st Edmundsbury Cathedral The Dean's Report It is good to be able to present the Annual Report for St EdmL¢nd5bury Cathedral 2023. The year was one of steady delivery of our core value5- worship, mi55ion. hospitality and 5UStainability. Our 10-year Masterplan sets out the parameter5 of how we deliver our values. and an annual plan sets measurable targets. l am pleased our records show that not only have weekly attendances returned to pre-pandemic levels. but also that attendance, particularly among young families and children. continues to increase. It has also been a year of consolidation of our structures of governance as we became a charitable incorporation. adopting new constitution and statutes. with the development of new committees of Chapter. The quality of music and worship has continued to improve with impressive levels of chorister recruitment, the appointment of a full complement of vicars choral and choral scholars and the continued growth of an All-Ages 9.00 am Sunday service. The Cathedral continued co serve its diocese, town, and county with significant services to mark the coronation of The King, the 50th anniversary of the Suffolk Historic Churches Trust, the County Harvest Festival, the annual Justice Service and regular diocesan service5, as well as special services to affirm lay mlnistry. S¢xial justice at the Cathedral continued to develop its work incorporating greater numbers of young people using The Yard project, as well as the growrh of the Singing Schools scheme. We have progressed in our work with dementia awarene55, Hope into Action, our support for the Ukralnian community in Suffoll< and the continued developmenr of Equity, Diversity and Inclusion work and continued our partnership with Bury St Edmunds for Black Live5. As you will read elsewhere In the report financial sustwnabiliry contlnues to be a key priority. Generosity, commitment. and Sheer hard work saw a modest surplus at the year end. The year ahead has the potential to be one of great opportunity and exciting development. We continue to build on secure foundations. trusting in the guidance of the Holy Spirit. Joe Hawes Dean of St Edmundsbury Page 3 of 53
, st Edmundsbury:, Cathedral Reference and administrative information Full Name The Cathedral Church ofstjames and St Edmund, Bury St Edmunds (commonly known a5 St Edmundsbury Cathedral) Charity number 1202911 Cathedral Office Angel Hill, Bury St Edmunds. Suffoll IP33 1 LS Visitor The Right Reverend Martin Seeley, Bishop of St Edmundsbury and Ipswich Cathedral Chapter Trustees The Very Reverend Joseph Hawes, Dean of St Edmund5bury The Reverend Canon Philip Banks (Canon Precentor) The Reverend Canon Matthew Vernon (Sub Dean and Canon Pastor) The Reverend Canon Michael Robinson (Cinon Theologian) The Venerable Sally Gaze (Archdeacon for Rural Mission) Mr Mark Pendlington (Senior Non-Executive Member Appointed January) Mrs Barbara Pycraft Mrs Terry Stark Mrs Sue Hughes Mr Jaime Mellows (Appointed July) Ms Jane Hiviland Webster (Appointed October) Mr Paul Torrington (Appointed January 2024) Mrs Sarah-jane Allison (COO in attendance} Statutory Post Holders Legal adviser to the ChGPter.' Mr MWM Batty, Greene & Greene Solicitors, Bury St Edmunds Chief operL7ting Officer ond ChiefFinonce Officer {COO&CFO).' Mrs Sarah-jane Alli50n Director of Music.. Mr Timothy Parsons Pzge 4 of 53
st Edmundsbury Cathedral Finance Committee Mr M Pendlington (Chair, resigned January 2024) Mr P Torrington (Chair, appointed January 2024) The Reverend Canon P Banl<s Mrs Sue Hughe5 Mr Kevin Rooney Mr Michael Wilde {Resigned February 2023) Mr Andrew Robinson (Appointed March 2023) The Very Reverend Joseph Hawes. Dean of St Edmundsbury (in attendance) Mrs Sarah-jane Allison (COO & CFO in attendance) Nominations Committee Mr Edward Wild (Chair) Mr Gavin Stone Mr James Cockram Mr Neil Watts The Very Reverend Joseph Hawes. Dean of St Edmundsbury (Chapter Trustee) Mrs Sue Hughes (Chapter Trustee) Mrs Sarih-jane Allison (COO in attendance) Risk, Audit and Review Committee Mrs Judi Newman (Chair) Mr Jonathan Penn (appointed March 2023) Mr Justin Rabett (appointed March 20231 Mr Paul Torringcon (appointed March 2023, resigned December 2023)) Mr Chris Cumberbatch (appointed April 2023) Mr Mark Pendlington (Chapter Trustee) The Very Reverend Joseph Hawes, Dean of St Edmundsbury (Chapter Trustee) Mrs S2r2h-J2ne Allison (COO in ittendance) Page 5 of 53
St Edmundsbury Cathedral , Fabric Advisory Committee Voting members Non-voting Members Mrs R Blackman The Very Reverend J Hawe5 The Reverend Canon P Banks In Attendance Mrs S Cockram - Secretary Ms A Dickens - Archoeologist The Reverend Canon M Vernon Mr P Orchard - Cathedral Architert Mrl Burton Lady C Carlisle Dr J Hall MrWHart Archivists Dr J Litten (Chair) Mrs S Cockram Canon A P13tten Mr D Medcalf Mr D Sherlock Mrs S Medcalf Auditors Lovewell B12ke LLP, Bankside 300, Peachman Way. Broadland Business Park, Norwich, Norfolk NR7 OLB Bankers Lloyds TSB Bank plc. 9 Buttermarket, Bury St Edmunds. Suffolk, IP33 1 DB Solicitors Greene & Greene, 80 Guildhall Street, Bury St Edmunds, Suffolk IP33 1QB Stockbrol<ers JM Finn & Co, 60 Abbeygate Street. Bury St Edmunds, Suffolk IP33 1LB Page 6 of 53
, st Edmundsbury Cathedral The Chapter Trustees Report The Trustees have pleasure in presenting their report and audited consolidated financial statements for the year ended 31 December 2023. The report and financ121 statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's Constitution, the Charities Act 2011 and the Statement of Recommended Practice (SORP) applicable to charities preparing their (consolidated) accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelandi published in October 2019. The accounts presented here are the consolidated accounts of the charity and of St Edmundsbury Cathedr21 Enterprise5 Limited, the company wholly owned by the charity. Charitable Purpose and Public Benefit The objectives of the Charity as set out in its Constitution are.. to advance the Christian religion in accordance with the faith and practice of the Church of England, in particular by furthering the mission of the Church of England to care for 2nd conserve the fabric and structure of the Cathedril Church building and to advance any other charitable purposes which are ancillary to the furtherance of the purpose referred to above. The Trustees confirm that they have had due regard to Charity Commission guidance on public benefit. Achievements and Performance Reports Our sincere thanks and gratitude go to all who make our achievements possible: our staff, volunteers. commitcee members, chapter, congregation, friend5 and supporter5. The Cathedral has four key areas of work.. Worship, Mission, Hospitality and Sustainability. Worship Worship and Services Our Cathedral is first and foremost a place of prayer, holy ground, and sacred space. Our Cathedral worship is the 'heartbeat' of all that we do, routed in Benedictine Spirituality. The Cathedral offers innovative 2nd experimental worship, and 21$0 breathes new life to our inherited traditions of liturgy which have fed and nurtured many generations of Christians. Page7 0153
st Edmundsbury .-T-->l¥" Cathedral The Eucharist is the ultimate healing sacrament of Christ's presence. Cathedral clergy, together with our supportive retired and auxiliary clergy, have ensured that the sacrament is celebrated daily throughout the year. Our livestreaming policy ensures that our main woi-ship is accessible online: enabling those who are unable to physically attend to connect to our worship spiritually. Our Cathedral mu5ician5. through their hard worlc and creativity, help us express that which goes deeper in the human spirit than words alone. Our music provision include5 our Singing Schools programme and our valued partnerships with King Edward Vl School and Bury St Edmunds County High School with Scholars and School Musician in Residence. InHarmony has continued to enable connection5 between the Cathedral and wider Diocese and supports churches with rnu5ic and worship. Thi5 year's hugely successful 'Messy Messiah. production has provided the building blocks for next years 'Noyes Fludde,. InHarmony's contribution to the music of our weekly Sunday All-Ages Eucharist and to Diocesan worship has been invaluable. Of the many workshops and events organised during the year the Pilgrimage of Song and Ordinations were highlights. Our weekly Sunday All-Age Eucharist is now an established part of our Sunday worship. Our regular round of worship continues to include weekty meditation and mindfulness, a weekday healing service, and a monthly dementia-friendly service. In addition to this the Cathedral hosted numerous special services for the county. community. and Diocese. including a service to mark the Coronation and opportunities to support the Ukrainian community. Additionally* thousands of people pause in our Cathedral to pray or light candle5. Music 2023 wa5 another action-packed year and one which saw our progrimme Continue to expand and develop. Our boy and girl front rows are flourishing. By the end of 2023 we finally reached a stage where we were oversubscribed for choristers with 44 children on the books (40 was always the aiml, divided evenly between boys 2nd girls. There is a healthy interest in chorister places, and it seems likely our number5 will continue to grow. The Cathedral Choir has grown in musical confidence and stature: we have added new and challenging repertoire, undertaken several concerts, and are due to make a recording with the Regent label. A tour of Normandy is scheduled for April 2024. The Friend5 of the Cathedral Choirs have been extremely active in their fundraising. and we're indebted to the committee and volunteers for their tireless efforts which enable U5 to do such exciting opportunities. During 2023 the Cathedral completed it5 process of appointing six professional singers to the choir. With two each of altos, tenors 2nd basses, we now have a foundation on which to build for the choir's future. Our voluntary Lay Clerks continue to make a valuable contribution. Page 8 of 53
, St Edmundsbury yfir.,.'k'R.kW;,;,' Cathedral The St Edmundsbury Singers have also grown in number and have performed at several of the highest- profile liturgical events of the year, including Midnight Mass, the Requiem for All Souls, and the Easter Vigil. January 2023 saw their first performance of Britten's A Ceremony of Corols. The Youth Choir Continued to offer young singers an opportunity to sing to a high level following vocal change. This group 15 gaining a reputation for its fresh. pure sound and a recent highlight has been an act of meditation for Holocaust Memorial Day. June 2023 saw the official launch of a very important strand of the music department's worl4 namely the Singing Schools programme. In November 2023 we undertook our m05t ambitious project to date, a unique and creative performance of part one of Handel's Messiah. Messy Messioh involved around 200 children from across the county. Chlldren. Families and Young People Children, families, and young people continue to be an integral part of life at St Edmundsbury Cathedrd. A ceam of volunteer5 runs the Friday morning Young Families group for pre5chool-aged children and their carers. During 2023 we also continued to run short sessions of Diddy Disciples alongside Young Families. very successful 'Messy Easter, was held in the Cathedral during Holy Week, and we welcomed approximately 30 children with thelr famllies to participate in a range of activities. Our Vision for Young Worshippers encourage5 and supports children and young people both to grow in and to lead us in our liturgic life. Our boy and girl chori5ter5 lead sung worship, others offer prayers and readings. some participate as acolytes and in the role of subdeacon. With its special focus on children and families. the weekly MInute 9.00 am All-Ages Eucharist is flourishing and is helping us all to grow deeper in fch. Children and young people are invited to carry the cross and candles at the beginning and end of the service and they offer a range of insights to our conversations as we strive to discern together the ways in which we live as people of faith in che world today. A team of leader5 and helpers runjunlor Church during the 10.30 am service on Sunday mornings. Thirteen children and young people were baptised during the year. eight were prepared for and admitted to Holy Communion, and one young person was confirmed. We work hard to encourage children and young people to find their voices and understand that the cathed is a place for them. Children and young people enrich the life of our Cathedral community and we do well co listen to and learn from the youngest among us. Page 9 of 53
st Edmundsbury , Cathedral Misslon Inclusive Cathedral In May 2023, the Cathedral once again marl<ed Dementii-Friendly Sunday. Our dementia-friendly activities include the monthly Together on Tue5day5 la simplified Communion Service for people who find a Sunday Service overwhelming). We contributed to our Socal MP'S Dementia Awareness and Signposting Event in October, and we were a filming location for part of the County Council's virtual reality project for people with dementia. As an Inclusive Cathedral, we continue to celebrate that all people are created equal by God. The national church's decisions about equal marriage mean we can no long offer stand-alone blessings of same-sex relationships, but we are allowed to celebrite with couples during our regular services. We pursue these issues because we aim to welcome and treat Lll people fairly, irrespective of age, disability, partnership, pregnancy, religion or belief, race, gender or sexual orientation. In this we seek to work with other organi5ations that promote inclusivity, challenge prejudice, address ignorance and tackle hate crime. Social Action Our Social Action Group oversees the Cathedral's wide-ranging activity in the community by committed staff and faithful volunteers. The Cathedral. working with partners. contribute5 to compassionate action in the community in Several ways. In 2023, I family supported by the Cathedral moved into a house in Bury St Edmunds, bringing to fruition our Hope Into Action project (a national charity that works with churches to provide housing for people in need). The Cathedral continues to support local foodbanks as well as the churches in our linlc Diocese of KageN Tanzania. The Social Action Group includes a Chapter member and an Honorary Canon with social action expertise in the county. The group acts as a "think-tank" supporting projects delivered by staff and volunteers. Learning ThroLtgh a Succession of School visits, themed family activities during the holidays, and community group visit5 such as Beavers and Cubs throughout the year and, the Learning Hub connected with around 2,500 young people and their accornpanying adults. Our popular holiday family activities were well attended. often with three generations of a family involved in the crafts. The themes for 2023 were an Elizabethan Experience, Ignite, Elements, Remembering and Christmas. After each session families also left artwork to put on pane15 depicting seasons in the church year, such a5 Pentecost. The Learning Hub team also created and organi5ed craft activities for Messy Easter, Heritage Day. Summer Fair, Suffolk HarYe5t, and the Christmas Market. Page 10 of53
St Edmundsbury Cathedral During 2023, we had 365 spaces filled by young people over 212 sessions. Since partnering with innov8 in June, we have used the Yard most weel<days as well as in the holidays. Of the 98 young people who completed a Generic Wellbeing Survey after their Yard session 78% gave a top wellbeing score of between 25 and 30130 and 22% gave a response of between 20 and 25130. Hospitality Visitors Visltor numbers in 2023 reached nearly 73,500. This demonstrates our continued growth since the P2ndemic and an uplift on the number of visitors in 2019. With an increased number of volunteers involved in roles such 35 welcome scewards, guide5, and chaplain5, we have been able to fill the rotas more Successfully. The friendly, welcoming presence of volunteers malces a huge difference to our visitor experience. The Cathedral relies on donations from visitors as a parc of its income and efforts were made to improve this in 2023 by repositioning the donations boxes and other interventions. This increased the average donation per person to 74p. Guided tours and tower tours were popular, and more booking5 were possible now that the guide team is at full strengch. The guides also offer se55ions where they are 'on duty, to answer questions and chat to visitors informally. Heritage Open Days were extremely popular with the Ancient Library and Norman Tower open to visitor5. Changing exhibitions in the Treasury and occasionil exhibitions in the Cathedral and c1015ters mean visitors are assured of Something new to see on each vislt. A highlight was the loan of the Bury Psalter. giving a rare opportunity to see this beautiful manuscript written in the Abbey of St Edmund. The LEGO model continues to grow, though there is still some way to go to completion. It is a good tall<ing point and generates a lot of interest amongst visitors of all ages. A serie5 of Twilight talks was programmed in the autumn, offering a talk by a specialist followed by a thematically linked tour by torchlight. These enriching and entertaining evening5 focussed on the development of the building. New themed leaflets were introduced following on from the success of an Advent 'Ange15' leaflet in 2022. Visitors were encouraged to follow a trail linknng our 'Royal Connections, and 'Food and Drink., exploring stained glass, statues, and artwork. The non-English Welcome leaflets were all updated in 2023, thanks to che help of one of our linguistically gifted volunteers and a young Ukrainian student. As well as a print version, visitors are encouraged to use a QR code to access a leaflet in their own language. Page 12of53
st Edmundsbury Cathedral Workshop highlight5 have included: working in partnership with the Bury Records Office to deliver a Bury Psalter workshop, a Travel and Tourism Masterclass, an internal Welcomers Advanced workshop and Twilight Tall(s and Tours. Values wor1<5hops were designed and delivered for st2ff. During Lent we coordinated another successful series of guest speakers with 90 people joining online each week. A coronation prayer space and a Godly Play taster day were also organi5ed, as well a5 providing a liai50n role for both the Diocesan Education Service and a Crime and Punishment showcase for schools. In November. we provided the concept and co-ordination for an engaging creative project to decorate the Cathedral with colourful banners for the Messy Messiah performance. Several schools ind the Cathedral's junior church and choristers created this artworl<. During the Christmas period, visitor5 to the Cathedral hung stars with their hopes for 2024 on our multicoloured tree. The Yard Project This is a trauma-informed youth provision supporting young people with a variety of identified need5, from neurodiversity to refugees to children eligible for free school meals. Our team consists of the Project Lead, two part-time 5UPPOrt workers and a small number of professional Yolunteers. The Yard is a space of welcome. refuge and learning. We developed our existing partnerships with Suffolk 4YP. Suffolk Family Cirers Young Carers, Outreach Youth, 2nd Access Community Trust youth centre. and started our weekly gardening club with King Edward Vl High School Intervention Team. In June. we entered a new partnership with Innov8 Workshop5, an alternative education provider based in Rougham. We now offer 10 hours a week of one-to-one horticultural mentoring to some of the harde5t-to-reach young people and those most at risk of exploitation. We continued to run sessions funded by the Holiday and Activities Food Programrne for young people whose families are eligible for free School meals or have another identified need. In consulcation with young participants, we hosted a Halloween movie night, trialled new recipes in our outdoor cooking project and introduced art 2nd circus workshops in the summer break. We also hosted a free. accessible family show in the Cathedral which attracted an audience of 70 children and adults. We started our Tuesday after-school volunteering sessions for participant5 in the Duke of Edinburgh Award scheme ind trialled Friday after-school sessions for Mindfulness and Emotional Resilience. Overall. we enjoyed a creative, inclusive and fulfilling year of group activities and one-to-one 5es5ions meeting the needs of our young community. Page 11 of53
st Edmundsbury Cathedral In September, the final face-to-f2ce visitor interyiews tool< place, which contributed to a year-long visltor survey set up with the Audience Agency and the Association of English Cathedrals. The data has been analysed and gives valuable insights into our vi51tor5. This will be used to inform our planning and programming for vi51tors in the future. Volunteer5 Approxim2tely 300 xctive volunteers form the Guild of St Edmund, the Cathedral's body of volunteers. The number of volunteers fluctuates over the year a5 some volunteers retire. A good number of new volunteers from the local area 2nd further afield have joined, offering to get involved in different roles. We had a particularly good response to our request for new chiplains to be on duty supporting visitors. The Guild Committee is attended by a representative of each volunteering group. They met three time5 over 2023 to discuss volunteering matters and enjoyed special behind-the-scenes tours. Long service awards were presented, and new volunteers welcomed. The Edmundtide gathering gave the opportunity to enjoy lunch and conversation together followed by a talk Several volunteers undertook the Welcome Host customer service training course. Many joined a very informative session on understandin£ dementia, from the perspective of frontline customer service. The guides meet regularly to study topics and enhance their knowledge. A number of young people have taken up volunteering roles in 2023, including 2 15-year-old helping with the LEGO project as part of his Duke of Edinburgh award. College student5 have done work experience, including shadowing staff and working alongside volunteers to learn vital skills. Abbey of St Edmund Heritage Partnership To assure a sustainable future for the Abbey of St Edmund. an application to the Nitional Lottery Heritage Fund (NLHF) submitted in November with the Cathedral, West Suffolk Council, and English Heritage working together as members of The Abbey of St Edmund Heritage Partnership to develop and deliver a major project. The Hericage Partnership comprises of 29 organi5ations and individuls who care about the Abbey. The partnership aims to encourage people to experience the international significance of St Edmund and the historic Abbey, and to ensure the Abbey will inspire all its visitors through excellent conservation, learning and communiry engagement. The Abbey area is three time5 the size of the Abbey Gardens and includes the Cathedral and it5 anci112ry buildings, as well as the Great Churchyard with St Mary's Church and the Water Meadows. Members of the parcnership include experts in heritage, p12nning* archaeolo8y, academi2, and local history. Page 13 of53
st Edmundsbury Cathedral . Sustainablllty One of the primary ways in which the charity raises fund5 IS through donated profits from the commercial success of Enterprises Ltd. Their aim is to 5UPPOrt the mission and ministry of St Edmundsbury Cathedral financially through profit. ren income and supporting with operating costs for the centre. They also provide a warm welcome enhancing the overall experience of those visiting the Cathedr21. Pilgrim5' Kitchen, the Cathedral Shop and Tourist Information Poine are open seven days a week Edmund Room The Edmund Room is a space used extensively for Cathedral use but brings in a small amount of revenue from external hire for functions and meetings. Pilgrirns. Kltchen Restaurant Pilgrim's Kitchen is open to the public during the day and available for private dinners and functions in the restaurant. It caters for events in the Cathedral and Edmund Room on a regular basis. As the cost-of-living crisis took hold and inflation soared, it became challenging for 2023 to maintain the profit rnargins. However, we continued to offer great value whilst ensuring that margins were at a level to reali5e the expected profit targets. We achieved a turnover 23% higher than in 2022 and our profit exceeded budget by 160%. a 130% increase compared with the previous year. The Shop Although The Shop relies heavily on the sale of gifts to maintain our margins, we also see it as an important part of our role to continue to Supply church requisites, religious books. and cards to the local community and churches who come throughout the year for items such as palm crosses, paschal candles, and communion wine. Increased trade resulted in the highest annual turnover to date for The Shop despite difficult trading conditions for the high street which continued from 2022. Increased stock costs and the average customer having le55 disposable income meant we had to adjust our ranges and prices accordingly. The table below shows that we have exceeded pre-pandemic turnover and thoUgh the number of transactions ha5 decreased this has been offset by an increased average spend. This has been achieved through careful product selection and visual merchandising, made much easier artd more successful by improvements from the shop refit in 2022. Page 14 of53
St Edmundsbury Cathedral Number of Transactions Year 2019 2020 2021 2022 2023 Turnover Average Spend £9.80 £11.69 £11.84 £12.21 £12.27 1194,050.79 £81,303.37 £129,473.73 £183,585.39 £195,412.30 19784 6951 10933 15024 15925 Cathedral Fabric, Property and the Environment Our Facilities and Maintenance Verger undertakes or manages the many small and large ongoing maintenance projects. This includes contractual maintenance and overseeing larger projects such as new Treasury display cases, lighting protection improvements, and electrical repairs. With support from our Cathedral Architect, project5 this year have included the renovation of one of our Cathedral domestic properties, the continued gradual replacement of lighting and heating across our building5, and Cathedral exterior stonework repairs. Planning for the installation of PV panels on the Cathedral south-facing roofs is part ofthe Eco St Eds group work which is hoped to be completed in 2024. Having achieved our Silver A Rocha Eco Church award, we aim to be consistent about our environmental message. We continue to encourage our congregation 2nd others in our Diocese through our Green Tips in the weelcly Bulletin. Our many activities and succèsses in the last year include- A Mini Meadow on the Cathedral garth Purchasing environmentally friendly cleaning products only Holding a yearly Climate Sunday Service Supporting other initiatives such as Earch Day Achieving great strides in the Solar Panel project. We have achieved gold status in three of the five categories of the Eco Church Gold award ar)d hope to succeed in getting our Gold Eco Church 2ward in the near future. Events 2023 saw the busiest year ever with a broad range of events, including dinners and concert5. Highlight5 included Suffolk County Council's 'Young at Heart,, Bury Bach Choir, the Aldeburgh Festival, G4 at Christmas, London Concertante, and tribute band 'Queen by Candlelight.. The Cathedral Choirs performed summer and Christmas concert5. For the first time we hosted a wedding fayre, Silent disco, and gin festival. The East Anglian Beer and Cider Festival took place at the Cathedral for the third year and our Christmas Market was another huge success welcoming approximately 12,000 people over three days. Page 15 of 53
st Edmundsbury Cathedral Philanthropy & Membership A major focus for 2023 was the inaugural 'Grand Nave Dinner, which was a wonderful night of dinner, dancing, entercainment, and auction for 220 people. The £52,000 ra15ed surpassed expectations and will be spent on three vital are of our mission: social outreach. music, and fabric. The evening would have been impossible to host without the generous support of our sponsors, event partners, and auction donors. We are so thanl<ful and excited about the new friendships and relationships with town and county that were built on the night. Legacies have been a focu5 in 2023 with the aim of building awarene55 of 'leaving a gift in your will.. No matter how Small or large, every gift in every will makes 2 difference and we have run two Legacy Sundays and provided printed materials to help Spread the word among the congregation and wider community. Patron numbers have remained steady. A hugely enjoyable part of the scheme is connecting and getting to know Patrons at our special events. Highlights included a private viewing of the Bury Psalter. the Gabrielli Consort in performance a5 part of the Aldeburgh Festival with a reception at the Deanery, and festive mulled wine ind whiskey receptions over the Advent and Christmas period. Marketing and Communications After implementing new practice5 in 2022 such as the content calendar, events email and social media advertising, 2023 was the year for carrying on these marketing initiatives and seeing growth. This growth has come from our Social channels where we've had an average of 12% increase in followers. We also saw a good increase in those on our email mailing list with 24°A growth of those who want to hear from us about our events. This means marketing to an engaged audience who will purchase tickets and attend our variety of event5. Although the average cost per click went up to 19p in our Social media advertlsing, we made a net income of £15.393.24 on events advertised, against a spend of £842.11. We made 2 small increase in web51te visitor5 in 2023 and Saw trend5 emerging in our most popular page5 which remain, 'what's on,, 'worshiplservices', 'plan my visit., 'Christmas Market. and 'Pilgrims' Kitchen,. We maintained a decent spread of media coverage, 152 pieces, without any major headline events le.g. Abbey 1000) and pushed on branding work such as building signage and vi51tor item5. Page 16of53
I St Edmundsbury Cathedral Plans for the Future The Cathedral, The Abbey of St Edmund and West Suffolk To assure a sustainable future for the Abbey of St Edmund, an application to the National Lottery Heritage Fund (NLHF) was submitted in November with the Cathedrai, West Suffolk Council and English Heritage working together as members of The Abbey of St Edmund Heritage Partnership to develop and deliver a major project. At the time of writing, we do not yet know if our application for a Stage 1 grant has been successful. Should we be awarded funds, a two-year process of development of a plan to conserve and safeguard the Abbey Ruins, restore pathway5 and signage, provide a Heritage Welcome Centre on the Cathedral estate, and develop an enhanced visitor, pilgrimage and learning offering will constitute a maior development in the life of the Cathedral. Bury St Edmunds, and West Suffolk Worship and Music By the time of the publication of this Annual Report, the Cathedral will have appointed a new Director of Music to replace Timothy Parsons to whom we bid a sad but grateful farewell a5 he moves to be Director of Music at Wells Cathedral. Tim's successor wll build on the excellent record of recruitment, Strengthening of music and outreach through the Singing Schools programme which Tim and the music staff have begun. We look forward to a major production of Noye's Fludde in November. The strengthening and development of the 9.Tr) am Sunday All-Age5 Service is a priority, a5 is the development of the offering of weekday and Sunday Choral Evensong. Learning and Discipleshlp The appointment of an Interim Learning Manager gives the opportunity to further develop courses and opportunities for learning among the Cathedral and wider Diocesan community, through the inspiration of our Benedictine heritage, occasional lectures and courses, and the conscious developmenc of the 'public forum, component of the Cathedral's outward-facing stance. Equity• Diversity and Inclusion The development of the Cathedral as host to The Open Table Network will enhance our Inclusivity, as will further partnership with Bury St Edmunds on the development of town and Cathedral as 'dementia friendly., In addition. further work on developing the Cathedral as a 'Healing Hub, will harmonise with our work proactively co welcome and provide a spiritual home for those who come to us in need. Page 17 of53
St Edmundsbury A Cathedral FinancTal Sustainability Continued close monitoring of budgets. creativicy in fundraising, the development of a 'sugge5ted donation, model with the employment of paid Welcome As51Stant5, continuing the good work done in encouraging all members of the Cathedral community to be in planned giving, encouraging gift5 in wi115, and further development of Philanthropy and Membership will be part of the strategy to end each financial year in surplus. This enable us to transfer sufficient funds to reserves 50 that we can hold at least three months running costs in investments. Environmental Sustainability Work towards the installation of solar panels on the 50Uth aisle and Lady Chapel roofs will require further development and fundraising in 2024-5, as will fLtrther work towards 'A Rocha, gold certification. We will continue to engage with che Cathedral community and Diocese around individual green commitment5. Structure, Governance and Management St Edmundsbury Cathedral achieved registration as a charity on 2 May 2023 and are now registered with charity number 1202911. Our Chapter members are now Trustees within the meaning of the Charities Act 2011. The Constitution and Statute5 provtde the legal basis for the charitable and ecclesiastical functions of the Cathedral, which at it5 heart is a Christian community united in worship together with the Bishop and the Diocese of St Edmundsbury and Ipswich. As a Parish Churth Cathedral, we have an Electoral Roll compiled in accordance with the Church RepreseTktation Rules. The Annual Parochial Church Meeting took place in April 2023. at which the year-end total membership on the Electoral Roll stood at 353. Chapter The Chapter is our governing body and is regulated by the Charity Commission as well 2s by the Church Commissioners. All member5 of Chapter must comply with both charity law and ecclesiastical law. Chapter consists ofthe Dean (Chair), the Senior Non-Executive Member (SNEMI appointed bythe Bishop (Vice Chair), two executive Residentiary Canons, one non-executive Residentiary Venerable, one executive Canon. and five lay non-executive members including two members from the congregation due to our status as a Parish Church Cathedral. The implementation of the Cathedrals Measure 2021 prescribed that Chapter is supported in its work by three group5.' Nominations Committee, Finance Committee 2nd Risk, Audit and Review Committee. This is known collectively as the Committees of Chapter. Page 18 of53
As..? St Edmundsbury Cathedral Committees of Chapter Nomination5 Committee recommends to Chapter the appointment of individuals to Chapter and their committee5, ensuring that all appointments are fair and transparent, keeping under review the skills, knowledge, experience and diversity among member5 of each committee. Finance Committee is concerned with the finances 2nd accounts of the Cathedr. It makes recommendations to Chapter in relation to its budgeL financial processes and policies. Risk, Audit and Review Committee brings independence of approach to monitoring and recommending on the Cathedral's risk management and its audit function. The Senlor Management Group The Dean. Canon Pastor, Canon Precentor, Chief Operaiing Officer, Canon Theolo&Tan, Enterprises Director and Curate are members of the Senior Management Group. They meet weekly to- prioritise and make operational decisions take strategic, financial and risk issues to Chapter ensure stracegic decisions made by Chapter are implemented support Chapter by implementing theii. policies and procedures. The College of Canons The College of Canons remnS in place and Is highly important, but no longer has any responsibility for the governance of the Cathedral. The College of Canon5 comprise5 the Dean, the Suffryan Bishop of the Diocese. the Canons (lay and ordained) of the Cathedral, and the Archdeacons of the Diocese. The functions of the College are as follows: to receive and consider the annual report and audited accounts of the Cathedral to discuss such matters concerning the Cathedral as may be raised by any of its members to draw any matter to che attention of the Dean. In 2023 the now 46-member College installed eight new canons: George Gittus, Francis Young (Lay)., Jason Vinyard (Ecumenicall,. and Stuart Batten, Charlotte Cook, John Thackray, and Simon White (Honorary). The College is a forum for reflection, advice, and advocacy across the diocese and county. Modelling both the current context and what we aspire to become. the canons represent the breadth of Suffolk life.. arts, third sector. education. law, healthcare, medi< and social justice. Fabric Advisory Committee Under the Care of Cathedrals Measure 2011, the Fabric Advisory Committee is an independent statutory committee and is responsible to the Cathedrals Fabric Commission for England. It considers applications from Chapter in regard to proposed development of and changes to the Cathedral'5 fabric. Page 19 of 53
St Edmundsbury Cathedral The Cathedral's Role In the Diocese The Cathedral is the mother church of the Anglican Diocese of St Edmundsbury and Ipswich. which was created in 1914. It is the seat of the Bishop and a centre of worship and mission. The Cathedral 15 used for major Diocesan services, such as ordination5 and in5tallatior15, and by the Diocesan Synod. It is also used by the Diocese as a venue for civic events, concerts. ceremonies. lectures, hospitality, and 50Ci events. Related Entitles Enterprises Llmited St Edmund5bury Cathedral Enterprises Ltd is a registered company that 15 responsible for running the commercial activities of the Cathedral, namely the Shop. Pilgrims, Kitchen RestauranL and the Edmund Room. The Company is run by a board of directors comprising of clergy and lay member5 of the Cathedral community ind external Members who bring a variety of business Skills. Enterprise5 Board members are S Alderman, P D Bedford, A P Cooper, L Robin50n, The Very Reverend J Hawes. the Reverend Canon M J Vernon. and M D Winter. Trusts The following independent trusts support the Cathedral and its work: The St Edmundsbury Cathedral Trust, the Friends of St Edmundsbury Cathedral, the Friends of the Cathedral Choirs, and the Ve5tey Trust. Although associated entities. they are not controlled by the Chapter. Their results are not included in the consolidated financial Statements, but a summary of their account5 15 shown. St Edmundsbury Cathedral Trust St Edmundsbury Cathedral Trusc is 2n independently constituted charity re8ulated under the Charity Commission whose charitable object5 are.. The application of funds or property to the support of such charitable purposes connected with the Cathedral as the Director5 shall, from time to time in their absolute discretion, determine The application of funds or property to such other charitable purposes as the Directors shall from time to time determine The Trustees are The Very Reverend J Hawes. Mr M Pendlington. Mr D Spark and The Reverend S Geile5key. The Tru5t'5 registered charity number is 1156695. The Frlends of St Edmundsbury Cathedral Founded in 1942, the Friends of St Edmundsbury Cathedral is an independent charity. Its objective is to support the Chapter in its work by adding to the fabric and beauty of the Cathedral. In recent years. they have supported projects such as the West End furnishings, Bishop's and Dean's stones and new Altar frontal and dossal for the Lady Chapel. Page 20 0153
, St Edmundsbury é Cathedral The Friends of the Cathedral Choir The aims of the Friends of the Cathedral Choir, chirity number 1146575, are as follows: The advancement of the Christian religion by providing support and grants to the St Edmund5bury Cathedral Choir To promote education and training in choral singing for members of the St Edmundsbury Cathedral Choir through sUPPOrt ind grants To promote the art of choral music for the public benefit. The Vestey Trust The R.A. Vestey Trust is a charity Set up by the Vestey family in 1991. The purpose of the trust is to support mllsic and music education in the Cathedral. The capital of the trust is invested, and the interest is used annually to Support those areas highlighted by the music department. Risli Management, Reporting and Monitoring Chapter is aware that, as a Cathedral, St Edmundsbury Cathedral is a complex organi5ation and is exposed to a number of risks financial, legal, and reputational. Chapter is ultimately responsible for: regularly reviewing and assessing the risl(s faced by the Cathedral in all areas of its work ensuring effective and adequate risk management ensuring internal controls are in place to manage risk exposure appropriately. Chapter recognises that any risk m2nagement system can only identify, mitigate, and manage risks, but not eliminate. Risk management can provide only reasonable, and not absolute, assurance against loss. Chapter is supported in this assessment of risk by the Senior Management Team and the Finance Committee, of which the members pay particular attention to fin2n¢ial risks. The Risk, Audit and Review Committee loolc at the overall risk profile of the Cathedral's activities, providing that independent expert15e with the ability to question and challenge. In March 2023 Ecclesiastical, the Cachedral's insurers, worked with the COO in developing our strategic risk management processes and procedure5 and held 2 development training day with Chapter Trustees and members of the Risk, Audit and Review Committee. The cathedr risk register continues to be reviewed by Chapter and the Risk, Audit and Review Committee and is regularly updated by the following committee5 who assess and manage the risks: Finance, Snformation Protection, Safeguarding, Health and Safety, Ind Communications. The Senior Management Team update5 the sections on Mission and Ministry, Governance, Human Resources, Music and Liturgy, Buildings, Projects and Development. and Fundraising. Page 210153
st Edmundsbury Cathedral Chapter also draws on external expertise in its management of risk. including our legal advisers, iuditors, and insurers. The Cathedral strives to have an open culture in which staff are encouraged to see management of risk as a key operational responsibility and take appropriate action for ensuring effective 2nd proportionate risk identification is in place within their designated areas. Chapter Trustees confirm that we have complied with the duty of the Church of England Safegu2rding and Clergy Discipline Measure 2016 to have due regard to policy and guidance issued by the House of Bishops on matters relating to safeguarding. St Edmundsbury Cathedral.. is committed to safeguarding all those who attend worship and other activities that we offer accepts the prime duty of care for children and vulnerable adults follows recommended safeguarding practice in recruiting. training, and supporting our ordained and lay ministers, our employees and our volunteer5 follows advice, guidance, policy and practice of the Church of England in promoting a safer church will respond to concerns and allegation5 Wlthout delay in accordance with Diocesan Safeguarding Procedures. Safeguarding policies and procedures are in place and kept under review by the Safeguirding Committee who are.. Karen Galloway, Diocesan Safeguarding Officer who advises and works with the Cathedral on safeguarding matters- Sarah-Jane Allison, Cathedral's Safeguarding Officer,. Matthew Vernon, Priest with Pastoral Charge for Safeguarding. Barbara Pycraft, Chapter'5 Safeguarding Lead. Drew Parnell, Cathedral's Human Resources and Safeguarding Administrator. and Mary Memarzia, Independent Member. The care and protection of children, young people, and vulnerable adults involved in Cathedral activities is the responsibility of the whole Cathedral. Everyone who participates in the life of the Cathedral has a role to play in promoting a safer Cathedra for 211. Chapter is aware that as we work with children and vulnerable adults on a daily basis and in various ways, safeguarding is and will remain a significant legal, financial, and reputational risk to the Cathedral. Information protection and health and safety is relevant in all areas of Cathedral life. The Information Protection Group and Health and Safety Committee are responsible for monitoring and advising Chapter Trustee5 and ensuring we remain complianL The Trustees confirm that major risks have been reviewed and systems or procedure5 have been established to manage those risks. Page 22 of53
st Edmundsbury Cathedral Fundraising The Cathedral rnanages all fundraising through the internal team and does not work with external bodies worl<ing on our behalf. In 2023, we received no complaints regarding our fundraising activities. St Edmundsbury Cathedral Fundraising activities are always governed by our 'Ethical Fundraising Policy,. The purpose of this policy is to record the basis on which the Cathedral will or will not pursue and manage donations. The fundraising department regularly refers to the Fursdraising Regulator's Code of Fundraising Practice. To protect vulnerable people and members of the public from intrusion and per5iStent approaches. all contact with donors.. Is logged and tracked securely using the fundraising database Is sent by the in-house fundraising team directly Is made through phonelemaillpost 2 maximum of three times a year but usually only annually All correspondence contains clear instructions on how a person can be removed from mailing lists member of the fundraising team will attend all events to ensure that that they are being appropriately run. Where concerns are raised that the donation might come from an individual or individuat5 considered vulnerable and are therefore acting without sufficient agency, the cathedr reserves the right to refuse the gift. Chapter is always aware of the need to generate sufficient income to enable St Edmundsbury Cathedral to continue its work and we engage in fundraising activity to support the Cathedral's ongoing mission and ministry. In 2023. we were delighted to be awarded the following grants for music from Ousley Trust (£2,000), Doyly Carte (£3,000), Cathedral Music Trust {£5,000), and F Kirby Laing Charitable Trust (£3,000). The Yard received £10,000 from TNL Community Fund and £1,000 from the Chapter Mi55ionary Donation. Financial Review Income All our income is greatly appreciated and is used to support our charitable mission, as well as providing enhanced benefits for visitors and generations to come. Grunts in support of mission The Church Commissioners offered an important contribution towards the Cathedral finances by providing sustainability grants towards lay salaries and the stipends for the Dean and two re5identiary Canons, totalling £297,720 in 2023. The Benefact Trust recurrent grant beneficiary of £21,875 was 21s0 received. Page 23 of 53
St Edmundsbury Cathedral , Stewardship The C2thedral Community shows contributions from congregation donations, planned to give and collection giving of £175,464, including £500 from the Suffolk Arts Society. Patrons Our 82 patrons supported our mission, ministry, and music by contributing a vital £31,435. Our patron membership continue5 to be the cornerstone of our fundraising with our members being a mixture of individua15, couples, and corporates from town, county and further afield. Legocies We give thanl(s to those who havelare remembering St Edmundsbury in their will. No matter how large or small, every gift in every will makes a difference. Received legacies in 2023: Gill Ganzoni (£10,000) Frank Buzzard {£4.000) Visito Visitor income remains a chailenge. The average donation of 74p per person brought us an income of £81,352. The Lego Project brought in an additional £10,385. Events We had budgeted for an income of £90.680 and are delighted to end the year with a totai of £156.098. Rent(71 Income Throughout 2023 the Cathedral received rental income for the East Wing of the Deanery known as Clopton Cottage and partway through the year rental income from 3 Crown Street to the total sum of £45,187. Additionally, we received £24,904 relating to Diocese contribution to 3 Crown Street from 2016- 2022 for their one-sixth ownership. Commercial Property We have three commercial units that are let out to an Estate Agent. Optician and Art Gallery. In 2023, they provided an income of 145,857. Investment5 CCLA manage the assets of our investment porcfolio for which the St Edmundsbury C2thedral Trust oversee and advise Chapter on. At the end of the year, we held £131,934 (£110,893 end of 2022) with the Church of EngSand Investment Fund. These funds generated 2n income of £3,676. Page 24 of 53
..j'.4YiWJY.' F St Edmundsbury Cathedral Expenditure cathedr expenditure for 2023 was £1,227.993 compared with £1,387.829 in 2022. Employment costs equate to 53%. Cathedrnl Property, including utilities. equates to 20%. Remaining costs come from the provision of music, learning and marketin8. The Cathedral contributes financially to the local, national and international community by giving funds to a variety of charities nominated by the Sociai Action Group and approved by Chapter. Cash and Operational Reserves The objective of the Chapter's Reserves Policy is to ensure the prowsion of adequate working capital resource5 by monitoring the level of the Cathedral'5 free reserves. Free reserves are funds that are not tied up in fixed a55ets and are unrestricted, including designated funds that have not been committed to specific expenditure. The Cathedral holds both free and desSgnated reserves. In October, operating re5erve5 for day-to-day expenditures were low and we received sUPPOrt from the Church Commi55ioner5 With a grant. As of 31 December 2023, Cathedral cash reserves (unrestricted free reserves plus unrestricted investments) were £278k {£308k in 2022). The Cathedrat also ha5 restricted funds that can only be applied in furtherance of some particular aspect as defined at rhe time of fund creation or at the point of donation. Restricted funds are generally established on receipt of properties, donatSons, legacies or grants for specified purpose5. As of 31 December 2023, Cathedral restricted reseNes were £28k Chapter's aim is to build 1 its funds. including its reserve5 held in unrestricted funds, to levels sufficient to address the cathed,5 long-term sustainabiliry and perpetual need to maintain and preserve the Cathedral's heritage and fabric. Statement of Trustees Responslbllitles The trustees are responsible for preparing the Trustees. Annual Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charity and group and of the incoming resources and application of resources of the charity and che group for that period. P3ge 25 of 53
st Edmundsbury Cathedral l* In preparing these financial statements, the trustees are required to.. select 5Ultable accounting policies and then apply them con51Stently observe the methods and principles in the Charities SORP 2019 (FRS 102) make judgement5 and estimates that ire reasonable and prudent state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concern basis unle5S It is inappropriate to presume that the charity and group will continue in operation The trustees are responsible for l<eeping proper accounting record5 that disclose with reasonable accuracy at Lny time the financial position of the charity and group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and di55emination of financial statement5 may differ from legislation in other jurisdictions. True and Fair Overrlde The accounts (financial staternents) have been prepared to give a 'true and fair view" and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a 'true and fair view" This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in che UK and Republic of Ireland IFRS 102) issued in October 2019, rather than Accounting and Reporting by Charitie5'. Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn. The annual report was unanimously approved by the Cathedral Chapter on Tuesday 19 March 2024 and signed on its behalf by The Very Reverend Joseph Hawes, Dean of St Edmundsbury. Page 26 of 53
f¥St Edmundsbury Cathedral Independent Auditor's Report to the Chapter of St Edmundsbury Cathedral Opinlon We have audited the financial statements of St Edmundsbury Cathedral (the 'Cathedral') and its sub51diary (the 'group') for the Year ended 31 December 2023 which comprise the consolidated statement of financial activities, consolidated balince sheet. consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finanaol Reporting Stondord opplicable in the UK ond Republic o[Irelond (United Kingdom Generally Accepted Accounting Practice In our opinion the financial statements.. give a true and fair view of the scate of the group's and Cathedral's affairs as at 31 December 2023, and of the group's incoming resource5 and application of resources, including income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance with International Standard5 on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethic requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate co provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial sÉatemenEs is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for Sssue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this reporL Page 17 0153
•, St Edmundsbury Cathedral Other information The other information comprises the information included in the trustee5' annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other inforTnation is materially inconsistent with the financial staternents or our knowledge obtained in the course of the audit or otherwise xppears to be materially mi5Stated. If we identify such material incon515tencies or 2pparent material misstatements, we are required to determine whether this give5 rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charitie5 (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the trustees, report is inconsistent in any Materi respect with the financial statements,. or sufficient accounting records have not been kept,. or the financial Statements are not in agreement with the accounting records. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the tru5tees' responsibilities statement set out on page 23, the trustees are responsible for the preparation of the financial statements and for being 5at15fied 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 statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the group and parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charity or to cease operation5, or have no realistic alternative but to do so. Page 28 of 53
st Edmundsbury Cathedral Auditor's responsibilities for the audit of the flnancial statements We have been appointed as audicor under section 151 of the Charitie5 Act 2011 and repon in accordance wirh the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable a$5urance about whether the financial statement5 as a whole are free from material mi55tatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered Materi rf, individually or in the aggregate, they could reasonably be expected to influence rhe economic decisions of users taken on the basis of these financi statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitie5, Outlined above, to detect material rnisstatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Enquiry of management and those charged with governance: Enquiry of entity staff compliance functions to identify any instance5 of non-compliance with law5 and regulation5,' Reviewing financial statement disc105ures and testing to supporting documentation to assess compliance with applicable laws and regulation5. Performing audit work over the risk ol management override of controls, including testing of journxl entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nornial course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we wi51 not detect all irregularities, including those leading to a material mi55tatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transaction5 reflected in the financial statements. a5 we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 29 of S3
St Edmundsbury Cathedral A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Coun¢il'5 website Lt.. https:Ilwww.frc.org.uklOur-WorldAuditlAudit-2nd- assurancelSt2ndard5-and-guidancelStandards-and-guid2nce-for-auditorslAuditors-responsibilities-for- auditlDescription-of-auditor5-responsibilities-for-audit.aspx. This description forms part of our auditor's report. Use of our report This report 15 made solely to the charity's trustee5. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a bodyi for our audit worl for this report. or for the opinions we have formed. Lovewell Blake LLP. Statutory Auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 OLB Lovewell Blake LLP is eligible for oppointment os ouditor of the charity by virtue of its eligibility for Oppointment os ouditor of a company under section 1212 of the Companies Act 2006. Page 30 of 53
th,..r St Edmundsbury Cathedral Consolidated statement of financial activities for the Year ended 31 December 2023 Note Unrestricted Funds RestrictÈd funds Endowment 2023 funds Total 2022 Total {note21 Int(Fme from: DonatiDns and legaci Grdnrs receivable Charges and fees arising in the course of mission Trading and fundraising Investtnents Other income 370,070 345,749 17,446 140,793 387,516 486,542 700,665 567,557 45,948 792.051 95,925 45,948 793,792 95,925 30,763 570,304 80,612 Totat Sncome 1 719 815 159 795 Expenditure on: Raising funds Ministry Cathedral and precincts u(eeP Educacion and outreach Community. parish and congwauon Other expenditure on mT55ion 1917,5281 1411,0061 1331,9761 193,9751 143,9091 835 17001 1150.0661 (918.228) (561,072) (333,130) (96,901) (43,909) 1848,4721 1572,0741 1356,6381 199,4881 148.1861 12,9261 Totsl expenditure 1801229 153692 195607 192781 Net incomel (expenditure) (80.694) 6.288 {1,154) (76,280) 45.508 Gross trdn5fer5 between fvnds 18,9331 13,6741 11607 Other recosnised gainslllossesl Gain5 on reyaluation of fixed 3$5ets 11,039 141,3661 Net movement in funds (79.308) 2,614 11,453 (65,241) 769.142 Reconciliation of fund5 Total funds brought forward 79 L9 000 7 408 985 6 639 843 Fund$ carried forward The statement of financial activities includes all gains and losse5 recognised in the year. All income 2nd expenditure derives from continuing activities. An analysis by fund of the comparatives figures for 2022 15 shown in note 2. Page 31 of53
st Edmundsbury V, Cathedral Consolidated balance sheet as at 31 December 2023 Note Unrestricted Rertricted funds Funds Endowment Funds 2023 Total 2022 Total Fixed assets Investment a5set5 Inve5tment5 Investment propertie$ 131,934 1,186.543 131.934 1,186.543 120.994 1.155,0 1.318.477 1,318.477 1,275,994 Tangible fixed assets Propery Equipment and furniture 1.663,547 113,424 4,221,453 5,885,000 167,180 5,885,000 193,834 53.756 1.776.971 53.756 4.221.453 6,052,180 6,078,834 Total fjxed assets 3.095.448 53.756 4,221,453 7,370,657 7,354,828 Current assets 5t¢Kk Debtors Cash at bank and in hand 55,244 53,894 146,469 55.244 53,894 174.666 70,528 31,575 225.961 10 28,197 255.607 28.197 283.804 328,064 Creditors: amounts falling due within one year {155.71n (155,7171 Net current assets 99.890 28.197 128.087 209.157 Creditors: amounts falling due after one year Loans from third partie5 12 155000 155000 Net assets 3.040.338 81.953 4.221,453 7,343,744 7.408.985 Fund balances 18 3,040.338 81.953 4,221.453 7.343,744 7,408,985 The financial statements were approved by the Chapter on Wednesday 19 March 2023. The Very Reverend Joseph Hawes Dean of St Edmundsbury Page 32of 53
st Edmundsbury Cathedral Cathedral balance sheet as at 31 December 2023 Note Unrestrlcted RÈstricted funds funds Endowment 2023 Funds Total 2022 Tg Fixed assets Investment assets In¥e5tmenES In¥e5tment prOe5 Sub$ldlary undertangS 131.934 1.186,543 131.934 , IB6,S43 100 120.994 1.155,000 100 1,318,577 ,318,577 1.274094 Tanglble ftxed assets Property Equiprrnt and fumiwe 1.663.547 21598 4.221.453 5.885,000 76,354 5.885,000 89,953 53,756 1.686,145 53,756 4.221.453 5,961,354 5,974,953 Tot fixed assets 3,004,722 53,756 4.221.453 7,279,931 7251,047 Current assets Stock Debtors Cash at bank and in hand 20,839 206.339 22.929 20.839 206.339 51.126 10 30,935 171382 138.56S 197 250,107 28.197 250,107 341.882 Credltor$'. amounts falllng due withln one year 184,3831 (84.383> 166,3991 Net cuTrent assets 16S.724 28.197 193.921 275.483 Creditors: amounts falling duè after one year Loans from third parries Net lets 3,015.446 8I,9S3 4,221.453 7.318.852 7.371,530 Fund balnce$ 18 3,015.446 81,953 4,221.453 7.318.852 7.371530 The financial statements were approved by the Chapter on Wednesday 19 March 2023. The Very Reverend Joseph Hawes Dean of St Edmundsbury Page 33 of 53
st Edmundsbury Cathedral Consolidated cash flow statement for the Year ended 31 December 2023 2023 2022 Cash flows from operating artiYitle&' Net income lor the year Adjustments for.. DÈprÈciation Income from property and investments Property & Investment revaluation Decrease in stock5 Decrease in debtor5 IDecreasellincrea5e in creditor5 (65.241) 45,508 29,452 (95.925) (11.039) 15,284 (22.319) 810 54.152 180,6121 23.383 4,632 Net cash proyided by l (used In) operating acttvities (112,978) 74.552 Cash flows from investing activitie5.' Rents received net of costs InVten[ incotne recerved net of cos Purchase of fixed assets Purthase of investments Sale of investments 92,249 3,676 (34,341) (10.000) 77.086 3,526 (12,6681 1102,304) Net cash provided byl(used In) InvÈstlng activities Change in cash and eash equwalents in the year {51,295) 119,8081 Cash and cash equivalents at the beginning ol the year C2sh and cash equivalents at the Ènd ol the year Analysis of change5 in net debt At I lanu3ry 2Q22 Cash flows Other changes At 31 December 2022 Cash at bank and in hand LonE term loans 225,961 155000 151.2951 174.666 Total 70 66 Page 34 of 53
St Edmundsbury Cathedral Notes to the consolidated financial Statements for the Year ended 31 December 2023 Accounting policies Basis of Prepordtion The con501idated accounts have been prepared on a going concern basis under the historic cost accounting rules except for the valuation of investment assets and property which are shown at mirket value. The Cithedral constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterling, which is the funttional currency of the entlty, and rounded to the nearest {. Basis ofcon501idation * These financial statements consolidate the result of the Cathedral, which is in unincorporated charity, and its wholly owned subsidiary St Edmundsbury Cathedral Enterprises Limited on a line by line basis. A Separate Statement of Financial Activities, for che charity itself is not presented because the charity has tal<en advantage of the exemption afforded by the Church Commissioners guidelines. The consolidated financial statements do not include those of connected charitable entities that are not controlled by the Cathedral, details of which are provided in note 16. Income Voluntary income is accounted for at the time of receipt. Income from grants is accounted for in the period in which they are receivable. Investment income is accounted for on the accru5 basis. Government grant income Government grant income is accounted for in the period in which they are receivable. Dont7tions, legocie5 and Similar income Donations, legacies 2nd similar income are included in the year in which they are receivable, which is when the charity becomes entitled to the resource. Funds held ror re5trirted and designated PurP05es Restricted funds are funds subject to specific conditions imposed by the donor and binding on the Cathedral. A designated fund is an unrestricted fund which has been designated for a specific purpose, the use of which 15 at the discretion of Chapter. Going concern The financial stacements have been prepared on a going concern basis as the Trustees believe that no material uncertaintie5 exist. The Trustee5 have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is Sufficient with the level of reserves for the Charity to be able to continue as a going concern. Page 35 of 53
' 4. st Edmundsbury Cathedral Consecrated lond and buildings Consecrated and beneficed property is excluded from the accounts by Section 96{2) of the Charities Act 1993. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement, 15 written off as expenditure in the Statement of Financial Activities. Fixed ossets Other Cathedral propertie5 held for own use are included at market value, with revaiuations being undertaken every five years. No depreciation is provided in respect of these properties a5 their regular revaluation will recognise any diminution in value. Depreciation is provided on all other fixed assets to write off their c05t over their estimated useful lives using the straight line method as follows:_ Equipment 3 to 5 year5 Motor vehicle 4 years 10 years 30 years Fixed assets are only capitalised if their value exceed5 £1.000. Investments Investments are stated at market value. Cathedral Centre equipment Musical instruments Investment Propertie5 Investment properties are measured at fair value at each reporting date with change5 in fair value recognised in 'net gainsl{1055esl on investments" in the Statement of Financial Activities. Stock Purchased Stock is valued at the lower of cost or net realisable value. Volue Added Tax The Cathedral is registered for Value Added Tax, although due to the nature of its activities, only a proportion of input tax suffered on expenses may be recovered. Income is shown net of VAT but expenditure includes the proportion of irrecoverable VAT. Expenditure Expenditure is accounted for on an accruals basis. Cost of raising funds relate to the costs associated with the provision of amenities for visitors together with the cost5 of managing the property. Support C05t5 include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. staff costs by an estimate of the time spent. Page 36of 53
st Edmundsbury Cathedral Governance costs include those incurred in governance of the cathedr and its assets and are primarily associated with constitutional 2nd statutory requirements. Pension c05t5 Retirement benefit5 to employees of the Cathedral are provided by the Church of England Funded Pensions Scheme (for clergy), the Church Workers Pension Fund, both defined benefit schemes, and the NEST auto-enrolment scheme, a defined contribution scherne. The Church of Eng12nd Funded Pensions Scheme and, as stated in note 14, the Church Workers Pension Fund are multi-employer scheme5 for which there is insufficient information availible to use defined benefit accounting. All schemes are therefore treated as defined contribution schemes for accounting purposes and the contributions recognised in the year in which they are payable. Redundoncy and termination Payments Redundancy and termination payments are accounted for in the period to which they relate. Debtors Debtors due within one year are measured at transaction price, less any impairment. Cosh at bonk and in hond Cash at bank ind in hand includes cash and short term highly liquid investments. Creditors and Provisions Creditors are recogni5ed when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Cathedral anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or service5 It musi provide. Page 37 of 53
St Edmundsbury Cathedral Statement of financial activities for year ended 31 December 2022 Unrestricted Restricted Endowment 2022 funds Funds Fund5 Total Income Donations 2nd lÈgacies Grants recei¥ablE Charges and lee5 arising in the course of rnission Trading and fundraising Investtnents Other income 657.031 432.336 30.763 570.304 80.612 43,634 135,221 700,665 567,557 30,763 S70,304 80,612 23 Total Income 1973 310 Expenditure Raising funds Ministry Cathedral and precincts upkeep Education and outreach Community, parish 2nd congreg2ti0n Other expenditure on tni5SlOn {840,6111 1375,2711 1330,8261 198,9501 148,1861 17,8611 1196.8031 (848,472) (572.074) (356,638) 199,488) 148,186) 125.8121 15381 Total expenditure 205 202 Net incomel(expenditure) before investment 8ains 97,667 (26,347) (25,812) 45.508 Other recognisÈd gainslllosses Gain5 on revaluauon fixed assets 141,3661 (41,366) 765 000 765 Net incomel(expenditure) 56.301 (26.347) 739.188 769,142 Gr055 transfer5 between fund5 169539 Net movement In funds 225.840 (33.322) 576.624 769.142 Funds brought for¥vard 43 Funds carrled forward 3.119,646 79,339 4,210,000 7.408.985 Page 38 of53
st Edmundsbury , Cathedral Income 2023 Total 2022 Total Unrestrirted Restricted funds funds Endowment funds Donations and legacies Congre8ational tollections and gving Donations Donations from St Edmundsbury Cathedral Trust Income from appeals and fund raising Legacies 175,464 122,49S 31,435 175,464 139.941 31,435 165,293 320.958 24,228 17.446 26,660 14,016 26.660 14,016 17,310 172,876 370,070 17,446 387,516 700,665 Grants recelvable Church Cotnmi5si0ners All Churches Trust Government grants Other grant income 297.no 130,793 428,513 471.355 25,000 2,667 68,535 48,019 10,000 58.029 345,749 140.793 486.542 567.557 Charges and fees arising in the course of mi5$10n Facility and other fee5 45,948 45,948 30.763 Trnding and fundraising Gross incorne of shop and PK'5 Lego kit sal Income from visitors Exhibitions 646.055 20.481 1.639 113,876 646,055 20,481 13,380 113,876 511269 22,485 6,851 28.699 1,741 792.051 1.741 793.792 570,304 Investments Property Investments 92,249 3,676 92.249 3,676 77,086 3,526 95.925 95.925 80,612 Other income Insurance receipts Other income 45,168 24.904 45,168 24.904 23,419 70,072 70.072 80,612 Tot income ,719.815 159.980 1.879.795 1,973,320 Government grant income Government grant incotne con515ted of sUPPOrt provided by both national and local governments a5 a result ol the COVIO.19 pandemic. Thi5 supporr was received in the folEowing forms., Local authority busin*s support - £Nil (2022.. £Z66n There were no unfulfilled ctsnditlons at the year end rdating to the above grant Income. Page 39 of 53
st Edmundsbury Cathedral p.',i&J.¥.y" Expenditure on mission Unrestricted Restricted fvnds fund5 Endowment funds 2023 Total 2022 Totsl Raising funds Costs ol fatilities ft)r visitor5 Shop. refectory and ccfflferer5ce centre Genet71 marketing Costs Cost ol appeals and lundraislng Support ¢05ts 11944 579.610 84.112 143.474 97.388 700 13.644 S79,610 84,112 143,474 97,388 21796 520,813 91,823 114.957 9&083 917.528 700 918,228 848,472 Minl$try Clery 5tiFend5 and worknng expense5 Clew housing cosis Clew support cos Services and rnusic Costs Support cost5 11671 27.995 130,793 143.464 27.995 14&512 23.222 1.045 253,751 147.5H 223,953 146387 15,429 3,844 239,382 150.231 411.006 ISO,066 561.072 571074 Cathedral and prèclnrt5 upkeep Major repair5 and re5tot7uon Maintenance and interior upkeep Cathedral insur2n¢e * lthJ£. CL8 Irf . Support co$ts Security and garden upkeep 62.382 120.929 87.536 60.826 303 62,3B2 122,083 87.536 60,826 303 86,716 1.154 53,987 57,511 1,283 331.976 1.154 333,130 3S&638 Educatlon and outreach Educadonal actiYioe$ Archives and librdry Charirable and other giyi Support costs 73,862 2,155 3.043 14,915 2,926 76.788 2,155 3.043 14.915 81179 1287 15.022 93.975 2.926 96.901 99.488 Communlty. parith & ¢ongTeKatlon Cornmunity. parish & congregation Supporc c05rs 5.230 38.679 5.230 38,679 9.231 38.955 43.909 41.909 4&186 Other •xpenditur• Bank charges and incerest P2Ydble Other iterns 1,098 1.737 1.098 1,737 750 2.204 2.835 2.835 2.9S4 Total expenditu on mlssion 1.801.229 1 $3,692 1,154 1.956.075 1,927.812 Page 40 of 53
. st Edmundsbury Cathedral Net Income l (expenditure) for the year is stated after chargin[. 2023 2022 Auditor$ remuneration for.. audit 5ervlces . other service5 Deprt<iu•n 12,900 2,100 29.452 8.300 3,2fX) 54.152 Investments (Group and Cathedral) Restricted & Designated Endowment fund$ Funds Totsl Funds General fund$ Investments Gt motket volue AL I january 2023 Additions during the year LI5P05als dvring the year Transler been fitnds Realised gaiTh511kn5) Unr1$¢d gaiThsl110551 120,994 10.000 110.0991 120.994 10.000 (10.099) 11.039 11.039 At 31 December 2023 131,934 131.934 Investments comprise fixed interest securities of £131,934 (2022.. £110,893) and unquoted shares of £Nil (2021. £10,100). Restricted & Deslgnated Endowment lunds Funds Total Funds Genernl funds Inwvtrnent proPerritS At I january 2023 Additions In the year Depreciation on additions Rwfdluauon pTh51005sesl 1,155.000 32,697 1,155.000 32,697 {1,154) At 3 l December 2023 1.186.543 1.186,543 Included above is housing at 3 Crown Street, Bury St Edmunds, currently valued at £930,000. This property was purchased in 1989 for £170,000. Page 41 of 53
st Edmundsbury Cathedral Non-investment property (Group and Cathedral) General fvnd5 Designated funds Endowment funds Total funds Freehold Property tst voluotion Valuatlonlcost at l January 2023 1.675,OQO 4,210,000 5,885.000 Transfers during the year Valuationlcost at 31 December 2023 1.663.547 4,221,453 5,8B5,000 Depreciatitsn at I january 2023 DepreEiatitsn On reYdlu2tion Depreciation at 31 DecembÈr 2023 Net book value at 31 December 2023 1.663,547 4,221,453 5,885.000 Net book Yalue at 31 Decetnber 2012 1,675,000 4,210,000 5,885,000 fvr clerEY (Jnd stGff housing ond offitts r trading octiyttres 1,438,547 225,000 4.221.453 5.660,000 225,OQO The Cathedral's properties are revalued every five years. They were last revalued at 31 December 2023 by Bedford Estate Agents on a market value basis. No historical cost information is aVlable for the Cathedral's properties a5 they have been owned for longer than records are available. Page 42 of 53
st Edmundsbury Cathedral Equipment Unrestricted RestrictÈd funds fund$ Total fund5 Cort at I lanu3ry 2023 Addition5 Di5posa15 328,675 1.644 106,230 434.905 1.644 Cost at 31 December 2023 330,319 106,230 436,549 DÈprÈeiation at I january 2023 Depreciatio On disposal 192,440 24,455 4&630 241.070 28,299 Depreciation at 31 December 2023 216,895 52,474 269,369 Net book value at 31 December 2013 13.424 S3.7S6 167.180 Ne¢ book waluÈ at 31 December 2022 136,235 57.600 193.835 (b) Cathedral Cos¢ at I january 1023 Additions Disposals 102.309 106,230 208,539 C05t at 31 December 2023 102.309 106.230 208,539 Depreciatyon at I lanLtary 2023 Depreciation On disposal 69,956 9,755 48,630 118,586 13,599 Depreciation at 31 December 2023 79.711 52,474 132,185 Net book value at 31 December 2023 22.598 53,756 76,354 Net book lue ai 31 December 2022 32,353 57,600 89,953 Stocks Group Cathedral 2023 2023 2022 2022 Good5 lor resale 55.244 70.528 20,839 30,935 Page 43 of 53
st Edmundsbury Cathedral 10. Debtors: amounts falling due within one year Group Cathedrnl 2023 2023 2022 2022 Trade debtors Amounrs owed by subsidiary undertakings Arnounts owed by related parti Prepayments Actrued income Other debtors 18,061 14,681 154.434 104 34.787 2.333 16,412 144.411 104 36,220 2.458 3,887 8,683 944 1,934 8,683 942 53,894 31,575 206,339 172,382 11. Credltors: amounts falling due within one year Group Cathedrnl 2023 2023 2022 2022 Trdde eredittsrs Other taxe5 and social secur Other crediwrs Accruals and deferred Income 46,993 33,445 19,468 55,811 24,249 27,634 23,092 43,932 42,793 2,985 16,137 22.468 21,656 1.057 20,508 23,178 155,717 118,907 84.383 66,399 12. Creditors: amounts falling due after one year Group Cathedral 2023 2023 2022 2022 Loan5 to third parties 155.000 Is5,0 155.000 155,000 Staff housing at 3 Crown Street, Bury St Edmunds, was purchased in 1989 for £170,000 with the a551Stance of contributions from the Church Commissioners and the Diocese of St Edmundsbury and Ipswich. During the year it has been confirmed that as part of this 2SSiStance the Diocese have claim to 116 of the value of the Crown Street property, 2nd as such a liability has been brought into these accounts to reflect thi5. Page 44 of 53
St Edmundsbury Cathedral 13. Contingent Liabilities St2ff housing at 3 Crown Street, Bury St Edmund5, was purchased in 1989 for £170,000 with the asSlStance of contributions from the Church Commissioners and the Diocese of St Edmundsbury and Ipswich. In 1999 the Church Commissioners indicated it was unlil<ely that they would seek repayment of these contributions, and that if, in the event of the property's sale, a direct replacement is purchased, the contributions would simply transfer to the replacemenc property. The contributions are revalued in line with the property values, and their present values amounted to £620,000 as at 31 December 2023 (2022.. £620,000)- Should the properry be sold 15 currently planned, there is a remote possibility that the Church Commissioners would see1< the repayment of these contributions, however the Trustees do not consider this to be probable. Page 45 of 53
St Edmundsbury Cathedral 14. Employees (a) Number of employees (head count bas15) Number of employees (head count basis) The average number of employees dkjring the year was 54, comprising St Edmundsbury Cathedral 30 and St Edmundsbury Cathedral Enterprises Limited 24 (including 7 directors). (2022.. St EdmLJndsbury Cathedral 30 and St Edmundsbury Cathedral Enterprises Limited 24 (including 6 direttors)}- (b) Emoluments 2023 2022 St Edmundsbury Cathedral St Edmundsbury Cathedral Enterprises Limited 715,178 687.634 263,146 234.228 978,424 921,862 The emoluments total includes employers. Nl contribution5 and pension contributions of £60,05412022.. £55.885} and £48,305 {2022.. £54,153) respectively. The direttors of St Edmundsbury Cathedral Enterprises Limited did not receive any remuneration for the year. No employee earned more than £60,000 in the year. (c) Trustee remunerrtion During the year the following members of Chapter received rernuneration (included in total emoluments above) in their capacity as Cathedral clergy: Remuneratlon Pension contributions Dean- J Hawes Canon Precentor- P Banks Sub Dean & Canon Pa5tor- M Vernon 39,477 30,165 30,165 8,909 7,127 7,127 The remuneration ind pension contributions for the Dean and Re5identiary Canons are paid by the Church Commissioners in accordance with national scales laid down annually by the Archbishops, Council and the Church of England Pension Board, and are not a cost to the Cathedral Chapter. (d) Trustee expenses Working expenses for travel, entertainment and office cost5 were reimbursed co two Trustees during the year amounting to £4,258 (2022- £4,312 to two members of the Cathedral Chapter). Page 46 of 53
,st Edmundsbury., Cathedral {e) Pensions St Edmundsbury Cathedral participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separntely from those of the Employer and the other participating employers. The Church Worl<ers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance seciion known as Pension Builder 2014. The Pension Builder Scheme of the Church Worker5 Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit scheme5. Pension Builder Classic provide5 a pension for members for payment from retirement, aecumulatrd from contributions paid and converced into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors. Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contribution5 are recorded in an accoun¢ for each member. Thi5 account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The accounL plus any bonuses declared, is payable from members, Norm Pension Age. There is no sub-division of as5et5 between employers in each Section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FKS 102. This is because it is not possible to atrributs the Pension Builder Scheme's asset5 and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SOFA in the year are contribut40ns payable {2023.. £23,033. 2022.. £21,489). A valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2022. This revealed, on the ongoing a5sumption5 Used, the PB Classic was 130% funded12022 95% Funded). For the Pension Builder 2014 section, the 2019 valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for defitit payments at the current time. The next valuation is due as at 31 December 2022. Calculations for thi5 are currently under way. 15. Transfers The transfers between unrestricted and restricted fund5 relate to funds designated for missionary giving, and other transfers authorised by Chapter (see note 18). Page 47 0153
st Edmundsbury Cathedral 16. Related entities (a) Wholly owned trading Subsidiary The Cathedral has a wholly owned trading 5ubsidiiry, St Edmundsbury Cathedral Enterprises Limited. This company's principal activities relate to the Cathedral shop, Pilgrims, Kitchen ind conference facilities. M05t of the subsidiiry's taxable profits are donated to the Cathedral under gift aid. The financial statements of the company for the year ended 31 December 2023 are consolidated in these financial statements. An extract from the company's financial statements is provided below: 2023 2022 Turnover 646.058 548.629 C05t of 5ale5 (204,794) Gross profit 441.264 366,944 Administrduve expense5 Other operdting income (362.820) 1327,0991 2,667 Profit before contribution5 to Cathedral 78.444 42,512 Rent Administration fee (19,200) (12.000) 119.2001 112.0001 Profitl(loss) on ordinary activities before taxation 47,244 Gift aid distribution5 (59,807) 114,0221 Total ¢omprehensive income for the year {12.563) 12,7101 Retained profit brought forward 37,455 40,165 Retained profit carrled forward 24.892 37,455 Balante Sheet Fixed assets Current assets Current liabilities 90,826 159,934 (225,768) 103.882 129.884 Total net assets 24.992 37.5SS Share Capical Profit aDd10sS account 100 24,892 100 37,455 24,992 37,555 Page 48 of 53
St Edmundsbury Cathedral (b) Associated organisotions The following associated entities are independent registered charities and are not controlled by the Chapter. They are therefore not included in these consolidated finxncial statements. St Edrnundsbury Cathedral Trust Friends of St Edmund5bury Cathedrdl Friends of St Edmundsbury Cathedral Choir R A Vestey Memorial Trust A summary of the12test available unaudited financial statement5 for these SoCiated organisatior15 is shown below- St Edmundsbury FriÈnd5 Of St Cathedral Trust Edmundsbury Cathedral Friends of St Edmundsbury Cathedral Choir R A Vestey Memorial Trust Year ended 31112123 31112123 31108123 31112123 BrOut FoThRrd 1.465 123.491 42.366 128,960 Gros5 intome 39.837 28,942 3.630 Net incornellexpenditurel 38,415 17,133 2.130 Amount paid to the Cathedral 39.543 3,150 200 Net assets 337 123.d91 56.349 130,890 17. Capital Commitments Capital expenditure contrncted for but not provided for in the financial 5tatement5 totalled £Nil {2022: £Nil). Page 49 of 53
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