committees

Chapter is supported by several Committees that are mandated by the Cathedrals Measure 2021:

The Nominations Committee advises Chapter on the appointment of individuals to Chapter and other Committees. In doing so, the Committee ensures that all appointments are fair and transparent, and that there is diversity among members. The Committee also has responsibility for recommending to Chapter the appointment of Directors to the SCEL Board. The Committee regularly review the skills, knowledge and experience of Chapter and other Committee members. This Committee meets four times per year.

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The Audit and Risk Committee review the activities and management of the Cathedral with an independent perspective in order to identify, manage and mitigate risk. The Committee also recommends on the Cathedral’s audit functions. Further information on how the Cathedral approaches and manages risk is set out in the Risk section below. This Committee meets five times per year.

The Finance Committee monitors the financial management of the Cathedral. It makes recommendations to the Chapter in relation to the Cathedral’s budget, financial processes, financial policies, investment and fundraising. The Dean is not a member of the Committee, but may attend, and speak at, meetings. There has been difficulty in recruiting and appointing a full complement of members to this committee this year, but work has been done to identify suitable members to join in 2026 whilst ensuring an appropriately diverse and skilled Committee. This Committee meets six times per year.

The Terms of Reference for each Committee were reviewed by Chapter this year, and will next be reviewed within three years. Each member of Chapter and the Committees is appointed for a term of up to four years, although some Chapter members have been appointed for a specified shorter period to allow for a staggered rolling membership and prevent all members ending their term at the same time. Chapter membership currently stands at 11, and a 12th member is actively being recruited.

Under the Care of Cathedrals Measure 2011, the Fabric Advisory Committee is responsible to the Cathedrals Fabric Commission for England and considers applications from the Chapter regarding proposed development of and changes to the Cathedral’s fabric. There are eight voting members, four appointed by the Cathedrals Fabric Commission for England and four by the Cathedral Chapter. In addition, the Dean, SubDean, Chief Operating Officer, Head of Property, Cathedral Architect, Cathedral Archaeologist and one of the Cathedral Wardens attend the four meetings each year and the committee advises on and ensures protection of the fabric of the Cathedral and its precincts.

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Connected Organisations

There are five other formally constituted organisations involved in aspects of the Cathedral:

Southwark Cathedral Enterprises Limited (SCEL)

This company is wholly owned by the Cathedral and manages the main commercial activities of the Cathedral. This includes retail, conferences, special events, commercial bookings for social occasions and concerts, and the operation of the café. These streams rely on SCEL using the Cathedral’s premises. Profits are, if so decided by the Board of SCEL, donated to the Cathedral.

The Southwark Cathedral Development Trust (registered charity 1069914)

This registered charity, was initially formed as a vehicle for the Millennium Project funds and remains a separate charity, not under the control of the Chapter and with independent trustees. Funds held in it can be applied for by the Cathedral and are held for the purposes of Music, Fabric and Social Mission costs.

Southwark Cathedral Education Trust (registered charity 1058369)

The Southwark Cathedral Education Trust is an independent registered charity which oversees the work of the Learning Centre and seeks to help teachers cover a range of national curriculum subjects through experience-based visits and workshops on site at the Cathedral. The Cathedral makes available to it both classroom and office space. It has independent trustees and is not under the control of the Chapter.

The Friends of Southwark Cathedral (registered charity 1159545)

This registered charity provides financial support to the Cathedral for repairing, maintaining and beautifying the Cathedral church, and assisting the Chapter in their mission and ministry. It is not under the control of the Chapter. Proposed projects for which the Cathedral applies for funding are considered by its independent trustees.

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The Dean of Southwark’s Fund (registered charity 275354)

This registered charity provides financial support for extending, developing and maintaining the buildings, fabric, amenities and work of Southwark Cathedral as well as the advancement of the Christian religion. It has independent trustees and is not under the control of the Chapter.

Staffing and Management

We currently have a lay staff of 40 employees (34 FTE), working across a range of departments between Southwark Cathedral and Southwark Cathedral Enterprises Limited (our trading subsidiary). Managerial, operational and staffing decisions are made at the Senior Leadership Team (SLT) meeting. SLT meets weekly, chaired by the COO and attended by the Dean, the Canon Pastor (Sub-Dean), Canon Precentor and CFO. Heads of Department are individually invited to attend for part of an SLT meeting twice a year, providing an opportunity for reciprocal support, updates and feedback. SLT’s Terms of Reference mean that it debates and decides upon those matters delegated to it by Chapter. It also receives and decides matters escalated from Heads of Department and other line-managed staff for approval. The meeting is attended by the EA to the COO, who records actions and circulates an action tracker to ensure that necessary actions are followed up.

Heads of Department lead the various operational functions of the Cathedral and come together fortnightly in a meeting chaired by the COO – an important platform for sharing news and views and ensuring a cohesive and co-operative approach across departments.

There are several other important regular decision-making forums: Diary Meeting (weekly) and Health, Safety and Security Meeting (fortnightly) are key forums for staff to meet to discuss the Cathedral diary and our activities, ensuring clear communication between stakeholders and compliance in terms of Health and Safety and RAMS. For longer term

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planning, a newly created Forward Planning Meeting is convened approximately every six weeks to ensure the smooth running of bigger projects and activities.

Other groups such as the Visual Arts Group and Sustainability Committee meet on a regular basis and are formed of Cathedral staff, Diocesan staff and volunteers. There are regular SLT agenda items for members to report on matters discussed in these forums, with some matters, where appropriate, taken to Chapter.

Any annual salary uplift takes place each year in conjunction with the Budget setting for the year following. Any percentage uplift is discussed initially between the CFO and COO, presented as part of the draft Budget to SLT, Finance Committee and then Chapter for approval. Any change is applied from 1 January each year.

Chapter, in consultation with the Finance Committee and the Board of Southwark Cathedral Enterprises Limited, has for many years decided to pay all its staff at least the London Living Wage (and also to require its main suppliers and partners to pay London Living Wage). This rate of pay is subject to review each year. The rate is calculated annually by the Resolution Foundation and overseen by the Living Wage Commission.

Our Volunteers

We are very fortunate to have 352 active volunteers, many of whom offer their time in more than one role. This contribution of service is significant and vital to our ability to undertake many activities that have an impact on our beneficiaries.

Volunteers undertake a wide range of roles (currently 32) based both at the Cathedral and in the local community. Within the Cathedral teams, there are pastoral roles (e.g. Day Chaplains, meaning that we can offer a caring presence in the Cathedral church every day for visitors and pilgrims, in a way that would otherwise not be possible), visitor experience roles

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(e.g. flower arrangers, volunteer receptionists and bell ringers). We also offer more outward facing opportunities involving the local community, including for example, volunteering with the Cathedral’s Learning Centre, which welcomes local school groups to the Cathedral, and with ROBES Overnight Shelters, to provide food and care for homeless guests in the early months of the year. We also work in partnership with London universities to promote our volunteering programme, and in 2025 we hosted the first ‘Big Help Out’ day in collaboration with University College London (UCL) where we invited 25 students to volunteer in conservation housekeeping at the Cathedral.

The Cathedral’s Volunteers Officer has played a crucial role in galvanising our wide volunteer base, ensuring they are all appropriately recruited and trained, and engaged with the Cathedral’s values and wider missional purpose. We have achieved this in a number of ways, including the annual Volunteers Forum where we invite a guest speaker to facilitate some training and invite each department at the Cathedral to speak about their work, as well as advertise any volunteer roles. Not only is this a useful exercise for departments to help bolster the work the Cathedral staff are doing, but it also provides an opportunity for volunteers to understand more about the Cathedral’s current and upcoming projects, and for staff and volunteers to get to know one another.

The Volunteers Officer also organises reciprocal visits for volunteers to foster a sense of community, build strong relationships with other organisations and encourage knowledge sharing. In 2025, volunteer trips were arranged with the Golden Hinde, the Migration Museum, Emery Walker’s House, the Old Operating Theatre, the V&A and Lambeth Palace. We also provide relevant training programmes for volunteers - in 2025 this included a Sign Language and Deaf Awareness workshop and a Front of House session. The volunteer database Assemble continues to be an incredibly secure and efficient system for storing volunteer information and providing reports, including the number of volunteer hours recorded (approximately 6,489 hours among 117 volunteers). The system also assists with volunteer recruitment - in 2025 we welcomed 62 new volunteers to the Cathedral.

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Safeguarding

The Cathedral’s Chapter remains confident that there is a strong safeguarding culture prevailing at the Cathedral and that a safe environment for children and vulnerable adults is provided in the Cathedral, whilst acknowledging that vigilance should always be ongoing to ensure this continued safety

In November 2025 we successfully recruited a Cathedral Safeguarding Officer (CSO) who is now the main contact for any Cathedral focused safeguarding concerns. The CSO is managed by, and works with the Chapter Safeguarding Lead, who is also the Canon Precentor, as well as collaborating closely with the Music and Volunteering departments, the COO, other members of the clergy and head of department.

The CSO and the Chapter Safeguarding Lead also regularly liaise with the Regional Safeguarding Lead and the National Safeguarding Team who are supporting the Cathedral with our upcoming INEQE audit in June 2026.

The CSO is now working on the National Case Management System, and, after extensive support from the Diocesan Safeguarding Team, all existing and new safeguarding cases will now be owned and managed within the Cathedral.

However, the Cathedral continues to maintain a close working relationship with the Diocesan Safeguarding Team, including attending the annual Diocesan Safeguarding Advisory Panel focused on the Cathedral, ensuring that we are compliant with Diocesan policies and assisting them with their own case loads one day a week.

As part of the new CSO’s remit, all safeguarding policies, guides and internal training resources are in the process of being reviewed and updated with any relevant legislation and process changes, helping to embed safeguarding in everything we do.

The previously existing volunteer Safeguarding Officers have now been

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renamed as Safeguarding Reps, with two experienced volunteers remaining in place. Helen Quintrell stepped down from this role in November 2025 after many years of service, and Russell Silverwood has been recruited. These Reps continue to be a valuable resource and are the eyes and ears on the ground in the Cathedral, especially on Sundays, choir practice and during services and events. As a worshipping community we observed Safeguarding Sunday in November, where the new CSO and Rep were commissioned in front of the congregation, stressing our shared responsibility for safeguarding across our common life. The presence of the Safeguarding Team is signposted throughout the Cathedral and in our regular communications to congregation, choirs, volunteers and staff members.

We continue to follow the Church of England’s guidance on safer recruitment and all paid and volunteer staff who work with children and vulnerable adults are subject to Disclosure and Barring Checks prior to as well as comprehensive safeguarding training once in role. In 2025, 21 members of staff completed or renewed safeguarding training and 134 volunteers completed or renewed safeguarding training. This training is renewed every three years.

Fundraising

Active fundraising remains within the finance function. The aim is to raise funds for the Cathedral and its charitable purposes through individual gifts, trusts and foundations grants, legacies, and corporate support.

2025 was broadly a successful year for fundraising. The main focus of fundraising work has been on securing grants from trusts and foundations, government and other funders. This was the first full year in post for the Cathedral Fundraiser, meaning that much work has been done to rebuild relationships with trusts and foundations, as well as develop a fundraising strategy from scratch. In 2025, the Fundraiser was set a target of raising £100,000 in budget-relieving revenue, which would cover all grants apart from those involving additional projects and expenditure to what had already been planned and budgeted for the year.

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This figure was significantly surpassed. Overall, a total of £787,134 in grants income was received or pledged, with £440,134 of that money being for 2025 and £347,000 for the following two years. The budget-relieving figures were £406,431 for the total amount of pledged income (including for 2026 and 2027) and £189,431 banked in 2025.

The most significant grants were a three-year £100,000 grant from Morden College to support core staff costs, with that money being in addition to Morden College’s annual £10,000 donation in support of the Cathedral’s music; £50,000 from the Church of England’s net zero quickwins scheme to help pay for low-carbon heating and lighting at Montague Chambers; a £45,600 grant from the Friends of Southwark Cathedral for external signage; £30,000 from the Headley Trust for repairs to the Choir east window; a two-year £15,000 per annum grant from the Cathedral Music Trust; £15,000 from Southwark Borough Council to pay for heat pump feasibility fees; and £13,043 from the St Olave’s and St Saviour’s Schools Foundation to support our choirs. We are also extremely grateful to the Garrick Club Charitable Trust for agreeing to a £2,500 grant for the choir.

In collaboration with the Dean and the Chief Operating Officer, a total of 61 requests were made either in writing or in person; and the overall success rate was 41%. There was also legacy income of £40,560 from four donors.

In addition, successful stewardship events took place on 2025, including a reception for friends and supporters of the girls’ choir ahead of a special concert given by the choir to mark the 25th anniversary of its founding; and another reception for music supporters and legacy prospects ahead of one of the Carol services in December.

Going forward, we also aim to invest greater time, effort and care in the stewardship of our donor relationships, not least – for example – by more promptly thanking and acknowledging donors for their support and reporting on its impact.

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Risk Management, Reporting and Monitoring

As a small, but complex organisation, Southwark Cathedral has an ongoing exposure to a range of financial, legal and reputational risks. It is the ultimate responsibility of the Chapter to regularly review and assess these risks, ensuring the Cathedral has effective and adequate risk management, with proper internal controls in place. Chapter recognises that any risk management system can provide only reasonable and not absolute assurance against loss.

To assist Chapter in their assessment, there are a number of supporting functions. The Audit & Risk Committee, Senior Leadership Team and Finance Committee (which pays particular attention to financial risk) are all charged with the ongoing assessment of Southwark Cathedral’s exposure to risk.

In 2025, we developed a Business Continuity Plan to help enable continued provision of core activities throughout any kind of disruptive incident.

Southwark Cathedral maintains a Risk Register as a “live” document with regular updates to keep a track of organisational risk, looking at causes, mitigations and target actions. The risks in the Risk Register are divided into six main categories of principal risk, as outlined below.

Finance

The main financial risks are: insufficient cash to sustain operations; loss of cost control; financial fraud; and theft. Key mitigations include: cash flow projections; financial control procedures; fundraising; cash and contactless donation points; and event hire. In 2025, we have begun to increase focus on fundraising as a form of income generation, and have installed additional CCTV to help deter theft.

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Safeguarding

The main safeguarding risks are: accident or injury to child or adult during the course of choir activities; safeguarding allegation made against current staff or volunteer; safeguarding allegation made in respect to non-recent instances of abuse; and signs of abuse not recognised regarding a member of the Cathedral community or a member of the public. Key mitigations include: risk assessments for activities; mandatory safeguarding training for all staff and volunteers; clear information and signposting; and close communication with the Diocesan Safeguarding Team. In 2025, Southwark Cathedral employed a Cathedral Safeguarding Officer and revised the Cathedral’s safeguarding policies.

Fabric and Building

The main risks to fabric and building are: health and safety concerns; statutory and best practice access obligations not being met; and damage or deterioration to the fabric of the Cathedral property. Key mitigations include: daily site walk arounds by the property team; a planned preventative maintenance schedule; incident reporting; staff training; and regular assessment of risk by the Health, Safety and Security Committee. In 2025, Southwark Cathedral worked with an external agency to produce a new Health and Safety Policy and handbook which is fully compliant with current regulations, and begun preparation for a Health and Safety audit in early 2026.

Governance and Compliance

The main governance and compliance risks are: inadequate governance from Chapter and Sub-Committees; unplanned IT system downtime; and non-compliance with GDPR. Key mitigations include: regular review of Chapter and Committee membership by the Nominations Committee; IT backed by Diocesan cloud-based system; secure IT software and hardware; and contracting the role of Data Protection Officer to external specialists. In 2025, the Nominations Committee produced role

descriptions for sub-committee members to help assess skill balance, and staff attended a Data Protection training course.

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External

The main external risks are: fire, flood, terror attack or other catastrophic incident; and a rise in infection, epidemic or pandemic. Key mitigations include: insurance policies; risk assessments; remote working capabilities; event security; relationship with the Police; and regular cleaning. In 2025, a salvage plan and a business continuity plan were both produced to establish a plan of action in emergencies, and staff attended the ACT Awareness counter-terrorism training.

People

The main risks relating to people are: Cathedral workforce insufficient in size and skills to keep the Cathedral functioning adequately; employee or ex-employee litigation; and volunteer workforce insufficient in size to keep the Cathedral functioning adequately. Key mitigations include: preemployment checks such as references and DBS checks; advice from the Diocesan Director of HR; regular review of staff resource; and rolling volunteer recruitment. In 2025, Southwark Cathedral instigated a formal appraisal system, updated the Employee Handbook and policies, and received funding for additional staff roles.

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REFERENCE AND ADMINISTRATIVE DETAILS

Full Legal Name and Address of Charity

The Cathedral and Collegiate Church of St Saviour and St Mary Overie, Southwark (also known as Southwark Cathedral) London Bridge, London, SE1 9DA

Telephone: [phone] General email address: [e-mail] Website: www.southwarkcathedral.org.uk

Administrative Body

The Cathedral's administrative body is the Chapter. The members of the Chapter (Trustees) during the year and up to the date of approval of this report are:

• The Very Rev’d Prof. Mark Oakley

• Ms Gill Reynolds, Senior Non-Executive Member

• Mr Daniel Chumbley (Cathedral Warden until 11th May 2025)

• The Rev’d Canon Jeremy Clark-King, Canon Treasurer and Canon Residentiary

• Mrs Lynn Cooper (until 11th May 2025)

• The Rev’d Canon Roxanne Eversley, Canon Librarian and Canon Residentiary

• The Rev’d Canon Kathryn Fleming, Precentor and Canon Residentiary Mrs Linda Hutchinson, Cathedral Warden

• Mr Simon Kingston

• The Rev’d Canon Michael Rawson, Sub Dean, Canon Pastor and Canon Residentiary

• The Rev’d Canon Wendy Robins, Canon Chancellor and Canon Residentiary

Ms Kristin Ruby, Cathedral Warden (from 11th May 2025)

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Statutory office holders

Chief Operating Officer

The Trustees delegate the day-to-day management of the charity to the Senior Leadership Team comprising:

Paul Smith

Chief Financial Officer

Ted Halshaw

Cathedral Architect

Ms Kelley Christ, A&RME

Archaeological Consultant

• The Very Rev’d Prof. Mark Oakley The Rev’d Canon Michael Rawson

• The Rev’d Canon Kathryn Fleming Paul Smith (COO)

• Ted Halshaw (CFO)

Dr Jackie Hall

The Finance Committee

The Audit and Risk Committee

• Mr Daniel Chumbley (Chair)

• The Rev’d Canon Jeremy Clark-King

• Mr Richard Cornwell

• Mr Richard Holman Mr Colin Johnston Mr Julian Sansum

• Mr Anthony Demby (Chair)

• Mrs Amanda Adamson-Hill

• Mrs Lynn Cooper (until 11th May 2025)

• The Rev’d Canon Roxanne Eversley (from 26th June 2025)

• Ms Juanita Fan

• Ms Minjie Lin The Rev’d Canon Wendy Robins

The Fabric Advisory Committee

• The Rev’d Charles Pickstone (Chair) (until 10th March 2025) Professor Maurice Howard (Interim Chair from 9th June 2025) Mr Alexander Holton

• Mr Luke Hughes

• Ms Anna Joynt

• Ms Katie Lithgow

• Mr Richard Malins (Secretary)

• Mr Guy Rowston

• Ms Phillida Shaw

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The Nominations Committee Bankers

Ms Gill Reynolds (Chair) National Westminster Bank plc Mr Daniel Chumbley 10 Southwark Street The Rev’d Canon Kathryn London SE1 1TT Fleming Mrs Linda Hutchinson Mr Simon Kingston

Chapter Solicitors

Insurers

Winckworth Sherwood Ecclesiastical Insurance Group Arbor, 255 Blackfriars Road Beaufort House London Brunswick Road SE1 9AX Gloucester GL1 1JZ

Independent Auditors

Investment Managers

Moore Kingston Smith LLP Rathbones 9 Appold Street 30 Gresham Street London London EC2A 2AP EC2V 7QN

Surveyors

Rapleys LLP 51 Great Marlborough Street London W1F 7JT

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STATEMENT OF RESPONSIBILITIES OF THE CHAPTER

In relation to the Annual Report and Financial Statements, Chapter members are responsible for preparing them in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to Cathedrals in England and Wales requires Chapter members to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Cathedral and of the incoming resources and application of resources of the Cathedral for that period. In preparing these financial statements, Chapter members are required to:

• select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Cathedral will continue in business.

Chapter is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Cathedral and enable them to ensure that the financial statements comply with the Charities Act 2011, the Cathedrals Measure 2021 and the provisions of the Cathedral’s Constitution and Statutes. It is also

responsible for safeguarding the assets of the Cathedral and therefore for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Very Rev’d Prof. Mark Oakley Dean

5 May 2026

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INDEPENDENT AUDITOR’S REPORT TO THE CHAPTER MEMBERS OF SOUTHWARK CATHEDRAL

Opinion

We have audited the financial statements of Southwark Cathedral for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, the Group and Cathedral Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and Cathedral’s affairs as at 31 December 2025, and of the group’s incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the Cathedral in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Chapter members’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and Cathedral’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Chapter members’ with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Chapter members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the Annual Report is inconsistent in any material respect with the financial statements; or

the group and Cathedral has not kept adequate accounting records; or the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we required for our audit.

Responsibilities of Chapter members

As explained more fully in the Chapter members’ responsibilities statement set out on page 34, the Chapter members 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 members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Chapter members are responsible for assessing the Cathedral’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Chapter members either intend to liquidate the Cathedral or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,

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whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Cathedral’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Chapter members.

• Conclude on the appropriateness of the Chapter members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Cathedral’s ability to continue as a going concern. If we conclude that a material uncertainty

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exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Cathedral to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Cathedral.

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Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the Cathedral and considered that the most significant are the Cathedrals Measure 2021, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• We obtained an understanding of how the Cathedral complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected noncompliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

• There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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Use of our report

This report is made solely to the Cathedral's Chapter members, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP Statutory Auditor 4/6/2026

9 Appold Atreet

London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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Consolidated Statement of Financial Activities for the year ended 31 December 2025

All operations are continuing. There are no recognised gains or losses for the year other than those detailed above. The accompanying notes form an integral part of these financial statements.

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Consolidated Balance Sheet as of 31 December 2025

The financial statements for Southwark Cathedral, (registered charity number 1200866), for the year ended 31 December 2025 were approved and authorised for issue by the Chapter on 5 May 2026.

The Very Rev’d Prof. Mark Oakley Dean

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Cathedral Balance Sheet as of 31st December 2025

The financial statements for Southwark Cathedral, (registered charity number 1200866), for the year ended 31 December 2025 were approved and authorised for issue by the Chapter on 5 May 2026.

The Very Rev’d Prof. Mark Oakley Dean

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Consolidated Statement of Cash Flows for the year ended 31 December 2025

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Notes to Consolidated Financial Statements

1. Accounting Policies

Basis of preparation of the consolidated financial statements

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Cathedral and its subsidiary are a public benefit group for the purposes of FRS 102. The Cathedral also prepares its financial statements in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Going concern

The financial statements are prepared on a going concern basis, which assumes that the Cathedral will continue as a going concern for foreseeable future. The significant surplus from 2024 allowed the Cathedral to plan for a deficit in 2025 to continue our work on growing our income and visitor numbers. Given the extent of the works completed in the year Chapter brought forward the timeline for posting a surplus from 2027 to 2026. Chapter has considered the Cathedral’s forecasts and projections, which have been bolstered by exceptional first quarter income in 2026 from SCEL, for a period of 12 months from the approval of the financial statements and have concluded there is a reasonable expectation that the Cathedral has adequate resources to continue in operational existence for the foreseeable future. The Cathedral therefore continues to adopt the going concern basis in preparing its financial statements.

Group financial statements

The financial statements are consolidated to include the results of the Cathedral's subsidiary undertaking, Southwark Cathedral Enterprises Limited. They do not include the financial transactions, assets and

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liabilities of other charitable organisations which are not under the control of Chapter, details of which are provided in the notes to the financial statements; nor do they include the accounts of informal gatherings of Cathedral members or groups that owe their main affiliation to another body.

Third party and non-cash receipts and payments and donated assets and services

Where amounts are payable on behalf of the Cathedral by third parties, for example the Church Commissioners, these are disclosed under both income and expenditure in the consolidated statement of financial activities. Where goods and services are donated to the Cathedral the value is included in the appropriate classification of income and expenditure when the control over the expected economic benefits that flow from the donation has passed to the charity, it is probable and the fair value of the value to the charity can be measured reliably

Income

All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Legacies and donations

Legacies are recognised following probate and once there is sufficient evidence that receipt is probable and the amount of the legacy can be measured reliably. Where entitlement to a legacy exists but there is doubt as to its receipt or the amount receivable, details are disclosed as a contingent asset until the criteria for income recognition are met.

All legacies and donations receivable are credited to the Consolidated Statement of Financial Activities and allocated to the relevant fund according to any restrictions placed upon their use.

Income arising from events and conferences

Income is recognised at the date at which the event or conference takes place. Any income received in advance is deferred to the date of the event or conference.

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Grants receivable

Grants receivable which are subject to restrictions are credited to the restricted fund in the Consolidated Statement of Financial Activities as soon as they are received or become receivable.

Grants receivable which are subject to conditions are recognised once any conditions outside the control of the charity have been met.

If a grant has been received or is receivable and the related expenditure has not been incurred, then the grant is carried forward in restricted funds in the balance sheet. If a grant becomes repayable due to conditions of the grant not being satisfied a liability is recognised. If expenditure has been incurred prior to the receipt of the related grant, but with other conditions satisfied, then the grant receivable is credited to the Consolidated Statement of Financial Activities and carried forward as a debtor in the balance sheet.

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure on raising funds comprises the costs associated with fundraising and trading. Charitable expenditure comprises those costs incurred by the Cathedral in the delivery of its mission. Direct costs represent all costs which directly relate to a single activity. Support costs, including governance costs, are apportioned on an appropriate basis to estimated usage.

Pension scheme arrangements

Defined benefit scheme: Church Workers Pension Fund for lay staff Pensions for lay staff are provided by Church Workers Pension Fund. Lay staff are enrolled in the Pension Builder Classic Scheme which is classed as a defined benefit scheme. The contributions to the fund by the Cathedral are charged to the Consolidated Statement of Financial Activities as incurred, as the scheme is a multi-employer scheme and it is not possible to identify the assets and liabilities relating to the Cathedral.

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Defined benefit scheme: Church of England Funded Pensions Scheme for clergy

Pensions and related benefits for the Dean, Sub Dean and Canon Precentor are provided by the Church of England Funded Pensions Scheme. This scheme operates as an occupational pension scheme and contributions, at a rate determined having regard to actuarial advice, are paid into a separate fund in the trusteeship of the Church of England Pensions Board. Benefits arising from pensionable service are provided from that fund. The contributions to the fund by the Cathedral are charged to the Consolidated Statement of Financial Activities as incurred, as the scheme is a multi-employer scheme and it is not possible to identify the assets and liabilities relating to the Cathedral.

Taxation

Income is shown net of value added tax. Input value added tax is reclaimable on a percentage basis subject to partial exemption rules. All irrecoverable value added tax is included under the appropriate classification of expenditure. All recoverable income tax is included under the appropriate classification of income.

Cathedral and its inventory

No value is attributed to the Cathedral (together with the linked 1988 Chapter House and Millennium Buildings) in the financial statements and it is not included in the consolidated balance sheet. The Cathedral and the Millennium buildings, which are inalienable assets, are currently insured for a total sum of £51.49 million. No value is attributed to items included in the Cathedral inventory under Section 13(1) of the Care of Cathedrals Measure 1990 as they are considered to be of architectural, archaeological, artistic or historic interest and the cost of obtaining valuations would be onerous compared with the benefit derived by users of the accounts.

Tangible fixed assets

No depreciation is provided on the freehold properties owned by the Cathedral and carried on the balance sheet because the useful economic life of the properties is judged to be longer than 50 years, and Chapter's policy is to maintain and repair the properties to ensure that they retain

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their value in use to the Cathedral. In order to comply with FRS102, Chapter has conducted an impairment review. Chapter considers that the net realisable value of the properties in the balance sheet is not less than their carrying value and expects to hold the properties for more than 50 years. In the opinion of Chapter, the assets are therefore not impaired and there is no requirement to adjust the value at which the properties are carried in the balance Sheet.

Expenditure on tangible fixed assets of £1,000 or more is stated in the balance sheet at cost less depreciation provided to write it off over its expected useful life as follows:

Computer equipment - Three years

Fixtures, fittings, furniture and equipment - Ten years Other items - Four years

Non-investment property

Properties owned by Chapter are included in the consolidated balance sheet at cost or valuation. The transitional provisions of Financial Reporting Standard 102 have been used to treat this valuation as a deemed cost. Where property is held on a “mixed-use” basis such that it is partly used by the Cathedral and partly rented out, the property is wholly held at depreciated cost as it would not be practicable reliably to estimate the value of the investment property element.

Investment property

Investment properties are carried at their open market value.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the Consolidated Statement of Financial Activities as ‘gains or losses on investments’ and are allocated to the appropriate fund.

Investments

The investments are held subject to the Trustees Act 2000 and are included in the consolidated balance sheet at market value.

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Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the Consolidated Statement of Financial Activities as ‘gains or losses on investments’ and are allocated to the appropriate fund.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through the Statement of Financial Activities, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Financial Activities.

De-recognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Stocks

Stocks comprise shop goods for resale and are stated at the lower of cost and net realisable value.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the

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arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

De-recognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Funds

Funds are classified between Endowment, Restricted, Designated and Unrestricted in accordance with the legal constraints on their use, and the consequent degree of flexibility which the Cathedral has on using the income that gave rise to the funds.

Endowment funds

These are funds where there is no power to convert capital into income. They are held permanently and cannot be utilised for other purposes, although the constituent assets may change over time.

Restricted funds

These are funds subject to specific conditions or trusts, imposed by the donor or the terms of a specific appeal, which are binding on Chapter.

Designated Funds

These are funds which have been designated and set aside for a particular purpose by the Trustees.

General funds

These are funds other than endowment and restricted funds that have not been designated.

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Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Judgements and key sources of estimation uncertainty

In the application of the Cathedral’s accounting policies, Chapter is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Chapter uses the valuation performed by its independent valuers as the basis for fair value of its investment properties. Further details, including the carrying values and key assumptions used for the fair value measurement, are given in note 17 to the financial statements.

Chapter considers that building assets held within non-investment property should not be depreciated as the expected useful lives of these assets is estimated to exceed 50 years and the net realisable value of these assets exceeds the value at which they are carried in the balance sheet. However, Chapter considers whether these assets may be impaired on an annual basis.

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Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Judgements and key sources of estimation uncertainty

In the application of the Cathedral’s accounting policies, Chapter is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Chapter uses the valuation performed by its independent valuers as the basis for fair value of its investment properties. Further details, including the carrying values and key assumptions used for the fair value measurement, are given in note 17 to the financial statements.

Chapter considers that building assets held within non-investment property should not be depreciated as the expected useful lives of these assets is estimated to exceed 50 years and the net realisable value of these assets exceeds the value at which they are carried in the balance sheet. However, Chapter considers whether these assets may be impaired on an annual basis.

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2. Prior Year Consolidated Statement of Financial Activities

3. Income from Donations and Legacies

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4. Income from Grants in Support of Mission

5. Income from Charges and Fees Arising in the Course of Mission

6. Income from Trading and Fundraising Activities

7. Income from Investments

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8. Expenditure on Raising Funds

9. Expenditure on Ministry

10. Expenditure on Cathedral and Precincts Upkeep

11. Expenditure on Education and Outreach

12. Expenditure on Community, Parish and Congregation

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13. Expenditure - Direct and Support Costs

Included within support costs are staff and office costs associated with running the Cathedral

Support costs are apportioned across raising funds and charitable activities largely on the basis of an estimate of the staff time involved. Governance costs included in support costs are £32,800 (2024: £41,180).

14. Clergy and Staff Costs

Employees with benefits over £60,000

The number of employees whose total employee benefits (excluding employer pension costs) amounted to more than £60,000 in the year was as follows:

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Average number of clergy and staff

The average number of clergy and staff by headcount over the year and by function was:

The figures above do not include stewards who are employed to assist with events.

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Cathedral. Key management personnel are members of the Chapter and senior leadership team. The total emoluments (comprising salaries, employer’s National Insurance contributions and employer’s pension contributions) of the remunerated key management personnel, were £315,558 (2024: £256,015). The personnel included in these figures are the Dean, Canon Precentor, Sub Dean, Chief Operating Officer and Chief Financial Officer. These figures exclude housing costs for senior clergy.

No elected or appointed member of Chapter received any remuneration or any other benefits from an employment with the Cathedral or a related entity, nor did they receive any reimbursement of expenses (2024: £nil).

The remuneration of ex officio Chapter members - the Dean, Sub Dean and Canon Precentor in 2025 – is included in the clergy and staff costs figures above and in the key management personnel figures. Their expenses were as follows.

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15. Pension Costs

Lay Staff

Southwark Cathedral participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

CWPF has two sections:

1. the Defined Benefits Scheme

2. the Pension Builder Scheme, which has two subsections;

a. a deferred annuity section known as Pension Builder Classic, and,

b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary

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bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2026, the Board chose to grant a discretionary bonus of 10% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 1997 service so that the pension increase was also 10% (where usually it would be calculated based on inflation up to an annual cap of 5% for pensions in payment in respect of service prior to April 2006 and 2.5% for pensions in payment in respect of service post April 2006 ). This followed improvements in the funding position over 2025. There 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 employers could use assets in the DBS of the CWPF in lieu of contributions to Pension Builder Classic and/or Pension Builder 2014.

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The next valuation is being carried out as at 31 December 2025.

The legal structure of the scheme is such that if another employer fails, Southwark Cathedral could become responsible for paying a share of the failed employer’s pension liabilities.

16. Net Income/(Expenditure)

Net income/(expenditure) is stated after charging:

17. Investments

The Cathedral’s investment properties were valued as at 13 December 2025 by Rapleys LLP in accordance with UKVS 4.3 of RICS Valuation – Professional Standards Global and UK January 2014 (revised April 2015). The valuer was a RICS Registered Valuer who has the necessary skills and knowledge to undertake the valuation competently.

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18. Net Income/(Expenditure)

The Cathedral owns 100,000 £1 ordinary shares representing the entire issued share capital of Southwark Cathedral Enterprises Limited, company number 02869292, registered in England and Wales. The company’s principal activities were the shop and online sales, events and meeting room hire, and the café. Its taxable profits are distributed to the Cathedral under Gift Aid.

Audited accounts are filed with the Registrar of Companies. A summary of the trading result and balance sheet are shown below:

Advantage is taken of the exemption under FRS102 from disclosure of the intra-group transactions of the wholly owned subsidiary.

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19. Tangible Fixed Assets: Property

All of this property is held in the endowment fund.

During 2014, the Cathedral commissioned a valuation of the Cathedral’s property portfolio with Biscoe Craig Hall as at 1st January 2014. Noninvestment property has been held at a deemed cost since this date as permitted by FRS102.

Montague Chambers, which has the Cathedral’s offices, is subject to a legal charge in favour of the Millennium Commission in connection with grant funding.

In accordance with an agreement signed and sealed on 29th March 1999, the Cathedral would receive the proceeds of the sale of properties in St George's Road and Temple West Mews after repaying sums due to the Church Commissioners of £87,428 and £36,634 respectively.

In addition to the properties included above, the Cathedral owns and administers the following freehold properties which are not valued in the financial statements: The Cathedral and Collegiate Church of St. Saviour and St. Mary Overie, together with the 1988 Chapter House and Millennium Buildings which are inalienable assets and are held for the continuing use and mission of the Cathedral. The freehold of the All Hallows Church site is also owned by the Cathedral, but it is not valued in the financial statements as it is consecrated property which is excluded from accountability by virtue of section 10 of the Charities Act 2011.

In 2025, a property was reclassified from non-investment properties to investment properties as it is no longer used to house members of staff.

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20. Tangible Fixed Assets: Fixtures, Fittings, Furniture and Equipment

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21. Debtors

22. Creditors: Amounts Falling due Within One Year

The movement in deferred income is:

23. Creditors: Amounts Falling due After More than One Year

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24. Operating Leases

At 31st December 2025, the Cathedral was committed to making the following total minimum lease payments under non-cancellable operating leases on office equipment.

At 31st December 2025, the Cathedral was due the following total minimum lease payments under non-cancellable operating leases on property.

25. Analysis of Group Net Assets Between Funds

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At 31st December 2024:

The inter-fund loan represents the accumulated balance of endowment fund assets which has been used to support unrestricted and restricted fund programmes.

26. Consolidated Statement of Funds

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Transfers between funds

Chapter have designated £450,000 of unrestricted funds for expenditure in 2025 to 2027 on promoting income generation through increasing visitor numbers and improvements to our property portfolio. £150,000, a third of this fund, was released in 2025 to support this work.

Purposes of restricted funds

Music

This fund is for grants and donations to the Cathedral for its music. In 2025, it includes support from the Dame Susan Morden Charity, Benefact Trust, St Olave’s and St Saviour’s School Foundation and Church Commissioners.

Girls choir and choristers

There two funds are used to finance choir tours and other choir activities. Monies raised from donations and concerts and other fundraising events are accumulated in these funds and expended as necessary.

Major repairs and restoration projects

This fund is for grants and donations for major repair work and for restoration projects. In 2025, this principally included funding from the Southwark Cathedral Development Trust for urgent work on the Queen Elizabeth II room and All Hallows Church, and project work on the Harvard Chapel and Conservation Management Plan. The Headley Trust’s support for restoration of the medieval bosses is included in this fund.

Church Commissioners: sustainability

This fund is for grants from the Church Commissioners’ Cathedrals Sustainability Fund in support of various posts which contribute to the long-term sustainability of the Cathedral.

Church Commissioners: other

This fund is from grants made under Cathedral Measures for clergy and lay staff.

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Masvingo project

This fund is for donations and grants for the Cathedral’s work with the Diocese of Masvingo in Zimbabwe.

Ian Keatley Fund

This fund supports aspiring musicians in their pursuit of musical excellence. Named after Ian Keatley, a passionate advocate for music and education, the fund provides financial assistance to talented individuals who may lack the resources to fully develop their musical skills.

Social Justice Fund

This fund was created in 2024 following a donation to support the Cathedral’s work to keep the heart healthy in London by a commitment to social justice, upholding the human dignity of all people and of every age. As outlined in our new Vision.

Other general

This is for donations and grants given for other purposes.

Purposes of endowment funds

Buildings

This represents the value of many of the properties owned by the Cathedral. It was established in 1996 when the Cathedral brought the value of its properties (excluding the Cathedral church and ancillary buildings within the line of ecclesiastical exemption) onto its balance sheet to comply with the requirements of the original Guidelines on Accounting and Reporting by English Anglican Cathedrals. The value of this fund fell to £15,041,896 as at 31st December 2025, principally because of a revaluation of the investment properties in the fund.

Property

The proceeds of sale of properties formerly belonging to the Cathedral is part of the endowment fund and can be used to acquire land and to improve or develop property other than the Cathedral buildings. Endowment monies can only be expended on Cathedral buildings with

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the consent of the Church Commissioners and subject to agreement between the Commissioners and the Cathedral that such monies will be repaid.

Choirs

Income from this fund jointly supports the boys and girls choirs and the music of the Cathedral.

27. Related Charities

The following entities are not controlled by the Cathedral but exist wholly for the benefit of the Cathedral: The Friends of Southwark Cathedral, Southwark Cathedral Development Trust, The Dean of Southwark’s Fund and the Southwark Cathedral Education Trust.

The Cathedral received grants from these charities as follows:

28. Notes to the Consolidated Statement of Cash Flows

Reconciliation of consolidated net income/(expenditure) to net cash flow from operating activities

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Analysis of cash and cash equivalents 2025 2024 Cash at aThJ in haThJ short Iwm¢epo9ts 6￿.429 +S• 72