2024-03-31-accounts

Salisbury Cathedral THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY SALISBURY ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31ST MARCH 2024 Charity No: 1202770

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 ANNUAL REPORT AND AccouKrs CONTENTS Our Vision, Values and Strategic Objectives Cathedral Directory Report of Chapter Intrc(luction Nurturing Faith Welcome, Partnership and Diversity Sustainability Heritage and Finances Working Together 10 Public Benefit 10 Financial Review & Reserves 13 Current Challenges arKI Looking Forward 13 Governance & Key Risks Conclusion Independent Auditor's Report 20 Accounts 20 Consolidated Statement of Financial Activities 22 Consolidated Balance Sheet 24 Cathedral Balance Sheet 26 Consolidated Cash Flow Statement 28 Accounting Policies 34 Notes to the Accounts

SALISBURY CATHEDRAL ST YEAR ENDED 31 IURCH 2024 OUR VISION, VALUES & STrATEGIC OBJECTIVES Our Vision We odvocate Ilberty, encourase creativity. and seek the eternity reveoled In Jesus Christ. At Salisbury Cathedral we adV￿ate for all the Ilberty that our forebears claimed for themselves. we encourage in all the creativity that has characterized this place throughout its history) and we Seek, and ￿1p all to seek, the eternity revealed in Jesus Christ. Our Values and Strategic Objectives Salisbury Cathedral is a place of worship and inspirati(￿. It is a place to be still, to think a￿1 to pray. it inspires as it offers a sense of wonder and awe. Its life arKI work are rich diverse. Our worship is fundarnental to our life. We offer a wide range of activities. All of this provides opportunities for spiritual encounter to all who come here, whatever the motivation for their visit. As well as being a place of worship arK1 prayer, we are an iconic heritage site, a venue for the arts and culture, a centre for training and work in ancient skills, a place of welcorne and hospitality for visitors from across the world and the spiritual heart of the cily, and of the Diocese of Salisbwy and its Bishop. With Boldne55, Fairness and Klndness we will: Be a place where faith is inspired, nurtured, and discovered. Welcome all, build innovative partnerships, and bec(¥ne increasingly diverse. Strengthen our financial resilience and work for our long-tem) sustainability. Support and develop our staff and volunteers to enable them to flourish. Reduce our carbon Consumpti￿ and its impact. and take action for justice locally and globally.

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 CATHEDRAL DIRECTORY The full name of Salisbury Cathedral is The Cathedral Church of the Blessed Virgin Mary Salisbury. The flnancial year 2023124 was the first full year in Nythich the Cathedral was governed by the Cathedrals Measure 120211. The Cathedral's corporate body is Chapter and the Cathedral is registered with the Charity Commission, and co-iegulated by the Church Cofflffli55ior)ers. The Cathedrals Measure 120211 requires each cathedral to pr(￿lUCe its own constitution and statutes which introduce the requirements and apply ihe principles of the Measure according to local or historic use, and in particular specify the functions and responsibilities of individuals, both clerical and lay. and establish the governance and administrative framework. The governing statutes of the Cathedral are the Solisbury Cotheéfol Constitution ond 5totutes dated 11 ih November 2022. Under these statutes. the governing body of the Cathedral is the Chapter, which is supported by a number of other bodies and indi￿dual$ as set out in thi5 directory. Further information about the governance of the Cathedral 15 giver) in the Report of Chapter. The addre55 of ihe Cathedral 15 6 The C105e, Solisbury. Wiltshire. SPI 2EF. The Cathedral's website is at ht Ilwww.salisbu athedral.o Chapter Dean The Very Revd Nicholas Papadopulos Canons Residentlary The Revd Ca￿n Anna Macham IPrecentor) The Revd CarM)n Edward Probert {Chancellorl The Revd Canrm Kenneth Padley {Treasurerl Senior Non-Execuiive Chapter Member Mr Nigel Salisbury Non.Executive Members The Ven Sue Groom The Revd can￿ Tim Daykin Mr5 Jane Barker (left June 30231 Mrs Lucinda Herklots Mr Ji)nathan Leigh Mr5 Judith Davry (joined August 2023) Mr David French ljoined Ausust 2023) Mrs Jackie Molnar - Chapter Clerk (Chief Operating Officer) In attendance: Finance Committee Mr Nigel Salisbury (Chairl Mr Robir) Creswell Mrs Beatrice Hollond Mr Stephen Lamdin Mrs Emma Osborne (left November 20231 Mr Tiwn Donall tioined Idorch 20241 In attendance- The Dean of Salisbury Mrs Jackie Molnar - Chapter Clerk Ichief Operating Officerl Mrs Lisa l+lorrist￿ Chief Financial Officer

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Audit and Risk Committee Mr Alastair H￿ter Ichairl The Revd Camn Tom Dayl(in Mr David James The Revd Dr David Neaum In attendance The Dean of Sallstwry Mrs Jackie Molnar . Chapter Clth (Chief Operating Officer) Mrs Llsa ￿rI15t￿n - Chief Financial OffI￿r Nominations Committee Mrs L￿1r￿la Herklots Ichairl The Revd Canon Tim Dafvin (left November 2023J The Ven S￿¥ Grc The Revd carm￿ Eth¥ard Probert Mr David French (joined November 2023) In attendance: Jackie Molnar- Chapter Clerk (Chief Operating Officer) Fabric Advisory Committee Sir Haydefi Phillips (Chalr) Mr Ptciemy Dean Dr Jthn Goodall MTS Wendy James The Revd Canon Brt￿ sath￿r$ (left November 2023) The Revd Canon Andy Trenier Ms Anna Eavis lin thisory copacity} In attendance: The Dean of Salisbury The Revd Canon Kenneth Padley Mrs Jackie h￿l￿ar . Chapter Clerk (Chief Operating Officer) Mr Gary Price . Clerk of Works Mr12aak Hudson - Cathedral ArchTtect Mr Graham Keevill Cathedral Archaeologist Lay Managers Chapter Clerk (Chief Operating Offlcer Mrs Jackie Athr Chief Financial Officer Mrs Lisa Morriston Director of Music Mr David Hal Director of Extemal Relatllyls Ms JarE IIA & Visitor Experience Director of Communlty Engagement As Louise Da￿ (app)inted Sept .241

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Human Resources Manager Ms Nicola Stafford Professional Advisers Bankers Lloyds plc, 38 Blue Boar Row, Salisbury, SP1 1 DB Solicitors Parker Bullen, 45 Castle Street, SalisbLry, SP2 7JR Auditors Haysmac LLP. 10 Street Place, London EC4R 1AG Investment managers CCLI, Senator House. 85 Queen Victoria Street. London, EC4V 4ET Land agent Strutt & Parker. 41 Milford Street. Salisbury. SP1 2BP Architect Izaak HLMlson, Dittrich Hudson Va5etti Architects, Studios 12-13. 9 Bath Buildings, Montpelier, Bristol. B56 5PT Archaeologist Graham Keevil. 85 KYnaSt(￿ Road. Didcot, Oxon, OX118HA

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2024 INTRODUCTION For the Dean, the year under review began aNJ eNJed away from SalisLxJry. albeit in two very different places. In 2022. after a lengthy prLKe55 of discussion and legislation, t1￿ Balli￿Ck$ of Guemsey and Jersey became formally attached to the Diocese of Salisbury. To mark this significant moment In the evolution of our Di￿eSe the Dearfj of Gvemsey and Jersey were installed as Non-Re5identiary Canons of Salisbury Cathedral, and l accompanied the Cathedral Choir on a tour of the Islands. They sang an Evensong and a concert on each, returned home on the eve of Palm Sunday 2023. The events were well attended arKI the welcome we received was warm. the only unhappines5 was the journey by sea ferry. The singers, tour hoodies were bright green . and so too were many of the singers, faces when they stepped cfflto terro firnM7_. On 14 January 2024 a Iffig-awaited Milestc￿e was reached ￿ffien new altars were consecrated for the Spire Crossing and the Trinity Chapel- Tly have met a longstaThJing and critical need, and l am delighted both at the difference they have made to our public worship arHI at the pleasure they are giving to our visitors. Then after Epiphany. wth the 5￿port of the Bi$￿p and of Chapter, I began a perlod of Extended Ministerial Develcw)ent Leave . or, Sabbatical. I spent three months living and working in occupied East Jerusalem as a member of the World Council of Churches. E(￿menIcal Accompaniment Programme In Palestine and Israel. monitoring human rights and international law Leaving home is a r*rve-wracking business. So too ts stepplng away from a pla￿ of work. especially one as complex as a Cathedral. Whether it'5 a few day5 in the Channel IslaThJs or a few mcfflth5 in the Middle East, preparation for it is time-c¢x6uming: anxiety abtyjt has been left behind Is unavoidable: arml apprehension atN)ut vknat will be discovered on retum is inevStable. But l am glad to report that. while the preparation Seemed to take ages. and while the anxlety was real, the apprehension I felt as I retumed to the Cathedral at Ascensiontide 2024 was entirely unnecessary. Life, work. and worship had continwl viith(xrt interruption. It reinforced for me just how str￿8 Is the team here. In the Executive we have a group of able confSdent dlrectors who take responsibility fN $0 much more than the Operati(￿al life of the Cathedral and Close. Sn the Chapter we have a ￿se and far-sighted l￿ard of trustees Nvhose counsel is alway5 challenging and always sound. l am very grateful to them . and to all my staff and vOl￿teer colleagues. The Very Reyd Nicholas Papadopulos Dean of Salisb August 2024 REPORT OF CHAPTER Chapter is pleased to present thls rewt and the Cathedral's a￿lIted accounts for the year ended 31Si htsrch 2024. The year has seen the finalisation of a new Strategic Plan for 2024-2029 and the vislon, values and strategic objectives prO￿ded at the start of this review will be Implemented from 2024 onwards. Overall, the year has been one in vthich the Cathedral has recovered from the difflcult years of the Covid-19 health pandemlc. The budget for the year was set with prudence given ongoing uncertalnty about the degree to which %)me visitor grow>s Y￿d return and the national economic p051tion along wlth cost of livlng challenges. Collectively these created a high degree of ￿CertaInty about the number5 of visitor5 the Cathedral might welcome during the year. It ha5 therefwe been very pleasing to welcome so many people to the Cathedral d￿n9 202312024. Our visitor numbers for the year exceeded the highest number we had welcomed before the pathlemic.

5AL15BURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Nurturing Faith The pattern of public worship and prayer is central to the Cathedral's life. The innovative way5 of offering the opportunity to worship that were created as a consequence of the pandemic are now well established and the provision of live-streamed services continues to be well received with hundreds regularly viewing. Throughout the year the Llturgy and Music team have overseen the organi5ation and delivery of our regular acts of public worship which are core to the regular rhythm of Cathedral life. We had the unusual occurrence of two Easters. and therefore two Holy Weeks, falling within the period of this report. The Advent From Darkness to Light services were particularly well attended. Whilst this has historically been the case, it remairfj a pleasure to see the Cathedral full after the challenges of recent years. At Easter 2023 we introduced an Easter Garden near the main visitor entrance to the Cathedral. We wanted to bring the Easter Story out of the IxJildTng and share Eèster with those pass by. Three crosses and a symbolic tomb. made by our stOr￿maS0nS stood amongst Mediterranean themed plants. It received a very positive response from wsitors and the local community and wa5 therefore repeated in 2024. The Cathedral ha5 hosted a range of Diocesan sefvices inc1￿j1ng Ordinati￿5. confirmations, the admission of licensed lay ministers and the School Leavers Services. Over the course of four days in June the Cathedral and Diocese welcomed 2.6W school children and celebrated their time In primary school. The Cathedral is also used by some of our local secondary schools for numerous celebratory services during the year. In May 2023 we provided the opportunity to watch the live stream of the coronation of King Charles 111 in the Cathedral. The coronation is a significant moment in the nation'5 history, and we were very pleased to offer the Cathedral space at thi5 time and to be a place many wanted to come and be part of this special occasion. As part of the Coronation celebration5 our Librartan a￿1 ArchTrvi5t curated a special exhibition called "Encounters with Kings" thich proved popular. Looking forward. our new Missioner for Young People joined the Cathedral in March 2024. We expect that the coming year will provide new ideas for engaging wth children and young people, in pthlic worship, chaplaincy to the Cathedral School and thrO￿4h building cOr￿e(tIonS with those who gather in the Close. A particular highlight for the Cathedral during the year was the installation and consecration of a new altar for the Spire Crossing and also the Trinity Chapel. with accompanying furniture. This was the culmination of six years of work, but a150 an aspirati(￿ that was initially raised over twenty year5 ago. The altar piece5 were desigfied by William Fye, who a150 designed our famous fc￿t. and the other furniture by Luke Hughes. The project benefited from the advice of the Cathedral's Fabric Advisory Committee, the Cathedrals Fabric Commission for England and Chapter members over the course of many years. The Bishop of Salisbury. the Rt Revd Stephen Lake, consecrated the altars In January 2024 and they have already found their place ￿t only within worship but also as pieces viewed and admired by visitors to the Cathedral. The Cathedral Choir took part in the annual Southern Cathedrals Festival in July 2023. hosted at Chichester Cathedral. The festival c(Mnbines the c1￿)1r5 of Chichester, Salisbury arml Winchester Cathedrals and perfomied an exciting programme of events, performances and services held in the Cathedral and other iconic venues around Chichester. The focus in 2023 was on celebrating the fflusic of William Byrd and Thomas Weelkes. both of wl)05e 4Cthh anniversaries fell within the year. The year ha5 also incl(Jded a range of musical highlights offered by the Cathedral's Music team as well as the Cathedral ￿l$ting visiting orgarbisations. These included the London Concertante, Bournemouth sym￿onY Orchestra and Salisbury Music Society amongst others. Our Organ Prom is now becoming a reg￿ar event during the summer months, as Is Messiah in December. It has been a very busy and rewarding year across all aspects of the public worship we offer alongside our music and concert programme. Being able to offer our regular, and occasional, congregatio opportunities to pause and wonder is important to us and so too the opportunities we offer for others to encounter something of the eternal vrithin the space of the Cathedral.

SALISBURY CAThEDRAL ST YEAR ENDED 31 MARCH 2024 Welcome, Partnership and Diversity Visitors to the ca￿dra1 those who ccthe to the event5 we facilltate, are imkKlrtant to Us for a number of reasons. Firstly. we want to make the Cathedral building and its beautlful surroundings a place that everyone feeL5 weic(yned to. Whe￿￿r a person of Christian faith. another faith or none. We V￿rk hard to make SalisLMJry Cathedral the C105e ac￿SSible, we offer event5 and actlvltles that will draw people here whatever their backgrwrKI or demographic. From a practical perspective. those vtho visit contribute significantly to our finances. as we have to generate all the incc¥ne needed to care for the Cathedral and offer the range of Se￿Ice5, events and activitie5 that we do. The Cathedral is also committed to reaching into the l(xal community. We strive to be a place of welcome, a place of leaming and a place of enc{y￿ter for as diverse a range of people as possible. In addition to those visit U5. we also value reiatioThships with partner organi5ations In the city. We reco¥nise that many people visit salis￿ beca￿ of the Cathedral. and therefore that many of the activitie5 and events which we offer a150 briro benefit to local partners and businesse5. We participate in the Experience Pillar of the Place Partnership on clty-wide programmTng such as Taste sallstr￿ry. the city's annual food festival. During the year the Cathedral has cOntin￿d to work cl05eiy with the clty and wider local communlty. Dean and DSrector of Extemal Relations & Vi51tor Experience are part of the SalIs￿ry Place Partnership and involved 7n a number of strands of work. We continue to be a key partner in shaping the Salisbury Cultural Strategy whkh was develcped in 2023. Other partners In this wort( Include The Salisbury htsjseum. Wiltshire Creative, Salisbwy City Council and Salisbury BID. We also value our relationship with Salisbury NHS Trust. deveicped d￿n8 the pandemic. It therefore gives u5 particular pleasure to supwrt them as we did in September 2023 by hosting their staff awards and a family fun day for NHS staff and their families. Thnking those who perfomi a vital seThice to the local community is important to U5. In October 2023, the Cathedral supyorted the national Wave of Light remembrance event which fofflis part of Baby Loss Awareness week. We value all these reiatlonshlps the contriiwtion we can rnake to the IcKal community throL￿h them. Throughout the year the Cathedral team fxganise and deliver a variety of events arbj activities, ably assisted by our team of some 550 volunteers. Vlsual art, and the oppOrt￿lty it creates for connection with a whjer ccrfnmunity and for enrichment of the experience we offer. continues to be an important aspect of the Cathedral's work. The 2023 Summer exhlbltion was titled "To be Free" and showcased wort[ by leading contemporary artlsts such as Ai Weiwei, Yinka Shonibare, Mona Hatoum and Comelia Parker. It aligned with our Vision to advocate liberty. encourage creatfvlty and seek the etemity revealed In Jesus Christ. The exhibition explored what freedom is, what St means to be free. how ￿￿ can use our freedoms to help others. It was enhanced by a number of engagement events inc1￿j7n9 talks by Baroness Chakrabati and Baroness Hale, activities offered by our Education and Library and Archives teams. and a project with students at wiltsh1￿ College. Through these events we a150 aim to attract more diverse audiences and to ensure the Cathedral is for everyone. Other events In the year included welcomlng children from IcKal schoo15 through the I Sins Pop event by the Diocese of Salisbury Academy Trust. Education team have developed and offered a range of family focused holiday actI￿tIes, Inc1￿J7ng making clay gargoyles, Christmas an8eis and staffs. bumble bee pots and many more. Thls is in addition to the extenslve programme of activitie5 that take place with visiting schools. primary and secondary, during the school year. In November 2023. we held a week of spettacular light and sourKIs Sarum Lights - Illuminatins Art. which attracted over 13.CKIO people across five nights. most of them local pec4)ie and families. Our fflarket research from the event that the majority of t￿se vtho came were atteThJing for the first tirne. Footfall in the city was up Iieariy 1QX ￿ the previous week. demonstrating the event's Posltive impact ()n local hospitality b￿lneSses. as well as ￿ the Cathedral. As with all such major events. we are grateful for the hard work of our staff arKI volunteers in helping us welcome so many of our I(￿al. and wider. C(￿m￿nitIeS into the Cathedral. The Cathedral and the Close are also spaces ￿ed by a number of local partner organlsations. During the year this included Arundeils for rhe Annual E(￿lard Heath Charitable Foundation lecture. Wiltshire Creatfve held events in the Close as part of the 5alistr￿ry Intemational Art5 Festival. The

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Alabaré BIG Sleep took place again at the Cathedral with many people. incIL￿Ing some of our siaff and volunteers, braving the hard surface and chilly night 10 raise funds for Alabare's work through sleeping in the Cloisters. Another important relationship within our wider life is with Salisbury Cathedral School. The School educates the Cathedral's Choristers. and Chapter is keen to Support a good relationship with the Headteacher and Goveming Boty of the School with which the Cathedral has a longstanding comection. For historic reasons, the Chapter appoints the $C￿l01.s Governors and exercises this right to ensure the continuance of the Christian and specifically Anglican ethos of the School. Except in this one regard, the Cathedral does not have responsibility for the r￿nIng or management of the School, which is financially independent of the Cathedral. The khoo('s results are not included within the accounts of the Cathedral. Sustainability - our Heritage and Finances An important aspect of Our life is to care for the fabric of the Cathedral, its heritage, treasures, and the Cathedral Close. It costs over £18k every dèy to care for and operate the Cathedral. The Cathedral receives no ￿90)ng Government funding or central Church of England financial support towards the care of the fabric and relles on the generosity of our ¢omTnunity. paying vi51tors a￿1 funding bodies to sustain its care and operations. The Cathedral retains its aspiration to significantly improve and make better use of the space to the South Side of the Cathedral Close. with a focus on enhanang the Vb5itor experience. Plans to submit an application in support of this to the National Lottery Heritage F￿1 have been on hold since early 2020 as a result of the pandemic but refflain a future priority. During the year. however. rnLKh WO￿ has progressed. The last of the external scaffolding on the Cathedral. needed for the longstanding Ilajor Repair Programme. was removed. Thls represents a significant moment in the Cathedral's 8¢X) year plus history. It is also a tremen¢Jous achievement, the culmination of over thirty years of Y￿rk. fver that time our staff have fundraised. applied for grant5 and organised events to secure in excess of L31hillion needed to ensure the Cathedral fabric is restored and conserved for the next generation. We are extremely grateful for all the support fr(*m donors, srant-givers a￿1 the wider commun?ty. Internally however restoration and conservation work continues. The Fabric Advisory Committee approved a 5cheffle of work in 2023 for the eight ur)repaired bay5 on the north arcade of the Cloisters and work comrnellced in early 2024. It is expected that it will take some fTve years to complete and our Development Team are already securing funding for the work. The Cathedrals Fabric Commission for England a150 approved a scheme of work to conserye the Cathedral's Burne.Jones window during the year and that work ha5 a150 commenced. The ongoing care for the heritage for which we are respwsible need5 funding and we are very grateful for the legacies and donations that people make to the Cathedral's work. Those which are given for the fabric are so important in helping to secure the future of the Cathedral.. we received £189,000 towards fabric work during the year. This included grants from the Garfield Weston Charitable Trust. the knefact TnJst, the Kirby Laing Charitable Trust, the 291b 1961 Charitable Trust and the Oulverton Trust amongst others. The Friend5 of Salisbury Cathedral have given £111,500 in the year towards a number of Cathedral projects including a new chamber organ and the new liturgical furniture. We are very grateful for this support and the ongoing work of the Friends. Looking ahead, the report of our Cathedral Architect and the quinquennial rewrts we unéertake on propertie5 provides key information for our ¢Jeveloping ten-year financial plan. Finalising the plan is key priority for 2024 to support Chapter's priorities and ¢Jecisicffl.making for the next few years. Significant progress has been made durfing the year in relation ¢0 our plan5 for the restoration of Leaden Hall to be Ltsed for Cathedral offices, meetings rooms. our work with children and young people and a purpose-built Archive facility. In November 2023 the Dean and Chapter Clerk Ichief Operating Officer) facilitated inlomiation sessi￿$ on the proposed plèns for the site with staff and volunteers along with representatives frrym the Close Residents Assoclation Committee. Salisbury Civic Society. the Close Preservation knety as well a5 local councillors. The full planning application wa5 submitted to Wiltshire Council Planning Department in February 2024.

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 The Cathedral has also progre55ed a numb¥ of smaller projects relating to vacant property vrithin the Cathedral Close, in particular Nos. 17 ZO the Close which need restoration before they can be used. Inevitably the pandemic delayed this w(wk. twt significant progress has been made dwing the year. This has been supported by aNJointment of a new Chief Financial Officer in 2023 and the Cathedral's new in.h(￿Se Property Manager. The Cathedral uses it5 financial resources to SUPFrt)rt a reBular. plarned repairs and malntenance programme for Close properties. The Cathedral coniinues to undertake Tts responsibilities in full as a landlord and as a provider of service occuparKy accommodation, by monitoring. repairing and enhanang its properties, and to manage its incTrTt and historic assets in line with charity Law and the requirements of the Church Commissioners in suppyt of (Mjr long tenn goals. In additiC￿ to routSne expenditure propertles we have also identified finances to a5515t with the restoration arKI reuse of larw property projerts vthich VAII take more than a year to complete. systematic review Iibinquennial Inspectlonl of the p￿liC parts of the Close infofflis the prioritisation of future repairs and upgrade5 to the street fumiture aThJ amenities which we provide for all. During the year a ThJmber of delayed projects have been progressed most notably improving the hard standlng ourside the entrance to the Work5 Yard and the restoratlon of streetlamps around the C105e. The Cathedral is committed to worklng towards the Church of England Net Zero targets. Carbon reductlon and related justice iss￿5 are a strategic objective in ow new Strategic Plan. In support of our important wort( in this area a new Envirmment Committee was established in 2023. It has a particular focus on carbon reduction arNJ the unique ecologlcal setting of the Cathedral. C105e properties and landscape. We contlnue to develop our action plan to reduce ¢JJf consumption of carbon. Having completed the replacement of exterior lights to the Cathedral Wbth LED fittings. a scheme has been develyd for completing the same work to the Cathedral Interior. We have continued exploratory work on alternative heating s￿rCeS for the Cathedral building itself, commlsslcming reports from specialist crffisultants seeking advlce frc¥m the Church Commissioners. We are a150 c(￿rnItted to installing the first phase of electric vehicle charging on Cathedral land within the Close. Thls has taken l(ryer than we had h(￿1 to the progress of a planning application to secure pemlisslons. The Cathedral Close is a place where rnany like to gather and that presents opportunities and challenge5. During the year under review, the Close continued to provlde a welcoming, open green space which was used by tIM)u5ands of people from the local community and Trrisitors from far and wide. The Cathedral has continued to retain an external, dedicated, tral￿d security team WIKJ have provlded a welcome and reassuring presence. In addition, the new Missioner for Yomg People took up post In March 2024 and one of his resp(msibilities 15 to deveLq) our engagement with the young people WI￿ Ilke to visit and spend time in the Close. Working Together The Cathedral's staff and our many volLm¢eers work tirelessly in support of the Cathedral's priorities aspirations. We cannot do all that we do without the skills, expertise and commitment of our Staff or the time given by our many volimteers across all areas of the Cathedral's life. Whether it's the beautiful floral arrangements created by our Flower Arrangers or the care of our vestments by the Salntly Stitchers or the maintenance of our gardens (to mention just a handful of our volunteer teams) It all matters. The pandemic brought many challenges but also showed us we ccyjid work in different ways and that has contlnued. The online visitor booking system is now embedded and providing us wSth management infomatlon that we have wanted for a Th￿ber of years. We are able to offer reserved seating for events and concerts and advance visitor tKX)king. Nonetheless many people coming to the Cathedral do not b￿k in advance and therefore we continue to employ seasonal staff to SLPPOrt during the times we are busier. The changes in workiro practices that arose during the pandemic have become embedded In our operatlonal wot*ing arrangements. We have a hybrid working policy and staff in Suitable Jobs are

SALISBURY CATHEDRAL 5T YEAR ENDED 31 hlARCH 2024 able, with the agreement of their manager. to work frc*m ￿Me. Although our Staff generally wefei to work on site, the option land technical capabilityl to now work frorn IM)me continues to be appreciated. Our new Strategic Objectives incltKie which recognises the importance of supporting and developing our staff and volunteers so that they flourish. We have started developing a new human Tesources strategy to assist us in taking this objective forward. Chapter ar￿ the ExKutive Team have benefited from development funding provided by the Church Commissioners Leadership Development Team. We ￿11 be implementing development training for our staff and volunteers, some of which commenced in early 2024 in relation to equality. diversity and inclusion and will continue in 2024125. We are grateful io staff within Wiltshire Police for the security trajning they have provided for us over the course of the last year. Caring for those who come to the Cathedral and C105e. and ensuring ihat children and young people as well as vulnerable adults are effect7vely Safeguarded. is very important to us. The Cathedral and Salisbury Diocese were the f7r5t to be audited in early 2024 as part of the next round of independent safeguarding audits commissioned by the Church of England. It was an extensive and robust process for all involved. We were pleased therefore that the audit rewrt noted.. "there is o commitment to create an envirorunent where people con come tosether. to VlSlt, work, worship ond thrive -senior leaders demonstroted a ￿lf1r￿sneSS to open themselve5 to direct challense, the reol strength in Salisbury is its people their sreotest overall strength and potential lies in the fact that Salisbtsry's st7fesuarding proctice is built on o foundation provided by t1￿1r in.house professional 5a[eguardins teom" The 202312024 year has been a busy one. with many things to celebrate and also notable challenges. As always, the contribution5 of our staff have been remarkable. They approach their work with energy and prolessionalism ¥vhether in dealing with the unexpected or the (lay-to-day operational llfe of the Cathedral. We continue to be grateful for their cownmitment and resolve. We are also thankful for the continued 5UPPOrt of all our Yolunteers wthout whom we could not offer the wide range of opportunlties we do for all who come to the Cathedral. whatever their reason for th)ing so. Public Benefit The Cathedral became fully registered wth the Charity Commission in April 2023. Thi5 date is at the start of the timeframe of this reEK)rt and the Cathedral has reported in accordance with the Charity Commission for England and Wales. guidance on p￿11( benefit and the Charities Act 2011 for the year ended 315t March 2024. The Cathedral no¢ only Serves the community daily in its religious and charitable work but is an active resource of national importance in the promotion of religion. music, education, history, and architecture. The earlier sections of this reFN)rt descrlbe the Cathedral's activities during 202312024 and the impact they have had. Financial Review & Reserves The Cathedral achieved a strong financial perfomiance in 2023124. exceeding both rhe previous year's results and initial expectations. Income levels were robust. leading to a surplu5 in unrestricted l￿d5 for day-to-day operations. This success underscores the Cathedral's ongoing commitment to prLMlent exper)diture management across all departments. erall there was a £0.4m surplus in unrestricted fund5 driven by better thar) expected visitor income Additionally, thanks to the generosity of donors and grants received, both during the year and previously, the Cathedral was able to fwd Significant expenditure from its restricted funds given for specific purposes. These funds showed a deficit for the year. wth expenditure exceeding current income by £0.6 million as funds received in previous year5 were drawn on and Spent in accordance with the wishes of the donor5. 10

SALISBURY CATHEDRAL ST YEAR ENDED 31 IAARCH 2024 The increase in income was driven by several factors. incl￿17￿8 a significant rise In visitor numbers, particularly from American tourist5 during the peak summer season. which generated an additional £0.5 million. The Cathedral has rthv surpassed pre-pandemlc visitor numbers. boosting income not only from admi55ions but also from the shop and refectory. A5 always. there were both increases and decreases within the overall c05t base. However, the primary driver of increased expenditure was the Cathedral's decision to award a 7% pay rise to Its staff, helping to alleviate the ifflpact of rtsing living costs natiomyfjde. Additionally. the Cathedral upheld its commitment to paying the Real Livlng Wage. ensuring fair compensation for all employees. The Cathedral'5 investments saw notable fI￿tuall￿$ throughwt the year. ￿￿th a str(mg recovery in the final quarter of 2023 resulting in a E2.5 Millic￿ growth in the overall investment portfolio for the year. The outlook remains rKJsltive. with expectations that interest rate5 have peaked. Investment Income also saw an increase of £0.2 milliw. contr7t￿Ing to the Cathedral's total Income of £1.4 million from Investments. By the end of the year. the Cathedrals total funds were £2.3 million higher than at the start. Thi5 largely reflected the positive investment market movements and a gain in the value of a property which was transferred from operational to investment use. Thls str￿4 financial performance posltfL￿S the Cathedral weil to athieve its future goals. including ongoing investment in its extensive property Portfolio to enxre high standard5 of refurbishment. The Cathedral a150 remains dedicated to advancifftg eco-frlendly initiatives aimed at significantly reducing its carbon footprint. Both of these critical areas are incorporated into the 2024125 budget. Investments No Cathedral properties have been dist#)sed of in the year ended 31st March 2024. One property was retumed to the Cathedral following the death of a longstanding leaseholder. Dwing the year the Cathedral completed the proc￿ of extending Sarum St Michael leases and the realised gains on investment properties for the year include the monies received as a result of this. hs noted above. one property was switched from being an operational woperty to an investrnent property and the property wa5 revaI￿d. The unrealised gain on investment properties is a result of this switch. The Chapter also considered the market valuation of the other properties held for investment and decided that no changes In the Valuatiry￿ were necessary. The capltal value of the Cathedral'5 Investment tkntfotio fluttuates from year to year. At 315l March 2024. this gave rise to an unrealised gain of C2.5 million in line with the fluctuations on the global stock market5. The prlmary purpose of the investment portfolio 15 to generate income to 5UPPOrt the mi55Ton and activities of the Cathedral. As referred to below only the inc¢Jme and not the capital can be used to fund the Cathedral day-to-day expenditure. The Cathedral a(kspts a balanced approach to investment, seekiw real growth in capital and income, wth an objective of achievlng an overall annual retum over the long term of 5% above inflati1￿ whilst generat?ng predictable and sustainable income from the portfolio. For the year 23124 the Cathedral's main investment fund returned 12.14% (net of costs}. well ahead of its CPI + 5% objective18.2%1 and the *RC Steady Growth peer group 19.4%) but lagged its composite irKlex comparator116.7%1. The Cathedral's trustees were satisfied wlth the investment fund's wformance in the year. The investment objectives are athievefl through a balanced portfolio of equitie5. alternative5, property, and cash. Given the long-tem horizon of the Cathedral. the investments are held in diversified multi-asset portfolios with an emFtha515 on equities and other real assets, deslgned to target both growth and income. A fluctuation in the capital value of the fund holdings may lead to unrealised gains or losse5 but wlll Th)t r￿esSarilY change their ability to generate income. 11

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Our portfolio is managed by professional investment managers, CCLA Investment Managers. and their performance is monitored on behalf of Chapter by the Cathedrals FinarKe Committee. The Cathedral has set an ethical investment policy {whlch draws M guidance given by the Church of Englandl. The CCLA [￿dS are fully compllant with the Churth of England's ethical investment policy. Funds The majority of the Cathedral's fund5 are held as endowment fun(k. Chapter complies with the restrictions imposed by the Cathedra15 Measure 2021 in respect of the permitted uses of the Cathedral's fund5. In particular. the capital of the endowment funds cannot be used for the ifflprovemer)t or deveioprnent of the Cathedral or its ancillary buildings without the express authority of the Church Commissioners. Only the inccThe. not the capital. can be used to meet ordinary expenditure. to fund the repair of the Cathedral itself or the repair of its investment properties. A significant part of the endowment funds consists of propertie5 in the Close. a number of which are let on long, tenant.repairing leases. The bala￿e of the endowment is held in the investment portfolios and in cash. Expenditure during the year from the endowment funds was incurred on the inve5tfflent properties and on managing the investment portfolios. These transaction5 resulted in a net cost to the endowment funds of É280.833, before the realised and unrealised gains on properties and unrealised gain on the revaluatTror) of the investment portfolio were tak￿ into account. The Cathedral holds a range of individual fl￿d5 that are restricied as to their use. Further detail on these is given in Notes 15 to 18 to the Accounts. The income f ri)m variou5 sources into these fund5 has been matched in most cases by expenditure during the year. although it must be noted that the Cathedral records gifts in the year in which they are received even wttre the expenditure that they are intended to fund is incurred and therefore recorded in subsequent years. Inevitably this accounting requirement leads to swings in income and expenditure. One of the most impM)rtant restricted funds is heid for the maintenance of the fabric of the Cathedral. This helps to fund the fabric repair programme that continues. The balance of the f￿r￿S of the Cathedral are unrestricted t￿th as to capital and income and can be used to further any of the purpcise5 of the Cathedral. Policy for Unrestricted Funds The Cathedral's unrestricted fl￿d5 are available to carry out its day-to.day ministry, education, and outreach activitie5 together with the basic upkeep of its buildings and precincts. The income is principally derived from visitors, congregations, property rents, investmenis, and trading activitles. Given the potential for fluctuations in these income streams that are largely outside of its control, Chapter has agreed a policy of seeking to maintain in unrestricted funds an amount at least equivalent 10 eight months-worth of annual expenditure charged to the unrestricted funds in the prevlous year. At 31" March 2024, the Cathedral had th)restricted funds of E4.4m which would be sufficient to meet over eleven months. worth of annual expenditure of £4.7m. This gives the Cathedral sowne back-up resources in order to maintain necessary activities in times of income shortfall. It has stood the Cathedral in good stead through the time of the Salisbury poison attack in 2018 and the Covid-19 pandernic. Only unrestricted expenditure is taken into account on the basis that any expenditure in respect of the restricted funds and the endowed funds is only incurred if funds are available for that specific purpose. 12

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Current Challenges and Looking Forward The financial year 2023124 saw a much Str￿er uplift in visitor numbers. a￿1 therefore vlsltor. related income, than envisaged at the start of the fIna￿la[ year. We have been very pleased to see visitor numbers continue to return so strongly. However, we know that there are a number of ongoing challenge5 that will need to be addressed in 202412025 and beyMd. One of these key challenge5 is achieving the Church of England's Net Zero Target. The Cathedral has already completed several projects that mark important progress toward this goal and in 2024125 we will be re-lamping the Cathedral interlor with LEDS to continue the Journey. However, to fully meet the target. we recognize that introdLKing alternative heating systems is essential. Thi5 is a significant endeavour, requiring substantial financial investment. While we are actively working with specialist ¢on5ultant5 on the exploratory pthase. the funding for this project remains uncertain. Other projects we are looking to undertake in 2024125 incl￿ rero)firv4 the Refectory. and creating a new enclosure for the Magna Carta vrithin the Chapter House. As we look ahead to 2024125, external visitor data frun the Association of Leading Visitor Attraction5, along our <wm wojectic)s, suggest that the "b￿nPer year" Y￿ enjoyed in 2023124 is unlikely to be repeated. Instead. we anticipate vlsitor numbe￿ stabiliing at a sustainable level, without the recent significant growth. To maintain these numbers, we must continue to enhance our visitor experience. offering fresh otwrtunitie5 and actiwties that appeal to new audiences, whlle remalnlng sensltlve to the ongoing econ(Nmic prewjres many Feople are faclng. Our new Strategic Plan 12024-2029) identifie5 the need for the Cathedral to diversify. whether thi5 IS in how we generate irKome. share our life with different audiences or ccffimunicate our core purpose as a Place of Worship. We are developing a 10-year financial plan to support and inform our planning. particularly in relation to a n￿nber of Large property-centred projects also with regards to the ongoing care of the Cathedral and Close. The diligent monltorlng of our position remains crucial. This approach, ￿der the direction of Chapter and the Executive. is key to the (￿tInued success and future prioritie5 of the Cathedral. Governance & Key Risks Under the Cathedral's Statute5. governlng bcty of the Cathedral is the Chapter. Following registratlon wlth the Charity Commissi￿ in 21Y23. Chaptff members are Trustees. Cathedral Chapter The Cathedral's Chapter is made up of the Dean. the three Residentiary Canons (Precentor, Chancellor and Treasurer) and a number of Th)n-executive fflembers. Membership of Chapter was reviewed. and appointments made in January and ￿￿USt 2023 in accordance with the new Constitution and Statutes a￿1 Cathedrals Measure 2021. With the exception of the Dean and Residentiary Canons. non- executive Chapter members hold office for four years but are eligible for re-appointment. As is required by the Pkasure. Chapter has a senlor non-executive member appointed by the B75￿p of Salisbury. Induction and training of new members are the respM5ib71ity of the Chapter Clerk Ichief Operatlns Officer) who produces a programme of briefings aryl visits to ensure familiarity with the administration. management, arKI finances of the Cathedral. New members of Chapter attend the tra?ning programme prowded by the As50ciaticffl of English Cathedrals. which also provldes rhe opportunlty to meet with ColleagL￿5 frcrfn other cathedrals. Chapter meets on a monthly basis" tlwe Is an established schedLle of reports and matters for consideration. Decision making is informed by reports and infomiaticm) provided by the Chapter Clerk (Chief Operating Officer), the Cathedral's Executive team a￿j A￿SSOry committees. 13

SALISBURY CATrIEDRAL ST YEAR ENDED 31 MARCH 2024 College of Canons The College of Canons consists of every Canm of the Cathedral, the 8i5hop, the Dean, the suffragars bishops, and every archdeacon in the Diocese. In its membership the College expre55e5 the close relationshlp between the Cathedral. the Bishop, and the Diocese of Salisbury. The Cathedra15 Mea5ure120211 amended the function5 of the College. and it is no longer part of the corporate body of the Cathedral. C(Alege met twce during the year. welcoming new member5 and receiving presentations and w)dates on a variety of rnatters. In addition, discussions were held on the Cathedral's emerging Strategic Plan and also that of the Diocese and the issue of Contested Heritage. Key Management Personnel Key Management Personnel at the Cathedral are The Dean, the Residentiary Canons and the Chapter Clerk (Chief Operating OfficerP. The Dean chairs both Chapter and the Executive. Chapter lead5 ar￿ directs, and the Executive implements the Cathedral's strategic plan arKI objective5. The Executive ordinarily meets on a monthly basTS, receiving reports on regular items such as the Cathedral's financial p051tion and visitor umbers, and other matters that arise during the course of the year. During the year Executive and the Chapter worked together to finalise a new Strategic Plan 12024-20291, benefiting from external facilitation provided by the Chtjrch Commissioners senior leadership training ieam. The pay of the Lay Managers is set following a benchmarking exercise both iniernally and externally when recruiting and is ratified by the Remunerations Committee. Salaries are reviewed annually and nomially increased in accordance with average earnings to reflett a c05t of l?ving adjustment. The Church Commi55ioners pay the stipends of three clergy at each Cathedral - the Dean and two re5identiary Canons. The stipend5 for all member5 of the clergy are set by the Church Commissioners. Finance Cornmittee The Finance Committee is required by the Cathedrals Measure 12021 l and its responsibilities are defined within the Cathedral's Constitution arvj Statutes (20221. It is chaired by a non-executive rriefflber of the Chapter and has responsibility for ensuring the monitoring and rwewing the overall financial strategies and financial policie5 of the Chapter, including investment5. and making recommendation5 as appropriate to Chapter. The Cathedral's Finance Committee met three times during the year. Audit and Risk Committee The Audit and Risk Committee is also required by the Cathedrals Measure {20211 and its responsibilities are detailed in rhe Cathedral's Constitution and Statutes (20221. It Is independently chaired and has a number of independent members. as well as a non exK member of Chapter. It 15 responsible for providing independent oversigh¢ of the Cathedral'5 Systerns of internal control, risk management and financial reporting. The Cathedral's Audit and Risk Committee met twice during the year. Key Risks and Uncertainties The Cathedral's Risk Register record5 the principal risks to which the Cathedral is exposed. The rlsks are assessed under the following categories: financial resilience. visitor numbers, people, cathedral development, regulatory compliance, major physical disaster, IT and operations. reputation and standing. The risks are reviewed on a quarterly basis by the Execulive, and di5CUSsed at Chapter. The risk management system5 id￿tIfleS specific risks in a particular category. mitigation and control 14

SALISBURY CATHEDRAL YEAR ENDED 31- MARCH 2024 mechanisms. The Cathedrats Measwe 12021) rewired the implementation of a specific Audit and Risk Committee. This was estatiished during the year, with prexribed terms of reference which Include monitoring the Cathedral's risk management proce55. In the year there were a n￿ber of particular risks. in a(klition to the recurrlng matter5 regularly recorded. For the flrst half of the year there continued to be a degree of uncertainty as to the return in vis7tor n[￿berS and rherefore the associated risk to b￿1geted income from visitor.related activities. However. the level of risk reduced after the S￿￿mer months due to the better than projected retum of domestic overseas vi51tws. There have at times durlng the year been Vaca￿leS V•rithin the Cathedral workforce that have taken some time to recruit to. Ow workforce is not large and therefore when these circumsiances arlse they inevitably impact on existing staff. Other uncertainties have arisen in regard to increasing financial support belng needed to SUPM our choristers a￿1 the Significant challenge of workirv4 towards the Church of England's Net Zero target date. Controls are well established to ensure the Cathedral's flnandal activities are properly managed. These Include budgetary control, authority levels. and monthly management accounts reports to Executive and Chapter, as well as meetings of the Finance Crrfnmltt￿. The latter has become established over the course of the year, having replaced the ILMigstanding Finance Advisory Gr￿p {a change required as part of implementing the Cathedrals I20211}. The Cathedral has a(fvanced Its plans fof the restoration of three Large propertie5 WTrthin the Close which has been pleasing given the delays brcwht abcmrt by the pandemic. Each of them poses individual and substantial challenge5. Related to thls Is the continual need to progress routine maintenance work across the Cathedral'5 sthtantial prq)erty portfolio within the Close. In other principal rlsk areas, the Cathedral has c4)ntinued to maintain the wor1( of Its Health Safety Committee. The Cathedral's fire evacuation policies and procecknres are reviewed annually by the Committee. Operational oversight in this area is provided by the Chapter Clerk (Chief Operating Officer) and strateglc oversight by the Canon Treasurer. The Cathedral contlnues to be mlndful of risks associated wfth security breaches. The Cathedral's safeguarding Fmjlicy arKI procedures are kept utThkr regLAar review by Chapter. At each meeting of the Executive Tearn a￿1 Chapter there is an agenda item specifically for safeguardlng and appropriate u￿￿ateS are provi¢Jed. The Cathedral has an independently chaired Safeguarding Advisory Group: members include repre5entative5 from the Dlocesan Safeguarding Advisory Panel, the Cathedral School and the c¢Mgregation. as well as Cathedral staff. The Cathedral works closely with the Diocesan Safeguarding Officer and Training Officer to ensure compliafice with Church of England safeguarding practice gui(tsnce and ￿licIes. The Cathedral nefit5 from t dedlcated support of a Diocesan Safeguarding Offfc￿, cllbjer absavice lavel alr ment with t Diocese for safeguarding matters. These accounts have been prepared on the assunption that the Cathedral vrill be able to contlrnje to operate as a going concern which can meet its Ilabilitles as they fall due. Chapter ha5 asse55ed whether the use of this going concem assumption is appropriate. Thls assessment has been made in respect of a perfod of at least one year fcom the dète of approval of the accounts. Despite the urKertainties that have continued to present themselve5. Chapter is of the opinion that the Cathedral will have sufficient resources to meet its liabilities as they fall due and will be able to continue to operate as a going concern. 15

SALISBURY CAThEDRAL ST YEAR ENDED 31 MARCH 2024 Statement of Chapter's responsibilities for the preparation of the Accounts The members of Chapter are responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdorn Generally Accepted Accounting Practice. Under the provisions of the Cathedrals Measure 2021 and the Constitution of Salisbury Cathedral, Chapter is required to prepare accoLh)ts. for each financial year. which give a true and fair view of the state of the Cathedral's affairs and of its financial aclivities during the year. In preparing those accowl5 members of Chapter are required to.. select suitable accounting policies and then apply them consistently. make judgement5 aNJ estimates that are reasonable and prudent; comply with applicable accounting standards, namely the Charities SORP and in accordance with the Accounting and Reporting Regulations for English Anglican Cathedrals specified by the Church Commissioners under Section 30 of the Cathedrals Measure 2021. 5thject to any departure5 disclosed and explained in the accounts: state whether accounting standards and the Regulations referred to above have been followed; and prepare the accounts on the going CThKern basis unless it is inappropriate to presume that the Cathedral will continue to be financially viable. The members of Chapter are responsilAe for ensuring that the Cathedral keeps proper accounting record5 which disc105e wilh reasonable accuracy the financial Frf)Sition of the Cathedral, and which enable them to ensure that the accounts comply with the provisions of the Cathedrals Measure 1999 and the Regulations referred io ab)ve. The fflembeis of Chapter are also responsible for safeguarding the assets of the Cathedral and hence for taking reasonable steps for the prevention and detection of fraLKI and other irregularities. Conclusion This Report offers a glimpse of a busy and fulfilling year for Salisbury Cathedral, with all its opportunities and its challenges. On behalf of the Chapter I corTimend it to you. The Very Revd Nichola5 Papodopylos Dean of Salisbury 25 October 2024 16

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALISBURY CATHEDRAL CHAPTER Oplnlon We have audited the financial statements of Sali5FAry Cathedral for the year ended 31 March 2024 which comprtse the Consolidated Statement of Financial Activities. the Con501idated Balance Sheet, the Cathedral Balance Sheet. the Consolidated Cash Flow Statement and notes to the financial Statements. ?ncludiff4 a summary of significant aCco￿ting policies. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingd￿ Accounting Standards, inCI￿7n9 Financial Reming Standard 102 The Financial Reporting Standard applicable in the UK and Repthlic of Ireland (United Kingdcxn Generally kcepted AccoLmting Practice). In our opinion. the financial 5tatemer)ts- give a true and fair view of the slate of the gr0￿'S and of the parent charity's affairs as at 31 March 2024 and of the group's net movement in fund5 for the year then ended. have been prLx)erly prepared In accordan￿ with United King(h)m Generally Accepted Accounting Practice. have been prepared in aCcOrda￿e with the ACcO￿tIng arKI Rewrtlng Regulations for English Anglican Cathedra15 dated December 2018 as S￿lfied by the Church Commlssloners under Section 30 of the Cathedra15 Measwe 2021 and have been prepared in accordance with the reqUirem￿t5 of the Charities Att 2011. Basis for opinion We have been aFoointed as aLJit￿ under section 144 of the Charities Act 2011 and report In accordance with the Act and relevant reguktion5 made ￿ havlng effect there￿der. We conducted our audit in accordance with International Standards on Auditing IUK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the A￿li(0r.$ responslbilities for the audit of the financial statements section of our report. We are independent of the charlty In accordance with the ethical requirements that are relevant to our a￿lt of the financial statements In the UK, inclLhJing the FRC'S Ethical Standard. and we have f￿fIlled our other ethical responsibilities in acc¢xdance with these requirements. We believe that the audit eiidence we have obtained is sufficient and approprlate to provide a basis for ow opinic￿. Concluslons felatlnq to ping concern In auditing the financial statements, v have conclLxled that the trustees. use of the goin8 C￿cern basls of accounting in the preparation of the fina￿la1 statements 15 appropriate. Based on the work we have perfonned. we have Th)t Idei)tified any material uncertainties relating to events or conditions that. individually ￿ collectively. may cast significant doubt on the group'5 abillty to continue as a going concern for a period of at least twelve months frThn when the financial statements are authcKised fcK issue. Our re5pon5ibilities and the reS￿nsIbilitieS of the trustees respect to golng concern are described in the relevant section5 of this rekNxt. Ot￿r Information The Chapter's mernbers are responslble for the other infonmation. The other inforniation comwlses the Information included in the Report of the Chapter. Our Opinic￿ on the financial statement5 doe5 not cover the other information and. except to the extent otherwtse expllcitly stated in our report, we do not express any form of assurance condu57(￿ thereon. 17

SAL15BURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 In connection with our audit of the financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statemenis or our knowledge obtained in the audit or Othe￿7$e appears to be maierlally misstated. If we identify such material irKonsisterKies or apparent malerial mi5Statements. we are required to determine whether there is a material mi5Statement in the financial statements or a material misstatemenf of the other inf¢)rmation. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. hlatters on which we are required to repc¢t by exception We have nothing to report in respect of the following matters in relation to which the Charlties (Accounts and Reports) Regulation5 2())8 require u5 to rewrt to you if, in our OPTnion: adequate accounting records have not been kept by the parent charity. or sufficient accounting records have not been kept- or the parent charity financial statements are not in agreement with the accounting records and returns- or we have not received all the information aiml explanations we require for Oltr audit. Responslbllltles of trustees for the financial statements As explained more fully in the trustees, re5ponsibilitie$ Statement Set out on page 16, the trustees are responsible for the preparation of the finarKial 5¢atements and for being satisfied that they give a true and fair view, and lor such intemal control as the trustees determine ?s rbecessary to enèble the preparation of financial statements that are free from materièl misstatement, whether due to fraud or error. In preparing the financial 5tatement5. the trustees are responsible for assessing the group's and the parent charity's ability to continue a5 a going concern, disclosing, as applicable, matter5 related to going concern and using the going concern basis of aCCo￿ling unle55 the trustees either intend to liquidate the group or the parent charity N to cease Operati￿$, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraL¥J or error, and tQ 155ue an auditor's report that include5 Qur opin30n. Reasonable a55urance is a high level of a55urance, but 75 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mis5taternent5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could rea5￿ablY be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularftles, including fraud. are instances of non-compllance with laws and regulations. We deslgn procedures in line with our responsibilities. outlined above. to detect material MISS￿(eMentS in respect of irregularities. including fraud. The extent to b¥hich our procedures are capable of detecting irregularities, inclLKling fraud is detailed below: 8ased on our understanding of the Charity and the environment in which it operates, we identlfied that the principal risks of non-compliance with laws and regulations related to safeguarding vulnerable beneficiaries, health and safety, and employment lincluding taxation), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those law5 and regulation5 that have a direct impact on the preparation of the financial state[T￿￿tS s￿h as the Charities Act 2011 and the Cathedral's Aleasure 2021 and other factors such as irbcome tax, payroll tax and sales tax. We evaluated management's incentives and ￿pOrtUnItieS for fra￿Ju1ent manipulation of the financial statements (including the risk of override of controls). and detemiined that the prlnclpal rfsks were related to fund accounting, including transfers between funds, and revenue recognition. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tsix authorities. 18

SALISBURY CAThEDIiAL YEAR ENDED 31" MARCH 2024 Dlscusslons management 1￿1￿J7ng consideration of known or suspected instance5 of non" compliance with laws and regulation and fro￿. Evaluating management's controls desi8ned to prevent and detect Irr￿UlaritieS. Identif￿n9 and testing jownals. and Challenging assumption5 atKI j￿ts made by management in their critical aCco￿lting estimates. Because of the inherent limitations of an a￿lt, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial starements or non. compllance with regulation. This risk increase5 the more that compilance with a law or regulation Is removed from the events ar￿ transactiorfj reflected in the firbancial statements, as we will be less likely to become aware of instances of n(￿.CoMplIa￿Ce. The risk is also greater regarding irregularities occurring due to fraLhJ rather than error. as frathl irwolyes intentional concealment, forgery, collusi￿. Omissi￿ or misrepresentation. A further de5CriPtion of our resp(￿51b111tieS for the audit of the flnancial statements is located on the Financial Reporting Council's webslte at: vrnW.frc.org.￿ljaUdit0r$resp0n5IbIIitIes. This description forms part of our auditor's report. Use of our report Thls report Is made solely to the charity's trustees. a5 a b￿ty. in accordance section 144 of the Charities Act 2011 arKI regulations made under Secti(￿ 154 of that Act. Our audit work has been undertaken 50 that we might state to the charity's trustees t￿se matters we are required to state to them in an Auditor's report and for rn other pwpose. To the fullest extent permitted by law, we do not accept or assume resp(￿51b111ty to anyone other than the charity's trustee5 as a body for our audit work. for this rewrt. or for the opini(￿$ we have fornied. LLP Haysmac LLP Statutory Auditor5 10 Q￿en Street Place London EC4R 1AG 211212024 Date.............................. Haysmac LLP is eligible to act a5 an auditor in tem)s of section 1212 of the Companles Act 2006 19

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Consolidated Statement of Financial Activities Note Unrestricted Restricted Endowment Funds Funds Fund5 £0 Total 2024 £000 Total 2023 Income & endowments Irom: Donations and legacies Grants in support of ffli5sion Charges and fees arising in the course of mission Tradir)g and f￿draiSing Investments Other irbcome 397 1.156 146 68 445 445 65 65 3,553 1.025 35 71 333 32 3,624 1.358 67 3, 122 1.141 34 Total Income 5,075 1,192 6,267 5,667 Expenditure on: Costs of raising income Charitable activities Ministry Cathedral and precincls upkeep Education and outreach 2.757 71 253 3,081 2,738 816 799 343 433 1229 17 1,249 2.056 360 1.473 1.806 309 28 Total expenditure 4.715 1.750 281 6,746 6.386 Net incomellexpendlture) before gainsllosses on investments 360 1558 281) 1479) {719J Galnslllossesl on investment a55ets Investment properties= realised Investment properties.. unrealised 8 Investments.. realised Investments.. unrealised 32 245 131 2.214 2,488 32 245 131 2,510 2,784 217 296 (742) f525) Net galnslllossèsl on inve5trnents 296 Net incornellexpenditurel 360 12621 2,207 2,305 (1,244) Reconciliation of funds Brought fO￿ard ai 1Si April 2023 4,010 7.131 57,469 68,610 69,853 Balances at 31$1 March 2024 4,370 6.869 59.676 70,915 68,010 20

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH Z024 Consolidated Statement of Financial Activities Comparative information Mote Unrestricted Restricted EndowN￿nt Funds Funds Fund5 Total 20Z3 Income & endowments from: Donations and legacies Grants in support of missi Charges and fees arfsing in the our5e of mission Trading and fundraising Investments Other income 459 698 146 1.156 146 3.122 916 29 3. 122 1.141 34 225 Total income 4,593 1.074 5.607 Expendlture on: Costs of raising inccffie Charitable activitie5 Ministry Cathedral and precincts upkeep Education and outreach 2.454 246 2,738 472 1,020 25 1.473 1.866 309 818 283 28 Total expendlture 4.557 1,555 274 6.386 Net Income/{expenditure) before qains/losses on investments 30 (481) (274) (719) Gainsl(105ses) on inve5trnent assets Investment properties: realised Investment properties: unrealised Other Investments: unrealised 217 217 (87) (87) (655) (438) (742) (525) Net 8alnslllosses) on investments Net incomellexpendlture) 36 1568) {71 IJ (1.244) Reconciliation of Funds Brought fO￿ard at 1st Awil 2023 3.974 7.699 58.1 69,853 Balances at 31rt Ilarch 2023 4.010 7,131 57,468 68.610 21

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Consolidated Balance Sheet Note Unrestricted Restricted Endowment F￿dS Funds Funds Total 2024 Total 2023 Fixed assets Tangible assets Non-investment properties 6 Other tangible fixed assets 7 12.644 12.644 75 12,964 42 75 75 12,644 12,719 13,036 Heritage assets Inveslmenl a55ets Investment properties Other investments 20,124 26.084 20,124 31,827 51.951 19,495 33, 185 1,605 4,138 4,138 46,208 Total fixed assets 1.680 4,138 58,852 64.670 65,776 Current assets Stock Debtors Cash at bank and In hand 117 735 2.639 3,491 117 735 6.193 7,045 119 624 2,777 3,519 12 2.731 2.731 823 Total current assets 823 Creditor5: arnount5 falling due within one year 13 18001 (622) Net current assets 2.691 2.731 823 6,245 2,897 Credltors: amounts falling e after one year 14 f4J Total net assets 4.371 6.869 59.675 70,915 68,610 Fund5 Endowment funds Restricted funds Designated funds unrestricted funds Ger)eral unrestricted funds 17 59.675 59,675 6,869 57.468 7,131 16 6.869 374 3,636 4.371 4,371 4.371 6,869 59.675 70,915 68.610 Approved by Chapter ctober 2024 and signed on their behalf by: The Very Revd Nlcholas Papadopulos Dean of Salisbury I Salisbury Chair. Finance Committee 22

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2024 Consolidated Balance Sheet Comparative information Note Unrestricted Restricted Endowment Fun(ts Fund5 Fund5 Total 2023 Flxed assets Tangible asset5 Non-investment propertie5 6 Other tangible fixed assets 7 12,964 12.964 12,964 13,036 Heritage a55et5 Investment assets Investment propertles Other investments 19,495 24,080 43,575 f9,495 33, 185 52.680 2,443 2.443 6,662 6.662 Total fixed a55ets 2.515 6.662 56.539 65,716 Current assets Stock Debtors Cash at bank and in haThJ 119 624 1.379 2,121 119 624 12 469 929 Total current assets 469 929 3.519 Creditors.. amounts falling due within one year 13 (6221 (622J Net current assets 929 2.897 Creditors.. amounts falling Due after one year 14 (4) Total net assets 4.010 7,131 57.468 68,610 Fund5 Endowment funds Restricted fund5 Designated unrestricted funds 17 General unrestricted fuThls 17 15 16 57.468 57.468 7. 131 7.131 374 3.636 374 3.636 4,010 7.131 57,468 68,610 23

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Cathedral Balance Sheet Note Unrestricted Restricted Endowment Funds Fund5 £oc Total 2024 Total 2023 Fixed assets Tangible assets Properly Other tangible fixed assets 7 12,644 12,644 54 12,964 54 54 12,644 12.698 13,018 Heritage assets Inveslwnent assets Investment in subsidiaries Investment properties Other investments 20,124 26,084 20,124 31,827 19,495 33,185 1,605 4.138 1.605 4.138 46.208 51,951 52,680 Total flxed assets 1,659 4,138 58,852 64,649 65,698 Current assets Stock Debto Cash at bank and in hand 11 12 1.148 2.291 1,148 5,846 711 2,3 14 2.731 824 Total current assets 3.442 2.731 824 6,997 3,028 Creditors.. amount5 falling due wlthln one year 13 17301 17301 (542J Net current asset5 2,71 Z 2,731 824 6,267 2,485 Creditors: amounts falling due after one year 14 14J Total net assets 4,371 6.869 59,676 70,916 68,179 Funds Endowment funds Restricted funds Designated unrestricted funds 17 General unrestricted funds 17 15 16 59,676 59,676 6,869 57,468 7,131 6.869 374 3,206 4.371 4,371 4.371 6.869 59.676 70.916 68,179 Apwoved ty Chapter tober 2024 aThJ signed on their behalf by: lstwry Chalr, Comrnitt•• The Very Revd Nlcholas Papadopulos Dean of Sallsbury 24

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2024 Cathedral Balance Sheet Comparative inforrnation Note Unrestricted Restricted EndOW￿nt FuThls Fund5 Fund5 Total 2023 Fixed assets Tangible assets Property Other tangible fixed assets 7 12,964 12,964 12,964 13,018 Heritage a55ets Investment assets Investment in subsidiaries Investment properties Other investments 19.495 24.080 19.495 33.185 2,443 6.662 2.543 6,662 43.575 52.780 Total flxed assets 2.597 6.662 56,539 65.798 Current assets Stock Debtors Cash at bank and in hand 11 12 711 916 711 2.314 469 929 Total current assets 1.630 469 929 3,028 Creditors: amounts fallir due withln one year Net current assets 13 (542) 15421 469 929 Creditors: arnounts falll due after one year 14 (4) (41 Total net assets 3.580 7,131 57.468 68.179 Funds Endowmenr funds Restricted funds Designated unrestricted funds 17 General unrestricted fuThJs 17 15 16 57,468 57,468 7.131 7. 131 374 374 3,206 3.580 7.131 57,468 68,179 25

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Consolidated Cash Flow Statement Note 2024 £0 2024 2023 2023 Cash flows from operating attivities Net cash provided byllused inl operating activities 11,1691 (1,141) Cash flows from investTng actlyities Rents received net of exper￿e$ Interest and dividends received Purchase of plant and equipment Purchase of investment property Proceeds from lease exlension of properties Proceeds from sales of other investM￿t5 11731 1.(KJ2 1481 1911 32 276 (234) 799 (15) 217 265 998 1,021 Cash flows from financing activitles Receipts of en￿o￿￿ent Change In cash & cash equivalents 11711 1720) Cash & cash equivalents at 1" April 2023 10,833 10,953 Cash & cash equivalents at 3 1" March 2024 10.f)62 10.833 26

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Recondliatlon of net incomel(expenditwe) to net cash flow from operatin8 actMtle5 2024 2023 Net incomellexpenditurel Depreciati (Gainslllosses on investments Rents Interest & dividend5 Investment property expenses Ilncreaselldecrease in stocks IncreaselldKrease in debtors Increaselldecreasel in creditors Net cash provided byl(used in) operating artivitles 11.2441 79 525 (342J (799) 577 (14J (40J 116 73 12,7831 (3561 11,(M)3} 529 {111} 174 11,169) (1, 141 J Analysis of movement in cash & cash e￿fva1ents BalarKe 1st Aprll 2023 Net cash Balance cash 3151 March flow 2024 £0 Cash at bank and in hand Unrestricted funds Restricted funds Endowment furmts 1.379 469 929 1.2fAI 2,263 11061 3,417 2.639 2.732 823 6,194 Investment deposlts Unrestricted fund5 Restricted fLmd5 Endowment furmts 2,417 3.952 1.687 8.056 18381 (2,7881 1,579 1.164 1,725 4,468 13.5881 Total cash & cash equivalents 10.833 11711 10.662 Comparative infomiation &71once 1st April 2022 Net cash Bolance CQ5h 31st Alarch flow Z023 Cash at bank and in hand Unrestricted funds Restricted fund5 Endowment fund5 759 955 720 619 14871 209 1,379 469 929 2.435 341 Investment deposlts Unrestricted funds Restricted funds Endowment funds Debt the after one year 2,912 3,931 1.675 14941 21 12 2.417 3.952 1.687 8,518 {4611 8,056 Total cash & cash equivalents 10,953 11201 10,833 27

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2024 Accounting Policies The PTirKipal accoL￿ting policie5 adopted, significant judgements made key sources of estimation and ￿certaIntY in the preparaticffl of the a(c￿tS are set out below. Basi5 of accounting The accounts are for the year ended Jl" March Z024 with comparative information given in respect of the year ended 31, March 2023. They have been prepared under the historical cost convention, with items recognised at cost or transaction value except for the revaluation of investmenl properties and other investments. They have been prepared in accordance ￿th. the Accounting and Reporting RegUlati￿S for English Anglican Cathedrals dated December 2018 a5 specified by the Church Commissioners under Section 30 of the Cathedrals Measure 2021. and the Charitie5 SORP IFRS 1021 second edition. effective January 2019. and the Charities Act 2011 The Cathedral constitutes a public benefit entity as defined by FRS102. Group structure The accounts con501idate the results of the Cathedral's two wholly owned subsidiary companie5. Salisbury Cathedral Works Department Limited and Salisbury Cathedral Enterpri5e5 Limited. Collectively, the Cathedral and its S￿$7￿1ary companies are referred to as the Group. The cathedral.only balance sheet includes the Prebendal fund, the Choristers, Endowment Fund and the Choral Foundation a5 these charities are controlled and administered by the Cathedral for ils charitable purposes. There are three charities whose objects are to swrt aspects of the work of the Cathedral. but which are not controlled by Chapter. Accordingly, the accounts of these charities are not included in these consolidated account5. Further information ab(￿rt these charities is given in r￿te 20 to the accounts. The accounts of Salisbury Cathedral School are also not incI￿je￿ in these consolidated accounts. Although Chapter has the right to ratify the appointment of the Governors of the School. the purposes of the School and the Cathedral are th"5tirKI, and the School operates independenily of the Cathedral. Accordingly, including the School in the Cathedral's cor)501idated accounts would not give a true and fair view. Further information al)out trar￿CtionS between the Schcrf)l and the Cathedral are given in note 20 to the accounts. 28

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 Funds The funds of the Group are divided into three categ(xies. dep&)ding on the terms on which they have been recelved. Endowment funds, whose capital cannot be spcnt, but the inc(¥ne from which may be used for either general or Specific purposes. as laid down by the th￿r. Restricted funds, whose capital and i￿ome are available for spending on speclflc purp05e5 as laid down by the donor. Unrestricted fvnds, vthich may be ￿e￿ for any PurP￿ Vllthin the broad ecdeslastlcal and charitable purpose5 of the Cathedral or the objects of the other group entity holding th￿ll. These may include arno￿t5 vthich have been designated by Chapter for particular purposes but where the designation may be varied or removed in the future. Slgnlffcant accountfng estlmates and areas of judgement Preparation of the accounts requires Chapter to make judgements and estimates. Signiflcant judgement5 and estimates have been made in reiatlon to: estimating the likely amount of legacy income the Cathedral is aware of Its entltlement to receive a legacy; the valuation of investment properties the allocatlon of shared costs across activities. and estimating the L￿eful economic life of tangible fixed assets. Assessment of going concern These accounts have been wepared on the assumptim that the GroLV will be able to continue to operate as a going concern vthich can meet its liabilities a5 they fall due. Chapter have assessed whether the use of this going concern awThption is appropriate. This assessment has been made in respect of a period of at least ¢x)e year from the date of approval of the aCcO￿t5. The Cathedral'5 financial positim is discussed On the Flnancfal Revfiew and Reserves section on page 8. Chapter are of the opinion that the Group will have sufficient resources to meet its liabilitie5 a5 they fall due and that there is ￿ material uncertainty in relation to the Cathedral contiNing a5 a going concern. Income recognition Income (c￿prIses. donations, grants & legacies. income arising in the ccrtffse of missil￿. income from trading activitie5. Investment Income; and other inc(Kne. All income is recognised once the Group has entitlement to the economic benefit, it is probable that the economic benefit will be received. arKI the m(xtary value can be measured with sufficient reliability. When a thlrd party pays fcw goods or services on behalf of the Cathedral. the cost is recognised as income as well a5 being slb)wn as expendl¢ure In the statement of financial activities. Similarly. donated goods and Services are val￿1 on an arm's length basis and shown as Income and either capital or revenue expenditwe as aForopriale. No monetary value. however. is placed on the servl ovided by the many Cathedral volunteers. Donations and grants are recognised when the Group ha5 confirniation of tJth the amount and settlement date. In the event of donations pledged not received. the amount 15 recogni5ed where the recelpt Is consldered probable. In ttle event that a donaticA) is S￿]eCt to conditions that require a 29

SALISBiJRY CATHEDRAL 5T YEAR ENDED 31 MARCH 2024 level of performance before the Group is entitled to the funds. the income is deferred and not recognised until either those conditions are fully met, or fulfilment of those conditions is wholly within the control of the Group and it is pr￿able that the conditions will be fulfilled in the reporting period. Legacies are recognised when the Gro￿ is entitled to the legacy. the amount of the legacy receivable can be reliably measured, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are wlthin the control of the Group. Entitlement IS taken as the earlier of the date on which either.. the GroLP is aware that probale has been granted. the estate has been finalised and notification has been made by the executor to the Group that a dFStribution will be made.. or • when a distribution is received from the estate. In the event that the legacy is in the fomi of an asset other than cash or a financial asset traded on a recogni5ed stock exchange, recognition is subject to the Val￿ of the a55et being reliably measurable with a degiee of reasonable accuracy and title to the a55et having being transferred to ihe Group. Where legacies have beem notified to the Group, or the Gr(Kp is aware of the granting of probate, but the criteria for income recognition have Mt been met, then the legacy is treated as a contingeni asset and disclosed if material. ncome arising in the course of mi55icn comprises incc4ne from education and other activities underiaken as part of the Cathedral's mission. Such income is recognised when the related activities take place. The majorily of investment properties are $L￿JeCt to I￿g-terM leases for which a premium is charged on the grant of the lease. In accordance ￿th the provisions of the Cathedrals Measure 1999, the lease premiums. less associated costs, are credited to endowed capital on receipt. The net proceeds are therefore shown as realised gains of the endowment fund5 in the year in which the lease prerniums are received. Other investment income is recognised when it is receivable. as long as the amwnt can be measured reliably. Expenditure Expenditure is included in the statement of financial activities when incurred and includes irrecoverable VAT. ExpÉ¥)diture is recognised as SO￿ as there is a legal or constructive obligation committing the Group to make a payment to a third party. it Is probable that a transfer of econofflic benefits will be required in settlement. arKI the afflount of the obligation can be measured reliably. Expenditure includes the cost of good5 or set¥ice5 paid for by third partie5 on behalf of the Cathedral. Expenditure comprises the direct costs of different activities, inclthying the salaries of those employees directly involved, and support costs V4hich support a number of activities. All expenditure, including support costs, is allocated or apportioned to the applicable activity headings wiihin the following categories: costs of raising funds; aNI costs of charitable activities.

SALISBURY CATHEOIiAL YEAR ENDED 31- MARCH 2024 In order to carry out the primary Pur&￿ of tlE Grow) it is necessary to provtde supwt in the form of staff development, office services aTrJ equipment. financial management. good governance and similar costs. Governance costs c(¥nprise a￿lIt fees and other expenditure relating to the public accountability of the Group and compliance with regulati[￿ and good practTrce, irKludirkg expenditure relating to relevant meetings. Support costs, I￿1￿11ng g(wemance costs, represent indlrect charitable expenditure and are apwrtioned based on the f￿l-tiMe.eW7yale￿t numbers of staff time In the relevant cost centres. Taxation No Corporati￿ tax is payable by the Grow as the Cathedral is 3 charity and its subsidiary companles surrender their profits to the Cathedral under Gift Aid. Inccrfne tax recoverable on donations and Investment income is included as part of the cOrre¥￿rNI1ng income. The Cathedral can recover only some of the Value Added Tax {VATI I￿￿rred on Its expendlture. Irrecoverable VAT Is Included as part of supwrt costs. Tangible fixed assets Apart from the Cathedral Church itself, which is treated as a heritage asset. properties used for the Group's own activities are shown at their cost. This incI￿leS additions to the Cathedral to provide visitor facilities. These additions are depreciated C￿ a straight.line basis over their anticipated u5efL ec¢Momlc Ilves at annual rates of 2% - l￿A. The other properties used by the Group were acwired prior to 31" March 2015 and their existing use Val￿ at that date is treated as the deemed cost las permitted by the changes to the AcCo￿tIng Regulations in February 2015). No depreciation is charged on these properties the basis that they are regularly maintalned and therefore have an indeflnlte useful ecOn￿1C life and maintain their Yalue. Accordingly. any depreciatlon would not be material. Other tangible fixed assets (apart from heritage assets) costing more than £1,0(￿ and wtth an expected useful economic life exceeding year are capitalised at C05t. They are depreciated on a siralght.line basis over their anticipated useful ec(Thmic lives at the following annual rate5: Building improvements 2%-10% Workshop equipfflent & vehicles Office, shop & refectory equip￿nt Cathedral fumiture & equipment 2(rA . 33% Heritage assets The Cathedral Church of the Blessed Virgln Mary In Salisbury and its historic omaments, ve5tment5 and other artefacts are regarded as heritage a5seis beca￿ of rhelr contrlbution to knowledge and culture. Such assets are not ge￿allY recognised on the balance Sheet a5 infomiatlon about their cost or Valuation is ￿t available. Because of the incomparable nature of these historic heritage assets, conventional valuation approaches lack sufficient reliability and, even if valuation5 could be obtalned. the costs ol doing so would not be justified by the usefulness of the information to users of the accounts and the Cathedral. Current additlCK15 to the Cathedral's ￿naMen[S, vestments and oiher artefacts which qualify as heritage assets are shovm at their cost N, if donated ro the Cathedral, their fair value on an arm's length basis at the time of donation. This value 15 treated a5 the tjeemed cost. If, because of their nature, donated iten)s cannot be valued vrith sufficient reliability. fv are not recognised on the balance sheet. Heritage assets recognised on the balarKe SI￿et are not depreciated as thvy have indefinite lives. At each balance sheet date, a review is undertaken and the cost lor deemed costl of recognised heritage a55et5 is written down if the value of such an asset has been impaired for any reason. The Cathedral's heritage assets are both extens?ve and of Internati￿31 s?gnificance. As well as the Cathedral Church itself, ConstrLKtiC￿ of vthich started in 1220, heritège assets include an original copy of 31

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 the 1215 Magna Carta, the oldest working mediaeval clock in the world, significant works of art and an extensive library and archives. The Cathedral maintains a record of its heritage assets as part of its inventory of all the Caihedral'5 fumilure. ornaments. vestments and vessels. The Cathedral Church is open to the public daily and there are also arrangement5 to allow access to the Cathedral's archives and other collections. In accordance with the Care of Cathedrals Measure 2011. the Cathedral has established a Fabric Advisory Cornmittee. No wotk may be carried LNJt on the Cathedral Church that would materially affect its archileclural, archaeological. artistic or historic character, nor may any object of architectural, archaeological or artistic interest be 501d. lent or disposed of, without the approval of either the Fabric Advisory Committee or the Cathedrals Fabric Commission for England. It 15 the responsibility of Chapter to ensure that necessary repairs, maintenance and conservation of the fabric of the Cathedral itself and other heritage assets are carried out. The related costs are reported as expenditure in the statement of financial activities. An independent archiiect makes a detailed quinquennial report on the Conditi￿ of the fabric of the Cathedral and provides an annual update. There have been rKJ transactions relating to heritage asset5 Within the last five years and the Cathedral doe5 not currently recognise any heritage assets on its balance sheet. The costs of caring for the Cathedral's heritage assets, incIL￿Ing repairs to the cat￿dra1 Church, are reported a5 expenditure in the statement of financial activities as the costs are incurred. The costs of routine maintenance and wotk on fflajor repairs are each identified separately in notes to the accounts. Flxed asset investments Fixed asset investments, includirrf4 invesiment properties. are shown at their fair value at the balance Sheet date. Fair value is the open market value for investment properiies. and the bid.market value reported by the respective fund managers for other investments. The Group does not acquire complex financial instruments such as options and derivatives. Reali5ed and unrealised gains and losses on investment assets are cTrmbined in the Statement of financial activities and recorded in the year in vthich they arise. Stock Stock includes.. materials held by the works and glazing departmentS- gormls for resale held by Salisbury Cathedral Enterpri5e5 Ltd. a￿j work in progress under contracts for third parties. All stock is recognised at the lower of cost and net realisable value. Debtors Debt¢rs are recognised at the amount due to the Gfcw, less any provision for non.recoverability. Prepayment5 are recognised at the amount prepaid. Debtors and prepayments are discounted to rhe present value of the expected fvlure cash receipt where such discounting is material. Cash at bank and In hand Cash at bank and in hand represents cash and bank balances that are available on demand or have a maturity of less than three months from the date of acquisition. Term deposits of more than three month5 but le55 than one year are disclosed as short-terni deposits. Cash placed on deposit for more than one year is shown as a fixed asset investment. Bank balance5 held as part of investment portfolios are also included as part of fixed asset investments. 32

SALISBURY CAThEDRaL ST YEAR ENDED 31 MARCH 2024 Creditors and provisions Creditors and provTsions are recognised vthen tlwe is an obligation to make a payment or other transfer of economic benefit as a result of a past event, and the benefit of amwnt can be estimated reliably. Creditors and provisions are wecognised at the amount the Group anticipates it will pay to settle the debt. They ale discounted to the present Val￿ of the future cash payment where such discc4Jnting is material. Pensions The costs of retirement beneffts provided to dergy emptoyed ty the Cathedral thrwgh a multl. employer defined benefit pension scheme. the assets of which are held independently of the Gr￿p, are accounted for as if this were a defined contril)utiori scheme. as infomiation is not available to Use define(I benefit accountlng in accordance with the requirements of FRS 102. The Group's contributions to this scheme are recognlsed as an expense in the period in wh7ch the related stipends are payable. In addition, a liability is recognlsed at the balance sheet date for the discounted value of the expected future contr1t￿ti￿ payments under agreements to f￿d past service deficits. The Group also contribute5 to pension schemes of other employees. These schemes are defined contribution schemes, and the assets are held irKlepeThkntly of the Group. Contribution5 made by the Group are recognised as an expense in the Peri￿1 in which the related salaries are payable. 33

SALISBURY CATHEDIiAL ST YEAR ENDED 31 MARCH 2024 Notes to the Accounts INCOME Unrestricted Restricted Endowment Funds Fund5 Funds £OCM) £[￿0 Total 2024 co Total 2023 Oonations & legacies Congregational collections Other donations Friends of the Cathedral Cathedral Trust Legacies 205 133 206 237 159 549 137 75 236 104 75 20 75 79 59 397 311 708 1,156 Grants In support of mlsslon Church Commissioners Other grants 135 310 135 310 142 445 445 146 Charges and fees arlsln¥ In the course of rnis5ion Facilities and other fees Education centre 43 22 43 22 53 15 65 65 68 Tradin8 and funitraising Cathedral Admission Fee Other Charges to visitors Shop, refectory and car park Masonry and glazing contracts 1.631 533 1.082 307 1.631 604 1.082 307 1.264 595 935 328 71 3.553 71 3,624 3. 122 Investments Property Investments Interes1 on short-term deposits 301 584 140 55 160 356 744 258 342 724 75 1,025 333 1,358 1,141 Other income Other income 35 32 67 34 35 32 67 Total Incoffle 5,075 1.192 6.267 5.667 34

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 INCOME Comparative Informatlon Unrestricted Restrlcted Endowment Funds Fund5 Funds Totol 2023 Donat1CM￿ & legacles Congregational collections Other donations Friends of the Cathedrnl Cathedral Trust Legacies 157 159 549 137 75 236 381 137 75 103 133 459 698 1.156 Grants In support of m15slon Church Commissioners Job Retention Scheme Other grants 142 142 146 146 Charges and fees arising In the course of mission Facilities and other fees Education centre 53 15 53 15 68 Tradin8 and fundralsln8 Cathedral Admission Fee Other charges to visitors Shop. refectory car park Masonry and glazing contracts 1.264 595 935 328 1,264 595 935 328 3,122 3, 122 Investments Property Investments Interes¢ on Sh￿t.terrn deposits 290 587 39 52 137 342 n4 75 916 225 1,141 Other Income Other inccwne 29 29 34 Total Income 4.593 1,074 5,667 35

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 COSTS OF RAISING INCOME Unrestricted Restricted Endowment F￿d5 Funds Funds Total 2024 £oc() 57 859 88 695 215 529 276 362 Total 2023 Appea15 and fundraising exwse Facilities for visitors General marketing c05t5 Shop, refectory and car park Masonry and glazing contract5 Property expenses Investment rnanagement costs Supporl costs 22 859 88 695 215 520 35 672 96 585 247 577 303 289 32 244 358 2.757 71 253 3.081 Z,738 CHARITABLE ACTIVITIES Unrestricted Restricted Enth)wnient F￿d$ Funds Fw)ds E(XJO Total 2024 1000 Total 2023 Ministry Clergy slipends and expenses Clergy housing costs Clergy support costs Services and music Support costs 35 18 25 559 179 135 170 216 71 16 946 223 29 853 179 294 816 433 1.249 1,473 Cathedral and precinct5 upkeèp Major repairs and restoration Maintenance and interior upkeep Cathedral insurance Little Paradise develowient Precincts, security and garden ￿)keep Support cosis 1.2Z9 1,229 378 88 28 922 454 85 28 107 270 378 88 267 267 799 1,229 28 1.056 1,866 Educatlon and outreath Educational activitles Archives and library Art exhibitions and restoration Charitable and other giving Support costs 255 255 188 66 10 10 71 72 50 343 17 360 309 Total expenditure on charitable actiyitles 1,958 1.679 28 3.665 3,648 36

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2024 COSTS OF RAISING INCOIAE Coffparative Informatlon Unrestricted Restricted Endowment Fund5 Funds Funds Total 2023 Appeals and fundraising experGes Facilitles for visltors General marketing costs Shop, refectory and car park Masonry and glazing contracts Property expenses Investmenl managernent costs Swport costs 6n 672 96 585 247 577 265 585 247 565 12 234 31 287 2.454 38 246 2,738 CHARITABLE AcnvmES Comparative bnformation Unrestricted Restricted EndOW￿nt Fun£ts Fund5 Funds Total 2023 Ministry Clergy stipends and expenses Clergy housing costs Clergy support cost5 Semces and music Support costs 81 71 13 613 223 135 216 71 16 946 223 334 1.(MlZ 472 1,473 Cathedral and preclncts u￿eeP Jmajor repairs and restoration Maintenance and interior upkeep Cathedral insLYance Little Paradise development Precincts. security and garden ￿keeP Support costs 922 922 454 85 28 107 270 85 28 97 270 io 818 1,020 28 Education and outreach Educational activities Archives and library Art exhibitions aTKJ restoration Charitable and other giving Support costs 188 66 47 19 50 50 283 25 309 Total expenditure on charltable actlvlties 2,103 1.323 28 37

SALIS8URY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 STAFF NUMBERS AND COSTS The average weekly number and the average ful1-time-equ1val￿t n￿Mber ot paid staff of the Group were as follows". 2024 No. FTE 48 28 52 24 22 17 22 15 2023 Cathedral and precincts Visitors and education Works and glazing department5 Administration 40 29 51 21 20 19 21 13 144 84 138 81 The total staff costs were as follow5.. 2024 2023 Wages. salaries and stipends Employer s national insurance Employer's pension contributions 2,488 212 126 2,340 194 129 2,826 2,602 The number of higher paid employees was: Taxable emoluments band.. No. No. £60,(KK) . £70,c £70.0{￿ . E80,( Total salary package paid io key managefflent personnel (excluding clergy) totalled £97,769 1£92,836 221231. Stipend payments for the clerical members of key management personnel is shown below. Included in the staff referred to in the tables above are the Dean and the three Canons Residentiary who are paid stipends and the related pension contribut?ons in accordarKe V￿th scales Set annually by the Church Commissioners, the Archbishops, Council and the Church of EnglaTrJ Pensions Board. The stipends of the Dean and two Canon5 Re5identiary are funded by the Church Commissioners. The stipends lincluding employer's national insurance) and employer's pension contributiOll5 were as follow5.. 2024 Stipend Pension 2023 Stipend Pension The Very Revd Nicholas Papadopulos (Dean) The Revd Canon Anna Macham (Precentorl The Revd Canon Edward Probert Ichancellorl The Revd Canon Kenneth Padley ITreasurerl 42.401 33.378 33.190 31,619 8,931 7.145 7,145 7,145 41,291 31,974 31,819 24, 176 11,677 9,342 9,342 6,259 The clergy pensTon contributions are paid to the Church of England Funded Pensions Scheme. Further details of Ihe Scheme are shown in note 19. 38

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2024 SUPPORT COSTS Support costs inclthje: 2024 2023 Remuneration of the audit4Xs of the Group ALrdit services Non audit tax seThfces 31 29 Irrecoverable VAT 61 57 NON-INVESTMENT PROPERTIES - GROUP & CATHEDRAL Little Paradise Shop and refectory Staff hOL￿eS Offices Total COST OR DEEMED COST At 1S1 April 2023 Additions Disposals Transfers fromllto) investment prcwties At 31 St IAarch 2024 1,391 877 2,259 9,576 14,103 12921 9.284 12921 13.811 1.391 877 2,259 DEPRECIAT￿N At 1st April 2023 Charge for the year At 315t March 2024 262 28 877 1,139 28 290 1.167 NET BOOK VALUE At 3151 hlarch 2024 1,101 2,259 9.284 12,64 At 31 st March 2023 1.129 2,259 9,576 12,964 The off?ces and staff ￿)USe5 were acquired prlor to 311t March 2015 and their existing use value at that date Is treatefl as the deemed cost las permitted by the changes to the AccoLmting RegLAations in February 20151. 39

SALISBURY CATHEDRAL 5T YEAR ENDED 31 MARCH 2024 OTHER TANGIBLE FIXED ASSETS GROUP Workshop equipment Office & vehicle5 equiwnent Shop & Cathedral refectory furniture & equipment equipment Building improvements Total £000 COST At I" April 2023 A(klitions Disp05als At 31SI March 2024 102 232 71 14 276 1.265 48 28 102 238 612 85 276 1,313 DEPRECIATION At 1, April 2023 Charge for the year On disposals At 3151 March 2024 102 207 16 68 276 1.193 45 24 102 223 73 276 1.238 NET BOOK VALUE At 31" March 2024 15 75 At 315t March 2023 25 72 CATHEDRAL Workshop equipment Office & vehicle5 equipment Cathedral furniture & equipment £0 Bwlding irnprovementS £LKJO Total COST At 1. April 2023 Additions Disposals At 31 st March 2024 130 581 28 276 1,081 29 94 276 1,110 DEPRECIATION At 1" April 2023 Charge for the year On disposals At 31st Ilarch 2024 94 120 537 23 276 1,027 29 94 126 560 276 1,056 NET BOOK VALUE At 31SI March 2024 49 54 At 31SI March 2023 10

SALISBURY CATrIEDRAL YEAR ENDED 31- IAARCH 2024 INVESTMENT PROPERTIES- GROUP & CATHEDRAL General Ch0ri5ters' End0￿￿ent Endowment Fund FLmd Total £(K)o Valuation at 151 AwS12023 Additions Disposals Transfer froml{tol non investment propwties Revaluation 18,485 92 1.010 19.495 92 292 245 292 245 Revaluation at 3131 March 2024 19.114 1,010 The Cathedral does not have a record of the original cost of the investment properties. 20.124 The propertles held for investment purpose5 are all within the Cathedral C105e. They are held freehold, and let on assured shorthold tenancies a few on long. tenant-repairing leases. A full property re- valuation wa5 conducted at 31st March 2022 ty Str￿t & Parker LLP, Chartered Surveyors, on the basis of open market valve. A review of the property valuatlcms CO￿luCted at 315L March 2023 and 31st March 2024. Whereup￿ it was agreed there was no materlal change to the March 2022 valuation. OTHER INVESTMENTS - GROUP & CATHEDRAL Unrestricted Fund5 Restrirted Endowmenr Funds Fund5 ElJ)O 24,079 Total cooo 33,185 Market value at 151 April 2023 Additions Algt fees Disp05als Increase/ldecrea5el in cash Revaluation 2.443 6.663 1321 12441 {2761 (8381 {2,7881 295 38 2,211 26,084 13.5881 2,5 31,8Z7 IAarket value at 3151 March 2024 1,605 4.138 The original cost of these investments was." At 315t hlarch 2024 3.020 7,214 20,357 30,591 At 31SI March 2023 2,443 6.347 20.118 28,908 The market values comprise: 2024 Total 2023 Total Collective investments ￿lding.. UK listed investments Overseas listed investments Unlisted investments Cash Other unlisted investments 2,299 17,693 2.321 5.021 25 3,576 15,341 1.827 4,358 25 27.359 4.468 31.827 25, 128 8,056 33, 185 Cash on deposit Jmarket value at 315t Marth The collective investments are managed by CCLA Investment Management Ltd. Other unlisted investment5 are 5htrwn at cost as Chapter ¢A)es not conslder that the market value 15 materially different. 41

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 10. SUBSIDIARY COMPANIES The corhsolidated acCo￿t5 include the inci)me, expendlture and net assets of the following two companies which are wholly owned by the Cathedral. In both cases, figures relate to years ended 3111 March. SaliS￿ry Cathedral Works Department Ltd 2024 2023 Sallsbury Cathedral Enterprises Ltd Z024 2023 Turr￿Ver Expenditure Net profit Gift Aid donations and di5tritMJ¢ions Salisbury Cathedral paid in year Salisbury Cathe(Iral Deferred Gift Aid Retained profitlllossl 18Z 94 1,279 1.080 743 53 435 337 58 93 15) 428 341 14) Gross assets Llabillties 20 1201 189 11891 580 15801 594 (594) Net a55et5 Salisbury Cathedral Works Department Ltd (company number 029194461 is the trading arm of Ihe Cathedral works department. It carries out outside contracts. principally repairs to historic buildings, by the works department. Salisbury Cathedral Enterprises Ltd Icompèny number CKJ5561161 operates the Cathedral shop and car parking and receives commission from sales in the Cathedral Refectory restaurant Iwhich is operated by an independent catering componyl. It also carries out cAJtside contracts. principally repairs to historic t￿lIdIng5, by the glazing depaitment. In additior) to the Gift Aid donations and distributions referred to in the table above, the following trar)5actions took place at arm'5 le¥igth between the Cathedral and its subsidiary cofflpanies. The Cathedral incurs expenses which are recharged to the sthsidiary companie5. During the year, the total amount of such recharges to Salisbury Cathedral Works Department Ltd was E51k 12023: £64kl to Salisbury Cathedral Enterprises Ltd wa5 £440k 12023= £4(￿k1. Salisbury Cathedral Enterprises Ltd E52k 12023.. £8kl to the Cathedral and E31 Ik 12023= £113) to Sali5twry Cathedral Works Department Ltd for glazing repairs undertaken. Salisbury Cathedral Works Ltd charged the Cathedral £nil 12023.. £nill. 11. STOCK GROUP 2023 CATHEDRAL 2023 2024 2024 £c(JO Raw materials Goods for resale Work in progress 21 90 24 87 117 119 42

SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2024 12. DEBTORS GROUP 2023 CATHEDRAL 2023 2024 2024 Trade debtors Income tax recoverable Other debtors Prepayments Due from subsidiary companies 120 16 102 497 33 51 269 157 102 492 521 261 128 271 735 624 1,148 711 13. CREDITORS: amounts falling due within one year GROUP 2023 CATHEDRAL 2023 2024 Eo 457 31 2024 Trade credltors VAT payable PAYE & NIC payable Other creditors Accruals Deferred income 434 31 56 319 13 51 13 51 192 161 72 47 8(XJ 622 730 542 14. CREDITORS: amounts falling (hje after one year GROUP 2023 CATHEDRAL 2023 2024 2024 £OCM) Pension provlslon (see note 201 15. ENDOWMENT FUNDS Bala￿e . Ayll 2023 Transfer5, gain5 Balance Income Expenditure and1055e5 315tMarch 2024 E(N)O £000 2,281 56,265 51 2.801 558 Endowed capital Prebendal fund Choristers, Endowment FLmd Chcrfal Foundatlon 54.205 51 2.696 516 32 1253) {21) 17) 1281) 126 49 57,468 32 2.456 59,675 See note 18 a descriptlon of the Pur[￿ of each fund. 43

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 16. RESTRICTED FUNOS Balance 1" Awl 2023 Tran5fersk gains Balance Income Expenditure and losses 313tl+tsrch 2024 £ofy) £000 141 151 11061 401 12051 342 17711 {2791 1151 {3701 Prebendal fund Chorister5' Endowment Fund Choral Foundalion General fabric legacy fund Ivor Read fabric legacy fund Willis organ (￿d Other specific grants, legacies & donations 135 15 18 125 192 1,182 4,276 123 703 150 255 4,329 108 693 509 149 7.131 1,192 11,7501 296 6,869 See note 18 for a description of the purpose of each f￿)d. 17. UNRESTRICTED FUNDS Balance 111 April 2023 Surpiusl Ideficiti Gainsl {lossesl Balance Transfers 31"March 2024 £000 Designated unrestricted fund5 Cathedral interior development fund Property repair reserve Safer er)vironmer)t fund Organisation developrnent f￿d Visitor experience fund Comm￿ltY & outreach projects Library fund 57 1571 48 63 1481 1631 1601 {101 {261 13741 10 26 374 General unrestricted funds Trading Companies 3.637 360 374 4,371 4,011 360 4, 371 During the year, remaining designated funds were released as the related projects have either been completed with undersperit tyjdgets or funds are rK)w incorporated into general expenditure. These amounts have been transferred back to general funds.

SALISBURY CATHEORAL ST YEAR ENDED 31 AIARCH 2024 18. PURPOSES OF FUNDS The endowment arKI restricted fund5 shown 7n Th)tes 15 aThJ 16 ctynprise. respectlvely, the capital and the unexpended income of fu￿15 given for the foilowiff4 specific wrwses: Endowed capltal: Prebendal furKI: Salisbury Cathedral Chorister5' EndowTnent Flmd: Sali5trrtJry Cathedral Choral Foundation= General fabric legacy fund: Ivor Read legacy fund: Wlllls organ fund: Other specifk granrs, legacie5 & 0)natioDs: to improve the freehold prowties ovmed by the Cathedral to meet expenditwe incurred by non-residentiary and lay caTr)ns to fwKI the fees of tw choristers to promote and enhance church muslc in the Cathedral repair and maintenance of the fabric of the Cathedral repair arKI maintenance of the fabric of the Cathedral maintenance of the Willis organ In the Cathedral various specific purposes including music, stipends. education & library FKojects. artwryk and repairs & improvements to the Cathedral Although Separately registered charities, Salisbury Cathedral cl￿rISterS. Endowment Fund (charity no. 3094851 and Salisbury Cathedrnl CIK)ral Foundati￿ (charity no. 10588991 are regarded as funds of the Cathedral as they are athinistered by the Cathedral for its charitable pwposes. The Cathedral, through Chapter, is the tr￿tee of both charities. 19. PENSIONS Salisbury Cathedral participates in the Clwrch of England Funded Pl￿51(￿ Scheme for stipenthary clergy. a deflned benefit persion scheme. Thi5 15 adminisrered by the Church of England Pensions Board, whlch holds the assets of the scheme separately from those of the Cathedral. Each participating employer in the scheme pays contrlbutic￿5 at a common C￿tril￿Jt10n rate applied to pensionable stipend5. The scheme is considered to be a multi.employer scheme as described in Section 28 of FRS 102. Thls mean5 It is not possible to attribute the Scheme'5 assets and liabilities to each specific employerp and deficit. The 2021 valuation showed the Scheme to be fully funded and as SLKh in 2024, follovring the valuation results being agreed. the deficit contriimjt1(￿ paid were CO12022: £0}. A valuatlon of the Scheme 6s carried (Krt every three years. The mosi recent completed Scheme valuation was carried out at 31 December 2021. The 2021 valUatiC￿ revealed a Surp1￿ of £560m based on assets of E2.72Cin and a fwding target of U,16C*n. assessed using the following assLMnPtI¢y)s: An average discwnt rate of 3.2% p.a. RPI inflation of 3.4% p.a. land pension increase5 consistent wlth thls); CPIH inflation in line with RPI le55 O.VA pre 2030 moving to RPI with no adjustment from 2030 onwards. Increases In penslrmwble stipends in line with CPIH; Mortality in accordance with 9(IX of the S3NA tables, knith allowance for improvement5 in mortality rates from 2013 in line with the CM12020 exterKled model wlth a long-term annual rate of improvement of 1.5%, a smoothing parameter of 7 and an initial additi(J) to mortality imwovements of 0.5% p.a and an allowance for 2020 data of (fA li.e. w2(KA) - 0%). Following flnallsation of the 31 December 2021 valuatim, deficlt c￿tributIOnS ceased vrith effect from 1 January 2023. $i￿e the Sdleme was fully fuTrJed. The deficit recovery contriiKJtions under the recovery plan in force at each 31 December were as follows: 45

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 % of pensionable stipends 7.1% payable from January 2021 to December 2022 Nil Nil 37 Dec 2021 31 Dec 2022 31 Dec 2023 An interim reduction to deficil contribution5 to 3.2% of pensi(Thible stipends was made with effect from April 2022, and remained in place until December 2022. Section 28. 11 A of FRS 102 requires agreed deficit recovery payThents to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards. the balance sheet liability as at 31 March 2024 is nil. The rn¢)vernent in the balance sheet liability over 2024 and over 2023 is set out in the table below. 2024 1000 2023 Liability at 1 It April Deficit (￿tribUtion paid Expense charge - effect of changes to agreed deficit recovery plan, discount rate and other actuarial assumptions Liability at 31 sl March (see note 151 14} This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumption5. No assumptions are needed for December 2023 as there are no agreed deficit iecovery payments going forward. No price inflation assumption was needed for December 2021 since Pensi￿oble stipends for rhe remainder of the recovery plan were alrea(ty krM)Wn. December December December 2022 2021 nla n/a nla 2023 nla nla nla Discount rate Iper annuml Price inflation (per annuml Increase to total pensionable payroll Iper annuml nla -1.5% The legal structure of the Scheme is such that if a￿ther ewnployer fails, Salisbury Cathedral could become responsible for paying a share of that employer's pension liabilitie5 ￿der the Scheme. Employees of the group other than stipendiary clergy may enrol in a group personal pension scheme with AVIVA. This is a defined contribution scheme to Nthich the Group makes employer's contributions. The total pension costs for all employees charged as an expense durirrf4 the year were as follows: 2024 2023 £oc 131 Contribution5 payable for the year Movement in deficit recovery liability, as ab)ve 128 115

SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2024 20. CONNECTED CHARMES For the benefft of the Cathedral There are three charitie5 whose objects are to 5yJPOrt aspects of the work of the Cathedral, lyJt whlch are ￿t ccmtrolled by Chapter and whose accounts are therefore not Ind￿ed in these cC￿5011dated accounts. 5olisbury Cathedral Trust 15 an indeperth)t tr￿rity whose objects are the f￿herance of religion and education, in particular by giving priority lo the repair and malnt¢mance of Salisbury Cathedral. During the year, two of its four tnjstees were member5 of Chapter. The A55ociation of the Friends of Solisbury CatheLlral is a members. association vthose objeci is to enhance the fabric. contents. work arml worship of the Cathedral. It Is an independent charity and Is governed by its Executive Council which includes a member of Chapter. Salisbury Cathedrol Glrl Choristers. Fund is an indep￿t charity whose object5 are to pay bursaries for girl choristers at Salisbury Cathedral. During the year two of its seven trustees were members of Chapter. The grants shown below we pald directly ty the Fund to the Cathedral School and are not IncL￿e￿ in the Cathedral's accwnts. s￿Marie$ of the most recent aCCo￿tS of these charities are as follows: Cathedral Tnjst Friend5 of Cathedral 31.3.23 31.3.22 31.3.23 31.3.22 COD) 236 Girl Choristers. Fund 31.8.23 31.8.22 Eoc 223 Year ended Gross Income Net income, including Investment 8ains/losses. before grants Grants to or for the benefit of the cat￿dra1 Gross assets Net assets 151 58 19 246 33 1C 75 75 743 740 167 954 912 129 101 2.362 2.361 2.430 2.429 723 1,025 The grants to the Cathedral 5hovm above do rnt always correspond exartly to the Income shown in the Cathedral's accounts due to timing difference5 in the recognltlon of grants. The accounts of The AsscKiati(m of the Friends of Salisbury Cathedral have been audited. The accounts of Salisbury Cathedral Trust al￿ Salisbury Cathedral Girl Chori5ter5' Fu￿1 have been independently examlned but not audlted. Not for the benefit of the Catheltral SalSsbwy Cathedral School is a registered charity and ccrfnpany limited by guarantee of which the Cathedral as a corporation aggregate is the sole member. Chapter has the right to ratify the appointment of the Govemors of the School, but the khool is not Included in these consolidated account5 for the reasons set out in the aCc￿ntIng poLicles. During the year the Cathedral received rent totalling £105k 12022123: E108kl from the SclM)ol. E71k 12022123: £72kl ￿der the lease from the Cathedral of the Sch￿1.5 main premises. and £34k 12022123: C36kl in respect of the lease from the Choristers, Endowment Fund of a property in The Close owned by that fLmd. The School educates the Cathedral's choristers. The Cathedral, the Choristers, Endovmient Fund and the Choral Foundatlon paid a total of £211k 12022123: £187kl to the khooi in resFeCt of choristers, bursaries and a further £67k 12022123: £104kl in relation to choir tour5 and other chorlster expenses. These costs are included in these accounts as part of the cost of seNbces and music. Z1. OTHER RELATED PARTY TRANSACTIONS The Dean and the three Canons Residentiary receive stiFth as shown in note 4. In acC(￿dance wth the Church of England's normal policy. they also live in ￿uSe5 provided by the Cathedral. The Dean and the three Canons Resldentiary were reimbursed expenses of £8.5k during the year 12022123: £12kl and Chapter members were reimlxjrsed EO.4k expenses (2022123: nil). 47

SALISBURY CATHEDRAL 5T YEAR ENDED 31 MARCH 2024 Mefflbers of Chapter dmated a total of £4k12023: £7kl to the Cathedral during the year. The Cathedral has chosen not to hold ¢ru5tee and management liability insurance but there 15 provision in the overall insurance policy for a nominal amounl of E1C(l(. This prowdes for the personal liability of trustees, directors, officers and employees. The insurance premiLHn paid in the year for a combined insurance policy which also covered the Group against other risks was E88k12022123: £81 kl. Except as noted atr)ve. none of the members of Chapter lor anyone connected with them) received from the Group any remuneration, benefit or payment for sefvices during the year {or the preceding yearl.