THEDFIIL I'ii I'lilai rI.￿ly4 The:Cathedral Church of the Holy and Undivi4eLfTrintAt of JE 2024 Repoit and consplidated financial statemeftts . Contents Annual report Message from the Dean Thanks About Ely Cathedral Our objectives & activities 10 Our achievements & performance 17 Future plans 18 Structure, governance& management 24 Safeguarding 27 Fundraising, finance & risk 32 Decarbonisation Il'lill,, 35 The responsibilities of Chapter Independent auditors. report 36 Independent auditors, report Financial statements 40 Statements of financial activities 42 Balance sheets 44 Cash flow statement 45 Notes to the accounts Photo credits throughoutonnualreport.. Ashely Darnell, Clive England& Keith Heppell. Ely Cathedral The Chapter House The College Ely Cambridgeshire CB7 4DL www.ely24. r se Ir Review of 2024 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, with over 250 sung services each year. Our volunteer adult choir IEly Cathedral Octagon Singers) and children's choir Ithe Ely Impsl are singing in larger numbers than ever, with over 200 people regularly singing in the Cathedral in 2024. Our talented Assistant Director of Music, Glen Dempsey, sadly left us in 2024. We feel very fortunate to have been joined by Jeremy Lloyd, who is proving to be equally impressive in this role. We devote very significant resources to maintaining our choral tradition. In 2024, we spent £593,000 12023.. £559,000) on the direct costs of this aspect of Cathedral life. We are very grateful to Ely Cathedral Trust for the very significant financial contribution it makes towards sustaining the Cathedral's music. Our work with children and familiesforms a central part of our activities. In 2024, we added a new memberofstaff to the Learning Team to provide extra support to our successful Little Gargoyle5 and Home Educators History Club. We created dedicated space and new resources, including sensory trails, to support children with special education needs and disabilities. This led to Philippa Stevens lour Director of Learningl being invited to share our expertise in this area at the annual conference of the Council for Learning Outside the Classroom. We were pleased to welcome Sir Laurie Bristow, formerly HM Ambassador to Russia, to give Amnesty International's Ben Jupp Memorial Lecture on the subject of Whydid we fail in Afghanistan? And why does it motter? Our carefortheenvironmentfocuses on reducing our carbon dioxide emissions and increasing biodiversity on the land we care for. We were delighted to be awarded A Rocha UK'S Eco Church award at gold level in 2024. Ely was the third cathedral to achieve this, and we were very pleased to be joined in this group by Chichester Cathedral in November 2024. We are hugely grateful to the many volunteers who have helped us to reach this point, in particular Rebecca Mundy and Bob Skelton, as members both ofthe RENEW group and Chapterfs Environment Working Group. Building on the results of a survey carried out in 2022, we have continued to make good progress on planning our route to achieving net zero carbon emissions. JG Consulting worked with us in 2024 to identify how to reduce carbon dioxide emissions associated with energy use in the Almonry Kitchen lour restaurant), the Black Hostelry lone of our clergy residences), and the Deanery & Chapter House complex, each by around 8096. Our progress in reducing our carbon footprint since 2019 is set out on pp32-341. In the autumn, we were pleased to secure funding from the Church of England Net Zero Demonstrator Fund and from Ely Cathedral Trust to put into action the detailed decarbonisation plans for the Almonry Kitchen. This work was undertaken in March 2025 (after the balance sheet datel and we will be able to report on its effects next year. We held our second Environmental Memorial Lecture in 2024. 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 second address was delivered by Canon Dr Peter Brotherton, Director of Science at Natural England, on the subject of Climate Change andNature loss.. twin crises, sharedsolutions. We have continued to support biodiversity in the Cathedral precinct by maintaining a wildflower bed and planting the new Mary Garden on the East Lawn. We were pleased to receive permission in 2024 to plant local varieties of fruit trees on the Dean's Paddock. This was completed in January 2025, after the balance sheet date. In 2024, around 3,000 schoolchildren visited the Cathedral for tours and learning activities. There were a further 4,300 engagements recorded of children and families with regular events such as DiscoveryDays, Secret Garden Storie5, Lego Café and Boardroom Café. The Learning Team, with an incredible group of volunteers, created a new Mary Garden bordering the Cathedral's East Lawn. The garden is full of plants and flowers associated with the Virgin Mary through their colours, symbolic meaning or the legends and stories attached to them. 12,000 flowering bulbs were planted, all chosen as being friendly for pollinating insects. Our autumn programmeof worshipj prayerand Christian formation in 2024 was on the theme of Proclaim themessage.. Preachers and Teachers. It enabled our speakers to engage their expertise on politics, the environment and matters of justice. 2024 Report 13 The Cathedral Church of the Holy and Undivided Trinity of Ely Review of 2024 Care and conservation of the Cathedral In 2024, we continued to undertake significant repair and conservation works to the Cathedral and the monastic buildings in the precinct. The replacement of all interior lighting in the Cathedral began in July 2022 and was completed in November 2024. This project has radically improving the lighting of the interior for worship, events and visitors whilst also reducing- by an estimated 80Wo- the use of electricity for lighting. The scheme has been shortlisted in the lighting design industry's darc awards. Careful recording, conservation and repair work was undertaken on the intricately carved sixteenth century stone screens of Bishop Alcock's and Bishop West's Chapels. Detached mouldings from the door arch of Bishop West's Chapel were reinstated, along with other loose elements, and much polychromewas revealed and recorded. Statues partially hidden behind the intricately carved canopies of Bishop Alcock's Chapel screen were recorded. These yielded new insights into the intended decorative scheme. Arting as a regional venue for concerts. events and exhibitions The Cathedral hosted over 70 events in 2024 and welcomed around 70,000 people to enjoy a wide range of experiences including recitals, concerts, exhibitions, book launches, corporate dinners and lectures. In February, we hosted Crown & Coronation, our first immersive light and sound show with Luxmuralis. Over 7,000 visitors experienced the show, featuring images on the theme of coronations and the reigns of ourkingsand queens. Throughout the early spring, we displayed an exhibition in the Lady Chapel.. A Celebration of Bridal Gowns. This exhibition was very successful with visitors and featured on regional television and the national press. Alongside our more traditional programme of concerts and recitals, we welcomed around 13,000 visitors to a series of selpout tribute band performances including Queen and Coldplay, as well as silent discos. These alternative music events have clearly supported us in attracting a more diverse range of people to enjoy the Cathedral as a venue. Following work undertaken in 2024, the cameras used for live streaming services are now mounted on custom-made brackets in key locations within the Octagon and Choir, enabling a more permanent and discreet presence for the system. A significant programme of conservation and repair was undertaken in 2024 on theAlmonry Range, thanks to funding from Ely Cathedral Trust. This was part of the original monastic college, dating back to the thirteenth or early fourteenth century. From this building, alms were given from the monastic community to the poor, in the form of food and money. This phase of work focussed on the north and east elevations of the Almonry Range. The project involved significant repairs to the ancient faEade by highly skilled contractors. During the works we uncovered the carved mouldings of the Almonrls east lancet windows and discovered decorative medieval painted detail within the reveals. These are important surviving remnants of the Chapel of St. Martin which stood above the medieval Almonry. The paint fragments were carefully recorded and conserved in situ before the openings were carefully packed out and lim*rendered to ensure their protection and conservation. Renowned British sculpture Sean Henry exhibited over 25 hand-painted bronze and terracotta sculptures in and around the Cathedral throughout the summer, underthe title ofAmlmybrotherfs keeper? The sculptures of human figures were strikingly realistic, but ranged in size from 30cm to 3m. Imaginative use was made of empty niches and plinths throughout the Cathedral, creating a striking effect for the 35,000 visitors to the Cathedral in the teTrweek period of the exhibition. As in every recent year, the Christmas Gift and Food Fair was our single biggest event. We again slightly reduced daily numbers to improve both safety and the enjoyment of visitors. Around 17,00012023: 18,0001 people visited during the course of the fair, which generated a net financial contribution of around £120,000 towards the Cathedral's work and ministry. 2024 Report 14 The Cathedral Church of the Holy and Undivided Trinity of Ely Review of 2024 Making our heritage accessible to the public Over the course of the year, we received around I I 0,000 visits from members of the public during normal opening hours12023'. 118,0001. As part of our public benefiL we continue to provide free access to large numbers of visitors. In 2024, around 33,900 or 31%12023: 27%) ofthose visiting paid no entry fee. We continue to offer free entry to local residents, those who worship in the parish churches of the Diocese of Ely, Cambridgeshire students, children and care workers. Supporting activities During the course of 2024, we substantially completed a multpyear programmeofinvestment in technology at the Cathedral, which increasingly underpins everything else that takes place here. This has involved the laying of around 500 metres of fibre optic cable, the overhaul of an ageing C￿v system, new print and telephony systems, improved cyber-security, new firewalls, much better wireless coverage, better resilience and improved fail-over and back-up arrangements. In 2024, we introduced new software to communicate more effectively with our incredible team of 416 volunteers. We also began a project to improve how we can use the data we manage to communicate more effectively with those who are interested in the life and work of the Cathedral. It is, of course, always free to come to pray or to attend any of the hundreds of acts of worship that take place here each year. On certain days of the year (including Good Friday, Easter Sunday, Harvest Festival and Christmasl admission is free to everybody who comes. We were absolutely delighted to welcome around 3,000 local people to our inaugural open day in September. Clergy, staff and volunteers showcased some ofwhat goes on at the Cathedral and answered questions about our work here. In March 2024, we launched new multi-media digita1 guides, enabling visitors to experience a selK guided tour of the Cathedral at their own pace, offered in six different languages as well as British Sign Language and an audio descriptive tour. Visitors can choose from the Main Tour, a shorter Highlights Touror a Family Tourwith child-friendly content featuring an animated character from a figure carved in the Cathedral, Ember the Dragon. As well as providing interactive content and an engaging tour of the Cathedral, these new handsets provide behind-th*scenes footage of areas not usually open to the public, along with interviews with clergy, staff and volunteers to help reveal to visitors the breadth of daily life in a busy cathedral. We were assured by professional advisors that the introduction of digital media guides would increase, not decrease, the number of in-person guided tours requested by visitors. This proved to be right. In 2024, 14,000 visitors received an in- person guided tour of the Cathedral, up l 0% from 12,700 the year before. In 2024, we introduced a new Hidden Heights Tour, showcasing to visitors the Cathedral's magnificent roof spaces. This tour also enables visitors to walk the entire length of the nave, but at ceiling height. A wide range of colleagues is involved in supporting us to be the safest placewe can to worshipN work, volunteer and visit. We are grateful to the fire service for their programme of familiarisation visits, which included in 2024 a practice rescue from the Cathedral roof- as well as checking that a new fire engine really can fit through the archway of the medieval Porta. We are grateful too for the (almost wholly unseen) work of the Civil Contingencies Unit and Counter- Terrorism Police for their support behind the scenes, particularly as we prepare to implement new measures which will come into effect to make all venues safer if terrorists strike. In 2024 we began a project to reduce, improve and make more accessible thesignage in and around the Cathedral. This involves reviewing, removing and r*writing or replacing a very large number of signs across the Cathedral estate. We do not envisage completing this work until 2026, but it is already having a very positive impact for visitors of all kinds, and on the appearance of the Cathedral and its grounds. We regularly light the Octagon Tower in various colours (with supporting social media contentl to highlight and 5UPPOrttheworkof national and regional charities. Sixteen charities were supported by us in this way in 2024. 2024 Report 15 The Cathedral Church of the Holy and Undivided Trinity of Ely Review of 2024 Financial review As outlined on p7, we are responsible for securing our own financial sustainability. We achieve this both by earning income from the assets and resources available to us, and through our own fundraising efforts- including the kind support of many individuals and charitable bodies. 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 decent financial shape, but with da￿t0- day costs that are higher than our regular income. We set out to address this challenge. A period of high inflation in 2022-23 delayed us in our progress towards achieving a surplus of reliable income over routine expenditure. Nevertheless, in 2024, we continued our work to grow income faster than costs. We reduced our operating deficit from £371,00011 0% of income) in 2023 to £123,00013g6 of income) in 2024. We also secured funding for a range of projects for conservation, development and mission. Income We continued to grow income from visitors, events, our shop, restaurant and property portfolio, as investments and innovation over the last few years continue to take effect. Having grown by 1086 from £1,124,000 in 2022 to £1,241,000 in 2023, this grew by a further 2096 in 2024, to £1,483,000. Donations include very significant sums from The Friends of Ely Cathedral and from Ely Cathedral Trust for projects and major works. As our major lighting project reached its final stages towards the end of 2024, $0 did the flow of funds to pay for this. This IS the main reason for the fall in donations from £1,944,000 in 2023 to £1,261,000 in 2024. Thefuture In 2025, we plan to complete the process of growing income faster than costs, so that the Cathedral's routine expenditure is met by regular and reliable income. We consider this to be essential to securing the Cathedral's lon￿terM sustainability. We have factored into our plans the need to pay an extra £65,000 each year in employerfs national insurance costs. We are fortunate to be unaffected directly by the introduction of VAT on the school fees of our choristers and by a new cap on the Listed Places of Worship Grant Scheme. Nevertheless, there are significant risks and uncertainties ahead, which has informed a recent review of our reserves policy. It is important to us that we have the financial resilience to meet future challenges with confidence. Reserves and investments A detailed review of the Cathedral and group reserves position is set out on pp2&29. Investment performance is reviewed on p27. Trading operations During 2024, our shop and restaurant were managed within Ely Cathedral Enterprises Ltd I'ECEL'I. 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 late 2024, we exchanged heads of terms with the Cambridge Dining Company Ltd la local, independent catering and café business) to enter into a partnership to run the restaurant on our behalf. The restaurant closed for refurbishment on 3 March 2025 lafter the balance sheet datel and r&opened as planned on 8 April 2025. The existing staff team all transferred to the Cambridge Dining Company, and we look forward to woiking together in this new way. Expenditure Expenditure on Cathedral and precincts upkeep decreased in 2024 by 18%, from £1,822,OLMJ to £1,489,000. Much of this decrease is accounted for by the completion of projects outlined on p14, and is associated with lower income to fund those projects, as outlined above. All other expenditure decreased by I Wo from £2,419,000 to £2,394,000. Although underlying costs continued to increase because of rising pay and general inflation, a numberofon*off items lincluding timing differences on income and expenditure relating to projects) more than offset this effect in the financial statements. Fundraising The focus of our fundraising efforts are.. to secure funds from charitable trusts and foundations for project-related activity to make best use of opportunities to attract donations from the many people who visit the Cathedral, and to minimise reductions in planned and regular giving during a period of increased cost-of- living and reduced household means. 2024 Report 16 The Cathedral Church of the Holy and Undivided Trinity of Ely Future plans Planned artivities We publish our plans for the future in The Mini5tryof our Cathedral, which is available on our website. In relation to caring for the Cathedral church building, we expect to complete the development of a new space to house those archives which we keep on site. This will enable the transfer of the archives to this space in 2026. Having completed exploratory conservation and cleaning work to the High Altar reredos in 2024, we plan to secure funding to undertake conservation work in 2025 on this important piece by Gilbert- Scott. We describe the ministry of our Cathedral in four parts: Our purpose, obje(ts, vision and mission Our fundamental role in society, our aims, our day- to-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 & objertive5 In relation to our core purposes, in 2025 we will continue to do all that is set out on p9 and- with external professional support- develop a new vision for the Cathedral's future. We will fundraise for conservation work to windows in the choir and St Etheldreda's Chapel and a major refurbishment of the Cathedral organ. We hope too to secure funds to undertake a metric survey of the Cathedral church building at multiple levels. We plan to undertake repairs to the stone floors in the Cathedral, particularly in the nave aisles, the octagon and north choir aisle. We will also complete the refurnishing of St Catherine's Chapel. In respect of the environment, we will share with other cathedrals learning from the installation of an air source heat pump in the Cathedral restaurant (the Almonry Kitchen) in early 2025 (after the balance sheet datel. We will complete in 2025 the development of detailed plans to reduce carbon dioxide emissions for each of our iTrscope buildings. The exception is the Cathedral church building itself, which continues to present a seemingly insurmountable challenge. We will continue to implement our land management plan in the Cathedral precinct. Alongside plans to complete a multi-year programme of technology upgrades, we will (with external professional support) further develop our digital communications in 2025. Finally, we plan to complete the task of closing the gap between our routine expenditure and the regular, reliable income we receive, and perhaps even moveto a small surplus. When it met in 2024, the Crown Nominations Committee was not able to reach the level of consensus needed to nominate a new Bishop of Ely. We hope that the College of Canons will be asked to gather and elect the 70th Bishop of Ely at some point in 2025. 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. Having secured funds in 2024 to pay for a post to widen participation in the musical life of the Cathedral, we plan to make an appointment to this post in 2025. 2024 Report 17 The Cathedral Church of the Holy and Undivided Trinity of Ely 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 theform ofa 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 foi 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. 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 ofcommittees are listed on p20. A Finance Committee advises Chapter on matters of finance, investment and reserves. A Nominationscommitteeadvises Chapter on governance appointments and advises on training, skills, knowledge & experience and diversity. An Audit & Riskcommittee overseesfinancial reporting, audit, risk-management, cyber and data security and whistleblowing. Chapter is guided bya Safeguarding Advisory Group, with an independent chair. The College of Canons The College of Canons consists of the Bishop of Huntingdon, the Oean and Residentiary Canons, the Archdeaconsofthe Diocese, upto 25 Honorary Canons Iclergyl 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 ofthe corporate body ofthe Cathedral, nor has a role in our governance. Thechurch 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 Itrusteesl 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 norFexecutive member of Chapter (thereby being the Senior No Executive Member) are appointed by the Bishop of Ely. The remaining non*xecutive members of Chapter are appointed by Chapter itself, on the advice of its Nominations Committee, a statutory committee ofchapter. The members of Chapter are listed on p20. 2024 Report 18 The Cathedral Church of the Holy and Undivided Trinity of Ely 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 relevant 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. Refresher training on charity governance was provided to Chapter members in October 2024 by the solicitors Iwinckworth Shetwoodl who supported us in implementing the Cathedrals Measure 2021, in October 2022. Governancecode 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 r&issued in January 2021. Chapter undertook an assessment of progress in applying the code in August 2022. Remuneration of key management personnel The stipends Ipayl 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 Ithe 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 p22. 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 Ishareholderl. 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 p22. Auditors and professional advisors The Cathedral and our related entities retained auditors and professional advisors throughout 2024 as set out below. Auditors Price Bailey LLP Chartered Accountants & Statutory Auditors 6 High StreeL Ely, Cambridgeshire CB7 4JU Investment manager5 to Ely Cathedral Quilter Cheviot Limited One Kingsway, London WC2B 6AN Investment managers to Ely Cathedral Trust CCLA Investment Management Limited 80 Cheapside, London EC2V6DZ Solicitors Howes Percival LLP Terrington House, 13115 Hills Road, Cambridge CB2 1 NL Property agents Cheffins 1-2 Clifton Road, Cambridge CBI 7EA Bankers Barclays Bank PIC I Churchill Place, London E14 5HP Health & safety advisor Triquetra EHS Consultancy Ltd 48 College Road, Hoddesdon ENI 19DJ 2024 Report 19 The Cathedral Church of the Holy and Undivided Trinity of Ely Structure, governance & management Office holders in 2024 and at the date of this report TheActing Bishop of Ely and Vi5itorof the Cathedral The Right Reverend Dr Oagmar Winter, Bishop of Huntingdon The Dean of Ely The Very Reverend Mark BonneyDL The Cathcdral Chapter Executive members: Non-Executive Members: The Dean and Re5identiary Canons The Very Reverend Maik Bonney DL. The Reverend Canon James Garrard. The Reverend Canon Tom Buchanan Canon Francis BurkittDL Canon Sarah Burles Canon Dr Felicity Cooke Canon Sirjonathan Jones KCB Kclhonl The Reverend Canon Jessica Martin lunti1SJ0nl￿ry202sj The Reverend Canon James Revele The Reverend Canon Jenny Wright. Ifrom 4Moy2025) Canon Tim Walters lunfi128June2024 andfrom I l July20241 By virtueof s 8(41 of the CathedralsMeasure2021, themembers ofchoprerarethecharity rrustees forthepurposes of the ChaiiriesAcr20F I. Canon FroncisButhDLiS theseniorNon-EYecutiveMemberofCI￿pter, byv1rtue0lhisopp￿nrMentbYlhe8lsh0p ofEty. Chief Officers Chief Operating Officer & Chapter Clerk Jonathan Bell FCA DChA' Statutory office holders Dirertor of Muslc Edmund AldhouseFRCO Chief Finance Officer Alison Binstead FCA Surveyor to the Fabric Clive England RIBA Cathedral Archaeologist Dr Roland B HarrisFSAMCIIA Director of Communications & Commerce LesleyAnn Thompson, Members ofrheSeniorMonogementGroup. Committees of Chaptcr Safeguarding Finance Committee Independent Chair of Ely Cathedral Canon Tim Walters Ichairl lunri128June2024ondfvom I l July20241 Safeguarding Advisory Group Canon Francis Burkitt DL Jon Chapman lunfil 70Apri12Q251 William Dastur FCA Adrian Kyndt George Lynn FCA The Revd Canon Jessica Martin lunri15Jonuary2025J Isobel Newport-mangell The Revd Canon James Reveley (from 31 Ociobei2024) Audit & Risk Committee George Lynn FCA (Chairl Eleanor AshendetTrField Charte￿d MCSI Canon Sir Jonathan Jones KCB KC Ihonl The Revd Canon James Reveley lunti130 Ocrober20241 Chapter safeguarding Lead The Revd Canon James Reveley Nominations Committee The Revd Canon Tom Buchanan (Chairl The Very Revd Mark Bonney DL (Dean) Canon Dr Felicity Cooke Canon Paul Evans lunri1300crober2024) Canon Simon Kershaw Ifrom 31 Ocrober2024) 2024 Report 20 The Cathedral Church of the Holy and Undivided Trinity of Ely bi 11p1 :, I TheDean andResidenti0ry ons. 5ummer2024.' Structure, governance & management Trustces of Ely Cathedral Trust David Green (Chairl The Very Revd Mark Bonney DL (Dean) Canon Paul Evans The Revd Canon James Garrard Peter Garside Jane Lewin-smith DLJP Isobel Newport-mangell lan Pattinson The Revd Canon Sir Ralph Waller K8E Fabric Advisory Committ¢¢ Richard Halsey FSA MBE (Chairl Hugh Richmond FSA Dr Julian Litten FSA FSAScoi lunri120 October20241 Prof Dr Claudia Marx Jeremy Musson FSA Dr Helen Lunnon FSA Scilla Latham The Rt Revd Stephen Platten FSA Secretary David Stazicker BEM lunril 18 October2024) Rebecca Mundy (from F80crober20241 Ely Cathedral Entcrpriscs Limited Company Secretary Alison Binstead FCA (Chief Finance Officer) (Choir) Directors The Very Revd Mark Bonney DL (Dean) Jonathan Bell FCA DChA (Chief Operating Officer) Adrian Kyndt Lesley Ann Thompson (Di￿a0r of Communications& Commerce) Hustings for thejuly 24 generale ion, chair ord Wilso Dinton. 2024 Report 22 The Cathedral Church of the Holy and Undivided Trinity of Ely Structure, governance & management Thc College of Canons Members of the College at the date of this reportare listed below. ointme ai sford Ex officio The Rt Revd Dr Dagmarwinter The Very Revd Mark Bonney DL The Revd Canon James Garrard The Revd Canon James Reveley The Revd Canon Jennywright Theven Alex Hughes The Ven Richard Harlow Honorary Canons The Revd Canon James Blandford-Baker The Revd Canon Nicki Bland The Revd Canon Fiona Brampton The Revd Canon Tom Buchanan The Revd Canon Becky Dyball The Revd Canon Philip Howson The Revd Canon AlexanderJensen The Revd Canon David Karoon The Revd Canon Philipa King The Revd Canon Sarah Gower The Revd Canon Robert Mackley The Revd Canon David Maher The Revd Canon Nickmoir The Revd Canon David Male The Revd Canon Jeremy Morris The Revd Canon Annette Read The Revd Canon James Shakespeare The Revd Canon Janice Smith The Revd Canon WendyThomson The Revd Canon Eleanor Williams Etheldreda {ecumenical) Canons In addition to members of the College ofcanons, the Bishop has appointed a nurnberof Etheldreda Canons from the Catholic, Baptistand Methodist Churche5. Lay Canons Canon John Attwater Canon Francis Burkitt DL Canon Sarah Burles Canon Dr Felicity Cooke Canon Alex Gullon Canon Sir Jonathan Jones KCB KC Ihonl Canon Simon Kershaw Canon Loretta Minghella Canon Robert Needle Canon Elizabeth Taylor Canon Lisa Turner Canon Tim Walters Canon Catherine Watts The Rt Revd Peter Collins, Bishop of East Anglia The Revd Canon Gale Richards The Revd Canon Sir Ralph Waller KBE Cathedral dignitari¢s High Bailiff The Rt Hon The Lord Wilson of Dinton GCB 2024 Report 23 The Cathedral Church of the Holy and Undivided Trinity of Ely Safeguarding Statement of compliance We confirm that we have complied with the duty to have due regard to the House of Bishop Safeguarding Policy and Practice Guidance. Principles Ely Cathedral.. is committed to safeguarding all those who attend worship and other activities accepts the prime duty of care for children and vulnerable adults follows recommended safeguarding practice in recruiting, training and supporting our ordained and lay ministers, our employees and our volunteers. follows the advice, guidance, policy and practice of the Church of England in promoting a safer church. The Church of England safeguarding policy statement for children, young people and adults is available on our website. 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 was overseen by the Cathedral's Safeguarding Advisory Group and completed in 2023. The Cathedral's safeguarding arrangement will next be externally audited, by INEQE, in February 2026. Roles & responsibilities The Reverend Canon James Reveley is Chapter Safeguarding Lead, a role he holds on behalf of the Dean, who holds overall responsibility for safeguarding. The Residentiary Canons, the Chief Operating Officer and other departmental managers have safeguarding responsibilities. Since 2023, the Revd Canon Tom Buchanan has held the role of noTrexecutive 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 an updated safeguarding strategy, reflecting revised national guidance. This is being implemented during the course of 202 2026. 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. We have also 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 generally undertakes in March each year. 2024 Report 24 The Cathedral Church of the Holy and Undivided Trinity of Ely Safeguarding Safer recruitment Our human resources team supp)rts the embedding of consistent recruitment practice across the Cathedral. During 2023, 45 Disclosure and Barring Service I'DBS'I 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. 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 2024 on behalf of the Cathedral and we participated in the sulFgroup for Chapter Safeguarding Leads. Training Safeguarding training is delivered under the House of Bishops, Learning and Development Framework 2021. Some safeguarding training is delivered iTrperson and some is delivered online. Training is provided at different levels Ibasic awareness, foundation and leadership) and for particular areas Idomestic abuse and safer recruitment). Those who have been trained must repeat training at the most advanced level every three years. In 2024, 58 training modules were delivered to members of staff and 95 to volunteers. 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. Safeguarding Advisory Group This group meets three times a year 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 p)licy and practice. We takethis opportunity to thankjon Chapman, who has chaired the Safeguarding Advisory Group since its inception, and stood down in 2025 (after the balance sheet datel. Casework During 2024, eleven contacts for advice Isix in 20231 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 concerns around adult behaviour121, mental health and financial or domestic abuse181, and advice for a survivor of historical abuse11 l. None of these contacts related to concerns about the conduct of our clergy or staff. These eleven concerns were managed in line with the approach set out in our safeguarding handbook. Seven were resolved and closed during 2024. 2024 Report 25 The Cathedral Church of the Holy and Undivided Trinity of Ely 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 recoids. Reporting A5 well as this public4acing report of our safeguarding arrangements and activities, Chapter submits a more detailed report annually to the Bishop. Our 2024 safeguarding report was submitted to the Bishop on 31 March 2025 following its review and approval by Chapter earlier that day. The Cuthedrol Chori5ter5 September 2024 Il 2024 ￿eport 26 The Cathedral Church of the Holy and Undivided Trinity of Ely Fundraising) finance & risk Fundraising standards We raise funds from the public. We therefore report under s62 of the Charities Act 2011 as follows: We undertake fundraising making use of our own internal resources. In 2024 we did not commission any external professional fundraiser or commercial participator, nor did we engage in door-t£Fdoor, street, or telephone fundraising. We actively recruit supporters and aim to develop longterm relationships with them. We raise money from charitable trusts and foundations, grant- making organisations and businesses. We ask people to consider leaving a gift to Ely Cathedral Trust in their wills. We raise money by organising and hosting events. We are registered with the Fundraising Regulator and have committed to follow the Fundraising Code of Practice. We use the code when training and supporting volunteer fundraisers. Chapter monitors our fundraising activities and no noTrcompliancewas found in 2024. We received no complaints in 2024 about our fundraising activities. We have adopted the principles of data protection law and we have policies to protect the data of vulnerable people and other members of the public from lal unreasonable intrusion on privacy,. Ibl unreasonable persistent approaches for the purpose of soliciting or otherwise procuring money orother property on our behalfand Icl placing undue pressure on a person. Investments Icathedral 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 developmentofour property. Aside from lal cash balances, which at the year-end were £89,00012023: £84,000) and Ibl our investment property, our funds are held in an investment portfolio. Our investment policy is reviewed annually and performance is monitored bythe Finance Committee and reported to Chapter. Our overall investment objectives are to: create sufficient income to contribute adequately to our mission and the cost of maintaining our heritage buildings and maintain and, if possible, enhance the value of retained investment funds. Unrestricted income and capital may be used at any time to further our aims. Performance compared to benchmarks In 2024 the investment portfolio generated a positive total return of 11.79612023: 1 7.￿). We monitorthree comparators and outperformed two of these in 2024.. CPI inflation plus 3.5%- 6.29612023.. 7.6961 A composite of market indices- 12.996 12023.. 11.1961 The steady growth charity index published by Asset Risk Consultants- 8.89612023: 7.5961 Risk appetite Moderat+to-high risk profile (modified from 'moderate' risk profile in 20241. 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 lal with any significant income from fossil fuel extraction or Ibl whose operations, knowingly or unintentionally, cause or contribute to the abuse of human rights. 2024 Report 27 The Cathedral Church of the Holy and Undivided Trinity of Ely 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. Unrestricted funds atthe end of each year £million, adjustedforCPI inflation Amongst our guiding financial principles are these three: Our finances should serve the Cathedral by providing resilience and a secure foundation for our life and work. We must reliably securethe income we need to fund the ministry of the Cathedral and pay for its maintenance and repair. We must balance the demands ofthe present with future needs. These financial principles lead us to aim for: Enough regular income to cover daTrt￿day expenditure. We have been focusing in recent years on eliminating our structural operating deficit. In 2024, the operating deficit (excluding investment movements} was £123,000, around 3Wo of total income 12023.. £371,000, around 1096 of income). We plan to achieve a balance of regular income and day-to-day expenditure in 2025 and have identified a number of specific actions to achieve this. The achievement of these actions is monitored by our Finance Committee and by Chapter. Diverse sources of income. We prefer a wide range of income, to maintain resilience- even at the cost of lower overall returns. This preference for a variety of income includes a balance between income given to us and income we generate ourselves. The diversity of the Cathedral's income in 2024 is shown in the chart on p29. A strong lon*term reserves POSltion to meet future needs, including careful stewardship of financial windfalls and endowments. The long-term evolution of unrestricted and total funds is shown in the charts opposite. Our approach to investment is discussed in more detail on p27. More detail about our reserves position is provided on p30. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cathedral K Rest of group Total fund5 at the end of each year £million, adjusted for CPI inflation 25 20 io 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cathedral Rest of group 2024 Report 28 The Cathedral Church of the Holy and Undivided Trinity of Ely 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 2024, and the balance between income la} generated by ourselves and Ibl given to us lin 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 2024 land in 20231 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 Iboth operated by Ely Cathedral Enterprises Ltd during 20241 is included in the chart below under property income Irelating to the rents paid to the Cathedral for space occupied) and grant income Irelating 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 2024 the Cathedral's income totalled £3,760,000 and came from the following sources: IEouivalentfigures fortotolincome of£3,87Q,QOOin 2023 shown in brockers.J Investmentincome 2% 12023..2%) Grants Irom Ely Cathedrol Trus¢ The Friends ofEIy Cdthedrdldftd other$ 37% 12023..42*) Events 13% Income generated ourselve&' 54% 12023..43%J 12023..9%) Income given to us.. 40% Propertyincome 12% 12023.. 11%) Inctsme from the Chur¢h CommissioneT$ 7% 12023..$7%1 12023..5%) Visitor527% 12023..21*) Congregotionalgiving4% 12023..396) 2024 Report 29 The Cathedral Church of the Holy and Undivided Trinity of Ely Fundraising, finance& risk Reserves policy Chapter's reserves policy has been reviewed in light of revised Charity Commission guidance. Our full reserves policy is published on our website, a summaryofwhich is outlined below. Our policy has three aims: Short term.. to hold enough cash balances across the Group to meet da￿t0-daY operational cash needs. Plans to build reserves Our short term reserves in the form ofcash balances are within our target range. Our medium lerm reserves in the form of unrestricted free reserves are expected to reach the target level by 2029 by continuing to transfer excess investment returns from endowment funds into general funds at the rate of around £300,000 annually. Our long term reserves in the form of total funds held by Ely Cathedral Trust are significantly below the target range. Ely Cathedral Trust plans to increase the level of total funds over the next several years by lal moderating the level of grants given to the Cathedral in the short term, Ibl exercising careful stewardship of financial windfalls, Icl continuing to achieve a total return on invested funds in excess of the level required to fund the portfolio of annual grants and Idl fundraising. This approach has enabled Ely Cathedral Trust to grow the value of total funds from £7.9m in 2018 to £11.9m in 2024. On this trajectory, we estimate reaching the target range for total funds at some point soon after 2030. Monitoring & reporting Chapter's Finance Committee monitors the reserves position and routinely reports to Chapter. Chapter monitors the position as follows.. short term reserves, by regularly forecasting group cash balances compared to the target range for at least 12 months ahead. medium term reserves, by periodically lat least annually) reviewing the unrestricted free reserves position across the group and comparing this to the target. lon*term reserves, by reviewing with the Trustees of Ely Cathedral Trust their progress in meeting their own aims to grow the total funds under their stewardship to the targeted level. The Cathedral Chapter, on the advice of the Finance Committee, monitors and reviews the reserves policy annually. Medium terny to hold sufficient unrestrirted free reserves to address identified uninsured risks we face. Long term.. to hold appropriate total fund5 in Ely Cathedral Trust to generate income to fund the ministry of the Cathedral that cannot otherwise by secured by the Cathedral alone. Reserves compared with target5 Our target for short term reserves in the form of cash balances is between £365,000 and £610,000, with a central target of £485,000. At 31 December 2024, Cathedral cash reserves were £89,00012023'. £84,000), and group cash reserves were £403,00012023: £457,000). These were, therefore, within our target range. Our target formedium term reserves in the form of unrestricted free reserves is £5.4m. At 31 December 2024, the total unrestricted free reserves of the Group amounted to £4.2m. This is calculated as: £000 Total unrestricted general funds (excluding revaluation reserves etcl Lesx tangible fixed assets Les& real property, within investments Total 7,125 17261 12,2401 4,159 These were, therefore, 22% below target. Our target for long term reserves in the form of total funds held by Ely Cathedral Trust is between £17.Om and £21.3m. At 31 December 2024 Ely Cathedral Trust held total funds of £l1.9m12023: £11.6ml. These were, therefore, 30(YA3% below the target range. 2024 Report 30 The Cathedral Church of the Holy and Undivided Trinity of Ely • • • • • • • • • • • • • • • • • • • Decarbonisation Whatwe 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 dioxide emissions to net zero by 2030. We have therefore opted voluntarily to publish: Ourannual UKenergy use in Megawatt hours I'mwh'l, relating to gas and purchased electricity and associated greenhouse gas emissions in tonnes of carbon dioxide equivalent ICO2el The methodologies used to calculate the required information A narrative ofmeasures takento improve energy efficiency in the period of the report lor, if no measures have been taken, to state that this is the casel the prior year equivalent figures, for comparison. This information Iwith 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 governmenys StreamlinedEnergy 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 Routemop, 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: lal all buildings within the Cathedral precinct, excluding the energy use of tenants Ibl church halls and ancillary buildings Icl clergy housing. For us, the buildings therefore in scope are: The Cathedral Church building The Chapter Office & Deanery (the two buildings are integrated) The Cathedral Centre The Almonry Kitchen restaurant Clergy housing: The Precentor's House, The Black Hostelry and Powcherfs Hall (which includes two large ground-floor meeting rooms in Cathedral usel It is Fx)ssible 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 scope7 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 l 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) IEngland 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. 2024 Report 32 The Cathedral Church of the Holy and Undivided Trinity of Ely ELY CATHEDtUL Wildflower Bed - And weeds that bloomed in summer hours I thou9ht they should be reckoned flowers They made a garden free forall And so I loved them, great and Small... Norc But I pass the thistle by and thought it could not be a weed esy. John Clore 1793-1864 Native wildflowers have been sown in this area to provide a food source for pollinators. Pollinator5 are essential t(fgrow much of our food. Every third mouthful we eat relies on pollination. wever habitat loss in the UK means many pollinators are in ecline.These wildflowers, along with the ones in the Physick onry Gardens, will help support bees, hoverflies and nsects. and therefore our environment. Please enjoy ourwildflowers, but please don't walk on the flowerbed or touch the plants as some May be irritants or .¢en toxic tosome. -rhis area has been sown and maintained thanks to the ienerous voluntary work of members of the congregation and local community... For more detailed information about our Work to improve blodiversity. please see our website: www.elycathedral.org Measures taken in 2024 to improve energy efficiency In 2024, 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 2024, we have continued to source all of our electricity on a green energy tariff. During the course of 2024, further detailed decarbonisation reports for our buildings were received from Joel Gustafsson Consulting, whose work with us is funded by Ely Cathedral Trust. These reports provide detailed proposals to reduce emissions created by heating the irFscope buildings. Having received a report this year for the Almonry Restaurant, we were pleased to secure funding from the Church of England Net Zero Demonstrator Fund and from Ely Cathedral Trust to replace an existing gas system with a system powered by an air source heat pump. This work was completed in March 2025 (after the balance sheet datel. It is expected to result in a reduction of at least 80% in carbon dioxide emissions created by heating the building and contribute to a 14 tonne (five percentage pointl reduction in our total carbon dioxide emissions from energy use. In 2024, we completed a £1.5m project to replace all of the lighting inside the Cathedral Church building with a low-energy and sustainable alternative. We are hugely grateful to The Friends of Ely Cathedral for funding this work from bequests received. In 2024 our energy use increased by around 996 and we are looking into the reasons for this. Even so, carbon emissions from our energy use remained stable, largely due to the continuing decarbonisation of the national electricity supply. Our relevant carbon emissions therefore remained at 440/0 below the peak in 2019. Annual energy use (gas & purchased electricity) Mwh Annual energy use forallbuildings within the scope of the2030net-zero target Annual carbon dioxide emissions from energy use Tonnes of CO2e Carbon dioxide equivalent emissions asSOClated with energy use forall buildings within the scope of the 2030 net-zero target 2.103 Electricity 1,876 439 Electricity Gas 409 Gas 1.312 1.365 1,406 1,222 1.335 64 267 268 255 255 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 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. 2024 Report 34 The Cathedral Church of the Holy and Undivided Trinity of Ely 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 Iunited 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.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 IFRS 1021; make judgements and estimates that are reasonable and prudent-, State whether applicable accounting siandards have been followed,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Cathedral will continue in operation. 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 lo ensure that the financial statements comply with the Charities Act 201 I, the Charities IAccounts 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 2024 report was approved by Chapter on 19 May 2025 and signed on its behalf by The Very Reverend Mark Bonney DL Dean of Ely Canon Francis Burkitt DL Senior NoTrExecutive Memberofchapter Jonathan Bell FCA DChA Chief Operating Officer Alison Binstead FCA Chief Finance Officer 2024 Report 35 The Cathedral Church of the Holy and Undivided Trinity of Ely Ind¢pendent auditors, report to the m¢mbcrs of Chapter of Ely Cathedral for th¢ y¢ar ¢nd¢d 31 Dec¢mber 2024 Opinion We have audited the financial statements of Ely Cathedral for the year ended 31 December 2024 which comprise the consolidated statement of financial attivities, the consolidated balance sheet, the Cathedral Statement of financial activilies, 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 Practicel. 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 casl significant doubl 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. In our opinion the financial statements: give a true and fair view of the state of the Cathedrafs and group's affairs as at 31 December 2024, and of the Cathedral's and group's incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been properly prepared in accordance with the requirements of the Charities Act 2011. Other information The other information comprises the information included in Chapierfs annual report, other than the financial statements and our auditorfs 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 slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the oiher information and, in doing so, consider whether the other information is materially incons1Stent 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. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further deKribed in the Auditorfs responsibililies 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 UL 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 bas15 for our opinion. 2024 Report 36 The Cathedral Church of the Holy and Undivided Trinity of Ely Independent auditors, reporttothe members of Chapter of Elycaihedral for the year ended 31 December 2024 Matters on which weare required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reportsl Regulations 2008 require us to report to you if, in our opinion.. the information given in Chapterfs annual report IS inconsistent in any material respect with the financial Statements,. or Irregularities, including fraud, are instances of norF 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 risks were discussed with the audit team and we remained alert to any indications of norFcompliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: Reviewing minutes of Chapter meetings, reviewing any correspondence with the regulatory bodies, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management of the Cathedral. Management override- To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates, including treatment of legacies and the valuation of investments, and a retrospective review of estimates from prior periods. We reviewed the risk management processes and procedures in place. 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 norF(ompliance 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 on Imi•rtm•nts Net gains on listed investments Net Ilossesl on property investments Nel incomellexpenditurel Transfers between funds 11261 171 11241 13711 219 28 247 218 72 iiooi 171 171 37 23 11531 20 N•t mov•m•ntlnfvb)d% 171 37 23 11531 Reconciliation tolunds: Total fundg brought forward Total funds ￿rrIed fo￿ard 5,052 1,202 6,354 6,507 5,045 93 1.239 6.377 6.354 Thenotesonpages 45 ro72 forrytpartofthe5e accounts. 2024 Report 41 The Cathedral Church of the Holy and Undivided Trinity of Ely Financial statements Consolidated balance sheet at 31 December 2024 2024 2023 Llnrestrict¢d geneval Llnrestrid•d d￿ignated R•strictqd Endowm•n¢ Total Total More £000 £000 £000 £000 £000 Fixed •55et5 Tangible a$￿S Investments 74 10 726 7.75S 38 4.502 764 17,460 5.203 17.068 Total fix•d as￿1$ 8,481 5.203 18,224 17.874 Curr•nt assrfs Stocks Debtors Cash ai bank and in hand 16 77 78 78 97 78 266 403 93 288 457 93 128 Total turr•nt •$s•ts 366 93 124 164 747 838 Cr*dltors: amounts fallln9 du•wlthln one year 79 14491 14491 14361 Net . The premises occupied by the Cathedral's trading outlets were charged a commercial rent in 2024amouniing 10 £66,80012023.. £62,500). The Cathedral Shop 15 located in the Caihedral itself and has no separate irisurance value. The building occupied by the Almonry Kitchen restaurant has an insurance value of £5,664,00012023.. 5,510,000). Other monastic and ancillary buildings are let to commercial and ￿sidential tenanrs to help oftset the cosr ol maintaining the buildings in the Cathedral precinct. These properties have an insurance valuation, based on rhe cost of rebuilding, of £26,016,00012023.. £25,406,000). some properties are leased to King's Ely, an independent schwl with a long association with the Cathedral. Four of these properties form part ol an agreement whereby a nominal rent is charged in return for the School being responsible for the maintenance, upkeep and restoration olthese properties. The properties occupied by King's Ely had an insurance value at 31 December 2017 01 £19,618,8LM). The properties are no longer valued individually for insurance purposes and therefore a valuation has noi been prepared ai 31 December 2024. The insurers now insure on a ￿ rst loss, basis providing a maximum insured sum per incident of up to £20m. During the year the Cathedral received rent5 of £40,01212023.. £40.4161 which are included in property income. None of these properties are included in the Cathedral's balance 5heeL as explained in the accounting policies section. 14. Tangible assets- equipmenl and plant 2024 Unrestricted general £000 Restrirted Endowment Totsl designated Consolldai4d Cost.. At l January Additiong Transfers between funds Disposals Costat 31 D•¢•mb•r 1.159 75 153 1,312 75 1.228 153 1,381 Depreciation At l January Charge for rhe year Transfers between funds Disposals 392 114 506 117 DeprKation at 31 December Net book value at l January- consolidated 502 617 767 39 Net l>ookvalue at 31 D￿eMber-￿Tr$Olidaled 726 38 764 2024 C•thedr•l only Cost.. At l January Additions Transfers between funds Disposals 1.102 70 153 1,255 70 Co$t at 31 DK•mb•r 1,172 153 1,325 Depreciation At l January Charge for the year Transfers between funds Disposals 353 114 467 Depreation at 31 December Net book value at l January- Cathedral only Net l>ookvalue at 31 D￿eMber-(alhedraI only 463 115 578 749 39 788 709 38 747 2024 Report 58 The Cathedral Church of the Holy and Undivided Trinity of Ely Notes io the financial statements for the yearended 31 December 2024 15. Heritage assels (consolidated and Cathedral) As stated in the accounting policies, no value has been placed on the Cathedral Church building, the monastic and ancillary ￿1￿ing$ and the iterns in the inventory prepared under section 18 of the Charities SORP and underthe Care of Cathedrals Measure 2011. The monastic buildings and ancillary buildings include the chapter house, guest halls and priorfs building5. These buildings are partly used by the staff as offices, the clergy and the trading subsidiary for retail activity (until early 20231 and a restaurant. Due ro the ancient narure of these buildings, their depreciated replacement cost is considered io be nil as rheir life is in excess of 9Wyearsfor 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 visitor5 but delicate or valuable iiems such as paintings, vestments 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 architecrural, archaeological, artistic or historic interest in the possession of the Cathedral. The Cathedral keeps an up to dale inventory ol rhese heritage assers in collaboration with the Cathedral Archaeologist and Cathedral Archivist. This includes photographs and a description oftheircondiiion. Any assets acquired ordisposed of are added or removed from this list although there have been no such movernen15 in the last five years. Any conservation work that 15 required on these assets is done by specialist conservators in their particular field and the inventory updated. 16. Stocks 2024 2023 Consolidated £000 Consumables Trading outlet5 69 84 510¢ks-¢onsolldai•d 78 93 Cathedral only Consumables sio¢ks-Caih•dral only 17. De￿Or5 2024 2023 Consolidated £000 Trade debiors Prepayments and accrued income Other debiors 59 116 36 224 28 Total d4￿Or$- <•nsolldat•d 266 Cathedral only Trade debiors Prepayments and accrued income Other debtors Ely Cathedral Trust Ely Cathedral Enterprises Lid Total d•l>tors- Caih•dral only 59 36 80 29 49 213 177 360 407 18. Cash at bank and in hand 2024 2023 Consolldai4d £000 Bank accounts Cash in hand 453 Cash at bank abld In hand- ¢onsolldai•d 403 457 Cathedral only Bank accounrs Cash in hand 81 Cash at bankand In hand- Caih•dral only 89 2024 Report 59 The Cathedral Church of the Holy and Undivided Trinity of Ely Notes io the financial statements for the yearended 31 December 2024 19. Creditors: amounts falling due within one year 2024 2023 Con$olldat•d £000 £000 Trade creditors Accruals and defer￿d income Other tax and social security Other creditors Bank loan 168 173 58 145 33 33 Cr•dltors:amounis lalllng du•wlihln on•y•ai-¢onsolldai•d Cathedral only Trade creditors Accruals and deferred income Ely Cathedral Trust Other tax and social security Other creditors Bank loan 449 436 175 127 29 157 152 52 10 33 33 Cr•dltors: amounts falllng du• wlthln on•y•ar-Caih•dral only 453 399 Creditors: amounls falling due after one year Con$olldat•d and Cath*dral 2024 2023 £000 £o(KJ Church of England Funded Pension Scheme liability Inote3.11 Bank loan 264 291 Total ¢r•dltors: amounts falllng du• aft•r on•y•ar-<•nsolldat•d and Cath•dral 264 291 The Church of England Funded Pension Scheme ICEFPSI liability ￿lateS to the Cathedral's involvement in the CEFPS forthe benefit of its clergy (note 3.11. Bank loans iotalling £297,0(X>12023: £325,000] are secured on the Grace Building. The value of the Grace 8uilding is included within in- vestment property (note 121. The loan 15 repaid in equal instalments over IS years at an interest rate of 2.69% above base. Th• d•bi falls du• asfollows Wirhin one year Between l and 2 years Between 2 and 5 years After 5 years 33 33 100 33 33 159 297 325 20. T￿al fund5 analy5is-consolidated 2024 Unrestrirted Unrestrirted Restricted Endowment general designated £000 £000 Total £000 Con$olldat•d General fund Fabric fund Music fund Other funds Revaluation reserve Organ fund Total fvnds at31 D•￿Mb•r- ¢onsolklai•d 7,215 7.215 3.875 5.247 916 912 93 3,389 1.978 3,264 914 912 93 8,134 93 5,367 18,258 Con591idated 2023 General fur)d Fabric fund Music fund Other funds Revaluation reserve Organ fund Total fvnds ai 31 D•<•mb•r- ¢onsolldai•d 6.851 6.851 3,929 5,214 879 1.012 100 416 3.267 877 3,513 1,941 1.012 100 7.871 100 4.560 5,454 17,985 2024 Report The Cathedral Church of the Holy and Undivided Trinity of Ely Notes io the financial statements for the yearended 31 December 2024 Total funds analysis- Cathedral only Cathedral only 2024 Unrestricted Unrestricted Restricted Endowment general designated £000 £000 Total £000 General fund Music fund Other funds Revaluation reserve Organ fund Total fundsat 31 DK•mb•r-Cath•dral onfy 4.126 4,126 225 1,021 912 93 220 1.019 912 93 5,045 93 1,239 6,377 2023 Cath•dral only General fund Music fund Other funds Revaluation reserve Organ fund 4.032 4,032 226 220 1.012 1.012 100 100 Total fundsat 31 D•¢•mb•r-Cath•dral only 5.052 1.202 6.354 T￿al fund5 analy5is-consolidated 2024 Unrestrirted Unrestrirted Restricted Endowment general designated £000 £000 Total Con$olldai•d £000 Tangible assets Investments Current assets 726 7,755 366 14491 12641 38 4,502 124 764 17.460 747 14491 12641 5,203 93 Nortrcurrent liabilities Total fundsat 31 DKember-wns0lidated 8.134 93 4.664 5.367 18.258 2023 Consolldai4d 767 7,589 242 14361 39 4,393 128 Tangible assets Investments Current assets 5,086 17.068 838 14361 12911 NonI. 23. Consolidated and connected entities The Cathedral has a wholly owned subsidiary company. Ely Carhedral Enterprises Lid, a company incorporated in England and wa￿$. The principal activities of the companyare the sale of books, souvenirs and the provision of refreshments and carering services. Chapter controls the company as it holds 2 ordinary £1 shares in the company, being IO0% ol rhe issued share capiral. The Cathedral rents to the company premises in which rerail activity and a restaurant are located. After the balance sheet dale, the company has outsourced the da*ttrday running of the Almonry Restaurant (now rebranded as the Almonry Kitchen) to an independent third party. The Cathedral reiains ownership olthe property. Details of the latest audited accounts of this company, which a￿ consolidated into these accounts, are summarised below.. 2024 2023 £000 In