2023-12-31-accounts

CHESTER CATHEDRAL THE CATHEDRAL CHURCH OF CHRIST AND THE BLESSED VIRGIN MARY IN CHESTER ANNUAL REPORT OF THE CHAPTER AND ACCOUNTS YEAR ENDED 31 DECEMBER 2023 Charlty Number 1203715

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2023 CONTENTS Annual Report ofthe ChapTrr Independent Audl¢orf$ R•port 12-14 S¢atement of Flnancial Activlties 15 Consolidatd Balance shee¢ 16 Ca¢hedral Balance sheet 17 Statement of Cash Flow5 N¢)tes ¢0 th• Nnandal Statements 20-43

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2023 The member5 of Chap¢er. (who are the Trv5tee5 of th¢ charity of the purposes of thè Charitie5 Act) present their annual report together with the financial s¢a¢ements of The Cathedral Church ¢f Chrlst and the Blessed VlrySn Mary In the Di¢xese o( Chester (kntswn as Chester Cathedrai) for the year ended 31 December 2023. The report has been prepared in accordance Part 8 of the Charities Ac¢ 201 l. The ffinanci￿ stactments have been prepared In accordance with the accounting policies set out on pages 20 to 22 01 the attached financia] s¢atemen¢5 and comply with the Charioe5 A¢¢ 201 l and ACCOUn￿n8 and Reporring by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance wlth the Financlal Reporring Standard applicable in the Vni¢ed Kingdom and Republic of Ireland IFRS 102). Annual Chairman'i Report 2023 Ex¢¢¢dlng Expertatlons Settin8 a realistic and sustainable bud8e¢ at the beginning of 2023 was by no means an easy lea¢. Even wlth a challenglng (arget to stretch and grow Sncome generition whilst malntsSnlng ti8ht cost controls. the eady forecasts sugg¢sted 4 5ignifi¢ant d¢fi¢iL Thi$ was based on sSmilar customer sèntimènt to 2022 and on increased os¢s due to bo¢h inflatyon and the Cathedral's commitment to malntainin8 the real living wage as a minimum for ail employee5. The story at the end of the yearls mi551onally and Inancially very much bètter than the best start- of-year scenarSos. The numbers of people accessing the building far worship, even¢5. exhibitlons. and as genernl visitors grew larger than anticipated and thelr ftnanclal contribution was bètter. The Cathedral'5 intention ¢0 be a free-¢Q-ent¢r space for those who are intriKuÈd by the sacred space. heritage and architecture remains strong. Ther4 is long his¢ory of thi5 belng valued at Chestèr Cathedral stretthing back to former Dean Frank 8ennett11920.1937) who wa5 a ploneer In arguing for Cathedra15 to be open without fe• or fence. 1¢ 15 led by the Chapter's purpose statement establlshing the Carhadral as a place for DISCOVERY, ENCOUNTER and FAITH. Whils¢ makin8 an entry charge ¢onstraJns the nUm￿r of people who access the si operatlng wlthout a fee gives a greater number of Ylsitor5 Insight into the Cathedral's signlficance and relevanc promotes morè donations, and Increases shop I refectory spendin8 a5 well as other commercial income. Total foodall over the course of the year was almos¢ 800.000 about half of whom were general Yi5itors. This sets cheS￿r Cathedral very much In the top set of places to vlslL encournln¥ many people to step into a lI￿ni Chr15tJan Church and *xplore wha¢ It Is ab¢uL The good financial outcomes for the year are the result of very good performan¢es Irom the commarcSal team5 and good management across all departments. Properry value5 and rental incomes convnued to steadily increase year-on-y•ar which éntourws the Chaptèr to maintain Its Investment in the quality and condltion of the ¢$rare. The large array of solar panels ins￿led at the end of 2022 wa5 dedicated by Blshop and Dean at the start of the year which led to much fun on Social media with pictures of fully robed elerics on the nave roof. Over the course of2023 the panels generated 34MWh ofelectricity, signthcandy cutting bills and improving the Cathedral's qnvironmental performance. The Cathedral also hope this will act as an exemplar installation encouraging others to do the samè no matter how challenging the building. Few settings are more challenyng than this. Expansi¢)n of the 501ar panel array in the coming years remains one of the most technically and financially viable opvons for the Cathedral ¢0 make further progress towards being net carbon zero by 2030. Cath•drals M•asur• 2021 The Church Commissioners gave thelr certification earfy in the year to the Cathedral's revised Constitution and Statue5 and, in compliance with the Cathed￿$ Measure 2021, these came into force on I st February 2023. The Cathedral became a registered charity under che c¢>regulation of Chari¢y Commissioners and Church Commissioners on 30 June 2023. reglstered charity number 120371 S. Through it5 newly formed Nominations Commitiel the Chapter began the process of repopulating it5 membership and I￿ committee5 at the start of the year. Thi5 Party￿lY completed by De¢emb¢r. Along with change5 in personnel among the clergy, who are ox-officio execuuve members of the Chapter. thi5 led to changes in three of the four executive members

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNT5 FOR THEYEAR ENDED 31 DECEMBER 2023 Cathedrals Measur• 2021 (contlnued) and three of the four nOn￿ecU￿Ve members In the flrst fftlve months of the new constitutSon. There have been no other changes In the Cathedral Leadership Te4m, however, whose non-cleryy members form thè executive non-voting volces at Chapter meetings. At the Start of 2024, MartSn Smith. who has been the new Chapter's first SNEM {Senior Non-Executiv6 Member). will a150 Step down having previously served nine years on the predecessor body. Chaptsr has con5equendy given a great deal of yme to inducty¢n of new personnel. The f¢Jll repopulation of Chapter and its commi¢¢ee should be Complete by mid-2024. This will enable the now Chapter. including its new SNEM. to play a full part in preparation of the Cathedral'$ next five-year strategic plan due to be publlshed next autumn. Whilst the College of Canons is no longer a part of the corpor400n as a ¢ansequence of the new Cathedrals Measure, ir remains an important constltuent part of the Cathedrnl's embodiment as 'Mother Church of the Diocese" The composition of the College has been significandy revised during the re-writlng of the new Consti¢u¢ion and Statuces. Mose importandy tht numbtr of ordained Honorary Canon5 ha5 been reduced and the number of Lay Canons has been increased so that they both stsnd at fourteen. Repopulation of the Colleg• wlll be complete in mid-2024. At a tlme whén the Church of England 15 5h¢)wlng the strain of disagreemenL It is provlng very helpful for the Cathedral to includ• a non4kcision-making body. of leading figures from across the dloce5e. who can demonstrate fellowship togethèr wlthout having to make compromi5e5 by havlng responslbili to agree partlcular resalutions. Culture and Safegu#rdlng In line with leaming from acros5 th8 Church of England, the Cathedral Leadership Team has been worklnK to develop good safeguarding practyce to a higher lèvèl by further promotyng a good safeguarding culture. There is a growing degreè of seeurtry across all departments In dealinx with issues as they arrive. Mostly thi5 involve5 provldlngthe right 50r¢ ol rtsponse to vulnerable people when they present with a variety of day-to4ay concern5 to froni-facing colleague5 In the Cathedral such as Retail. Food & Beverage, Admis5ion5, Guide¥ Vergers. Seriou5 ase5 that reach the threshold of formal safèguardlng practice 8uidance are le$5 common, and although they are handled by the CSO (Cathedral Safeguarding Officèrl in the first Instance. they are always referred to th• Diocesan Safeguarding Team and public authorities. The Cathedral Safeguarding Ad￿Sary Group has continued to work well under its independent chair over the course of the year. Its Quality As5uran¢É subgroup has provided Invaluable assistance to the CSO and has also led the way in independendy revlewing over 11)0 Cathedral cases that were nor part of the PCR2 (Pas¢ Cases Revlew number tw9} audit All these casos have now beerh discussÈd and the vast majority closed. The CSO continues to work closety with rhè Dioeesan safeguarding team a150 to bring thÈ PCR2 cases 10 a closure and to capwre all recommendations and theme5. It is èxpÈcted that thls work will be completed during 2024. Over the perfod of the last five-year strateOc plannlnK pèriod rhe L•adershlp Team and Chapter have srru¥gled to find a way of arriculating culture more generally in the Cathèdrnl. Thèrè have been several attemp¢s, bu¢ none gained the traction they needed to be adopted across thÈ Cathedrnl community. In the course 012023 three words have emeryed from the safeguarding work that are provingto be quite powerful in coalescing assent across the wider irbSt6tutlon to describe the culture in a way that renects the Cathedral's value5-. GRACI LOVE, and WELCOME. A cul¢urnl influencers group has be￿ esrknlishad to help promote these V￿UeS ind they will form thè starting point for the next iteration of the Strategic Plan along with DISCOVERY, ENCOUNTEIL and FAITH as the basis of the Cithedral's purpose. Projert Discovery Final agreement with Barclay5 Bank and Cheshire West & Cherter Covncll to return the use 0130 SL WÈrburgh Street to the Cathedrdl was signed in May. By the time of publicauon. the Cathedral wlll have begun to occupy the building and re-animate IL This is primarily intended to help the Cathedral be more visiblè and present on the high street hiving been hidden behind a building branded and used as a retail bank for the past 5iXty years. It will occupy a large amount of leadership capacity in the coming years. Whilst the instant impatt of the deal will

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2023 ProSett Dlscovery {contynuedl Crea￿ an uplift in the Ca¢hedral's balance sh¢et of several £million& the tot￿ projétt is likely to cost many more £millions. It will only reach its fijllest potenual benefi¢ to the city rf It achieves the supporr of some large grant making bodies such as NLHF {Na￿onI1 Lottèry Heritage Fund). The project's prSmary benefits arè currendy understood in the way 1¢ wlll improve visltor readability of the City Centrq make better use of the beautiful lh cenwry former Krng's School buildings improve interpret&tion and orientation in5id¢ and outside of the Cathedral. provide better cultural amenity and Kdllery space, the possibiliry of a secure Treasury, community use and conferencing spaces, volunteering hub. educauon rooms and no¢ lea5¢ tollets. This project will p05è thè Challenge in the course of 2024 to achieve 5uffici¢nt funding to develop a high qvallty. attractSve and well researched proposal. This will rely on the Cathedral's exi5vng supporters who more readlly understand its value to raise a relatively small sum wlth th• prospect that ie will, in turn. lever mu¢h more funding. Tht Publ1¢ Squar• Chester Cathedral's most important work Is not done in its daily busin¥s meetings but in its ¢ontrlbutlon to soclery, the diocese and ci¢y. Sometim¢5 thls Is through hosting worship. civic events, graduations. concerc5, and dinners. It 15 a150 done thrcu¥h the Intsntional and prophetic spaces that the Cathedral curates to speak into the public squar•. Over the course ol the last year Chester cthedr￿ has for èxample: provided opportunitiès for the people of ChÈstÈr to lament the murders and harni ol babie5 in the clty's hospital bx an Individual woth'ng there as a nursè., made provision lor people to gather and celebrate the coronatyon of a new king,. hosted the Gala Installa￿0Th glvln8 a chance for vlsltors ¢0 sit und•r a lobe and refiect on the wonder and fragllity of the creatlon w¢ Inhabi¢ 5uppor¢ed ¢he Che5tsr Mystery Plays Compny ¢0 th• largest community thoatr• •v•nt in Europe and a most vlvid sell.ouc pre5entatlon of the Chrtstlan G95p¢I in the nave and qulr?,, offered a lull programm ol worship marking key moments in the civi¢ talèndar; produced the worship and litury for BBC TV ind radio Easter Day broadcasts- ¢¢ntynued to hos¢"Making Tracks" as both a commerclal aC￿VitY and In5t*llatlon that wlden5 a¢¢es$ and celebrates local enwneering prowoss., Sn&ugurnt8d ASSEMBLE as a lorum for public debata including large scale dlscusslons about UK Imperial Iycies and Iu5¢ S¢op Oil tacti All of this is supported by a growing and able team of staff and volunwr colleagues who make this cathedral the InSpira￿Onal and vibrant plao it is. Every m¢mber, wheth•r supporting the Cathedral s¢ratewcally in governance mee¢ings or operavonally in the en¢rance5 and corridors. plays an important par¢ in a community that aspires to the mbodiment of grace, love and welcome. My thanks to each and ￿ery one. The Very Reverend im Strarford Dean and Chair of Chapter.

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2023 Financial overview Financi21 perforniance during 2023 improyed considerably as thè progressed and, despite anticipating an overall deficic we achieved x small operating surplus before revaluations. This financial improvemen¢was genernted by increaslng income from our Commerci￿ a¢uVI￿*$, partl¢ularly from very succe55ful Summer and Christmas exhibi¢ion5, the very popular Gaia installation. greater numbers of visitors from overseas, and an increast in the number ol events and concerts. In 2024, we have planned an exciting programme ol exhibition5 and evÈnt$ which we hope will generate in¢ome as wèll as being thouxht-provoklng for our visitors and contlnue to dNer5ify the Cathedrdl's audience. The Cathedral is now operating a¢ full capacity. with thÈ dlary fully booked for more than twelve months in advdnce. We currenty receive many more enquirie5 than we can accommodate due to lack of available Spaces though we expert the new building we have r￿cquIred to provlde fvrther in¢om¢ growth In the longer-term. Ono arta requlrlng lurther conslderati¢n is stewwdshlp ThSs has slgnificantly reduced from prtrpandeml levels. One rèason Is our congregations no longer carry the same lèv•ls of cash they dld prevSou51y. To counter this, we have added extra èlectronlc glvlng points, Introduced ori code5 and prowded addl￿onI1 inlorn)atlon for donors to transfer funds electronlcally. ThSs has Sncr•as•d Ivlng 51Wdy we rKognise that there Is 5ty1150m• way to Xo befor• w• reach previous year5, lev•l$. We are pleased that reports from the Church of England Pensions 8tsard condnue w show that our Defined Benefit Pension Scheme remains in surplus and so no charyes are noted for 2023. Our investment properties are revalued annually by our Managlng Agen¢ DN Surveyors Ltd, and the capltal value ol our investments hèld wlth CCLA at the end Of 2023 ha5 improved Irom thè 2022 hzurè, Reserves It is our policy to hold 5ufficlent cash reserves to cover salaries. utyl1￿es and borrowin¥ cos¢s for b•￿tèn six and twelve mon¢hs. plus a Sum of bLTheen £330,000 and £550.000 for regular and ernergency m￿nt•nance work. We wlll also hold cash reserves for the purposè of funding planned development work that 15 undertsken over more than one calendar year. A¢ the year-end an amount of £949,700 was held in unrestricted cash reserves. Fundr•iiing¥ Partnershlps and Support With the Support of partners Including thq Cathedrals Workshop Fell¢)wship, Historic England and Cheshlr• West and Chester Council. we havÈ lurther developed our training programmes for heritage ski115. Thi5 has enabled us to make excellen¢ progress with our maintenance backlog despiie our Yery small bud8et allocatyons. whilÈ ac the same tlme providlng very hi8h-qulity trairbing for those ￿dntIng to develop a career in herit We have also been supported by the Cathedrals Music Trusc which has enabled u5 to appoint i HÈad of Music outreach. While thls role is not expected to generate large profits, lunds Kenerated should cover the cos¢ of thi5 Important aspect of our charitable mission. The Cathedrtl empl¢)yS two part-time fundraising 5raff who support￿ ty ¥olunteers.

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2023 Rlskg Inllation remains one of our prlmary risks. While recent decreases in the rate go some way to alleviats our ¢on¢ems. we have seen huge increase5 in our core COSL% over the last few years which will put immense pressure on our finances for a long tyme to come. We are committed ¢0 adapting and innovating our offer, to minimi5e costs and increase income streams, but thls will be an ongoing process of development over se¥eral years. We beneffit from a highly committed and passionate workforce but due to our limited financial resource5, Wè olten find it difficult to offer the most c?mpe¢itive saiariek Thi5 Can make It difficult for us to attract and retaln the skills and experience we need. Thè range of cornpliance costs we incur each year 15 growing and changes to Iwslatian can have far-reachlng impatts on our work We monltor these changes dosely and parti¢ipate in consultation processès as fully as we can to ensure we can adapt qul¢kty when r¢qulred. Looklng forward 2024 and beyond offers many opportunities for us. Despite our ongoing ddi¢it budget loreca5L we are assessing a range of income generdtlon Initiadves and ar moni¢orlng n•w d•v•lopments in 501tyrfarn and system5 which may save dme and funds in the lon8er-term. WÈ start 2024 in a stron8 Posltion and can ￿ ways that our deficit budget can be improved over the course of the next five years. These plans In¢ludfj Pralec¢ Dlscovery, whlch will require financial support to establish but which should generdtt substantial new income s¢reams ov•r ￿Me. and further dèvtlopmene of our wid¢r •ndowad èstatL Charitablt Purpose The Chapter are the trustees ofthe tharity and have due regard as ¢ru5tee5 to the guldance Issued by the Charity Comml551on on public benefiL A¢ the yearvend date, under th¢ new constityjtion and stawces, the charitabl• purposes of the orDni5auon a) w advance the Chrlstlan religion In accordance wlth the I￿th and prattlc• ol the Church of England, in par¢icular by furthering the mission of the Church of England., b) to caré for and conserve thè fabrit and structurè of the Cathedral Church buildinr, c} to advanc¢ any other charl¢able purp¢se5 which are anclllary to the furthèrance of the purposes r•ferrad to In sub-paraardph a) or bl. The Cathedral ddivers a wlde range of att+vltSes in pursuit of thi5 purpose whlch durln¥ the year have Induded: A regular pattern of pubilc worship across all 365 days of the year. A programme of educauon and life-long learning activ4tlÉs covering Chri5¢ianlty, re14glon. history. ethlcs sclence and practical skills. A range of exhibition5 and events aimed at drawing att•nuon to the church or wlder spir1w￿1ty. Conunued development of training programme5 to build the hèrltage s￿115 and experience roquired adequately maintain our historic buildings. A programme of regular maSntenance and developmen¢ work to the hlstoric buildings. The CathedTrl ha5 reported in accordance with the Charity Commlsslon for England and Wales guidance on public benefit aD.d the Cbarryes 201 ! for the year ended 31 December 2023.

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2023 Structure. Gov¢mance and Management FollowSng the introdvcvon of the Cathedrnls Measure 2021. the Cathedrnl was abl• to apply for formal charity rew'stration and received its w5tered charlty number. 1203715. injun¢ 2023. Thè naw Chapter member5 were appointed. and thelr s￿￿0mMIttee5 are gradually belnl populated supporod in thls process by our nèwly created Nominations and Development Committee. The Cathedral can now be found on the charity commlssion webslte. and our constlurtlon and statut•s can also be found on our own website Iwww.chestercathedrnl.com). Chapter It is the duty of Chapter to dirett and oversee the admlnlstrntion of the affalr5 of the cathedrdl Chapter meet a¢ leas¢ 51x ￿m*S each year and meetlnKs ar¢ ittèndad by th• Senlor Leadership T￿rn and any tsther member of staff. office holdèr or volunteer, as necessary. Sub<ommltt•￿ of Chapter report ¢0 Chap meetSngs. New Chapter members rectlve an Internal inducticn and are offered forrnal txternal tranlng from the Associa¢ion of English Cathedrals. Chapter member5 are recrulted In Iln• wSth the Church ol Enzland'$ Safer Remjttmert Polldes. The key management personnel of the Cathèdral In Char￿ of dlrectlng and controlllng, runnlng and opera￿nI the Cathedral on a day-to4ay ba51s comprise the Cath￿ra1 Lèadership Team. Thls group Includes the residentiary Canons. Execvtlve Dlrector. Cornmercial Direttor, Communlcations DSrettor and Safeguarding Offlcer and Director of Culwre. The 5alarie5 of the ts¥o senior lay members ol thè Cathedrnl Leadwship Te¥n are agreed b@￿etn the Dean and Senior Non-Execudve Member of ChaP￿r. The stlpènds for Commlssloners Canons ar¢ srf natlonalty. Catwrals M•asure2021 sttton I I

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 20203 Members of th• Cathedral Chapter. The Dean The Very R&vttend Dr TIM Stratford The Reverend Canon Drjane Brooke The Reverend Canon Rosemary Woodall (from 20th of May 20231 The Reverend Canon Jarnmy, Dus5ek (to 9th February 2023) Dr Smith Th¢ Vice Dean and Canon Missioner Th• Canon lor Worship and spiritu￿1￿ Thè PrÉcÉntor The Senior Non-Ex•cutyv• Member Non-Executive Members Dr Mary Horbury (from 30th June 2023) Dr Anna Sun¥ {from 30th June 20231 Mr lan Watmore (from 30th June 2023} Mr Slrnon Parrlngzon {to I st February 20231 Ms Bedelia Brètt R¢)oks Ito Is¢ February 2023) The Venerable Dr Mlchael GSlbert50n (to I st Febrnary 20231 The College of Canons The Dean, suffragan bishops, archdeacon5 and non-re51dendary canons meet a5 thè College of Canons. Their fvnction is to furthèr and support the spirityjal pastoral, educational, evangelistic. social and ecumenlcal work ol the Cathedral, reviewing and advising UPQWb the direction and over5iiht of that work by the Chapthr. CommuThlty Rolls The maln body of the wlder Ca¢hedral ¢ommunlry arn known as membtr$ ol the Community Rolls. Membership of the Worshipplng Community Roll is open to Indlvidua15 who arè baptised, aged 16 or over. and are membèrs of the church of England or of a Church in ¢ommunlon wlth it and has hakntually a¢¢end•d publlc worship it the Cathedral during the precedlng slx months. Membership of the Non-wor5hipping Commtbnlty Roll Is open w anyone who Is a member of the Cathedral Communlty but not ellglble to loin the wor5hlpplng roll. The Flnance and Investment Comm5ttee In accordance wlth the revlsed constytution and Statut￿ the Rnan¢è and Investment Committee advi5e5 Chapter In connec¢Tron with its responsibili¢ies in the field of financial and investment mana8ement and the man4tmene of properry and assets belon¥ng to the Cathedral. The year-end membership is made up ofr. Dr Martin Smith (Chair} Mr Mark Mitchell Mr Thomas David Briggs. CVO, MBE. Kstj

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 3 I DECEMBER 2023 The Audlt ond Rlsk Committee The Audit and Ri$k comm1t￿ is chaired by Mr Annesley Wr￿t wlth Mr Simon Parringtcn in attendince. The Nominations and Developrnen¢ Commltteè is ov•rs•eing the recruitment of additional members during 2024. Nomlnatlons and Development Commltt¢• Mrs Jo Sykes chairs the committee, wlth the additional membe Mr Norman Goodwin CBE Canon Dr Frances Hulbert Mr John de New¢own Mlnlstry Committee The Ministry Committèt has baen r&fornied and appointmen¢s overseen by the Nominations and Development Committee. The committee wlll me¢t for the first time in early 2024 followinz the recent ap￿ntman1 of.. Dr Mary Horbury jacquelinè Cralg Felicity Roachov• The Fabric Advlsory Committee Under the Care of Cathedra15 Me35urn 1990. the Fabric Advisory Comrnittee15 responsibl• to th• Cathedral's Fabrfc Commission for England and considers applications from Chap¢er regarding proposed development of. Ind chang•s to, th• Cathedrals fabric. The commlt¢ee meets quarterly with Canon Dr Frances Hulbert at the Chair. CheJt¢r Cathedral Enterprls•s Llmltsd The commercial attivitie5 carried out within the Cathedral ar• govemed by Ches¢er Cathedral Ent•rprls•s Llmlted. The Board of Direc¢ors meets regularly throughout the year. Tht Chèster Cathedral D•velopm•nt Tru¥t The DèvelopmentTrustwas established to raise funds for the fflaintenance Ind developm•nt of the fabrlc of the Cathedral with Mr David Brigg5, CVO, MBE, Lstj as the Chair. Thè Chester Cathedral Edu¢atlon Trust The Education Trust was established to ralse lunds to 5uppor¢ th• educadonl work of the Cathedral. Th• tmstees meet at least ￿1£* èach year. The ch￿tor Cathedral Muslc Trult The Music Trust was establlshed to support the MUSI￿ a¢tivlry of th¢ Cathedrnl. The trustee5 mget at leas¢ once each year with The Dean as tha Chair. Statutory Post Holders and Sonlor Staff Executive Director Commercial DSrector Communications Director Safeguarding Officer & Director of Culture Organist and Master of the ChorlstÉrs Estate Management Architrct Archaeologix Auditor Bankers Carolyn Bruce lon Tudey Kevin Baxter Sharon Scarlètt Philip Rushforth Neil Tunks. DN Surnèyors Limited Tony Barton, Donald Insall Associates Simon Ward Haysmkcintyrè LLP NatWes¢ Bank Chester

CHESTER CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED J I DECEMBER 2023 Conflicts of Interert The De￿ would Ilk¢ ¢0 declare that hls spouse Is the Educadon Officer, and that he has agr•ed to bein¥ removed from any decision related to this POSL Approved by thè Chapter on 15 (hht 2024 and sl8Thad as autho￿ on thelr behalf br. Th• Very Revererbd Dr Strath>rd- Dean of Ch￿thr

HESTER CATHEDRAL STATEMENT OF CHAPTER'S RESPONSIBILITIES IN RELATION TO THE ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2023 The member5 of Chapter are responsible Ic prwrlng the annual report and accounts in accorthnce with applicable law and United Kingdom Generally Accepted Accounting Prattise. Under the provisions of the Cathedrals Measure 2021 and ConstltLttlon of Chestsr Cathedral, Chapter is required to prepare atcounts for each financial year, which gSve a true and falr vSew of the Sta￿ of the CathedrI5 affairs and of its financial activities during the year. In preparing those accounts members of Chapter are required to.. selec¢ suitable accounung poli¢ies and then applying them conslrtendr, comply with appllcable accoun¢ing standards. namely the Charitie5 SORP {FRS102) and In accordance with the AcCoUn￿ng and Reporting regulations for En￿1$h Anglican Cathedra15 specified by the Church CommlssSoner under Sec￿on 30 of the Cathedra15 Meas41re 2021, subject to any departures disclosed and explained In the accounts. prepare and publish an annual report and audlted accounts whlth Ov• true and falr vlew of the financlal actyvitle5 for éach financial year and of the assets liabillties and funds a¢ th• end of •ach financlal year of the cathedral and its connected entities: s¢ate ¢ha¢ they have complied in all mit•rlal respects with these regulatyons or des¢dbinx which regulation5 have no¢ beèn complied with and w'ving r￿tsnS for th• non-compliance., make judgements and éstlmat•s that are reasonable and prud¢n( keep proper a¢c¢untlng records from which, the ftnanclal posltlon of the Cathedr￿ be asc¢rwned wlrh reasonable accuracy a¢ any tim•,. and safeguard the asset5 of ¢h¢ uthedral and taklnK rea50nabl¢ stws for th• prnvèntion and detection of Iraud and other irregularitles. APPr￿d by the Chapter on 256 024 and slgned as authorf5ed on thèir behall by. The Very Reverend Dr Ti St arford- D•an of Ch•st•r 10

CHESTER CATHEDRAL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF CHESTER FOR THEYEAR ENDED 31 DECEMBER 2023 Opinlon We have audited the financi￿ statements of Chester Ca¢hednl for the year ended 31 December 2023 which COWIIPri5e the Consolidated Statement of Financial Attivitre5. the Consolidated and Cathèdral Balance she￿ the Consolidated Cash Flow statrrnen¢ and the no￿ to the financi￿ Statements, Including a summary of significant accounting policies. The financial report4n8 framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standard& inclvding Financial Reporting S¢andard 102 The Finan(iol Reportsng Stonddrd opplttable in the UK und Republic of Irehnd (United Kingdom Generdlly Accepted Accounung Practice). In our opinion, the financial statements.. give a true and fair vlew of the state ol the Cathedral and the group's affairs as at 310ecember 2023 and th•ir n•t mov•m•nt in funds for the year then ended., have been propedy prepared in accordance wth Unlted Kln%dom Generally Accep¢￿ Accountyn8 Prattlce,. and havè béÈn prtpared in accordanc¢ with thè regulaoons specified by the Church Comm15sionèrs under the powers given to them by settion 30 of the Cathtdrals Mèasure 2021. have bten pr¢pared in a¢cordanc¢ wlth the rnqulrements of the Charltyes Act 2011. Ba515 lor oplnion W¢ have b￿n appoSnt¢d as audlt¢r under sectlon 144 01 the charl￿e3 Att 2011 and report in accordance with the k¢ and relevant re¥ulation5 made or havlnx effec¢ thereunder. We conduaed our audit in itcordance with International S¢andard5 on Audityng {UK) (ISAS (UK)} and appllcable law. Our responsibilitie5 under those stsndards are lurther described in the Audltor's responsibllloe5 for the audlt of the fln￿¢111 statements Section of our rÈporL Wè art Independent of thè group in accordance wlth the ethical requirements thac are relevant ¢0 our audit of the financial sutement5 In the UL including the FRC'S Ethi￿ Standard, and we have fulfilled our other ethlcal responsibilitles In accordance with these requlrem¢nts. We believe that thè audSt evidence WÉ have obtatned is sufficl•nt and approprlate to provide a ba515 for our oplnlon. Concluslons Mlatln8 to 8oln8 conctrn In auditing tha financial stat•m•nts we have conduded that th¢ Chapterfs use of the golng concern basls of a¢¢oun¢ing in ¢he preparatyon ol ¢h¢ financlai rtat•m•nts is appropria¢e. Based on work we ha￿ perform•d, wt have not identrfed any matsrlal uncertalnties relatlng to ￿eftrs or ondivon5 thal individually or collectyvely. may tast significant doubt on the cathedral's ability to continue as a going concern for a period ol a¢ least tylelve months Irom when the financial statements are authgrised for Issue. Our responsibiliue5 and the re5pon5ibili¢ies of tho Chapter with respect to ￿ng concern are described in thé relevant sectyons of this reporL

CHESTER CATHEDRAL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF CHESTER FORTHEYEAR ENDED 31 DECEMBER 2023 Other Infom7atlon The Chaptrr are responsible for the ather Inforn)atlon. Th• other Infornia¢ion ttmprisès thé inforniadon included in the annual reporL Other than the financial statements and our audbtor's report thereon. Our opinion on ¢he ffinanclal Statements does not cover the other infomiaton and, except to th• extent otherwise explici¢ly stated in our reporL we do not express any form of assurance conclusion thèr￿n. In connettion with our audit of the financial stat•ment& our responsibllity15 to read the other infomiaoon and, in doing so. con51der whether the other informavon 15 materially inconsistent wlth the financial statement5 or our knowledge ob¢ained In the audit or otherwise appear5 to be rnaterially mlsstated. If we Identify such material Inconsistencies or apparent maAal mlss¢atements. we are required to determlne whether there is a material mis5¢atement In the financial statements or a materlal mlsstaternent of the other inforniation. If. based gn the work we have perfornbed, we conclude that there Is a rnaterlal miss¢atement of thls other..Information. we are required to report that fatt. We haye nothinx to report in this regard. Matt•rs on which we ar• r•qulMd to rèport by •xception We have nothing to report In respect of the follo￿n8 marters In relatlon to which the Charitles (Accounts and Report5} Re8ulatians 2008 requlre us tLI report ¢0 you if. in our opinlon.. sufflcient accoundng rncords have not been kept by th Cathedrnl or group., the Cathedral and 8roup'5 flnancial 5tatomen¢s ar• not In agr••m•nt wlth th• accountlng records; or we have not received all the Informatlon and •xplanatlons w• r•qulr• for our audit Responslbiliti•s of th• m•mb•n of Chapt•r As explalned more fully In the Chapter Responslbllitl•s statement Set ou¢ on page 10, the Chaptèr 1$ responslbl• for the preparation of the finin¢ial statèments and for bein8 satysfied that they 8ive a true and fair view, and for Such Internaj control as the Chapter deterniin¢ is nÈcèssary to •nable the preparatlon of financial 5tatemen¢5 that are free Irom materlal mlsstatemenL whether due w fraud or érror. In preparlng the ffinanclal statements, the Chapter Is responslble for assessing thè Cathedral's abillcy to continu¢ a5 a golng concern. disclosin& a5 applicable, marters related to going concern and usln8 the going concern basi$ of accounting unless the Chapter either In￿ndS to liquidate thé Cathedrdl or to cease operatlons. or have no realistic alternative but to do so. 12

CHESTER CATHEDRAL INDEPENDENT AUDITOR￿ REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF CHESTER FOR THEYEAR ENDED JI DECEMBER 2023 Auditor's respoTrsibilitieJ for the audlt of the fln•ncial statements Our objettives are to ob¢ain rea3¢nable tssurartce about whether the financial ststements as a whole are free from material misstatsmenL whether due ¢0 fraud or error, and to issue an auditor's ￿pOrt that includes our opinion. Reasonable assurance is a high level of assurance bu¢ is not a guarantee tha¢ an audit conduc¢ed Sn accordance with ISAS {UK} will always detect a material misstatsment when It exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on th¢ basis ol these financial Statements. Irre8ularities, including fraud. are instances of non-compliance with laws and regulations. We dèslgn procedures in line with our responsibilities. oudined above, to det•tt material miss¢a¢ements In respect of irregularities. Including fraud. The extent to which our procedure5 are capabl• of detecung irre8ularl¢les, including fraud Is detailed below. a5ed on our unders¢andin8 of the group and its clrcumstance4 we identified that the principal risks of non- complSanc• wlth laws and regulations related to the requlrements of the Charlties Ac¢ 2011 and Cathedrals Measure 2021 and we considered the ¢xtert¢ ¢0 whlch non.compliance mlght have a maorial effect on the financial s¢atement5. We also con51dered those laws artd regUla￿onS that have a dlroct Impact on the preparauon of the financlal st2￿MentS such as income tsx, payroll wand sales ¢ax. We evaluated management'5 Incentyves and opportunities for fraudulent manipulatlon of the flnanciil statements (including the risk of override of contro151 and determined that the Princip￿ rlsks werè rÉlaEed to management bias in account)nz estimates and to manual accountin8 journa15. Audit procedures perforni¢d by the engagemert C￿rn included- Inspecdng corr•spond•nc• wlth ttx authoriwes; DIscus51ons wSth management including con$ideraoon of known or 5uspecred ins¢ancès ol non- ¢ampllanc• wlth laws and regulats'on and fraud., Evaluatin8 mana8em•nt's contro15 designed w prevent and detec¢ Irregularitlès. Identifying and tèsting lournals, In partlcular lournal entri•5 P05¢ed wlth unusual account comblnations, postings by unusual u5er5 or with Unusu￿ dèscrlptions,. and Challenyng as5umpdons and judgements made by managemen¢ in thelr critical accounong esumate Because of the inherent limltations of an audi( there Is a risk that we ￿11 not detett all irregularityes. includlng those leading to a material mi55taternent in the financial statements or non-compllance with regulaiion. This risk increases the more that compliance with a law or regulation is removed from the events 74nd tyansacuon5 reflected in the financial statemènts, as WÈ will bè l•ss likely to become aware of instances of non-compliance. The risk is also greater regarding irr¢gulariti¢S occurring due to fraud rather than error. as fraud involves Intention￿ ConC￿lMen( fcrgery, collusion, omission or misrÈpr•s•ntauon. A further descrfpdon of our responslbilitSes for the wdit of the financial 5tstements is located on the Financial Reporring C*)un(il'5 Websi￿ aL wwI.frc.or .ukJauditors This d85cripuon forms part of our auditor's reporL 13

CHESTER CATHEDRAL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF CHESTER FOR THEYEAR ENDED 31 DECEMBER 2023 Use ol our r¢port Thi5 report Is made solely to the Chapter, as a body. in accordanc• with section 144 of the Charites Act 2011 and regulations made under seaion 154 01 that Att. Our 3u&it work has been undertaken so that we might stats to the Chaptèr those matters we Ire requlred to state to them in an Auditor's report and for no oth purposè. To the fulles¢ ext¢nt permltted by law. we do not accept or assume respon5ibrlity to anyone other thJn the Cathedral and the Ca¢hedryal Chapt•r as a body, for our audit worK for this repoo ar for the opinions we have fomied. l-•L LLf Haysmacinryre LLP Ststutory Auditor 10 QuÈ•n S￿eet Ilace London EC4R IAG 31 July 2024 14

CHESTER CATHEDRAL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note Income and endowments from: Donations, grants and legacies 2 Other trading activities 3 Investments 4 Other income 5 Total: Expenditure on: Raising funds 7 Ministry 8 Music 9 Cathedral and precincts upkeep 10 Education and outreach 11 Other expenditure 12 Total: Net income before gains/(losses) Net gains (losses on listed investments 16 Unrealised Pension Gain 21 Net gains on investment property 15 Net income Transfers between funds Net Movement in funds Funds brought forward as previously stated Prior year adjustment Funds brought forward as restated 25 Funds carried forward

As restated Unrestricted 2023 £ Restricted 2023 £ Endowed 2023 £ TOTAL 2023 £ TOTAL 2022 £

746,581 430,159 - 1,176,740 1,757,272 1,849,634 7,782 - 1,857,416 1,385,609 - 1,806 946,553 948,359 936,303 28,421 - - 28,421 459 ---------------- ---------------- ---------------- ---------------- ---------------- 2,624,636 439,747 946,553 4,010,936 4,079,643 1,548,601 10,362 470,215 2,029,178 2,171,807 374,518 204,693 - 579,211 698,205 367,634 14,830 - 382,464 370,564 794,835 149,761 - 944,596 1,134,410 34,253 26,944 - 61,197 53,431 - 899 - 899 716 ---------------- ---------------- ---------------- ---------------- ---------------- 3,119,841 407,489 470,215 3,997,545 4,429,133 (495,205) 32,258 476,338 13,391 (349,490) - 35,457 81,110 116,567 (146,853) - - - - 150,609 - - 714,285 714,285 1,222,631 ---------------- ---------------- ---------------- ---------------- ---------------- (495,205) 67,715 1,271,733 844,243 876,896 373,182 103,156 (476,338) - - (122,023) 170,871 795,395 844,243 876,896 ------------------ ------------------ ------------------ ------------------ ------------------ 1,150,121 - 1,150,121 462,611 - 462,611 19,419,675 (600,000) 18,819,675 21,032,047 (600,000) 20,432,407 19,555,510 - 19,555,510 ------------------- ------------------ --------------------- --------------------- --------------------- 1,028,098 633,482 19,615,070 21,276,650 21,032,047 ============ =========== ============= ============= =============

The accompanying notes form part of the financial statements.

15

CHESTER CATHEDRAL CONSOLIDATED BALANCE SHEET FOR THEYEAR ENDED 31 DECEMBER 2023 As restated 2022 2023 FIX￿ assets Tangible assets Investment properties Other investments 1,525.867 18.787.237 1,274,958 1,551.414 18,071952 I,IS8,391 15 Total fixed asjets 21.588.062 20,781757 Curmnt s$•ts Stacks Debtors Banlc and osh 61.979 384,201 949,7th) 61.278 224.688 ,014121 Total current 1.395.880 1.301087 Crdi¢ors', amounts fallini due wlthln on• y•ar 1808,0471 {1,366,S87) N•t current assets 587,833 (04.500) Totsl less curr•nt Ilabllltl•s 22.17S,895 20,718.257 Credltors.. amounts failing due after one year (899.245) 1285.850> Tot41 net •ss•ts 21,276,650 20,432,407 Th• funds of the cathedrnl Endowrnen¢ funds Restricted funds Ur)restricted funds 19.615,070 633,482 1,028.098 18,819,675 462.611 22 Total net assets 21,276,650 20,432.407 Approved by Chapter on 024 and signed on their behalf b Dean Member of Chaw 16

CHESTER CATHEDRAL BALANCE SHEET FOR THEYEAR ENDED 31 DECEMBER 2023 As restated 2022 2023 Not•s Fixed usets Tanyble assrfs Investment propenl¢s Other investments 14 15 16 1,464,251 18,787.237 942,247 1,481.372 1&071952 861,137 Totsl flx•d ass•ts 21.193.n5 20,415,461 Currnnt asi•ts Stocks Debtor5 Bank and cash 17 530.440 696,498 4S&942 709,623 Total <urr•nt ass•ts 1.226.938 1.16&565 Crediwrs.. amounts falllng du• within one year {726,0461 11.298,2581 N¢t current ass•tslllabllltl¢s 500.892 (131,69J) Total ￿set¥ less curr¢nt Ilabilltl•s 21,694,927 20,283,768 Credltors: amounts falllng due after one year 19 {899,245} {285.850} Total Thrt assets 20,795,382 19.997.918 The funds of the ctthedral Endowment funds Restricted funds Unre$tritted funds 23 22 19,615.070 151215 1.028,097 18.819,675 29,096 1.149,147 Totsl net a$￿tI 20.795.382 19,997,918 Approved by Chapter on 24fv .& 2024 and signed on their behalf br. ' Member of Chapter 17

CHESTER CATHEDRAL CONSOLIDATED CASHFLOW STATEMENT FORTHEYEAR ENDED 31 DECEMBER 2023 As P￿tated 2022 Total 2023 Total Cash flows from operatin8 arti¥iti<i {not• A) Net cash lused inl opèrnting activities 1891,1041 {1,19&8541 Cash flows from lThvestlng artlvldes Purchase of tangriblè fixed assets Purchase of investments Proceeds from dlsposal of investments Inve5trnent incomè 16,8911 705.000 93&303 948,359 Net cash provld•d by Inv•stlng actlvltl•s 50,364 444,449 Movement of bank loans (116,7851 1101819) Net Cash (used Sn) flnanclng actlvltlei 116,785) 1101819) Change in ush and cash equlval•nts in the year (66,421) 341,630 Cash and cash equivalents at the be￿nnIng of th• y•ar 1.016.121 674,491 Cash and cash equivalent5 at the end of the y•ar 949,700 Note A Reconciliation of net income to ne¢ ca$h outh¢)w from ¢Jp•raung artlwtles 2023 2022 Total Totsl Nat income as per the Statement of Financial Actlvlties 844.243 876,896 Galn5 on investmenc property Investmen¢ intom¢ Galn on investments Depreciatlon charges Disposal of fixed assets (Increaselldecrease stock (Increaselldecrease in debtors Intreasel{decreasel in creditor5 (714,285) {948,359} 111&567) 31,391 1,047 (701) {159,513) 171.640 11,2216321 {936,3031 146,854 35.051 4,169 174,987 1275.876) Net cash louthow) from operdtlons (891.104) {1,196,854) 18

CHESTER CATHEDRAL CONSOLIDATED CASHFLOW STATEMENT FOR THEYEAR ENDED 31 DECEMBER 2023 Analysi5 of changes in net debt l Jany 2023 ash Ilows Other non Cash ¢han80S Asat31 Decémber 2023 709,623 (13.1251 696,498 Loans due in less than one year Loans due In more than one year {901446) {285,850) 902,446 (790.n2) (177,324 177.327 1177.3271 1899.245) 11.188,296) 111,724 (1,076,5ni Totsl 1478,673) 98.599 (380.0741 19

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023 The principal accounting pollcies adopted in the preparati¢Jn of the accounts are set out below. l Accountlng policies l. l Accountlng ¢onventlon The financial starements have been prepared In undèr the historial cost convention. with item5 recognised at cost or transattion value ex￿Pt for the reValua￿on of investsn¢n¢ propwdes and other investmen¢& They ￿ve been prepared in accordance wÉth'. The accountyng and reporting Regvlation5 for En￿lsh Angllcan Cathedrnls dated December 2018 a5 specified by the Church Commissioners under Sec¢ion 30 of the Cathedrals Measure 2021,. and The Charitles SORP {FRS102) and the Charities Art 2011. Th¢ Cathedral constltuces a publk benefit •nlty as d•fin•d by FRSIOZ Total R•turns AdoptS0Th In July 2019. the Chapter d Chester Cathedral agreed to adopt # Total Return polScy on investments. The Chapter used 1952 a5 the bast house prfce. AppI￿n¥ the low?r of CPIIRPI to thls figure conftrms the curren¢ base value as £5,850,000. Chapter agreed that lunds equlvalent to £11.4m should be moved from endowment property and £0.8m from endowment inves¢ments to unapplied total return and will decide annually how much of this fund. if any, can bè trnnsferred to the income and oxpend¢ture account However. since the assets within the fund are principally held as proptrty, the expecta￿On Is that any transhrs will only be for major changes in the Cathedral's Strate￿ or operations. The value of ¢he Permanent En¢Jowmont Fund will Increase at th• lower of the chang• In the CPI or RPI rate each year. 1.2 Goln8 concern The ftnantial statements have been prepared on a going concern basis as the Chapter belleve that no material uncertainties exist in conne¢tyon wlth the Cathedral's abiliry to opera¢e for th• foreseeablé futurè. The Chapter ha5 considered the level of fund5 held and th• èxpectad level of Sncome for twefve month5 from 4u¢horislng these financial statement& 1.3 Charltable funds Unrestricted funds are available for usè at the dlscrndon of the Members of Chapt•r in furtherance of their charitable oblective5. Restricted funds are sublect to Specific conditlons by donors a5 to how thgy may be used. The purposes and U5e5 of the restricted funds are s•t out In the notes to the fiN￿dI1 sra¢eménts. Permanent Endowment lunds arÈ sublact to specific conditlons by donors that t￿ capltal must be maintained by th¢ chapt•r. 20

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continu￿} FOR THEYEAR ENDED 31 DECEMBER 2023 1.4 Incom• Income from collections and other donatlons Is rec¢)gnised when rKeived by or on beh￿f of the Cathedral. Income from grants and legacies is recognised when notihed In writing, any condition5 related to the entiderrbent have been met and the imount can be measured reliably. Grart Income includes a grani from the Church Commissioners to fund the stipend costs of The Dean and canons. the costs of which are shown in stsff costs. Income (rom inve5tmen¢5 15 recogDi5ed when rec•wable. Investment income from common investment funds managed by CCLA Investment Managers Ltd is considered receivable when dividends are declared. NeE Kdins and losses on investments are recognised when invesunents are sold and on revaluation. 1.5 Donated ￿$¢*9 and ¥ervic•s Offers ofgifts or books to the Cathedrat Llbrary are considered by the Canan Mlssioner and Vrce Dean and the Cathedral knbrarian. Book5 on ¢he Cathedral itself or ¢he Dlocese and their respective histortes, or books wrltten by author& past and presen¢ associated elther with the Cathedral or Diocese are especially welcomed. Offer5 of other klnds of vfts are considered by Chapter and where appropriate by th• Cathedral's Fabrlc Advisory Commlttee IFACI. The disposal of donated assets whlch are deemed to have oudlved their usefulness is fdrefully considered by the FAC and where appropriatei proposals are submitted to the cathedr￿,5 Fabri¢ Commission for England (CFCEI. No items ar¢ disp95¢d of withou¢ the asr¢emenr of the FAC and decisions of ¢hè CFCE are always complied with. In the case of such items once donated by indlvlduals or families, 5urvlvlng rela￿V•S are always informed when a de¢l$lon Is made in kvour of disposal. Where seryices are provlded to the Chapter as a donauon that Y¢ould normally be purchased, the contribution 1$ Includèd In th• Inanclal statwnÉnts at an •stlmate based on the value of th¢ contrlbution ¢0 thè Chapter. 1.6 Expèndlture Expenditure lincludlng depreCIa￿On and penslon cosrs an¢y the costs of repalrs. re5toratlon and maintenancè ol the Cathedral) is accounted for on the accruals basi5 and 15 allocared under h￿ding5 that aggregate all cosrs related to thè category. WhÈrè costs cannot be dlrectly attributed ¢0 particular heading5. have been located to artiviues on a basis consistent with ¢he use of r¢sources. Support Costs haye been allocated on thè assumption that they ar15e In proportlon to dlrett èxpendieure of the charitable attivity. 1.7 Tan8lbl• fix•d ass•ts Tan￿ble lixed assets are initially measured at C05t Ind subsaquentiy measured at cost or valuation. net of deprKia¢ic+n and any Impairn)•nt losses. Depreciatyon is rewgnised 50 as to write off the cost or y￿uation of assets less their residual values over their Useful lives on the loll¢)wing base5- Freehold land and buildings Fix¢ure5 and fittings IO% or 25% 5trwght line IT equipment 25% straight line The galn or loss arising on the disposal of an asset is deterniined a5 the difference between the sale proceeds and the carrying value of the asset and 15 re¢¢gnised in net incomellexpenditurel for the year. 21

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnu¢d) FOR THEYEAR ENDED 31 DECEMBER 2023 1.7 Tanglbl¢ fixed assetg (continued) No depreciation is provided on freehold property b¢¢ausÈ Members ol Chapter are of the opinion that the properties are maintained ¢0 such a high stsndard that any depre¢i4ty0n charyed would be n￿lsIbl& 1.8 Investmènt properties Investment property 15 held at lair valve. The valuation Is cons4darad annually and 74ny gwn ar loss adslng from revaluation is refflected in the Statement of Financial Ac¢iwties. 1.9 FIX￿ asset Inv•Jtments Fixed asset investments are initially measured at rt7nsaction prlce exdudlng transacdon costs and are subsequentfy measured at kir ￿l￿e at each repgrtlng da￿. Changes In lair ￿ue are rec¢)gnisÉd In n•t incomellexpenditvre) for the yehr. Tran5adon costs are expensed a5 incurr¢d. A subsidiary 15 In entlty controlled by the Chaptèr, Control Is the power ¢0 govern the financlal and Opera￿￿1 policies of the entity $0 as to obtaln benefits Irom its attivitie5. l. l O Cash and cash •quivalents Cash and cash equivalents Includ8 cash in hand, dèposits hdd at call with banks, other 5hort.term liquld Investments with original MatUri￿e$ of thr•e months or lès% and ￿nk ov•rdrafts. Bank overdrafts are Shown wichln borrowings In current liabiliues. 1.11 Stocks All stock Is reCO￿lsed at the lower of cost and ne¢ r￿lIsabl valu•. 1.12 Cash at bank and In hand Cash at bank and in hand include5 cash and short term hSghly1Squid investments wtth i short maturfry of thrn• months or less from the date of acqulsit5w of op•ning ol th• d•posie or simllar accounL 1.13 Llabllltl¢s Provisions are recognised when the Cathedral has an obliption at the reportSng dates as a result of a past event which it Is probable will result in the transfer of econorrilc benef1¢5 and the Obligation can ba esumatÉd reliabily. Prwsions are measured a¢ the be5¢ ¢Stimat• ol the amounts requlred to 50ttle the obliptlon. 1.14 Flnanclal Instruments The Cathedral only holds baslc financial in5tNments as dèfined In FRS102. The hnancial assets and ffinancial Ilabillties of the Cathedral and their measurement base5 are a5 folltsws.. Financial a55et5 trader and other debtors ire basic financial Instruments and are debt In5¢rumen¢5 measured at amort15ed costs. Prnpaymenu are not financial instrurnÉnts. Cash at bank is classified as a basic financial instrument and is measured at face value. Flnancial liabillties ¢rndÈ credltor& accruals and other crÈditars arè financlal instruments and are rneasured at amortlsed costs. Taxatyon and soclal security are not included in thÈ financial instruments, disclosure definition. Deferred income 15 not deemed to be a flnancial liability, as the cash settlement has already taken place and there is an obligation to deliver sèrnlces rathér than cash or another financ in5trumenL 1.15 Employee benefits The c05t of anv unused holidav entitlement is reco￿lSed in the perlod In which the employee's sÈr¥ices are receivèd. Termination benefit5 are reco8nid immediately as an expense when Chapw is demonstrably committed to terniinate the employment of an employee or to provide terniination beneffits. 22

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAA ENDEb 31 DECEMBER 2023 1.16 Leases Rentals payable under opernting leases including any lease incentive5 recelvéd, are charged as an expense on * stra¢8ht-line basis over the terni of the rdevant leas& Unrestrictd R¢strlrt¢d Endowmont Funds Fundi Funds Total Fundj 2023 Total Funds 2022 2 Donations and I¢￿1•$ Donauon5 & Gifts Legacies 550,586 4,500 21,264 571.850 4.500 595.928 Grants Church CommissSoners Other 8rants - Educatbon Worship Music - capst￿ grants {37,597) 251,505 213,908 241,614 3,974 1.727 2,000 221,391 600 63,413 25,500 67,877 4,574 6S,140 27,500 289.268 3,735 206,385 750 708.860 Total 746,581 430.159 1,176.740 1,757.2n Cap1¢￿ Granrs includes prol•cts such as the new ￿lgriM Porch, Abw Gateway renovatlon and other funded mant•nanc• work. The Church Comrnissionèr Grnnts Include 8rants towards Cancn stlpends "Donations and Glfts" Includ•s worshlp servlce off•ring% ¢¢ngregauonal incom4 and visltor donatlons. Church comm155ioner5' income c¢)vÈrs grants rnlatln¥ (0 5trpend$ along with o¢her Itéms suth as grnnts lor Èneryy cost Other tradlng actlvltles Fundralslng evonts 1.849,634 7,782 1,857.416 1,385.609 Total 1,849,634 7.782 1.857.416 1.385.609 23

CHESTER CATHEDRALI NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 3 1 DECEMBER 2023 uthrnstrfrt￿ Restricted Endovmlent Funds Fundi Funds Total Funds 2023 Total Fundi 2022 4 Investmert In¢om¢ Income from In￿tment property Income from other Investments 91&997 918,997 907,103 1.806 27.556 29,362 29.200 1.806 946.553 948,359 93&303 S Oth•r Income Insurance claim5 21421 28.421 459 28.421 28,421 459 24

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (COntin￿d) FORTHEYEAR ENDED 31 DECEMBER 2023 6 Staff costs and anployèe information 2023 2022 Solories and 5ts'Pend5 and relrted costs Wages. 521aries Social security Pen51on 1,341,468 109,546 140.031 1,379,553 110.925 87,349 1.591,045 1,577.827 Th• 4￿ra%￿ rnonthly number of s¢aff durlng the y•w was.. 2023 Numb•r 2022 Number Clergy- cost5 borne by the Churth Comffli5sioners Full tim• employees Par¢ rim• employees 32 35 34 83 72 The average full time equivalent staff was 5812022.. 57) The above costs includ• th• r•Munara￿aft of th• D•an and ￿e￿dendary Canons ￿1(h is dlKlosed In the table below. These costs are borne by th• Church Commis5ion5 and an wual amount ol incorne is r•co8nised In the ffinancial statement& No •mploy4•5 ww• pald mor• £60,000 in 2023. Stlp•ndl Apprenti¢* 4hlp l•vy Social i•curlty P•nsion contrlbutions 2023 2023 2023 2023 2023 Dean lThè Very Reverend Dr Tim Strarfordl Vice Dean and Canon Missior IThe ReYèr•nd Jan• 8rooke} Canon Precentor IThe Reverend Jeremy Dus5ek) 39,477 197 4,177 8.463 S2.314 29.950 150 2.878 4.389 37.367 3.123 14 4,001 7,322 The Canon for Worship and Spirituatity lThe Reverend Canon knsemary Woodall) 18,745 1,487 4.397 24,713 91.295 445 8,n6 21.250 121,716 25

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2023 Staff costs and employee iDfom*lon (contlnued) Stip•ndl salary 2022 Apprentl¢ ship levy 2022 Soci41 urity 2022 Penslon ¢ontrfbutloni 2022 Totsl 2022 Dean (The Very Reverend Dr Tim Stratford) Vice Dean and Qnon Mission•r (rhe Reverend lane Brooke) Canon Precentor (The Rèverend J•remy DusMk} 37.955 3,700 11.677 53.503 28.308 142 2.801 9.342 40,593 28,308 129 2,420 9,342 40,199 94,571 442 8,921 30,361 134.295 2023 Total Funds Z022 Totsl Fundi Unr•strlct•d R•itrSrt•d Endowm•nt Funds Fundi Funds 7. Ralslnglundi Fundraising and publiclty- 5¢aff Tradlni c05¢S- Other rr4dlng attlvltles Investment management Financing ¢¢sts Support Costs 47&174 1,071318 999 7,854 1,509 477,173 1,080,172 388,739 81985 360.359 854,201 913,191 43,884 172 387,230 82,985 Total 1,548.601 10.362 470,215 1029,178 1171.807 Investment management include5 8ran¢ funded refurbishment of Investment prcperties. Thi5 figure contains maintenarKe c￿ts of the endowed estate including extemalty funded caphl work 26

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2023 8. Ministry 2023 Total Funds 2022 Unrestrlrted Funds Restrlct•d Funds Endowm•nt Fund* Funds Staff cos¢5 Cleryy sopends and worki expenses Clèrgy houslng costs Clery support costs Rates. utilities and water GÈnÉral èynsès Support Costs 118,858 65,824 121,674 184,682 121,674 150,555 134,295 5&880 4,574 15,373 23,834 154,999 190 57,070 4,574 15.373 32,847 161991 22,286 6,184 20.064 197,651 167.170 9,013 7,992 Total 374,518 204,693 579,211 698,205 9. Music Staff costs Dlrncr Muslc •xp•nses Recitallst fees Main¢enan¢¢ G•neral expenses Supporc costs 182,280 53.851 7,699 20.260 187 103,357 181280 54.790 7.699 20,260 8,750 10&685 164,115 55.625 8.606 12,042 18.704 111,472 939 8,563 5,328 367.634 14,830 382,464 370,564 27

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FORTHEYEAR ENDED JI DECEMBER 2023 2023 Total Funds 2022 Total Funds Unre5tr1¢t<d R•stricted Endowment Funds Funds Funds l O. Cath•dral and prnclrbrts upk••p Staff Costs Refijse & recyclin8 Insurantè Rates, utilities and waor Maintenan¢e and Inr•rSor upkeep Irrecoverable VAT Gèneral expenses Support coxs 191.962 13,909 88.812 19.798 257,715 28.550 220,512 13,909 88,812 123,642 261734 248,373 14.313 72,590 95,667 421013 103.8H 5,019 42,661 43.071 136,907 42,661 48.361 143.965 65,108 68.689 147,657 5,290 7,058 794.835 149,761 944.596 1,134,410 I l. Educatlon and outreach Staff costs Maintenance General expensès Support costs 18.150 21.875 40.025 31.713 907 15,196 4,286 783 5.193 15,979 5.329 16,389 Totsl 34.253 26,944 61,197 53,431 12. Oth•r •xp•ndlture Penslon defic1¢ {dKrea5e) Iincrease Other 899 716 Total 899 899 716 28

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THEYEAR ENDED 31 DECEMBER 2023 13. Analysis of support costs Includln8 2023 2012 SyPP•rt Cwts Staff ¢oxs Depreciatyon Telephone Postage and stauonery Office equipment Legal and professlanal Bank char￿5 IT & IT prol¢cts G¢neral expenses 274.408 15,885 S,430 6,035 4,958 11,374 13,496 55,008 11096 256,141 16.085 10.n6 4,121 10,359 7,896 89,913 24,954 Gov•rnanc• costs Audlt fels Chapter ExpenMs 11300 20,631 8.743 13,750 431,621 441688 Alloc¢7ted os follow&. Mlnistry Muslc Cath•dral and preclntts upkeep Edu¢atlon and Outrnth 161992 108,685 143,965 15.979 167,170 111,4n 147,657 16.389 431,621 441688 29

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THEYEAR ENDED 31 DECEMBER 2023 14 Tangibl• Flxed AssÈts Group A> restat•d Freehold land & Bulldlngs Plant and •quipm¢nt Fixtures & Flttln IT Equipment Co¥t of Valuatlon At I lanvary 2023 Addltions Revaluatlon 1.415,143 226,640 6.891 {16.807) 33&473 1961 1,983.217 6,891 (16.807) At 31 Dèc•mbèr 2023 1,415,143 116,724 338,473 1961 1.973,301 D*pr•cladon At l January 2023 Cha Dlsposal 156,599 14,270 (1 5,760) 271244 1961 431.804 31,391 (1 5,7601 At 310•c¢mb•r 2023 155,109 289.365 2,961 447,435 Net Book Value at 31 D¢c•mber 2023 ,415.143 61.610 49.108 1,52S,867 Net Book at 31 December 1022 ,415,143 70.041 66.229 30

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2023 14. Tangible Fixed Assets cath*dr￿ Only As restated Freehold land & BulldiThgs Flxtur•s & Fittln85 IT Equipment Total Cost of Valuatlon At I january 2023 Additlons Revaluatlon ,415,143 338,473 2.961 1.756,577 At 31 Dec•mber 2023 1,415.143 33&473 2,961 1.756.$77 Depreclation At I january 2023 Charge 2n.244 2,961 275.205 At 31 D•c•mb•r 2023 289,365 2,961 292,326 Net Book Valu¢ at J l December 2023 1,415,143 49,108 1.464,251 Net 8ook Valu• at 31 December 2022 .415,143 66.229 1,481.372 31

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THEYEAR ENDED 31 DECEMBER 2023 15. Investment Property Group and Cathedral Ag rnstat•d Falr value At l January 2023 Disposa15 Revaluation 18,071952 714,285 At31 Dec•mb•r 2023 18,787,237 Investmen¢ proper¢ies are held at falr value whlch Is assessed annually by the Chip¢er. A revaluation exercise was undertaken a5 at 31 st December 2023. following a full prop•rty revaluation, by our Managini Agenc Neil Tunks of DN Surveyors Ltd on the basls of open marke¢ and an Increase In th• luation ha5 been r￿ected In th• financial sutemen¢$ 4$ Shown above. The hlstorlc cos¢ Of th• properties is no¢ known. 10. Group Ust•d Invertm¢nts Oth•r Investments Total Cost or valuatlon At l January 2023 Addltjons Dlsposals Reyaluauon 1,158,391 1,15&391 116.567 11&567 At 31 Dec¢mb•r 2023 1,274,958 1.274,9S8 Cathedral only Lrst investments Other Inv•stments Totsl Cost or valuatlon At l January 2022 Addition5 Disposals Rèvaluadon 861,037 861.137 81,110 At 31 De¢¢mber 2023 942,147 100 941247 32

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2023 D•btors: amount I￿liNg du• within one year 2023 2022 Group Trdd• debtors Chester Cathedral Enterprises Ltd Prepayments and accrued Inccme Other debtor (VAT) 361.113 197,473 23,088 27,140 75 384,201 224,688 C*th•dral only Trade d•btors Chester Cathedrnl Enterprtses Ltd Pryyments and attrud income Other debtor (VAD 265,869 241371 22.200 204,358 226,082 26.427 75 530.440 456,942 33

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (condnu•d) FOR THEYEAR ENDED J I DECEMBER 2023 Credltors: amourts fallin8 du• vAthin one year Group 2023 2022 Bank5 loan5 Trnde creditors Other ¢wtlon and soclal securlty Accruals and deferred Income Penslon deficit Other credl¢ors l Tl.327 67,970 113,613 332,391 907,507 80.417 51.163 265.375 116,746 62.125 808,047 1,366,587 Def•rr•d Incom• Optning posltlon Resourc￿ deferr•d durfng th• y•ar Amounts released from prlor p¢rtod$ 137,290 229,131 (137,290) 99.643 137.290 {99,643) 229,131 137,290 Defe￿#d Income relat¢s to monle5 recefv•d In réntsL Income rec•lv•d In advance lor the following nanclal year. 18. cr￿ltOrS. amounts falllng du• wSthSn one year C•th•drnl only 2023 2022 Banks loans Trdde credltors Othèr taxatlon and soclar security Cr￿15 and deferred Income Pension deficlt Other credltors 176,815 42.911 80.825 902,446 50,418 28.654 331,461 265,375 94.034 51,365 726,046 1.298.258 34

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2023 Creditors: amounts falling due within one year (contlnu•d) Cathdral only D•f•rr•d incom• Opening position Resources deferred during the year Amounts rdeased from prlor perlods 137,290 229.131 {137,2901 99.643 137,290 (99.6431 229,131 137.290 Delèrrnd Incom• rd2t•s to monles rnc•Sv•d In rental Incom¢ recolvod In advance for the foll¢>wlng ffinancial yéar. 19 Crediton: mounts fallin8 du• aft•r on• 2023 2022 Group and Cathedral only Bank loans Penslon defic1¢ 899,245 285,850 285,850 285,850 20 Bank loan$ and ov•rdraft Group 2023 2022 Payable withln anè year Payable alter one year 177.327 899.245 907,507 285,850 1,076.572 1.193,357 cathedr￿ only Payable within one y•ar Parabl¢ afw one yw 17&815 899,245 902,446 285.850 1,07&060 1,188.296 35

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THEYEAR ENDED 31 DECEMBER 2023 20 Bank loans and oyerdraft (¢¢)ntlnu¢d) Included in loans figures are five loans Loan of £513.000 provided a¢ 2% over base rate, ov•r 15 years and is repayable 74¢ £49.505 per annum. maturity date February 2027. Loan of £481,000 provided a¢ 2.65% over base rat•, over 13 years and is repayable a¢ £54.535 per annum, maturity date October 2036. Loyln of £75,000 provided at 2.65% over bise rate, over 5 y#rs, rnfinanclng In 2024 and is repayable at £8,195 per annum, maturity date is September 2033. CBIL loan of £150,000 provided at 3% over base rao. Over 5 years and Is reparable at £30,OCQ per annurn, maturiry date Is Augvst 2026. Bank Loan of £305.000 provided at 165% over base rat& ¢)ver I S yèars and Is repayable at £34.580 per annvm. maturfty is December 2038. 21 Ponslon commltmenti Chester Cathedral {DBS) particlpate5 in the Defined Benèfits Scheme sKtyon of CWPF lor lay stsff. The Schem¢ 15 administered by the Church of England Pen51ons Board. whlch holds the assets of the scheme separately from ¢hose 91 the Employer and ch• other particlpatlng employèr> CWPF has two sectyons.. l. ¢he Defined Benefits Scheme 2. the Pen5i0n Buildtr Schème, whlch has tsvo subsectS0 & a deferred annulty sectyon known a5 Penslan Buildèr ClassSc, and, b. a cash balanc• sectlon known as Pension Bullder 2014. Defined Benefits Schème The Defined Benefits Scheme {"DBS') settion of thè Church Workers P•nsion Fund pmwdes benefits for lay staff based on final pensionable salarie& For funding purposes, DBS is dlvSded Snto sub-pools in respect of each p4r¢lclpxting ernployèr as well as a further sub-pool, known as the Lilt Risk P¢Xsl. Thè Llfe Risk Pool exists to share certain rlsks between employers. includlng those relating to mortality and post-rttirèmenr InvÉsth)ent returns. The division of tht DBS Into su&pools is notlonal and is for the purp05e of clculatlng ongoing contrfbutlon& They do not al￿r the fatt that the a55et5 of the DBS are held as a single trust fund out of whlch all the benefits are to be provided. From time to time, a notional premlum is transferred from employers, sub-poo15 ¢0 the Life Risk Pool and all pensions and death benefits are paid from the Llfe Risk Pool. The Scheme is # multi-employer scheme as described in Secty+Jn 28 of FRS 102. It is n¢X possible to attrlbute DBS assets and liabilities to specific ernployers, Sin￿ each employer, through the Life Risk Seaion, r5 exposed ¢0 actuarial risks a550ciated with the current and former employees of other entities parvcipating in DBS. This mean5 that contributions are accounted for as if DB5 were a defined contribution scheme. Payments made to the scheme in year were £Nil (2022.. £41,392) which includes contributions in respett of deficits arising in earlier years and administrative costs. The SOFA credit or charye arising from past deficits is shown in the table below. If. following an actuarial valuation of the Life Risk Pool. there is a surplus or deficit in the pool, further transfers may be made from the Lile Risk Pool to the •mployers' sub-pools or vice ver5a. The amovnts to be transferred {?nd their allocation between the sub-poo15} will be setded by the Churth of England Pensions Board on the adwce of the Actuary. 36

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (¢ontinu•d) FOR THEYEAR ENDED 31 DECEMBER 2023 21 P•nslon commltments (Contlnu¢d) A valuation of the OBS scheme is carried out once every three year$. The most recent valuation as at December 2023 showed the scheme in an overall surplus and thus no payments into the scheme will be mad¢ golng forwards while t￿S remains the case. Sectyon 28.1 IA of FKS 102 requires agreed deficit recov•ry payments to be re¢ognSsed as a liablllty. The movemen¢ in the provision is Set ou¢ below: 2013 2022 lancè sheét lability a¢ I january Unreallsed galn op penslon assets Rèmaining Chan￿ to the balano sheèt Ilablll¢ IrKognised In SOFA) Interest Costs Deldc contrSbutlon p￿d 192.000 (150.6091 (41.3911 Balance sheet liability at 31 December Th¢ lepl Structure of the Khem• is su¢h that if noth•r employw f￿1$, th• employ•r could become rnsponslble for paying a share of that employer's pension Ilabilitle5. 37

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FORTHEYEAR ENDED 31 DECEMBER 2023 22. Restricted funds Cath￿ra1 onty and group Inco Expendrture Trahsftrs Wes¢ door¥ CAB Debt Chor[s￿r FrieTrd5 Grant Bellringers Fund G McPhate Fund Grdnd Orpn Fund CaTh¢n Chancellor Award Fund Needlework Fund Education Irom Mlsslon Musk Sololsts Fwd Vlce Dean Fund Hardsh￿ Fund 2020 Anon. glft 2019 Church CommSMioners Grants StonerrrfdSOnS Trnnsforniirw Lhf•5 together All Churchès 3,935 3,138 9,225 {3,935) {3,138 1113001 {59) 2,138 1138 13.0751 17.525 4.305 46.532 1970 4,146 7.816 3.910 1378 22,565 4,618 44,997 3.340 4.255 695 11093 683 (S,541) 25 13701 11091 1.232 (&1831 11,7STJ 11,0001 3,785 13331 1136.6901 21,326 242.2 26,329 37,225 2,6C 1225,S601 1243291 137,3741 6001 (9931 134.295 (21,3261 14,325 11491 1600 993 J8 Di¥er51ty Cathedral Muslc Gr¥nt Oldfield Cholr Educatlon LuThche5 prol•rt Sclentlsts in Congrerdtlor* Dean's Breakfast I Churches 500 {500) 11.829) 1019 7,793 s￿32 3.812 7.770 1820 30.375 (U605) 4,373) AHF PVG Grart Solar Panels 4.373 12.160 iicoo 36 {12.1601 {12.OC#)) 1361 Nave Furnitur• Other Nave Cholr hjnd Gaia 2023 1.384 116,0761 P8,5581 {I,(wJl 13201 6841 (2141 16.076 CC Dig A55istsnt S23 Icon Fund 26,188 11370) 3,OC Deaf support Fund Savlng Pknnet Works Recharye Cty w￿1$ Trena Cox CCCSG 580 1741 57 1214) soo 1439) 61 Toral: Cathetral Onty Subsidiary ch•ritses 29.095 433,516 42S,044 14,703 {405,(e21 36n 103,156 35,457 151213 481.309 Total group 461611 439,747 {407.489) 138,613 633.482 38

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continuod) FOR THEYEAR ENDED 31 DECEMBER 2023 22. Restricted funds Prior year comparative- Cathedral only and 8roup Inwme Expendi¢ur• Transfw$ Clf CAB Debt Bdlringers Fund G M¢Phat¢ Fund Grand Orrdn Fund Canon Chancellor Award Fund Needlework Fund Education from Mission Music Soloists Fund Vl¢• D*4n Fund Hardship Fund 2020 Anon. wft 2019 Churth Commissioners Granu Stonemasons All Churches J8 Diversity Education Lunches prolett Sdentists in Congregatlon AHF PVG Gran¢ Solar Panels Nav• Furniturn Oth•r 1138 18,763 4,757 22.041 4,002 4,255 &174 1 &374 683 1138 21565 4,618 44.997 3.340 4,255 6,695 12,093 683 3,802 1139) (3,5451 1662) 21501 1,057 15361 (4.281) 71.350 1208,040) (136,690> 21.326 21.326 2.600 414 898 8,215 3,943 12.160 12.000 36 1,461 3,735 {882) IZ614) (422) {19.430) 993 1019 7,793 4.373 12,160 12,C 19,860 36 Total: cathed￿ Only Subsidiary ¢h4rity•s 141.880 357,857 127.766 108,347 (240,S51) 1316881 29,095 433.516 Total group 499,737 236,113 (273,2391 461611 Transfers theyear follow a detalled revlew of re5trlctlons. 39

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THEYEAR ENDED J I DECEMBER 2023 23 End0wm￿t fund Cl¢rgy-Use property Trnst for Investment Unyplied total return Totsl ¢ndowm¢nt At l January 2023 GSft component Unapplied total re¢urn .415.143 2,678.756 4.093.899 14.725.776 18,819.675 14.725.776 14.ns,776 1.415,143 1678.756 Movement In reportlns pèrlod InvestmÉnc return - net income 946.553 765,395 (387.230) 182.985) 1105,29T) 1,161436 94&553 765.395 1387,2301 {82,98SI Investment return . net galns Less Investment managemen¢ ¢osts LÈSS: flnanCI￿ costs CPI In¢roase 105,297 105.297 1,271.733 Unapplied total return •lIotat￿ ¢0 income Net mov•m•nt In the perlod (476,6381 {476,6381 105,297 690,098 79S.395 At 31 D•c¢mb•r 2023 Gift component Un•pplled totsl return ,415,143 1784.053 4,199,196 15,415.874 19,615,070 15.415.874 1 S.415.874 2.784,053 Endowment repr¢s¢nted by Tangible fixed assets InYe5tmen¢s Investment proper¢y Net current assets 1.415.143 941247 18,787,237 {630,3121 {889.2451 19,615,070 40

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (condnued) FOR THEYEAR ENDED 31 DECEMBER 202J 24. Analys15 01 net asset between funds - Group unrestrIrt￿ Restricted funds funds 2023 2023 Endowment funds 2023 Total 2023 TanJble fixed a55ets Inves¢ment property Investments Net current assets Long term liabiliues 110,723 .415,143 1.525,866 18.787.237 1&787,237 942,247 1,274,958 1630,312) 587.834 1899.245) {899.245} 331711 300.771 917.375 1,028,098 633.482 19,615.070 21,271650 Unrestrlrt•d R•stAct fundj funds 2022 2022 Endowm•nt funds 2022 Total 2022 Ta￿bIl fix•d asstts Investment property Investment5 Net current assets Lory tem liabiliti¢s 136,271 ,415.143 18.on.952 861,137 (1,243,707) {285,8501 1,551,414 18.072.952 1.15&391 164,5001 1285,8501 297,254 165,357 1.013,850 462,611 1&819,675 20,432.407 41

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS {continued> FORTHEYEAR ENDED 31 DECEMBER 2023 24. Analysis of asset b•tween funds- Cth¢dral Only Unrestrlct¢d Restrirted funds nds 2023 2023 EndoTMm¢nt funds 2023 2023 Tangtble fixed assets Invdtment propery Inves¢m¢n¢s Net current assets LonK term Ilabiliues 49,108 .415.143 1.4fA.251 1&787,237 942,247 (500,892) (899,245) 1&787,237 942.247 293,361 {899,2451 978,989 151215 1,028,097 152.215 20,795,382 20.587.851 Unrestrictèd R•strict•d funds fundi 2022 2022 Endowment funds 2022 Total 2022 Tanglble flxed assets Investmènt property Investments Ne¢ current assets Long term liabilities 6&229 1,415.143 18.072,952 861,137 11,243,707) 1285.850) 1,481,372 18,on,952 861.137 (183.5381 (285,8501 1,081919 29.096 1,149.148 29.096 18,819,675 19,997,919 25. Subsidlary company The Cathedrdl owns 100% of the share Cap1￿ of Chesw Cathedral Enterprfs•s knmited, a coMp￿Y rÈ8iStered in England {regis¢ered company number 013829051. The Cathedral controls three charitable ¢rus¢s whlch are wholly for the benefit of the cath￿ra1. The Chester Cathedral Education Trust {re&stered charity number 1147915), The Chetter cathedr￿ Dtvelopmw￿rrust (registered charity number 257123) and the Chestsr Cathednl Music Trust {reOstsred charity number 115457). 26. Related party transactions Four membÈrs of Chapter receive stipend5 within the Church of England strutture. Detals are provided in no 6. The Dean's spouse is employed as an Educatsonal Officer withln the Cathedral. 42

CHESTER CATHEDRAL NOTES TO THE FINANCIAL STATEMENT5 (¢ontiny•d) FOR THEYEAR ENDED 31 DECEMBER 2023 27. Prior p•rlod adjustm•rt Following a review of the prope￿¢5 It was found that due to a r*¢a￿orISaV0n error, on• propeny had been included in functyonal and iThves¢ment Properti￿ in the financial statements for the year ended 31 December 2022. A lu51 remew has been undertaken ofthè propertyes following the findings and the error has been reversed, by way of prior period adjuscmenL There is no impact on thÈ periods prlor to 2021 therefore the adjusunent is solely to unreallsed gains in 2021 There Is no impact on the figures reported In the 2023-year end. Summary of the prfor year ac¢ountins impact Prevlously R•ported 2022 Prlor perlod Adjustment 2022 Re5tat•d 2022 Tr4nsf•rs Tan￿bla fixed assets 1045,143 1630.OLXI) .415,143 Investment propwty 18,042,592 630.OLVJ 1600.0001 600.000 {1,222,6311 18,072,592 Galns on Inve5tmants 11,822,631) 43