Salisbury Cathedral THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY SALISBURY ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31ST MARCH 2025 Charity No: 1202770 SALISBURY CAThEDRAL 5T YEAR ENDED 31 MARCH 2025 ANNUAL REPORT AND ACCOUNTS CONTENTS Our Vision, Values and Strate￿C Objectives Cathedral Dlrectory Introduction Report of Chapter Nurturing Faith Welcome. Partnership and Diversity Sustainability - our Heritage and Finances 10 Working Together Public Benefit Financial Review & Reserves 14 Current Challenges and Looking Forward Governance & Key Risks 19 Independent Auditor's Report 22 Accounts 22 Consolidated Statement of Financial Activities 24 Consolidated Balance Sheet 25 Cathedral Balance Sheet 26 Consolidated Cash Fl¢)w Statement 28 A(C￿nting Policies 34 Notes to the Accthjnts SALISBURY CAThEDRAL ST YEAR ENDED 31 MARCH 2025 OUR VISION, VALUES & STRATEGIC OBJECTIVES Our Vision We adv(Kate liberty, encourose creativity, ond seek the eternity revealed in Jesus Christ. At Salisbury Cathedral we adv(Kate fly all the Ilberty that our forebears claimed for themselve5. we encourage in all the creatlvity that ha5 characterized this place throughout its history. and we seek. and help all to seek. the eternlty revealed in Jesus Christ. Our Values and Strategfc Objectives Work to build Salisbury Cathedral on its current site began fflore than 800 years ago. It 15 a living church and an iconic feature of EnglarKJ's historic landscape. It 15 the seat of the Bishop of Salisbury and the mother church of his Diocese. As weil as being a place of Chrlstlan W(￿shIp. prayw, and MISSI￿1, it is a va)ue for the arts, a centre of training in ancSent artisanal skills, a place of welcome for visitors from across the world and the spiritual heart of the region. It makes a prof￿nd and lasting impact on those who encounter It. With Boldness, Fairness and Kfndness we will: Be a place where faith is inspired. nurtured. arKI discovered. Welcome all, build innovative partnerships, and become increasingly diverse. 5trenqthen our financial resilience and work for Iwr I￿g-tem7 sustainability. Support and develop our staff and volunteers to enable than to fI￿riSh. Reduce our carbon consufflption and its Impact and take action for Justlce locally and globally. SAL15BURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 CATHEDRAL DIRECTORY The full name of Salisbury Cathedral is The Cathedrol Church of the Ble55ed Virgin Mary 517lisbury. The Cathedral's cOrp￿ate body is Chapter and the Calhedral is regisiered with the Charity Commission, and co.regulated by the Church Commissioners. The Calhedrals Measure 120211 requires each calhedral to pr￿￿e its o¥hn constitution and stalutes which introduce the requirements and apply the principles of the Measure according to local or historic use, and in particular specify the functirms and responsibilities of individuals, boih clerical and lay. and establish Ihe govemance and administrative framework. The governing statutes of the Cathedral are the Solisbury Cdthedrol Constitution and St6tute5 dated 11th November 2022. Under these statutes. the governing body of the Cathedral is the Chapter, which IS SlJPPOrted by several other bodies ond Individuals as sei out in this direct¢xy. Further information abwt the governance of the Cathedral is given in the Report ol Chapter. The address o( the Cathedral is 6 The Close. Salisbury. Wiltshire. SPI 2EF. The Cathedral's website is at htt :I1VTh￿.saI1sbU catheéral.or Chapter Dean The Very Revd Nicholas Papadopulo5 Canons Residentiary The RLwd Canon Anna l•acham (Precentorl The Revd Canon Edward Probert Ichancellorl Ileft July 251 The Revd can￿ K￿neth Padley (Treasurer) Senior Non-Executive Chapter Member Mr Nigel SaITrsb￿Y NM-Executive Members The Ven Sue Gro￿￿ . left Moy 24 The Revd can(￿ Tim Daykin IArs Lucinda Herklots IAr Jtybathan Leigh Mrs Judith oavey.cole Mr David French The Revd Joanna Haine - from Aus 25 Mrs Jackie l•oinar - Chapter Clerk Ichief Operating Officer) In attendance: Finance Committee Mr Nigel Salisbury (Chairl Mf Robin Cresweil Mrs Beatrice HollLJ htr steph￿ Lamdin . left Sept 25 Mr Tim thmall Mr N1￿￿a$ Rowe . from Oct 25 Hayley RObin￿n - from Oct Z5 In attendance: The Dean of Salithry IArs Jackie - Chapter Clerk (Chief Operating Officer) Mrs Lisa IAorrist(N) - Chief Financial Officer SALISBURY CATHEDRAL YEAR ENDED 3 1- MARCH 2025 Audit and Risk Committee Mr Alastair Hunter (Chairl The Revd can￿ Tim Daykin Mr David James The Revd Dr Dav7d Neaum Jo Wood frcrfn July 25 In attendan￿. The Dean of Salisbury Jackie )Aoinar - Chapter Clerk (Chief Operating Officer) lh5 Lisa Il/xrist(m . a)ief Fina￿la1 Officer Nomination5 Committee Lucinda Herklots (Chairl The Vwt Sue Gro(*n - left W 24 The Revd Canon Edward Pr(￿t - left July 25 Mr David French Edward Wild - from July 25 Dr. Warren Scott . from July 25 Mrs Jackie lkninar . Chapter Clerk (Chief Operating Officer) In attendance: Fabric A(fvisory C¢ynmlttee Sir Haydwk Phillips (Chair) - left July 24 Mrs Carole Soutty (Chair) . from July 24 Mr PL01e￿Y Dean Jthn G(x)dall . lelt July 24 Mrs Wendy James The Cancfft *JKty Trenier Dr T(xn Nicks(¥i - from July Z4 Ms Anna Eavis . from July 24 In attendance: The Dean of Saltsbury The Rewd Cancffi Kenneth Padley can(￿ Anna Placham The Revd Canon E(h¥ard Probert - left July 2025 MfS Jad(ie lkninar - Chapter Clerk (Chief Operating Offlcerl Mr Gary Price - Clerk of Works Mr Izaak Hudson . Cathedral Architect Mr Graham Keevill . Cathedral Archaeologist Lay mana8ers Chapter Clerk (Chief C*rating Officer) Mrs Jadtle Molnar Chief Financial Officer Mrs Lisa mC￿nSt( Director of Musi Mr David Halls Director of External Relaticxts & Visitor Ms Jane kngan Experien Director of Community Engagement Ms L(￿lse Oancy. frrjn Septeml)er 2024 Head of Human Resources Ils NiccAa Stafford SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 Professional Advisers Bankers Lloyds plc. 38 Blue Boar Row. Salisbury. SP1 1 C Solicitors Parker Bullen, 45 Castle Street, Salisbury, SP2 7JR Auditors Haysl•Ac LLP. 10 ￿je￿ Street Place. London EC4R 1AG Investment managers CCL4, Senator HO￿e, 85 Queen Victoria Street, Lond￿, EC4V 4ET Land agent Srnjtt & Parker. 41 Milford Street. Salisbury, SPI ZBP Architect Izaak H￿lson, Dittrith H￿Son Va5etti Archilect5. Studios 12-13, 9 Bath Building5, m￿tpe17er, Bristol, 8S6 5PT Archaeologist Graham Keevil. 85 Kyna5t¢)n Road. Didcot, Oxon, OX118HA SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 INTRODUCTION Thi5 Wa5 a turbulent year for the Church of EngLaThJ. The I￿g.aWa7ted publication of the Makin Report prompted the resignati(n of the Archbishop of Cante￿Iry . an event unprecedented In the m￿￿ern era. With new5 of the Church's historic failin¥s to safeguard the young and vulnerable dominating the news. pressure mounte(l the Archbishop of York to follow suit. In a separate development. the Bish¢JP of Liverpth)I was compelled to resign. Unsurprisinqly land quite rightly) these events provoked questions about the Church's likely Survival. A Church that fails in her to provide a safe and reassuring space is r*) Church at all. Officers of the Church who fail to act wlth integrity. and discernment prtyeriy face the consequences of their failure. Safeguarding 15 a priority us: it Is not a matter of requlatory c(¥npliJKe but a Christian imperative. Our c￿MItM￿t is to make the Cathedral as safe a5 we p055ibly can, and the audit of our culture and praxis. cOr￿UCted by the eXt￿nal agency INEQE in January Z024, suggests that we have a reliable base on which to tmjild. And despite the national twbuleYKe Sali51yJry Cathedral and many other local churches - continue not just to sumve but to flourish. Attendance al the high-quality events that we run is c(￿$1stentIY high. and the numbers attending worship grow year.on-year. ljjr times are uncertain and wr global future is unknown: amidst the uncertainty and the unkTh)wing the Cathedral land the faith it proclaim51 offers reassuran￿ and Iwe. The solidity of the medieyal masonry syml)olizes constancy and endurance through the travai15 of the ages. the w¢￿der of sacred choral mLtsic recalls us to the beauty of which we are capable. Despite ￿erything. the Gospel remains defiantly GOLXI News. This Annual ReFM)rt sets (rfit in detail much of we have been ab￿l this year. I hope yw will be encouraged by what you read. Very Revd Nichola5 Papadopulo5 Dean of Salisbury October 2025 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 REPORT OF CHAPTER Chapler is pleased to present this report and the Cathedral's Judited acctMJnt5 for the year erKied 31. March 2025. It has been another busy year across all area5 of the Cathedral's life and work, a5 can be seen in the Informati￿ provided. The budget for the year was set wth prLMlence. Although the global pandemic had thankfully come to an end, there remained uncertainty 3￿Jt the extent to which some wsitor groups wcmjld return. as well as c￿cernS abwt Ihe nati(￿aL econtynic outlook and t￿901n4 cost of living pre55ures. It was therefore eDcouragirr4 to See wsitor number5 r￿nain steady compared to Ihe previous year. alongside an increase in attendance at public worship and a growing number of Y￿ng people engaging in our education work with schwls. Nurturing Faith The patlein of public worship and prayer lies at the heart of the Cathedral's life. In keeping wilh our committnent to offering Services that engage a broad and diverse audience, several new services were introduced during the year. These included a Pet Setvice. an Epiphany Pageant. an Easter Carol SeNice, and a special Harvest Evensong developed in collaboration with the National Famiers. Union. Each of these has enrithed and complemented the traditi1￿[ services that remain central lo our daily worship. At Easter 2024 we LKKe again created an Easter Garden near the main visitor entrance lo the Cathedral. This wa5 v¢Yy well received it was introd￿ed in 2023 and enable5 US to bring the Easter story out of the building and share Easter wilh those who pass by. Three Cros￿ and a symbolic t(thb, made by Stonemas￿5, St£￿ amongst Mediterranean th￿ned plarbts. The Cathedral has hosted a range of Diocesan services including ordinalions, confirmations. the Atjmission of License¢J Lay Ministers and the SchLW)i Leavers Services. Over the course of four days In June the Cathedral and Diocese welcLNned 2.IIXI schod childrw from 90 different schools to celebrate their time in primary schrx)l. The Cathedral is also used by some of our local Sec￿0ary schools for numerous Celebrat￿ setvices d￿ng the year. A Celebration Eucharist took place in June 2024 to mark 30 yeats since the first ordinations of W¢￿en as priests. The Cathedral'5 Missioner for Young Pecyle joined Lhe Cathedral in Mèrch 2024. The purpose of the role is to ensure that children, ytyjng pewle and their farnilie5 from all communities feel ai home and are represented within the Cathedral. There are lols of opporlunities for young people to be involveé in the life of the Cathedral fr(#n singing in one of Our Cl￿7[5, joining our tearn of Young Servers, or volunteering. These grwps get opkNytunities to be a part of some of our biggest festivals, including our Christmas Eve Family Crib Service and the GcM)d Friday Family Service. In the last year the Missioner hos introd￿ed ihe regular Font Service. This is a relaxed and creative acl of worship, meeting at the iconic Font before movirtg to a different IrKation each week for an act of worship. This has inc[￿lea singing songs in the Chapter H(xJse. prawng with lolly-sticks by the Bug Cathedral. and listening to storytelling at Sarum College. At the start of 2025, the Missi¢Jner introduced ihe first Epipharry Pageant Play at the Cathedral, consisting of a series of lively parades through the Quire, with familiar and modern music. It was to all but was specifically arranged with a focus on children and familie5. There are now plenty of ways tw for children and yQLng pecple to devdop their faith. We have seen burn￿ number of candidates for baptiyn and C￿filMati￿ fr(Mn both the Cathedral School and our own congreqalions. who were prepared throughout Lent. A ywng adult5. group have also met throughoul the year, including a cinema trip to See Ccmclave. The Cathedral Choir toc4( part in the annual Swthem Cathedrals Festival in July 2024, hosted at Winchester Cathedral. The festival combines the ctK)irs of Chichester. Salisbury and Winchesler Cathedrals and performed an exciting programme of e4ents. performances and savices held in the Cathedral. The year also featured a range of musical highlight5 pre5enied by ihe Cathedral's Music team, alongside performances by visiting organisations. ￿Jr Organ Prom is now becoming a regular fixture during the summer mcfflths, os is Messiah in December. We were delighted to collaborate once again with students from Exeter House for Evening Songs - the third time we have come together in this SAL15BURY CATHEDRAL YEAR ENDED 31" IiARCH 2025 way. We Collab￿ated with Salisbury Cathedral School to deliver Voices Inspi￿, a special day when primary s¢1b￿l choirs join together to sing befteath the Cathedrnl Spire. It has therefore been a busy and rertarding year across all aspects of (Mjr ￿kn11c worship. a5 well a5 our music and concert programme. Being able to offer ¢)ur regular, and occasional, congregation Op￿rtunItIeS to pause and wonder is important to us and so too the optKrtunitie5 we offer for others to encounter sC￿ethIng of the eternal within the space of the Cathedral. Welcome, Partnership and Diversity Visltors to the Cathedral - and to the many ￿entS we h05t - are important to us for a number of reasons. Flrstly. we want to make the Githedral a￿1 its beautiful 5wrcwnding5 a plè¢e where everyone feels welcome. whether tW are Christian. follow another falth, or have no faith at all. We work hard to ensure that Salisbury Calhedral and the Close are accessible and inviting. offering event5 and activitie5 that appeal to people from all walks of life. Fr(*)) a practical perspective, our visitors al￿ make a vital (￿tri￿NItiOn to the Cathe(Jral's finance5. As we receive no regular govemment or church funding, beyml the stipend5 of the Dean and two cary)rts, we must generate all the InC￿e required to care for the buildirs, pay Staff. and sustain the wide range of services, events. and activities we offer. The Cathedral is also committed to reaching ￿￿t to the local cc¥nmunity. We strlve to be a place of welcome. a place of learning. and a place of E￿O￿ter for people from all walks of life. Beyond t￿)Se who ￿sit U5 directly. we greatly Val￿ ¢yJr partnerships with organi5at1c￿s acr055 the aty. We recogni5e that Cathedral play5 a key roie in attracting visitors to Sallsbury. and that many of (Kjr events and actlvltles also brinq wider benefits to local businesses and community partners. We value the close working relationship we have with the Dic(ese, vthich Tncludes an annual meeting of the Bishop of SalisbLry With the Cathedral Chapter. During the year the Cathedral ha5 coritinued to WLYk closely with the city and wider local cornrnunity. The Dean and ￿'reCtor of Extemal Relations & Vi51tw Experience are part of the Salisbury Pla Partnershlp and involved In a Njmber of the strands of work. We continue to ￿ a key partner in shaping and delivering Sali5bury's Cultural Strategy. Other partners In this work include The Salist￿ry Museum. Wiltshiie Creative. Salisbury City C(xmcil arKI Sali51yJry Business Improvement District. Throughout the year the Cathedral team orqanSse and deliver a Variety of events and activities, ably assisted by wr team of over 500 voiuntews. Visual art remains an important a$￿t of the Cathedral's work. offering opportunities for connection with a wider cwimunity and enriching the experience we provide. The 2024 summer exhibiti￿. Our Earth, explO￿d the domestic impact of climate change. ￿COuragIng visitors to reflect ¢)n how everyday life rnay be affected-and how those effects are experienced th'ffertmtly around the world. The exhibltlon featured works by Rebecca ch￿￿ry. Dryden GoL¥Jwin, Hilary Jack, and Derek Jarnian. Alongside the art works, the Cathedral's Library and Archive team d￿e1(4)ed a bespoke exhibition of items in the Cathedral Library titled '(￿r Beautiful Earth~. In addition, SarLwn College offered a C￿jrse titled "Environment. Art. Theology ond Actlon" which considered climate change and biodiverslty loss and explored individual and chwch reSp￿Se$ to these ecological crises. Through events such as these. the Cathedral wdeav¢xJrs to raise awarene55 and understanding of national an¢J global i55ues. while also broadening the range of people who engage with its life and work. Other events dwing the year included welC￿ning children local Sch￿)1$. In addition to the annual Leavers. Seryices, a (￿ther 3.816 pupils frtjn 110 sdKrfAs vislted the Cathedral as part of our educational programme. As well as leaming about the Cathedral's history, students also had the opwrtunity to lake part in Specialist activitie5. incI￿ling stwe carving workshops for sixth fomi and further education students. A variety of family-foa￿e￿ IMAiday activltles also took tAace during the year. These included craft sessions, ev￿t$ linked to the SaliS￿ry Museum's ArchaecAogy Festival weekend, and activities externally funded in connecti(m with the (Jjr Eorth art exhibition. In addition, the Cathedral offers a SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 family focussed trail during schwl Fvjlidays as part of the VisitC￿ experience. In total, approximately 6,000 children and families participated in cffie of these activities. In November 2024. we held a week of spectacular light and sounds show5- Sarum Lishts - Time. The evenl attracted over 13.￿0 people across five nights. mostly I(￿31 pe￿Ie and families. ¢￿Ir market research from the event showed that the mèjority of those who came were attending for the fir5l time. In Decembly, Jethro TLrtI played a Spectacular fundraising concert at the Cathedral to a sell- oui audience, generating much needed IncC￿le for the Choral Fcwdation. In accordance 4wth our commitment to diversity and inclusion, the Cathedral offered a number of events during the year aimed at encouraging different people to visit us. This included a successful silent disco and a lamily focused Planetarium ￿"scoVery Day with an inflatable six-metre mobile planetarium. The day offered craft making and a scavenger hunt ar(Amd the Cathedral and the opportunity to see a special book fri*n the Githedral's 15th Century library on Astronomy. This year we have also inlrcKluced a termly Cathedral B￿k Grw. Our aim through all these actiwtie5. and more, is to engage wilh a5 wide a range of peq)le as we can. We a150 want to be a place where ISSLES affectinq ￿r society and the world can be considered and discus￿, in a safe spats. As with all 5LKh major events. we are grateful for the hard work of our staff and volunteers in helping us welccwne so many of our local, and wider. communities into the Cathedral. The Cathedral and the Close are also spaces Ltsed by a nunber of local parlner organisations. During the year we hosted Arundells, AnnLJal Edward Heath Charitablè Foundation lecture. We were pleased lo host Salisbury NHS Trust thank you e¥￿[ for their staff and families. Wiltshire Creative held event5 In the Close as part of the Salisbury International Arts Festival. The Alabaré BIG Sleep t(N)k place again at the Cathedral with many people, induding s(xne of Staff and volunteers, braving the hard surface ano chilly nighi to raise funds for Alabare's work by sleeplng in the Cloister5. Another important relationship within our wider life is wlth Salisbury Cathedral sch￿1. The School ed￿aLeS the Cathedral's ch￿1$1￿$. and Chapter is keen to suppori a good relationship with the Headteacher and Governing Body of the School with which the Cathedral ha5 a longstanding connection. For historic rea50n5. the Chaptw appoints the School's Govern￿$ and exercises this right to ensure the continuance of the Christian and sp￿lficallY Anglican ethos of the School. Except in this one regard, the Cathedral doe5 not have re5pN)n5ibility for the running or managernent of the School, which is f?nancially independent of the Cathedral. The School's results are not included within the accounts of the Cathedral. Sustainability - our Heritage and Finances An important aspect of ¢xJr life is to care for the fabric of the Cathedral, its hefjtage, treasure5. and the Cathedral Close. 11 costs over £18k ￿ery day to care for and operate the cath￿ra1. The Cathedral rffeive5 no ￿going Govemment funding or central Church of England financial support towards the care of the fabric and relies ￿ the generosSty of thjr community, paying visitor5 and funding bodies to 5U5tain it5 care and operation5. A major milestone was reached this year ￿th the Cc*nPletit￿ of a 38-year programme to reslore and (c￿SerVe the exteri￿ fabric of the Cathedral. (fver nearly ftyJr decades. numerous stonemasons have contributed to ihis extraordinary achievement. For the first time in many years. the Cathedral now staThls free of extemal scaffolding-a sight of real joy. The exceptional skill of our craflspeople has been recognised through a number of pre5ligiou5 awar(is, includir)g winning the Cothedrals RepaFr and Restordtloft category at the 2024 Natural SIL￿e Awar05. a5 well as receiving the Industry Choice award, selected from all category winnws, at the Stone Federati¢J) Awards. These accolades reflect both the outstanding quality of the craftsmanship and the exeynplary care taken in preserving the fabric of the Cathedral. We have been extremely grateful for all the fr(•n grant-givers and the wder community over ihe years. This continues as work now fTiove5 to the fabric within the interior of the Calhedral. ￿rIng Ihe year, stonemasons began the firsl phase of a five-year project to conseNe Ihe Cloisters. whith will be completed in carefully planned sections. Re(ognising the p￿11(,5 inlere5t in traditi￿al craft skills. we hève installed interpretation panels ar￿nd the work, ¥there the SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 stonemasons share inf¢ymation atrK¥ul themselves and the work that they These panels help bring the ConservatiL￿ FKocess to life and hlghlight how the public continue5 to benefit from the rema￿able dedicat1￿ and skill devoted to the care of the Cathedral. In addition, our glazing team has begun a two year project to restore an(i c￿lSerVe Burne-J0r￿S window in the south choir ai51e. The ¥*ind￿*¥ panels date to 1879 arml were created in the William Morris Workshop. Given their historic significance. pemiissirm to carry crtjt the work wa5 obtained from the Cathedrals Fabric Commissirffi fcr EngiaThJ. Once thi5 restoration is complete. we plan to turn our attenti￿ to the CLMSeNatic￿ of the medieval Jesse w1￿}0w in the south nave atsle-another significant element of the Cathedral's stalned glass heritage. It wcwld not be possible to carry such projects. whether to the St(¥￿rk or the glazing. wIth￿l the financial yJpport that we receive. (￿r Devel(y))ent Team work hard to secure grant5, donations and other funding. In particular we note our thanks to the Benefact Tru5l, the h"Igirm Trust. Garfield Weston and a number of other trusts and f￿￿Jati￿￿ which awarded mory for the Bume-J¢)nes window restoration. In seeking to ensure that we ctMtinue the historic traditi￿ of rAJr craftspeople, we continue to appoint apprentice5 and appreciate funding fr(xn the KI￿ Laing F￿ndatIon. BGS Cayzer Charitable Trust. and the Raddiffe Trust towards their training. The Cathedral Ss a foundinq member of the Cathedrals Workshop Fellowship ICWF). reflecting ￿ commitfflent to preserving traditional craftsmanship. We highly value the specialist trainin4 made posslble thr(xF4h the CWF. which ensures the contlnued devel(yment aThl sustainability of essential craft skill5. Havlng completed the exterior relamping of the Cathedral in the previrxs financial year we were very grateful to The Friends of Salisbury Cathedral V+ho generou51y gave £20(￿ to enable us to progress the Internal LED relamplng of the Cathedral. Thi5 has the benefit of significantly reduang our carbon consumption and we are very grateful for the fl￿￿l￿g to enable this to be achieved. The Friends also dth)ated the maJLVity of the fuThJs for us to ￿rd￿Se a new Ch￿ber Organ whith was delivered In December 2024. The generosity of others was clearly lÉYm(Ystrated this year thr(￿gh the commitment of the Friends of the Nation5. Librarie5, who 5ucce55fully raised the funds needed to purchase the 13th.century Sanjm Master Bible. Having exceeded their target, they not only secured the Bible but also donated it to the Cathedral Library. with the femaininq funds supporting future engagement event5. The Sarum Master wa5 one of the finest manuscript illLThinators of the 13th centiry. and this Bible is one of only flve manuscripts definitively attributed to him or her. We are ddighted to have th75 remarkable work within the Calhedral LitKary. Its presence 15 a testament to the care we take in preserving our historic collecii¢)ns. an(J to the trust pLiced in us by the Friend5 of the Nation5. Libraries. and by the many donors, in entrusting this signifiC￿t treasure to cijr stewardship. Looking ahead. the reFQrt of Cathedral Architect. along with the quinquennial 5urvey5 of (Mjr properties, provldes essential Informatic￿ that ur￿1n5 ¢yJr tEr year financial plan. There are always fabric projects that t￿ed to be completed as ¥￿ care fw the her6tage that is the responsibility of the Cathedral Chapter. Throughr￿t the year. c(￿57￿eTabLe time an(J frKu5 have been dedicated to our aspiration to restore Leaden Hall for use as Cathedral offices. meeting roc￿$. Spa￿ for cw work with chlldren and Yc￿nI people. an¢J the c￿atIon of a purpose-built archiye lacllity. The Cathedral has also progressed a n￿Trber of smaller projerts relating to vacant properties ￿￿thIn the Cathedral Close. Notably, No. 56b The Close has u)dergone a f￿1 refurbishment. alongside works at No. 20a The C105e. In addition. we are crmtinuing to devei¢Jp plan5 to refurbish Nos. 17 and 20 The Close. Planning applications for both properties have now been S￿)Mitted. and we await, h￿efUllY. a posltive outc¢Jne in near future. It ha5 bth pleasing to progress and complete a nLwnber of improvement works ar0￿d the Cathedral Close. This has included the refurbishment of historic lamps and lights. resurfacing work, along wih the aforementioned property reTh)vatl(4)s. A systematic review through the Quinquennial Inspection of public area5 of the Close helps infomi the prfjoritisati￿ of future repairs aryj ensure5 a considered approach to ¢Mgoing maintenance. SALISBURY CATHEDRAL YEAR ENDED 31" ￿RCH 2025 The Cathedral uses its financial res￿rceS lo suppwt a regutar, planned repairs and maintenance programme for Close properties. The Cathedral continue5 to urKiertake it5 re5pcfflsibilities in full as a landlord and as a provider of service C(c￿an(Y accommodaticffi, by monitoring, repairing and enhancing its propertie5, and lo manage it5 inciyne and historic a55ets in lirte wth charity law and the requirements of the Church Commissioner5 in 511PPQrt of our long term goals. The Property Strategy Group carries a particular responsibility in overseeing this work, the priorities set for the year an monitoring progress. The Cathedral is C¢)mmitted to working towards the Churth of England Net Zero largets. Carbon reductitm and related justice issues are a strategic ￿lectIve in the new Strategic Plan 12024-20291. We are a5515td in this important work by the EnvirMmcx)t Committee. which has a focus on carbon reduction and the unique ecological setting of the Cathe(Sral, Close properties and landscape. We continue lo devel¢)p txjr action plan to re￿￿e ￿r CCM)sumption of carbon. itKILwJing preparatory reports and to assist in our trajectory towards a future low carbon heating soluli¢)n in Ihe Cathedral. We had hoped to be able to install Pl￿17( electric vehicle charging on Cathedral land wilhin Ihe Close during the year. A Planning applicati¢￿ to facilitate this was refLtsed. We are rewewing how we can progress this environmental aspirati¢)n. The Cathedral Close is a place where many like to gather and that presents opportunities and challenges. Ovring the year undw review. the Close continued to provide a welC￿l￿g, open green space which wa5 used by th(x￿and5 of people from the local communily and vi51tors from far and wide. The Cathedral has continued to reta?n an exlernal. dedicated, trained security team who have provided a welc(Mne and reassuring presence. Working Together The Cathedral's staff and our many volunteers work tirde$51y in support of the Cathedral's mission. priorities and aspirations. We cannot do all thal we do withwt the skills, expertise and commitment of our Staff or the tiffle given by our many voiLmteer5 across all areas of the Cathedral's life. Staff skills, expertise and strength of dedication aiable us to deliver our wde.ranging aciivities and uphold the spiritual, cultural and Operatic￿￿1 life of the Cathedral. We are grateful for the time and energy given by our Vol￿teerS across all areas of the Cathedral's life whether il's the beautiful floral arrangements created by our Flower Arrangers or the care of our ve5trHents by the Saintly Stitcher5 or the maintenance of our garden5. These are just a few examples of the many ways volunteers enrich Cathedral life. Every Contributi¢￿ matters, and together thw form a vital part of our ministry and mi55ion. The change5 in Worki￿ practices that arose durirrf4 the pand￿1C have (¢￿tInUed to shape our working arrangements. Our hybrid wothing policy allows staff in suitable jrt15 With the agreement of their line manager. to work from home. Although our staff generally prefer to work on site, reflecting the collaborative nature of our work, the ¢wtion land technical capability) to work from home continues to be appreoated and ensures we are well positioned to wpport flexible working. Our Strategic Objectives 12024-20291 include c￿e which recognises the importance of supporting and developing our staff armj v¢Aunteers 50 that tlw flourish. During the year we implemented a new human resource5 5¢ra¢egy and carried oul a staff survey so we could gain feedback from staff on subjects that we know matter to them. We have invested in a range of staff devdopment and Iraining programmes delivered by external facilitators. These have included training in support of equality, diversity and inclusion, strategic arKi awarene55 level Security training. aTrJ senior leadership safeguarding training. We have also supported individual developmenlal opportunities. We are grateful to slaff within Willshire Police fw the security training they have provided for us. We also work closely with Wills and tknrset Fire and Rescue in the training exercises they find it helpful to carry out at the Cathedral. These partnersh?ps strengthen our resilience and preparations to respond to risk and enhance the relationships we have within the crmmunily. 10 SALISBURY CATHEDRAL ST YEAR ENDED 31 IkARCH 2025 Caring for those who cLNme to the Cathedral and Close. and en5urirtg that children and young people a5 well as vulnerable adults are effectively safeguarded. is very important to us. The Cathedral and Salisbury ￿'tte$e were the first to be audited in early 2024 as part of the next round of independent safeguarding audits commissioned by the Church of EnqlarKI. The audit report was published in April 2024 and since then we have resp￿de(l to the majority of the recrmmerKlations that were made, making our progress rewKt publicly available Cathedral website. The 2024125 year has been a busy one, with mary things to celebrate and also notable challen8e5. Visitor numbers to the Cathedral have exceeded pre-pandemic leve15. arKI we have also seen a welcome Increase in attendance at public worship. It is a privilege to welcome so marry people through our (loors. a￿1 none of this w0￿d be p)5sible without the remarkable dedlcatlon and contribution of our staff. TW approach thelr roles with energy and professi¢￿aliSM whether In dealing with the unexpecled or the day-to-day operational life of the Cathedral. We continue to be gratef￿ for their c0mmitmÉ￿t and resrAve. We are a150 thankful f(￿ the continued support of all our volunteers with(xJt wh¢)m we c¢xJld rk)t offer the wide ra￿e of ￿¥￿unli1es we do for all who come to the Cathedral, whatever their reason fw doing so. Publfc Beneflt The Cathedral was reglstered w￿h the Charity C(mmission with effect from April 2023. Its objects are c(rfnMC￿ to all English cathedrals and centre cn furthering the ffli55ion of the Church of England. caring for and c(￿￿er¥In9 the fabric of the Cathedral aThJ advancing charitable purposes. Our vision Is ¢0 adv¢xate liberty, encourage creatfvity and seek etemity revealed in Jesus Christ. The Cathedral not only serves its local crmnmunity tyjt is an active resource of nati￿￿1 Importance in the promotiLM of religion, music. education. hist(Jy. and architecture as the earlier sections of thi5 annual rewrt demcffjtrate. Our ￿1Que setting inspire5 artistic, spiritual, aTrJ intellectual creativity among worshippers. VI￿tors. and local resId￿t5 alike. Through our regular pattem of Cathedral worship, we proTrride a space for spirit￿1 reflecti￿. community gatherings and civic occasions. ccfjtriimjting to the cohe5ivenes5 of Lxjr wider community and to the emoti￿1 Wellbei￿ of those vtho cryne here. whate4er th￿"r reason for (loing so. The Cathedral 15 always fr￿ to access to those coming to pray or light a candle. or to attend service. (￿r admission charge for sightseeing irKludes a￿1 encourage5 free return vi51t5 for a year and is c￿PetItive1Y priced cc¥npared to other similar sites. We offer discounted admission to St￿jents and Iree a(Jmi55irm to (among other qr(x4Js) thildren under 12. WC￿lipperS al churches in the Diocese, and anY￿e living ￿thin the neIghb￿n9 p05tcodes of SP1 to SP5. As this report has noted. our educati(￿ team provide5 5trudwed learnlng programmes. workshops and tours for school groups from acros5 the DIOC￿ and bryond. A key part of the Cathedral's community engagement is the induction. training aThJ (ffigoing swport of hwdreds of volunt&rs who firtfil meaningful and invaluable roles in the Cathedral's life, while develcying their skills and building Social networks. Many volLffiteers deilver guided ttyjrs and workshops to a wide range of visitors and interest groups on a variety of t¢wics. helping pecyie to cOr￿t with their herftage. The busy programme of conctY(S, Visual art5 exhibiti(￿5. festiva15. lalks arKI workshops that are held at the Cathedral. some of whith are free to aC￿s, all promote the appreciati￿ of culture and heritage. They a150 foster C￿)mUnity participatiLM in perfomiance. Through the talks proqramme. we ddiver opportunities to consider matters of st￿la( IMp￿tanCe such as the impact of climate change ￿ our communitie5. In all that we do. we offer arb e￿(NJnter with the saued. In 2024. "awe and wonder" was the leading emotim experienced and reported by our visltors in the feedback they provided. The Close grounds are open to all and enjoyed by many4LKal families. Your￿ people, and visitors- o come to walk, picnic, or 5impLy reflert in the beauty and tranquillity of the space. Similarly, the Cathedral Clolsters. Shcrf). and Refectory are open daily to the p￿Alc. wetcrmning a diverse range of people, bolh visitor5 and members of the local community. A5 an international visitor atlracti(m and heritage site. we have a significant roie In the economy of the city of Salisbury and its surrtyjnding area. The Cathedral C￿trI￿*jtes to 9 out of 10 visits to the 11 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 city and half of those who vis)t us also explore the city's shops. re5tauranls other wsltor attractions. Our stonemaSLN)s and gla2iers conserye arKi maintain the Cathedral. an historically and architecturally significant building of international importance, enwring it stays publicly accessible. The Cathedral offers apprenticeships in th￿ Imp￿tant and rare heritage craft ski115, ensuring that Ihi5 artisanal expertise remains available to help conserve cAJr natith)al heritage into the future. The team offers demonstrati￿5 and w￿kShopS to the pthlic, heLping to foster interest in and knowledge of these specialist skills. Alongside this, txw Archive and collection5 play a vital roie in preserving the Cathedral'5 rich history and SUp￿ting the conservation of wr national heritage for future generatiori5. Within the cathedral sector, the woth have undertaken and coniinue to take forward in relation lo carbon net zero informs other5 who are slriviTr4 to tackle the glr*Jal challenge of climate change. Financial Review & Reserves The Cathedral delivered a solid f7nancial pwfLKmance in 2024125. Unre5trirted fwds recorded a small net surplus, reflecting the continued resilience of core operations and prudent financial management. A small deficit had been pla￿r￿ In restticted f￿K15. in line wth our intention to use income received in previrAJS years accofding to donor5. Specific wishes. However, thanks to the generosity of do￿rS and grant-makers across all areas of Cathedral life including a particularly significant one-off donation to the Choral Foundation - restricted funds ended the year at breakeven. This generosily enabled us to fund substantial expenditure from our resiricted funds. As highlighted elsewhere in this Teport, we received notable support for our collections, archives, and the ongoing care of the Cathedral. Individual donations and a grant from the Cathedral Music Trust also deserve special rnentl¢￿ for ￿abling wr youth ond Juni￿ choirs to grow. strengthw, and flourish. and for helping us CLN)tinue to support our ch¢yisters. who romain Such an important and integral part of Cathedral life. Fees relating to investm￿t manageynent were charged to <￿lOWed fu￿5, resulting in a modest net outflow acros5 all funds. Visitor numbers remained robust. matching last year's bwnper levels. Admissions income rose, driven by a necessary increase in ticket prices. HOw￿er. this wside was partially offset by reduced profits from the sh(p refectory, which were c105ed I partially c105ed for a planned 12-week period to enable the full restorati￿ of the glass r￿f of the Old Piumbery. View5 from the refectory are once again open to the t(￿ of Ihe spire. a striking feaiure and popular attraction for visitors. The overall cost base rose in 2024125, in part due lo a 5% staff pay increase as the Cathedral or)tinued to hcfflour its commitment to the Real LiTrring Wage and to fair pay. The Cathedral recognises the vital roie played by ils staff and. where possible, seeks to align pay awards with inflationary pressures. Inyesimeni perfomiance remained Subject to wider markel volatility. with significant unrealised 10sse5 recorded in the year. Nonetheless, core income streams s￿h as bank interest and dividend income showed steady yeor-on-year gr0￿h. Despite these Chall￿ge$, the Cathedral refflains in a strong positi￿ to deliver on its 5trategit objectives. Priorities for the year ahead include the continued stewardship of its historic property porifdio and the advancement of su5lainability initiatives to reduce its carbon footprint. 12 SALISBURY CATHEORAL ST YEAR ENDED 31 MARCH 2025 Investrnents During the year ended 31 March 2025, there ￿Ere seieral notable d￿eLOpments within the Cathedral's prcoerty portfolio. <￿e property was lost through enfranchisement aThJ accordingly rernoved from the inve5lment porifolio. Two lorry.term unctcupied properties undetwent full refurbishment. enabling them to be brought back into use. Following the completion of these extensive works, both were professionally (eval￿ arnj successfully let. generating a new stream tsf reytal income for the Cathedral. In ad(liti￿. two prcpeYtie5 previw51y classified a5 afi investment asset5 were recLa55ified as operatith)al pr(wties and cme priwwty classified as operational was reclassified as investment. resulti￿ in a net reducti￿ of we property V+llthln the investment portfollo. As part of the amual revaluatic￿ exercise. Strutt & Parker undert(K& a market revrem of the Cathedral's wider investment property p(Ktfoiio. Their assessmeni resulted in mC￿eSt increases in capital values. with uplifts ranging between 1% and 2.5%. dePe￿dirh8 on the individual characterlstics market context of each property. These changes reflect Lyigoing confidence in the residential lettings market and the underlying strength of the Cathedral's pr￿ertY assets. The combination of enfranchisement, completed refU￿lShMent$, reclassificati￿. and general market appreciation ha5 meant a small reduction in the overall valL* of the Investment property portfolio though overall across the whole property portfolio there was a gain. The capital value of the Cathedral's investment mfoiio fluctuate5 from year to year. At 31 Norch 2025. this gave rise to an unrealised Loss of £927k in part due to volatility in global stock markets. The primary purtx)se of the investment tmytfolio is to ge￿ate income to wpport the mlsslon and activities of the Cathedral. thly the i￿Ome and mt the capital can be vsed to fuNI the Cathedral's day-to-day expendilure. The Cathedral athyts a balarKed approach to investment. seel(ing real growth in capital and income. wth an objective of achieving an overall annual return over the long term of 5% above inflatirm lequivalent to 4% net of costs) while enyjring pretlictable and sustainable inc￿. The investment objectives are achieved through a balanced portfolio of equitles. altematiyes, property. and cash. Given the long-term horizon of the Cathedral. the investments are held in diversified multi.asset portfolios an emphasis on equitie5 and other real assets. designed to target both growth and incM)e. A fi￿tuati(￿ in the c4)ital value of the fund holding5 may lead to unreali5ed gal￿ w 1055es twt will r￿t ￿essariLY tha￿ theSr ability to generate income. FLY the year 24125, the Cathedral's main investment fLW)d retwned -1.64% Inet of c05ts1. falling short of the CPI *4% (￿JectiVe. which returned +6.63%. as well as the ARC Steady Growth peer group, *2.71 and the CLvnp05ite index CLvnparator. +4.06%. Performance across all major asset dasses was mixeil. return5 were achieved in some alternative asset5 but these were more than offset by weaker returns in equity and infrastructure. Stock selection within equitie5 was the largest detractor from relative performance. wth holdings In healthcare and industrials hawng been partIc￿arlY pc4x perfomiers. as wdl as ￿rne of the holding5 in the application software sector (within the Informati￿ technology sectorh. This offset the strong returns generated by S¢Jme semiconductor tsAdings. (hJr portfolio 15 fflanaged by professional imiestment managers, CCLA Investment Alanagers. and theSr performance is mmitored M behalf of Chapter by the Cathedral's FinarKe c￿mittee. The Cathedral has set an ethical investment policy (which draws on guidance given by the Church of England). The CCLA fund5 are fully compliant with the Chwch of England's ethical investment pclicy. 13 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 Funds The majority of the Cathedral's funds are held a5 Ey)dowment furKls. Chapter complies with the restrictions imposed by the Cathedrals MEa5ure 2021 in respect of the permitted uses of the Cathedral's funds. In particular, the capital of the endowment fund5 cannot be used for the improvement or development of the Cathedral or its ancillary buildings without the express authority of Ihe Church Commissioners. As prevI￿lS1Y stated, only the income. not the capital. can be used to Meet ordinary expenditure, to fund the repair of the Cathe(Iral itself or the repair of its investment properties. A 5igrhificant part of the endowment f￿d5 consists of propertie5 in the Close. a number of which are let on long, tenant-repairing leases. The balance of the end¢￿ment is held in the investment porifolios and in cash. Expenditure during the year frum the enLk>wment funds wa5 predominantly incurred on managing the investment portfoii05. These transaclions resulle(J in a net cost to the eThYowment funds of £258k, before the realised and unrealised gain5 ￿ pr(wties and ￿reaLiSed loss on the revaluati￿ of the investment portfolio were taken into accowt. The Cathedral ￿lIdS a range of individual f￿lS that are restricle(l as to their use. Further detail these is given in Notes 15 to 18 to the Acc(xmt5. The 1￿c¥ne from various sources into these funds has been matched in m05t cases by expenditure dvring the year, althwgh 7t must be noted that the Cathedral re(¢yds gifts in the year in which are received even where the expenditure that Ihey are intended lo fund is incurred and therefore recorde(J in subsequent year5. Inevitably this accounting requirement leads to S￿ngS in inc￿ne and expenditure. One of the most important restricted funds is held for the maintenance of the fabric of the Cathedral. This helps to fund the fabric repair prograrnme that (￿tInUeS. The balance of the funds of the Cathedral are unrestricted both as to capital and income and can be used io further any of the purp)￿ of the Cathedral. Policy for Unrestricted Funds The Cathedral's unrestricted f￿d$ are available to carry ￿t its day.to.day mlnistry. education, arn outreach activitie5 together ￿th the basic urA(eep of its buildings and Pfeclncts. The income Is principally derive(i fr(m visit￿$. cwegatiMs. property rents. investments. and trading actlvities. Given the potential for IILKtuaticms in these income streams that are largely outside of its C￿trol, Chapter has agreed a pclicy of seeking to maintain in ￿reStricle￿ funds an amount at least equivalent to eight months-worth of amual exF*)diture charged to the unrestricted funds in the previous year. At 31# March 2025, the Cathedral had ￿restrICted fund5 of C4.5m which would be sufficient to meet almost nine mmihs. worth of annual expaxliture of £6.2m. This gives the Cathedral s(me back.up reS(Njr￿ in order to maintain r￿ceSSary activitie5 in tirr￿S of income shortfall. It has stcMxJ the Cathe(Iral in stead through the time of the Salisbury pois¢ attack in 2018 aThJ the Co¥id.19 pand￿7C. (Mly unrestricted expenditure 15 taken into account on the basis that arry expenditure in respect of the restricted funds and ￿ endowe(I fund5 is oily irKurred if fund5 are available for that specific wrpose. Current Challenges and Looking Forward The financial year 2024125 has be￿ a rewarding C￿. particularty in relatiTh) to the strong leyel of visltors which was maintained and the resulting visitor-reiated income. We continue to work hard to attract visitors by keeping Ihe visitor offer fresh, and Iwking to proviée a range of activities, concerts and the like through a varied annual programme. However. we know that there coniinue io be challenge5 - some of these have been Evident during the year and will continue into 202512026. One of these is ad)ieving the Church of England's Net Zero Target of 2030. The Cathedral has completed a range of projects which have assisted but to meet the target. we recognize that introducing alternative healing systems is essential. This is a significant endeavour, requiring substantial finarKial investment and not C￿e that the Cathedral can Ilo by itself. We will conlinue to 14 SALISBURY CATHEDRAL YEAR ENDED 31- MARCH 2025 make changes where we can. but gaining approval and meeting costs are key factors affecting our success. Thls has been ewdent dLring 202412025 in relation to wr aspiralion to install a ground source heat pump system on Ihe Leaden Hall Site is not pL¥ssible for a variety of reasLMs (wtside of the Cathedral'5 CLKltroi. We anticipate that the trend of growth in wsitor n￿lberS that we have enjoyed since the pandemic, will not continue in 202512026. We ￿11 th hard to maintain the current level but on40inq economic pressures withln the UK together with an unstable gld)al context may weil make this difficult. The changing landscape affecting chorister recruitment and fundSng Is another challenge that we are mlndful of. To address these, we will maintain a close partnership with the Cathedral School, which is also navigating a Shifting landscape in the irMjep￿dent scIKd sector. Together, we aim to tackle these iSSL￿$ collaboratively *thenever po551￿e. The Cathedral has a nL*mber of aspirati￿￿ vknich are detailed in Strategic Pian 12024-20291. A nLwnber of these requi￿ sizeable am¢yJnts of financial resources. It will therefore be a particular focus of work during 2025126 to consider lkn¥ these might be realised. The diligent monitoring of our position remains crucial. This approach. uThJer the directicffl of Chapter the Executive. Is key to the contlnued and futwe prioritie5 of the Cathedral. Governance & Key Rlsks Under the Cathedrals statutes, the gcveming body of the Cathedral is the Chapter. Following registration with the Charity CM)mission in 2023. Chapter members are Try￿tee$. Cathedral Chapter The Cathedral's Chapter is made ￿ of the Dean, the three Residentiary Cancffis (Precentor, Chancellor an¢J Treasurer) and a rwmber of non-executive members. With the exception of the Dean and Residentiary Canons, n¢￿- executive Chapter mambers h)Id office for four year5 but are eligible for re-appointment. A5 15 rewired by the Measure. Chapter has a senior non.executive member arpointed by the Bishop of SalisbLry. Inducti￿ and training of new members are the re5pon5ibility of the Chapter Clerk {Chief Operating Officer) who pro￿￿e5 a programme of briefings and visits to ensure familiarity wth the dministration, managernent, and finances of the Cathedral. New mert•er5 01 Chapter attend the training pr¢y4ramme provided by the Associati￿ of Erylish Cathedrals, which also provides the opportunity to meet with colleagues from other cathedrals. Chapler meets on a monthly basis: there is an established schedule of reports and matters for consideration. Decision maklng is inf(Ymed by reports and Informati￿ provided by the Chapter Clerk Ichief Operating Officer), the Cathedral'5 Executive team and A¢fvisory committees. College of Canon5 The College of car￿n$ consists of every CanLMI of the Cathedral, the Bishop, the Dean. the suffragan bishops, and every archdeac￿ in the Diocese. In Its membership the College expresse5 the c105e relationship between the Catwral. the Bishop. and the Diocese of Salisbury. College met twice during the year. weic(mlng new members and receiving presentaticffj UF￿ateS on a variety of matters inCI￿11ng the matter of contested heritage. In addition a visit ar0￿d the Leaden Hall sile took pla￿ which induded discussion wth the Cathedral's Planning Consultant. The Cathedral's Clerk of Works also shared S￿ething of their role and that of the Works Department. whlch noted the completion of the thirty.eight year pmject to conserve and re5tLYe the exterior fabric of the Cathedral building. 15 SALISBURY CATHEDRAL ST YEAR ENDED 31 m￿RcH 2025 Key Management Personnel Key managefflent personnel at Ihe Cathedral are The Dean. the Resydentiary Canons and the Chapter Clerk Ichief Operating Officer). The Dean chairs both Chapter and the Executive. Chapter leads and directs, and the Executive implements the Cathedral'5 Strategic plan and c+•jectives. The Executive ￿linarilY meels on a monthly basis, receiving reports on regular items s￿h as the Cathedral's financial position and visitor numbers, and other matiefs that arise during the cwrse of the year. The pay of the Lay ht4nagers 15 sd following a b•KhMa￿)ng exercise both internally and exiernally when recruiiing and is ratifiefl by the Remuneration Clmnmittee. Salaries are reviewed annually and normally increased in accordance with average earnings to reflecl a c05t of liwng adjustment. The Church Cc¥nmis510ners pay the Siipend5 of three clergy at each Cathedral the Dean and two re5identiary Catwns. The stipends for all members of clergy are set by ihe Church Commissioners. Flnance Committee The Finance C¢)mmittee is reouire¢J by the Cathedrals Measure 120211 and its responsibilities are defined within the Cathedral's C(M)stitutiM and Statules 120221. It is chaired by a non-executive metllber of the Chapter and has res￿SIbILItY for ensuring the monitoring and reviewing of the overall financial stralegies and financial yx)licies of the Chapter. including investments, and making recommendati(m￿ as appropriate io Chapter. The Cathedral'5 Finance Committee met three times during the year. Audit and Risk Comrnittee The AL¥Jit an(i Risk Committee is also re(BJired by the Calhedrals Measure 120211 and its responsibilTtie5 are delaileé in the Cathedral's Constitution and Stalutes 120221. It 15 independently chaired and has a number of independent mernbers. as well as a non.executive member of Chapter. li is responsible for providing Indep￿nt oversight of the Cathedral's systems of intemal corbtrol, risk Managern￿t and financial rep￿ting. The Calhetjral's Audit an¢J Risk C(thmittee met three times during the year. Key Risks and Uncertainties The Cathdral's Risk Register records the princTpal risks to which the Cathedral is exposed. The risks are assessed under the following calegories.. financial resilience, wsitor nuwnbers, people. cathedral development. regulatory compliance. major physical disaster, IT and cperatTrons, reputation and standing and Saf￿Vard1n8. The risks are reviewed C￿ a quarterly basis by the Executive. and discussed at Chapter. The risk managanent systEYns idw)tify specific risks in a particular category, Mitigati￿ and (￿trol mechanisms. An Audlt and Risk Committee was established under the Cathedrals Measure120211 and is now weil e5lablished. In additi(m to considering the Risk Register. it a150 undertakes a rolling programffle of "tjeep dive" reviews into aspects of the Cathedral'5 Operati￿al lile. At the start of the year, risks were identified around maintaining the level of visitor n￿nber$ and associated income. However. the risk level reduced giv￿ a strwger than expected number of people coming to Ihe Cathedral. There have been occasions during the year when the Cathedral wa5 concerned aboLrt the difficulty of successfully recruTting into some key roles. The W￿kf￿ce is not large arKi therefore when these circumstances arise, they inewtably impaci on existing staff. A particular risk that has continued throughout the year is the increasing level of financial SLwort reqwred to support our choristers. Thi5 is not unique to Salist￿ry Cathedral but rather a dwllenge the majority of caihedra15 are facing. We are appreciative of the ongoing dialogLE With the Cathedral Schrx)i in relati￿ to this, and other straiegic matters ihat affect both Wganlsatic￿. 16 SALISBURY CATHEDRAL ST YEAR ENDEO 31 MARCH 20Z5 Controls are well established to ensure the Cathedral'5 financial attiviiies are property managed. These inCl￿e bLMlgetary control, authority I￿e15. and (warterly marbagement accounts reports to E¥ecutive and Chapter. as well as meetings of the FinarKe Ccrfnmittee. The development of a long- term financial ptan has been welcomed awKt will asstst the Exeojtive. Finance Committee and Chapter in decision-making, especially in reiati¢Jn to projert5 and capital the1C￿MentS. The Cathedral has advanced its p￿$ for the restoration of three large propertie5 Wthin the Close which has been pleasing given the dela￿ brought ab￿t by the pandemic. Each of them poses individual and substantial (hallenges. Relared to this IS the C￿lIn￿al need to progress routine maintenance work across the Cathedral'5 5Lknstantial property portfolio ￿thin the Close and also lo progress our commitment to Cartw)n Net Zero b￿ryKI the improvements we have already achieved. In other principal risk areas, the Cathedral has c¢￿tinUed to maintain Ihe w¢yk of its Health arKI Safety Committee. The Cathedral's fire ￿aCUation policies and pr￿edureS are feviewed annually by the Committee. Operational (Nersight in this area is pnwyded by the Chapter Clerk (Chief Operating Officer} and strategic (wersight by the CaniM Treasurer. A new post of Health. Safety and Security Manager wa5 created and appointed to during the year. Cathedral continues to be mlndful of risks associated with security breaches and has worked closely with the l(Kal Police Counter Terrorism Team which provides training and specialist advice. The Cathedral's Safeguarding policy and wmlures are kept under regular review by Chapter. The Cathedral has an independently chaired Safeguarding Advisory Gro4p- members Include representatives from the Th"oce5an Safeguarding Advistxy Panel. the Cathedral Sthool and the congregati(￿. as well as Cathedral staff. The Cathedral works closely with one of the Diocesan Safeguardlng Offlcers to ensure compliance with Chwch of England safeguarding practice guidance and poLicies. Thi5 IS supported by a service level aqreern￿t wth the Ditxese. ￿ring the year the nunber of people who c(#me to the Cathedral with ¥)ecific vulnerabilities 8rown. Our rw to respond well to them is important. as 15 our need to SLWOrt staff and vclunteer5. Thi5 Can be a dellcate balance to aChi￿e but rewarding. and re¢WI￿ time commltment given the i55L￿ involved. During the year, Chief Financial Officer has le(J w￿k with the Cathedral's IT s￿POrt Contract￿ to strengthen cyber resilience. A particular focu5 ha5 been on improving staff awarerke55 of IT security risks. wlth the Introduttion of a rolling training programme centred on email usage and the threats posed by phishing. The contrartor has also carried out penetratior) testing to evaluate the robu5tne55 of the Cathedral's IT systems. Thi5 exercise proved valuable. identifying several areas for improvement whlle conflrming that, overall. "the security posilion of Salisbury Cathedral'5 extemal and internal infrastructure was lound to be go(Ml. Thi5 assessment was reassuring. In addition to the main Risk Register, the Cathajral maintains a separate-thxjgh linked-IT Risk Reglster, which Is overseen by the Chief Financial Officer. These accounts have been prepared on the a55￿ptI(￿ that the Cathedral wlll C￿tInue to operate as a going corKern and w611 be able to meet its liabilities as th￿ fall (￿. Chapter has considered the appropriateness of this assumption and has carried out an a55e5sment covering a peric*J of at least twelve month5 from the date of approval of the accounts. Despite ongoing tmcertainties. Chapter is satisfied that the Cathe(Iral will have sufflaent resoLrce5 to meet its obligatllY15 and C￿tInUe to operate as a going concem. Statement of Chapter's responsibilities for the preparatlon of the Accounts The Membe￿ of Chapter are re￿K￿lbIe f￿ preparing the amual repcrt and accounts in accordance with applicable law and United Kingdrmn Generally Accepted AccoLmting Practice. Under the Pr¢￿S7on$ of the Cathedrals Measure 2021 and the C(mstitution of Salisbury Cathedral, Chapter Ss required to prepare accounts, for each financial year. which give a true and fair view of the State of the Cathedral's affairs and of its financial activities during t1￿ year. In preparing those acccMJnts members of Chapter are required to: select suitable accowting policies and then arviy them consiSt￿tlY. make j￿Isements and estimates that are rea$(￿able and prwlenr. 17 SALISBURY CATHEDRAL YEAR ENDED 31" MARCH 2025 comply with applicable aCC￿ntIng standards, ￿melY the Charities SORP and in accordance with the Accounting and Reporting Regulations for English Anglican Cathedrals specified by the Church Cornmissioners under Section 30 of the Cathetlrals ￿aSUre 2021, S￿]eCt to any departures disclosed and explained in ihe accounts- state whether accounting standards and the Regulati￿5 referred to above have been followed,, and prepare the accounts on Ihe going concern basis unlvJS it is inappriyiète to presume that the Cathedral will (￿tinUe to be financially viable. The members of Chapter are reSpL￿57ble for ensuring that the Caihedral keeps proper aCC¢￿ting records which (Jisclose with reasonable accuracy the fi.nancial position of the Cathedral. and which enable them to ensure that the aCCQLmts comply with the provlsions of the Cathedrals Measure 1999 and the Requlati(Ins referred to above. The members of Chapter are also responsible for safeguarding the assets of the Cathedral and hence for taking reasonable Steps for the prevenlion and detection of fraud ané other irreguiariiies. Conclusion This Report offer5 a glimpse of a busy and fulfilling year for Salisbury Cathedral. with all bts opportunities and its chall On behalf of the Chapter I commend it to you. The Very Revd Nicholas Papadopulos Dean of Salisburv 17 October 2025 18 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALISBURY CATHEDRAL CHAPTER Oplnlon We have aL#lited the flnancial statements of Salisbwy Cathedral for the year ended 31 March 2025 which c￿nP￿Se the Consolidated Statemait of Finanaal Activities. the Consolidated Balance Sheet, the Cathedral BalarKe Sheet. the Consolidate*J Cash Flow Statement and note5 to the financial statements, including a summary of significant acc(thting policies. The linancial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Stan¢Jards. induding Financial Rewting Standard 102 The FinarKial Rerx)rting Standard applicable in the UK and Republic of Ireland (United Kingthm Generally Accepted Accounting Practice). In opini￿. the financial statements: give a true and fair view of the state of the qr(w's and of the parent charity's affalrs as at 31 March 2025 and of the grwp's net movemenl in funds for the year then ended: have been property prepared In accordance with United Kingdom Generally Accepted Acco￿tIng Practice: have been prepared in accordance with the Acco￿tIng and Re￿rtIng Regulatims for English Anglican Cathedrals (iated December 2018 as speCif￿d by the Church Commissioners under Section 30 of the Cathedrals I￿a￿jre 2021 ar¥J have been prepared in accordance 74yith the requiremthts of the Charities Act 2011. Basts for oplnlon We have been appointed as aLMITtor under Settl￿ 144 of the Charities Act 2011 and report in accordance vrith Act and relevant regulation5 made having effect thereunder. We c¢)nducted our audit in accordance with Internati￿al Standard5 c￿ Auditing {UKI IISAS IUKII anL1 applicable law. Ow re5ponsibTlities Lnder th¢)se standards are further described in the Auditor'5 responsibilities for the audit of the financial statements section of cmjr rep)rt. We are iThJependent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statement5 In the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical reswnsibilities in accordance with these re(pJirem￿ts. We beLieve that a￿lIt evldence we have obtained is sufficient and appropriaie to provide a basls for opinion. Concluslons relatlng to goi￿ concern In auditing the financial statements, we have C(￿CLUded that the trustees. use of the going concem basis of accoLnling in the Preparati¢￿ of the financial statements i5 awxopriate. Based on the work we have performed, we have not ithtified any material uncertainties relating to events or condilions that. individually ￿ collectfveiy. may cast significani doubt on the group's ability to cL￿tinue as a golng (c￿eM for a pericKI of at least twelve months from when the financial statements are a￿horISed for issuè. Our responsibilities and the resp(￿lbilItieS of the trustees 7Mth respect to going concern are described in the rel￿ant secti4)ns of this reiMrt- Other Inforrnatlon The Chapter'5 member5 are responsible for the other infonnation. The other Information comprises the information indvded in the Rep)rt of the Chapter. Our opinion on the financial statements does not cover the other Information and, except to the extent otherwise explicitly stated in our report. we do not express any form of aswrance ((￿dUS7on ther￿￿. In connection with audit of the financial statemLYts. our resp￿51b7[7tY is to read the other inforrnation and. in doing so. C￿51￿er whether the other inftymatlon is materially inconsislent wth 19 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 the financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incons15lencies or appar￿t material mi5Stalements, we are required to determine whether there is a material misstatement in the financial statemenls or a material misstatement of the other infoffliation. If, based on the work we have performed. we conclude ihat there is a material misstateynent of this other inf0miat1¢￿. we are required io report that fact. We have nothing to rem in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the foilomng matter5 in relation to which the Charitie5 IAccounts and Reports) Regulation$ 2008 require us to feport to you if, in our opinion: adequate accounting records have not been kepl by the parent charity. or sufficient acctyjnling record5 have r￿t been kept: or the parent charity financial statements are not in agreement with the accounting record5 and return5- or we have not received all the Informati￿ and explanations we require for crtjr a￿lIt. Re5pon5ibilltles of tru5tee5 for the financial statements As explained more fully in the trustees, res￿57b111tIes Statement Set out on page 17, the trn￿teeS are responsible for ihe preparation of the financial slatement5 and for being satisfied that they give a true and fair view, and for Such internal control as the trustees determine is necessary to enable the preparation of financial statt¥nffits Ihat are free frtNn material mi5Statement, whether due to fra￿j error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability to contiwe as a going concwn. disclosing, as applicable, matter5 related to going concern and using the going CC4Kern basi5 of acc¢xJnting Lmless the tru5lee5 either intend to liquidate the gro￿ or the par￿t charity or to cease owaiions, or have no realistic alternative but to do so. Audit¢Y's responsiblllties for the aud6t of the financlal statements Our objectives are to obiain rea*￿able asyJrance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an èuditor's report thal includes our ¢Jpinion. Rea$￿able assurance 15 a high level Df assurance, but is not a guarantee that an audii condurted in accordance with ISA5 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fra￿ or error and are considered material if, individually or in the aq4re4ate, they could reasonably be expected to infi(Ence the econcmic deasion5 of L￿er5 taken on the basis of these financial slatemenls. Irregularities. including fraud, are instances of ncn.compliance wth law5 and regulat1￿5. We design procedure5 in line with our responsibilities, outlined èbove, io detect material misstatements in respect of irregularities. including fraud. The extent to vA)ich our procedures are capable of detecting irregularilies, induding fraud is detailed below.. Based on our understanding ol ihe Charity and the environment in which it operates, we identified that Ihe principal risks of n￿-coMpliance with law5 and regulations relaled Io safeguarding vulnerable beneficiaries, health and safety. and eMployrn￿t (including tsxationl. and we considered the extent to which non-compliance might have è material effect on the financial stalernents. We also considered those laws and regulation5 that have a direct impact on the preparation of the financial statements such as the Charilies Act 2011 atKI the Cathedral's Measure 2021 and other faclor$ Such as income tax. payroll tax and sales tax. We evaluated management's incentive5 and (pportunities for fraudulent manipulation of the financial statement5 lirKluding the risk of override of controlsl, arKi determined that the principal risks were related to fund accounting, including transfers between fund5. and revenue recogniticm. Audit procedures pwformed by the engagement team include¢J: Inspecting correspondence wilh regulators and tax outhorities- Di5CUSSlCXlS Wth managemEy)t includifig consideraiion of knowrb or suspected insta￿e5 of non- compliance wSth laws and r￿UlatIon and fraud: 20 5AL15BURY CAThEDRAL ST YEAR ENDED 31 MARCH 2025 Evaluating management's Cc￿tr￿S d￿79ned to prelent and detect irregularitie5" Identifying and testing journals- arKI Challenging assLrytions and j￿￿geMentS made by management in their critical accounting estimates. Because of the inherent limitations of an a￿jIt. there 15 a risk that we ￿11 not detect all irregularities, including those leading to a material misstatÉ*nent in the finarbcial statements or non- compliance with regulati￿. Thi5 risk irKreases the rThye that complia￿e with a law or regulatic￿ is removed from the events and transactiLM)s reflected in the finarKial statem￿t5. a5 we will be less likely to bec¢Jne aware of instarKes of ￿￿-cOMpli3nCe. The risk is also greater regarding irregularitie5 ocC￿ring due to fraud rather than erroff. as fra￿1 involves intentional concealment, (￿gery. collusion. Omissi￿ or mlsrepresentat1c￿. A fLrther d￿￿T7ptIOn of our respcfisibilities for the a￿JIt of the financial Stat￿entS is located on the Flnanclal Reporting Council's website at: t4¥wW.frC.￿g.L￿(1a￿JItorsreSponsib7litIe5. This de5CriPtion fcffi15 part of our auditor'5 rep¢)rt. Use of our report This repcrt is made solely to the thèrity's trustees. as a body, in accordance with section 144 of the Charities Act 2011 and regulati¢ms made ￿der secti(m 154 of that Art. [￿r a￿lt work has been undertaken so that we might state to the charity5 tntstees those matters we are required to state to them in an Auditors report and for no other pur[￿. To the fullest extent permitted by law, we do not accept or assume responsibility to any(￿ other than the charity's tntstees as a bTrJy for our audit work. for this report. ￿ for the winions we have formed. Haysmac LLP Statijtory Auditors 10 Street Place London EC4R 1AG 0911212025 Hay5Mac LLP 15 eligible to act a5 an aLMlitLY in tern￿ of sectim 1212 of the c(Xnpani￿ Act 2006 21 SALISBURY CAThEDRAL YEAR ENDED 3 1" AIARCH 2025 Consolidated Statement of Financial Activities Note Unrestricted Restricted Enéowment Funds Funds Funds £0 Total 2025 £000 Total 2024 Income & endowments from: Donations and legacies Grants in support of mission Charges and fees arisins in the course of mission Trading and fundraising Investmenls Oiher TrnC￿e 337 649 243 986 243 94 65 3.812 1.173 53 3,891 1.614 90 3,624 1,358 67 441 37 Total income 5,469 1.449 6.918 6,267 Expendlture tjn: Costs of raising income Charitable activitie5 Ministry Calhedral and precincts upkeep Education and outreach 3.095 230 3.381 3,081 1.023 770 438 532 835 20 1,555 1,633 458 1.249 2.056 360 28 Total expenditure 5.326 1,443 258 7,027 6.746 Net Incomel(expenditurel before Sain￿{lOSseS) on investments 143 (2581 (109 (479) Gainslllossesl on investment assets Investment properties: realised Investment properties: unrealised 8 Investments: realised Inve5tment5.' unrealised 233 398 233 398 32 245 11091 {1091 1818) {187) {9271 12961 2.510 Net yalns1{lossesl on investments 2,784 Net Incomellexpendlture 143 11031 14451 14051 2.305 Reconciliation of f￿d5 Brought forward at 11t April 2024 4.370 59,676 70,915 68,610 Balances at 315t March 2015 4.513 6,766 59.231 70.510 70,915 22 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 Consolidated Statement of Financial Activities Cornparative information e Unrestricted Restricted Endowment Funds Funds Fund5 Totttl 2024 £000 Income & endowments from: Of￿atIOnS and legacies Grants in support of missic Charges and fees arising in the course of mission Trading and fundraising Investments Other income 397 311 445 65 65 3.553 1.025 35 71 333 32 3.624 1,358 67 Total Incomè 5,075 1. 192 0.267 Expenditure on: C05t5 of raising income Charitable activities Ministry Cathedral and precinct5 upkeep Education and wtreach 71 Z53 3.081 816 799 343 433 1229 17 1.249 2,050 360 28 Total expenditure 4.715 1.750 281 0.740 Net Incomellexpendfture) before qalnsllos50s on Investments 360 (558) (2811 (479) Galnsl(losses) on Investment assets Investment properties: realised Investment properties: unrealised 8 Investments: realised Investments: unrealised 32 245 (3) 2.214 33 245 13) 2.510 2.784 296 Net ¥aktsl(10$5es) on investments 296 Net inctsmel(expenditure) 300 (262) 2.305 Reconciliatlon of funds Brought forward at 1. April 2023 4.010 7. 131 57.469 68.61Q Balances at 315t March 2024 4,3n) 6.869 59,676 70,915 23 SALISBURY CATHEDIiAL ST YEAR ENDED 31 hlARCH 2025 Consolidated Balance Sheet Note Unrestricied Restricted Endowment Fund5 Funds Funds Total 2025 £000 Total 2024 Flxed assets Tangible a55ets Non.inve5tment propertie$ 6 Other tangible fixed assets 7 13,712 13,712 12,644 75 989 989 13.712 14,701 12,719 Heritage assets Investment assets Investment properties Other invesiments 19.791 24,928 44,719 19,791 30.739 50,530 20, 124 31,827 51.951 4.206 4.2( Total fixed assets 2.594 4.2( 58.431 65,231 64.670 cUrr￿t assets Stock Debtor5 Cash al bank and In hand 129 615 1,861 2.605 129 615 5,221 5,%5 117 735 6.193 7,045 12 Total currenl a$5et5 Credltors: amounts falling due wthin one year 16861 16861 (8CiI) Net current assets 1.919 8LX) 5.279 6,245 Total net 455ets 4,513 6.766 59.231 70.510 70,915 Fund5 Endowmenl fLV)ds Restricted fund5 16 Trading Companies 17 General unrestricted funds 17 59,231 59,231 6,766 59.676 6,869 6.766 4,513 4,513 4.370 4.513 6,766 59.231 70.510 70,915 Approved by Chapter IY. Iqajand Sig￿ on their behalf by: The Very Revd Nlcholas Papadowlos Dean of Sallsbury Nigel Saltsbury Chalr. Finance Cornmlttee 24 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 Cathedral Balance Sheet Note Unrestricted Restricted Endowwnent Funds Funds F￿)d5 £000 Total 2025 £000 Total 2024 Flxed asset5 Tangible assets Property Other tangible fixed assets 7 13.712 13.712 955 12.044 955 955 13,712 14.667 12,698 Meritage assets Investment asset5 Investment in subsidiaries Investment properties Other investments 19.791 24,928 19.791 30,739 20, IZ4 31,827 4.206 4,206 44,719 50.530 51.951 Total flxed assets 4.206 58.431 65,197 Current assets St¢xk Debtors Cash at bank and in hand 23 1.152 23 1,152 4,969 12 1,148 Total C￿rent assets 2.784 6,144 6, 997 Credltors: amount5 falll due wlthln one year 1831} (8311 (730) Net current assets 1,953 2.560 5.313 6.267 Total net assets 4,513 6.766 59,231 70.510 70,916 Fund5 Endowment funds 15 Restricted furKIs 16 General unrestricted funds 17 59,231 59,231 6.766 4,513 59,076 0,869 4,371 6.766 4.513 4,513 6,766 59,231 70,510 70,916 Approved by Chapter on il . 1& ef and sil￿d on their behalf by: The Very Revd Nlcholas Papadopulos Dean of Sallsbury Niyl Sallsbury Chalr. FSnance Commlttee 25 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 Consolidated Cash Flow Statement Note 2025 2025 Z024 2024 Cash flows from operat?ng actlvities Net cash prowded byl{used inl operating activities 11,2321 (7,169J Cash flows from investlng actlvities Rents received net of expenses Intere5l and dividends received purch￿ of planl and equiprnent Purchase of investment property Proceeds from lease extension of prcwtie5 Proceeds from sale5 of other Investmemts 1481 1.244 1966) 1391} 258 251 f173J 148) {911 32 Z76 348 998 Cash flows from flnanclnq actfvitles Receipts of endowment Chan8e In cash & cash equfvalents 18841 1171) Cash & cash equivalents at 1" April 2024 10.662 10,833 Cash & cash equlvalents at 31" March 2025 B 9.778 10,662 26 SALISBURY CATHEDRAL 5T YEAR ENDED 31 MARCH 2025 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Reconclllatlon of net Income/(expendlture) to net cash flow from operatlng artivitles 2025 2024 £000 1405) 79 296 1371) 11.244) 419 112) 120 1114) 11,232) Net incomel{expe￿￿iture) Depreciation IGainslll05ses on investments Rents Interest & diy￿endS Irhvestment propwty expen5e5 {Increaselldecrease in St￿kS {Increaselldecrease in debtors Increaselldecreasel in creditors Net cash provided byl(used inl 0￿ratIng activities 2.305 73 12,7831 (356) (I,Li13J 529 (111) 174 (1. 170) Analysts of movement In cash & cash ewlvalents Balance 1st April 2024 Net cash Balance cash 3151 March flcr 2025 £000 Cash at bank and in haNI Unrestricted funds Restricted fund5 Endowment fu￿5 2,639 2,732 823 17781 1.861 2,560 8C(I 1231 (9731 6,194 5.2Z1 Imiestment deposits Unrestricted fund5 Restricted funds Endowment furMIs 1.579 1.164 1.725 1,579 1.164 1.814 4,557 89 89 Total cash & cash ewivalents 10.662 18841 9.778 Comparatlve Informati Balance 1" April 2023 £000 Net cash Balance cash 31st March flow 2024 £orMJ Cash at bank and in hand Unrestritted funds Restricted funds Endowment funds 1,379 469 929 1.260 2,263 11061 3.417 2,639 2.732 823 6,194 Investment deposlts Unrestricte¢J funds Restricted fund5 Endowment funLIs 2,417 3.952 1.687 18381 {2.788} 38 1.579 1.725 {3.588} Total cash & cash eq￿Valents 10.833 11711 10.662 27 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 2025 Accounting Policies The prithcipal accounting policies adopted. significant judgement5 made and key sources of estimati and uncertainty in Ihe preparation of the accounts are set out below. Basls of accounting The accounts are for the year ended 31% March 2025 with c￿paratiVe information given In respect of the year ended 31" March 2024. They have been prepared under the histLKical cosi convention, with items recognised at cost or transaction value except for the revaluation of investment properties and other inve5lments. They have been prepared in accordarKe with: the Acco￿ting and Reporting Reguiatims for English Anglican Cathedra15 dated DecE￿ber 2018 as specified by the Church Comwni55icrfws under SeCtic￿ 30 of the Calhedra15 Measure 2021: and the Charities SORP {FRS 1021 seccmd e(lilion. effeciive January 2019, and the Charitie5 Act 2011 The Cathedral constitute5 a public benefit entity as defined by FR5102. Group structure The accounts consolidaie the results of the Cathedral's wholly owneij subsidiary ct)npany, Salisbury Cathedral Enterprises L?mited. Collectively. the Cathedral and its subsidiary company are referred to a5 the Group. The Cathedral-only balance Sheet include5 the Prebendal lund, the Choristers, Endowment Fund and the Choral Foundation as these charities are controlled and administered by the Cathedral for it5 charritable purpDses. There are three charities whose objects are to support aspects of the work of the Cathedral, but which are noi controlled by Chapter. Accordingly. the aCCOLnts of these charities are not included in these (￿50[1dated accounts. Further infomiation ab￿t these charities is given in note 20 to the accounts. The accounts of Salisbury Cathedral Schoot are also nol included in these consolidated accthjnts. Although Chapter has the righi to ratify the appointfflent of the Governors of the School, the purposes of the khool and the Cathedral are distinct. and the School operates independently of the Catheisral. Accordingly, including the School in the Cathedral's cmsolidated accc*Jnts would nol give a true and fair view. Further Informatic￿ abwt transactions between the Schwl and the Cathedral are given in note 20 to the aectyjnts. 28 SALISBURY CAThEDRAL ST YEAR ENDED 31 MARCH ZOZ5 Funds The fun(ts of the Group are divided into three cateyies. depending (M) the terms on %thich they have been recelved. Endowment l￿d$, whose capital cannot be spent. but the inc(xne fr1￿ which may be used for either general or specific purposes. as laid down by the dormy. Restricted fvnds, w￿e capilal and inc(xne are available SP￿1n1 ￿ specific purposes as laid down by the donor. Unrestricted funds, which may be used for any purpose within the broad ecclesiastical and charitable purposes of the Catheiiral ￿ the objects of the other grcw entity hol¢Jing thcfn. These may include amounts which have been designated by Chapter for particular purpose5 lyJt where the desIgnati(￿ may be varied ￿ removed in the future. Si£nlffjcant accounting estlmates and areas of judgement Preparaticffl of the accounts requires Chapter to make j￿19￿￿ts and estimates. Significant )￿[geMentS and estimates have been made In relat5￿ to: estimating the likely amount of legacy inC￿e the Cathedrnl is aware of its entitlement to recelve a legacy: the valuation of investment propwtie5 the allocation of shared c05t5 acros5 activitie5: and estimating the useful ec￿(￿niC life of tarrfdible fixed assets. Assessment of 8ofing concern These accounts have been prepared ￿ the as5unptl￿ that the Grwp will be able to continue to operate as a going Co￿ern whlch can meet its liabilitie5 as tly fall due. Chapter have assessed whether the use of thi5 going concern assumption is appropriate. This a5ses5ment has been made in respect of a period of at least one year frt￿ the date of approval of the accounts. The Cathedral's financial position is discussed in the Financial Review and Reserves sectlon on page Chapter are of the Opini￿ that Ihe Grcw will have 5￿fIcient resource5 to meet its liabilities as thry fall due and that there is no matertal uncertainty In relati(￿ to the Cathedral ctwtinuing as a going concern. Income recognitlon Income compri5e5: donation5, grants & legacies: income arlslng In the course of MISSk￿. income from trading ac￿￿ties- investment incorne. and other InC￿Tre. All income Is recwiised once the Group has entitlement to the Éronc¥nic benefit, it is probable that the economic benefit will be received. and the M￿￿tary value can be measured with sufficient reliability. Vthen a third party pays for %￿7ceS ￿ l)thalf of the Cathedral, the cost 15 recognised a5 inc(*me as well as being shown as ex￿dIt￿re in the statement of finanaal activities. Similarly. donated goods and semces are valued on an arm's length basis a￿1 St￿n a5 incorne and either capital or revenue experKIitU￿ as apwopriate. No monetary val￿. howtryer. is placed on the seNices owded by the many Cathedral volLmteers. Donations and grants are recognised when Grwp ha5 confirmation of trKthth the amount a￿j settlement date. In ihe event of d(￿atiOnS pledged but not receTved, the amount is recognised where the receipt is considered probable. In the event that a (knation IS SLrt)ject to conditions that require a 29 SALISBURY CATHEDRAL 5T YEAR ENDED 31 MARCH 2025 level of pLYformance before ￿ Grcwp 15 entitled to ￿ funds. the income 15 deferred and not recognised until either those c￿Oi110n5 are fully mel. or the fulfilment of those condit1t￿5 is wholly within the control of the Group and it is prcthble that the conditions will be fulfilled in the reportin8 period. Legacies are recognised whth the Grtyjp is entitled to the legaty. ihe amoLmt of the legacy receivable can be reliably measured. the executws have established that there are Sufficient surplus assets in the estate to pay the legacy, and any cl￿ditiOnS attached to the legacy are within the control of the Group. EntItl￿nent 15 tak￿ as the eartier of the date on which either= the Group is aware that probate has been granie(l. Ihe esiate has been finalised and norificalion ha5 been made by the executor to the Grwp that a distribution will be made. or when a distribution is received from the estale. In the evffit that the legacy is in the f(*m of an asset other than cash or a financial asset traded ￿ a recognised stock exchange, recognitlcrfl 15 sthject to the value of the asset being reliably measurable with a degree of rea￿abLe accuracy ané title to the asset having bwng transferred to the Group. Where legaaes have been notified to the Group. or the Gr￿p is aware of the grantlng of probate. but the crileria for income recognition have not been met. t￿ the legacy is treated as a cThitingent asset and disdosed if material. Income arising in the cthjrse of mission comprises income from education and other activiiies undertaken as part of the Cathedral's mission. Such inccffle is recognised when the related activities take place. The majority of investmeni prcwtie5 are subject to 14Jng-term lea5e5 for which a premiLNn is Charged on the grant of the lease. In accordance wth the provisions of the Cathedrals Ileasure 1999, the lease premiums, less associated costs, are credited 10 endowed capital cn receipt. The net proceeds are therefore shown as realised gains of ihe endowmenl funds in the year in which the lease pr￿1￿$ a￿ received. Other investment income is recognised when it is recefvable, as Ic*0 as the amount can be measured reliably. Expenditure Expenditure is included in the statefflent of financial aclTVitie5 wher) incurred and includes irrecoverable VAT. Expenditure is recognised as SC*Yb as there is a legal or Constr￿tIVe obligation ccwnmitting Ihe Group to make a pawment to a third party. it is probable that a transfer of economic benefits wll be required in settlemenl. and the amount of the obligation Can be measured reliably. Expenditure includes the cost of grN)ds or services paid for by third parties on behalf of the Cathedral. Expenditure comprises the direct costs of different activities. including the salaries of those empltyees directly involved, and Sup￿ costs which support a number of activilies. All expendilure, including sup￿rt costs. is allocale¢J ￿ apporti￿￿ to the applicable activity headings within the following categories: osts of raising fund5. and costs of charitable activilies. 30 SALISBURY CATHEDRAL ST YEAR ENDED 31 MARCH 20Z5 In order to carry out the primary purposes of the Gr¢j￿ it is necessary to provide Support in the form of staff develLyment, office services and ewipment. financial management. good governance and slmilar costs. Governance costs comprise awjit fees a￿1 other expenditure relating to the publlc accountability of the Group and compliance with regulation aThJ good practlce. including expenditure relating to relevant meetings. ￿pp￿t costs. inclwjing governan￿ costs, represent indirect charltable expendlture and are apF>Nti¢J*d based the full.timfrequivalent number5 of staff time in the relevant cost centres. Taxatlon No corporation tax 15 payable by the Grow as the Cathedral 15 a charlty and its SLtsidiary companies surrender their profits to the Cathedral under Gift Aid. Income tax recoverable on donations and imiestment income is included a5 part of the c￿reSp￿K17￿g incLVne. The Cathedral can recover only some of the Value A