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 Bo*rd OfT￿￿t￿8 Rt￿rt 2-14 Report of the Auditor Consolld*ted 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 Re81￿Cred OtTItt'. Cathedral House 4244 Mosley Strttt NEWCASILE Chyriiy Nuttib¥r 1203907 WorkLll8 Name: New¢￿1¢ Cathedral Fut Llir yuiwJ¥J vfili¥ Cliwilir) ALL 2011. cl￿viC1 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 LaW￿n MrJohn Inglis-jones Mr Gavin Black Ms H¢l¢n Pa*non18ppointed 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-B￿th IChtiÉr) (￿pOin￿d 16112r2024} Mr Eric Jubb fr Puul Tllyior Mr James Scott Smith Chief Operating Officerl Chief Finance O￿l¢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.. c￿en0ve Capitsl 12 MoorW¢ London Ef2Y SAU Soli¢itorn'. Sint0Th5 The Cube Dar￿k 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. 0￿ECtIVEs 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 me*ning of seaiw 4131 of the Charitie5 Aa 2011 &$ amend￿1 by the Chwltiey ALL 2022. PUBLIC BENEFITsTATE￿IKNT As a Cathedral of the Church of Englth4 th¢ Chop￿$ *atutory resp)￿ibIlity UTwJer th¢ Cathedrals M￿SUre 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 RadI￿l Wel¢ome. Empowerin8 Worth and Inspiring Worship. These v￿YeS ¥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 ￿￿4￿14¢￿ rexlo Thc re141ionship with ihe Diocese ha5 beeTh stren￿htntd by a serie5 of regular mtttings with operational 5t8ff from both Cathdrnl and Diecese. Thi5 include5 a Co￿￿11M¢1)I ofboth OTganisaiions to be a visible wd>i¢le for the Bi5hop'$ wid¢T ministry throu8b eveThts such as Dic￿s•￿ 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. To8￿her 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 st￿e8]C Plan for the ncw Authority. The Dean and new P￿Identiary 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 licensi￿g. In 2024. new Telati0Th5hips wcre wnsolidated with the bu5ine5s communiry. particularly thc North East of En8land Chamberof COM[n￿re INEECC). the Police and the Lord Mayors Office leg with their Chrillmas cv¢nlS now a priority for our c4lendar}. Cathedral chU￿h of Si Nicholas in Newcastle Board of Trustees Report for the year ended 31 December 2024 To devel￿P1￿mIAO1Ots￿s1O}J, vol¥nleer4 wouhlpplng eonwwnity qndvi5ilon The Caihcdral team is Small but extremely commiued. experienced and focused on drivitt8 fonvard change and ¢reAtin￿rnAl￿1al0lrtg a p)si¢ive ¢ultUTt. In 2024. the team worked hardcr thaTh ever to cn5ure a Stable and 5ccure opgv*ional lif• of th• ¢ontinuin& Bl￿wIng •norniouB l•v•l£ of prof•BBiona]ism. capaeity-building aThd wllaboralive workin8. Volun*ers Temain 41 the he8rt of our organI￿lOn 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 F￿rtt ofHou60 ALsigttsnl. who htsÈ bèon T￿￿0110￿% in •nOOuwiThsourW•lcomoT£ tsnd rettsil volurtteeis. Oyr Radical Welcomc va]ue LY)ntiThu¢d to be hugely Im￿rtan1 and we were pleased to wel¢ome Laurie CTOW as c￿hedral Lantern Lead to drive forward the amazin8 and traAsfOnn￿lve 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 nw￿le￿I in our daily life of worthtp 8nd praytr. The yev saw the coniittuaiion of ihe inspiring S¢hool$ Sithgithg Progrnmme. enabling m￿Y 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¢d￿lI. whioh oon bE eduoo¢i4￿alIy. 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 SmullSuu*ds. an inspiring sin8in8 iniiialive for babies, toddlers artd their parents. The hope is that in lime this will fted into Alini ChUr￿larICr5 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 p￿￿100 in Holy mAjor ￿nd¢r￿kIn8 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 sUN￿rt 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 c￿0￿ 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 ch￿Ilenged by the cost-of-livingcrisis. 518ntfic4ntly i[Kre&￿d utilitÉe5 COSt5. increasing costs of maintenance and comffliimeiit to staff remutheration. The budget-%tting p￿￿<$5 for 2025 was careful artd considered, startin8 in the summer of 2024 over £IOO,(X)O differ¢n¢¢ between 2024 and 2025 budgeted defi¢tt levels. This rtprp5¢tLl¢d a very clellrn¢¢d to reduce operntinB costs, which will continue. Chapter 8PPToved the Endowtnent Strai¢bry pr(KJuc¢d by the H￿d of Fundrdising and Dev¢lopmcnt at th¢ end of the year and it is envssaged that 2025 will brin8 yifjc results of the wrxk which follows the estsblishment of an Endowtn¢nt Fundraising Group. The Finance Investme]]t Conjjntttee WDtinue to SLIPF￿ Clwptrr with quarterly r¢vi¢w of manageTn¢nt 8¢¢OUthts. PToperties athd ithYestm¢nts. A key cknllenge fi>r20*4 h&5 beenthe tenancy of spaces in C4thedTuI Hou Cathedral Church ofst Nicholas in Newcastle Board of Trustees Report for the year ended 31 December 2024 and it is eleaT that investsneni will be needed in the pmperty tn ordcr kn attra¢i tenants aod reduce the s¢r¥icc charg¢. Our events programme continues to be Iw)th adelighi artd finan¢iaJly b￿¢fiCial. (￿r Front of House Manager ha5 continucd to drvGlop r¢latÈOr￿h1pS with ¢￿T￿￿1 clicnts with ll vid srowth of the eveni hire business. Event hire income continues to be the mAin wle In￿Me sire8m for the eathedral and we remain committed to havin8 high quality. eo8aging events with parts￿ wlw) arc aligned with th¢ Cathtdral'$ valu¢s. ORCANISATION FINANCIAL REVIEW crntin Poaition Total income in the year to 31• De¢¢mber 2024 w&% £lJ9lJ96 which 15 a decrease of £91,515 on llicome rrycivtd in th• prior year ￿ 31# De¢ember 2023 I£1.482.911). Total expenditUTC for the y¢ar amounted ￿ £1,569.674 which is a decrease of £6.8610tt expendinire for the prir yoar to 3IX D￿¢M￿•r ?O*J {£1.576,$3S). The Cath¢dro1 had to drawdown £200.614 from the unTes¢ri¢ted wver the budgeted ca8h deficit. The total mark¢t Value of OUT investments li the end of the year was £l.67l,514 of which £l.136.597 is in the Endowment Fund. An in¢•rnAI r•pprt of th• Church Commi46i¢)M•fB tn 2024 6how•d that many of th¢ UK$ AnylicATh C￿￿edrAl% continue lo be challcnged finan¢iolly, with over ￿ rnnning at a dcficil and a number of these f8¢in8 Stark ¢oshflow challen8e5. In this vein, Newcastle Cdhedral was fortuna1¢ ￿ be in¢luded in a pilot swdy commissioned by the Church Commi￿10ntIs iti 2024 to look ￿ the state of ￿th¢d￿ f￿￿nCeS,. staff wert iThvolvtd in 8 'deep dive, 835e55ment of the financi￿ pmitson and OpFA)￿l￿t$. We were pleased ￿ hear from the busin¢$s pl8nnin8 con5uliants ihai Ih¢y cortsidered us a very well-run t￿h¢dra1 and, whilst having signifieAnl capxiry challenge5 ond o v•ry low stalTin8 comp4Tgd ¢0 A rtumb•rofoth•reAih•dTa16, th•y f•li th•¢ w• w•r• c•rtllinly punehiny Above our weight and not missing ony opFknuniiies in trjth income 8enernlion and kceping A tight rein 00 our costs. This work is on80in8 Lnlo 2025 and we anticip￿ thai our help ui this piloi swdy will enable a UK-wide rtvitw Challe#gei Infrustru£tUT• COStE includin8 utiliti4È. fAbNc r•p•irQmgin¢enan¢e, jnBur4D¢Y gnd cornpliance {Kueh as H&SI rernain our m0515ignifican¢ ¢hall¢n8¥. We remain deeply cornmitted to looking Afterour btsutiful cathedral en$urin8 that il is a safe space for all work and visit here. g) whether we have one person through the doo each day or hundreds14thd we certainly work knwards the latterl, there 1$ a very real cost of keeping oiir caihedral open. saf¢ and w¢l¢omit)8. Our EtAff 4t• •xtMnely import￿1 despits th* ¢bAll*n8Q5 of risin8 N￿tiOn￿ irtBurAnee eontributions. fhgpter commitkd ￿ •DDuai Yeviews of pay and also to the New￿(]¢ Living w￿¢. RepAirs 10 the lower are urgeni and we are workin8elosely with Newcosile City Council on a plan of adion: 2024 Saw a si8nifJcanl joint spend on investigations in ¢0 masonry issues. We Are also Committed ¢0 the upkeep of our knu5ing sttKk and IDmmitted unfottseen exwdthJTe Ic) Tepair4 at 2A Ho51y Avertue. The ¥￿)d news is that this property 14 rK>W T¢ntd oul brirtgin8 in a good income stream. CAthedral House has also had a fr*usedexpenditure xnd wt xrecommittedto upgrading the illterior￿ ittra¢t new tenants. Although rentsl income from our comm¢rrial t¢Dants has not met the 2024 budgeL there has bee fo¢used period of grzt)I firtdin8. resuliing in over £70K ￿t-fU￿[ed thwush PTivate donors and a local Trust for itnprovernenls 10 this property 12024 saw work5 including the installation of a new rite alarm system And new heating 5y5t¢tnl. Further works will include window repairs and red¢coTation. 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 ￿g￿l0T income. Work by the Chur¢h Commi$sionets-app)in*d busin¢ss Pl￿ning ¢onsultsncy h&$ suggested thai a source of independent significant income will be the long-term WAY to kndge the slnthr41 def￿1t between it￿￿￿rne 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 ChoTis*r Supervisor and the Upcoming Community ErtBa8emetht Offieerknii18 Oly￿et rt)legk 9th knisi in Regidettce pro8rAmme 9nd of course funds for I￿ge-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 Irin￿tiAl of course. bul ilso in * myriv4J ways of supportin8 811 the ¢e8ml of the ¢ongr¢Bation, the Friends of Si Ni¢hol*s 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 m￿St somdimes bt settled in advanceof Ttteivin8 8r4nt fiJndin8 llnd fornh a financial cushion in the event of tluct￿li¢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& no￿allY 5pc¢ifi¢d by the (h)nor. and as such tnay Dot k 5p¢nt on the CathdThJ'5 Bcllulli vJrp￿. The Un￿$triCted Reserves amounts to £1,354.672 of which £388.789 is frceTrseNes. Thecathedral telieves that the a￿￿￿￿¢ ofa5%ts h¢ld wiihin th¢ Unrfstri¥l¢d Invc51Tncnt Fund 15 nol truly free ￿ th¢ diswsal ofthese assels would adversely imp8Ct on a chty's abilÉty to deliver its aim5. £342231 15 h¢ld in thc Unrcstrithd Inv¢stm¢nt Fund. Aspjrtofthe C*hedrAi'5 Inves￿*]1 policyth¢ Unl¢￿ ruerves u¢ by iDvestin8them in appropriate financial iDs¢ruments lo generate iDcome to CO[￿1bUte towzrds the Cathedral'5 ongoing nuJDing rosts. Th¢ rtLÈnimum balaTrcc for thc5¢ llJVe5¢m¢ni funds ha5 been dttmed ￿ be around £31JO,000. Thi5 In¢atL5 Ihat th¢ Cathedral has £88.789 of truly free rc5erves. The Cathedtal's taTgrt is lo trLold att amount of freely milable rtserves wual to three montbs of unr¢strict&l expenditwe. Thi$ 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 ￿8￿larIy* when thctr 4LrY t[LUJ￿ cliwiges ith our 11K￿lIe 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 b*ÈiÉ. 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¢iP8￿r 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 ch￿table tswsts and foyndations, 8r•ni making organisalions business¢s. We are r¢gisi¢Yed with the Fundraising Regul￿or￿d 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 of￿1 publ1¢ th)nm. Cby mlew the Cathedr*l'J Fun¢Jr4J¥kn Policy annually. Chapter m¢nitoYs our fundrni51Th8 activities and no ar¢as of non Jr¢¢iiiiiiirJ by Clifjyt¢i oil thc ￿VIce (pf th¢ S¢nior ManasGm¢ntTum. PAY IJ xl Yiith r¢snrd to th¢ pay of equivalent roles in English cathedrals of simiior st¥ndinB. PLANS FOR THE FUTURE PERIOD trale IL Plannin With the oppointrneni of Co1)on Zoe Hemin8 and Ca￿n Ruth Hu15¢.the SeniorMan8gemeniTeam is now rnThning full ￿&Va￿llY wid abl¢ to foGUJ on 3tratrsiG plartnins and d¢tr¢lopm¢ni for thc comins ycarn. Thc DGon hay l¢d on a programmt of strdtcgic planning whirh h•$ in¢luded reviewin8 the'brand narrativ¢, to cnsurc our mes$88es arc clear, 5u¢¢in¢t artd eng8gin8. There h&5 been con5ultstion a¢wss the staffLtI8 and congTegalion for the key aTtas in th¢ Strntegic Plan. which will ￿ delivered to Chaw¢r for fvrth¢f dcveiopment in the Summer of 2025. ffln and Devclo Once again the Cathedral SustaitLabilÉty Fund (Church Commissioncr51 h¥ been a key of intome. Addiiionaj bid5 are planned for 2025 inrludith8 Commerctal Enierpri5e Mana¥¢r arld Finan¢¢ A￿l$t￿ni. The growth of tradin8 activity since 2021 ha5 meant we Are oaively IcKTrkin8 ai the est&blishment of a Trwjing coMp￿Y and workin8 with other cathedra]sto und¢rthdhow this istobe set upandefficiently run. We rontirtue to be gTalcful for th¢ support ftom colleagues ai Hexham Abbey and th¢y have beetl of ￿valUable help in this. We also anticipat¢ apw>itLling a Cotnmunity Learning and Engagemeni Officer in 2025 (funded thTough the C&h¢dral Susthinabiliry fundlto contiThue developitLgourp*th¢rshipswith other 3 sectororganisation5 working 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¢ H*ming IB ov*r6••ing 4 r•vi*w 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 ¢wri￿1 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 p￿10th for focusing on this are4 developing lit&s with like-minded charities and 8TOUP5 for expres5ioTh through instsjlations and activiiics in th¢ ￿th¢d￿l s￿. We will be dev¢lopiNg targded supp)rt services. ueating stronger mrfhanisms for ex*rna] advisory support and ensuring P05Llive reportin8 back to funders. thr volunteer5 are deeply invcs*d in th¢ work we do and we will ¢ontiny¢ OUT tTrininB PToppme to ¢nwr¢th¢y fwl ¢nwd •nd •ffirnied in theirrolt ¥ IMb￿￿d0rS 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 c￿1$ rtlaied ￿ mainiengn¢¢ and we are wful ￿ them for 1¢k￿WIed8inB thai maintainin8 the fabric of the buildin8 is one of ollr key priorilte5. Our fin8tt¢ial sustainability remains our most Sj8nifitant ¢t￿llenge. Early resulis from thechurch cornm1￿10nQrj. 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 remai￿4 a key element of our finwlcial s￿5121￿1blliry. 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 fin￿ClaI) 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 ch￿￿h of En818nd's Hotsse ot Bishop's Policy {Ptomotin8 a s￿eT Cthuychl Aq its owrt poliw, auwuJ*d &8 sppropriate to take into ¢eount pgrticul4r ¢ont¢xtual ¢l¢m¢nts S￿lf1( to th¢ (3th￿rnI. Safrguarding £x)thtinue$ to b¢ o standin8 Item on th¢ agenda at Chapt¢T m¢cting% Senior Man￿¢￿ent T￿rn 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.uklthvtl5afeguardin￿l. 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)ts￿Jt￿0tsO[¢ty ptan Reviewing the procedure for incident re&￿rtIng and developing a banning Pr￿d￿re for individua]s who rc found lo b¢ a risk kn others. Review of th¢ Safeguarding Commit*e Temis (pfR¢fer•)¢e with extem8] independent oversight and $upp)rt from the DCS in Northumberland. This has includd streThgthcning membership to ensure Ihere mort independeni members. Undertik¢n a risk *ss¢ssm¢ni of the wrt of the Cathedral lantern &w￿lderIng how it interncts and overlaps with childr¢n and young pEopl¢ in the Caththl Providing Hddilitstt*l giipwrt rhAllpny fmm rhp csn en￿lY? qHfe rprniitmentnf All vnliintse.r*, employ¢e$ 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 ofE￿I&￿ with th¢ publi￿lun 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 t￿n 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 m￿su]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¢rnti￿g oifir¢T. The role of the SMT is to m*Ja8e daily operation5 and deliver against Chapter's strategic aim5. Sfvft minut¢s ve shared with Chspter. The Canon forworshipandcongregalional Life ha50ver5ightand managcmcntof th- m￿1¢￿#￿ #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-ho￿seI. oversees H&S functions as theCompe*ni 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[tLbe￿rnlsieeS 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 stathn*rtts. of roceni Chapwr mthings 9Dd othgr *sFqntilll docutnentÈ. New me]nkTS Ire provid￿ with opportuniiies 10 mttt fellow memtr*rs of Chaptrr. priorto their fir51 mceting and mcet with members of the Senior Manag￿ent 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 in*rn4] 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¢*¢ d￿5 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 ofchap*r ¢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¢ ￿th￿r¥i.$ system$ofinternal con¢ml. $k managemeni, whi$ileblo*in& 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 ca￿n5 h&% the fvnciion5 conferred by thc Appointmeni of Bishops Act 1333 on the dy referred lo in thal Act a5 Ihc tkan Chip*T 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 Managem￿1 Poli£y). The Audlt and Klsk Cornmitt¢¢ have und¢rt3k¢n r￿UlaT rwrts ty Ch8p*rlwh) receive minutesof their meetin851 to inforn) Ch￿ter 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 ￿E￿Ing Thi5 w the Audit & Risk Committee and to ch￿ter. 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 Se￿atelY in note 110 the finan iiyw iKrii Irii*d vul vii wi Assurtd Shorthold Ten8n¢y from early 2025. FO￿al 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 $thff and volunte¢Ys. Actively look for alternative sources of funding foi key Fx)sts. Undertaking Tegular si#ff And vOlut)￿r surveys lo ensure Chapter and SMT have a better uttders¢andin8 of the te8m's fKT¢eption of the working Cults￿¢. Communi￿10￿. and their •bility trj play a full p4rt in or8anisalional Success. . Bcnchmarking s#JaTi¢S for a80inst those offered in other Cathedrals and sÉmilar organisations. commlttln8 10 tra¢klrts and a¢hlevln8 th¢ NEW￿>11¥ Llvlng Wu¥¥. Increasin8 the number of voluntttr5 who ¢ontribut¢ to the life of the Cathedral. Snd ensurin8 there 15 5uffici¢ni ¢apa¢ity to manage ond supwrt those wl¥) &) volun*er with us. En$urin8 there are suificient 5UPW)rt stnKture5 in Pl￿ for sthff thd volunteers ￿ thrive. 3. InadequAte Jafeguarding ￿lleY or pr•ctice f*i15 ¢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 pr￿￿￿r¢s. One of ihe ou*omes of the INEQE audit wa5 the review of th¢ Saf¢gu3rding Committee which is being undertaken by the Safeguarding o￿lcer in conjunctioTh with th¢ Cath¢dr41 Safe¥uatding L*Ad 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 l*te 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¢l*it18 w payyoll pe￿$10￿5 processes, ryortin8 8nd mana8ement oversighi will be carried oui in 2025. • Consideration to be 8iYen lo out-sou￿1￿8 the payroll and mana8ement accounts. • Tht chie.f ntmtine nffir.er 8nd Firtfvrw* MAnA8e.r in Wnrk with the Aiidii and Ri%klFinan¢e and Investment Commtttee5 to review the management accounts foThlll and a¢e(Wlliing software provision. Appointmertt of a Fitt￿¢¢ Assisthrti in 2025 lexiernally fvt)dtdl will help with of th¢ Finance Mana8¢r. 6. Unable 5Us1#inably to eener•¢t suffleie¥bl optr*tlotyil theotyb¢ the short4ovmtdium tem to fund the dAy-tO-dAy mit)iJ*ry of th¢ C*th¢dY*l * This remains a ¢riu¢ai risk The Finan¢¢ 8nd Investment C(witiee'$ 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 p￿￿0110 ond investmeni Str￿e￿ie5, 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 w0￿1n8 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 P￿ParI[1¥ ilit 4uiiiual r¢wn th¢ financi81 stst¢ment5 in accordance with applicable law and United Kingdom Acco￿nIing 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 P￿d. .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 applI￿ble 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¢ f￿￿ela1 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 N1d￿laS in Newwtl¢ lthe'¢haritsbl¢ parent company.) and its subsidiaries {the'group') forthe year ended 31 D￿ember2024 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 sta*menls 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 Fi￿ancial Rgporting S￿￿rd 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 De￿nbel 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¢¢O￿art￿ with the rtquiremetstsof the Charities Act 2011. Basls for oplnlon W¢ condui*d 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] sth*men( 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. Individu￿lY or ¢Oll￿tively. may ¢4st si8tiifi¢atLt doubt on the ¢h*ity'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¢S￿nSible 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￿ st*ements orour knowledge obtained it) the coutse of the audi4 or otheTWiS¢ •Pt*kts 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 m8*rial 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 New￿tle 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 re￿rt 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)foiilI￿lQn siY¢n in th¢ R¢wt of thr inGoJui>tcnt in I￿Y 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¥ r￿￿J[d5 and rrlurns" or Thave nof rtceived aifthé InTo￿a￿on anrnTanfion5 wè requiré forour iu we Re$r￿nsibIlItIeS of¢ru$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* foralv￿L￿1ti8 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 finand*l 51*1eiibeiiis 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 resul￿10n$ or having eff￿t thereundtr. Our objectives to obtain reL%onable ￿Ul¥n¢t *knii whether rhe finoncial sts*menrs 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•m*nt wh*Th 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 ex￿trd 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 irre8u1￿11¢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)8a8em￿l team., obtained an understa1￿￿n8 of the ￿t￿re of th¢ industy and 5¢¢10r, including the lega] and regulatory frdmewoTk, in whi¢h th¢ ch￿ty 0￿rat¢S and how the charity wmplie5 with that legal and regulatory framework InqUi￿d with matha8emetht artd those charged with governance a￿ul 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 missth*ment 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 tratis￿nS and tran￿10￿$ 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 Cr*ll￿￿1.￿ websit¢ at: ht￿J1 www.fr¢.orB.uklaudiknrswrt8ibililits. This deSCri￿lon 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 Ch￿tieS {A¢¢ounts Hnd Rewrt41 Re8iilxiiiln% ?no8 Thir XIMlil work hxg i1￿1￿rtaI[￿ W thxi we mi8hi qlAt•tn thp rh*rity'< tn)¢tvv those matters we Art requiTed 10 $ia* ¢0 them ith an Audiiorfs rep)rt And forno other putp)se. To the fullesi extent p¢mitted by law, w¢ do N)¢ a¢¢ept or assume reSpO￿lb11ty 10 onyone other thafj the darity Sod the chwity's trustees as a Ex)dy. for oiir aiidii work. for ihis report. or for Ihe opinions we hAve formed. C4L Nkhol45 Cunnlngham Mst FCCA (Senlor Ststutory Audltor) For ind on behalf of Robsort Laidler Limited. Swuicrfy Auditor Fernwood House FernwLK)d RoAd Jegmortd N¢w¢8Stle upon Tyne NE2 ITJ Rob50n Laidler Accountants LimituE iseli8ible forappointment as audilorofthe charity by virbje of its eligibility ror #ppxiintmeni as audiiorof a ¢ompgny und¢r S¢¢lion 1212 of the Comwies Act 21W6. 17 Cathedral Church of St Nicholas in Newc&stle Consolidated StatemeDI of Financial Activities for the year ended 31 December 2024 Uttrestrlrted fuDds R¢strl¢t¢d Endowment d5 Total 2024 Totsl 2023 Notes Income #nd endowmettts from: tA)nalions and le8acie5 Dotwtions GranT5 her IradiD8 a¢tivities Invcstmcnls Other iticome Tot•1 In¢om¢ 134.162 7.942 7YF.780 73.628 2,830 I42.81H 166.836 791,78W . . i55,m" 278.264 218,061 155228 123.426 23,320 19,065 l J91 J96 .482.911 204.636 152J98 23J20 515.216 2{iv) 21v) 876,180 Raising funds Charitable activities-. Minis¢ry Cathedral gDd pre¢in¢ts upkeep Education and outreach 211J72 44,829 256,401 243,171 4(1} 4111) 41iiil 4(ivl 578.761 292.077 6.166 25,1 1 113736 199.814 205,962 5J33 778,575 498,039 11.499 25,160 lJi9*74 619.973 679.299 6.686 17.406 576,533 Community parish & congTWtion Total txpendlture 455 938 r4ot ￿CoMin¥ / {OMtqoinq) rewiir¢ befor¢ Inwvtment galn$ (5985201 420242 {1783781 (93,6241 Nel gain5 1 Iloss¢$l on investments Net Income I lexpendlture) 26J36 1572.1841 44,311 44,Jli 70.647 {107h311 55,482 {38,1421 420242 Tr*D$f¢rs betw¢¢n funds 16.18 507.685 (573.362) 65,677 Net mowernent in fund5 64,499 153.120 109,988 I07￿J1 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 Deteth￿r 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 ¢urr*nt 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 a￿ets 3J53.946 4.209273 Current a￿ets 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$6 859,312 .419,171 4,722,639 R¢strict¢d funds Unrestricted funds Totsl rwrves 16 16 Thtse financia] ststements wu¢ approved by th¢ BoaTd of TnLqtees o . attd wer¢ st￿￿d on its trthajf Th¢ Very Reverend tAe Paul Batso 21 Cathedral Church of Si Nicholas in Newcastle Consolidated eash flow statement at 31 December 2024 2024 2023 Note5 C.•sh flows from optr#tlng Aetlvttlts Net"ea8h•rovtded by"(uye&in>0pcTati￿lI. -22 e98.715> t65,4)41 Clsh fiows from InweJtlDg fictiwiti Rents received nct of¢osts Inve5tmeni In￿rne received of costs 8051 70h67 (34,•421 19.2201 47.221 13.4651 {145.(K)Ql 16.736 193.7371 Pur¢h&%e of tan8ible r￿ed assets PUrCh￿e of investmvnts Proceeds from sale of asse 206.109 250,785 Net cash provided by (used inl investing actlvitles CbAn%e in cash and ￿$h equival¢thts 117.93•) {158.7781 C￿h 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¥￿& CaLLi￿JaI5 foi t]Jc AsX)ri￿lOI1 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 reqUireM￿lS of the Stsiement of Recommended Pra¢ti¢es for Charili¢s ISORP 20191 ￿ld 8ppli(able ￿￿u￿ting 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¢val￿tiOn of investments w)d cert￿n properties. Golng concern Th¢ fir￿n¢la1 Statements have been p¥¢p&ed on 8 80ingcort¢ern b￿1$. The tPJ5tses have &ues5ed the thrity's iNludin8 reviewiD¥ budgets. ¢ash flow forKos reserves levels, Andexpecled income of at least 12 months from the d￿¢ of wmval of these financiRI siaitnitnts. While the charity is facing irKTe&%in8 Cost ptE55ure5 and fiLndin8 UnC*rt•inty, the trusiees have put in place m•gBurts lo mana8• •xpwditurr*, mLwilor ¢*sh fl¢w ol¢r•ly. *ttd fvture income. After reviewing the lai¢si forecLst5 And considerin8 miii8aiin8 xlions availknle, the trusteesare ￿l$fI¢d th* the ¢hArity has 8d¢qy81¢ resources to continue for the foTeseeable fU￿re. Accordingly. thcy continue to hdopi ¢he Boing con¢em bosis of 1me 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 fu￿d$ 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 Cha￿1￿8.. 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.$47 635.447 51.482 29,560 716.48Q Clergy stipends included abov¢ we paid by the Chur¢h Commissiorffn. The average number of paid employtts during the yearwts ￿ follows: 2024 2023 Full lime Part time 17 39 56 10 36 'IILe Everase numberof full time equivalent pwd employees in 2024 is 2V F IE. Key m￿ageMent remurterniion paid irt the yearlex¢lwJing the sti￿ndS liS￿j beh)w} totsled £380,42212023 .' £370.745} Included within staff costs are paymcnts to member5 of the Chapter undercathedrals Measure 2021 and Cathedraj conslitiilioTh The rerniinpr•tion of. Anrf wnsion provision for. cleric21 mvmbvrs nf Ihe ThHpleT Hrp PHid in Wlth s¢a]¢s laid down I￿n￿￿]Y by th¢ Chyr¢h comM￿￿)ner1 AI¢hbi8￿)ps. Coun¢il gnd th¢ CThurch of FJJ818nd Pensions Board. No supplement to these s¢8]￿ paid. These paymerLlS 8re set out as follows: Stipend Pension £ conlribution 2024 The Reverend Canon P Dobs The Rcv¢r¢nd Canon C Ma¢laTen The Very Reverend L P Batson The Reverend Z Hemin8 The Reverend R Hu15e 23.985 9.847 45.837 1,673 15.5(A 106.%16 4,753 2,026 8,344 1,984 28.738 11,873 54,181 13,657 18.695 127,144 20,238 31 Caihedrnl Chuwh of St Nicholas in Newc&stle Notes to the financial statements for the year ended 31 December 2024 Stipend P¢n$lon £ contrbbution 2023 The R¢v¢r¢nd Cat￿n 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 trans*etlo '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 pfoF*rtiesexcepi 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 r￿ed a&8ets Plant and equipwen¢ Cgthednl ind group Cost: At 31 JonuAry 2024 Additions Di5￿5￿1S 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¢¢n￿d 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 T￿allon 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 ￿ Ne*r￿je Nott5 to the nttiu¢knl staltments for the yur ended JI Detember 2024 16. stsrthe*t•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 (l1￿dI SwWNbility COISS-WI 2&1iv Siip¢nth 131.472 JIO.%6 IllJJ631 117.144 L¢gKy 11A62 41J79 47JJ4 141J3>) S999 Pw wil￿nb[￿￿OM•rno￿d t.7fJ) luth¢ 121. 216 1216.5WI 2J6.50D yO￿th Wlltk 455.461 129JA91 {45J.93BI ISISNII 1562.140 .1 cAttsedr￿ CThurth ofSI Ni¢tro1ts in Navcll5d¢ Not¢s to the flnlllclil $t*temeDts for ik¢ y¢•r ended 31 Dtetmber 2024 JLiil)e¢'24 ch￿￿h l.ulJ0fStF*1¢h￿ Iij li) I4￿•}• 197>J611 r￿d 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¢ iti5t￿CtioTh that oilly di¢ ijiwiiir fjviti tt￿[11 IlLJy 5prnr and ThaT the eaplial rnust be retrit￿ in￿t pennanetitly. tktai15 of the various fwjds are shown b¢low- UKrestricledf#4Yds CathedrAI Hous¢ De5igD*ted Thi) ￿Pr¢￿Ats a fuijd WI1￿¢ ¥urplux5 on th¢ IuTln8 ofcthcdral H￿Se. 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¢ndI￿re received by Chur¢h LaDds of S¢ Ni¢hola%. Lccleslastlcal Ch*rlty of Willi*m 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￿¥1￿￿￿1111Y 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 Tel￿10n ￿ Sthge 2 of th¢ Common Ground 4nd SKred Space project wilhit) the Cathcdral. C*thedral 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 F*brit 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 C**h￿rA1 Mu51c This fund repr￿nts 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 Pu￿baSe 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 ir*om¢. Prop¢rtles Endowmtnt Fund The pmperties ¢ndowTh¢nt fund is eSthblish￿ to m*intsin the nlueof the C•ththaJ'• propertie Endowmenilunds- thher conneded Chur¢b L*ndJ of St P41¢tsol*J 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 P*rnh Room Iffjd Scbool This r¢present5 pe￿aTre￿I withl. the irK¢Jme of which 15 to be used for the spiritual and physi￿1 development of the parish. The St8nley Walton Brown M¢mori*l Fund This rep￿5¢￿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 a￿d 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 Un￿stricted 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 5￿trI and 14 51 Nicholas Churehyord. the house o¢¢upied by the Head Verger. which is above no 23 Dean StrEet. Th¢ trnstees ￿$0 hold investrnents and bank balances ai 31 December 2024 with a market valllc of £310.825. The ￿an¢t of this fvnd of £545.￿0 15 held in prortny. Under the tern of the trusi thc tru51¢es ar¢ lo *pply the income ofthe tTUSI io meei th¢ mainie]Janee and other costs of (h¢ ITUSt_ -•nd.tts8PPtytheTfm3ininB illeomEfrTrwards them0￿tenanCe. rep￿r$ 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 R￿M and Church of EllgI￿d 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¢cumvla*d incom¢. The Iw5t¢es are to apply the income of the InJ5t forsuch purp)scs in ConnC￿lOn with the religious. cducaiional orothereharitable vork of th¢ ChurGh of Eii¥lwwJ iii ¢GcleslasTl¢al partsh oi 51 Nichol￿ u the tWS*es may selttt. TheAnti¢*i Charfrf4s This is o ¢onvcni¢nt ctsll¢Gtive nam¢ for a number of ￿c￿nI chtriiies. where the Ori8in￿ documentation is no longer available. They hold investments wilh R markth value at 31 December 2024 of £13.866. The In￿Me is di5tribut¢d annually lo charliics. ThtSiaAl¢> WohoA hlejfton.ol F*wd 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 purF￿se 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 ￿sets1ProI￿rties 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 w￿￿e¢l¢d eDtitles The following were COTmected eniitie5 of the thatity: Class of sh•res Ngme of toDn¢cted entity N*t￿re of business Dirt¢t NIA 100 The Church L•nds of St Nic1￿1 Tn]st holding inve5tm¢nLS b) maintsin churLh buildings Tn￿1 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 Gain￿10$$￿ on inveslments Profil I (loss) for the year 44J86 (96.6141 105,925 (530971 801.928 Nd a55ets 845125 The Anelent ChArititS 14¢t a3￿t¥ 13,866 7,552 The Old P*Tlsh 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 er*dits)T SlJ70 {ISSJ29) 71,443 5.067 1.771 {25,9491 {48.9111 (278,715) 48.792 11*3.4361 79,387 6.038 6,805 (18.8121 29.799 165.0411 Ntt e*sh provlded by optr•tin8 attlvl¢ks 23. Anxlysis of ehgDges delrt At31 At l J*nu*ry 2024 Other non- Cash llows ￿sh ch*nges Dettmber 2024 Castl al ￿Thk 8thd ith h￿d 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