CATHEDRAL CHURCH OF ST NICHOLAS IN NEWCASTLE RF.P()RT AND FINANCIAL STATF.MFNTS FOR THE YEAR ENDED 31 DECEMBER 2024
Cathedral Church of St Nichola5 in Newcastle Contents Page Bord OfTt8 Rtrt 2-14 Report of the Auditor Consolldted St•lemtDt of Financigl Activities 18-19 Consolidated BAlance Sheet 20 PArent Chlrfty Balance She 21 Consolldated C*sh Flow &a¢em¢nt 22 Ni¥te% to tht Account5 23-42
Cathedral Church of St Nicholas in Ncwcastle Board of Trustees Report for the year ended 31 December 2024 REFERENCE AND ADMINISTIL4TION DETAI[ Titl¢: Thc cathc{ Chur¢h of St Nicbol&s in Newwtle Re81Cred OtTItt'. Cathedral House 4244 Mosley Strttt NEWCASILE Chyriiy Nuttib¥r 1203907 WorkLll8 Name: New¢1¢ Cathedral Fut Llir yuiwJ¥J vfili¥ Cliwilir) ALL 2011. clviC1 iiiei)Ibers at¢ tru5¢3 of th¢ wist¢d ¢hthrity TIK Church o]Si Nicholas in Newcosile by virtiK of the Cath¢thals Me&sure 2021. The tkan.. R¢siden¢iAry C8nODS'. The Reverend Peter tA)bg)n- CaTh)n for OJtTe4ch and Discipleship IieJiwi¢d IJ109r2024} The Reverend Canon Clare M2cL4ren - Canon for Music Liwr 1rt5igned 1310412024) The Reverend Canon Ruth C•rol¢ Hulse Congff8altonal Life lappoinled 13107120241 The Reverend Canon Zoe Norah Hemin8- C4non for Mission {appointed 14109r20241 The Venttabl¢ R¥hel WrM)d- Archdeacon of Northufflberland Cknon for Worship ond y Members.. Canon David Bilton {ScniorNon-Exccutivc Member) Mr Eric Jubb Ms Edna Bcveridge Mr David LaWn MrJohn Inglis-jones Mr Gavin Black Ms H¢l¢n Panon18ppointed wi in0241 Finance and Inv¢5tm¢nt Committee.. Mr John Inglis•Jon¢s (Chair) Th¢ R¢v¢r¢nd CarM)n Peter tkTrb%)n {rEsi8ti¢d 13109r20241 Mr Gavin Black Mr Andrew Wathey Ms Cath¢rinc WiDfield Audit and Risk C(xnmiltee: Mr Alan James Ichair) Ms Cath¢r¢n¢ Winfield Mr Eric Jubb Canon Philip Davie5
Cathedrnl Church of St Nicholas in Newc&%tle Board of Trustees Report for the year ended 31 Deeember 2024 Nomllthtions Committte: Mr John G(yJdaTd {Chair} (resi)ed 04109120241 Ms Isabella M¢1knm]d-Bth IChtiÉr) (pOind 16112r2024} Mr Eric Jubb fr Puul Tllyior Mr James Scott Smith Chief Operating Officerl Chief Finance Ol¢tr & Chapter Clerk.. Dirtttor of Music.. Mrlan Robryts Fabric Advisory Commiti¢¢: Ms LindsAy Al1fyson-Jon (Chair) Mr lat) Ayris Mr Martin Hulse MJ Jcnny Gillart Mrchristopher Wardale The Very Reverend Mich[ Sad8rove Cathedral AT¢hiie¢L' Mr S¢ott Lindstty Isimpson Bro. Edinburshl C4thdrNI Ar¢h•¢olosi*.' Mr D4vid Ilulop (NEW ViJions1 Auditors: Robson 14idler Robson LAidl¢r L Femwood Housc Femwty)d R08d NcwMJtJ¢ upon Tyn NE2 ITJ Bank¢ Lloyd5 Bank 102 Grey Street Newcastle upon Tyne NEI 6AG Investmeni Managtrs.. cen0ve Capitsl 12 MoorW¢ London Ef2Y SAU Soli¢itorn'. Sint0Th5 The Cube Dark Road Newcastle Tyne NE4 6DB PrDp¢rty Monagwncnt Ag¢nts.. Naylorfs Gavin Blxk Hadrian House Higham Place Newcasde Tyne NEI 8AF
Cathedral Church of St Nicholas in Newcastle Board of Trustees Report for the year ended 31 December 2024 The tkan and ChapterpTesertt the ryrt and auditul xc4)unts forthe year ended 31 December 2024. 0ECtIVEs AND ACTIVITIES Chtsriiable objects The obje¢is of the Chapter are lal to VInce the Chrisiian teligion in xcordatkce with thc faith 8thd practice of the Church of England. irt particular by furtherirbg the Thission of the ch¥h of En8land- Ibl to carc for athd on¥¢rv¢ lh¢ fabriL arJJ Slrueiure ofih¢ uth¢dral church knildiThg." (¢1 adyance any oth¢r charitsble purposcx which.are affclllary Triltffftnherancwof thrpurp55v rvfrrredtuTttsub.p3ra8¥aptr(al orlbl. Thr Chaptermost a¢t for the public benefi( within the mening of seaiw 4131 of the Charitie5 Aa 2011 &$ amend1 by the Chwltiey ALL 2022. PUBLIC BENEFITsTATEIKNT As a Cathedral of the Church of Englth4 th¢ Chop$ atutory resp)ibIlity UTwJer th¢ Cathedrals MSUre 2021 is to be thc Scat of the Di0¢eS Bishop. be a centr¢ of worship and mission and to Provide a focus for the life and work ofthe Church of England in the DI. The Chaptrr report outjirbes wme of the details how this public benefLI LS delivered to provide worship, P&SlOTal and outreachllellrning opportuoiiies for the P>ple of Newcastle and b¢yond as w¢ll the pmvision olb05pitslity. welwme. musi¢ And ¢veDts for all th¢ Cath¢thal'3 visi¢ors throu8hout thc year. The ¢rnstees or¢ satisfied that the wY)rk ofN¢w¢*st]e Cath¢drnl conunue5 to deliv¢T public benefi¢. The tru5tee5 confimi th they have ¢omplied with Ihc rrquirements of seaion 17 of the Charitie5 Act 2011 to have due regard 10 the public benefii guidance published by the Charity Commission for England and Wal¢s. ACHIEVEMENTS AND PERFORMANcg Al the heart of the life of Ihe Cathcdrdl are th¢ three wre values of RadIl Wel¢ome. Empowerin8 Worth and Inspiring Worship. These vYeS ¥ndeTpin all activity and development in the c4ihdrni. In 2023. Chapieradopted threekey 5trategicAims in orderw5hape 2nd defme theeore pury¥)se a¢)d values. Whilst new Strategie Plth is bein8 d¢v¢lopèJ in 2025. the key s¢rategi¢ aims adopt&l by Ch8Pter in 2023 are still Current. To dfftlop re14rfottshlw ocrnss IhtDlocese, Clty 414¢ rexlo Thc re141ionship with ihe Diocese ha5 beeTh strenhtntd by a serie5 of regular mtttings with operational 5t8ff from both Cathdrnl and Diecese. Thi5 include5 a Co11M¢1)I ofboth OTganisaiions to be a visible wd>i¢le for the Bi5hop'$ wid¢T ministry throu8b eveThts such as Dics• synod which is now programmrAI in to th¢ Cathedral ¢alendar ensuring stralcgic planning and wmmuThicaiion can happen. Th¢ tkan h&% continued hLS Work with the ColleAc of Canons to identify specific ways in whith they cat) contribute 10 the wider Diocesan stra¢egy through their individtsal and 8mup membership of Ihe College. The tkan alg) meets weekly with the two Bishops, and plays a full part in mectillgs of th¢ Bishop's Leadership Team. The Deart and new catLon5 have b¢¢n tIVelY developin8 partner5hip5 and conn¢aions with the Diocese. City wider re8ion. The Dean is a memb¢r of the Board of NEI (the Newcastlc BID} as well as the Newcastle C#rers tlwity. To8her with Ihe Dean of th]rth8m. he h&$ been engaging with thc n¢w Mayoral Authority team and was invited to comment on the dnfi ste8]C Plan for the ncw Authority. The Dean and new PIdentiary CanotL5 hav¢ been offering more 5UPIM)rt to PaTi5hes &ross the Diocese. helping build capA¢ity for WOT5hip but also for key occ&%ions such a5 licensig. In 2024. new Telati0Th5hips wcre wnsolidated with the bu5ine5s communiry. particularly thc North East of En8land Chamberof COM[nre INEECC). the Police and the Lord Mayors Office leg with their Chrillmas cv¢nlS now a priority for our c4lendar}.
Cathedral chUh of Si Nicholas in Newcastle Board of Trustees Report for the year ended 31 December 2024 To develP1mIAO1Otss1O}J, vol¥nleer4 wouhlpplng eonwwnity qndvi5ilon The Caihcdral team is Small but extremely commiued. experienced and focused on drivitt8 fonvard change and ¢reAtinrnAl1al0lrtg a p)si¢ive ¢ultUTt. In 2024. the team worked hardcr thaTh ever to cn5ure a Stable and 5ccure opgvional lif• of th• ¢ontinuin& BlwIng •norniouB l•v•l£ of prof•BBiona]ism. capaeity-building aThd wllaboralive workin8. Voluners Temain 41 the he8rt of our organIlOn and 2024 saw new monthly training being rolla out 8nd * fo¢us ort ¢nsurin8 volunteers weff a¢iiwely va]ued. thwugh s(Kial events and a larg¢ Service of thanksgiving during National Volunfrer5 Wttk. Our VoluThittrC04)rdina¢orand Front of House Mana8erhave been suprM)rt by Jon Flirtt. th• now Frtt ofHou60 ALsigttsnl. who htsÈ bèon T0110% in •nOOuwiThsourW•lcomoT£ tsnd rettsil volurtteeis. Oyr Radical Welcomc va]ue LY)ntiThu¢d to be hugely Imrtan1 and we were pleased to wel¢ome Laurie CTOW as chedral Lantern Lead to drive forward the amazin8 and traAsfOnnlve work undertaken by Revd John Cane55a. Revd Zoe Herning was app)int as Canon for Mis5ior4 ovcr5tting the Cathedrdl Lantcrn Projtcl and bringing dd¢¢ionrJ fo4us to our Gooiol jus1b wo¥k amd how w• •noblil li fdiof• th¢¢sIbl¥ •nsa8•moni for dl our community. Our musiul life ntinUeS kn b¢ a vitsl nwleI in our daily life of worthtp 8nd praytr. The yev saw the coniittuaiion of ihe inspiring S¢hool$ Sithgithg Progrnmme. enabling mY children, from all artas of the city, to experience a high-quality musical education throu8h sin8in8 in the clwrr#xn. Some of those children then 8el inyolyed with Jinsin8 in th th¢dlI. whioh oon bE eduoo¢i4alIy. cultunllly and Jpiritulllly trnnsformationol. AJ th¢ Direc¢or of Music. Isn Robens says in his rtp)rt the¢on8re8thon. his rt4]ly is mission in a¢tionl-. A new initiative a5 P&rt of & Cathedral Music TNSI pilot. h&$ been SmullSuuds. an inspiring sin8in8 iniiialive for babies, toddlers artd their parents. The hope is that in lime this will fted into Alini ChUrlarICr5 4nd Chorisiaricrs. truly ¢nablin8 A tyAnsfomia¢iv¢ journey for y(wng people in the musieal life of the CAthedTal. Arnong other mu5ic81 thin8s of note, Aex8nder Am)Mrong's ch)r Adventuff ¢am¢ io the ¢ath¢dral in F¢bruary, th¢ ¢hoir sat)8 ,> St JOIJD p100 in Holy mAjor nd¢rkIn8 PWti¢ulArty for th¢ youns¢r m¢mborJ of th¢ ¢knir. it being A wonderful experi¢nce for Ihcm to sing a major work wilh a group of PTofe55ional instrumentslists. OUT thanks 80 lo ihe Cathedral Choir Asso¢iatiort for their ¢OthiinueAI sUNrt in this. Throughout 2024, Ihe Organ Appcol for Ph&se l Of the or8an rebuild 8arhered momentym. with a signifi¢ani number of generous people spon50ring pipe5 a5 well as grants being awarded from exthaj charities. R¢vd Ruth HulJ¢ waJ appointed fy3 c0 for Wotship &rtd Con8rtWional Lif<. to ov¢M¢¢ muJi¢ attd lituf8y and the verger te&m. and also lo work closely with those who wyjrship with us ttgul8rly. Developmen15 have begun in th¢ arras of di5cip1¢5hip wngregalional meetings. Junior Church building excellent relationshi with our diverse community of worshtppers. Ruth a]so provides ts link with local ¢hurGhes itt Newcastle City Deanery Ihrou8h Chapter meeiin8s atml joinlyovth events. As ever. long-lernj 5U5tainability continues to be at the forefront of everyday life al the Cathedral ]d like many trrgani5aiions, the CathdTuI h% bEen chIlenged by the cost-of-livingcrisis. 518ntfic4ntly i[Kre&d utilitÉe5 COSt5. increasing costs of maintenance and comffliimeiit to staff remutheration. The budget-%tting p<$5 for 2025 was careful artd considered, startin8 in the summer of 2024 over £IOO,(X)O differ¢n¢¢ between 2024 and 2025 budgeted defi¢tt levels. This rtprp5¢tLl¢d a very clellrn¢¢d to reduce operntinB costs, which will continue. Chapter 8PPToved the Endowtnent Strai¢bry pr(KJuc¢d by the Hd of Fundrdising and Dev¢lopmcnt at th¢ end of the year and it is envssaged that 2025 will brin8 yifjc results of the wrxk which follows the estsblishment of an Endowtn¢nt Fundraising Group. The Finance Investme]]t Conjjntttee WDtinue to SLIPF Clwptrr with quarterly r¢vi¢w of manageTn¢nt 8¢¢OUthts. PToperties athd ithYestm¢nts. A key cknllenge fi>r204 h&5 beenthe tenancy of spaces in C4thedTuI Hou
Cathedral Church ofst Nicholas in Newcastle
Board of Trustees Report for the year ended 31 December 2024
and it is eleaT that investsneni will be needed in the pmperty tn ordcr kn attra¢i tenants aod reduce the
s¢r¥icc charg¢.
Our events programme continues to be Iw)th adelighi artd finan¢iaJly b¢fiCial. (r Front of House Manager ha5
continucd to drvGlop r¢latÈOrh1pS with ¢T1 clicnts with ll vi
Cathedral Church of St Nicholas in Newwtle Board olTrustees Report for Ihe year ended 31 December 2024 Opporiuntsiey One ofour key oprortuTrities for achievlljg su51aiThability will be the e51ablisbmenl of an Endowment Fund. where our supporters can make donation5 which will bc invested into our Trserv tts prnluce gl0T income. Work by the Chur¢h Commi$sionets-app)ind busin¢ss Plning ¢onsultsncy h&$ suggested thai a source of independent significant income will be the long-term WAY to kndge the slnthr41 def1t between itrne And eoEts. Thi4 will take time to come to siBnifJc8nt fruiti¢ but a good fourthtion h&$ iyen laid thTDugh the Endowment Strategy approved by Chap Our Head of Fundr8isin8 and Development h&% been hard at work on 5ecurin8 granrs for our mi55ion and core work. She has been 5ucccssful in securing money for staff $1$ (including the ChoTisr Supervisor and the Upcoming Community ErtBa8emetht Offieerknii18 Olyet rt)legk 9th knisi in Regidettce pro8rAmme 9nd of course funds for Ige-S¢ll¢ organ maintrnan¢e. Our ¢v¢nt5 pro8rAmme continues to be extremely successful. The rqxjrt from OUT Front of House Mana8er highlights 50mc of Ihc incrcdible succcss in incomc gcncrdtion. with a 34Yo in¢r¢ase in hirt against budget. The musi¢ team's Christinas Caml con¢¢Ns were also really well attendoj at)d we aff pleased to be able w 4nnoytK¢ nh•r Suoh ¢ort¢•rts for 2025. The InAugurnI Si Nicholas GAla Dinner, mAsiem)inded by the Cathedrnl Trvsi {with significant suppon from th¢ Front of House Manager. MarkellnB Manager and he8d of FundTaiSin8 and D¢v¢lopmeThll. Saw over 200 loc•1 businessp¢ople w)d friends of the ¢athedrnl wmin8 W8eth¢r raise ovff £30.[ for (wr Work. The next dinn will be in May 2025. Th¢ t¢8m have wNk¢d in¢redibly h8rd this year. wming 108¢th¢r in a eollatrxY8tive 5Pirit to over¢ome Some 518nificant challen8e5 and are Tcajly focuscd on passionate delivery of all we do. Of CQUTse. we could not have done it wit]K>ut the support IrintiAl of course. bul ilso in * myriv4J ways of supportin8 811 the ¢e8ml of the ¢ongr¢Bation, the Friends of Si Ni¢hols Cathdrnl and the New¢1¢ Cath¢drnl Twm. The PDlicy of Chapter is to build up suffi¢iethi unresthded reserve5 50 essential costs $u¢h as s¢aff, $vppli¢r3, VAT and ernployrncnt I¢$ c• k mei without the netd ¢0 liquid&te assets irb ¢he inves¢m¢nt kN)rtfolio. Thes¢ reserves also help us meet costs which mSt somdimes bt settled in advanceof Ttteivin8 8r4nt fiJndin8 llnd fornh a financial cushion in the event of tluctli¢jn5 in income OT costs. New¢asil¢ C8ih¢dral held ¢onsoltdated of £5,514,777 #s ai 31# fkc¢mb¢r2024 {2023.. £5.622.4081. Of this, £3.442,691 w&5 held in En&)wmtht funds which the tru5thes Ire lesilly required to invesi or to keep use for the chwity'5 piirp)Jes £717.414 in R¢51rictcd fund& which are 5ubiect to variou5 TE5triction& noallY 5pc¢ifi¢d by the (h)nor. and as such tnay Dot k 5p¢nt on the CathdThJ'5 Bcllulli vJrp. The Un$triCted Reserves amounts to £1,354.672 of which £388.789 is frceTrseNes. Thecathedral telieves that the a¢ ofa5%ts h¢ld wiihin th¢ Unrfstri¥l¢d Invc51Tncnt Fund 15 nol truly free th¢ diswsal ofthese assels would adversely imp8Ct on a chty's abilÉty to deliver its aim5. £342231 15 h¢ld in thc Unrcstrithd Inv¢stm¢nt Fund. Aspjrtofthe ChedrAi'5 Inves]1 policyth¢ Unl¢ ruerves u¢ by iDvestin8them in appropriate financial iDs¢ruments lo generate iDcome to CO[1bUte towzrds the Cathedral'5 ongoing nuJDing rosts. Th¢ rtLÈnimum balaTrcc for thc5¢ llJVe5¢m¢ni funds ha5 been dttmed be around £31JO,000. Thi5 In¢atL5 Ihat th¢ Cathedral has £88.789 of truly free rc5erves. The Cathedtal's taTgrt is lo trLold att amount of freely milable rtserves wual to three montbs of unr¢strict&l expenditwe. Thi$ is typically around £225.IMXI. Chapter xknowledge the aim to build the Cathedraj's free
Cathedral Church of St Nicholas in Newcastle
Board of Trustees Report for the year ended 31 December 2024
re5erve5 by worki]Jg actively to itlcrease net incomc from tradrn& vi5itots Ind events. Chapter will review th
policy 8larIy when thctr 4LrY t[LUJ cliwiges ith our 11KlIe or costs.
The Itvel of our actsal cash reserves fluctuates during th¢ y¢ar. so w¢ produce re8ul8rca5h flow foTt¢ASts which
rèvièw by th• Finan¢• Committq• Ch•p¢4r ¢)n A ryular bÈiÉ.
Investment Polic
Wc hold ttrtain funds in line with our reserves wlicy and certain fur¥Js as pem12netht encknwmeni. We therefore
have funf5 availabfe for invc5tii)¥)t. Asi¢te frrjm our balartcés. our fiJnd5 arc Kcld a5 illV¢5tTncnt properties
and wiihin an investmeThl trfolio. Our invc5tmcnt poweTS are sd oul in th¢ C&hedra15 Measure 2021. We have
adopt¢d a modera nsk prolik and achieve dlvw51rj¢th thrw8h a balanced fund.
Chapter's inve5tmentobjeLll isto L7eate suffi¢i¢ni in¢(Mn¢ and capit81 toenabkthe Thapterto ¢4rry out
its purpose5 consi51enlly yw by year with due and proper considerdiion fumrc Tr¢1$ and 10 mairttain and
enhAn¢e Iwh¢re Fx)ssiblel the invested fund5.
Investments held by the iwter wue maTha8 by Cazenove Caplia] and followeth1¢41 Invesun¢nT guldellnes s
out by the Church of England.
We raise funds from the public. Wc Ihertfore reporn utlder 562 of the Charities Act 2011 as follows-.
The rharity does noi use a professional fitndraiser or commerci41 pfjrtl¢iP8r to raise fijnds. Any monies rai5w]
dlre¢t from Ihe publlc follow5 all guld¢llncs S Qui by the Charity Commlsslon and UK l&w In every r¢sp¢Li. W¢
raise money from chtable tswsts and foyndations, 8r•ni making organisalions business¢s.
We are r¢gisi¢Yed with the Fundraising Regulord hav¢ ¢ommitt¢d to followthe Fundraisin8 Code ofpraLIiL%.
We use the codc when trHining suprA)rt1118 volunteer fvndrai5er5.
W¢ respect the prtvacy and contsa prefertn¢¢s of1 publ1¢ th)nm. Cby mlew the Cathedrl'J Fun¢Jr4J¥kn
Policy annually. Chapter m¢nitoYs our fundrni51Th8 activities and no ar¢as of non
Cathedral Church of St Ni¢holas in New¢ostle Board of Trustees Report for the year ended 31 December 2024 to help under-repT¢Stnied orJwguulis¢d wups. W¢ will alw b¢ 4JPOinting a Cathedral Lantern Project oifi¢er to support the L¥niern Lead u) delivering frontli¥Je support forour Street life wmmunity. 'RadiGal Wclcome, Canon Zo¢ Hming IB ovr6••ing 4 r•viw of ¢h wowk th• ¢athdraJ do•6 wjth 4 v9rigty of group$ 9nd mar8itMlised individuals. particularly migrating it inh) our core bu5ine55. ensuring front line 5tsff 8r¢ supporte that key stakehojders lin¢loding the congreBaiioth) are ¢wri1 on the journey of developing this work, and ihat the ¢aihedral continues to b¢ a re pla¢¢ for 811. The widerteam will be buildiD8 on m¢8nin8ful ¢xhibitions and engagement a¢tivities whi¢h refleet our p10th for focusing on this are4 developing lit&s with like-minded charities and 8TOUP5 for expres5ioTh through instsjlations and activiiics in th¢ th¢dl s. We will be dev¢lopiNg targded supp)rt services. ueating stronger mrfhanisms for exrna] advisory support and ensuring P05Llive reportin8 back to funders. thr volunteer5 are deeply invcsd in th¢ work we do and we will ¢ontiny¢ OUT tTrininB PToppme to ¢nwr¢th¢y fwl ¢nwd •nd •ffirnied in theirrolt ¥ IMbd0rS of our value5. W¢ coniinu¢ to ¢los¢ly with Newcasde City Coun¢il on the onti¢ipAt&l works to the LAntern Tower and hovr joitlily carried out inv¢stiWion into stru¢thrni issues thd his¢ori¢ T¢Ptirs to undernand the best way fotvard. The Friend5 of St Nicholas Ta fijnds 10 5UPPJrt the Cathethl in many ways. In 2024 Friends of Si Nicho185 paid for two rejidentsy roboj and th toltsl IlmOuThttd to £5,8ry0. MoYirt8 foNard, thoy oommittod ot)d open supporting c1$ rtlaied mainiengn¢¢ and we are wful them for 1¢kWIed8inB thai maintainin8 the fabric of the buildin8 is one of ollr key priorilte5. Our fin8tt¢ial sustainability remains our most Sj8nifitant ¢tllenge. Early resulis from thechurch cornm110nQrj. filndod work tho'PTrjoot N4rthox' pilgt fubpa•iAi r¢Yiow of 6 {of whi¢lx wè i)rO on¢) suggcs15 that there is a ¢onsi51¢nt challenge to (atIng opp)rtuni¢ie5 for ui¢ome growth to fund rising ¢ort costs such $ lliiliiie& infnsiruci¥re costs and risin8 staffin8 costs leg Nll. Whilst we are aciively l(x)kin8 at a reduction in ¢ore ¢osts le8 s¥ Dnd elcctricity coThsumptiordthrÉffy}. there is neverthc1ts5 a nttd to ensure we carry out planned m8intenanLE TD55 all ¢Jur PTDpty pjrtfolio. fulfil our wmpliance obligations and invcst in our stoff. Fundr&isin8 remai4 a key element of our finwlcial s51211blliry. We are actively developing plan5 for a grnwth itt our endowttlent and approval by Cbaptsr ID early 2025 olthe Hewj of FutkdTai5ing aDd Drvtlopm¢ttt's Endowment Strntegy will ekthble Ihis 10 be artively developed. There are opportunities ¢0 develop ¢loser relationships wtth local businesses &nd eThable supw)rt lincludin8 finClaI) for the impaciful wot we are undertaking. aTdin Chapt¢T £ontinu¢s to pl&te sttfrguarfing &8 o hith )rity. NewrJsU¢ cAtheth pAI(4Jts the chh of En818nd's Hotsse ot Bishop's Policy {Ptomotin8 a seT Cthuychl Aq its owrt poliw, auwuJd &8 sppropriate to take into ¢eount pgrticul4r ¢ont¢xtual ¢l¢m¢nts Slf1( to th¢ (3thrnI. Safrguarding £x)thtinue$ to b¢ o standin8 Item on th¢ agenda at Chapt¢T m¢cting% Senior Man¢ent Trn meetings r¢gylar stsff mecting5.
Cathedral Church of St Nicholas irt Newcastle Board of Trustees Report for the year ended 31 December 2024 In 2024 thcTe has been tt focus strengthetttttg safeguarding systems and pTrttsse5. includin8 resw)nding to th¢ tNEQE audit in May 2024 (full audit tep>rt available OD the cathedtai's wcbstte www.ncwcastlecathedral.org.uklthvtl5afeguardinl. This has irtcluded: The rectuiimeni of a dedicated qualified Cathedrnl Safcguarding Offic¢r mle {CSOI Jayne Forsdike started in the rol¢ (ktober 20?4. Th¢ prtyluction ora Safeguarding Action Plan which i5 regularly reviewed by Chapt¢T Continued f(KUS on case worK including rtsp(VKiing to ollegations of abuse. und¢rtakirt8 risk - 55[0)tsJt0tsO[¢ty ptan Reviewing the procedure for incident re&rtIng and developing a banning Prdre for individua]s who rc found lo b¢ a risk kn others. Review of th¢ Safeguarding Commite Temis (pfR¢fer•)¢e with extem8] independent oversight and $upp)rt from the DCS in Northumberland. This has includd streThgthcning membership to ensure Ihere mort independeni members. Undertik¢n a risk ss¢ssm¢ni of the wrt of the Cathedral lantern &wlderIng how it interncts and overlaps with childr¢n and young pEopl¢ in the Caththl Providing Hddilitsttl giipwrt rhAllpny fmm rhp csn enlY? qHfe rprniitmentnf All vnliintse.r, employ¢e$ ind ¢l¢r8y. Service held for survivors of chur¢h-bAsed aimtye 2024 bas also been a lime for refleciion in safe8uarding for the Church ofEI& with th¢ publilun ufthr Makin Review. As a CAthedral we reel posilive th81 wt have 8Jr¢ady made si8nificani steps (o ensure saf¢¥uardinM ts A priority and we have noi shied away from facing the hard rcality of chuTch.b4s¢d ibuse and its Impaci on vlcilms and survlvors. and wlll wnilnue 5rdv¢ w provlU¢ a iuliur¢ lj ¢nvlp)nm¢ni wli¢r¢ vikiirri¥ and surviwots ¢an rep)rt or disclose abyse s•fely and where they will find support prnctiLXS that contribute to the prevention of abuse. As ever, the tn and Chapier give thanks all thff. volyDk¢rs Ind cler&Y for their eommiiTnent to safr8uardin8 durin8 2024. STRIICTURE, GOVERIYANCE AP4D MANAGEMENT Consliiiiiion ofihe Caihedr(Tl The Parish Church of Si Nicholas was likely founded.in the C12th arwj became the Cathedrnl Church ot St Nichola5 in July 1882. The Cathdrnl is a re8lStered charity {hIeVed in July 2023: RCN 12039071 and L5 e¢¢lesi&slical corpoNion with perpdual 511c¢e55iOtL. Th¢ govcrning dowmcnt l5 our ¢onstitution which w8S adopted in its revised lo on Sth Deccmb¢r2022 in a¢o)rdan¢e with the Cathedrnls Measure 2U21. Rolgs amlR¥sponsibililies Chapter is the sole governing iy)dy (the 'tdy corp)ratr') of th¢ Cath¢thai und¢r th¢ Cathcdrnis msu]E 2021. The Dean 15 Chairot th¢ Chapt¢r. It 15 the duty Ot the Lhapter kn dJTec( the overall SiTaie8y and 8overnance ol the Caihedral. The Chapter met on nine occ&sions during the yar. The S¢nior Management Team ISMTI meets monthly and is LhaireA by the Lkan and L5 attended by the two Resideniiary Canons and the Chi¢f 0p¢rntig oifir¢T. The role of the SMT is to mJa8e daily operation5 and deliver against Chapter's strategic aim5. Sfvft minut¢s ve shared with Chspter. The Canon forworshipandcongregalional Life ha50ver5ightand managcmcntof th- m1¢# #ndthe vergers team., the Canon foT Mission ha5 ov¢r5ight of the Lantstn Iniliattve L£8d. the Learnin8 and Acriviiies team and maDag¢sthe VolunteerLo-ordinatoras well as being theLhapier SafeguardiThg Lkad. I he Lhief Operating Ofticer oversees all other lay stsff Ifjnonc¢. tnaTketing. administJative atsd even[front-0r-hoseI. oversees H&S functions as theCompeni Person and fulfils the TDk of Chief FiJwi¢¢ Offi¢¢r. io
Cathedral Church of Si Nicholas in N¢wcasil¢ Board of Trustees Report for tbe year ended 31 December 2024 Chapter m¢mb¢T5 arc app)intcd in XCOTdarKe with the Constitution and Statute5. Non-Executive Me[tLbernlsieeS a apFx¢inted for iemls of three ye915 can S¢Tve a totsl of thT¢e tcnjts. N¢wly appointsd Chapter Members are provided with ¢opiM of the Cathe4Jrnl'$ ¢onstitsltio our most recent onnutLI T¢POrt ortd fittin¢ithl stathnrtts. of roceni Chapwr mthings 9Dd othgr sFqntilll docutnentÈ. New me]nkTS Ire provid with opportuniiies 10 mttt fellow memtrrs of Chaptrr. priorto their fir51 mceting and mcet with members of the Senior Managent Tcam as part of their indu¢¢ion. New memb¢Ys receive external training through the Association of English Caihedrnls IAEC} and the Charity Commission in dItiOn to the inrn4] induction training progTamme provided by the Cathed. Tr wle of S•)ior Non-EKecutive Member is currently held by MT David Biltoo. m121 Committees of Ch ter Thcrc arc four ¢ommitte¢S whi¢h w(t to Chaw¢r and which have theirown Tenns of Rcfrrenee. The SfyfeguAtding Commi¢¢ d5 with all m4tt¢rs r¢Uiting to Sofe8uordin8. Thc Financ¢ and Invcsim¢nt Committee deals witho11 fyJan¢ial matters includin8 quarterly management acwunts. investments properties and TeseTve5. Th¥ TqumSJ)Jiiun¥ Cummiii¥¢ yJvi)¢) Cli4)t ai¢ re¥iuiiiJi¥iii apwiiiuiiuii vf iiuii-¢Ar¥uliv¥ members and the recruitment and apFoinlment ofchapr ¢LxnmiUtt members. It olso reviews the skills. knowledge. cxpcricncc and divcrsity of m¢mb¢rs ofchapter, each Committee and any sub-committee5. Audit atld Risk Committeeprovide5 indcFathntoversl8hiofth¢ thr¥i.$ system$ofinternal con¢ml. $k managemeni, whi$ilebloin& finort¢i81 r¢FA)rtin8.and ofihequality. indewdence and effectiveness of )th the iniernal and extsrnai audito. The Colle8e of C8nons is independent of the Chapter d¢Jes form part of the W coryora of the C8ihedral. The Colle8e of can5 h&% the fvnciion5 conferred by thc Appointmeni of Bishops Act 1333 on the dy referred lo in thal Act a5 Ihc tkan ChipT of the Caihedrnl. Ihe Loll¢g¢ ¢onslsts ofih¢ tit ICh8lri. the Surrra8an Blshop. the Canons Re51dentlary. Non-R¢sldeniiary and Honorary, wc well a5 Ihc two Archdeacon5. The Clerk ihe College is the Chief Operatin8 OtTiceT. The College of CaTh)ns md Nice durin8 the yw. The Bishop of Newcastle hold5 the principal scal in the Cathedrnl 4$ r the Constitution and continues to be Visitor ofihe Cathedral. The Bishop of New¢1¢ is the Right Reverend Dr Helen-Ann Hartley. PRINCIPAL RISKS AND UNCERTAifffiES The overall responsibility for managing and rnonitori118 risk ttsts with Chwer. Following adopiioth of the Cithedr81s Mwure 2021, the newly fornKd Audit and Risk Committ¢¢ underto)k a Si8nific8nt review of the ¢athdraJ's 8ovunance ITh order ¢0 aThd a55iSt Chgpter whilst they develop a mote rii-for-purro5e iusk M&nagemeni Frdmework iincluding [SK Managem1 Poli£y). The Audlt and Klsk Cornmitt¢¢ have und¢rt3k¢n rUlaT rwrts ty Ch8prlwh) receive minutesof their meetin851 to inforn) Chter of their findin85 io dale. The C3thedral re8ularly reviews the main risks and the degree to whÉch controls to monitor 4nd rDan4ge those ri5k5 arr rapable of redueing th¢ likely rE5idu3] impact of tlMJse risks an accepthle level. The Chief Op¢rating Officer is responsible for overseeing ihe managemeni of risk and periodically EIng Thi5 w the Audit & Risk Committee and to chter. thr appToach to wing Tecording risks is based on guidance published b), the Charity Commission. W¢ briefly summarise he the key risks the Cathedra] face5 and the approache5 tsken to mt¢igating thos¢ ri5k5. Ri5k5 r¢lating to la} our continuing a5 a going v)n¢em and Ib)our fithatlcial inwestsnenLS art Set out SeatelY in note 110 the finan<ial swemenLS.
Cathedral Church of St Nicholas in New¢astle Board of Trustees Report for the year ended 31 December 2024 l. F411ure to fippropriitely Enjinlgin our buildlngs due to hiKh Cost ¢h¥lleDges wlth ept¢lty . The COO and Hcad Vcrs¢r Icad m•ini¢nan¢¢ and mana8emeDt of the Cothedrnl's phy5LCU] iDfrastnJciuTt. 2024 seert continuing significani challenge5 wilh th¢ high level of ulilili¢s bills, however. th¢ ¢l¢cthcity contr&1 was renewed ai iht end of20?4 on a more favourable rdle. and the ga5 ¢ontr•¢t will b¢ n¢wa in thc rniddk of 2025 whi¢h will IowGr ¢OStJ furth¢t. Lo¢fyi M&E •ul¢Trts have trKen advising on utility use. Th¢ La¢)tem Tower'$ iTh8tabiiity is 8 key concern wbich ha5 led to th¢ t¢mpDrary ¢¢$10ft of btu. ringing; the Cathedral is working closcly with Newca1¢ Ciry Coyn¢il Iwhu have hisluriL rr)ainlenance fiability for th¢ tanTernTowerTlo uThdertake s¥Lgnificaril"ptnoOof iftwe&iig3ibA anf- repair5. In 2024, Ihc Cathedral and City Coun¢il shared the fManCi burdeti of a significant programme of Invcsilgarlon whlch In¢l1¢d las¢r drvrie surwvy. IL IMJp¢41 ili¢ [Ul vfil¢is investigation will le4d a fiKu5¢d repair PTogrnmme in 20?5r2020. As w¢ll a5 focusing on th¢ ¢ath¢dral trMJildin& it will be imwrtant to undertake a regular progrnTnme of pair¥ w il¢r¥y huusinWuth¢T Énvesliiieiil proptrties. As ttquita uiidtr tlle Cathedrnls Musur¢ 2021. quinquennial inspections have bccn WHierthk¢n foi the ¢hedral. the cler8y prorrties and the investment property which siis wiihin the Churchland5 Trust. Significan¢ rcpaiT and upgrnd¢s were urideriaktll LU 2A Hully AvviL. f111 Ll¢iw ytvyriiy wlit¥li Iiu> iiyw iKrii Iriid vul vii wi Assurtd Shorthold Ten8n¢y from early 2025. FOal valualion of no23 Dean S¢T¢d no14 Si Nicholas Churchyard (the two proputies hi¢h $11 within the Chur¢hl8nds Trnstl will tske plxe in 2025. 2. Lack of gdtqUAte Jupport for stAff Tlie Jlliull ii#ill tti NL%yid>ili C4Lili¢diol ¥VliiiilUfa w wvik wrll il) VaLI(Y. viiill ¢Ay¢Lieiiced aiid har&working S¢Aff drtply ¢ommitted to the or8anisation. The new Strategic Plan Ilo b¢ aPPT0v by Chaplcr in the autumn of 20251 will focus on som¢ k¢y miii8ations includin8-. Devcl(>pi118 8 sifuciurt within our oper•tionaJ lif¢ to ¢nabl¢ staff to ry)ntriby to the wider de¢isioii- makyng of Ihe Cath¢drnl. Developin8 CPDltraining opportunitics for 1 $thff and volunte¢Ys. Actively look for alternative sources of funding foi key Fx)sts. Undertaking Tegular si#ff And vOlut)r surveys lo ensure Chapter and SMT have a better uttders¢andin8 of the te8m's fKT¢eption of the working Cults¢. Communi10. and their •bility trj play a full p4rt in or8anisalional Success. . Bcnchmarking s#JaTi¢S for a80inst those offered in other Cathedrals and sÉmilar organisations. commlttln8 10 tra¢klrts and a¢hlevln8 th¢ NEW>11¥ Llvlng Wu¥¥. Increasin8 the number of voluntttr5 who ¢ontribut¢ to the life of the Cathedral. Snd ensurin8 there 15 5uffici¢ni ¢apa¢ity to manage ond supwrt those wl¥) &) voluner with us. En$urin8 there are suificient 5UPW)rt stnKture5 in Pl for sthff thd volunteers thrive. 3. InadequAte Jafeguarding lleY or pr•ctice fi15 ¢0 prtvtnt or #ddr hgm • Chapter appoinied a pArt-time Safeguarding niricer in 2024 tsn a permanent contraci. The tNEQE Safcgyarding Audi¢ was ¢arTied out in May 2024 and the resulting r¢p)rt 4nd artioD pl are OTh the Cathedrnl w¢bsit¢. The Safe8u8rding Officer is sked with oversccing thc saftguarding plan. which CludeS 5tsff traiDing ryd reviews of p)licics and prr¢s. One of ihe ouomes of the INEQE audit wa5 the review of th¢ Saf¢gu3rding Committee which is being undertaken by the Safeguarding olcer in conjunctioTh with th¢ Cath¢dr41 Safe¥uatding LAd and a new njittee wrll k e5tsbli5hed in 2025. 12
Cathedral Chur¢h of St Nicholas in New¢astle Board of Trustees Report for the year ended 31 December 21)24 4. Health #nd Safety Cothp15#net Chapier acknowledges that with • growing organi58tion and Y¢li8nce on events in pxrticulxr. the area of Health and Safery c4)niinues to be a key priority. Training plan for all staff ¢rehted. . A H&S consultant was en8a8ed lte 2024 and their reo>mmenthtiOD5 will bv lled out in 202516: these ittelude additional eveni safery mana8emtJJi trainin& . Review of the event delivuy proetsg including responsibility forort4htrgrourwJ H&S compliance related to evcrtt set-up. . Rcvicw of a]1 proGedur¢s wilh'Mty'$ L4w' (which um¢ ioto ¢ffect ID ApRiI 2025) in¢ludin8 frKused trainin8deliver&l by an external specialist training ggew. S. Budgetsry #nd financial control . A review of all pro¢eduT¢S T¢lit18 w payyoll pe$105 processes, ryortin8 8nd mana8ement oversighi will be carried oui in 2025. • Consideration to be 8iYen lo out-sou18 the payroll and mana8ement accounts. • Tht chie.f ntmtine nffir.er 8nd Firtfvrw MAnA8e.r in Wnrk with the Aiidii and Ri%klFinan¢e and Investment Commtttee5 to review the management accounts foThlll and a¢e(Wlliing software provision. Appointmertt of a Fitt¢¢ Assisthrti in 2025 lexiernally fvt)dtdl will help with of th¢ Finance Mana8¢r. 6. Unable 5Us1#inably to eener•¢t suffleie¥bl optrtlotyil theotyb¢ the short4ovmtdium tem to fund the dAy-tO-dAy mit)iJry of th¢ Cth¢dY*l * This remains a ¢riu¢ai risk The Finan¢¢ 8nd Investment C(witiee'$ role is to monitor and revÉew the overall financial Mralegies and fiThancial rK>licies of Chapter. review and monitor Ihc annual bud¥et and monitorlreview inves¢meni p0110 ond investmeni Streie5, making re¢ommendaiion5 to Chapler wh¢r¢ needed. • The Finance and Investment Commiltee review on a quarterly basis the perfornianc¢ of the ¢ommer¢i property tK>rtfollo. . The Head of Fundrnisin8 and Dev¢lopme¢)t has a Fundraising SIr¢8Y for Chapter &8 well 45 an Enthwmeni Straie8y paper. knth approved by Chapter. Her role in 2025 will be fo In endowment w01n8 8roup with a view lo plannin8 the establishmeni of an endowmenl campaign. 13
Cathedral Church of St Nicholas Tn Newcastle Board of Trustees Report for the year ended 31 December 2024 STATEMENT OF TRusfEES RESPONSBII.ITtES Chapler is rrspunsiblL' fur PParI[1¥ ilit 4uiiiual r¢wn th¢ financi81 stst¢ment5 in accordance with applicable law and United Kingdom AcconIing Standards (United Kingdom G¢neraJly Acreptcd Accounting WaCtice.} The law applicablc tti charities in Eth8latsd and Wales wuires Chapter to prepare financia] 5tstemcnts for ¢a¢h finanGi81 year whi¢h giv¢ a ttw¢ and fair view of the states of affaiT5 of th¢ Cathdral and its ¢OEhtk¢a¢d thtiti¢5 and of the incomi08 resources and application of r¢y)um tsf th¢ Cathtyjrtl for Pd. .Jreprin. 8.these finsncial sthttrn¢nty Chw 1$ rtq.uiml k).. . s¢le¢¢ suitsbl¢ a¢wut)tin8 p)licies aDd then wly them con5isfently: ' obs¢rv¢ th¢ methrx45 and principles ID the clwit1 SOR 2019 (FRS102) ' mDke judsomi•ts attd •stim•tss that r•wnAblt alld ' sme wh¢ther applIble Q¢¢OUDtin8 St&nd8rds bsve beu follow•l 5ubjert to Imy tiMt¢riai d¢pwMTU disclosed gnd explaujed in the fiDswiAI ' prepare the finwKial stattments on th¢ goiTh8 con¢¢rn bgsis it is inappropriate to pr¢#um¢ thftt the Cath¢drAi will foniinu¢ in operation: ChAPter is r¢sponsible for keepin8 proper xwunting rt¢ords fiDm whi¢h th¢ fela1 p)sition of the Cathdrnj can be aycertained with Tttsomble at any time; alldenablechapterto en5UTethatthe finanG1 $tstements comply wjth the Charities A¢t 2011. the Charities {AccouDL% 4nd Rep)rtsl Regulalion5 2008 and th¢ provisions of th¢ Ca¢b¢drnl nstitUtiO Chapter 13 also responsible for safeguarding the assth ofth¢ cbffj and h¢n¢¢ fortskin8 re4wn&ble stepx forthe prevention and detection fraud other irre8ujarii1. APPROVED BY THE CHA YTER ON .J.O ANDSIGNEDON ITS BEHALF BY: E VERY REVEREND LEE PAUL BATSOP4 DEAN OF NEWCASTLE 14
Cathedral Church of St Nicholas in Newc&%tle Independent auditors report to the Trn$tees of Cathedral Church of St Nicholas in Newcastle Opinion We hav¢ audnd the fma1¢i statem¢#ts of Cathedrnl Chw¢h of St N1dlaS in Newwtl¢ lthe'¢haritsbl¢ parent company.) and its subsidiaries {the'group') forthe year ended 31 Dember2024 which comprise the Statement of Finajlcial A¢tiViti¢S. Group and Charittsblk Compthy Btsltsnets She•t. tho C&%h Flow StatOmont and nOtèB to thè rinan¢ial stamenls including a sumTnary of significant xcounting policies. The finath¢iai Tep)rting framewoTk that has been &pplied in their preparation is applicable law and United Kingdom Accounting Standard5. includin8 Financial Reporting Standard 10? 7ht Fiancial Rgporting Srd opplici7ble in ihe Uk Republie of Ireland Iunitcd Kingdom Generally Acceptcd Accounting PTrctice>. In our opinjon th• finAnoi 5tAt¢m•nts- give a tru¢ ond fsir vi¢w of the st8 of the Group and Charity's 8ffiir3 •s at 31 Denbel 2024 and of its incoming resources and application of resource5 for the year then endcd: have been properly prtpared in accord with Unittd Kin8dom Genenlly Accepted Ac¢ountin8 Prn¢ti¢¢,' and have been prepwed in a¢¢Oart with the rtquiremetstsof the Charities Act 2011. Basls for oplnlon W¢ conduid wrEudil in rrtfx with Intema¢i¢Mal Stsndardson Auditin{vK){ISAS IUKI)und MppliLMblr law. Our responsibilities under iho swidwds are funher des¢ribed in th¢ Auditys resp)nsibiliiies for the 2udii of the financial statements section of our rep)rt. We are independent of the Dean and Chapter of ih¢ Cathtdral ChurLh of 51 NILhvl&s In accordance wlth rhe eihlcal reqUIremen ihat are relevanr io OUT aud5L of ihe ¥roup financial slakmenis in th¢ UK. includin8 the FRC'S Ethi] Sw)dord. and we h•ve fvifilled our other eihiul re5pon5ibililies in accordanee with these requirements. We believe th the 3udii evidence we have obtained is 5UtYicient and appropria provide a basis forouroptnion. Conclusions relAtin¢ to 8oln¥ cootern In Audiiin8 the finan¢ia] sthmen( we have ¢(Jn¢luded that the trusreei. use of th¢ 8oitig wncem buis of accounting in the preparation ofthe firwjcial Ststsments is appropriate. Bas¢d on th¢ work we have performed. we have not ideniified any mgierial uncertainties rel&ling to events or nditions th8t. IndividulY or ¢Olltively. may ¢4st si8tiifi¢atLt doubt on the ¢hity'S Ability ¢Ontillue as a 801n8 wn¢ern for a perlod ofat le&si twelv¢ months fm the fl¢wi¢l81 $entS #re atsthorised ft>r 15$ue. Our responsibilities and the r¢sFX)nsibilitieS of the trus¢s wilh rtsm goirtg concm are d¢s¢rib¢d in the relevottt %Gtions of ihi$ rw) Other informitioD The other infomjation MpriSeS the tt)forni&tion in¢lud¢d ID the 8nny81 rep)rt other the financial st8tements atld our audil0rf5 rcwrt thcreon. The tru51tesare r¢SnSible for the other inforniaiion contsirted within the annual report. Our opinion on the financial statements th)es not cov¢r th¢ other information 8thd we do not express any forni of assurdnceconclusion thereon. Ourrestxjnsibility is to readtheothu inforniatiojj 8TrJ, in doing so, consider wheiher the other infomiaiion is materially incortsistetht wrth the financi stements orour knowledge obtained it) the coutse of the audi4 or otheTWiS¢ •Ptkts ty b¢ m8t¢ri4lly Tnissta¢¢d. If w¢ identify such tnateriAI inconsistencies or apparent material missiatements, we a requiied to detemiine whether this gives rise to a material mi55talement in the finaniial statements thetrdselves. If. b&sed on the work we have perfornie& we eonclude that theTt is 4 m8rial misstst¢Tn¢nt of this other infornation, ar¢ r¢qUir to r¢pDrt th* fa¢t. We have nothin8 to retK)rt in this tewd.
Caihedral Church of Si Nicholas in Newtle Independent auditors rewjrt to the trustees of Cathedral Church of St Nicholas in Newcastle Matters whicb we ire required to Teport by eiteptiOD We hav¢ rtothirtg to rert in respect of ihe following matters in relation to which the Charities (Accounts and Report5) Regulations 2008 require u$ ¢0 r¢p)rt you if. irt our opirtion: J¢ ii)foiilIlQn siY¢n in th¢ R¢wt of thr inGoJui>tcnt in IY matcrial with thG fujancial statements. or 5uffiri¢nl 8¢¢OUnling wrds have tk)I been kept: or the fillwjciol ¥lal¥tnents ar¢ nul with the ULLUUlltin¥ rJ[d5 and rrlurns" or Thave nof rtceived aifthé InToaon anrnTanfion5 wè requiré forour iu we Re$rnsibIlItIeS of¢ru$tetS As explained more fully in the 51atemenl of trustee5' rrcsponsibilÉlic& the trustees are T¢swisible for the preptsration of the fin)¢¢al s¢aiements and for b¢ing satisfied thar th¢y 8ive 8 tw¢ And fair view. and for guch ith¢emal ¢oniToI as the Itusiees detern)ine is necess8ry enable the preparation of fm8ncial statements that are free from maleriaj missialemenl. whcihcT duc kn fraud or error. IJ) prwing th¢ fiThJn¢ial stsiemertis. the Irusiees aro r¢JpoiIGibl foralvL1ti8 th• ¢horÉty'5 ability to wntinY• ai5oloJingp u•pplicThbl•, mthtt•¢B rel8ied to 80in8 eoncern and using the going coThcern b&sis of accounltngunless the trustees eiih¢T inlend ¢0 ccase operntiorts, or have no mlisii¢ aJ¢¢ma¢iv¢ byi XJ. Audltoes respon51bllitie5 for the audit oftbe finandl 511eiibeiiis W• hAv• b••n oppoint•d DyditorG vDd•r G•dion 144 of th• Chtiriti•È Aet 2011 Artd r•POrt itt ooordAn¢• wtth the Act and relevant resul10n$ or having efft thereundtr. Our objectives to obtain reL%onable Ul¥n¢t knii whether rhe finoncial stsmenrs as a whole ore free from rnaterial rnisstaternenl. whether due to fraud or error, and ¢0 issve audi$ repon that includes OUT opinion. Reasonable assur8n¢¢ is a hi8h level of &wrance but is not a guarantee thai an audit conducted in accordAn¢e with ISAG IUKI Ivill •lw•ys d•r•ot u rnol•rilll mi6stst•mnt whTh 1¢ xiÈts. MiÈÉlAt•m•nta ekn AAa• fyom fr4ud or etTor and are considered material if. individually or in ihe tho could reas)ttably be extrd to inlluen¢e th¢ ¢¢onomi¢ decisiotLS of users tsken OTh the basis of these financial 51atements The extent to which our pro¢u[¢S are ¢apabl¢ of detething irre8u111¢e includin8 ft2ud. is detsiled below.. The risk of material miss¢atcmenl due io erroror frawj has been $t$S¢d in wnjunction with how internal contro15 may rniiigatc any such risk. These ¢ontyols #re reviewed as pan ofthe audlr by perforniln8 sysiems walklhmughs to enstjre they 8re oper81ingeffeciively. Anajylical rcviewgnd 5ubswitiv¢testing 15 also p¢rfoTm¢don all m)t¢rial balanc¢5 and th¢T¢fore any insthn¢¢s of non-compli8¢)ce should be identified QT considered &$ in5i8nifJcanl. In ideniifying and H55C55inB risks of mo*rio1 miwtemtht in Yespttt of irrylaritie& includin8 fraud. the audii et)8a8eml team., obtained an understa1n8 of the tre of th¢ industy and 5¢¢10r, including the lega] and regulatory frdmewoTk, in whi¢h th¢ chty 0rat¢S and how the charity wmplie5 with that legal and regulatory framework InqUid with matha8emetht artd those charged with governance aul their own idenliflcation ajjd asscssmcnt of thr risks of irr¢gulariti¢4 includins any ktK)w xtual, suspected or alleged instance5 of fraud discu55ed willi mwiagement and those charguj with gov¢rn•n¢¢ any non-Q)mpliwi¢e witii laws 8nd regll12tions and how fralld mighi rKcur including &ssessments of how and whcTC the finwjcial statan¢tLts ay be susteptible to fraud. 16
Cathcdral Church of St Nicholas in Newcastle Independent auditors report to the trustees of Cathedral Church of St Nicholas in Newcastle The risk of managemeni tsveTride of LY)ntrDb 8]so eonsidered area of I¢till missthment du¢ to fraud. Audit procedures perfomied included testin8 of manua] ioumal entries and other adjustments and evaluating the busin¢u rolionale in relation to sigthifi£att4 th)Ual tratisnS and tran10$ entered into outside the nornaj course of business. Thcrc are utherent limi¢ations irt th¢ audii Ptcttdurts described alM)ve and the fvrther removed n-ComPlIance withs laws and regulations is from events and trdnsaclion5 reflected in the financial sthteMen the I likely we would become aware ofit. Also th¢ risk of not d¢te¢tin8 8 maLeria] misstaomeni due to fraud is higher than the risk of not deteding on¢ resulting from effor. as frwd may involv¢ deliberate concealment oreollusion. A further dgstripiion of our resp)tL8ibililies i8 avwlable OTh the FioaDciai Rwrung Crll1. websit¢ at: htJ1 www.fr¢.orB.uklaudiknrswrt8ibililits. This deSCrilon forn15 of our audiiorfs Tcprt. of oiir report This report is made yolely to the charity's trust asa tdy. in accorthcewith port 4 of the ChtieS {A¢¢ounts Hnd Rewrt41 Re8iilxiiiln% ?no8 Thir XIMlil work hxg i11rtaI[ W thxi we mi8hi qlAt•tn thp rhrity'< tn)¢tvv those matters we Art requiTed 10 $ia ¢0 them ith an Audiiorfs rep)rt And forno other putp)se. To the fullesi extent p¢mitted by law, w¢ do N)¢ a¢¢ept or assume reSpOlb11ty 10 onyone other thafj the darity Sod the chwity's trustees as a Ex)dy. for oiir aiidii work. for ihis report. or for Ihe opinions we hAve formed. C4L Nkhol45 Cunnlngham Mst FCCA (Senlor Ststutory Audltor) For ind on behalf of Robsort Laidler Limited. Swuicrfy Auditor Fernwood House FernwLK)d RoAd Jegmortd N¢w¢8Stle upon Tyne NE2 ITJ Rob50n Laidler Accountants LimituE iseli8ible forappointment as audilorofthe charity by virbje of its eligibility ror #ppxiintmeni as audiiorof a ¢ompgny und¢r S¢¢lion 1212 of the Comwies Act 21W6. 17
Cathedral Church of St Nicholas in Newc&stle Consolidated StatemeDI of Financial Activities for the year ended 31 December 2024 Uttrestrlrted fuDds R¢strl¢t¢d Endowment d5 Total 2024 Totsl 2023 Notes Income #nd endowmettts from: tA)nalions and le8acie5 Dotwtions GranT5 her IradiD8 a¢tivities Invcstmcnls Other iticome Tot•1 In¢om¢ 134.162 7.942 7YF.780 73.628 2,830 I42.81H 166.836 791,78W . . i55,m" 278.264 218,061 155228 123.426 23,320 19,065 l J91 J96 .482.911 204.636 152J98 23J20 515.216 2{iv) 21v) 876,180 Raising funds Charitable activities-. Minis¢ry Cathedral gDd pre¢in¢ts upkeep Education and outreach 211J72 44,829 256,401 243,171 4(1} 4111) 41iiil 4(ivl 578.761 292.077 6.166 25,1 1 113736 199.814 205,962 5J33 778,575 498,039 11.499 25,160 lJi974 619.973 679.299 6.686 17.406 576,533 Community parish & congTWtion Total txpendlture 455 938 r4ot CoMin¥ / {OMtqoinq) rewiir¢ befor¢ Inwvtment galn$ (5985201 420242 {1783781 (93,6241 Nel gain5 1 Iloss¢$l on investments Net Income I lexpendlture) 26J36 1572.1841 44,311 44,Jli 70.647 {107h311 55,482 {38,1421 420242 TrD$f¢rs betw¢¢n funds 16.18 507.685 (573.362) 65,677 Net mowernent in fund5 64,499 153.120 109,988 I07J1 38,142 Reconciliation of fund5 F'unil balanr¢$ at l January 2024 16 870.534 3J32,703 5h22,408 5.660.550 Furtd bxl#ntes at 31 Detethr 2024 16 .354,672 717.414 3,442,691 5.$14,777 5.622,408 The 5tatcm¢nl of flljancial activitie5 includes all gain5 and105SC5 rccogThi5cd in the ycar. All income and expertditU derive from torttinuirtg *tivities. 18
Cathedr81 ChLErch of St Nicholas in Newcastle Consolidated Statement of Financial Activitie5 Prior year Unrestricted Restrl¢¢¢d Endowment futtds fuDds fvnds Totol 2023 Notes ome endowments fTOm: Donations and legacie5 Donations Grdnts Other ¢Toding activities Investments Other income 211) 2{ii) 166J46 3.967 161,734 78.871 19.065 429.983 4W 951.556 56.327 44.555 166,L76 955J23 2l8,(61 123.426 19.065 1,482.911 21ivl 21vl Tot•1 Income 1,052,928 ndltur• Rai5in¥ funds Charitable Kiivitia.. Ministy Cathedral and precincts UF&eep Education and outreach Community PArish & cots8re8&iion Total eAPtndi¢u 213.104 30.067 243.171 411) 4111} 41111) 4(fv1 92.857 67.146 2.706 2.615 378.428 537,116 612,153 3,980 14,791 1,198,107 629.973 679.299 6.686 17.406 lJ76J35 N•t In¢omlnq I r••oyr¢ before Invesiment ylns 51355 {145.179) 193.6241 Net g&ins I (losses) on inveshnents Net in¢omt / (expenditure) 41.381 41.381 65.656 {145.179) 138,142) TrAnsfer5 betwttn funds 16.18 13,656 (13.656) Net movemeDt ID fund5 158.835 41.381 J8,142 RtconciligtlOD Of funds Fund balaKes 8t l Janullry 2023 16 1.339859 1,029,369 3.291.322 S660J50 Fund bilance5 1131 Decembtr 2023 16 870.534 3,332,70J 5ffj22,408 The statement of fmancial xtivities includes all gain5 aThd h)sses Tetogrtisoj in the year. All income txpenditUTe derive from aciivities. 19
Cathedral Church of Si Nicholas in Newcastle Consolftdated Balance Sheet for the year ended 31 Deeember 2024 2024 2024 21123 2023 Fixe41 wets Invtttith¢Dt wets Property Investments io 545,000 1,671,514 2216,51 545,000 1.806.977 51.97T" 12 Tin#lbl¢ 1Sxed # Property Equipment and plant io 2J61,094 165.883 2.726,977 2.S61.094 183 ?11 2.744.305 Totil nied Assas 4,Y4J,4YI ).VY6,2¥2 Current •¥s¢ts Stock ij 765 8,534 542.284 169.102 719,920 tkbtors Cash at bartk artd irt h 14 141.172 7l(169 Creditors: amounts filllng due within l yeAr Is 144J83 193.794 Nrt ¢urrnt 8ss¢t$ 571.286 526.126 Net 155ets 5,51{777 5.622.408 Ruerves Endowm¢ni ndS Restri¢¢ed funds Unrestricted funds Total reserves 16 3.441691 717,414 IJX672 5Jl{777 3,332.703 870.534 16 16 5,622,408 These fjnancial 51a¢cmcnts werc apprDved by the Board of Truste¢5 on . d W¢ 5igncd on its behalf The Very Reverend Lee Paul Batson 20
Cathedral Church of Si Nicholas in Newcastle Parent Charity Balance Sheet for the year ended 31 December 2024 2024 2024 21123 2023 IYote5 Fixed fissets Investment gssets Inv¢5ttnents 12 1.12&969 Ih64.968 T*nglbl¢ flx•d ass•t• Property Eouipment and plant 10 2J61.094 165.883 2.726.977 1561,094 L744J05 TotAI fixed aets 3J53.946 4.209273 Current aets Stock 13 6.765 568,232 92,487 ,534 542,284 156J42 7117.160 Debtors 14 Cash bank and in hond Credltors: Amounts fAllin8 due wi¢hkn l yur 15 142.756 193,794 Net eurretti i$se¢s 524,728 513,366 Net 999¢ts 4J7&674 4.722.639 Reserves Endowm•nt 16 2JSJ,J 47 717,414 IJ08.I13 4J78,674 2.444,1$6 859,312 .419,171 4,722,639 R¢strict¢d funds Unrestricted funds Totsl rwrves 16 16 Thtse financia] ststements wu¢ approved by th¢ BoaTd of TnLqtees o . attd wer¢ std on its trthajf Th¢ Very Reverend tAe Paul Batso 21
Cathedral Church of Si Nicholas in Newcastle Consolidated eash flow statement at 31 December 2024 2024 2023 Note5 C.•sh flows from optr#tlng Aetlvttlts Net"ea8h•rovtded by"(uye&in>0pcTatilI. -22 e98.715> t65,4)41 Clsh fiows from InweJtlDg fictiwiti Rents received nct of¢osts Inve5tmeni Inrne received of costs 8051 70h67 (34,•421 19.2201 47.221 13.4651 {145.(K)Ql 16.736 193.7371 Pur¢h&%e of tan8ible red assets PUrChe of investmvnts Proceeds from sale of asse 206.109 250,785 Net cash provided by (used inl investing actlvitles CbAn%e in cash and $h equival¢thts 117.93•) {158.7781 Ch ind eish equlvilents li ihe b¢glDlllng of ¢h¢ y¢*r 169.102 327,880 C4Jh And cash equivalenlj #t the end of tht ymr 141.172 169.102
Cathedral Church of St Nicholas in Newcastle Notes to the financial statements for the year ended 31 December 2024 l. AccountiDg liti Ba515 ofpreparnilo The financial slatcmcnts ore wepsred in the provision of the Dettmber 2018 Regulaiions on ALIuuiiLili¥ Rrwi(iii¥ by EJi¥li>JJ All¥li¥& CaLLiJaI5 foi t]Jc AsX)rilOI1 of Iii8li511 CathcdrAIs and specified by the Church Commissioncr5 undcr Section 27 of the Cathedral Me&%ure 1999. The December 2018 regulation5 take into con5idcratioJ) the reqUireMlS of the Stsiement of Recommended Pra¢ti¢es for Charili¢s ISORP 20191 ld 8ppli(able uting IFRS102). The Cathedral meets the defirution of a publi¢ benefit enlity Under FRSIO2. The financial 5talcmcnts ate pr¢paml under th¢ histori¢al wsl ¢onvention a5 modifityj by the T¢valtiOn of investments w)d certn properties. Golng concern Th¢ firn¢la1 Statements have been p¥¢p&ed on 8 80ingcort¢ern b1$. The tPJ5tses have &ues5ed the thrity's iNludin8 reviewiD¥ budgets. ¢ash flow forKos reserves levels, Andexpecled income of at least 12 months from the d¢ of wmval of these financiRI siaitnitnts. While the charity is facing irKTe&%in8 Cost ptE55ure5 and fiLndin8 UnCrt•inty, the trusiees have put in place m•gBurts lo mana8• •xpwditurr, mLwilor ¢sh fl¢w ol¢r•ly. ttd fvture income. After reviewing the lai¢si forecLst5 And considerin8 miii8aiin8 xlions availknle, the trusteesare l$fI¢d th the ¢hArity has 8d¢qy81¢ resources to continue for the foTeseeable fUre. Accordingly. thcy continue to hdopi ¢he Boing con¢em bosis of 1<wlin8 in preparin8 the fintheial stament& If ¢lr¢bmswi¢es ¢han8e $18nlncaniiy le.g. due w fynd5ng change5. major Cvents. or emioml¢ pressures). ihe trnstees will take appropriaie adion review lh¢ going wncem St5 e0rdin81Y 8q5 of ¢ortwlid471io The financial siatements consolidate Ihe accounls of Ihe Cathcdral Refedory and its¢orwraie ihe &sse15 and liabilitie5 of the Cathedrnl's conllrrkd cDtitic5 which ¢ontrolled by Cbapter. via the Church Lands of St Nichol. the Old Parish Room S¢heol and the An¢ien¢ Chanties. Gener81 funds are unre5trictcd funds whidb are avai18ble foi use ai the discron of the Charity in furthcrano of the general ObJtIVeS of the Cathedral and which have not been designakd forothcr purpDSCS. ReslTicled funds are lund5 whi¢h are 10 be used in a¢¢(prdan¢¢ with the SlfIe Testhctions impDscd by donors or whirh hav¢ bcen rnised by the Cathedral for particular purposes. The cost of raising and adTninistering such fund5 are charged a88inst Ihe specific fund. The aim useof ea¢h strIC1¢0 fuDd 1$ setout in thenote5 tothe financial accounts. Jncoming resource5 All inceme is recognised once the Cathedrnl has cntitlemellt th- in¢4)me, it is probable that the incorne will bc r¢1¥¢d. and th¢ #mun¢ of income e1vable¢tt be M[ed reliably. Furtherdetsil i5 giv b¢low: Voluniary iKome Collectivlls, irt¢ludirtE Free Will Offering& are reL¥wised when reIVed. Ineom¢ tax recoverable on Gift donations is recognised when the donation L5 madc. 23
Cathedral Church ofst Nicholas in Newcastle Notes to the financial statements for the year ended 31 December 2024 Grants and legacies to the Cathedral ore ¢0Yrtted f¢y as scM)n as the Chapter is notÉfied of its legal entitl¢Thent and thc atnourtt is quantifioble And its receipt ty Cl¥ter is reasonably certaitL. Imcomefrorn imrsimenLf dividrii¢Js i¥w¥41i)EJ vili¥ii t1Y itKeiv&bl¢. Erpendlthre reeo8lrfon LiabiLitses ar£wisEd as Soonthere is ale8aiJ)r.constNdiyK obligation 4x)mmi¢ting th¢ orgAnisAiioD io Il)aL_ expe#diture. ir is probable that 5ettlemcnt will be Tequired. th¢ smottl of the obligation can be measuT¢d reliably. Furtherd¢thil is given below.. Gn7nls Grnnts And don?tions 8r¢wunted forwhen paidover.orwhen&warded 1fthAArd¢rcIes abindinKobligation on the Chapier. Community, p1$h 0CONsygallo Thc Cath¢dTal ¢onthbut¢s lo the costs of the Lhocese by participhting in the Porish Share s¢heme. The Cathedral's share is accounlui for when due. Any amouni 31 Dec¢mb¢r is provided for in the fLn4ncid 5taletnents nd is shown creditor irt the balance sheths. Supwri costs Support ¢o)tty arc ihom tha¢ itt ¢homJolv•s do noi ¢ontribvw to miGGion or 8•nqrAt• fvndk L¥ul Ar• tI•c•È£Ary for those 8divilic5 to take plAce and include the ¢05ts of olTice Maff, otTiee equipment. infonnalion 1cchrlO8Y and other offi¢¢ expenses. Otrlce staff salary costs have bccn allo1 io tljose o¢tivitie$ which they dire£tly suppon in PToponion lo Ihv lime spent by the individual members of sthff for those 4¢tivi¢i¢5. Other costs have been allocated by TefeTenc¢ Iheir esiimat¢d us4e. Irrprnvvrnhlp VA T Irrecov¢rabl¢ VAT is Charg winst the exp¢ndiluTe headin8 forwhi¢h it w&$ incurrd. langlbleJlred&vets depr¢clarfo DepT¢¢IAlion 1$ p¥ovided on 811 thn8ible fjxed ets. other than propertie4 ¢al¢ulad ¢0 wri1¢ off ihe cost or valuation. less e5timaled residual value. of each assd ev¢nlv ov¢r its wful life. as follow5.' Computer ind oth¢requipment 5 ye&ts 110 years Property Inveslrnent properties have been in¢lud¢d it) the bajance sheets at market valuc. Properties OCCUPL&I by Lalhedral clergy and siaii have been Iti¢luded at existln8 use value. In Ihe cas¢ of propertles ocrupid by ChedrnL ¢kr8y "existi08 use value" is caiculatrd after making ollow¢¢ for the i)¢¢upartt'S ri8hi of occupation. No depreciation is provided on pnwiies occupied by Coth¢drnJ ¢lergy 8nd sktT. They are mainthined to a high 5tandard= it Is coiisidered the lives of the propenic5 ure 9) long th¢ir T¢5idual value so greai thai deP[latIOn 15 not necetsary. Cathedrnl Hous¢ is noi depreciated as it i5 maintained to a high 3tand#Td artd its Useful economic lifc is so long that depreciatiort would be insignificant. 24
Cathedrnl Church olst Nicholas in N¢w¢asil¢ oles to the financial statements for the year ended 31 December 2024 InvtstmeDts InvestmenLS are ittttially recognised al their trsalOn value and Sb$equentlY measur&1 ot their fatr value as at the Balance Shttt date. All gains and 1055e5 are taken lo the Statement of Financial Activities as thry arise. ReAll¢d s(Lin£ tsn Inv¢n tsr¢ Oalcultsttd thstho differentè betweetl Alè% pro00ed thd thirOP¢nins market value. Unrvdlised gAins Calculat a5 the differcnce betwcen the fair valuc at th¢ year cnd and their ryinB amount. Stocks are stated It the knverof tost thd rhet te4lisable va]ue after makirk8 due allowsnce fOrOItte items. Inveniory The tnv¢nlOry of ihe Cathedrnl is not included within the xcounts as It is hi4toric inalkerthle Ind is held for th¢ wniinuing usc of the cathedr and thc Di¢Jce5C. PensloH5 N¢w¢fy3tl< Ch¢dr{sI IDDSI parti¢ipat¢J in th¢ DcfLn¢d Dcn¢fits P<nSiOrt Sckmc Jc¢tioth of cwpr for kny staff. The Khem¢ 1$ adminisi¢wd by the chUb of England PeJ)sion$ Board, whi¢h holds the assets of ihe Khemes s¢p8raiely from iknse of Ihe employer and Ihe oth¢T P3rti¢ipiing employern. The ChuKh Workers Pension Fund h45 8%ction known as thc Dcfincd B¢n¢fits kh¢m< 8d¢f¢rr¢d annuity s110n known w P¢nJion Build¢r Cl8551 and a Cash bal¢¢ section a5 Pension Builder 2014. Cathcdral Church of St Nicholas Newcastle Upon Tyne pirtictpales in the Pension Builder Scheme srttion of CWPF for lay stsff. CWPF is administered by the ChuT¢h of England Pensions Board. which holds Ihc CWPF assets paL¢]Y from of the Employer and other participating employers. CWPF hos Iwo sertions.. th¢ D¢fin¢d D¢ri S¢h¢m¢ 2. the Pension Builder Scheme. which two subsections: a dcferred annuity section kN)wn 95 Pension Builder Classie. and. a ¢a5h bdanc¢ s¢¢iiott known as Pmjion BuildeT 2014. Pension Builder &herne Doth 3e¢tions of th¢ P¢nsiott Duild¢r SGheJYrt Clas dcfittcd bett¢fit schemes Pension Builder Clt75slc provides a Fension, x¢umulated from ¢x)ntribu¢ions paid ond converted inio a deferred annuity durins employmeni b&sed on terrn5 5¢t and r¢viewed by thechurrh of Cngl4nd P¢nston5 Doard froEn tim¢ to timc. Di5CTetionary incTeoe5 may also be added. dewdin8 on Énvestsneni returns and other factors. at retirement. Pension contributions are recorded in aTh enI for each member. Discreiionary VA)nuses may be added befor¢ retiremeni depending on rern5 and othcr factor5. The accoun( plus lluS¢S declared is payable, unreducrf from age 65. Th¢rt 15 no w1¥1$10 ofassets beNe employers in s¢rtion of th¢ P¢Th5ion Builder khcmc. The scheme 1$ considered be a mulii4mploy¢r xhemt asdts¢ribed in Se¢iion 28 of FRS 102. This is becau it is not P055ible to attribute the Pension Btiiider Scheme's 18sets atta liabilities to spe£ific employers and tneaD5 that ¢ontributions att a¢countcd for a5 if the khcmc w¢r¢ a defined contribution 5chem¢. The PEll5ion5 costs harged to the SofA in th¢y¢ar art the ntrIbutIonS payabl¢12024.. £Nil. 2023= £Nill. A valuation of the Pcn5ion Buildcr Scheme is carried out once every three years. The mosl valuation wa5 arried outasai 31 D¢¢emkr2019. For the P¢nsior Buildtrclassic se¢iion. the ?Ol9 valuatiort rtveal¢d a d¢fJcit of £4.8m on the ongoing&ssumptions used. ALthe mostiteetilaT vieW¢ffeCttve l January 2024, the Board 25
Cathedral Church of St Nicholas in Newcastle Notes to the financial statements for the year ended 31 December 2024 ¢hose to grartt a discretionary of 6.n6 to both pensions not yet in paymeni fjnd pensions in paymenr in respect of service prior to April 1997." and a b)thus on ps)n$ in payment in respect of w)5t April 2006 scrvicc 50 that th¢ pensio increase wls 5Vo (where usually li would bc ccUtcd bascd on inflation up to 2.5%). This followed improverrlents in the fundiJ)g wsilion over 20?J. There is no requiremeni for deficit paym¢tLts at the UIL¢III ¢lill¢. fof th¢ P¢nJion Duildcr 2014 5CGtiotL. thc Yaluation trvGald a Surplus of U.5m on th¢ onsoins umplion5 used. Therc i5 no requircmcnt f¢T defi¢it paymethts th¢ ¢urrent time. The ttxt Valuation 15 due as ai 31 D¢¢¢mbeT ry(P4. Calculations for this Cu¢n(lY undcT way. The legal Structure of the scheme is such that if anothcr ¢mploy¢r fails. Cathcdval Church of St Nicho5 N5t¢ Upon Tyne could become responsible Incomlng resources U•re5trlrted Restrlcttd EThdowmenl fund$ funds Total 2024 Total 2023 funth {11 Don#¢lons lod ley¢les Collecrlons Ilncl. Free wiii oritTlThg} Donation5 Almsknxes And c8ndl¢s Gift aid Legacies 71.087 21,039 26.427 15.766 543 134.¥62 71.087 28.981 26.427 IS.766 64,947 56.895 27.114 13.880 4.000 Ibb.¥J6 7.942 7.942 142%V4 1111 Gmnts reelvabl• Benefact Trust Newcastle Cathedral Trusl Thc $1¢Y TTUSI ChuKh Commissioners Church Commi55ion¢r5-cIBY StiPfDd5 Dioces¢ Access to Work DWP Listed Places of Worship Newcastle City Council Plllin8 Trust Newcastle Cathedral Choir As%Kiation Church Commi&sioner5'. Su51ain8bility Bramall Foundation 5t HildY4'5 8rdnt Fricnd5 01"Calh¢dral Musi Ofgem RFU National schools sittgithg Pro*M Dioc¢s¢ of Educatiort Heritage Compa8$ &)ul F(x)d Spa¢es 18.813 93.193 1.334 237,725 137.947 20.C 18.813 93.193 lJ34 237,725 137.947 20,000 21,875 308,428 4,829 310,950 136,000 2.862 4.103 1.105 7.510 3.825 50,OLK) 3.355 137.460 35.000 2.831 IY.112¥ 7,510 3.825 50,0 3J55 137.460 35.1100 2.831 19.828 6.536 122.107 2,168 7,166 394 25,000 2,000 20.0(10 1,000 959 1.000 791,780 959 791.780 955.523 26
Cathedrnl Church of St Nicholas in N¢w¢astle Notes to the financial statements for the year ended 31 Deeember 2024 (iii) Chgrges and fees irising ID activities geijtraiiug fwiids Fee5 and hir¢ Musi¢ Projexts Retail 182,036 182,036 73,628 22,600 27&264 148,566 53.952 15,543 218.061 73.628 204.636 73.628 Ilnrootvirt•A PMtrirt•d F.Thdrtwm•llt Thtl 21124 Tntl fvDds ds nds 2023 (l*) Investm¢n Income from inve51ment property In¢ome from (piher investm¢nis Old Parish Rwn and S¢hwl Fynd Bank snleresl 76.201 72.893 3293 76301 75,723 3393 66,579 53.259 3.588 2.830 152 J98 2.830 155328 123.426 {vl Other In¢omlJb¢ Tesourees Mi5Ctllancous incorne PRS Fee5 1.027 22293 23 J20 1027 22293 23J20 2.517 16,548 19,065 3. RAlilng Uttr¢s¢rl¢¢ed Ru¢rl¢t¢d Endowment runds fuNd$ Totgl 2024 Totsl 2023 Retail costs Costs of facilities for ¥i$itors Marketin8 Investment management Property management costs Investment mana8emeni costs Supprt costs Special evcnt Costs Consultancy Depreciation 14.¢hfj3 1.557 48J67 14.063 1,557 48J67 18.870 2,695 44,875 42,156 s.17 44,4W 1.247 3.749 50,867 211J72 29288 71.444 5,067 44A99 1247 19390 50.867 I40] 79.387 6.038 26.436 15.541 16.581 48.289 243,171 44.829 27
Cathedrdl Church of St Ni¢holas in Newcastle Notes to the financial statements for the year ended 31 December 21124 4. Charitable Activities Uures¢rictcd rund5 Rvtrid¢d ds Tulxl 2024 fuDds 2023 li) Ministry Cl¢r8y lpendS and workuw exF¢nses Clergy housing costs Clergy support wsts Srryir.< And mil4 LHY clerks and ¢horis¢e Dir¢¢ior of music and or88ni5t V¢rg¢rs payroll costs (hher costs Suppvrt ¢08ts 6J.526 40.156 141.203 172.395 235.921 40,156 141,203 184.235 35.362 66,787 114.671 14.132 55.341 82.945 578.761 66,787 114.671 44.039 56.742 105.254 32.¥98 59,909 41.077 629.973 29.W7 12.488) 81 Q44 199,814 778,575 1111 Cathedril #nd precincts upkeep Major repair5 and 51110 MalnienJnLe and Inirrtur upkr¢p VeTgcrs payroll cos¢s Cathcdral insurance Support costs 6.123 122.810 2J,638 57.314 128.933 222,018 57,314 44,105 45,669 498,039 380.025 l77,OlJ 44.105 45,669 292,077 42.816 36.099 679.299 205.962 Illi) Edu¢ilon #nd outrea¢h Other costs Vergers payToII Cos Support costs 3,080 3.080 .5J33 3,086 11,499 SJ33 3.980 2,706 6.686 J.086 6.166 5.333 {ivl Community pri¥h #nd ¢ohyg#tloo Parish share 8upport costs 25.160 25.160 25.160 25,160 17.406 17.406 28
Cathedral chUh of St Nicholas in Newcastle Notes to the financial statements for the year ended 31 December 2024 Direct costs ind support costs An anAiysis of costs beiween direct costs and support costs for 2024 is as follows." Dirett tosts Support eosts Total 2024 Costs of generating fund5 Minisiry lin¢ludit)g grt$ psid out) Cathedral and wttinels upkeep Education and outrca¢h Community, parish aJ)d ¢on8regaiion 211.2 695.630 452.370 8.413 44.49) 82,945 45.669 3,086 25,160 201.359 256,401 778J75 498,039 I 1,499 25,160 lJ69ffj74 1,368.315 An any515 of costs between dire¢1 costs aThJ support costs for 2023 is as follows: Dlrtd eosts sUprt eo$ts Total 2023 Cosls of 8eneratin8 fvnds Ministry lincludinJE RT8nls paid out) Cathedral ond pr¢cin¢ts upkeep Education and outreach Community. p4rish Und con8Te8alion 216,735 558.491 643.21)0 3.980 26.436 58,077 36,099 2.706 17,406 140.724 243,171 616,568 679.299 6.686 17,406 1.563.130 1.422.406 29
Cathedral Church of St Nicholas in Newcastl¢ Iyotes to the financial statements for the year ended 31 December 2024 Investment lrte(>me gains *ttd 10&8es Unrestricted Restricted nds Endowrnent Total 2024 Income from inve51mcnt propcrty Dividcnd rcccivAble Old paEi%l Bank ini¢r¢si 76.201 72.893 76201 75,723 3293_ 2.830 152.398 2,830 118,22 Realised Bains Unreali5¢d gains 5.477 20.859 26.336 5,477 65,170 70.647 44.jll 44.311 178,734 2.830 44.311 225,875 UDrestricted funds Restrl¢t¢d Ddj EDdowment fud$ Total 2023 Inwme from )V¢stment [OPertY Divid¢nd r¢L¢iY#bl¢ Old parish mom fynd 46.663 28.620 3.588 78.871 19.916 24.639 66.579 53.259 3.588 123,426 44.555 Re8lised gains Unrealised 8ains 18,7471 22,848 14,101 10.944 30.437 41.381 2,197 53,285 55,482 44,555 41,381 178.gYTr8 7. Net (outgolngyiDcorning r¢3ouTttS 2024 2023 Thi5 l5 Stated aftci Cha18.. Audit f¢¢5 Depreciation 13,867 51,370 7,709 48,792 30
Cathedral Chur¢h of St Nicholas in Newcasile Notes to the financial statements for the year ended 31 December 2024 8. Staff costs (ineluding clergy stipends) 2024 2023 lanes Social Urity Costs Pcnsion costs 748.328 89.002 36.217 873.$47 635.447 51.482 29,560 716.48Q Clergy stipends included abov¢ we paid by the Chur¢h Commissiorffn. The average number of paid employtts during the yearwts follows: 2024 2023 Full lime Part time 17 39 56 10 36 'IILe Everase numberof full time equivalent pwd employees in 2024 is 2V F IE. Key mageMent remurterniion paid irt the yearlex¢lwJing the stindS liSj beh)w} totsled £380,42212023 .' £370.745} Included within staff costs are paymcnts to member5 of the Chapter undercathedrals Measure 2021 and Cathedraj conslitiilioTh The rerniinpr•tion of. Anrf wnsion provision for. cleric21 mvmbvrs nf Ihe ThHpleT Hrp PHid in Wlth s¢a]¢s laid down In]Y by th¢ Chyr¢h comM)ner1 AI¢hbi8)ps. Coun¢il gnd th¢ CThurch of FJJ818nd Pensions Board. No supplement to these s¢8] paid. These paymerLlS 8re set out as follows: Stipend Pension £ conlribution 2024 The Reverend Canon P Dobs The Rcv¢r¢nd Canon C Ma¢laTen The Very Reverend L P Batson The Reverend Z Hemin8 The Reverend R Hu15e 23.985 9.847 45.837 1,673 15.5(A 106.%16 4,753 2,026 8,344 1,984 28.738 11,873 54,181 13,657 18.695 127,144 20,238 31
Caihedrnl Chuwh of St Nicholas in Newc&stle Notes to the financial statements for the year ended 31 December 2024 Stipend P¢n$lon £ contrbbution 2023 The R¢v¢r¢nd Catn P Dobson The Reverend Canon C Maclar The Very Reverend L P Batson 34.076 33.865 9,423 77.364 7.127 7.127 41.203 40.992 9.423 91.618 14,254 Norte of the oiher m¢mbery of chap r¢¢eived remunera¢ion fortheir voluntary work. 9. Rtlated pxrty transetlo 'I'he Laihedral recejved £YJ.IYJ 12U2J.' LJV¥.42I1 In rrom the New¢&stle Lthedrnl IiiisL The C8th¢dral Tnjst share5 50rne common trusiees with th¢ Charity. 10. Propertl¢J Invesimeni proptrtles NOD- Inve$im¢ni prop¢rtles C•thedrnl Group Cathedral Group AS valued at l January 2024 Addition5 Di5P05als Revaluation A5 valutd at 31 De¢ember 2024 J4J,000 2.JOI.094 2.JOI.094 545,1 2.561,094 2.561.094 All properties hr¢ freehold are held as endowm¢Di pfoFrtiesexcepi the Caththl House. 32
Cathedral Church ofsi Ni¢holas in Newwtle Noteti lo the financial statemenls for the year ended 31 December 2024 11 . Other tattgible red a&8ets Plant and equipwen¢ Cgthednl ind group Cost: At 31 JonuAry 2024 Additions Di551S At 31 Dceember 2024 440,762 34.042 474,804 D¢pwlatloD: Al l January 2024 ProvSded durln8 Ihe year Eliminated on disry)5al At 31 Deeember 2024 257.551 31,370 308.921 Iyet book vHlue 31 Detember 2024 165883 Net book vAlu¢ 31 D¢¢¢mber 2023 183,211 12. Invatm¢Dts Group 21123 CgthedrAI 2024 2024 2023 Market vallle at l JanuEry 2024 Addition5 Disposals Unrealised11055esygains on revaluation Mark¢L Vallle ai 31 December 2024 JM977 1.623.222 145,W9 (14.539) 53,285 1.806.977 1.461968 1.300,187 145.L419 (14.5391 34,311 1,464.968 {21Mb.634) 65,171 1.671.514 (21)0,6341 137J65 ,126,969 13. Stoek Group Cathedral 2024 2023 2024 2023 Retail 6,765 ,534 765 8.534 33
Cathcdrdl Church of St Nicholas in Newcastle Notes to the financial statements for the year ended 31 December 2024 14. Debtors Group 2f12J Cathedr81 2024 20Z4 Z023 .TrAdc d¢bior5 _.--.- epaymeni and a¢¢nd income 80.818 487.414 S08.2J2 83.8Ql 458,482 80.818 487,414 368.232 13.802 458.482 J4* ?B4 54?,284 15. Credltors- due wlthltt oty¢ yur Group 2023 C#thedral 2024 2024 2023 TrHde creditor Tallon and 30¢i81 s¢¢urity Accruals and deferred income Other creditors 21.91H 26,414 85,696 10,869 144,883 21.904 26,414 85.696 8742 142.756 26.814 122.982 5.664 193,794 26,814 122,982 5,664 193,794 34
C4thedrpJ ClxwrhofSINi¢bDla5 Nerje Nott5 to the nttiu¢knl staltments for the yur ended JI Detember 2024 16. stsrthet•fmovemEntow f•w As¥1 JdJ*•' )l•i DKJ4 749.156 1,69S. L444.156 591.05J 1.761,0 Prpp4ffy 158J24) h¢r Lwthofsl Niknknl lo5.5 1?7U 193.6231 io ai.7 13J66 (Xd 97J41 $Y Wdton Brnjll Fur 189.926 ia9.926 JJ31 J.141h91
Church ofSE Nichol in N Notes io the finaD¢Ig1 Jtatemtots lor ihe ye#r eAded 31 D¢t¢mbtr 2024 Gthil{i•*w} Pellth (l1dI SwWNbility COISS-WI 2&1iv Siip¢nth 131.472 JIO.%6 IllJJ631 117.144 L¢gKy 11A62 41J79 47JJ4 141J3>) S999 Pw wilnb[OM•rnod t.7fJ) luth¢ 121. 216 1216.5WI 2J6.50D yOth Wlltk 455.461 129JA91 {45J.93BI ISISNII 1562.140 .1
cAttsedr CThurth ofSI Ni¢tro1ts in Navcll5d¢ Not¢s to the flnlllclil $ttemeDts for ik¢ y¢•r ended 31 Dtetmber 2024 JLiil)e¢'24 chh l.ulJ0fStF1¢h Iij li) I4•}• 197>J611 rd i.1*> 120.$7J 19J.157 Y.477 2DJJ¥ IIOh57 lJg1.113 1.1ts.127) 4W.92) .IY&LIJ Cbw¢b OISI {4J29) 12.7 l7 6.122 JO.159 507.4$ I JSl.671 4.722.039 190769 lJJ9. 3.477 {iJ?J6J} 202.53$ 45.179 4JW74 i•lJgS I1&?4)
Cathedral Church of St Nichol&s in Newcastle Notes to the financial statements for the year ellded 31 December 2024 17. Funds Unresirici¢d orgencTrl funds are that are not sttbjrti to any restriction regarding their use and are available for application to th¢ general PUTW)5¢s of ¢ht Cljaplet. ReStria funds art fiLnd5 ar¢ subjea to specific trusts &8 10 how thc capitsl and ttwmc may be used but still within ihe objccts of the Cath¢dTrl and Chapter. Endowmeni fvnds are restricted fvrtd$ which r¢pTeserti mth)i¢s or other &ssets that have Fttn given with the Jp¢¢ifi¢ iti5tCtioTh that oilly di¢ ijiwiiir fjviti tt[11 IlLJy 5prnr and ThaT the eaplial rnust be retrit int pennanetitly. tktai15 of the various fwjds are shown b¢low- UKrestricledf#4Yds CathedrAI Hous¢ De5igDted Thi) Pr¢Ats a fuijd WI1¢ ¥urplux5 on th¢ IuTln8 ofcthcdral HSe. 42144 M051ey Streei. Cathedrol Property Vund 'I'his represents tilnds frtsm the sale of o pwpErty i%queathed the Cath[81 which h•s been deBi8naied for the purpos¢ of maintainin8 Cathedrni PWPErtie5. UnFestrleied- other conn¢rtedffililieJ Church Lxnds ofst IYl¢holas Th¢s¢ represent lh¢ income net of eXp¢ndIre received by Chur¢h LaDds of S¢ Ni¢hola%. Lccleslastlcal Chrlty of Willim Mouhon These Tepre5¢nithe inwme net ofexpertdilure receiv¢d by the ¢rity for the pur of charitable giving to those in thttd. Restrlcredlunds Chur¢h CommlJylonerd Cl¢ryy StlptttdN &i¢lyii 23 su¥11111Y These r¢pre5enl fiLndsprovided by the Church Comrtlissioners for¢l¢r8y lPendS and the upkeepofthe Cathedrnl. CGISS Fund The CGISS fund represents income and ¢xpenditure in Tel10n Sthge 2 of th¢ Common Ground 4nd SKred Space project wilhit) the Cathcdral. Cthedral Cblrtties Thi5 repres¢nts in¢ome donated for the specific PufFrt ofimwud 8ivin8 for¢haritable Pur. Butcherly Lrtiey This repr¢5¢nts ll le8acy re¢¢iv¢d for charitable givin Fbrit Fund This fund r¢pr¢5ents fvftding e1Ved for cathttI rrpair MÉ5sion nd Mlnbtry This furtd rrpres¢nt5 fundin8 r¢¢eived for furtherartce of the mission and mini5ty of the Cath¢drnl. Diithburn Flower Fund This represents funding received for thc provision of flowM5 forthe Caththal. 38
Cathedral Church of St Nicholas in Newcastle Notes to the financial statements for the year ended 31 December 2024 17. Funds Icontinued) WaltOD Brnwn Memorill Futtd This was originally bequeathed with the instrnction that the irkcotne siM)uld be used for the Provision of flowers forthecathcdrnl. TheCathethHI Chapterhasobtained anametkdmcDito the Scheme whereby income notrequired for Ihc pri)vision of flowers is b¢ usd 10 further the Teligiou5 and other ¢haritsblc work of the ChuT¢h of Ert8land within the ChrA1 Mu51c This fund reprnts donations thd pits received for catheth musl¢. Organ Appegl This fund rcpTesents donations grants receivol for refidiishmerti of theor81rt. Muxi¢- Youth ind Educitlon This fund represenL% donations artd 8r8nts rettived for theyouth seaion for music in the C4thedral. Cathtilral Ilous¢- 42 Mosley &tr••t Fuhd Thi5 Tepres¢nlS grants io enable the PubaSe of 42 Mosl¢y S¢reeL Endowmenftfund5 Generxl Ethdowmtnt Fund Th¢ interest and dividends on ih¢ investments of the GeDeral Endo%vment Fund 4T¢ w be for the 8¢ner&l purposes of the Caihedral are ¢redited to the General Fund as unreswÉcted irom¢. Prop¢rtles Endowmtnt Fund The pmperties ¢ndowTh¢nt fund is eSthblish to mintsin the nlueof the C•ththaJ'• propertie Endowmenilunds- thher conneded Chur¢b LndJ of St P41¢tsolJ This repre5ent5 pemi8neni capital, and the charity xh¢me of 1972 requiffs the incotne be used io maintain building5. with th¢ balance of any in¢ome lobe used for maintethance, rep¥irs and insurAn¢e and 5pxified salaries and wages of th¢ Cathedral. Old Prnh Room Iffjd Scbool This r¢present5 peaTreI withl. the irK¢Jme of which 15 to be used for the spiritual and physi1 development of the parish. The St8nley Walton Brown M¢moril Fund This rep5¢15 pernianeni capital. the incotne of which is to k used for the 5PiTitual and physical development of the parish. 18. Transfer3 between funds Trgrtsfe betwc¢n various endowmcni fiujds havc bccn included th¢ GuFr¢nt year to reflwt the valuc h¢ld by both the Lathethal and Co[¢(ted Entities mor¢ ¢learly. Following a revicw of restrictfd funds balance5 Chapter ad to tyafisfer sorne fvnds uThrestri¢ta fi]nd re5th¢ti¢ns were no longer applicabl Chapter agTeed th* the two de5ignaied c.athedral Hou5¢ Fund and Cathcdral Property Fund were no longer requir¢d and balances were therefore trnnsf¢rred iogetThl Unstricted fund5.
Cathedral Church of St Nicholas in Newcastle Notes to the financial statements for the year ended 31 December 2024 19. Connected entltle Member5 of Chapter by virtue of their p)$tlion as such Control a number of trusts in thetr capacity Is trnstees. D¢lails of ihe5e &re sct out btlow- Tr£ Church Lo•lJv[SIKichd4U This trust ai one lim¢ owned a numbetof properties down the W¢5t sideof Dean Street. Most of these were sold only two r¢iiiaiJJ 23 Dcan 5trI and 14 51 Nicholas Churehyord. the house o¢¢upied by the Head Verger. which is above no 23 Dean StrEet. Th¢ trnstees $0 hold investrnents and bank balances ai 31 December 2024 with a market valllc of £310.825. The an¢t of this fvnd of £545.0 15 held in prortny. Under the tern of the trusi thc tru51¢es ar¢ lo pply the income ofthe tTUSI io meei th¢ mainie]Janee and other costs of (h¢ ITUSt_ -•nd.tts8PPtytheTfm3ininB illeomEfrTrwards them0tenanCe. repr$ and fire insuratTr¢¢ wstsof th¢C8th¢dral 8nd. subject Ih¢Telo. iowaTd5 the mainienan¢e of the servitts of the Cathedral. The OldParish Room aftdScAod frm This trust w&5 wnstituied in 1936 to hold the prrKttd5 of the sale of the Parish RM and Church of EllgId School in Hanover Square. llle Iru5icc5 held investhients and bank balances with & market value of £82.744 ai 31 De¢¢rnber 2024 of which £82.744 was rKnnth)¢nl Capt and £oil w&% a¢cumvlad incom¢. The Iw5t¢es are to apply the income of the InJ5t forsuch purp)scs in ConnClOn with the religious. cducaiional orothereharitable vork of th¢ ChurGh of Eii¥lwwJ iii ¢GcleslasTl¢al partsh oi 51 Nichol u the tWSes may selttt. TheAnti¢i Charfrf4s This is o ¢onvcni¢nt ctsll¢Gtive nam¢ for a number of cnI chtriiies. where the Ori8in documentation is no longer available. They hold investments wilh R markth value at 31 December 2024 of £13.866. The InMe is di5tribut¢d annually lo charliics. ThtSiaAl¢> WohoA hlejfton.ol Fwd This ¢harity is controlled by members of Chapter. The trusiees hold the invesknents with a market value of £189,926 At 31 December 2024. The trns¢s are ¢0 apply the income forth¢ cathedr flowetB or if noi requir roT the flowers. then for 8enerDus purFse of the Cathedral. Ecdeslastlcai fhurfly This ¢hArity is ¢on¢rolled by rnember5 of Chw. They hold bank ba]anLYs 31 tkcember 2024 of£3,742. funds are kn be used for the purtthe of ch4rithble 8iving to in need. 20. Spllt of net a&qel$ between funds Unres¢rlrted funds Re5trlc¢ed F.ndnwm•ht funds runds TotAI 2024 Group Investments Other fixed sets1ProIrties Nei currcnt a$ts 342231 965.883 46,558 1.354,672 192.686 1.136,597 Ih71,514 3271.977 571286 5J14.777 524.728 717.414 3.441691 Unrestricted fu#ds Restricted Endowjnent funds ruDds Total 2024 Cathedrnl Inve51m¢JJts Other fixed assets/prop¢rhes Nd current assets 342.230 965.883 192.686 592,053 1.761,094 1,126,969 2.726,977 524,728 4J78,674 524,728 717.414 .308,113 2 J53.147
Cathedral Church of St Nichol&s in Newcastle Notes to the financial stalement5 for the year ended 31 December 2024 21. FiD8neial performante of tbe we¢l¢d eDtitles The following were COTmected eniitie5 of the thatity: Class of sh•res Ngme of toDn¢cted entity Ntre of business Dirt¢t NIA 100 The Church L•nds of St Nic11 Tn]st holding inve5tm¢nLS b) maintsin churLh buildings Tn1 holding monies for • number of ancient ¢haritics Trusl holding salcs proceeds of saje of Parish Rwm and School Trust holds fvnds restricted for ¢hari&ble givin8 NIA loo The AThcient Charities Th¢ Old Parish Room khool TTUSI E¢cle5iastical ¢h8rity of William Moylton NIA NIA 100 The finanei&l results of the ¢OnDeded entities wercas follows.. 2024 2023 The Cbureh iAnds of St Nkhotss 12,097 (28.4741 18.974 2.597 Income Expenditure Gain10$$ on inveslments Profil I (loss) for the year 44J86 (96.6141 105,925 (530971 801.928 Nd a55ets 845125 The Anelent ChArititS 14¢t a3t¥ 13,866 7,552 The Old PTlsh Room and S¢hool Trwt Ne¢ gwts 82.744 90,289 .1 he Walton brown Mcmvrlwl Fuiid Net assets 189,926 Eccl¢slistic•l Cbarily of Willhm Moulton Income Expenditure Profiil Ilossl for the yexr 6.822 (3,0801 3,742 Net xsset5 3,742 41
Cathedrdl Church of Si Nicholas in New¢os11¢ Notes to the financial statements for the year ended 31 December 2024 22. ReconrilhgtlOD of Det movement in funds to Det cash flow from operating activities 2024 2023 Net incomel l¢xpenditUT¢I for the year (1782761 {93.624) Adjuslmtntj for: Depr¢rialion Inrnm• knm pmperty nd investments Property monagets ctssts Investment man88ers o)s Ilncrca5el I decre&se in $ck$ Ilncrease} I de¢r¢Ase in debknrs Incr9 I d•¢Y¥ in erdits)T SlJ70 {ISSJ29) 71,443 5.067 1.771 {25,9491 {48.9111 (278,715) 48.792 113.4361 79,387 6.038 6,805 (18.8121 29.799 165.0411 Ntt esh provlded by optr•tin8 attlvl¢ks 23. Anxlysis of ehgDges delrt At31 At l Jnury 2024 Other non- Cash llows sh ch*nges Dettmber 2024 Castl al Thk 8thd ith hd C&511 lield witJJ iJJ¥¢sun¢ni m•na8ers for reinvestment Lo$ due within l ye Loans due more Ihan l year 16&437 128.5951 139.842 665 665 lJ30 169.102 {27.9301 141,172 42