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2024-12-31-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 2024

Charity Number: 1203715

CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS Page
Annual Report of the Chapter 1 - 9
Independent Auditor’s Report 10 - 13
Statement of Financial Activities 14
Consolidated Balance sheet 15
Cathedral Balance sheet 16
Statement of Cash Flows 17 - 18
Notes to the Financial Statements 19 - 40

CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

The members of Chapter, (who are the Trustees of the charity of the purposes of the Charities Act) present their annual report together with the financial statements of The Cathedral Church of Christ and the Blessed Virgin Mary in the Diocese of Chester (known as Chester Cathedral) for the year ended 31 December 2024.

The report has been prepared in accordance with Part 8 of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on pages 20 to 22 of the attached financial statements and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Annual Chairman’s Report 2024

A new way of doing things

At the end of December, the Cathedral Chapter completed its first full year operating under the Cathedrals Measure 2021. The Measure has established the Chapter as a Charity co-regulated by the Charity Commission and the Church Commissioners. During the course of 2024 the governance structure has been fully populated and includes committees for Finance and Investment, Audit and Risk, Nominations and Development, Mission and Ministry.

One of the first pieces of work that has fallen to those fulfilling roles in the new governance structures has been to review the Cathedral’s strategic plan and set the direction for the next five years. During the month of May, members of the Cathedral Leadership Team and Chapter spent some time away and were able to finalise a refreshed purpose statement, strategic objectives for the next quinquennium and KPIs.

Discovery, Encounter and Faith, enriching the soul

Strategic Objectives

KPIs

Monthly

Annually

Members of the Cathedral’s leadership and management teams have established a Strategic Development Group. This has spent the second half of the year working through and prioritizing a set of development initiatives to deliver the objectives whilst also planning a review of the Cathedral’s business as usual.

Important work on the Cathedral’s culture is also being promoted through the strategic plan. A group of cultural influencers including staff and volunteers meets frequently to reflect on the adoption of Love, Grace, and Welcome as Cathedral values. The Cathedral’s Culture and Safeguarding Officer convenes this group which

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CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

provides an opportunity to ensure that safeguarding is well embedded into the culture and values that shape how things are done around here.

30 St Werburgh Street

The former bank building at 30 St Werburgh Street was handed over to the Cathedral in March 2024. 40% of the building is owned by the Cathedral and 60% by the local authority, but the whole facility has been occupied by Barclays since 1960 when the King’s School moved to Wrexham Road. The Cathedral has negotiated with the local authority to have benefit of the whole building, now vacated by the bank, on a 999 year agreement. Over the course of the next five years the premises will be developed for a variety of uses aimed at making Chester Cathedral more visible and present in the City Centre.

We were pleased that the Heritage Fund awarded £250k in December towards the first phase of work at 30SWS which will secure the historic fabric and create a volunteer hub on the ground floor. We hope this will be a resource to support those who volunteer and to help grow the number of volunteers on whom we increasingly depend.

Organ Refurbishment

The Grand Organ in the Cathedral nave is long overdue refurbishment. Instruments such as this, in use every day of the year, need a major overhaul every few decades. Such work is specialized and expensive. Fundraising to undertake a refurbishment has been in progress for many years but progress has been slow. We were pleased to have been approached by the Julia Rausing Trust in mid-2024 to submit an application for funding and delighted at the end of the year when the Trust assessed the application and awarded the Cathedral £1.425m for the organ work. The work is likely to be completed in about two years after a competitive tendering process and the lead-time for availability of the necessary crafts-persons.

A good year

At the year-end the Cathedral’s position looks more secure than it did at the start. The financial outturn is significantly better than the budget anticipated. The challenge at the start of the year was to do better than a budgeted £339k operating deficit. By December the Cathedral had achieved a £85k operating surplus along with further grant offers, including the two above, which will enable additional work to be undertaken in the coming years. The office move from 9 Abbey Square to 30SWS at the start of 2025 will also significantly improve income generation from the Estate for years to come by releasing a valuable property and consolidating tenancies.

One of our measures of missional impact is the annual footfall. This was approximately 725k people in 2024. Whilst slightly down (6%) on the figure recorded for 2023, it represents a smaller dip in comparison to the lower overall city footfall count. In-person attendance at worship over the course of the year has been up by about 8% on 2023 figures. A new Strategic Delivery Group established to ensure good progress in delivering the Strategic Plan now watches these KPIs on a monthly basis.

This has been achieved by my colleagues at every level of Cathedral life, Governance, Leadership, Management, on-the-ground staff and volunteers across all departments. My thanks to all, looking forward in hope to the year ahead.

Very Revd Dr Tim Stratford

Dean and Chair of Chapter .

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CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial overview

Financial performance continued to improve as the year progressed and, despite anticipating an overall deficit, we again achieved a small surplus after revaluations.

This financial improvement was generated by our commercial activities, especially successful Summer and Christmas exhibitions, increasing the number of events and concerts and the use of our developing in-house team of skilled craftspeople to carry out work that would previously have been contracted out. The Cathedral is operating at full capacity, with the diary fully booked for the next twelve months. We currently receive many more enquiries than we can accommodate due to lack of available spaces though we expect the new building we have re-acquired to provide additional space and other opportunities for income growth in the longer-term.

Stewardship is still very much reduced from pre-pandemic levels. Our congregations no longer carry the same levels of cash they did previously. To counter this, we have added extra electronic giving points, introduced QR codes and provided additional information for donors to transfer funds electronically. This has increased giving slightly but we recognise that there is still some way to go before we reach previous years’ levels. We recognise other reasons include changing demographics and pressure on disposable income. A review is to be undertaken in 2025 to try to increase an awareness of Christian Stewardship giving.

We are pleased that reports from the Church of England Pensions Board continue to show that our Defined Benefit Pension Scheme remains in surplus and so no charges are noted for 2024.

Our investment properties are continually maintained and refurbished to ensure their condition does not deteriorate. Our cash investments with CCLA continue to deliver a steady 3% income but the capital growth in 2024 was disappointing compared to previous years.

Reserves

It is our policy to hold sufficient cash reserves to cover the greater of: salaries and core costs for a minimum of three months and the maximum identified level of emergency costs (reviewed annually). For 2025 this figure is calculated to be £1,000,000. Of this total, £418,000 to be accessible within 30 days, £167,000 within 60 days and £415,000 within 90 days.

Fundraising, Partnerships and Support

With the support of partners including the Cathedrals Workshop Fellowship, Historic England, Grosvenor Estate, and Cheshire West and Chester Council, we have further developed our training programmes for heritage skills. This has enabled us to make excellent progress with our maintenance backlog despite our very small budget allocations, while at the same time providing very high-quality training for those wanting to develop a career in heritage skills.

We have also been supported by the Cathedrals Music Trust and Transforming Lives Together, which has enabled us to improve our outreach in music and welcome. These roles are not expected to generate large profits, but funds generated should cover the cost of these important aspects of our charitable mission.

The Cathedral employs a fundraiser who is supported by volunteers and advisors.

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CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Risks

Changes in government policy, inflation and a competitive employment market all continue to put pressure on our financial sustainability. The latest impact is the impending loss of the Listed Places of Worship grant scheme which will increase the cost of almost all building projects by 20% from April 2025.

We are committed to adapting and innovating our offer, to ensure best value from all expenditure and increasing our income streams, but this will be an ongoing process of development over several years. Cashflow has been controllable over the past few years but payments for historic loans continue to erode our cash reserves.

We benefit from a highly committed and passionate workforce but due to our limited financial resources, we often find it difficult to offer the most competitive salaries. This can make it difficult for us to attract and retain the skills and experience we need.

The range of compliance costs we incur each year is growing and changes to legislation can have far-reaching impacts on our work. We monitor these changes closely and participate in consultation processes as fully as we can to ensure we can adapt quickly when required.

Looking forward

2025 and beyond offer many opportunities for us. Despite our ongoing deficit budget forecast, we are assessing a range of income generation initiatives and are monitoring new developments in software and systems which may save time and funds in the longer-term.

We start 2025 in a strong position and can see ways that our deficit budget can be improved over the course of the next five years. These plans include Project Discovery, which will require financial support to establish but which should generate substantial new income streams over time, and further development of our wider endowed estate.

Charitable Purpose

The Chapter are the trustees of the charity and have due regard as trustees to the guidance issued by the Charity Commission on public benefit. At the year-end date, under the new constitution and statutes, the charitable purposes of the organisation are:

The Cathedral delivers a wide range of activities in pursuit of this purpose which during the year have included:

The Cathedral has reported in accordance with the Charity Commission for England and Wales guidance on public benefit and the Charities Act 2011 for the year ended 31 December 2024.

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CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, Governance and Management

Following the introduction of the Cathedrals Measure 2021, the Cathedral was able to apply for formal charity registration and received its registered charity number, 1203715, in June 2023. The new Chapter members were appointed, and their sub-committees are now almost fully populated, supported in this process by our Nominations and Development Committee.

The Cathedral can be found on the charity commission website, and our constitution and statutes can also be found on our own website (www.chestercathedral.com).

Chapter

It is the duty of Chapter to direct and oversee the administration of the affairs of the Cathedral.

Chapter meet at least six times each year and meetings are attended by the Senior Leadership Team and any other member of staff, office holder or volunteer, as necessary. Sub-committees of Chapter report to Chapter meetings. New Chapter members receive an internal induction and are offered formal external training from the Association of English Cathedrals.

Chapter members are recruited in line with the Church of England’s Safer Recruitment Policies.

Key Management Personnel

The key management personnel of the Cathedral in charge of directing and controlling, running and operating the Cathedral on a day-to-day basis comprise the Cathedral Leadership Team. This group includes the residentiary Canons, Executive Director, Commercial Director, Communications Director and Director of Culture and Safeguarding Officer.

The salaries of the two senior lay members of the Cathedral Leadership Team are agreed between the Dean and Senior Non-Executive Member of Chapter. The stipends for Commissioners Canons are set nationally.

Conflicts of Interest

The Dean would like to declare that his spouse is the Education Officer, and that he has agreed to being removed from any decision related to this post.

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CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Members of the Cathedral Chapter:

The Dean The Very Reverend Dr Tim Stratford The Vice Dean and Canon for Worship and Spirituality The Reverend Canon Rosie Woodall Canon Missioner The Reverend Canon Dr Anthony Lees-Smith Canon Diocesan The Reverend Canon Richard Walker The Senior Non-Executive Member Janet Carr Non-Executive Members Dr Mary Horbury Dr Anna Sung Ian Watmore

The College of Canons

The Dean, suffragan bishops, archdeacons and non-residentiary canons meet as the College of Canons. Their function is to further and support the spiritual pastoral, educational, evangelistic, social and ecumenical work of the Cathedral.

Community Rolls

The main body of the wider Cathedral community are known as members of the Community Rolls. Membership of the Worshipping Community Roll is open to individuals who are baptised, aged 16 or over, and are members of the church of England or of a Church in communion with it and has habitually attended public worship at the Cathedral during the preceding six months.

Membership of the Wider (Non-worshipping) Community Roll is open to anyone who is a member of the Cathedral Community but not eligible to join the worshipping roll.

The Finance and Investment Committee

In accordance with the revised constitution and statutes, the Finance and Investment Committee advises Chapter in connection with its responsibilities in the field of financial and investment management and the management of property and assets belonging to the Cathedral.

The year-end membership is made up of: Janet Carr (Chair) Canon Mark Mitchell DL Dr Anna Sung Denise Hignett Canon Thomas David Briggs, CVO, MBE, KStJ

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CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

The Audit and Risk Committee

The Audit and Risk Committee is chaired by Annesley Wright with the additional members: Ian Watmore Simon Parrington Stewart Pain

Nominations and Development Committee

Professor Anna Sutton chairs the committee, with the additional members: Norman Goodwin CBE Canon Dr Frances Hulbert Jo Sykes BEM DL

Ministry Committee

The Ministry Committee membership consists of: Jacqueline Craig (Chair) Dr Mary Horbury Felicity Roochove

The Fabric Advisory Committee

Under the Care of Cathedrals Measure 1990, the Fabric Advisory Committee is responsible to the Cathedral’s Fabric Commission for England and considers applications from Chapter regarding proposed development of, and changes to, the Cathedrals fabric. The committee meets quarterly with Canon Dr Frances Hulbert at the Chair.

Chester Cathedral Enterprises Limited

The commercial activities carried out within the Cathedral are governed by Chester Cathedral Enterprises Limited. The Board of Directors meets regularly throughout the year.

The Chester Cathedral Development Trust

The Development Trust was established to raise funds for the maintenance and development of the fabric of the Cathedral.

The Chester Cathedral Education Trust

The Education Trust was established to raise funds to support the educational work of the Cathedral. The trustees meet at least twice each year.

The Chester Cathedral Music Trust

The Music Trust was established to support the musical activity of the Cathedral. The trustees meet at least once each year with The Dean as the Chair.

Statutory Post Holders and Senior Staff

Executive Director Carolyn Bruce Commercial Director Jon Turley Communications Director Kevin Baxter Director of Culture and Safeguarding Officer Sharon Scarlett Organist and Master of the Choristers Philip Rushforth Estate Management Neil Tunks, DN Surveyors Limited Architect Tony Barton, Donald Insall Associates Archaeologist Simon Ward Auditor HaysMac LLP Bankers NatWest Bank, Chester

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CHESTER CATHEDRAL

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to the auditors

So far as each of the trustees is aware at the time that the report is approved:

Approved by the Chapter on 13 May 2025

and signed as authorised on their behalf by:

The Very Reverend Dr Tim Stratford – Dean of Chester

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CHESTER CATHEDRAL

STATEMENT OF CHAPTER’S RESPONSIBILITIES IN RELATION TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

The members of Chapter are responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practices. Under the provisions of the Cathedrals Measure 2021 and Constitution of Chester Cathedral, Chapter is required to prepare accounts for each financial year, which give a true and fair view of the state of the Cathedrals affairs and of its financial activities during the year. In preparing those accounts, members of Chapter are required to:

Approved by the Chapter on 13 May 2025

and signed as authorised on their behalf by:

The Very Reverend Dr Tim Stratford – Dean of Chester

9

CHESTER CATHEDRAL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF CHESTER

FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Chester Cathedral for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Cathedral Balance Sheet, the Consolidated Cash Flow statement, and the 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards 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 in accordance with the ethical 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Chapter’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the cathedral’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Chapter with respect to going concern are described in the relevant sections of this report.

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CHESTER CATHEDRAL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF CHESTER

FOR THE YEAR ENDED 31 DECEMBER 2024

Other information

The Chapter are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the members of Chapter

As explained more fully in the Chapter Responsibilities statement set out on page 10, the Chapter is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Chapter determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Chapter is responsible for assessing the Cathedral’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 Chapter either intends to liquidate the Cathedral or to cease operations, or have no realistic alternative but to do so.

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CHESTER CATHEDRAL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF CHESTER

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is 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. 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 the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and its circumstances, we identified that the principal risks of noncompliance with laws and regulations related to the requirements of the Charities Act 2011 and Cathedrals Measure 2021, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as income tax, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and to manual accounting journals. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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CHESTER CATHEDRAL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF CHESTER

FOR THE YEAR ENDED 31 DECEMBER 2024

Use of our report

This report is made solely to the Chapter, as a body, in accordance with section 144 of the Charites Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Chapter 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 Cathedral and the Cathedral Chapter as a body, for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP Statutory Auditor

10 Queen Street Place London EC4R 1AG

Date: 25 June 2025

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CHESTER CATHEDRAL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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
Funds carried forward		 Unrestricted
2024
£
Restricted
2024
£
Endowed
2024
£
TOTAL
2024
£
TOTAL
2023
£
789,980
576,279
-
1,366,259
1,176,740
2,161,367
-
-
2,161,367
1,857,416
-
-
969,729
969,729
948,359
60,622
-
-
60,622
28,421
----------------
----------------
----------------
----------------
----------------
3,011,969
576,279
969,729
4,557,977
4,010,936
1,756,742
42,784
431,132
2,230,658
2,029,178
534,691
132,388
-
667,079
579,211
322,845
117,806
-
440,651
382,464
821,722
332,219
-
1,153,941
944,596
75,530
1,766
-
77,296
61,197
-
280
-
280
899
----------------
----------------
----------------
----------------
----------------
3,511,530
627,243
431,132
4,569,905
3,997,545
(499,561)
(50,964)
538,597
(11,928)
13,391
-
15,130
21,462
36,592
116,567
-
-
-
-
-
-
-
800,905
800,905
714,285
----------------
----------------
----------------
----------------
----------------
(499,561)
(35,834)
1,360,964
825,569
844,243
538,597
-
(538,597)
-
-
39,036
(35,834)
822,367
825,569
844,243
------------------
------------------
------------------
------------------
------------------
1,028,140
633,440
19,615,070
21,276,650
20,432,407
-------------------
------------------
---------------------
---------------------
---------------------
1,067,176
597,606
20,437,437
22,102,219
21,276,650
============
===========
=============
=============
=============

The accompanying notes form part of the financial statements.

14

CHESTER CATHEDRAL

CONSOLIDATED BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 14 1,522,958 1,525,867
Investment properties 15 19,588,142 18,787,237
Other investments 16 1,311,550 1,274,958
------------------ ------------------
Total fixed assets 22,422,650 21,588,062
============ ============
Current assets
Stocks 83,279 61,979
Debtors 17 259,383 384,201
Bank and cash 749,062 949,700
------------------ ------------------
Total current assets 1,091,724 1,395,880
============ ============
Creditors: amounts falling due within one year 18 (687,246) (808,047)
Net current assets 404,478 587,833
Total assets less current liabilities 22,827,128 22,175,895
Creditors: amounts falling due after one year 19 (724,909) (899,245)
------------------ ------------------
Total net assets 22,102,219 21,276,650
============ ============
The funds of the cathedral
Endowment funds 23 20,437,437 19,615,070
Restricted funds 22 597,606 633,482
Unrestricted funds 1,067,176 1,028,098
------------------ ------------------
Total net assets 22,102,219 21,276,650
============ ============

Approved by Chapter on 13 May 2025

and signed on their behalf by:

Dean

Member of Chapter

15

CHESTER CATHEDRAL

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 14 1,464,244 1,464,251
Investment properties 15 19,588,142 18,787,237
Other investments 16 963,709 942,247
-------------------- --------------------
Total fixed assets 22,016,095 21,193,735
============ ============
Current assets
Stocks -
Debtors 17 462,181 530,440
Bank and cash 455,258 696,498
-------------------- --------------------
Total current assets 917,439 1,226,938
============ ============
Creditors: amounts falling due within one year 18 (602,748) (726,046)
Net current assets/liabilities 314,691 500,892
Total assets less current liabilities 22,330,786 21,694,627
Creditors: amounts falling due after one year 19 (724,909) (899,245)
-------------------- --------------------
Total net assets 21,605,877 20,795,382
============ ============
The funds of the cathedral
Endowment funds 23 20,437,437 19,615,070
Restricted funds 22 101,264 152,173
Unrestricted funds 1,067,176 1,028,139
-------------------- --------------------
Total net assets 21,605,877 20,795,382
============ ============

Approved by Chapter on 13 May 2025

and signed on their behalf by:

Member of Chapter

Dean

16

CHESTER CATHEDRAL

CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Total Total
£ £
Cash flows from operating activities (note A)
Net cash (used in) operating activities (967,406) (891,104)
Cash flows from investing activities
Purchase of tangible fixed assets (28,114) (6,891)
Investment income 969,729 948,359
-------------------- --------------------
Net cash provided by investing activities (25,791) 50,364
============ ============
Movement of bank loans (174,848) (116,785)
-------------------- --------------------
Net cash (used in) financing activities (174,848) (116,785)
============ ============
Change in cash and cash equivalents in the year (200,639) (66,421)
Cash and cash equivalents at the beginning of the year 949,701 1,016,121
-------------------- --------------------
Cash and cash equivalents at the end of the year 749,062 949,700
============ ============
Note A
Reconciliation of net income to net cash outflow from operating 2024 2023
activities
Total Total
£ £
Net income as per the Statement of Financial Activities 825,569 844,243
Gains on investment property (800,905) (714,285)
Investment income (969,729) (948,359)
Gain on investments (36,592) (116,567)
Depreciation charges 31,023 31,391
Disposal of fixed assets - 1,047
(Increase) stock (21,300) (701)
Decrease/(increase) in debtors 124,818 (159,513)
(Decrease)/increase in creditors (120,290) 171,640
-------------------- --------------------
Net cash (outflow) from operations (967,406) (891,104)
============ ===========

17

CHESTER CATHEDRAL

CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

Analysis of changes in net debt

1 January Cash flows Other non As at 31
2024 Cash December
changes 2024
£ £ £ £
Cash 949,700 (200,639) - 749,061
Loans due in less than one year (177,327) 174,848 (174,336) (176,815)
Loans due in more than one year (899,245) - 174,336 (724,909)
------------------- ------------------ ------------------ -------------------
Total (126,872) (25,791) - (152,663)
=========== =========== ===========+ ===========

18

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

The principal accounting policies adopted in the preparation of the accounts are set out below.

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in under the historical cost convention, with items recognised at cost or transaction value except for the revaluation of investment properties and other investments. They have been prepared in accordance with:

The Cathedral constitutes a public benefit entity as defined by FRS102.

Total Returns Adoption

In July 2019, the Chapter of Chester Cathedral agreed to adopt a Total Return policy on investments. The Chapter used 1952 as the base house price. Applying the lower of CPI/RPI to this figure confirms the current base value as £5,850,000. Chapter agreed that funds equivalent to £11.4m should be moved from endowment property and £0.8m from endowment investments to unapplied total return and will decide annually how much of this fund, if any, can be transferred to the income and expenditure account. However, since the assets within the fund are principally held as property, the expectation is that any transfers will only be for major changes in the Cathedral's strategy or operations.

The value of the Permanent Endowment Fund will increase at the lower of the change in the CPI or RPI rate each year.

1.2 Going concern

The financial statements have been prepared on a going concern basis as the Chapter believe that no material uncertainties exist in connection with the Cathedral’s ability to operate for the foreseeable future. The Chapter has considered the level of funds held and the expected level of income for twelve months from authorising these financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Members of Chapter in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Permanent Endowment funds are subject to specific conditions by donors that the capital must be maintained by the chapter.

19

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

1.4 Income

Income from collections and other donations is recognised when received by or on behalf of the Cathedral. Income from grants and legacies is recognised when notified in writing, any conditions related to the entitlement have been met and the amount can be measured reliably. Grant income includes a grant from the Church Commissioners to fund the stipend costs of The Dean and canons, the costs of which are shown in staff costs.

Income from investments is recognised when receivable. Investment income from common investment funds managed by CCLA Investment Managers Ltd is considered receivable when dividends are declared. Net gains and losses on investments are recognised when investments are sold and on revaluation.

1.5 Donated assets and services

Offers of gifts or books to the Cathedral Library are considered by the Canon for Worship and Spirituality and Vice Dean and the Cathedral Librarian. Books on the Cathedral itself or the Diocese and their respective histories, or books written by authors, past and present, associated either with the Cathedral or Diocese are especially welcomed. Offers of other kinds of gifts are considered by Chapter and where appropriate by the Cathedral's Fabric Advisory Committee (FAC).

The disposal of donated assets which are deemed to have outlived their usefulness is carefully considered by the FAC and where appropriate, proposals are submitted to the Cathedral's Fabric Commission for England (CFCE). No items are disposed of without the agreement of the FAC and decisions of the CFCE are always complied with.

In the case of such items once donated by individuals or families, surviving relatives are always informed when a decision is made in favour of disposal.

Where services are provided to the Chapter as a donation that would normally be purchased, the contribution is included in the financial statements at an estimate based on the value of the contribution to the Chapter.

1.6 Expenditure

Expenditure (including depreciation and pension costs and the costs of repairs, restoration and maintenance of the Cathedral) is accounted for on the accruals basis and is allocated under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Support costs have been allocated on the assumption that they arise in proportion to direct expenditure of the charitable activity.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Nil Fixtures and fittings 10% or 25% straight line IT equipment 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

20

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

1.7 Tangible fixed assets (continued)

No depreciation is provided on freehold property because Members of Chapter are of the opinion that the properties are maintained to such a high standard that any depreciation charged would be negligible.

1.8 Investment properties

Investment property is held at fair value. The valuation is considered annually and any gain or loss arising from revaluation is reflected in the Statement of Financial Activities.

1.9 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the Chapter. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Stocks

All stock is recognised at the lower of cost and net realisable value.

1.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition of opening of the deposit or similar account.

1.13 Liabilities

Provisions are recognised when the Cathedral has an obligation at the reporting dates as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation.

1.14 Financial instruments

The Cathedral only holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the Cathedral and their measurement bases are as follows:

1.15 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when Chapter is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

21

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

1.16 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight-line basis over the term of the relevant lease.

**Unrestricted ** Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
2 Donations and legacies
Donations & Gifts 641,100 162,407 - 803,507 571,850
Legacies 3,000 - - 3,000 4,500
Grants
Church Commissioners - 247,593 - 247,593 213,908
Other grants
- Education 14,282 700 - 14,982 4,574
- Worship 18,205 52,924 - 71,129 65,140
- Music 579 3.500 - 4,079 27,500
- Capital grants 112,814 109,155 - 221,969 289,268
------------------ ------------------ ------------------ ------------------ ------------------
Total 789,980 576,279 - 1,366,259 1,176,740
=========== =========== =========== =========== ===========

Capital Grants includes projects such as the new Pilgrim Porch, Abbey Gateway renovation and other funded maintenance work. The Church Commissioner Grants include grants towards Canon stipends

“Donations and Gifts” includes worship service offerings, congregational income, and visitor donations.

Church commissioners’ income covers grants relating to stipends along with other items such as grants for energy costs.

Unrestrict Restricted Endowment Total Total
ed
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
3 Other Trading Activities
Trading income 1,230,933 - - 1,230,933 1,101,053
Events 657,187 - - 657,187 501,671
Visitor income 273,247 - - 273,247 254,692
-------------------- ------------------ ------------------ ------------------ ------------------
Total 2,161,367 - - 2,161,367 1,857,416
============ =========== =========== ============ ============

22

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
4 Investment income
Income from investment - - 941,745 941,745 918,997
property
Income from other - - 27,984 27,984 29,362
investments
---------------- ----------------- ------------------ ------------------ ------------------
Total - - 969,729 969,729 948,359
======= ======== ======== ======== ========
5 Other income
Insurance claims 52,822 - - 52,822 28,421
Other 7,800 - - 7,800 -
---------------- ----------------- ------------------ ----------------- -----------------
Total 60,622 - - 60,622 28,421
======= ======== ======== ======== ========

23

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Staff costs and employee information

2024 2023
Salaries and stipends and related costs £ £
Wages, salaries 1,494,603 1,341,468
Social security 129,043 109,546
Pension 132,168 140,031
--------------------- ---------------------
1,755,814 1,591,045
============= =============
The average monthly number of staff during the year was:
2024 2023
Number Number
Clergy - costs borne by the Church Commissioners 3 3
Full time employees 34 32
Part time employees 49 48
------------ -----------
86 83
======= =======

The average full time equivalent staff was 62 (2023: 58)

The above costs include the remuneration of the Dean and Residentiary Canons which is disclosed in the table below.

These costs are borne by the Church Commissions and an equal amount of income is recognised in the financial statements.

The number of staff with remuneration excluding employer pension contribution of £60,000 or above was:

2024 2023
Number Number
£60,001 to £70,000 2 -
£70,001 to £80,000 - -

Key management personnel comprise of the Executive Director, Commercial Director, Communications Director, Director of Culture and Safeguarding and the Organist and Master of Choristers. The total renumeration of the Senior Management Team £316,815(2023: £295,081)

24

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Staff costs and employee information (continued)

Included within staff costs are payments to the members of Chapter. The remuneration of and pension provision for clerical members of the Chapter, are paid in accordance with scales laid down annually by the Church Commissioners, Archbishops Council, and the Church of England Pensions Board. These payments are set out in the table below. No other members of Chapter are remunerated.

Stipend/ Apprentice- Social Pension Total
salary ship levy security contributions 2024
£ £ £ £ £
Dean (The Very Reverend Dr Tim 41,751 178 3,727 8,513 54,169
Stratford)
Vice Dean and Canon Missioner (The 2,456 12 234 615 3,317
Reverend Jane Brooke)
The Canon for Worship and 32,049 149 2,849 6,810 41,857
Spirituality (The Reverend Canon
Rosemary Woodall)
Canon Missioner (The Reverend 14,014 55 965 - 15,034
Canon Dr Anthony Lees-Smith)
----------------- -------------------- -------------------- -------------------- --------------------
90,270 394 7,775 15,938 114,377
========== ============ ============ ============ ============
Stipend/ Apprentice Social Pension Total
salary -ship levy security contributions 2023
£ £ £ £ £
Dean (The Very Reverend Dr Tim 39,477 197 4,177 8,463 52,314
Stratford)
Vice Dean and Canon Missioner (The 29,950 150 2,878 4,389 37,367
Reverend Jane Brooke)
Canon Precentor (The Reverend 3,123 14 184 4,001 7,322
Jeremy Dussek)
The Canon for Worship and 18,745 84 1,487 4,397 24,713
Spirituality (The Reverend Canon
Rosemary Woodall)
----------------- -------------------- -------------------- -------------------- --------------------
91,295 445 8,726 21,250 121,716
========== ============ ============ ============ ============

25

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
7 Raising funds
Fundraising and publicity - staff 547,680 - - 547,680 477,173
Trading costs - other trading activities 1,208,921 30,544 - 1,239,466 1,080,172
Investment management1 - 12,240 356,843 369,083 388,739
Financing costs - - 74,289 74,289 82,985
Support Costs 140 - - 140 109
------------------- ------------------ ------------------ ------------------ ------------------
Total 1,756,741 42,784 431,132 2,230,658 2,029,178
============ =========== =========== ============ ============

Investment management includes grant funded refurbishment of investment properties.

Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
8 Ministry
Staff costs 210,410 - - 210,410 184,682
Clergy stipends and working expenses - 114,377 - 114,377 121,674
Clergy housing costs 46,420 - - 46,420 57,070
Clergy support costs 11,086 - - 11,086 4,574
Rates, utilities and water 16,006 - - 16,006 15,373
General expenses 59,756 - - 59,756 32,847
Support Costs 191,013 18,011 - 209,024 162,991
--------------- ------------------ -------------------- ------------------ ------------------
Total 534,691 132,388 - 667,079 579,211
======= ======== ========= ======== ========

1 This figure contains maintenance costs of the endowed estate including externally funded capital works.

26

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
9 Music
Staff costs 156,897 71,271 - 228,168 182,280
Direct Music expenses 20,829 29,969 - 50,798 54,790
Recitalist fees 4,805 - - 4,805 7,699
Maintenance 12,243 - - 12,243 20,260
General expenses 701 4,555 - 5,256 8,750
Support costs 127,370 12,011 - 139,381 108,685
--------------- ----------------- ----------------- ----------------- -----------------
Total 322,845 117,806 - 440,651 382,464
======= ======== ======== ======== =======
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
10 Cathedral and precincts upkeep
Staff costs 155,004 176,963 - 331,967 220,512
Refuse & recycling 12,704 - - 12,704 13,909
Insurance 88,486 - - 88,486 88,812
Rates, utilities and water 106,131 - - 106,131 123,642
Maintenance and interior 176,512 139,346 - 315,858 262,734
upkeep
Irrecoverable VAT 37,997 - - 37,997 42,661
General expenses 76,174 - - 76,174 48,361
Support costs 168,714 15,910 - 184,624 143,965
------------------- ---------------- ----------------- ------------------ ------------------
Total 821,722 332,219 - 1,153,941 944,596
========= ======= ======== ======== ========
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
11 Education and outreach
Staff costs 51,567 - - 51,567 40,025
General expenses 5,237 - - 5,237 5,193
Support costs 18,726 1,766 - 20,492 15,979
----------------- ----------------- ----------------- ------------------ ------------------
Total 75,530 1,766 - 77,296 61,197
======== ========
========		 ======== ========

27

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricte Endowment Total Total
d
Funds Funds Funds Funds Funds
2024 2023
£ £ £ £ £
12 Other expenditure
Pension deficit (decrease) - - - - -
/increase
Other - 280 - 280 899
------------------ ----------------- ------------------ ---------------- -----------------
Total - 280 - 280 899
======== ======== ======== ======= ========
13 Analysis of support costs including 2024 2023
governance £ £
Support Costs
Staff costs 327,079 274,408
Depreciation 10,417 15,885
Telephone 7,789 5,430
Postage and stationery 4,039 6,035
Office equipment 6,720 4,958
Legal and professional 21,617 11,374
Bank charges 8,303 13,496
IT & IT projects 96,434 55,008
General expenses 21,757 12,096
Governance costs
Audit fees 23,213 12,300
Chapter Expenses 26,153 20,631
----------------- -----------------
553,521 431,621
======== ========
Allocated as follows: £ £
Ministry 209,024 162,992
Music 139,381 108,685
Cathedral and precincts upkeep 184,624 143,965
Education and Outreach 20,492 15,979
----------------- ---------------
553,521 431,621
======== =======

28

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Tangible Fixed Assets Group

Freehold
land & Plant and Fixtures & IT
Buildings equipment Fittings Equipment Total
Cost of Valuation
At 1 January 2024 1,415,143 216,724 338,473 2,961 1,973,301
Additions - 28,114 - - 28,114
------------------ ------------------ ------------------ ------------------ ------------------
At 31 December 1,415,143 244,838 338,473 2,961 2,001,415
2024
========= ========= ========= ======== =========
Depreciation
At 1 January 2024 - 155,109 289,365 2,961 447,435
Charge - 16,136 14,886 - 31,022
------------------ ------------------ ------------------ ------------------ ------------------
At 31 December - 171,245 304,251 2,961 478,457
2024
======== ======== ======== ======== ========
Net Book Value at 1,415,143 73,593 34,222 - 1,522,958
31 December 2024
Net Book Value at 1,415,143 61,616 49,108 - 1,525,867
31 December 2023

29

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Tangible Fixed Assets
Cathedral Only
Freehold Fixtures & IT Total
land & Fittings Equipment
Buildings
Cost of Valuation
At 1 January 2024 1,415,143 338,473 2,961 1,756,577
Additions - 14,879 - 14,879
Revaluation - - - -
------------------ ------------------ ----------------- ------------------
At 31 December 2024 1,415,143 353,352 2,961 1,771,456
========= ========= ======== ========
Depreciation
At 1 January 2024 - 289,365 2,961 292,326
Charge - 14,886 - 14,886
------------------ ------------------ ------------------ ------------------
At 31 December 2024 - 304,251 2,961 307,212
======== ========= ========= =========
Net Book Value at 1,415,143 49,101 - 1,464,244
31 December 2024
Net Book Value at 1,415,143 49,108 - 1,464,251
31 December 2023

30

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

15 Investment Property Group and Cathedral

Fair value £
At 1 January 2024 18,787,237
Revaluation 800,905
--------------------
At 31 December 2024 19,588,142

Investment properties are held at fair value which is assessed annually by the Chapter. A revaluation exercise was undertaken as at 31st December 2024, following a full property revaluation, by our Managing Agent, Neil Tunks of DN Surveyors Ltd, on the basis of open market and an increase in the valuation has been reflected in the financial statements as shown above. The historic cost of the properties is not known.

16

Group

Listed Other
Investments investments Total
Cost or valuation £ £ £
At 1 January 2024 1,274,958 - 1,274,958
Revaluation 36,592 36,592
------------------ ------------------ ------------------
At 31 December 2024 1,311,550 - 1,311,550
========= ========= =========
Cathedral only
Listed Other
investments investments Total
Cost or valuation £ £ £
At 1 January 2024 942,147 100 942,247
Revaluation 21,462 21,462
------------------ ------------------ ------------------
At 31 December 2024 963,609 100 963,709
========= ========= =========

31

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

17 Debtors: amount falling due 2024 2023
within one year £ £
Group
Trade debtors 241,713 361,113
Chester Cathedral Enterprises Ltd - -
Prepayments and accrued income 17,670 23,088
------------------ ------------------
259,383 384,201
=========== ===========
Cathedral only
Trade debtors 186,494 265,869
Chester Cathedral Enterprises Ltd 258,014 242,371
Prepayments and accrued income 17,673 22,200
------------------ ------------------
462,181 530,440
=========== ===========

32

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

18 Creditors: amounts falling due within 2024 2023
one year
Group £ £
Banks loans 176,815 177,327
Trade creditors 126,721 67,970
Other taxation and social security 100,040 113,613
Accruals and deferred income 236,834 332,391
Other creditors 46,836 116,746
------------------- -------------------
687,246 808,047
========= ========
Deferred income
Opening position 229,131 137,290
Resources deferred during the year 173,490 229,131
Amounts released from prior periods (229,131) (137,290)
------------------- -------------------
173,490 229,131
========= =========
Deferred income relates to monies received in rental income received in advance for the following
financial year.
18 Creditors: amounts falling due 2024 2023
within one year
Cathedral only £ £
Banks loans 176,815 176,815
Trade creditors 98,903 42,911
Other taxation and social 51,084 80,825
security
Accruals and deferred income 229,110 331,461
Pension deficit - -
Other creditors 46,836 94,034
------------------- -------------------
602,748 726,046
========= =========

33

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

18 Creditors: amounts falling due within one year (continued) Cathedral only

Deferred income

Deferred income
2024 2023
£ £
Opening position 229,131 137,290
Resources deferred during the year 173,490 229,131
Amounts released from prior periods (229,131) (137,290)
------------------- ------------------
173,490 229,131

Deferred income relates to monies received in rental income received in advance for the following financial year.

19 Creditors: amounts falling due after one 2024 2023
year £ £
Group and Cathedral only
Bank loans 724,909 899,245
Pension deficit - -
------------------ ------------------
724,909 899,245
========= ========
20 Bank loans and overdraft 2024 2023
Group £ £
Payable within one year 176,815 177,327
Payable after one year 724,909 899,245
------------------ ------------------
901,724 1,076,572
========= ========
Cathedral only
Payable within one year 176,815 176,815
Payable after one year 724,909 899,245
------------------ ------------------
901,724 1,076,060
========== ========

34

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

20 Bank loans and overdraft (continued)

Included in loans figures are five loans

21 Pension commitments

Chester Cathedral (DBS) participates in the Defined Benefits Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.

CWPF has two sections:

  1. Defined Benefits Scheme

  2. Pension Builder Scheme, which has two subsections;

  3. a. deferred annuity section known as Pension Builder Classic, and,

  4. b. cash balance section known as Pension Builder 2014.

Defined Benefits Scheme

The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries.

For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.

The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme. Payments made to the scheme in year were £Nil (2023: £Nil) which includes contributions in respect of deficits arising in earlier years and administrative costs. The SoFA credit or charge 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 Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board on the advice of the Actuary.

35

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

21 Pension commitments (Continued)

A valuation of the DBS scheme is carried out once every three years. The most recent valuation as at December 2024 showed the scheme was in an overall surplus and thus no payments into the scheme will be made going forwards while this remains the case.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out below:

2024 2023
£ £
Balance sheet liability at 1 January - -
Unrealised gain on pension assets - -
Remaining change to the balance sheet liability* - -
(recognised in SoFA)
Interest costs - -
Deficit contribution paid - -
----------------- -------------------
Balance sheet liability at 31 December - -
======== =========

The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employer’s pension liabilities.

36

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

22 Restricted funds Cathedral only and group

B/f Income Expenditure Transfers/Gains C/f
Bellringers Fund 17,525 300 (14,448) - 3,377
Grand Organ Fund 46,532 3,900 - - 50,432
Education from Mission 7,816 - (464) - 7,352
Church Commissioners Grants 14,326 180,262 (194,588) - -
Cathedral Music Grant 25,000 - (25,000) - -
Scientists in Congregation 5,832 - (812) - 5,020
All Churches 7,770 19,543 (18,813) (8,500) -
Other restricted grants 27,373 359,810 (360,599) 8,500 35,084
------------------- ------------------ ------------------ ------------------ -------------------
Total: Cathedral Only 152,174 563,815 (614,724) - 101,265
Subsidiary charities 481,266 12,464 (12,519) 15,130 496,341
------------------- ------------------ ------------------ ------------------ -------------------
Total group 633,440 576,279 (627,243) 15,130 597,606
========= ======== ======== ========= =========

Prior year comparative - Cathedral only and group

Prior year comparative - Cathedral only and group
B/f Income Expenditure Transfers C/f
Bellringers Fund 22,565 560 (59) (5,541) 17,525
Grand Organ Fund 44,997 1,891 (381) 25 46,532
Education from Mission 6,695 1,232 (111) - 7,816
Church Commissioners Grants (136,690) 242,280 (225,560) 134,295 14,326
Stonemasons 21,326 26,329 (26,329) (21,326) -
Cathedral Music Grant - 25,000 - - 25,000
Scientists in Congregation 7,793 - (1,961) - 5,832
All Churches - 30,375 (22,605) - 7,770
Solar Panels 12,160 - - (12,160) -
Nave Furniture 12,000 - - (12,000) -
Other restricted grants 38,209 97,377 (128,076) 19,863 27,373
------------------- ------------------ ------------------ ------------------ -------------------
Total: Cathedral Only 29,055 425,044 (405,082) 103,156 152,174
Subsidiary charities 433,473 14,703 (2,367) 35,457 481,266
------------------- ------------------ ------------------ ------------------ -------------------
Total group 462,528 439,747 (407,449) 138,613 633,440
========= ======== ======== ========= =========

37

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

23 Endowment fund

At 1 January 2024
Gift component
Unapplied total return
Movement in reporting period
Investment return - net income
Investment return - net gains
Less investment management costs
Less: financing costs
CPI increase
Unapplied total return allocated to
income
Net movement in the period
At 31 December 2024
Gift component
Unapplied total return
Endowment represented by
Tangible fixed assets
Investments
Investment property
Net current assets
Loans		 Clergy-Use
property
Trust for
investment
Unapplied
total return
Total
endowment
1,415,143
2,784,053
-
4,199,196
-
-
15,415,874
15,415,874
1,415,143
2,784,053
15,415,874
19,615,070
-
-
969,729
969,729
-
-
822,367
822,367
-
-
(356,843)
(356,843)
-
-
(74,289)
(74,289)
-
71,602
(71,602)
-
-
71,602
1,289,362
1,360,964
-
-
(538,597)
(538,597)
-
71,602
750,765
822,367
1,415,143
2,855,655
-
4,270,798
-
-
16,166,639
16,166,639
1,415,143
2,855,655
16,166,639
20,437,437
1,415,143
963,709
19,588,142
(804,648)
(724,909)
---------------------
20,437,437
===========

38

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

24 Analysis of net asset between funds - Group

Unrestricted Restricted Endowment
funds funds funds Total
2024 2024 2024 2024
£ £ £ £
Tangible fixed assets 107,814 - 1,415,143 1,522,957
Investment property - - 19,588,142 19,588,142
Investments - 347,841 963,709 1,311,550
Net current assets 959,362 249,765 (804,648) 404,479
Long term liabilities - - (724,909) (724,909)
-------------------- -------------------- -------------------- --------------------
1,067,176 597,606 20,437,437 22,102,219
========= ======== ========== =========
Unrestricted Restricted Endowment
funds funds funds Total
2023 2023 2023 2023
£ £ £ £
Tangible fixed assets 110,723 - 1,415,143 1,525,866
Investment property - - 18,787,237 18,787,237
Investments - 332,711 942,247 1,274,958
Net current assets 917,375 300,771 (630,312) 587,834
Long term liabilities - - (899,245) (899,245)
-------------------- -------------------- -------------------- -------------------
1,028,098 633,482 19,615,070 21,276,650
========= ========= ========= =========

39

CHESTER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

24 Analysis of net asset between funds – Cathedral Only

Unrestricted Restricted Endowment
funds funds funds Total
2024 2024 2024 2024
£ £ £ £
Tangible fixed assets 49,101 - 1,415,143 1,464,244
Investment property - - 19,588,142 19,588,142
Investments - - 963,709 963,709
Net current assets 1,018,075 101,264 (804,648) 314,691
Long term liabilities - - (724,909) (724,909)
-------------------- -------------------- -------------------- --------------------
1,018,075 101,264 20,437,437 21,605,877
========== ========= ========= =========
Unrestricted Restricted Endowment
funds funds funds Total
2023 2023 2023 2023
£ £ £ £
Tangible fixed assets 49,108 - 1,415,143 1,464,251
Investment property - - 18,787,237 18,787,237
Investments - - 942,247 942,247
Net current assets 979,031 152,173 (630,312) 500,892
Long term liabilities - - (899,245) (899,245)
-------------------- -------------------- -------------------- --------------------
1,028,139 152,173 19,615,070 20,795,382
========= ========= ========= =========

25. Subsidiary company

The Cathedral owns 100% of the share capital of Chester Cathedral Enterprises Limited, a company registered in England (registered company number 01382905).

The Cathedral controls three charitable trusts which are wholly for the benefit of the Cathedral: The Chester Cathedral Education Trust (registered charity number 1147915), The Chester Cathedral Development Trust (registered charity number 257123) and the Chester Cathedral Music Trust (registered charity number 115457).

26. Related party transactions

Four members of Chapter receive stipends within the Church of England structure. Details are provided in note 6.

The Dean’s spouse is employed as an Educational Officer within the Cathedral.

40