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2023-12-31-accounts

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The Cathedral Church of the Holy and Undivided Trinity of Ely
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Contents

Annual report

Independent auditors’ report

Financial statements

Front cover:

The St Etheldreda window above the west door of the Cathedral Photo credit: Keith Heppell

Ely Cathedral The Chapter House The College Ely Cambridgeshire CB7 4DL

www.elycathedral.org

Registered charity number 1202546

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Message from the Dean

2023 was a special year for us, as we celebrated the 1,350th anniversary of the foundation of the joint monastery at Ely in 673 by St Etheldreda.

We celebrated with a Festal Eucharist - at which the Archbishop of York preached - and an ecumenical service of Festal Evensong, which brought together churches of all denominations in and around Ely, along with churches and chapels named in honour of St Etheldreda. A special service of Evensong was also broadcast live on BBC Radio 3, with a Magnificat and Nunc Dimittis commissioned from Janet Wheeler, and paid for by The Friends of Ely Cathedral.

In the autumn, we celebrated further, with Festal Evensong for the Translation of St Etheldreda, at which the Dean of Westminster preached. Ely Cathedral Choir was joined by the Britten Sinfonia in a magnificent performance of Handel’s Messiah.

In May, we were delighted to play our part in celebrating the coronations of The King and Queen. The coronation service was broadcast live in the Cathedral, followed by a coronation tea party and afterwards by a special service of thanksgiving.

2023 saw the first overseas tours by our choirs since the pandemic. Ely Cathedral Girls’ Choir toured in Orvieto, the Boy Choristers and Lay Clerks around Lake Constance, and the Ely Cathedral Octagon Singers made their first ever tour abroad, visiting North Germany.

On 16 July, we said thank you and farewell to the Rt Revd Stephen Conway, who served as the 69th Bishop of Ely for twelve years. A great friend of the Cathedral, we valued highly the care he dedicated to his calling, and we continue to pray for his ministry, now as Bishop of Lincoln.

We were delighted to welcome in 2023 new canons to the Cathedral. The Rt Revd Peter Collins (Bishop of East Anglia) was appointed as an Etheldreda (ecumenical) Canon. The Revd Dr Robert Mackley (Vicar of St Mary the Less, Cambridge) was appointed Honorary Canon and Canon Andrew Read was made a Lay Canon Emeritus at the end of his service as Diocesan Director of Education, Mission & Ministry.

2023 also marked the point at which we became a registered charity for the first time, as part of reforms to the governance of cathedrals. We joined the Charity Commission register on 29 March 2023, the sixth cathedral to do so.

In a year of marking 1,350 years of Christian worship on this site, we perhaps inevitably wonder how things might look in Ely in the future. We are blessed with a wonderful team of people here, working together to hand on this hallowed place in even better health than we received it. Our contribution to doing this in our 1,351st year is set out in the following report.

It is truly a privilege to be part of this team as we seek ‘ joyfully to proclaim the love of God in worship, outreach, welcome and care’ .

Although we continue to live in concerning and challenging times in the world around us, the God who called us is faithful and may we too be faithful in our service of Him.

With my prayers and best wishes,

The Very Reverend Mark Bonney DL Dean of Ely

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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Thanks

We are enormously grateful for the work of our four hundred or so volunteers, many of whom volunteer in more than one way. We thank all those who give their time and energy to support the Cathedral.

We are also grateful for our many unpaid officeholders. These include non-executive members of Chapter and its committees, trustees of Ely Cathedral Trust, members of the Fabric Advisory Committee and its Secretary, and our Cathedral Archivist.

We thank too the members of our working groups supporting our lighting project, our environmental work and planning for the restoration of the Cathedral organ. In particular, we thank members of the working group, chaired by Canon Reveley, which oversaw our 1,350th anniversary celebrations.

We are hugely grateful for the ministry of our Day Chaplains, Priests Vicar, and Ministers and the care they extend to those visiting and worshipping with us.

Many individuals and organisations have supported us financially in 2023, helping to pay for conservation and environmental work, our outstanding choral musical tradition, and the energetic work of our Learning Team. Those who are content to be named are thanked below, and we thank also those who wish their gift to remain private.

With thanks to:

August Press LLC

Benefact Trust (formerly Allchurches Trust)

The late Mr Frank Buzzard

Cambridgeshire and Peterborough Combined Authority

Cambridgeshire Historic Churches Trust Cathedral Music Trust

The Chailey Charitable Settlement Cheffins

The Church Commissioners for England The late Mrs Rosemary Cooley The late Mr Wilfrid Davey The Dulverton Trust The Earl Fitzwilliam Charitable Trust Ecclesiastical The Ely Community Unit Trust Ely Plumbing and Heating The late Mr Laurence Epps The late Mr Duncan Ferguson The late Mrs Rosamond Fountain The Frank Litchfield General Charitable Trust The Friends of Ely Cathedral FWD-IP The Garfield Weston Foundation The Geoff & Fiona Squire Foundation Grovemere Property Limited The Headley Trust The John and Ruth Howard Charitable Trust King’s Ely The Lujenna Educational Trust Margaret Giffen Charitable Trust McCorquodale Charitable Trust Metcalfe Copeman & Pettefar LLP Niniski Trust Members of the Order of St Etheldreda

Poet’s House The late Mr Charles Rawlinson MBE The Red Lion, Soham

The Simon Gibson Charitable Trust Shearline Precision Engineering The late Mrs Gillian Wildney The Wolfson Foundation

Our volunteers, clergy, staff and all who have supported the life and work of the Cathedral in 2023.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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About Ely Cathedral

Our inheritance

Ely Cathedral has been a centre for Christian worship and service since the seventh century. St Etheldreda founded the first monastery at Ely in 673 and we continue to keep major festivals in her honour on 23 June and 17 October each year.

The abbey at Ely was raised to cathedral status in 1109. After being dissolved as a monastery in 1539 by Henry VIII, we were refounded as a cathedral in 1541 and dedicated to the Holy and Undivided Trinity. Since then we have been in continuous existence, constantly evolving to fulfil our fundamental purpose.

Our mission and vision

We align ourselves with the vision statement of the Diocese of Ely, that ‘ we pray to be a generous and visible people of Jesus Christ’.

Our mission

To be a sustainable Christian community joyfully proclaiming the love of God in worship, outreach, welcome and care.

Our vision To be a place where everyone – in all our diversity – may grow into the love of God revealed in Jesus Christ.

How we are funded

The Cathedral receives no routine state funding, nor do we receive funding from the parishes of the Diocese, nor from the Diocese of Ely.

The Church Commissioners pay the stipends of the Dean and two Residentiary Canons and provide some additional funding. This was equivalent to around 5% of our income in 2023.

Cathedral bodies

As well as the Cathedral itself, this annual report and the accompanying consolidated financial statements include the activities and finances of Ely Cathedral Trust and Ely Cathedral Enterprises Ltd.

Ely Cathedral Trust is a charitable foundation, registered with the Charity Commission. It acts as a fundraising arm for the Cathedral and manages significant financial investments for the long term benefit of the Cathedral.

Ely Cathedral Enterprises Ltd is a trading entity, registered in England and Wales and wholly owned by the Cathedral. Its directors are responsible for the performance of the shop and restaurant under the Cathedral’s ultimate control.

To help readers understand the financial position of the Cathedral alone, as part of this annual report we review some key financial information relating to the Cathedral only (see pp21-23). We also publish a ‘Cathedral only’ version of the statement of financial activities (see p37) and balance sheet (see p39).

The Friends of Ely Cathedral are separately constituted as a charitable incorporated organisation. The charity is independent of the Cathedral (though the Dean is an ex officio trustee and Chapter appoints some of their trustees). As The Friends of Ely Cathedral exists wholly to benefit the Cathedral, summarised financial information is given on p69.

The Stained Glass Museum (which is located at the Cathedral) is entirely separate from - and independent of - the Cathedral. It publishes its own annual report and accounts.

Otherwise, the Cathedral generates all of the income we need through a combination of earning income from the assets and resources available to us, and through our own fundraising efforts and the kind support of many individuals and charitable bodies. More information is on p12 and p23.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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Our objectives & activities

Our purposes

The Cathedral has two core purposes:

Our charitable objectives

Our objectives are:

Our activities

The significant activities we undertake, and how these relate to our core purposes and our charitable objectives are set out in the table opposite.

Our aims

The nature of our core purposes and charitable objectives means that our key aims are directed at maintaining, sustaining and enhancing the life and work of the Cathedral, directed towards our core purposes and charitable objectives. It also means developing our financial sustainability. Our approach to this is set out on p22.

We hope that the difference we make is to enable a wide range of people - however they encounter us - to grow into the love of God revealed in Jesus Christ.

Our overall approach to achieving this is to ensure that across the full range of activities (as set out in the table opposite), we strive to be a sustainable Christian community, joyfully proclaiming the love of God in worship, outreach, welcome and care.

Social investment

The Cathedral is not permitted (by both our constitution and by the Cathedrals Measure 2021) to make use of the power conferred by section 292B of the Charities Act 2011 (social investment power).

Grant-making

Grant-making forms a small part of our activities. Donations are made to certain charities each year as part of our Christian witness and which further our charitable purposes. These donations are made from collections at particular services and from a proportion of regular congregational giving in the form of stewardship. Such donations are made under the Cathedral’s charitable giving policy, which conforms with Charity Commission guidance.

Small grants (of no more than £5,000) are sometimes made, to further the Cathedral’s charitable objects. Such grants are made under the Cathedral’s grant-making policy, which conforms with Charity Commission guidance.

Volunteers

Volunteers make a hugely significant and highly valued contribution to the life of the Cathedral. At the end of 2023, we were supported by a total of 402 volunteers in 24 distinct roles. During the course of the year, we were joined by 52 new volunteers (2022: 42).

Public benefit

The Cathedral Chapter confirms that in its direction and oversight of the administration of the affairs of the Cathedral it has had regard to Charity Commission guidance on public benefit. In so doing, Chapter has ensured that the main activities undertaken by the Cathedral have furthered the Cathedral’s purposes for the public benefit. These activities and their relationship to our purposes for the public benefit are outlined on p7.

Those activities shown in the blue and purple boxes directly further our purpose and objectives for the public benefit. Those activities shown in the red boxes do so indirectly.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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Core purposes Activities: Being the seat of the Bishop and a centre Celebrating Diocesan services of baptism, confirmation, for worship and mission. ordination, the licensing of lay ministers , and the annual renewal of ordination vows at the Chrism Eucharist. Providing a focus for the life and work of the Church of England in the Diocese. Hosting Diocesan services and events for those in the parishes of the Diocese with safeguarding responsibilities. Welcoming pupils from schools in the Diocese of Ely MultiAcademy Trust to a special Christmas Carol Service. Celebrating special and civic events , such as for the coronations of The King and Queen and an annual justice service. Providing free entry to the Cathedral year-round for all those who worship in the parishes of the Diocese.

Charitable objectives
Advancing the Christian religion in
accordance with the faith and practice of
the Church of England		 Activities:
Holding at least threeacts of worshipevery day of the year,
includingdaily choral worship, andlivestreamingan average of
fve services each week.
Providingpastoral careto our congregation, pilgrims and visitors.
Maintaining a wide programme ofChristian education and
formationfor both adults and children and families.
Engaging in a range ofsocial issuesthrough lecture series,
discussions and preaching.
Welcoming members ofother Christian denominationsas
Etheldreda (Ecumenical) Canons of the Cathedral and providing
hospitality to other Churches wishing to worship at the Cathedral.
Caring for God’s created worldby reducing our carbon emissions
and enhancing biodiversity on the land under our stewardship.
Providing free entry to the Cathedralyear-round for local
residents, care workers, children and Cambridgeshire students.
Caring for and conserving the fabric and
structure of the Cathedral Church building		 Maintaining the CathedralChurch building and the many ancient
monastic buildings in the Cathedral precinct under our care.
Commissioning and supervisingconservation workto preserve the
Cathedral for future generations.
Undertakingenhancementsto improve the appearance, useability,
energy-efciency, safety and ease of maintenance of the Cathedral.
Advancing any other charitable purposes
which relate to the two objectives above		 Building on our excellent musical and artistic tradition byacting as
a regional venue for concerts, events and exhibitions.
Making our heritage accessible to the public, supported by
interpretation materials, guided tours and a range of information.
Supporting & enabling activities
Activities which support and enable our
core purposes and charitable objectives.		 Securing resourcesthrough fundraising, investment and property
management, and the activities of ECEL’s shop and restaurant.
Working safely and efectivelywith support from colleagues
specialising in safeguarding, health & safety, governance,
administration & compliance, fnance, technology, communications,
and human resources.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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Our achievements & performance in 2023

On the following pages, we set out our performance in relation to our significant charitable activities, under these headings:

It is impossible in a few pages to give a full account of all that is achieved in a our Cathedral over the course of a year. Perhaps the most outstanding achievement is in the day-to-day routine cycle of prayer, the pastoral care we provide, and the welcome we extend to those who visit us.

Our core purposes

Being the seat of the Bishop and a centre for worship and mission, and providing a focus for the life and work of the Church of England in the Diocese of Ely.

In addition to our usual pattern of Diocesan services, we were delighted to welcome the parishes of the Diocese to a Festal Eucharist, at which the Most Revd Stephen Cottrell, Archbishop of York preached, marking 1,350 years since our foundation by St Etheldreda in 673.

Our civic role was underscored at the time of celebrating the coronations of The King and Queen in May. With financial support from East Cambridgeshire District Council, we welcomed large numbers into the Cathedral to watch the coronation service live, underscoring the fundamentally religious character of the coronation. We hosted a coronation tea party, as well as a special service of thanksgiving for the coronations of Their Majesties.

We were very glad to welcome pupils from the family of schools forming the Diocese of Ely MultiAcademy Trust (‘DEMAT’) for an inaugural DEMAT carol service during Advent. Following its success, we plan to repeat this service in 2024.

We continued to offer free meeting space to the Diocese of Ely, particularly to provide facilities for the delivery of face-to-face safeguarding training whilst Diocesan staff were temporarily without an office of their own.

Similarly, we were pleased to offer free space to a small number of parishes in the Diocese for away days and visits.

On 16 July, we performed our final act as the seat of the 69th Bishop of Ely, as we said thank you and farewell to the Rt Revd Stephen Conway, who served as our Bishop for twelve years, and now serves the Church as Bishop of Lincoln, the diocese from which the Diocese of Ely was hewn in 1109.

Promoting the Christian religion

The worship of God , as revealed in Jesus Christ, is at the core of Cathedral life. Throughout 2023, we maintained a daily pattern of worship. This involved celebrating 1,188 services (2022: 1,410) during the year. Of these, 257 (2022: not recorded) were livestreamed, reaching a congregation spread over 25 countries.

We record eleven separate statistics for attendance at services. We saw nine of these eleven show growth in 2023 compared with 2022. These included 40% more attending services in Holy Week than in 2022. The number of Christmas communicants increased by 31%. The average midweek attendance of adults increased by 22%.

Even so, the picture in comparison with prepandemic years is more mixed. Only four of the eleven statistics in 2023 show growth compared with 2019. Whilst many people now join our services online, there is perhaps more we can do to draw people back to worship with us.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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Review of 2023

The contribution of the Cathedral’s musicians and choirs to our worshipping life cannot be overstated. Choral worship is at the heart of our worship as a Cathedral.

We devote very significant resources to maintaining this tradition. In 2023, we spent £559,000 (2022: £492,000) on the direct costs of this aspect of Cathedral life. We are very grateful to Ely Cathedral Trust for the very significant financial contribution they make towards this cost.

Our work with children and families forms an increasingly important part of our activities. The celebration of 1,350 years since our foundation gave us an opportunity in 2023 to focus our learning work in this area on women in religion - especially around the hidden women in the Bible.

Appliqué panels telling the story of the life of our foundress, St Etheldreda, were put on display in St Catherine’s Chapel, which had been the subject of significant conservation work in 2022. The panels were hand-sewn by our team of Broderers, and designed by children.

We were delighted to see a further growth in the number of school pupils visiting the Cathedral in 2023. Numbers increased by 14% to just over 3,000.

Our learning team continued to run a variety of learning activities for children and families:

Little Gargoyles - Stories, crafts, rhymes and fun for pre-school children.

Story and song time - Worship for under 5s and their families.

Online Christingle service - joined in 2023 by around 11,500 children online.

Lego Café - a weekly after-school event to enjoy Lego, board games and a hot meal together.

Our autumn programme of worship, prayer and Christian formatio n in 2023 focussed on ‘ Beholding God in Everything: the Soul and the World’. A series of sermons in September and October explored our relationship with the natural world and the role of God in that relationship. These were followed by opportunities for members of the congregation to meet the preacher over coffee.

Around 700 people and 300 of their pets attended our annual animal service in late September, and in October we celebrated Harvest Festival, with a celebration of water.

We continued our celebrations of our 1,350th year in October, when the Very Revd Dr David Hoyle, Dean of Westminster, preached at Festal Evensong for the Translation of St Etheldreda.

We were pleased to welcome Professor Dame Sara Thornton to give Amnesty International’s Ben Jupp Memorial Lecture on the subject of Modern Slavery: Hidden in Plain Sight.

Alongside our usual programme of prayer and discipleship, in the autumn we ran an inquirers’ course for those exploring faith or curious to know more about what Christians believe.

We were pleased to underscore our commitment to ecumenism in 2023 by welcoming the Rt Revd Peter Collins (Bishop of East Anglia in the Catholic Church) as an Etheldreda (ecumenical) Canon of the Cathedral. He joins other ecumenical Canons of the Cathedral from the Baptist and Methodist Churches.

Our care for the environment focuses on reducing our carbon emissions and increasing biodiversity on the land we care for.

Building on the results of a survey carried out in 2022, we have been making good progress on planning our route to achieving net zero carbon emissions. JG Consulting worked with us in 2023 to identify how to reduce carbon emissions associated with the Cathedral Centre (home to our learning team) by around 80%. Already, we have reduced our carbon footprint by around 40% compared with 2019 (see pp26-27).

We held our inaugural Environmental Memorial Lecture in 2023. This was set up in memory of the Revd Jenny Gage who was the Cathedral’s Minister for Social Justice until her death in 2022. This first address was delivered by Baroness Brown of Cambridge on the subject of “ Delivering Net Zero: critical but not enough ’.

We have continued to support biodiversity in the Cathedral precinct by maintaining our bee hives and wildflower bed on the East Lawn, planting spring bulbs on Cross Green and developing plans for tree-planting on the Dean’s Paddock, which we hope to get underway in 2024.

Members of the Cathedral’s RENEW group have been tireless in raising awareness, including through the Green Fair, holding a carbon footprint Sunday and keeping our website and newsletters up to date with our work in this area.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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Review of 2023

Care and conservation of the Cathedral

In 2023, we continued to undertake significant repair, conservation and enhancement works to the fabric of the Cathedral.

The replacement of all interior lighting in the Cathedral began in July 2022. This project is radically improving the lighting of the interior for worship, events and visitors whilst also reducing - by an estimated 80% - the use of electricity for lighting. This very significant project, involving around 3.3km of cabling, is now expected to be completed by around May 2024.

York stone paving was relaid and replaced in the South Porch , resulting in a much-improved, userfriendly and more accessible surface. This was a complex project owing to the high level of daily use of this important entrance and exit.

Harness lines were added to all remaining areas of the Cathedral roofs in 2023. This enables the more effective - and safer - maintenance of gutters and downpipes. This is more and more important as we face increasingly extreme weather events.

After careful deliberation and consultation with our Fabric Advisory Committee, new printed mesh screens were installed in the west aisle of the North Transept. These replicate stone arcading in the South Transept, which was professionally photographed and reproduced. The purpose of these screens is to mask from view the essential storage of chairs and other items in this area.

Starting in spring 2023 and finishing in the autumn, we undertook conservation work on the external west face of the Galilee Porch . This was made possible by support from the Dulverton Trust, the Garfield Weston Foundation and Ely Cathedral Trust. The porch was scaffolded to enable intricate stone repairs, cleaning, repointing, conservation and lead work. It was also a valuable opportunity to examine, record and conserve the remains of the original decorative scheme.

One significant planned part of this work - repairs to the iron gates - had to be deferred following the discovery that the interaction of iron and stonework was more complicated than anticipated. We hope to undertake this work in the future, with advice from a structural engineer.

Acting as a regional venue for concerts, events and exhibitions

The Cathedral hosted over 70 events in 2023 and welcomed in the region of 60,000 people to enjoy a wide range of experiences including recitals, concerts, exhibitions, book launches and lectures.

In April, we hosted The Last Supper , an exhibition by internationally renowned artist Silvy Weatherall. This series of sculptures was offered as an interpretation of Leonardo da Vinci’s iconic painting of the same name.

In July, twelve enormous embroidered silk panels were introduced to the Cathedral nave to form our Threads Through Creation exhibition. The panels were created by textile artist Jacqui Parkinson and inspired by the story of the Creation. This was the most popular of our exhibitions in 2023, viewed by 17,000 visitors in the six weeks it was on display.

Coinciding with our autumn focus on creation and harvest, we were pleased to host Iceni Botanical Artists, a group of artists based in East Anglia. They exhibited works in a wide range of styles, inspired by the theme of ‘ Celebrating the Life of Queen Etheldreda: Herbals and Harvest’ . Inspiration was drawn from the Cathedral’s Physick Garden, planted in 2022.

Our Christmas Gift and Food Fair was our single biggest event of 2023, despite the fact that we slightly reduced daily numbers to improve safety and accessibility. Around 18,000 (2022: 20,000) people visited during the course of the fair, which has become a much anticipated regional fixture in the festive calendar.

During the course of 2023, we experimented with a more diverse range of concerts. This included hosting a Fleetwood Mac tribute band and holding our first silent disco. This has clearly supported us in attracting a more diverse range of people to enjoy the Cathedral as a venue.

The Cathedral’s own choirs marked our 1,350th year by providing all of the soloists for a performance with the Britten Sinfonia of Handel’s Messiah . BBC Radio 3 broadcast Evensong live from the Cathedral in June, featuring a Magnificat and Nunc Dimittis commissioned from Janet Wheeler.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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Review of 2023

Making our heritage accessible to the public

Over the course of the year, we received over 118,000 visits from members of the public during opening hours for tourist visits (2022: 125,000). Our method of recording visitor numbers changed in 2023 compared with 2022, particularly in respect of visitors on Sundays. 12,694 visitors (2022: 8,850) received a guided tour of the Cathedral.

During 2023, we continued our multi-year project to improve several aspects of our welcome to visitors. We were pleased to complete the creation of content for multi-media digital guides, which were launched in March 2024.

These handheld devices provide high resolution touch screens filled with interactive content and audio descriptions to provide an engaging tour of the Cathedral, including behind-the-scenes footage of areas not usually open to the public. Interviews with clergy, staff and volunteers help reveal to visitors more of the breadth of daily life in a busy cathedral. The handsets offer six language options as well as British Sign Language and an audio descriptive tour, greatly enhancing accessibility.

We introduced a new West Tower Climb in July, giving an opportunity for visitors who are short on time to experience climbing the 288 steps to the top of the tower and admiring the views.

As part of our lighting project, we introduced new lighting into the space between the nave ceiling and roof. This will enable us in the future to extend our range of high-level tours, enabling people to see and appreciate more of the hidden architecture at high level.

As part of our public benefit, we continue to provide free access to large numbers of visitors. In 2023, around 27% (2022: 41%) of those visiting paid no entry fee. We offer free entry to local residents, those who worship in the parish churches of the Diocese of Ely, Cambridgeshire students, children and care workers. On certain days of the year, admission is free to everybody who comes.

It is, of course, always free to come to pray or to attend any of the 1,000+ acts of worship that take place here each year.

Supporting activities

During the course of 2023, we completed the governance reforms introduced by the Cathedrals Measure 2021 by becoming the sixth cathedral to register with the Charity Commission.

As part of our commitment to greater transparency, we now routinely publish a summary of Chapter business on our website and the Cathedral noticeboard.

Under the new arrangements, Chapter held its first annual special meeting with the Bishop of Huntingdon, in her role as Acting Bishop of Ely. In this meeting, Chapter consults the Bishop on the general direction and mission of the Cathedral.

We continued to invest in technology at the Cathedral, which increasingly underpins everything else that takes place here. We made improvements to our main server room to keep the system cooler and more stable—particularly in the summer months.

Our technology team supervised the laying of around 500 metres of fibre optic cable to ensure that vital services are kept operational across the Cathedral estate.

A significant project was an overhaul of the ageing CCTV system. Many of the CCTV cameras were replaced and the core system itself was upgraded, resulting in a more effective and functional system and large viewing screens. This has provided improved safety and security for those working in or visiting the Cathedral and its precinct.

A wide range of colleagues is involved in supporting us to be the safest place we can to worship, work, volunteer and visit . During the course of 2023 we continued to make good progress both in identifying areas for improvement, reducing risk, training colleagues and making improvements across a wide range of activities. We are particularly grateful to our Safety Co-ordinator and our retained safety consultant for their work and advice in this area, not least because our ancient buildings often present unique challenges to modern expectations of health and safety.

2023 Report

The Cathedral Church of the Holy and Undivided Trinity of Ely

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Review of 2023

Financial review

The Cathedral receives no routine state funding, nor do we receive funding from the parishes of the Diocese, nor from the Diocese of Ely.

The Church Commissioners pay the stipends of the Dean and two Residentiary Canons and provide some additional funding. This was equivalent to around 5 % of our income in 2023.

Otherwise, the Cathedral generates all of the income we need through a combination of earning income from the assets and resources available to us, and through our own fundraising efforts and the kind support of many individuals and charitable bodies.

In 2023, we enjoyed our first full year of normal levels of activity following the pandemic. This is reflected in the Cathedral’s income. However, in common with every other organisation, in 2023 we also experienced high inflation (including in employee pay) and very much higher energy costs.

Income

Income from visitors, events, our shops and restaurant and property portfolio continued its recovery. Having grown from £715,000 in 2020 to £834,000 in 2021, and to £1,124,000 in 2022, this grew by a further 10% in 2023 to £1,241,000.

Donations continued to increase. Having grown from £438,000 in 2020 to £808,000 in 2021, and to £1,489,000 in 2022, donations grew by a further 30% to £1,944,000 in 2023. A significant part of this increase was again accounted for by grants from The Friends of Ely Cathedral and Ely Cathedral Trust for major works.

Expenditure

Expenditure on Cathedral and precincts upkeep increased in 2023 by 33%, from £1,365,000 to £1,822,000. Much of this increase is accounted for by the projects outlined on p10, and is matched by higher income, as explained above.

All other expenditure increased by 15% from £2,098,000 to £2,419,000. The majority of this increase was accounted for by higher employee pay, much higher energy costs and general cost inflation of around 10%.

The future

In the pandemic years of 2020 and 2021, we protected the core functions of the Cathedral, undertook energetic fundraising and invested in major repairs and digital infrastructure. We emerged in good financial shape.

A period of high inflation and soaring energy costs in 2022 and 2023 has delayed us in our progress towards achieving a surplus of reliable income over routine expenditure.

We consider this to be essential to ensuring the Cathedral’s long-term sustainability. Nevertheless, we are making good progress in increasing the income we generate and we now expect to achieve our financial aim by the end of 2025.

To support the long-term resilience and sustainability of the Cathedral, we plan to continue to grow the reserves available to the Cathedral to provide an increasing source of unrestricted funds.

Reserves and investments

A detailed review of the Cathedral and group reserves position is set out on pp21-22. Investment performance is reviewed on p21.

Trading operations

Our shops and restaurant are managed within Ely Cathedral Enterprises Ltd (’ECEL’). The company donates its profits to the Cathedral as well as paying rent and making an appropriate contribution to overheads on arm’s-length terms.

In 2023 customer numbers grew to 60,000 from 50,000 in 2022, the company’s turnover increased from £810,000 to £906,000, net profit grew to £44,000 and good progress was made in repaying a loan from the Cathedral made during the pandemic.

The Cathedral shop benefited from new flooring and lighting in 2023 and saw an increase in footfall, average spend, and the number of transactions.

Towards the end of 2022, the Directors of ECEL decided to close a loss-making shop on Ely High Street and make the space available for a tenant. The elimination of losses from this outlet contributed to the increase in net profit.

Fundraising

The focus of our fundraising efforts are:

We are content with progress in meeting the first of these three objectives and very pleased indeed with the very high success rate in meeting the third. The second aim will receive more attention in 2024.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

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Future plans

Planned activities

We now publish our plans in The Ministry of our Cathedral , which can be downloaded from our website.

We describe the ministry of our Cathedral in four parts:

Our purpose, objects, vision and mission Our fundamental role in society, our aims, our dayto-day being and our hopes for the future.

Our core challenge

This is our key priority for change. Our approach, and the specific actions we’ll take.

Responding to change in the world

Addressing climate change, meeting the needs of a digital future, and reforming ourselves to become more accountable and transparent.

Delivering our core ministry

The heart of ‘being Ely Cathedral’. These are our central, ongoing activities at the heart of what it is to be Ely Cathedral.

Immediate aims & objectives

In relation to our core purposes , our aims and objectives in 2024 are to sustain and build on the strong foundation we already have. We expect that the College of Canons will gather to elect the 70th Bishop of Ely at some point in the second half of 2024.

With regard to our charitable purposes , we plan to continue to build up the work of the learning team, extending our work with children and families and introduce a more diverse range of people to the worshipping life of the Cathedral.

To this end, we plan in the autumn of 2024 to host our first ‘open day’ for the people of the City of Ely, offering an opportunity for people who haven’t visited us before to get to know their Cathedral.

We hope to secure funds to pay for a post to widen participation in the musical life of the Cathedral.

It is clear that livestreaming our services is here to stay. We therefore plan to instal fixed livestreaming equipment, having worked with a temporary (though excellent) arrangement for three years.

In relation to caring for the Cathedral church building, we expect to develop plans to move the Cathedral archives to a new, specially designed space. We plan to undertake conservation work to the stonework screens of Bishop West’s and Bishop Alcock’s Chapels. We hope also to undertake exploratory conservation and cleaning work to the High Altar Reredos to inform the conservation of this important piece by Gilbert-Scott.

Essential repairs and maintenance will be undertaken on the North Range buildings, facing onto the High Street.

We expect in 2024 to finalise plans for (a) conservation work to windows in the choir and St Etheldreda’s Chapel, (b) a major refurbishment of the Cathedral organ, and (c) refurbishment of the Cathedral Centre to improve its usability, accessibility and environmental footprint.

In respect of the environment , we hope to receive permission from the Cathedrals Fabric Commission for England to plant trees on the Dean’s Paddock, to contribute to biodiversity and carbon capture. If so, we expect to plant trees towards the end of 2024. We plan to build on the success of the Physick Garden with the creation of a Mary Garden in the autumn of 2024, providing more opportunities for pollinators.

We will continue throughout 2024 with the development of detailed plans for each of our inscope buildings to reduce our carbon emissions.

Alongside our usual plans for a busy and engaging programme of concerts, events and exhibitions, we plan to make very significant progress in the course of 2024 in reducing the gap between our routine expenditure and the regular, reliable income we receive, to ensure our financial sustainability.

The Cathedral Church of the Holy and Undivided Trinity of Ely

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Structure, governance & management

How we are constituted

Ely Cathedral is an ecclesiastical corporation with perpetual succession and a common seal.

The governing body of the Cathedral is Chapter.

Our governing document takes the form of a constitution and supporting statutes, adopted in their revised form on 31 October 2022. These comply with the Cathedrals Measure 2021 and are published on our website.

Our relationship with the Bishop and Diocese

The Cathedral is the mother church of the Diocese of Ely, seat of the Bishop, and a focus for the life of the Church of England in the Diocese.

The Bishop has the principal seat and dignity in the Cathedral, holds visitatorial jurisdiction over us and regularly presides over and preaches at services.

We consult the Bishop annually, at a special meeting of Chapter, on the direction and mission of the Cathedral.

The Church of England

The Cathedral is a Church of England body and is therefore subject to ecclesiastical law, including the canons of the Church of England. The Cathedral is a member of the Association of English Cathedrals, an unincorporated association representing the interests of English Anglican cathedrals.

Recruitment and appointment of Chapter members (trustees)

Chapter consists of the Dean and three Residentiary Canons (being executive members) and a larger number (currently six) of non-executive members.

The Dean is appointed by His Majesty. The Residentiary Canons and one non-executive member of Chapter (thereby being the Senior NonExecutive Member) are appointed by the Bishop of Ely. The remaining non-executive members of Chapter are appointed by Chapter, on the advice of its Nominations Committee, a statutory committee of Chapter.

The members of Chapter are listed on p16.

Decision-making

Chapter sets out in a scheme of delegation those matters it reserves to itself and those that are delegated to committees, the Senior Management Team, or senior officers.

The scheme of delegation sets out provisions for urgent decision making and the reporting of such decisions to Chapter.

The scheme of delegation is published on the Cathedral website.

The Chief Operating Officer is responsible to Chapter for drafting a governance calendar each year to ensure that Chapter considers in the course of the year all key areas of responsibility.

Committees of Chapter

Members of Committees are listed on p16.

A Finance Committee advises Chapter on matters of finance, investment and reserves.

A Nominations Committee advises Chapter on governance appointments and advises on training, skills, knowledge & experience and diversity.

An Audit & Risk Committee oversees financial reporting, audit, risk-management and whistleblowing.

Chapter is guided by a Safeguarding Advisory Group , with an independent chair.

The College of Canons

The College of Canons consists of the Bishop of Huntingdon, the Dean and Residentiary Canons, the Archdeacons of the Diocese, up to 25 Honorary Canons (clergy) appointed by the Bishop and up to 14 Lay Canons appointed by the Bishop.

Canons join in our worship and act as ambassadors for the Cathedral. The College of Canons has the responsibility of formally electing the Bishop of Ely, after the Bishop has been nominated for election by The King. Since the implementation of the Cathedrals Measure 2021, the College of Canons does not form part of the corporate body of the Cathedral, nor has a role in our governance.

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Structure, governance & management

Induction and training

New members of Chapter are provided with copies of the Cathedral’s constitution and statutes, our most recent annual report and financial statements, minutes of recent Chapter meetings, and other essential documents. New members of Chapter are provided with opportunities to meet fellow members of Chapter outside formal meetings and supported in meeting members of the Cathedral’s senior employees as part of their induction.

All new members of Chapter are encouraged to participate in training provided by the Association of English Cathedrals to acquaint them with the role, function and responsibilities of Chapter.

Extra training was provided in 2022 and early 2023 to support Chapter members with the implementation of the Cathedrals Measure 2021. This included a three-day residential course organised by the Church Commissioners.

Governance code

The Cathedral has adopted the Cathedral Governance Code issued by the Association of English Cathedrals. Chapter periodically reviews its application of the code, which was re-issued in January 2021. Chapter undertook an assessment of progress in applying the code in August 2022.

Remuneration of key management personnel

The stipends (pay) of the Dean and Residentiary Canons are regulated by the Central Stipends Authority of the Church of England, in line with the Central Stipends Authority Regulation 1998. Chapter determines the remuneration of the Chief Operating Officer, on the advice of the Dean. The remuneration of senior staff (the Chief Finance Officer and department directors) is determined by Chapter on the advice of the Chief Operating Officer. Pay is set with regard to the pay of equivalent roles in English cathedrals of similar standing and with regard to the relevant job market locally.

Ely Cathedral Trust

Ely Cathedral Trust is an unincorporated charitable trust, registered with the Charity Commission under charity registration number 264803. The Trustees of Ely Cathedral Trust are the Dean and between six and nine others, appointed by Chapter and may include a further two members of Chapter. The Trustees are listed on p17.

Ely Cathedral Enterprises Ltd

Ely Cathedral Enterprises Ltd is a private company limited by shares, registered with Companies House under company registration number 01988081. Ely Cathedral is the sole member (shareholder). The Directors of Ely Cathedral Enterprises Ltd are appointed by Chapter and by convention include the Dean, the Chief Operating Officer and the Director of Communications & Commerce. The Directors are listed on p17.

Auditors and professional advisors

The Cathedral and our related entities retained auditors and professional advisors throughout 2023 as set out below.

Auditors

Price Bailey LLP

Chartered Accountants & Statutory Auditors 6 High Street, Ely, Cambridgeshire CB7 4JU

Solicitors

Howes Percival LLP

Terrington House, 13/15 Hills Road, Cambridge CB2 1NL

Winckworth Sherwood LLP

Minerva House, 5 Montague Close, London SE1 9BB

Bankers

Barclays Bank Plc

28 High Street, Ely, Cambridgeshire CB7 4LA

Investment managers to Ely Cathedral Quilter Cheviot Limited

One Kingsway, London WC2B 6AN

Investment managers to Ely Cathedral Trust CCLA Investment Management Limited 80 Cheapside, London EC2V 6DZ

Property agents Cheffins

1-2 Clifton Road, Cambridge CB1 7EA

Health & safety advisor

Triquetra EHS Consultancy Ltd

48 College Road, Hoddesdon EN11 9DJ

Data Protection Officer (until 31 Jan 2024) GRCI Law Ltd

Clive Court, Ely CB7 4EA

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Structure, governance & management

Office holders in 2023 and at the date of this report

Chapter Executive members

(The Dean and Residentiary Canons)

The Very Reverend Mark Bonney DL - Dean of Ely *

The Reverend Canon James Garrard - Precentor *

The Reverend Canon Jessica Martin - Canon for Learning & Outreach * The Reverend Canon James Reveley - Canon for Community & Congregation and Chapter Safeguarding Lead *

Senior Non-Executive Member

Canon Francis Burkitt

Non-Executive Members

The Reverend Canon Tom Buchanan Canon Sarah Burles Canon Dr Felicity Cooke Canon Sir Jonathan Jones KCB KC (hon) Canon Tim Walters

By virtue of section 8(4) of the Cathedrals Measure 2021, the members of Chapter are the charity trustees for the purposes of the Charities Act 2011.

Chief Operating Officer & Chapter Clerk

Jonathan Bell FCA DChA *

Chief Finance Officer

Alison Binstead FCA *

Director of Music

Edmund Aldhouse FRCO

Director of Communications & Commerce

Lesley Ann Thompson*

Surveyor to the Fabric Clive England RIBA

Cathedral Archaeologist

Dr Roland B Harris FSA MCIfA

Independent Chair of Ely Cathedral Safeguarding Advisory Group Jon Chapman

Finance Committee

Canon Tim Walters (Chair) Canon Francis Burkitt (from 1 January 2024) William Dastur FCA Adrian Kyndt George Lynn FCA The Revd Canon Jessica Martin Isobel Newport-Mangell

The Dean is entitled to attend, and the Chief Operating Officer and Chief Finance Officer must attend, meetings of the Finance Committee. The Committee may invite any member of Chapter to attend its meetings. Each may speak but not vote.

Audit & Risk Committee

George Lynn FCA (Chair) Eleanor Ashenden-Field MCSI Canon Francis Burkitt (until 31 December 2023) Canon Sir Jonathan Jones KCB KC (hon) (from 1 January 2024) The Revd Canon James Reveley

The Dean is entitled to attend, and the Chief Operating Officer, Chief Finance Officer and any member of Chapter may be invited by the Chair to attend, meetings of the Audit & Risk Committee and may speak but not vote.

Nominations Committee

The Revd Canon Tom Buchanan (Chair) The Very Revd Mark Bonney DL (Dean) Canon Dr Felicity Cooke Canon Paul Evans Canon Janet Perrett

The Chief Operating Officer is secretary to the Nominations Committee. The Nominations Committee may invite the Chief Finance Officer and any Chapter member to attend its meetings. Each may speak, but not vote.

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Structure, governance & management

College of Canons

Members of the College at the date of this report are listed below.

Ex officio

The Rt Revd Dagmar Winter The Very Revd Mark Bonney DL The Revd Canon James Garrard The Revd Canon Jessica Martin The Revd Canon James Reveley The Ven Alex Hughes The Ven Richard Harlow

Honorary Canons

The Revd Canon Brian Atling The Revd Canon James Blandford-Baker The Revd Canon Mike Booker The Revd Canon Matthew Bradbury The Revd Canon Fiona Brampton The Revd Canon Malcom Brown The Revd Canon Tom Buchanan The Revd Canon Becky Dyball The Revd Canon Joan Horan The Revd Canon David Karoon The Revd Canon Philipa King The Revd Canon Bruce Kinsey The Revd Canon Sarah Gower The Revd Canon Michael Mackley The Revd Canon Anne Maclaurin The Revd Canon David Maher The Revd Canon Nick Moir The Revd Canon David Male The Revd Canon Jeremy Morris The Revd Canon Annette Read The Revd Canon Hugh McCurdy The Revd Canon Simon Talbott The Revd Canon Wendy Thomson The Revd Canon Eleanor Williams

Lay Canons

Canon John Attwater Canon Francis Burkitt Canon Sarah Burles Canon Dr Felicity Cooke Canon Paul Evans Canon Sir Jonathan Jones KCB KC (hon) Canon Simon Kershaw Canon Robert Needle Canon Elizabeth Taylor Canon Lisa Turner Canon Tim Walters

Etheldreda (ecumenical) Canons

In addition to members of the College of Canons, the Bishop has appointed a number of Etheldreda Canons as dignities, from the Catholic, Methodist and Baptist Churches.

The Rt Revd Peter Collins, Bishop of East Anglia Canon Professor Eamon Duffy FSA FBA KSG The Revd Canon Gale Richards The Revd Canon Sir Ralph Waller KBE

Fabric Advisory Committee

Richard Halsey FSA MBE (Chair) Hugh Richmond FSA Dr Julian Litten FSA FSAScot Prof Dr Claudia Marx Jeremy Musson FSA Dr Helen Lunnon FSA Scilla Latham The Rt Revd Stephen Platten FSA

Secretary

David Stazicker

Trustees of Ely Cathedral Trust

David Green (Chair) The Very Revd Mark Bonney DL (Dean) Canon Paul Evans The Revd Canon James Garrard Peter Garside (from 1 January 2024) Jane Lewin-Smith DL JP Isobel Newport-Mangell Ian Pattinson Charles Rawlinson MBE (until 15 May 2023) The Revd Canon Sir Ralph Waller KBE

Ely Cathedral Enterprises Limited

Company Secretary

Alison Binstead FCA (Chief Finance Officer) (Chair)

Directors

The Very Revd Mark Bonney DL (Dean) Jonathan Bell FCA DChA (Chief Operating Officer) Adrian Kyndt Lesley Ann Thompson (Director of Communications & Commerce)

The Cathedral Church of the Holy and Undivided Trinity of Ely

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Safeguarding

Statement of compliance

We confirm that we have complied with the duty to have due regard to the House of Bishops’ Safeguarding Policy and Practice Guidance.

Principles

Ely Cathedral:

Roles & responsibilities

The Reverend Canon James Reveley is Chapter Safeguarding Lead. The Residentiary Canons, the Chief Operating Officer and other departmental managers have safeguarding responsibilities. Canon James Reveley holds the role of Chapter Safeguarding Lead on behalf of the Dean, who holds overall responsibility for safeguarding.

In 2023, Chapter appointed the Revd Canon Tom Buchanan as its first non-executive safeguarding link. In this capacity, he acts as a point of communication between Chapter’s non-executive members and safeguarding professionals on emerging safeguarding matters.

Every formal meeting of Chapter receives a safeguarding report. In 2018, Chapter introduced a new structure for safeguarding in line with guidance from the House of Bishops. In 2023, Chapter adopted a new safeguarding strategy, reflecting revised national guidance. This will be implemented during the course of 2024-2026.

The Cathedral retains a qualified Cathedral Safeguarding Advisor who is managed by the Diocesan Safeguarding Officer. Safeguarding administration is undertaken by the Cathedral’s human resources team and Volunteer Manager.

The role of the Cathedral’s Safeguarding Advisory Group is outlined overleaf.

External audit and action plan

The Social Care Institute for Excellence audited the Cathedral’s safeguarding arrangements and reported to Chapter in August 2019. A safeguarding action plan was produced to strengthen areas of our arrangements. The implementation of this plan is overseen by the Cathedral’s Safeguarding Advisory Group. During 2023, the remaining recommendations were completed and embedded.

Information sharing agreements

The Cathedral is party to an information sharing framework agreement which enables safeguarding information to be shared appropriately between the Cathedral and other institutions of the Church of England and Church in Wales, as well as with the police forces of the United Kingdom.

During 2023, the Cathedral entered into an information sharing agreement with INEQE. INEQE has been appointed by the Archbishops’ Council to audit the safeguarding arrangements of Church of England dioceses and cathedrals. This agreement facilitates the 2026 Cathedral safeguarding audit.

Cathedral Safeguarding Handbook

Our handbook is reviewed annually by the Safeguarding Advisory Group. Chapter has the responsibility of approving recommended changes, which it does in March each year.

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Safeguarding

Safer recruitment

Our human resources team supports the embedding of consistent recruitment practice across the Cathedral.

During 2023, 45 Disclosure and Barring Service (‘DBS’) checks were processed by either the Diocesan Safeguarding Team, or by uCheck, for the Cathedral. We require enhanced DBS checks for those engaged in certain regulated activities, in line with Church of England guidance.

Any new employee and volunteer requiring an enhanced DBS check must also complete a confidential declaration, repeated every three years.

Training

Safeguarding training is delivered under the House of Bishops’ Learning and Development Framework 2021.

Some safeguarding training is delivered in-person and some is delivered online. Training is provided at different levels (basic awareness, foundation and leadership) and for particular areas (domestic abuse and safer recruitment).

Those who have been trained must repeat training at the most advanced level every three years.

In 2023, 36 training modules were delivered to members of staff and 101 to volunteers.

Safeguarding Advisory Group

This group meets termly and has an independent chair. Membership consists of representatives from each Cathedral department, Diocesan Safeguarding Team members, a lay member with statutory safeguarding experience, the Head of King’s Ely Junior School and the Designated Safeguarding Lead at King’s Ely.

The group facilitates discussion of safeguarding issues, drawing on a wide range of professional experience and expertise. It also offers advice, support and guidance on safeguarding policy and practice.

Cathedral Safeguarding Officers meeting

This group is chaired by the Chapter Safeguarding Lead and attended by representatives from the Cathedral departments. Its chief purpose is to embed in practical terms safeguarding policies and practice, and provide a forum for raising challenges to practical implementation, which can be raised with the Safeguarding Advisory Group.

Cathedral Safeguarding Network

This is a national group, established in August 2020. It is a forum in which Cathedrals can discuss matters relevant to safeguarding within a cathedral setting. The Chapter Safeguarding Lead and Cathedral Safeguarding Advisor attended meetings in 2023 on behalf of the Cathedral and we participated in the sub-group for Chapter Safeguarding Leads.

Risk assessments & safeguarding agreements

We welcome everyone to participate in our worship and life as a Cathedral, including those who may pose a risk to other people. Therefore, the holistic assessment of risks and the development of effective approaches to manage them is central to all safeguarding work. Our risk assessments are often complex, requiring partnership work with agencies such as social care authorities, probation services and the police.

Safeguarding agreements are informed by the Church of England’s standard risk analysis and assessment template.

Casework

During 2023, six contacts for advice (nine in 2022) were logged by the Diocesan Safeguarding Team in relation to the Cathedral. None met the threshold for referral to a statutory agency. They related to general safeguarding issues or advice (1), mental health and welfare needs (3), and confidential declaration form information (2).

These six concerns were managed in line with the approach set out in our safeguarding handbook and were resolved and closed during 2023.

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Safeguarding

Casework management

The Cathedral makes use of a national casework management system MyConcern, which was implemented in 2022. The system facilitates a standardised approach to recording, storing, accessing, sharing and managing information about safeguarding cases. This has involved the transfer of information from all paper records onto this system and the subsequent destruction of paper records.

Reporting

As well as this public-facing report of our safeguarding arrangements and activities, Chapter submits a more detailed report annually to the Bishop.

Our 2023 safeguarding report was submitted to the Bishop on 18 March 2024 following its review and approval by Chapter earlier that day.

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Fundraising, finance & risk

Fundraising standards

We raise funds from the public. We therefore report under s62 of the Charities Act 2011 as follows:

Investments (Cathedral only)

We hold certain funds in line with our reserves policy and certain funds as permanent endowment. We therefore have funds available for investment. Our investment powers are set out in the Cathedrals Measure 2021. Chapter may invest the Cathedral’s funds in: land; funds constituted under the Church Funds Investment Measure 1958;

investments which fall under general powers of investment in the Trustee Act 2000; and the improvement or development of our property.

Aside from (a) cash balances, which at the year-end were £84,000 (2022: £155,000) and (b) our investment property, our funds are held in an investment portfolio. Our investment policy is reviewed annually and performance is monitored by the Finance Committee and reported to Chapter.

Our overall investment objectives are to:

Unrestricted income and capital may be used at any time to further our aims.

Performance compared to benchmarks

In 2023 the investment portfolio generated a positive total return of 11.9% (2022: -13.9%). We monitor three comparators and outperformed all three in 2023:

Risk appetite & investment strategy

Moderate risk profile. Reasonable diversification through a balanced fund.

Ethical policy

We do not invest our funds in firms with significant income derived from arms, tar sands or thermal coal, alcohol, gambling, pornography, tobacco, high-interest lending or human embryonic cloning.

We also exclude investment in firms (a) with any significant income from fossil fuel extraction or (b) whose operations, knowingly or unintentionally, cause or contribute to the abuse of human rights.

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Fundraising, finance & risk

Long term financial perspective

Given the expectation that the Cathedral will exist in perpetuity, we adopt a long-term approach to the Cathedral’s finances.

Amongst our guiding financial principles are these three:

These financial principles lead us to aim for:

Unrestricted funds at the end of each year

£million

----- Start of picture text -----
Coronavirus
pandemic
----- End of picture text -----

Total funds at the end of each year £million

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Fundraising, finance & risk

The income of the Cathedral

The pandemic years demonstrated to us the importance of generating income from a wide range of sources. This approach supports financial resilience and spreads risk.

The chart below shows the variety of the Cathedral’s income in 2023, and the balance between income (a) generated by ourselves and (b) given to us (in the form of grants, donations and legacies).

Ely Cathedral Trust makes grants to the Cathedral from income generated from invested endowment funds, donations received from members of the Order of St Etheldreda, legacies received and other donations.

Very significant grant-making from The Friends of Ely Cathedral in 2023 (and in 2022) was made possible by legacies received by The Friends. Most of this grant-making relates to funding for a project replacing the Cathedral lighting. Otherwise, grants from The Friends are funded by membership subscriptions, fundraising events and donations received by them for the Cathedral’s benefit.

Income generated from retail activity and our restaurant (both operated by Ely Cathedral Enterprises Ltd) is included in the chart below under property income (relating to the rents paid to the Cathedral for space occupied) and grant income (relating to profits donated to the Cathedral under gift aid).

A summary of the finances of each of Ely Cathedral Trust, The Friends of Ely Cathedral and Ely Cathedral Enterprises Ltd is included in note 23 to the accounts.

In 2023 the Cathedral’s income totalled £3,870,000 and came from the following sources: (Equivalent figures for total income of £3,334,000 in 2022 shown in brackets.)

----- Start of picture text -----
Investment income 2%
(2022: 2%) Grants from Ely Cathedral
Trust, The Friends of Ely
Cathedral and others 42%
Events & choir school 9%
Income (2022: 40%)
(2022: 12%) generated Income
ourselves: given to us:
Income from the Church
Property income 11% 43% 57% Commissioners 5%
(2022: 48%) (2022: 52%)
(2022: 13%)
(2022: 5%)
Visitors 21%
(2022: 21%) Congregational giving 3%
(2022: 4%)
Other donations & legacies 7%
(2022: 4%)
----- End of picture text -----

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Fundraising, finance & risk

Unrestricted reserves policy

Chapter’s policy is to build up sufficient unrestricted reserves for investment to generate income to contribute to the ongoing operational costs of the Cathedral. Unrestricted reserves also form a financial cushion in the event of fluctuations in income or costs.

We aim, across the group, to hold cash reserves equivalent to two months’ worth of operating costs so that essential costs such as staff, suppliers, VAT and employment taxes can be met without the need to liquidate assets from our investment portfolio. Cash reserves also help us to meet major repair costs which must sometimes be settled in advance of receiving grant funding.

The level of our cash reserves fluctuates during the year. Much of our income is seasonal, so reserves are often lower early in the year when visitor numbers and associated income are lower than average.

We produce regular cash flow forecasts for at least 18 months ahead. These forecasts are reviewed by the Finance Committee and by Chapter.

The target of two months’ worth of operating costs, held as cash, typically translates into around £500,000. At 31 December 2023, Cathedral cash reserves were £84,000 (2022: £155,000), and group cash reserves were £457,000 (2022: £524,000). These were, therefore, within our target range.

At 31 December 2023, the total unrestricted reserves of the Cathedral amounted to £5,052,000 (2022: £5,192,000). This decrease of 2.7% was attributable to operational expenditure exceeding operational income, and some timing differences on project income compared with expenditure.

Reserves (Ely Cathedral Trust)

At 31 December 2023, Ely Cathedral Trust held invested funds of £11,312,000 (2022: £10,339,000). Most of these funds are either endowed or restricted to support the music or fabric of the Cathedral. These reserves have been built up from a number of sources comprising mainly donations and legacies.

Plans to build reserves

Chapter actively works with Ely Cathedral Trust to build up funds to:

Chapter aims to build the Cathedral’s own reserves by:

Total unrestricted funds held across the group

Group unrestricted funds grew by 24% from £6,344,000 at the start of 2023 to £7,891,000 at the end of the year. We will continue to build our unrestricted reserves steadily, as we did in the five years of carefully managed growth before the pandemic in 2020 and 2021.

At 31 December 2023 the Cathedral held total funds of £6,354,000 (2022: £6,507,000) represented by:

by:
£’000s 2023 2022
Non-investment assets 788 835
Funds held as property investment 3,140 3,140
Funds held as fnancial investments 2,616 2,412
Net current assets 101 433
Long term liabilities & provisions (291) (313)
Total funds 6,354 6,507

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Fundraising, finance & risk

Risk management

We regularly review the main risks faced by the Cathedral and the degree to which controls to monitor and manage those risks are capable of reducing the likely residual impact of those risks to an acceptable level. The Chief Operating Officer is principally responsible for overseeing the management of risk and periodically reporting this to the Audit & Risk Committee and to Chapter.

Our approach to scoring and recording risks is based on guidance published by the Charity Commission.

We briefly summarise here the top three risks we face and the approach we take to mitigating those risks.

Risks relating to (a) our continuing as a going concern and (b) our financial investments are set out separately in note 1 to the financial statements, on pages 41 and 42.

Principal risks Approach to mitigating the risks Approach to mitigating the risks
We become unable sustainably to Our level of reserves cushions us in the short term from the efects of
generate sufcient operational income in becoming unable to generate sufcient operational income. We have
the medium term to fund the day-to-day
ministry of the Cathedral.		 expanded our fundraising team to maintain our capacity to attract grants
from trusts and foundations.
We regularly review the balance between our income streams (from real
property, donations, grants, admissions, events and commercial
activities) to avoid over-reliance on any single source of income.
Regular fnancial forecasts for diferent scenarios are prepared and
reviewed by the Finance Committee and by Chapter.
Clear and detailed fnancial reporting is in place.
Actions to increase operating income were identifed and agreed in 2022
and 2023 as part of medium-term planning. The delivery of these actions
is monitored by the Finance Committee and by Chapter.
Failures in compliance with health & safety We have an established health & safety forum to facilitate
legislation cause personal injury. communication between management and colleagues on safety issues.
Periodic external reviews of our safety arrangements are undertaken and
reported to Chapter.
A professional advisor for health & safety is retained by Chapter.
Incident response plans have been developed.
A dedicated Safety Co-ordinator joined the Cathedral on a part-time
basis in spring 2022 to support a more consistent approach to safety
across the Cathedral’s range of activities.
Inadequate safeguarding policy or practice Strong safeguarding governance arrangements are in place.
fails to prevent or address harm. The Cathedral’s Safeguarding Advisory Group is independently chaired
and meets regularly.
Responsibilities are clearly assigned and periodically reviewed.
Our safeguarding handbook is reviewed and updated annually.
External reporting arrangements are in place and fulflled (both in our
annual report and separately to the Bishop).
The completion of training by clergy, staf and volunteers is monitored.
Our Safeguarding Advisor is highly experienced and shared with the
Diocese.
We periodically survey the Cathedral community to test the degree to
which our safeguarding activities are having the intended impact.
Self-assessment against national safeguarding standards began in 2023,
in preparation for external audit in 2026.

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The Cathedral Church

Decarbonisation

What we publish and why

At present, we are not required by law or regulations to report on the Cathedral’s energy use and associated greenhouse gas emissions.

Nevertheless, we have aligned ourselves with the Church of England’s ambition to reduce carbon emissions to net zero by 2030. We have therefore opted voluntarily to publish:

This information (with the exception of an ‘intensity ratio’, comparing emissions data with another metric or indicator) means that we are reporting in a way that is consistent with the government’s Streamlined Energy and Carbon Reporting policy as set out in regulations of 2018.

Buildings in scope

We follow the Church of England’s approach to determining which buildings are in scope for the 2030 net-zero target. This is set out in a plan of action called the Routemap , which was approved by General Synod in July 2022. This is available online and sets out in detail what is - and is not - in scope for the 2030 target.

Within the scope of the target are: (a) all buildings within the Cathedral precinct, excluding the energy use of tenants (b) church halls and ancillary buildings (c) clergy housing.

For us, the buildings therefore in scope are:

It is possible that, over time, buildings will fall in or out of scope as a result of changes in use. If so, we will rebase our figures and be transparent about this to ensure that comparison over time is fair.

What about buildings not in scope?

The Cathedral owns many buildings which are leased either to King’s Ely, or to commercial or residential tenants.

We are required to ensure that buildings leased to commercial and residential tenants meet certain energy performance standards. Energy performance is certified by independent professional accreditors on a scale of A to G. The standard we must meet is gradually increasing over time and we continually work to ensure that all of these buildings meet or exceed minimum standards.

From 1 March 2023, all commercial properties must have a minimum energy performance standard of E. This is set out in the minimum energy efficiency standards, which were introduced in March 2015 by the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015, following the Energy Act 2011.

Despite the age and sensitivity of many of our buildings, we have succeeded in ensuring that all of our commercial properties meet or exceed this standard.

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Decarbonisation

Measures taken in 2023 to improve energy efficiency

In 2023, energy-efficient lighting continued to be used to illuminate the lantern of the Cathedral. This lighting replaced less efficient metal-halide lamps in the summer of 2021.

Throughout 2023, we have continued to source all of our electricity from renewable sources.

During the course of 2023, the first of many detailed decarbonisation reports was received from Joel Gustafsson Consulting, whose work with us is funded by Ely Cathedral Trust. This report provided detailed proposals to reduce emissions by one of the in-scope buildings (the Cathedral Centre) by around 80%. Similar reports will be undertaken during the course of 2024 for all of the other buildings in scope for the 2030 net-zero target. In the meantime, advice was received in early 2024 on immediate steps that can be taken in all in-scope buildings to reduce our carbon footprint.

In 2023, we continued a £1.5m project to replace all of the lighting inside the Cathedral Church building with a low-energy and sustainable alternative. This work is now expected to be finished by the end of May 2024. We are grateful to The Friends of Ely Cathedral for funding this work.

2023 marked our lowest year so far in carbon emissions, and represented a reduction of 42% from the peak in 2019.

Annual energy use (gas & purchased electricity)

MWh

Annual energy use for all buildings within the scope of the 2030 net-zero target

Annual carbon emissions from energy use Tonnes of CO2e

Carbon dioxide equivalent emissions associated with energy use for all buildings within the scope of the 2030 net -zero target

----- Start of picture text -----
2,103 Electricity
1,876
439 Electricity
Gas 409
Gas
1,312 1,365 1,406 1,222 264 267 268 255
2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023
(Coronavirus (Coronavirus
restrictions) restrictions)
----- End of picture text -----

Methodologies used to calculate energy use and carbon dioxide equivalent emissions

Energy use is calculated from metered readings provided by the Cathedral’s energy brokers and suppliers.

Carbon dioxide equivalent emissions are calculated by multiplying energy use by the relevant carbon factor (published by the Department for Energy Security and Net Zero and the Department for Business, Energy & Industrial Strategy) for that year for the relevant energy source.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

27

The responsibilities of Chapter

Chapter is responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires Chapter to prepare financial statements for each financial year which give a true and fair view of the state of 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 is required to:

Chapter is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Cathedral and enable Chapter to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Cathedral constitution.

Chapter is also responsible for safeguarding the assets of the Cathedral and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

28

The 2023 report was approved by Chapter on 20 May 2024 and signed on its behalf by

The Very Reverend Mark Bonney DL Dean of Ely

Canon Francis Burkitt

Senior Non-Executive Member of Chapter

Jonathan Bell FCA DChA

Chief Operating Officer & Chapter Clerk

Alison Binstead FCA Chief Finance Officer

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

29

Independent auditors’ report to the members of Chapter of Ely Cathedral for the year ended 31 December 2023

31

Independent auditors’ report to the members of Chapter of Ely Cathedral for the year ended 31 December 2023

Opinion

We have audited the financial statements of Ely Cathedral for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the Cathedral statement of financial statement of financial activities, the Cathedral balance sheet, the consolidated statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 charity 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that Chapter’s 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 Chapter’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 Chapter with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in Chapter’s annual report, other than the financial statements and our auditor’s report thereon. Chapter is 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 this gives rise to 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.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

32

Independent auditors’ report to the members of Chapter of Ely Cathedral for the year ended 31 December 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Chapter

As explained more fully in the Chapter responsibilities statement set out on p28, the Chapter is responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Chapter determines 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 is 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 either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 1513 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Cathedral and how it operates and considered the risk of the Cathedral not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the Cathedral this included safeguarding, data protection, health and safety, employment law and financial reporting.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

33

Independent auditors’ report to the members of Chapter of Ely Cathedral for the year ended 31 December 2023

Auditors’ responsibilities for the audit of the financial statements (continued)

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/ Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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.

Use of our report

This report is made solely to the Chapter members as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken for no purpose other than to draw the attention of the Chapter members to those matters which are required to be included in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Chapter and the Chapter members as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLP

Chartered Accountants & Statutory Auditors 6 High Street, Ely, Cambridgeshire CB7 4DL

21 May 2024

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

34

Financial statements 35

Financial statements

Consolidated statement of financial activities for the year ended 31 December 2023

Note
Income & endowments from:
Donations & legacies:
5.1
(i)
Donations
(ii) Legacies
(iii) Grants
Charitable activities
5.2
Other trading activities
5.3
Investments
5.4
Transfers from endowment
20.1
Total income
Expenditure on:
Raising funds
6
Charitable activities
7/8
(i)
Ministry
(ii) Cathedral & precincts upkeep
(iii) Education & outreach
(iv) Community, parish &
congregation
Other expenditure
Total expenditure
Net income/ (expenditure) before
gains / (losses) on investments
Net gains / (losses) on listed
investments
11
Net gains / (losses) on property
investments
12
Net income/(expenditure)
Transfers between funds
20
Net movement in funds
Reconciliation to funds:
Total funds brought forward
Total funds carried forward		 2023 Total
£’000s
1,355
273
235
345
2,099
394

-

4,701
1,570
1,129
1,824
392
122
50
5,087

(386)
1,190
-
804
-

804
17,181
17,985
 2022
Unrestricted
general
£000’s
Unrestricted
designated
£000’s
Restricted
£000’s
Endowment
£000’s
272
34
102
-
-
-
1,016
189
133
67
50
-
345
-
-
-
2,099
-
-
-
165
36
92
101
300
-
-
(300)
3,317
36
1,430
(82)
1,530
-
40
-
720
547
302
102
-
-
-
-
409
1,277
90
20
-
-
-
-
50
-
-
-
3,251
-
1,836
-
66
36
(406)
(82)
323
112
292
463
-
-
-
-
389
1,138
148
(1,386)
(114)
316
381
(68)
1,527
(1,238)
202
313
6,344
1,338
4,358
5,141
7,871
100
4,560
5,454		 Total
£’000s
1,096
1,327
260
393
1,860
350
-
5,286
1,462
999
1,366
298
103
31
4,259
1,027
(1,664)
55
(582)
-
(582)
17,762
17,181

The notes on pages 41 to 74 form part of these accounts.

2023 Report

The Cathedral Church of the Holy and Undivided Trinity of Ely

36

Financial statements

Cathedral-only statement of financial activities for the year ended 31 December 2023

Note
Income & endowments from:
Donations & legacies:
5.1
(i)
Donations
(ii) Legacies
(iii) Grants
Charitable activities
5.2
Other trading activities
5.3
Investments
5.4
Total income
Expenditure on:
Raising funds
6
Charitable activities
7/8
(i)
Ministry
(ii) Cathedral & precincts upkeep
(iii) Education & outreach
(iv) Community, parish &
congregation
Other expenditure
Total expenditure
Net expenditure before
gains / (losses) on investments
Net gains / (losses) on listed
investments
11
Net gains / (losses) on property
investments
12
Net income/(expenditure)
Transfers between funds
20
Net movement in funds
Reconciliation to funds:
Total funds brought forward
Total funds carried forward		 2023 Total
£’000s
1,944
28
235

345

1,241

77

3,870
764
1,127
1,822
390
121

17

4,241

(371)

218
-
(153)
-

(153)

6,507

6,354		 2022
Unrestricted
general
£000’s
Unrestricted
designated
£000’s
Restricted
£000’s
Endowment
£000’s
261
28
102
-
-
-
1,683
-
133
-
-
-
345
-
-
-
1,241
-
-
-
77
-
-
-
2,054
-
1,816
-
724
-
40
-
718
545
300
101
-
-
-
-
409
1,277
90
20
-
-
-
-
17
-
-
-
2,405
-
1,836
-
(351)
-
(20)
-
210
-
8
-
-
-
-
-
(141)
1
-
-
(12)
(1)
-
-
(140)
-
(13)
-
5,192
100
1,215
-
5,052
100
1,202
-		 Total
£’000s
1,489
-
260
393
1,124
68
3,334
689
997
1,365
296
102
14
3,463
(129)
(411)
55
(485)
-
(485)
6,992
6,507

The notes on pages 41 to 74 form part of these accounts.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

37

Financial statements

Consolidated balance sheet at 31 December 2023

Note
Fixed assets
Tangible assets
Investments
14
10
Total fxed assets
Current assets
Stocks
Debtors
Cash at bank and in hand
16
17
18
Total current assets
Creditors: amounts falling due
within one year
19
Net current assets/(liabilities)
Creditors: amounts falling due
after more than one year
19
Total net assets
The funds of the group:
General fund
Organ fund
Fabric fund
Music fund
Other funds
Revaluation reserve
Total funds
20		 2023 Total
£’000s


806
17,068
17,874
93
288
457
838
(436)
402
(291)
17,985

6,851
100
3,929
5,214
879
1,012
17,985
 2022
Unrestricted
general
£000’s
Restricted
£000’s
Endowment
£000’s

767
7,589
39
4,393
-
5,086
8,356
4,432
5,086
93
66
83
-
39
89
-
83
285
242
128
368
(436)
-
-
(194)
128
368
(291)
-
-
7,871
4,560
5,454
6,851
-
-
6
2
1,012
-
-
416
3,267
877
-
-
-
3,513
1,941
-
-
7,871
4,560
5,454
Unrestricted
designated
£000’s
-
-
-
-
100
-
100
-
100
-
100
-
100
-
-
-
-
100		 Total
£’000s
852
16,175
17,027
85
208
524
817
(350)
467

(313)
17,181
5,320
1,338
3,800
4,877
834
1,012
17,181

Approved by Chapter on 20 May 2024 and signed on its behalf by

The Very Reverend Mark Bonney DL Dean of Ely

Canon Francis Burkitt Senior Non-Executive Member of Chapter

The notes on pages 41 to 74 form part of these accounts.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

38

Financial statements

Balance sheet at 31 December 2023 Cathedral only

Note
Fixed assets
Tangible assets
Investments
14
10
Total fxed assets
Current assets
Stocks
Debtors
Cash at bank and in hand
16
17
18
Total current assets
Creditors: amounts falling due
within one year
19
Net current assets
Creditors: amounts falling due after
more than one year
19
Total net assets
The funds of the Cathedral:
General fund
Organ fund
Music fund
Other funds
Revaluation reserve
Total funds
20		 2023 Total
£’000s


788
5,756
6,544

9
407
84

500
(399)

101

(291)

6,354
4,032
100
226
984
1,012

6,354		 2022
Unrestricted
general
£000’s
Restricted
£000’s
Endowment
£000’s

749
4,656
39
1,100
-
-
5,405
1,139
-

9
307
21
-
-
63
-
-
-
337
63
-
(399)
-
-
(62)
63
-
(291)
-
-
5,052
1,202
-
4,032
-
6
2
1,012
-
-
220
982
-
-
-
-
-
-
5,052
1,202
-
Unrestricted
designated
£000’s
-
-
-
-
100
-
100
-
100
-
100
-
100
-
-
-
100		 Total
£’000s
835
5,552
6,387
10
586
155
751
(318)
433

(313)
6,507
4,168
100
221
1,006
1,012
6,507

Approved by Chapter on 20 May 2024 and signed on its behalf by

The Very Reverend Mark Bonney DL Dean of Ely

Canon Francis Burkitt Senior Non-Executive Member of Chapter

The notes on pages 41 to 74 form part of these accounts.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

39

Financial statements

Consolidated statement of cash flows

2023
Note
£000’s
£000’s
Cash fows from operating activities:
Net cash provided by / (used in) operating activities
Cash fows from investing activities:
Income from investments
Tangible assets: additions
Tangible assets: disposals
Investment assets: additions
Investment assets: disposals
See
below
5.4
14
14
14
10
394
(58)
-
(495)
489
(678)
Net cash provided by/ (used in) investing activities

330
Cash fows from fnancing activities
Bank loan repayments
19
(22)
Change in cash and cash equivalents in the year
21
(370)
Cash and cash equivalents at the start of the year
Change in cash and cash equivalents in the year
21
21
860
(370)
Cash and cash equivalents at the end of the year
21
490
Net income for the year
Adjustments for:
Depreciation of tangible assets
Loss / (proft) on sale of tangible assets
Income from investments
(Gains) / losses on investments
Decrease in stocks
Decrease/ (increase) in debtors
Increase/ (decrease) in creditors
804
104
-
(394)
(1,191)
(7)
(79)
85
Net cash (used in)/ provided by operating activities

(678)
Reconciliation of net income to net cash infow from operating activities:
14
14
5.4
10
16
17
19		 2022 2022
£’000s
£’000s
350
(101)
-
(1,447)
634

(582)
198
36
(349)
1,609
1
(27)
(10)
 776

(564)
(31)
181
679
181
860

776

See note 21 for an analysis of cash and cash equivalents and net debt.

The notes on pages 41 to 74 form part of these accounts.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

40

Financial statements

Notes to the financial statements for the year ended 31 December 2023

1. Principal accounting policies

Basis of preparation

The Cathedral constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019 (’the SORP’), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The accounts are presented in sterling, which is the functional currency of the Group, and rounded to the nearest thousand pounds.

Consolidation

The results of the Cathedral’s subsidiary company, Ely Cathedral Enterprises Ltd, and Ely Cathedral Trust, a charity established for the benefit of the Cathedral, are consolidated in these accounts on a line by line basis under the appropriate headings in accordance with the SORP.

The Cathedral Consolidated Financial Statements include Ely Cathedral Trust on the basis that the Trust is a “special trust” in accordance with section 12 of the Charities Act 2011.

In addition, the Cathedral is connected with The Friends of Ely Cathedral, which does not meet the criteria for consolidation. Further details are provided in note 23.

Going concern

Chapter has considered whether the use of the going concern basis of accounting is appropriate. To do this, we have considered whether there are any material uncertainties as to the Cathedral’s and Group’s ability to continue as a going concern.

Following the pandemic years of 2020 and 2021, the Cathedral and Group has largely returned to normal levels of activity, through still with slightly reduced visitor numbers compared with 2019. The Cathedral has, however, had to respond to a period of significant inflation. This has been felt particularly in employee pay and in higher energy costs. This has meant that in 2023, routine costs exceeded regular and reliable income, as set out on p22 of the annual report. This excess of routine expenditure over reliable income was funded from the Cathedral’s unrestricted reserves. Across the Group, the overall level of unrestricted reserves nevertheless grew over the course of the year, thanks to growth in the value of investments and financial windfalls in the form of significant donations and legacies.

Chapter has identified a number of steps to achieve an excess of reliable income over routine expenditure by the end of 2025. The majority of these steps involve increasing the net income generated by the assets available to the Cathedral, rather than through reducing expenditure. The Cathedral is so far on broadly on target in meeting this aim.

Chapter has prepared cash flow forecasts through to the end of 2025 which demonstrate that cash reserves will continue to meet liabilities as they fall due.

Chapter therefore continues to adopt the going concern basis in preparing these financial statements.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

41

Notes to the financial statements for the year ended 31 December 2023

1. Principal accounting policies (continued)

Heritage assets

Heritage assets held by Chapter are of historical, spiritual or artistic importance and are held and maintained principally for their contribution to knowledge and culture or held to advance preservation or conservation objectives. Heritage assets include the Cathedral and items in the inventory prepared under section 18 of the Charities SORP and under the Care of Cathedrals Measure 2011.

Chapter considers that the cost of obtaining a valuation of the historic heritage assets in its care would be disproportionate when compared with the benefit derived by the users of the accounts. No value is attributed to items included in the Cathedral inventory as, being of architectural, archaeological, artistic or historic interest, they are for Cathedral use and cannot be measured at a monetary value with sufficient reliability.

Any additional heritage assets acquired will be brought into the accounts at an independently determined valuation, and a record of movements maintained. Acquisitions of heritage assets are largely by donation. No such items have been donated this year.

The heritage assets are deemed to have indeterminate lives and Chapter does not therefore consider it appropriate to charge depreciation on future acquisitions. Expenditure which is required to preserve or prevent deterioration of the heritage assets is recognised in the statement of financial activities when it is incurred.

Investment properties

Investment properties have been included in the accounts at their market value in accordance with the SORP. These properties have been acquired or built by Chapter principally for investment purposes.

Other properties

Also in accordance with the SORP, Chapter has not included the former monastic and ancillary buildings falling within the Cathedral precinct (as defined by the Care of Cathedrals Measure 2011), which are expected to be held in perpetuity. However, the insurance value of these properties is included in note 13 to the accounts.

The insurance values are not considered appropriate for accounting purposes. Given the nature of these very ancient properties they have no reliable cost information available and a conventional valuation approach is not considered reliable. Furthermore, due to the ancient nature of these buildings, their depreciated replacement cost is deemed to be nil and they are not readily able to be disposed of by the Cathedral.

These properties are in use for a variety of purposes, including as clergy residences, a chapel, trading outlets, to house Chapter’s administrative functions and by King’s Ely (an independent school with historical connections with the Cathedral) as dormitories for choristers and other pupils, as a dining hall, as teaching space and for other school purposes. Some properties are let to commercial or residential tenants to help offset the cost of maintaining and repairing the properties in the Cathedral precinct.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date, using the bid market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Cathedral and Group do not enter directly into put options, derivatives or other complex financial instruments. The main form of investment risk faced by the charity is risk to investment income caused by volatility in investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Investment income, gains and losses are allocated to the appropriate fund.

Fixed assets

Plant, machinery, office equipment, loose tools, furniture and fittings and any other assets that are not included in the inventory are capitalised and written off over their estimated useful life as follows:

Fixtures & fittings: straight line over 4 – 25 years Office equipment: straight line over 3 - 10 years Plant & equipment: straight line over 4 - 100 years

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

42

Notes to the financial statements for the year ended 31 December 2023

1. Principal accounting policies (continued)

Fixed assets (continued)

Items below £500 are not capitalised and are written off in the Statement of Financial Activities.

Buildings under construction are held at cost and not depreciated. Once the asset is brought into use, the asset will be transferred to freehold buildings and depreciation will be charged based on the above basis.

The costs of repairs and maintenance of the Group are charged to the General Fund. Most of the major restoration works are funded by grants, donations or by Ely Cathedral Trust and are charged to restricted funds.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Income

All income is included in the Statement of Financial Activities (SoFA) when: the Group is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Legacies

The recognition of income from legacies is dependent upon establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when (a) the Group has sufficient evidence that a gift has been left to it (through knowledge of the existence of a valid will and the death of the benefactor) and (b) the executor has communicated to the Group that the legacy in question will not be required to satisfy claims in the estate. When entitlement to a legacy has been established, its receipt must be recognised when (i) it is probable that it will be received and (ii) the fair value of the amount receivable can be reliably measured.

If entitlement to a legacy has been established but the criteria for recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants

Grants are accounted for on an accruals basis. They are recognised when the Group has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for a grant relating to the following year is deferred until the criteria for income recognition are met.

Donations and other income

Donations and other income are recognised at the point of receipt.

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

Amounts paid on behalf of the Group are included in the Statement of Financial Activities under both income and expenditure. Where grants, donations (whether of cash or assets) and legacies are made subject to restrictions, they are included in the Statement of Financial Activities as income of restricted or endowment funds and matched against relevant expenditure. When the restricted amount relates to the purchase of a depreciable asset, the amount is credited to the restricted fund in the Statement of Financial Activities and an amount is debited to the fund each year in respect of the depreciation of the asset.

Expenditure

All expenditure is accounted for on an accruals basis. Any irrecoverable VAT is charged in the statement of financial activities or capitalised as part of the cost of the related asset as appropriate.

Governance costs include those incurred in the governance of the Group and its assets and are primarily associated with constitutional and statutory requirements.

Support costs are those costs incurred directly in support of expenditure on the objects of the Group.

Pension contributions

Chapter operates three pension schemes. Pension contributions are charged to the statement of financial activities when they are payable. See more details in relation to this in note 3.1.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

43

Notes to the financial statements for the year ended 31 December 2023

1. Principal accounting policies (continued)

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the Cathedral has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The Cathedral only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Fixed assets are recorded at depreciated historical cost or revaluation, investments are recorded at their fair value which is the market value as disclosed in note 10 and all other assets and liabilities are recorded at cost which is their fair value.

Significant accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for income and expenses during the year and the amounts reported for assets and liabilities at the balance sheet date. However, the nature of estimation means that the actual outcomes could differ from those estimates.

There were no key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities at the balance sheet date.

2. Funds

Funds are divided between unrestricted (some of which are designated), restricted and endowment.

Unrestricted funds

These can be applied for any of the purposes for which the Chapter was established. The main unrestricted fund is the General Fund through which are passed all the regular items of income and expenditure relating to the day-today running of the Cathedral.

Within unrestricted funds are Designated Funds which represent funds which Chapter has set aside for a specific purpose. Current designated funds relate to Music and the Flower Guild. If in due course they are not required for the specific purposes, they may be transferred back to the General Fund.

These funds are set out in note 20.

Restricted funds

These may only be applied for particular purposes as specified by the donor or Cathedral statutes. Restricted funds under the control of Chapter are set out in note 20. The main restricted fund is held by Ely Cathedral Trust.

Endowment funds

All endowment funds are currently held by Ely Cathedral Trust. These are set out in note 20.1. They are for the provision of income for the continual maintenance of the Cathedral and its precincts and various funds to provide income towards chorister scholarships.

Throughout the year, the Trustees of Ely Cathedral Trust have managed, and accounted for, the permanent 21st Century Fund on a total return basis. The unapplied total return is the amount of the fund over and above the base level of endowment as calculated at 29 April 2021 when the basis was first adopted. The Trustees agreed this base level should be the value of the endowment as calculated as the original amount received uplifted for inflation linked to CPI totalling £1.973M. The total return each year remains part of the endowment fund, until it is transferred to the general fund and becomes “applied total return”.

The transfer is shown in the table in note 20.1 and on the statement of financial activities.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

44

Notes to the financial statements for the year ended 31 December 2023

3. Employee information

The average weekly number of employees during the year, exclusive of clergy, was 35 (2023: 42) full time and 86 (2022: 71) part time. The full time equivalent number of employees was 75 (2022: 71).

The total emoluments paid to employees (excluding benefits) were as follows:

Wages and salaries including stipends
Social security costs
Pension costs		 2023
Clergy
£’000s
Lay staf
£’000s
Total
£’000s
131
15
30
1,804
107
58
1,935
122
88
176
1,969
2,145		 2022
Clergy
£’000s
Lay staf
£’000s
Total
£’000s
126
11
39
1,608
106
58
1,734
117
97
Total emoluments 176
1,772
1,948

No redundancy costs were paid in the year (2022: none).

One (2022: one) member of staff received emoluments of between £70,000 and £79,999. No member of staff received emoluments of between £60,000 and £69,000 (2022: none).

The Church Commissioners finance directly the stipend, pension and associated employer’s national insurance contributions of the Dean and two Residentiary Canons (executive members of Chapter). Housing is provided by Chapter for the executive members of Chapter, being the Dean and three Residentiary Canons. No remuneration is paid to non-executive members of Chapter.

The remuneration and pension provision for executive members of Chapter is in accordance with scales laid down by the Central Stipends Authority of the Church of England, in line with the Central Stipends Authority Regulation 1998.

The key management personnel of the Cathedral are the Dean, the Residentiary Canons, the Chief Operating Officer, the Chief Finance Officer and the Director of Communications & Commerce. The total amount of benefits received by key management personnel is set out below.

Total benefts (excluding the value of housing) received by key
management personnel		 2023
Salary or
stipend
£’000s
Pension
£’000s
307
36		 2022
Salary or
stipend
£’000s
Pension
£’000s
291
44

3.1 Pension schemes

During the year the Cathedral has operated a total of three pension schemes, one of which has two sections. Details of these schemes are as follows:

NOW Pensions

The Cathedral operates a money purchase defined contribution pension scheme with NOW Pensions. NOW Pensions scheme was established as at 1 May 2014 as the auto enrolment scheme and is a qualifying workplace compliant group personal pension scheme. Contributions into the NOW Pensions scheme in 2023 were 3.5% (2022: 3.5%) employee contribution and 3.5% (2022: 3.5%) employer contribution. Contributions made to the schemes during the year were £50,821 (2022: £36,849) and the liability at year end was £4,544 (2022: £4,193). The number of employees to whom benefits are accruing under the scheme is 45 (2022: 41).

Church of England Funded Pensions Scheme

Ely Cathedral previously participated in the Church of England Funded Pensions Scheme (CEFPS) for stipendiary clergy. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Cathedral and the other participating employers. No new members joined the scheme during the year. The Cathedral is a minor responsible body and had no liability to the scheme at the year end (2022: £nil).

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

45

Notes to the financial statements for the year ended 31 December 2023

3.1 Pension schemes (continued)

Church Workers Pension Fund (Pension Builder Classic & Pension Builder 2014)

Ely 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 Ely Cathedral and other participating employers. CWPF has two sections:

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 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 were the contributions payable of £12,350 (2022: £11,727).

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 2019.

For the Pension Builder Classic section, the 2019 valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2024, the Board chose to grant a discretionary bonus of 6.7% 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 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the 2019 valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The next valuation is due as at 31 December 2022. Calculations for this are currently under way.

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

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

46

Notes to the financial statements for the year ended 31 December 2023

4 Auditors’ remuneration

Consolidated
Audit services
Other services		 2023
£’000s
33
7
40

18
3
21		 2022
£’000s
27
4
Total auditors’ remuneration - consolidated
31
Cathedral only
Audit services
Other services
15
2
Total auditors’ remuneration - Cathedral only 17

5.1 Income from donations and legacies (continued)

Consolidated
Donations
Congregational collections and giving
Other donations
Donations from Friends and local trusts
Tax recoverable under Gift Aid		 2023
Unrestricted
general
£’000s
Restricted
£’000s
Endowment
£’000s
Total
£’000s
135
106
9
22
-
171
845
-
-
67
-
-
135
344
854
22
272
1,016
67
1,355
Unrestricted
designated
£’000s
-
-
-
-
-		 2022
Total
£’000s
126
395
550
25
Total donations - consolidated 1,096

In 2022 income was unrestricted, except for £27,000 that was designated for particular purposes, £605,000 that was restricted for particular projects and £180,000 that related to the endowment.

Cathedral only
Donations
Congregational collections and giving
Other donations
Ely Cathedral Enterprises Ltd
Donations from Friends and local trusts
Tax recoverable under Gift Aid
135
95
-
9
22
-
138
-
1,545
-
-
-
-
-
-
135
233
-
1,554
22
Total donations - Cathedral only
261
1,683
-
1,944
-
-
-
-
-
-		 126
93
-
1,245
25
1,489

In 2022 income was unrestricted, except for £1,266,000 that was restricted to particular projects.

Consolidated
Legacies
Legacies
34
189
50
273
Total legacies - consolidated
34
189
50
273
In 2022 all income was unrestricted.

Cathedral only
Legacies
28
-
-
28
Total legacies - Cathedral only
28
-
-
28
-
-
-
-		 1,327
1,327
-
-

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

47

Notes to the financial statements for the year ended 31 December 2023

5.1 Income from donations and legacies (continued)

Consolidated
Grants
Church Commissioners
Other grants
45
57
133
-
-
-
178
57
Total grants - consolidated
102
133
-
235
-
-
-		 160
100
260

In 2022 all income was unrestricted, except for grants from the Church Commissioners of £136,000, which were restricted.

Cathedral only
Grants
Church Commissioners
Other grants
45
57
133
-
-
-
178
57
Total grants - Cathedral only
102
133
-
235
-
-
-		 160
100
260

In 2022 all income was unrestricted, except for grants from the Church Commissioners of £136,000, which were restricted.

5.2
Income from charitable activities
Consolidated
Facility and other fees
Gross income of the choir school		 2023
Unrestricted
general
£’000s
Restricted
£’000s
Endowment
£’000s
Total
£’000s
287
58
-
-
-
-
287
58
345
-
-
345
287
58
-
-
-
-
287
58
345
-
-
345
Unrestricted
designated
£’000s
-
-
-
-
-
-		 2022
Total
£’000s
342
51
Income from charitable activities - consolidated 393
In 2022 all income was unrestricted.
Cathedral only
Facility and other fees
Gross income of the choir school		 342
51
Income from charitable activities - Cathedral only 393

In 2022 all income was unrestricted.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

48

Notes to the financial statements for the year ended 31 December 2023

5.3 Income from other trading activities

5.3
Income from other trading activities
2023 2022
Unrestricted Unrestricted Restricted Endowment Total Total
general designated
Consolidated £’000s £’000s £’000s £’000s £’000s £’000s
Charges to visitors 748 - - - 748 641
Gift Aid on entrance charges 57 - - - 57 47
Gross income of Ely Cathedral Enterprises Ltd
and other activities 906 - - - 906 809
Lettings of Cathedral or other buildings 388 - - - 388 363
Income from other trading activities - consolidated 2,099 - - - 2,099 1,860
In 2022 all income was unrestricted.
Cathedral only
Charges to visitors 748 - - - 748 641
Gift Aid on entrance charges 57 - - - 57 47
Lettings of Cathedral or other buildings 436 - - - 436 436
Income from charitable activities - Cathedral only 1,241 - - - 1,241 1,124

In 2022 all income was unrestricted.

5.4
Income from investments		 2023 2022
Unrestricted Unrestricted Restricted Endowment Total Total
general designated
Consolidated £’000s £’000s £’000s £’000s £’000s £’000s
Investments_(note 11)_ 165 36 92 101 394 350
Income from investments - consolidated 165 36 92 101 394 350
In 2022 all income was unrestricted, except for income of £96,000, which was restricted and £151,000, which related to the
endowment.
Cathedral only
Investments_(note 11)_ 77 - - - 77 68
Income from investments - Cathedral only 77 - - - 77 68

In 2022 all income was unrestricted.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

49

Notes to the financial statements for the year ended 31 December 2023

6.
Costs of raising funds		 2023 2022
Unrestricted Unrestricted Restricted Endowment Total Total
general designated
Consolidated £’000s £’000s £’000s £’000s £’000s £’000s
Costs of fundraising and letting 148 - - - 148 169
Gross cost of shops, restaurants and other activities 1,166 - - - 1,166 1,087
Investment management costs 17 - - - 17 17
Support costs 199 - 40 - 239 189
Costs of raising funds - consolidated 1,530 - 40 - 1,570 1,462
All 2022 expenditure was of unrestricted funds, except for £51,000 which was of restricted funds.
Cathedral only
Costs of fundraising and letting 148 - - - 148 169
Gross cost of shops, restaurants and other activities 362 - - - 362 315
Investment management costs 17 - - - 17 17
Support costs 197 - 40 - 237 188
Costs of raising funds - Cathedral only 724 - 40 - 764 689
All 2022 expenditure was of unrestricted funds, except for £51,000 which was of restricted funds.

7. Analysis of expenditure by activity

7.
Analysis of expenditure by activity
Consolidated
Cost of raising funds
Charitable activities
Ministry
Cathedral and precinct upkeep
Education and outreach
Community, parish and congregation
Other costs		 2023
Direct costs
£’000s
Note 8
Support costs
£’000s
Note 9
Total
£’000s
1,331
831
1,585
93
2
-
239
298
239
299
120
50
1,570
1,129
1,824
392
122
50
Total expenditure on charitable activities - consolidated 2,511
1,006
3,517
Total expenditure - consolidated 3,842
1,245
5,087
Cathedral only
Cost of raising funds
Charitable activities
Ministry
Cathedral and precinct upkeep
Education and outreach
Community, parish and congregation
Other costs		 527
830
1,585
93
3
-
237
297
237
297
118
17
764
1,127
1,822
390
121
17
Total expenditure on charitable activities - Cathedral only 2,511
966
3,477
Total expenditure - Cathedral only 3,038
1,203
4,241

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

50

Notes to the financial statements for the year ended 31 December 2023

7.

Expenditure on charitable activities (continued)

A split of direct costs between restricted and unrestricted is included in note 8.

Within support costs there were restricted expenses as follows:

2023 2022
Consolidated & Cathedral £’000s £’000s
Ministry 50 50
Cathedral and precinct upkeep 40 40
Education and outreach 50 50
Community, parish and congregation 20 20
Total 160 160
Consolidated
Ministry
Cathedral and precinct upkeep
Education and outreach
Community, parish and congregation
Other costs		 2022
Direct costs
£’000s
Note 8
Support costs
£’000s
Note 9
Total
£’000s
763
1,177
61
8
-
236
189
237
95
31
999
1,366
298
103
31
Total expenditure on charitable activities - consolidated 2,009
788
2,797
Cathedral only
Ministry
Cathedral and precinct upkeep
Education and outreach
Community, parish and congregation
Other costs		 763
1,177
61
8
-
234
188
235
94
14
997
1,365
296
102
14
Total expenditure on charitable activities - Cathedral only 2,009
765
2,774

A split of direct costs between restricted and unrestricted is included in note 8. All support costs were unrestricted in 2022.

8.
Direct costs of charitable activities		 2023 2022
Unrestricted Unrestricted Restricted Endowment Total Total
(i) Ministry general designated
Consolidated £’000s £’000s £’000s £’000s £’000s £’000s
Clergy stipends and working expenses 49 - 132 - 181 185
Clergy housing costs 90 - - - 90 86
Services, music & congregational costs 333 - 226 - 559 492
Total direct costs of charitable activities - ministry 472 - 358 - 830 763
In 2022 £136,000 of clergy stipends and £214,000 of services were restricted. All other expenditure was unrestricted.
Cathedral only
Clergy stipends and working expenses 49 - 132 - 181 185
Clergy housing costs 90 - - - 90 86
Services, music & congregational costs 333 - 226 - 559 492
Total direct costs of charitable activities - ministry 472 - 358 - 830 763

In 2022, £136,000 of clergy stipends and £214,000 of services were restricted. All other expenditure was unrestricted.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

51

Notes to the financial statements for the year ended 31 December 2023

8.
Direct costs of charitable activities(cont’d)		 2023 2022
Unrestricted Unrestricted Restricted Endowment Total Total
(ii) Cathedral and precincts upkeep general designated
Consolidated £’000s £’000s £’000s £’000s £’000s £’000s
Major repairs and restoration 3 - 800 - 803 555
Maintenance and interior upkeep 217 - 432 - 649 514
Cathedral insurance 97 - - - 97 75
Precincts, security and garden upkeep 31 - 5 - 36 33
Direct costs of charitable activities - cathedral and
precincts upkeep 348 - 1,237 - 1,585 1,177
In 2022, £555,000 of major repairs, £214,000 of maintenance and £7,000 of precincts costs was restricted. All other
expenditure was unrestricted.
Cathedral only
Major repairs and restoration 3 - 800 - 803 555
Maintenance and interior upkeep 217 - 432 - 649 514
Cathedral insurance 97 - - - 97 75
Precincts, security and garden upkeep 31 - 5 - 36 33
Direct costs of charitable activities - cathedral and
precincts upkeep 348 - 1,237 - 1,585 1,177
In 2022, £555,000 of major repairs, £214,000 of maintenance and £7,000 of precincts costs was restricted. All other
expenditure was unrestricted.
2023 2022
Unrestricted Unrestricted Restricted Endowment Total Total
(iii) Education and outreach general designated
Consolidated £’000s £’000s £’000s £’000s £’000s £’000s
Educational activities 53 - 40 - 93 61
Direct costs of charitable activities - education and
outreach 53 - 40 - 93 61
In 2022, £20,000 was restricted and all other expenditure was unrestricted.
Educational activities 53 - 40 - 93 61
Direct costs of charitable activities - education and
53 - 40 - 93 61
In 2022, £20,000 was restricted and all other expenditure
(iv) Community and congregation
Consolidated
Community and congregation		 was unrestricted.
2023
Unrestricted
general
£’000s
Restricted
£’000s
Endowment
£’000s
Total
£’000s
3
-
-
3
3
-
-
3
3
-
-
3
3
-
-
3
Unrestricted
designated
£’000s
-
-
-
-		 2022
Total
£’000s
8
Direct costs of charitable activities - community and
congregation		 8
In 2022, all expenditure was unrestricted.
Community and congregation		 8
Direct costs of charitable activities - community and
congregation		 8
In 2022, all expenditure was unrestricted.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

52

Notes to the financial statements for the year ended 31 December 2023

9.
Support costs
Consolidated
Finance, HR and IT costs
Other premises costs
Staf training costs
Governance costs		 2023
Cost of
raising funds
£’000s
Charitable
activities
£’000s
Total
£’000s
205
32
2
-
820
127
9
50
1,025
159
11
50
Total support costs - consolidated 239
1,006
1,245
Cathedral only
Finance, HR and IT costs
Other premises costs
Staf training costs
Governance costs		 203
32
2
-
813
127
9
18
1,016
159
11
18
Total support costs - Cathedral only 237
967
1,204
Consolidated
Finance, HR and IT costs
Other premises costs
Staf training costs
Governance costs		 2022
Cost of
raising funds
£’000s
Charitable
activities
£’000s
Total
£’000s
164
24
1
-
659
95
3
31
823
119
4
31
Total support costs - consolidated 189
788
977
Cathedral only
Finance, HR and IT costs
Other premises costs
Staf training costs
Governance costs		 163
24
1
-
652
96
3
14
815
120
4
14
Total support costs - Cathedral only 188
765
953

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

53

Notes to the financial statements for the year ended 31 December 2023

10. Investments
Consolidated
At 1 January 2023
Additions
Disposals
Realised gains/ (losses)
Unrealised gains / (losses)
Accrued interest		 2023
Listed
investments
£’000s
Note 11
Investment
property
£’000s
Note 12
Total
£’000s
12,698
496
(489)
6
1,184
1
3,140
-
-
-
-
-
15,838
496
(489)
6
1,184
1
Total investment assets at 31 December
Cash held for investment		 13,896
3,140
17,036
32
-
32
Total investments - consolidated 13,928
3,140
17,068
At 1 January
Additions
Disposals
Realised gains/ (losses)
Unrealised gains/ (losses)
Accrued interest		 2022
Listed
investments
£’000s
Note 11
Investment
property
£’000s
Note 12
Total
£’000s
13,225
1,447
(309)
(57)
(1,608)
-
3,410
-
(325)
-
55
-
16,635
1,447
(634)
(57)
(1,553)
-
Total investment assets at 31 December
Cash held for investment		 12,698
3,140
15,838
337
-
337
Total investments - consolidated 13,035
3,140
16,175
Cathedral only
Market value at 1 January
Additions
Disposals
Realised gains / (losses)
Unrealised gains / (losses)
Accrued interest		 2023
Listed
investments
£’000s
Note 11
Investment
property
£’000s
Note 12
Total
£’000s
2,359
496
(489)
6
211
1
3,140
-
-
-
-
-
5,499
496
(489)
6
211
1
Total investment assets at 31 December
Cash held for investment		 2,584
3,140
5,724
32
-
32
Total investments - Cathedral only 2,616
3,140
5,756

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

54

Notes to the financial statements for the year ended 31 December 2023

10. Investments (continued)
Cathedral only
Market value at 1 January
Additions
Disposals
Realised gains/ (losses)
Unrealised gains/ (losses)
Accrued interest		 2022
Listed
investments
£’000s
Note 11
Investment
property
£’000s
Note 12
Total
£’000s
2,632
447
(309)
(57)
(354)
-
3,410
-
(325)
55
-
-
6,042
447
(634)
(2)
(354)
-
Total investment assets at 31 December
Cash held for investment		 2,359
3,140
5,499
53
-
53
Total investments - Cathedral only 2,412
3,140
5,552

Chapter has unlisted investments of £2 which consists of the two ordinary shares held in Ely Cathedral Enterprises Ltd. Further details are provided in note 23. All other investments are in a portfolio of listed investments.

11. Listed investments
Consolidated
Market value at 1 January
Additions
Disposals
Transfers between funds
Realised gains / (losses)
Unrealised gains / losses)
Accrued interest		 2023
Unrestricted
general
£’000s
Restricted
£’000s
Endowment
£’000s
Total
£’000s
3,481
496
(489)
1,404
6
317
1
3,109
-
-
192
-
292
-
4,923
-
-
(300)
-
464
-
12,698
496
(489)
-
6
1,184
1
5,216
3,593
5,087
13,896
32
-
-
32
5,248
3,593
5,087
13,928
Unrestricted
designated
£’000s
1,185
-
-
(1,296)
-
111
-
-
-
-		 2022
Total
£’000s
13,225
1,447
(310)
-
(57)
(1,607)
-
Market value at 31 December 12,698
Cash held for investment 337
Total investments - Consolidated 13,035
Consolidated
Market value at 1 January (restated)
Additions
Disposals
Transfers between funds
Realised gains / (losses)
Unrealised gains / losses)		 2022 (Restated)
Unrestricted
general
£’000s
Unrestricted
designated
£’000s
Restricted
£’000s
Endowment
£’000s
Total
£’000s
2,790
1,447
(310)
-
(57)
(389)
1,003
-
-
300
-
(118)
3,537
-
-
-
-
(428)
5,895
-
-
(300)
-
(672)
13,225
1,447
(310)
-
(57)
(1,607)
Market value at 31 December 3,481
1,185
3,109
4,923
12,698
Cash held for investment 337
-
-
-
337
Total investments - Consolidated 3,818
1,185
3,109
4,923
13,035

Market value at 1 January 2022 has been restated to reallocate the listed investments to the correct funds.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

55

Notes to the financial statements for the year ended 31 December 2023

11. Listed investments (continued)
Analysed as follows
Overseas fxed interest securities
UK fxed interest securities
Quoted UK equities
Quoted overseas equities
Alternative investments
The CBF Church of England Investments Fund		 2023
£’000s
27
435
562
1,259
301
11,312
13,896		 2022
£’000s
44
311
519
1,080
406
10,339
Total market value at 31 December
12,699
Cathedral only
Market value at 1 January
Additions
Disposals
Transfer between funds
Realised gains/ (losses)
Unrealised gains/ (losses)
Accrued interest		 2023
Unrestricted
general
£’000s
Restricted
£’000s
Endowment
£’000s
Total
£’000s
2,260
496
(489)
(192)
6
202
1
99
-
-
192
-
9
-
-
-
-
-
-
-
-
2,359
496
(489)
-
6
211
1
2,284
300
-
2,584
32
-
-
32
2,316
300
-
2,616
Unrestricted
designated
£’000s
-
-
-
-
-
-
-
-
-
-		 2022
Total
£’000s
2,632
447
(309)
-
(57)
(354)
-
Market value at 31 December 2,359
Cash held for investment 53
Total investments - Cathedral only 2,412
Analysed as follows
Overseas fxed interest securities
UK fxed interest securities
Quoted UK equities
Quoted overseas equities
Alternative investments
The CBF Church of England Investments Fund		 2023
£’000s
27
435
562
1,259
301
-
2,584		 2022
£’000s
42
311
519
1,081
406
-
Total market value at 31 December
2,359
Income from investments is analysed as follows:
UK interest
Overseas interest
UK unit trust interest
UK dividends
Alternative investments
Overseas dividends
The CBF Church of England Investments Fund		 Cathedral
2023
£’000s
2022
£’000s
18
7
-
19
20
17
-
11
2
-
19
22
20
-
81
74		 Consolidated
2023
£’000s
2022
£’000s
18
7
-
19
20
17
315
11
2
-
19
22
20
279
Total return on investments (excluding property) 396
353
See also note 5.4.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

56

Notes to the financial statements for the year ended 31 December 2023

12. Investment property
Consolidated and Cathedral only
Valuation at 1 January
Revaluation
Realised gain
Disposal		 2023
Unrestricted
general
£’000s
Restricted
£’000s
Endowment
£’000s
Total
£’000s
Unrestricted
designated
£’000s
2,340
-
-
-
800
-
-
-
-
-
-
-
3,140
-
-
-
-
-
-
-
Valuation at 31 December 2,340
-
800
-3,140

The properties were revalued on 31 December 2021 by Cheffins, a local property agent. The properties have been valued at market value, as defined in the Royal Institute of Chartered Surveyors Valuation - Global Standards 2020.

13. Properties

Investment properties

As stated in note 1, Chapter has obtained market valuations and advice from property agents on all properties which have been acquired or built by Chapter principally for investment purposes. The investment assets on the balance sheet were revalued as at 31 December 2021.

Other properties

Chapter owns a large number of ancient former monastic and ancillary buildings which form the Cathedral precinct (as defined by the Care of Cathedrals Measure 2011) and are expected to be held in perpetuity.

These are not included in the balance sheet.

The categories of use are outlined below, together with insurance valuations.

Chapter has the legal responsibility for providing housing for the Dean and Residentiary Canons, who occupy five properties sequestered to their use. These properties have an insurance valuation, based on the cost of rebuilding, of £24,307,188 (2022: £21,483,903).

Buildings used by Chapter for office and administration accommodation have an insurance valuation of £6,150,000 (2022: £5,620,286).

The premises occupied by the Cathedral’s trading outlets are charged a commercial rent amounting to £48,000 (2022: £62,500 ). The Cathedral Shop is located in the Cathedral itself and has no separate insurance value. The Almonry Restaurant and High Street Shop (closed early in 2023) have an insurance value of £4,649,063 (2022: £4,124,425).

Other monastic and ancillary buildings are let to commercial and residential tenants to help offset the cost of maintaining the buildings in the Cathedral precinct. These properties have an insurance valuation, based on the cost of rebuilding, of £12,743,750 (2022: £11,438,762).

Some properties are leased to King’s Ely, an independent school with a long association with the Cathedral. Four of these properties form part of an agreement whereby a nominal rent is charged in return for the School being responsible for the maintenance, upkeep and restoration of these properties. The properties occupied by King’s Ely had an insurance value at 31 December 2017 of £19,618,800. The properties are no longer valued individually for insurance purposes and therefore a valuation has not been prepared at 31 December 2023. The insurers now insure on a ‘first loss’ basis providing a maximum insured sum per incident of up to £20m. During the year the Cathedral received rents of £40,416 (2022: £39,872) which are included in property income.

None of these properties are included in the Cathedral’s balance sheet, as explained in the accounting policies section.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

57

Notes to the financial statements for the year ended 31 December 2023

14. Tangible assets - equipment and plant
Consolidated
Cost:
At 1 January
Additions
Transfers between funds
Disposals
Cost at 31 December		 2023
Unrestricted
general
£’000s
1,136
59
241
(278)
Restricted
£’000s
394
-
(241)
-
Endowment
£’000s
-
-
-
Total
£’000s
1,530
59
-
(278)
Unrestricted
designated
£’000s
-
-
-
-
1,158
153
-
1,311
-
Depreciation
At 1 January
Charge for the year
Transfers between funds
Disposals
Deprecation at 31 December		 516
104
49
(278)
163
-
(49)
-
-
-
-
679
104
-
(278)
-
-
-
-
391
114
-
505
-
Net book value at 1 January - consolidated 621
231
-
852
-
Net book value at 31 December - consolidated 767
39
-
806
-
Cathedral only
Cost:
At 1 January
Additions
Transfers between funds
Disposals
Cost at 31 December		 2023
Unrestricted
general
£’000s
1,087
51
241
(278)
Restricted
£’000s
394
-
(241)
-
Endowment
£’000s
-
-
-
-
Total
£’000s
1,481
51
-
(278)
Unrestricted
designated
£’000s
-
-
-
-
1,101
153
-
1,254
-
Depreciation
At 1 January
Charge for the year
Transfers between funds
Disposals
Deprecation at 31 December		 483
98
49
(278)
163
-
(49)
-
-
-
-
-
646
98
-
(278)
-
-
-
352
114
-
466
-
Net book value at 1 January - Cathedral only 604
231
-
835
-
Net book value at 31 December - Cathedral only 749
39
-
788
-

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

58

Notes to the financial statements for the year ended 31 December 2023

15. Heritage assets (consolidated and Cathedral)

As stated in the accounting policies, no value has been placed on the Cathedral Church building, the monastic and ancillary buildings and the items in the inventory prepared under section 18 of the Charities SORP and under the Care of Cathedrals Measure 2011.

The monastic buildings and ancillary buildings include the chapter house, guest halls and prior's buildings. These buildings are partly used by the staff as offices, the clergy and the trading subsidiary for retail activity (until early 2023) and a restaurant. Due to the ancient nature of these buildings, their depreciated replacement cost is considered to be nil as their life is in excess of 900 years for certain properties. The Cathedral also owns items such as our organ, silverware, furniture, listed monuments, paintings and vestments. Some of these items are permanently on display to worshippers and visitors but delicate or valuable items such as paintings, vestments and silverware are securely stored and only accessed very occasionally in a managed way.

The Cathedral keeps an inventory of all items considered to be of architectural, archaeological, artistic or historic interest in the possession of the Cathedral. The Cathedral keeps an up to date inventory of these heritage assets in collaboration with the Cathedral Archaeologist and Cathedral Archivist. This includes photographs and a description of their condition. Any assets acquired or disposed of are added or removed from this list although there have been no such movements in the last five years. Any conservation work that is required on these assets is done by specialist conservators in their particular field and the inventory updated.

16.
Stocks
Consolidated
Consumables
Trading outlets		 2023
£’000s
9
84
93

9		 2022
£’000s
10
75
Stocks - consolidated
85
Cathedral only
Consumables
Stocks - Cathedral only
10
17.
Debtors
Consolidated
Trade debtors
Prepayments and accrued income
Other debtors		 2023
£’000s
36
224
28
288
36
80
29
49
213
407		 2022
£’000s
24
144
40
Total debtors - consolidated
208
Cathedral only
Trade debtors
Prepayments and accrued income
Other debtors
Ely Cathedral Trust
Ely Cathedral Enterprises Ltd		 24
61
43
158
300
Total debtors - Cathedral only
586

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

59

Notes to the financial statements for the year ended 31 December 2023

18.
Cash at bank and in hand
Consolidated
Bank accounts
Cash in hand		 2023
£’000s
453
4
457
81
3
84
2023
£’000s
168
138
97
33
436
157
119
-
90
33
399
2023
£’000s
-
291
291		 2022
£’000s
520
4
Cash at bank and in hand - consolidated
524
Cathedral only
Bank accounts
Cash in hand		 152
3
Cash at bank and in hand - Cathedral only
155
19.
Creditors
Creditors: amounts falling due within one year
Consolidated
Trade creditors
Accruals and deferred income
Other creditors
Bank loan		 2022
£’000s
67
122
128
33
Creditors: amounts falling due within one year - consolidated
350
Cathedral only
Trade creditors
Accruals and deferred income
Ely Cathedral Trust
Other creditors
Bank loan		 55
106
-
124
33
Creditors: amounts falling due within one year - Cathedral only
318
Creditors: amounts falling due after one year
Consolidated and Cathedral
Church of England Funded Pension Scheme liability_(note 3.1)_
Bank loan		 2023
£’000s
-
313

313
Total creditors: amounts falling due after one year - consolidated and Cathedral

The Church of England Funded Pension Scheme (CEFPS) liability relates to the Cathedral’s involvement in the CEFPS for the benefit of its clergy (note 3.1).

Bank loans totalling £325,000 (2022: £346,000) are secured on the Grace Building. The value of the Grace Building is included within investment property (note 12). The loan is repaid in equal instalments over 15 years at an interest rate of 2.69% above

The debt falls due as follows
Within one year
Between 1 and 2 years
Between 2 and 5 years
After 5 years		 33
33
100
159
325		 33
33
99
181

346

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

60

Notes to the fnancial statements for Notes to the fnancial statements for the year ended 31 December 2023 the year ended 31 December 2023 the year ended 31 December 2023
20. Funds analysis - consolidated 2023
Unrestricted Unrestricted Restricted Endowment Total
general designated
£’000s £’000s £’000s £’000s £’000s
Consolidated
General fund 6,851 - - - 6,851
Fabric fund - - 416 3,513 3,929
Music fund 6 - 3,267 1,941 5,214
Other funds 2 - 877 - 879
Revaluation reserve 1,012 - - - 1,012
Organ fund - 100 - - 100
Total funds at 31 December - consolidated 7,871 100 4,560 5,454 17,985
Consolidated
General fund
Fabric fund
Music fund
Other funds
Revaluation reserve
Organ fund
Total funds at 31 December - consolidated		 2022
Unrestricted
general
£’000s
5,320
-
10
2
1,012
-
Restricted
£’000s
-
394
3,132
832
-
-
Endowment
£’000s
-
3,406
1,735
-
-
-
Total
£’000s
5,320
3,800
4,877
834
1,012
1,338
Unrestricted
designated
£’000s
-
-
-
-
-
1,338
6,344
4,358
5,141
17,181
1,338
Funds analysis - Cathedral only
Cathedral only
General fund
Music fund
Other funds
Revaluation reserve
Organ fund
Total funds at 31 December 2022 - Cathedral only		 2023
Unrestricted
general
£’000s
4,032
6
2
1,012
-
Unrestricted
designated
£’000s
-
-
-
-
100
Restricted
£’000s
-
220
982
-
-
Endowment
£’000s
-
-
-
-
-
Total
£’000s
4,032
226
984
1,012
100
5,052
100
1,202
-
6,354
Cathedral only
General fund
Music fund
Other funds
Revaluation reserve
Organ fund
Total funds at 31 December 2021 - Cathedral only		 2022
Unrestricted
general
£’000s
4,169
10
2
1,012
-
Restricted
£’000s
-
211
1,004
-
-
Endowment
£’000s
-
-
-
-
-
Total
£’000s
4,169
221
1,006
1,012
100
5,193
1,215
-
6,508
Unrestricted
designated
£’000s
-
-
-
-
100
100

2023 Report

61

The Cathedral Church

Notes to the financial statements for the year ended 31 December 2023

20. Funds analysis (continued) - consolidated
Consolidated
Tangible assets
Investments
Current assets
Current liabilities
Non-current liabilities
Total funds at 31 December - consolidated		 2023
Unrestricted
general
£’000s
767
7,589
242
(436)
(291)
Restricted
£’000s
39
4,393
128
-
-
Endowment
£’000s
-
5,086
368
-
-
Total
£’000s
806
17,068
838
(436)
(291)
Unrestricted
designated
£’000s
-
-
100
-
-
7,871
4,560
5,454
17,985
100
Consolidated
Tangible assets
Investments
Current assets
Current liabilities
Non-current liabilities
Total funds at 31 December - consolidated		 2022
Unrestricted
general
£’000s
621
5,731
350
(45)
(313)
Restricted
£’000s
231
4,318
35
(226)
-
Endowment
£’000s
-
4,915
305
(79)
-
Total
£’000s
852
16,175
817
(350)
(313)
Unrestricted
designated
£’000s
-
1,211
127
-
-
6,344
4,358
5,141
17,181
1,338
Funds analysis - Cathedral only
Cathedral only
Tangible assets
Investments
Current assets
Current liabilities
Non-current liabilities
Total funds at 31 December - Cathedral only		 2023
Unrestricted
general
£’000s
749
4,656
337
(399)
(291)
Unrestricted
designated
£’000s
-
-
100
-
-
Restricted
£’000s
39
1,100
63
-
-
Endowment
£’000s
-
-
-
-
-
Total
£’000s
788
5,756
500
(399)
(291)
5,052
100
1,202
-
6,354
Cathedral only
Tangible assets
Investments
Current assets
Current liabilities
Non-current liabilities
Total funds at 31 December - Cathedral only		 2022
Unrestricted
general
£’000s
604
4,653
566
(318)
(313)
Restricted
£’000s
231
899
85
-
-
Endowment
£’000s
-
-
-
-
-
Total
£’000s
835
5,552
751
(318)
(313)
Unrestricted
designated
£’000s
-
-
100
-
-
5,192
1,215
-
6,507
100

The funds are made up of various smaller fund balances as set out overleaf.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

62

Notes to the financial statements for the year ended 31 December 2023

20. Funds analysis (continued) - consolidated
Unrestricted funds
General fund
Music fund
Other funds
Revaluation reserve
Unrestricted funds - consolidated		 2023
Balance at
1 Jan
£’000s
5,320
10
2
1,012
Net movement
in the year
£’000s
394
(4)
-
Transfers
£’000s
1,137
-
-
-
Balance at
31 Dec
£’000s
6,851
6
2
1,012
6,344
390
1,137
7,871
Unrestricted funds
General fund
Music fund
Other funds
Revaluation reserve
Unrestricted funds - consolidated		 2022
Balance at
1 Jan
£’000s
4,792
11
2
1,062
Net movement
in the year
£’000s
850
(1)
-
(50)
Transfers
£’000s
(322)
-
-
-
Balance at
31 Dec
£’000s
5,320
10
2
1,012
5,867
799
(322)
6,344

Transfers represent grants given to the Cathedral from restricted and endowment funds of the Trust.

Designated funds
Organ fund
Designated funds - consolidated		 2023
Balance at
1 Jan
£’000s
1,338
Net movement
in the year
£’000s
148
Transfers
£’000s
(1,386)
Balance at
31 Dec
£’000s
100
1,338
148
(1,386)
100

At the start of the year the balance of the organ fund was £1,338,000. There was a net movement of £148,000 during the year and during the year the Trustees of the Ely Cathedral Trust released these funds to their general fund. At the end of 2023, the balance of the organ fund was therefore £100,000, being the amount designated by Chapter, and forming part of the Cathedral’s funds.

Restricted funds
Fabric fund
Donated assets
Maintenance projects
Music fund
Restricted funds - consolidated		 2023
Balance at
1 Jan
£’000s
394
854
(22)
3,132
Net movement
in the year
£’000s
21
-
46
(181)
Transfers
£’000s
-
-
(1)
317
Balance at
31 Dec
£’000s
415
854
23
3,268
4,358
(114)
316
4,560

Transfers represent grants given to the Cathedral from unrestricted funds of the Trust and amounts transferred to fixed assets.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

63

Notes to the financial statements for the year ended 31 December 2023

20. Funds analysis (continued) - consolidated
Restricted funds
Fabric fund
Donated assets
Maintenance projects
Music fund
Restricted funds - consolidated		 2022
Balance at
1 Jan
£’000s
559
854
133
3,378
Net movement
in the year
£’000s
(165)
-
(154)
(630)
Transfers
£’000s
-
-
(1)
384
Balance at
31 Dec
£’000s
394
854
(22)
3,132
4,924
(949)
383
4,358

Transfers represent grants given to the Cathedral from unrestricted funds of the Trust and amounts transferred to fixed assets.

Endowment funds
21st Century Endowment
Friends of Ely Cathedral Music Choristership
Octagon Choristership
Ouseley Trust Choristership
Sinclair Choristership
Rawlinson Fund Choristership
Garfeld Weston Choristership
Lantern Choristership
Quanea Choristership
Endowment funds - consolidated		 2023
Balance at
1 Jan
£’000s
3,405
70
192
168
150
257
420
170
309
Net movement
in the year
£’000s
108
8
23
20
23
86
50
27
37
Transfers
£’000s
-
(4)
(1)
(7)
(14)
(13)
(14)
(3)
(13)
Balance at
31 Dec
£’000s
3,513
74
214
181
159
330
456
194
333
5,141
382
(69)
5,454

Transfers represent grants given to the Cathedral from endowment funds of the Trust.

Endowment funds
21st Century Endowment
Friends of Ely Cathedral Music Choristership
Octagon Choristership
Ouseley Trust Choristership
Sinclair Choristership
Rawlinson Fund Choristership
Garfeld Weston Choristership
Lantern Choristership
Quanea Choristership
Endowment funds - consolidated		 2022
Balance at
1 Jan
£’000s
4,068
80
216
188
2
284
474
179
352
Net movement
in the year
£’000s
(663)
(7)
(20)
(16)
158
(15)
(42)
(5)
(31)
Transfers
£’000s
-
(3)
(4)
(4)
(10)
(12)
(12)
(4)
(12)
Balance at
31 Dec
£’000s
3,405
70
192
168
150
257
420
170
309
5,843
(641)
(61)
5,141

Transfers represent grants given to the Cathedral from endowment funds of the Trust.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

64

Notes to the financial statements for the year ended 31 December 2023

20. Funds analysis (continued) - Cathedral only
Unrestricted funds
General fund
Music fund
Flower Guild
Revaluation reserve
Unrestricted funds - Cathedral only		 2023
Balance at
1 Jan
£’000s
4,168
10
2
1,012
Net movement
in the year
£’000s
(137)
(4)
-
-
Transfers
£’000s
1
-
-
-
Balance at
31 Dec
£’000s
4,032
6
2
1,012
5,192
(141)
1
5,052
Unrestricted funds
General fund
Music fund
Flower Guild
Revaluation reserve
Unrestricted funds - Cathedral only		 2022
Balance at
1 Jan
£’000s
4,646
11
2
1,062
Net movement
in the year
£’000s
(479)
(1)
-
(50)
Transfers
£’000s
1
-
-
-
Balance at
31 Dec
£’000s
4,168
10
2
1,012
5,721
(530)
1
5,192
Designated funds
Organ fund
Designated funds - Cathedral only		 2023
Balance at
1 Jan
£’000s
100
Net movement
in the year
£’000s
-
Transfers
£’000s
-
Balance at
31 Dec
£’000s
100
100
-
-
100
Designated funds
Organ fund
Designated funds - Cathedral only		 2022
Balance at
1 Jan
£’000s
100
Net movement
in the year
£’000s
-
Transfers
£’000s
-
Balance at
31 Dec
£’000s
100
100
-
-
100

2023 Report

The Cathedral Church of the Holy and Undivided Trinity of Ely

65

Notes to the financial statements for the year ended 31 December 2023

20. Funds analysis (continued) - Cathedral only
Restricted funds
Donated assets
Maintenance projects
Music fund
Restricted funds - Cathedral only		 2023
Balance at
1 Jan
£’000s
838
166
211
Net movement
in the year
£’000s
-
(21)
9
Transfers
£’000s
(1)
-
-
Balance at
31 Dec
£’000s
837
145
220
1,215
(12)
(1)
1,202
Restricted funds
Donated assets
Maintenance projects
Music fund
Restricted funds - Cathedral only		 2022
Balance at
1 Jan
£’000s
838
121
212
Net movement
in the year
£’000s
-
46
(1)
Transfers
£’000s
-
(1)
-
Balance at
31 Dec
£’000s
838
166
211
1,171
45
(1)
1,215

Transfers related to spend of a capital nature are not included in the statement of financial activities.

The Cathedral had no endowment funds in the year.

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

66

Notes to the financial statements for the year ended 31 December 2023

20.1 Total return — Consolidated
Balance at 1 January
Investment returns (dividend and interest)
Investment returns (realised and unrealised gains/(losses)
Indexation of the capital inpermanent endowment for investment		 2023
Permanent
Endowment
£
2,264
-
-
87
87
-
Unapplied total
return
£
1,142
100
315
(95)
320
(300)
Total
£
3,406
100
315
(8)
407
(300)
Net movement in year
Unapplied total return allocated to income in the period
Balance at 31 December
Trust for investment/permanent endowment
Unapplied total return
Balance at 31 December
2,351
-
-
1,162
2,351
1,162
2,351
1,162
3,513

During 2021, Ely Cathedral Trust (which is consolidated into these financial statements) took advantage of section 4 of the Trusts Act 2013 to adopt a total return approach to the permanent endowment of the 21st Century Fund. The Trustees met and unanimously agreed this on 29 April 2021 as being in the charity's interest. Due to the number of professionally qualified accountants and lawyers within the group, Trustees were comfortable that as a body they had the experience and the expertise to take the decision on the basis of information and advice received without the need for formal external professional advice. This approach has been limited to this one fund and will not apply to any other endowment funds held by the charity. The assets held that represent the value of the original endowment have been established including any additional amounts that were not the result of the investment. There is no existing Charity Commission Order on this fund.

The Trustees decided to adopt the total return basis in order to assist the Cathedral with the imminent need to spend a large some of money on the organ. The Trustees feel that this expenditure is within the spirit of the original 21st Century Fund.

21.
Cash and cash equivalents and net debt analysis
Cash at bank and in hand
Cash held as investment assets		 At 1 Jan
2023
£’000s
524
336
860
(33)
(313)
514		 Cash fow
£’000s
(67)
(304)
(371)
-
22
(349)		 At 31 Dec
2023
£’000s
457
32
Total cash and cash equivalents
Bank loans falling due under one year
Bank loans falling due after one year		 489
(33)
(291)
Total net debt 165

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

67

Notes to the financial statements for the year ended 31 December 2023

22. Consolidated entities

The following transactions between Ely Cathedral and Ely Cathedral Trust (note 23) have been eliminated on consolidation:

Fabric and maintenance grant
Music appeal
Scholarships
Charitable grant
Decarbonisation		 2023
£
327,000
100,000
126,323
145,620
77,892		 2022

£
290,000
100,000
114,116
188,827
-

The above amounts were paid by Ely Cathedral Trust to Ely Cathedral. The amount owed by Ely Cathedral Trust at 31 December 2022 to Ely Cathedral totalled £49,424 (2022: £158,304).

The following transactions between Ely Cathedral and Ely Cathedral Enterprises Ltd (note 23) have been eliminated on consolidation:

Property income and other recharges 2023
£
48,000		 2022

£

72,000

The above amounts were paid by Ely Cathedral Enterprises Ltd to Ely Cathedral. The amount owed by Ely Cathedral Enterprises Ltd at 31 December to Ely Cathedral totalled £213,382 (2022: £299,562).

23. Consolidated and connected entities

The Cathedral has a wholly owned subsidiary company, Ely Cathedral Enterprises Ltd, a company incorporated in England and Wales. The principal activities of the company are the sale of books, souvenirs and the provision of refreshments and catering services. Chapter controls the company as it holds 2 ordinary £1 shares in the company, being 100% of the issued share capital. The Cathedral rents to the company premises in which retail activity and a restaurant are located.

Details of the latest audited accounts of this company, which are consolidated into these accounts, are summarised below:

Income
Cost of sales
Gross proft
Administrative expenses
Other operating income
Proft / (loss) on ordinary activities before Gift Aid		 2023
£’000s
906
(358)
548
(522)
18
44
2023
£’000s
18
84
5
54
(242)
(81)		 2022

£’000s
810
(320)
490
(533)
52
9
A summary of the balance sheet is shown below:
Fixed assets
Stocks
Debtors
Cash at bank and in hand
Creditors
Total funds		 2022

£’000s
16
75
63
100
(379)
(125)

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

68

Notes to the financial statements for the year ended 31 December 2023

23. Consolidated and connected entities (continued)

Ely Cathedral Trust is a charity (number 264803) that is wholly for the benefit of the Cathedral. The Trustees are appointed by Chapter but exercise full control over the Trust. Details of the latest audited accounts of this charity, which are consolidated into these accounts, are summarised below:

Statement of fnancial activities
Income
Grants paid to the Cathedral_(note 22)_
Other expenditure		 2023
£’000s
673
(777)
(32)
(136)
973
837

11,634
11,312
322		 2022

£’000s
1,857
(693)
(17)
Net income for the year
Other recognised gains/ (losses)		 1,147
(1,254)
Net movement in funds (107)
Balance sheet
Investments
Net current assets
10,339
458
Total funds 10,797

Consolidated and connected entities—not controlled by Chapter

The Friends of Ely Cathedral is a charity (number 1157705) that is wholly for the benefit of the Cathedral but is not controlled by Chapter. Details of the latest unaudited accounts of this charity, which are not consolidated into these accounts, are summarised below:

2023 2022
£’000s £’000s
Statement of fnancial activities
Income 107 213
Grants committed to the Cathedral (338) (324)
Other expenditure (31) (28)
Net (expenditure) / income for the year (262) (139)
after expenditure on raising funds and charitable activities
Other recognised gains / (losses) 25 (112)
Net movement in funds (237) (251)
Balance sheet
Investments 339 314
Net current assets / (liabilities) 107 370
Total funds 446 684

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

69

Notes to the financial statements for the year ended 31 December 2023

24. Related party transactions

During the year, the Cathedral undertook a number of transactions with King’s Ely, of which the Dean of Ely is an ex officio governor:

There are no other related party transactions (2022: none).

25. Contingent asset

As at 31 December 2023 the Group was aware of £602,637 (2022: £156,000) of legacies which have not been recognised in these accounts as they have not met the income recognition criteria in the accounting policy 1(c).

26. Operating lease commitments

Lessee:

At 31 December 2023 the Cathedral had commitments under non-cancellable operating leases as follows:

Within 1 year
Between 2 and 5 years
More than 5 years		 2023
£’000s
27
118
-
145		 2022
£’000s
27
101
5

133

Lessor:

At 31 December 2023 the Cathedral had agreed commitments as a lessor under non-cancellable operating leases to receive receipts as follows:

Investment properties
Within 1 year
Between 1 and 5 years
In more than 5 years		 2023
£’000s
137
225
30
392		 2022

£’000s
103
152
37

292

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

70

Notes to the financial statements for the year ended 31 December 2023

27. Comparative statement of financial activities - consolidated

Income & endowments from:
Donations & legacies:
(i)
Donations
(ii)
Legacies
(iii)
Grants
Charitable activities
Other trading activities
Investments
Other income
Transfers from endowment
Total income
Expenditure on:
Raising funds
Charitable activities
(i)
Ministry
(ii)
Cathedral & precincts
upkeep
(iii)
Education & outreach
(iv)
Community, parish &
congregation
Other expenditure
Total expenditure
Net income/(expenditure) before
gains on investments
Net gains / (losses) on listed
investments
Net gains / (losses) on property
investments
Revaluations
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation to funds:
Total funds brought forward
Total funds carried forward		 2022 Total
£’000s
1,096
1,327
260
393
1,860
350
-

-
5,286
1,462
999
1,366
298
103
31
4,259
1,027

(1,664)
55
-
(582)
-

(582)
17,763
17,181
Unrestricted
general
£000’s
Unrestricted
designated
£000’s
Restricted
£000’s
Endowment
£000’s
285
1,327
124
27
-
-
604
-
136
180
-
-
393
-
-
-
1,860
-
-
-
103
-
96
151
-
-
-
-
-
300
-
(300)
4,092
327
836
31
1,411
-
51
-
599
550
228
83
-
-
-
-
400
816
70
20
-
-
-
-
31
-
-
-
2,902
-
1,357
-
1,190
327
(521)
31
(446)
(118)
(428)
(672)
55
-
-
-
-
-
-
-
799
(322)
209
-
(949)
383
(641)
(61)
477
209
(566)
(702)
5,867
1,129
4,924
5,843
6,344
1,338
4,358
5,141

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

71

Notes to the financial statements for the year ended 31 December 2023

27. Comparative statement of financial activities (continued) - Cathedral only

Income & endowments from:
Donations & legacies:
(i)
Donations
(ii)
Legacies
(iii)
Grants
Charitable activities
Other trading activities
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
(i)
Ministry
(ii)
Cathedral & precincts
upkeep
(iii)
Education & outreach
(iv)
Community, parish &
congregation
Other expenditure
Total expenditure
Net income/(expenditure) before
gains on investments
Net gains / (losses) on listed
investments
Net gains / (losses) on property
investments
Revaluations
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation to funds:
Total funds brought forward
Total funds carried forward		 2022 Total
£’000s
1,489
-
260

393

1,124

68

-

3,334
689
997
1,365
296
102

14

3,463

(129)

(411)
55
-
(485)
-

(485)

6,992

6,507
Unrestricted
general
£000’s
Unrestricted
designated
£000’s
Restricted
£000’s
Endowment
£000’s
223
-
124
-
-
-
1,266
-
136
-
-
-
393
-
-
-
1,124
-
-
-
68
-
-
-
-
-
-
-
1,932
-
1,402
-
638
-
51
-
597
549
226
82
-
-
-
-
400
816
70
20
-
-
-
-
14
-
-
-
2,106
-
1,357
-
(174)
-
45
-
(411)
-
-
-
55
-
-
-
-
-
-
-
(530)
1
-
-
45
(1)
-
-
(529)
-
44
-
5,721
100
1,171
-
5,192
100
1,215
-

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

72

Notes to the financial statements for the year ended 31 December 2023

27. Comparative balance sheet - consolidated (restated)

The comparative consolidated balance sheet has been restated to update the split of funds between balance sheet categories.

Fixed assets
Tangible assets
Investments
Total fxed assets
Current assets
Stocks
Debtors
Cash at bank and in hand
Total current assets
Creditors: amounts falling due
within one year
Net current assets/(liabilities)
Creditors: amounts falling due
after more than one year
Total net assets
The funds of the group:
General fund
Organ fund
Fabric fund
Music fund
Other funds
Revaluation reserve
Total funds		 2022 Total
£’000s


852
16,175
17,027
85
208
524
817
(350)
467
(313)
17,181
5,320
1,338
3,800
4,877
834
1,012
17,181
Unrestricted
general
£000’s
Unrestricted
designated
£000’s
Restricted
£000’s
Endowment
£000’s

621
6,158
-
1,185
231
3,909
-
4,923
6,779
1,185
4,140
4,923
85
35
1
-
108
64
-
31
196
-
34
263
121
172
227
297
(243)
(19)
(9)
(79)
(122)
153
218
218
(313)
-
-
-
6,344
1,338
4,358
5,141
5,320
-
-
10
2
1,012
-
1,338
-
-
-
-
-
-
394
3,132
832
-
-
-
3,406
1,735
-
-
6,344
1,338
4,358
5,141

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

73

Notes to the financial statements for the year ended 31 December 2023

27. Comparative balance sheet - Cathedral only

Fixed assets
Tangible assets
Investments
Total fxed assets
Current assets
Stocks
Debtors
Cash at bank and in hand
Total current assets
Creditors: amounts falling due
within one year
Net current assets
Creditors: amounts falling due after
more than one year
Total net assets
The funds of the Cathedral:
General fund
Organ fund
Music fund
Other funds
Revaluation reserve
Total funds		 2022 Total
£’000s


835
5,552
6,387

10
586
155

751
(318)

433

(313)

6,507
4,168
100
221
1,006
1,012

6,507
Unrestricted
general
£000’s
Unrestricted
designated
£000’s
Restricted
£000’s
Endowment
£000’s

604
4,653
-
-
231
899
-
-
5,257
-
1,130
-

10
501
55
-
-
100
-
85
-
-
-
-
566
100
85
-
(318)
-
-
-
248
100
85
-
(313)
-
-
-
5,192
100
1,215
-
4,168
-
10
2
1,012
-
100
-
-
-
-
-
211
1,004
-
-
-
-
-
-
5,192
100
1,215
-

The Cathedral Church of the Holy and Undivided Trinity of Ely

2023 Report

74

Back cover photo: The Galilee Porch on Coronation Day, 6 May 2023 Photo credit: Keith Heppell

Ely Cathedral The Chapter House The College Ely Cambridgeshire CB7 4DL 01353 667735 receptionist@elycathedral.org Registered charity number 1202546 Published by the Chapter of Ely Cathedral. www.elycathedral.org