cOvERy CATHEDRAL The Cathedral Church of St. Mlchael, Coventry £hatityRewtr•tstyi Numbtl 1204257 I81ad & wa51 Annual Report and Audited Financial Statements For the year ended 31" December 2024 Contents Page Report ol the Trusiees Dean's introduction Statement Df Trust¢es' responsibilities 12 Independent Auditorfs Report 14 Flnancial Statements 17 Statement of Financial ActiVitS 17 Balance Sheet 18 Cash Flow Statement 19 Notes to the Financial Statements 20 The Cathedralchurih of St. Mi¢had, Coventry
Rewrt o< the TrStee5 lof the year 31M Decembei 2024 CATHEtK DEAN'S INTRODUCTION Coventry Cathedral exists to reconcile people to God ond eoch other l am delighted to commend to you our annual report for 2024 In CovÈntrv Cathedral. As always, it represents incredibty hard work from the ieam here. delivering over and ai)ve what miEht be expected from our re50urce5. The Calhedral 15 a melting pot ol so many differenl aCtltIeS and Rroups. neThvorkin8 across the ciry, the Diocese, Iniernatw)nally. with each area ol ouf life curated by its own srnall tearn, drawn together in our shared commitmenr to all that we represent. In this report you'll see thÈ Impact of Tiew stall n)embers- and in parlicular the first full year loi our Chief Operating OfficÉr. Slrncin Danks. to whom l am especially 8ratefvl. We have been joined From South Alr by Canon Nitano Muller as Canon lor Worshlp and Welcome, and are algo very much valuing ihe work of ian Wardle as our Finance Manager, who is now workin8 Wlth Simon io oversee our financial accounts. This year's report has been structured around ¢ur strategic priorities. and has returned to its pre-covid shapé, with Èach priority having its own distinci headin8 in this opening section. In what follows. you will see described a rich programme of welcome. worship ènd reconciliation. exprpssg_d in all that we do. As Cathedral, worshlp and prayer is the heartbeat of our life. hohjing the Diocese throu8h our prayer5 and large Diocesan events. We have been able to welcome many other gatherings ol Christians, and it wa5 a particular pleasure to see the Cathedral full with the Cily Prayer and Praise event In the Autumn. Those of other faith tradition5 are equalty welcorne. 3nd to stand alongse other> In >poken oi silent prayer lor those suffering war or natural dbsaster is always a privilege. Our arts and eve.nts programmo, ak)nÉside our regular open hours a5 an intredible buildin8 for residen15 gf visitors to the cliy to enloy, is also very imwnant to us. I never tire of meelng newcomers. and finding ¢uI where they have corne from. and what has broughi them here. For local visitors, the pro8ranime ol events ollcn brings them inside rhe building for the first time. to discover how welcome they are- and to know that they can roadily return. 01 course. many also come for major life evenis, and the Caihedral continues to host high profile funerals and memorials in particular. along with other major civic occasions. The Cathedral's oulreach is characlerised by our rQncl11at10n ministry, for which we are internationally known. I have had the Imme.n£e. privikNge of travelling again this year- notably to Canada. where I was invited to address the annual gatherinB Trf Norlh American Deans in Ottawa, and thon travelled across Ontario to V151t several centres with h1sttrr Coventry connections. concludin8 with the presentatkJn5 of a Coventry tross of Nails to St Paul's Cathe(Iral, London ON. In july I wa5 able to spend just two days with our CCN partner in Odessa, Ukraine, listening to the rehlity of seeking to work lof reconciliatTh in the context ol war. However, we have 3150 been developing our own more locally focu55ed roconciliation pro8rammes, sharirig a vision ol Reconclliètion ès Mission in kncal communitles. y the time I wrlte th15, we Ve sakl farewell to CaTh)n Mary. to become 815hop of Re3dinB. and our thanks and congratulations go to her. We look forward to the arrival of Canon Katè Massey. cominE tc> U5 from the The Cathedrèl Church of St. Mkhael, Coveniry
Rekh)rt of IhèTrusiees lof the yèar ended 31* December 2034 CAThEtHUL parlsh of Stockin8ford in the Diocese to be our new Canon for Arts and Reconciliation. WÈ algo Èagerly 3wait the arrwal of our new Bishop. Sophie Jelley. in June. Amongsi others who have moved on, we are a150 especially Eratcful to Carla Crawley, our Head of Vislts and Touiism for nine years. who has movcd to a new role promoting tourism in the City Centre. There are very many people who contnue to play their part. as staff. volunteers. or part of our worshippw)g or wider community- in practical service, in governance or advice, in financial support and so rnuch rnore. We are especially grateful for the support ol the Friends ol Coventry Cathedral, member5 of the Cathedral coneregation. our Investors in Hope, and the Diocesan Board of Finance. Our huge thanks go io all of you for Jll that you do. Coventry Cathedral remains a special place. at the heart of our city and In many ways our country - still speaking ol God's power to brln8 new life out of destruction. new hopè for all. Thank you for taking the tlme to read this report. and we hope that it insp(re5 YOU to consider the part yo¢J miiht play, or contlnue to play. in all that takes place in or through here. Lrckn The Very Reverend John Witcombe Dedn of Coventry The CJihedral Churchof 5t. Michael. Coventsv
RepK)rt o¥ Ihe TrStee$ the year ended 31¥ tjeiembei 2024 CAThE Legal and Admlnlstratlve Information Full Nome.. The Cathedral Chuich of St_ Michael. Coventry St_ Michael's House. 11 Priory Row, Covpntry. CVI SEX Addres5.- Chority regi5trution number.. 1204257 Trustees The Trustee board ol the Cathedral 15 the Chapter, consistinB of ihe followin8 member5 during 2024,. The Deon The Very Reverend john Wilcombe The Reverend Canon Mary Gregory. Canon for Arts & ReConciliatn The Reverend Nitano Muliei. Canon for Worship & Welcome Ifrom 8 June 20241 Andrew Walster Residentiory Conons Senior Non.Executlve Member Non-Executive DavKJ JohnstOA Richard Sapcote Robin Thomas Rev. Joarina joyce lake Sexton Christn cl.rffe Graham Warren Martin Williams Non.Executive members elected by the Corhedral Community Finance, Audlt and Alsk Commlttee David Johnston (Chairl Michele Faull luntil 20th March 20241 Paul lennin85 Gillian Bagwell Nomlnatlons Commlttee Sally Kaminski-Gaie IChaSrl Martln Williams Rosalyn Murphy Simon Danks Fabrlc Alsory Comrnlttee lennie Page Judith Mottram Mary 51eigh (until 26 February 20241 Geoff Clifton Louise Campbell Edith Mueller George Demidowicz Biba Dow TheC3thedral Church ol Si. Michael. Co¥e*try
Rewrt of Ihe Tfusrees lor the yearended 314 Decernber 2024 Emma Dwan O'Reilly Imogen Rat2 Martin Williams- Secretariat Professlonal advisers Cothedrol Architect Mandy Lorenz. Thomas Ford architect5. londo Chr15 Patrick, Archaeobxist Cothedrol Archoeologist Auditors Dafferns Audit Limiied, One Eastwood, Binky Business Park, Coventry. CV3 2UB HSBC Bank pk, 55 Corporation Street, Coventry, CVI IQJ HR Depl. The Print Rooms, C23J. Holly Farm Bus¥iess Park, Honiley, Kenilworth. CV8 1 NP 8unkers HR Service LegolAdvisors Mander Hadley & Co., The Quadrant, Coventry CCLA Inve51meni Managomcnt Ltd, 85 Queen Victoria St.. London Investrnent Munt7gers The CathedThl Church of 51 Mlchael. Co¥eniry
8eport ol the Trustee5 for year ended 314 Oeiember 2024 C[NERy CAThEtKAL STRucfuRE. GOVERNANCE AND MANAGEMENT Constitutlon of the Cathedral The con5trtutiorh was adopted on 13:, March 2023 accordance wilh the Cathedrals Measure 2021. Registered Charrty Stat115 was achieved on 25" July 2023 IReElStered Charity Number 12042571. Charltable oblects The objects of the Cathedral are la) to advance the Christian rel4gion in accordance with the faiih and practice of the Church ol England. in partKular by furthering the lS510n of the Church ol England.. Ibl to care for and conserve the fabric and struciure of ihe Cathedral church buildinR', Icl to advance any other charitable purposes which ale ancillary io the furtherance of the purpose referred to in sub-paragraphs1o1 or Ibl. The Chapter must art lor the publK benefit within the enIn8 of seitK)n 4131 of thp Charitics Act 2011 as ainended by the Charities Act 2022 Roles and Responslbilities The Chapter and its offirers The Dean Is The Cha¥ of ihe Chapter. It shall be the duty of the Chapter to direct the ovcram strategy and tsvernance of the Cathedial. The Chapter met on eleven occasions during the year. The Chief Operating Officer prepares the busine55 for the meerings of ihe Chapter. In conjunction with the Dean. and all decIsn5 are recorded. The Chief Finance OfficÉ*r, along wrth the Chipf Operarlng Officer, are responslble for reportin8 the finoncial activities to the Chair of the Finance. Audii & Risk Ccimmitiee. The Trustees and committee members are appointed by a process overseen by the Nominatlons Comr))ittee a£ dèfined in the Constitution and Staluies of the charky- Non-executive Trustee5/members are appointed for terms ol three years and can serve a iotal of three terms. There Is In place a process for knduclron whith enables the newly appolnted mernbers to become lamilÈr with al l of rhe charitws activities and it5 finances, based upon an outhne from the ASS¢KOtk)n of r.nglish Cathedrals. Newty appointed Trtsstees havr takcn part in training provhjed nationally for members of Cathedral Chapters. The stipènds of The r)ean and Residenriary Canons are determined by the National Church. The salaries of other key staff are reviewed and approved annually by Chapter. College of Canons The College of Canons has the following fvnctknns.. lal To dscuss such matters concerning the Cathedral as may be raised by any of its members, and Ibl To support the Chapter in the promotion and delivery of the m%n of the Caihpdral. The Collegc of Canons rnet twice durlng the year in order to full these funct$. The Collpgp of Canons met on a further occasion to formaly approve the nomination of Bishop Sophie Jelley as the next Bishop of Coventry. The Cathedral Church of St tokhad. Coventry
Aeport ol rhè fwstees for the year ended 3111 D@mber 2024 OBJEcfivES. AcfiviTIE5 AND ACHIEVEMENT5 Durin8 the year the Cathedral worked to the strategic priorities established in late 2023 and early 2024, and the these form the structure for ihe activitie5 and achievements of the year:. I. To see the Cathedral ernbeLled as the spiritual heart of the city and Oiocese. as a place where people are recon¢iled to ont another and to God. The Cathedral ha5 Continued to be the EatherinR point for ihe DCese at s¥r7ificant liturgical moments throughout the year." for baptisms and ConfirmatnS. during Holy Week and for the ordinatt)ns of priests and deacon5. The CatheLlral has also continued to be a place where people Eather to remember events occurring in other part5 Of ihe world, particularly Ukralne and Gai•/ Israel/ Palestine. ès well as marking Windrush Day and Hiroshima Day. A reconciliation traininR stream was dp.siKnpd durinK thc ycar. the pilot scs5n being made available to all member5 01 the diocese when it ran in the first 2 months 012025 St. Cl¢ire's at the Caihedral Lonlinues ro make space èvadable. to those that might find traditional approaches lo church more challenging- the intefesi in this comrnunity. along wilh the number of people partKipatin8, continues io 8row. 2. To See the potentlal of our people released 10 5h•re In the rninlstry ot re(onclllation. During 2024 we have gathered together an ext1ting Reconciliation Team. drawing from volunteer5, experts and key Cathedral teams who all deliver our reconcilialion story to partners and visirors. We have shared our own work, and collaborated and delivered new Y4ork jointly, such as Women Across Ihe Divide. We created and delivered a very suc¢es%ful staff trainin8 /? day on reconciliation (or all staff. Feedback was that it was helpful, thought-provoking and fun The format worked well and we will repeal this with more conient in the futLtre. Our Lent course was Healing and Hope In the One Household of God. The course Invtted us to empbre hnw together we might promote healin8 ènd hope to build new plates of bébn8ing and overcome obstacles of intolerance and indifference. Since 2023, the Cathedral has set aside the monih of November as the Spasan ol Reconcillation, since Remè.mbrAnce Sunday as wèll as ihe anniversary of rhe Coventry Blitz siis at the heart of our story and missir)n. Each year. the season Iocu5ses on a different thcmc. In 2024 we focused on "I he QtJalrtie.s of Reconciler" each week highlehtin8 a different qualily. Each sermon encouraged congregatK)n members to tonsider their own ContritiOnS io peace-buildin8 and recc)ncilialion within their own Iwes and contexts and how they emboo the qtJalitie5 that were explored. It is our hope to ust the Season of Recornciliaiion as the springboard to dcvelop Iiturgltal resources that could be used locally and throughout the CCN. The monthly gathering lor Wonder has sustalned a commitied con8re8alion. 3. To see our eng4emerrt wilh visitors shaped to locus on our reconciliation story We welcomed 95,000 visitors to the New Cathedral In 2024. 4 slighi reductlon from the numbers in 2023. We CDntinue to work closely with other local attractions to cr055-promote our VEnues. last year we particularly worked with St. Mar(5 Guildhall to create the Ywo Tapeslries" tour- which included sh2red marketing and promotion. We continue to work with Desiinalion Management Organisation Visit Coventry to ensure that our tourism ofler is seen, thi5 includes a broad a(hIng print ènd digiial c3tnpaign as well as a highty tailored campaign in the run up to Chri5twna5. We are enga8inR in new projects lor 2025. callra1 Chuichof 51. Michael, Coveniry
Report ol the Trustee5 forthe year ended 31 December 2024 CCWE As parr of his first 6 months v4iih us Canon Nitano. Can for Worship and Welcome, conducred a rhorough Welcome Audit which will inform a number of change5 to the presentation of our story over the course of the next lew years. The initial findings of the audit have opened up CfOSS depanrrenral dCsS)n5 about how access our facilities as well as our programs are and how equipped are all our staff and vol¢Jnteers equipped to enhance what Is evidently our strength as a Cathodral. Tho key findES include: The need for training and sUPPOrt for volunteer welcomers, 8uide5 and ch3plak)s. A revision of the current interpretation boards and sEnage in the building and the opportunily to develop 'pilgrimage' rcsouices for visitors. A revision of our accessibility strategy for physical. sight and hearng impairrnent and an opportunity to optlmlse the use of the space for persons on the autism spectrum. A cohesive strategy to develop a shared ownership of the core values of the or8anization between the weekday operations ol the stalf and the worshipping cornmvnily on a Sundav. Further work needs to be done in ensuring the Implementation of the findings is clearfy held within a framework and that this filter5 through and 15 engaged by all wrtlwn the organizatbn. Learnbng at the CathedrJl continues io recover year on year postlovid with numbers of pupi15 engaging in our schools programrne ri5XI8 from 12.860 10 15,808. Thp most popular of these continue to be both our 8llti and Fleconciliatbn programmes. The iise in numbers reflects schools conlinulng to recover from Covid restrictions as well as changes to the ReligK)us Education curriculurn th3E specifically talk to the hislory ol Coventry Cathedral. 4. To see eM¢itin8 arts •nd events ¢ommSssioned twhich h•rther the lourncy towards reconclllatlon. The Cathedral continues to pride itsell on being a diverse cultural venue In the (Enlre of Coventry. Its ecleciic arts and events programrne it something that is reco8nispd. valued and brated beyond Covenlrvs local Cofnmunity and ihis year's svccesses have proven that. In review, we managed to plan and deliver a hugely successful year of arts and events thai saw u5 devolop ncw partnerships, welcome previously unreached communities, all whilst still meeting finanti31 expe¢t3lions. In response to the cost of living cri51s and tontinuing to en8a8e wr(h our local community, one of our priorilies lor the year was to continue to irow ovr free of charge family progrèmmg. Wp continued to deliver our Let'5 Chill.. Flaby Hangout and Let's Watch and Make programme, rhat per sessior) Saw us welcorne on avÈra8e 25-3S participants from diverse backBround5. who then went on to enEaRP Wlth the rest of the arts and events proÉrammè. Thè first ol these also deveh)ped nto a separate-Let's Toddle" group. as the fzmilies involved war)fe¢J to remain wnnected as their children grew. Our Seasonal èvertts of Sprin8 Fest, Narvest Festival and Step into Christmas had a faniastic response and by celebrating rnusic, food, sustainabiliiv and community, we reached over 5.000 peopk thai might otherwise not engage in the Cathedral. Over the ye*ir we continued to grow ihe partnerships within our Arts and Reconcihai•)n pro8ramme, partnering with Food Union, Warwick University. Goldsmiths. The Local Ukrara Community. Coventry Council ReluEee & Resettlement Progcamme. and the Careis Trusi", these partnersh.ws resulted in a number of exhibitions, and film screenings. These mU1-f8(eted events gave us the opportynity to engage in the discourse around social, environmental and political L%5ues and Injustices. and gave artlsts, academics and underrepresented V0e5 the opporlunilyto be heard. As a result we now have new and valued pa¥tnerships thai we hope to continue to engage wirh in the future. Fof the second year we developed our non-classical programme, adding items such as Candlelght Concerts. Pink Floyd tributes and Craft & Flea market5 to the alreaty popular musical programme, silent disco, and ceilidh evenlngs. We also provided space for the National Youth Choir. These rKJt onfy attract a diverse The Cathedral Chuich of St Mithael. Co¥eniry
Report olthe Trustee5 for the year ended ]1 tktÈmber 2024 audience to the Cathedral but also help to underpin the financ1 Contriblon of the events programme to the Cathedral. A key element of our plan for the year wa5 around team structure and ros znd responsibility, attempting to streamline and improve the capacity and efficiency of the Arts & Events team through clearer delegaiions and areas of responsibility. Our aim for 2024 wa5 to re51ructure the team following Some staff departures and this resulted in two new appointment5, Wlth redefined roles.. 'Community and Events Coordinator, and 'Commercial Events Coordinator,. Our second area of focus was arDund devek)ping our casual staff pool. In attempts to reduce the need for core staff to Involved In every event delivery. This wlll require some work through 2025 to devebp sorne of our 5V5tem5 and processes. We also ended the year with the fantastic news we had been nominated as finalsts for the Coventry and Warwickshire Yhe Creative & Culture Activator, awards. To see the Cathedral's reconclllation netswrks developed io foster recon¢iliation localfy. natlonallyi and around rhe world. The Cathedral ¢ontinues to factlKate and support the work of other Chrtstian organisations locally. nationally and internationally In their reconciliation rnini5tries n lar&p. pari through Its partnerships In The Community of the Cr05s ol Nails and ICONS,. and with non-Ch¥istian organisaiions. through ToBether lor Hope. The process ol joining encourages in all these organisatiorbs a deep, prayerful. Co1CtiVe focus on their own particular wounds that need to be healed, differences that t)eed to be n3v"gated, and where jusrice and peace can b¢5 builr., as well as ihe opportunity to visit the Cathedral on pilgriTnaxe or on other occasions to ensure that at least one fepresentatlve from each or8anisation has a decp f&mdiarity With the place at the heart of the Coventry me55d¥e 10 share onward. Our reconcifkiton toolkit 'What's Next?. encourages partner organisations io build on this colledive thinklng and build for the longer term too, keeping discussion and learning active amon8 their own community. Building and maintaining links with other or8anisation5 throu8h and acr055 the wider Community very much encouraged in all new partners. wbth the organised member bnards of the six core partner regt)ns a¢r0$5 the worbj formin8 the bdckbone ol the CCN'S International Board. which makes decisions on both strategy and membership. Interest in thc CCN continues to be hEh in 3 time of Breai upheaval and challen8e across the world. We had an abovè average r3nge1121 of new partners joining the nciwork last year, boih geo%raphically- acros5 North America, Europe and South Africa - and hy partner type.. chLsrches, a seminary, and several charitie51 peace and social justice organatIOns. In the case of t* sOh African partner. we successfully trialled a new tsption for lon8-distance partners, at) environmentally friendly'virtuaf Cross presentarion, live streamed on Facebook. We are working hard currently to grow our library of specific and tThely reconcifotion resourcès on our CCN pages of the Cathedral website, for the use ol both new and exist& partners. Discussions continue with regard to expanding the Involvement of indivtyjuals as unwug partners in their own righr,. for now. a cor15iderable number of our active contacts are indeed individuals. Our tWke-vear reconciliation pilgrimages continue to attract wide partiCipatn each spring and autumn. and still form th? foundations of a partnership applKalion. We continuo to reieive generous funtjs ènnually from our Gerrnan and US partners which enable not only our CCN coordlnator p05t but also our Internships. These arc kcy posts in our delivery, and in the case of the latter, in our youth outreach. where we are back up to three internships each academic year, from GerfflaTry and the USA, workinR atross reconciliation. events. 5choo15 and the welcomc tcam and in tsmmvnity In Dewis Lodge. Due to increased requests from schools interested In joining the ICONS network we brought forward an ctivity planned for 2025 and prloritlsed the creation of resources in both Engllsh and German. The most slgnllicant of these was ihe Peace Ambassadors Training for children èged 11-18. This wa5 wrrtten anil The C81hedral Church of 51 Mrhaei fmentry
AepurtoftheTruste¢slurtheyear ¥thd31 Oet#Db¥2014 CAThEtML trialled as both an online course aTrJ an Irpperson 3 day course. The feedback wa5 encouraging with wplls feeling empowered to respond in conflict situations and hold positNe conversatbns in times of disagreement. We also conty.nued the development of our teacher pro8ramme with training opportunities for more in-depth leaming on peace buildlng praxis in schools. 6. To g•e the Cathedrnl's louyrw proeressed to becomin¢ nel-wo, re¢ondlln8 us to the earth. At a practical level the Githedral continue5 its implernentatron of LED li8htin& 2024 being the second of S years to see this tranytion. As part ol the desn brief for the refurbishment of the property on Prknry Row it was decided to Move away from the use of and to only utilise elertricity. The Cathedral has investigated the installation of solar pane15 in the past al. followSTh8 a plece of work supported by Coventry City Councll In 2023, and wlth the ongolng volatility In the utllitles market, ha5 decided to progress this and to erMIne what 15 ¢he fvll business case and to Identify probable fundln8 streams to support a lull implementation. An Interested 8roup of cotwre8ation members wa51)rought tO8ether Canon Mary to review how they might be more involved In ihis area of mM)istry within the organisation, this will be taken further as her replacement In the role of Canon for Arts & Reconcillatlon Styns Cathedral team. St•ffiry •nd ¢•pKIty In June Z024 we wekomed The Reverend Nitarto Mullerfrom the False 8ay dhxese in SoLrth Afrta. loinlng tss as Canon lor Worship and Welcome. He has brov8ht with him a rlch experieno from a dlfferent conilnent, ab)ni with a wonderful instinct for toThntctin8wfth people, and the abillty to ad us forw¥d ofi our Ntvrgical journev. We a Indebted to The Reverend Canon Mary Gre8oryfor her h•rd work and skll to mènale tw ros whi15t we wated for Nanoto arrfve. ter in the year we re¢efved new5 that Mary herse¥ was to move on. to become Bishop ol Aeadkng in ear 2025. FolkA¥lng her matemlty leave Asha Eade-GTeÈn chose Tr)t to return to the Cathedral and we are del8hted that Geor8la Cowie has stepped up tts the role of Head o¢Arts & Events, a Jc& that she demon9traied great capability for during Asha's maternity leave. Aftei spending 20 years as the Head of Educatbn, Émma Griifiths rn0d to a new role fcotssed purety on devektping and delNering learning opmunlt5 Wrthin the work of the Reconciliation team. We are de¥ghted to have wekomed Jo-Ann Brake as the Head Erwem•nt in j•Dry 2025. S•fe8¥•rdlng The Cathedral's SafeBuardiNd Advisory Group meet5 three times annualty and 15 thaired by the Cathedral SafeguardSng Offlcer, who Is a volunteer. The Cathedral has a Memorondum of Understsnding in place with the DK)cese for support from the Dlotesan Safeguarding Team. The Cathedral Safeguardin8 officer makes an officlal ieport to Chapter once per year and the subject of 5afe8uardir% 1$ 4 Standing item on chapter agenda$. St•tement ¢rf publi¢ befiefft As a Cathedral of the ChJrth of Ewland the Chapterfs slatLrtory PonsIbl11ty under the Cathedrals Measure 2021 is to be the seat of the Di0san Bishtsp a centre of worship and mlsskjn and to provide focus forthe life and work of the Church of England in the Diocese. The Trustees, report explains how Chapter provide5 a benefft to the public throu8h its SUPPOrt of the &i5hop and the Diocese's ongoing activtty. In addition, the Cathedral, through tts messa8e and ministry of reconcilijtion, reaches out across Cathedral Chwch ofSL Mlthael, Cthyrtry
RepJrt Df theTru5teE51or theyear wded 311toe£emIlO14 CAThE[L Coventry and Wapick5hire through its welcome to the bulldln& the varlety of worship. aNJ the Tale of activities and events provide(1 throughwt the year. Thls is furthef enhanced by Impact made in communitles in the United Kingdom and aCTOS5 the world Whe orBani5ations align themselves in membership of Communlty ofthe Cross of Nails. Pilrtlpal rlsks and un¢ert•lntles The rSsk re8lster Is rQWed annually by the Trustees. The Flnante. AwJlL and Risk Comrnittee have continued their coachbng of the Dean's Leadershlp Team in impffjwng the risk management structure. Ouring 2024 Chapter approved an updated Risk Policy and a Risk Appetite Matrix. Durin8 2025 these are Inforrnin8 the irnprovernent of our organisational Risk Assessment Ai ihe end of 2024 a summary ot our majw ri55 are: St taken to Man the Rlsk Contractual notlce period5 1 appriisal dlscusslons. Planned handover when needed. Olscussion in appralsal about career aspirations. Pay matching where possible. Flexlble workin8 Qptions •nd use of interims where required. Salary benchmarking to aid retention. Maintaining links with commercièl users lesp. unlversity for graduations). C105e fore51¢n8 and focus on eneraii unrestrKted income through all means. Close project timelines and Sper mana8ement. Accuracy and thoTOU8hness in bids from the outset to ensure all costs are covered. Monthly reportin8 of free reserves and ary eraOrdinary cash andlor lialilty. Ongoing monitorln8 of reseNe Ve1$. On8oln8 conversations with Church Commi55ioner5. Attion plan to train and ensure effective we of new finano system to reduce thls rlsk Loss or longttm absen¢e of key staff members Commercial income falls as a result of poor offer I difficutt selling envlronment Project ¢>verspend causing greater than expected draw on Cathe(Jrèl resources ReseThes are below required levels In addition, the following rlsks remain of concern in our register. but we are seeln8 Improvements whlch su est the are reducln nd will have reduced by the next review- Rtsk Ste taken to Pllan Risk Lack of dlv•r5ity in our commlttees. congregations and staff. which fail to re resent the communi we sèrve congregat5 redu Diverslty Plan created and belnK progressed. Der5y woven Into new governan and con5titutN)n work. Strate8ic plan to Improve the age deffgraPhIc through Welcome. FIMh¢lo1 re¥iew The result for the year ended 3151 December 2024 was a surplus of £67k. tetore investment galns. this is • E362k improvement upon the1£295kl deficit foryear eThled 31. Lknmber 2023. Several large Sncome streams contrknyted to this, includirvd E198k Surplus on the le of Rènutt Croft. accrual of 3 lega¢ies worth £122k and there were •150 improvements SS Events, Retail and Fur)dr•isin& •lrhc*U8h 8rants from Churth Commissioners down £Ik with end of the Brant in 2023 for ut4ty Iase& Thecathedral Chjthof St MKhael, Covrnlry io
eportolthe Tru¢sfor the yearwded 31# Ccembu2024 tAThEtRAL The Investnnts Creased ty £188k. this with the £67k Surp$ mentioned aFm¥e, less the pension actuarial loss of1£7kl. meant the funds increased by £248k. Unresiriaed funds increased by £132k Irom £4.751k to £4.883k, Aemiiued funds de¢aSed by1£48kl from f 296k to £248k and endowrrent funds ireaSed by £164k from £5.022k to £5.186 In December 2023 Cathedral uIrtd the yoperty at9-ID Prnry Row. Thbs was a strategic decision to acquire the final piece of land between Hill Top and new Caihedfèl ro allow future development. rt akn èllows the residential canons to be attommodated within the Caihedral precinct, thereby allowin8 them to more effectively deliNr their roles. In the short term this was funded by an interest free loan from The Lain8 Trust and will uMimatety be funded by sale of the existln8 hL)Usini for the canons. alon8 With the in¥estmefit property hekl at Far Gosford Street. ConstrUrtn work 15 e¥ed to com1r IA mb&2025 and be completed by the end of 2025. Free rèsèrves have intrtaséd in the yèar by £127k from £603k to £730k reflertini net movervent I unrestrited funds. 2024 2023 £IW f tK>Js 11651 138 Operatin8 pc61tn * yr end lrfrease I (Decrease) Sn Iree resen 112 J27 Inveslrnent polky and rformanCe The investment pollcy is that wlth fespert to the arnounts available for Investment, the charltV5 investment objective5 are to maximise and produce real grovrth in net investment Sncome whllst 54fe8uardi capttal values in real term5 over the lon8 temi and whils1 complyin8 with Church of England ethiul ivtstment policy. Real 8rowth Is measured by determlnlry gr¢>wth ab CPI Inflatlon. The Tru5tee5 re8ularly review investment policy of the charlty to ensure it ¢onilnues to meet the chan8in8 needs of ihe Organlsatft as It pkns for the future. As at 31 December 2024. equity investments were valued at £4,916k and are managed by CCLA Investment Mana8ement Llmlted. These fvnds are invested in C8F Oiurch of EnEland Irhvestment and Global Équlty Income common investment funds and a compliant with the Church of En8lènd elhlcal Investment ky)Ilcy. A further investment asset is the directty owned property on the eastern fringe of Covenlry city centre valued at £225k. Income from Investments was £172k1£156k In 20231 and net investment gains in the year were £188k (2023: É495kl. CCLA also manage the chedrafs Dèposlt account, which was £791k12023.. £638kl. Over the past five years to 31 December 2024. the value per share of the Cathedral's CCLA investments increased by more than inflation. In real terms o¥er t five year perJd. the bld prlce In the Church of England Invegiment Fund Increased in value 19% and the bid prte of the Gk)bal Equity Income fvnd Increased by 48%. Ruerves polky The objectNe of the crI$ reserves to ensure ihe provision of a(qu*e working capital resources by monltorln8 the le4Tel of ihe charitvs free reserves. Free reserves are lunds that are not tied up in fixed assets and that are unrestricted- includin8 dèsi8nated funds that have not been committed to speclfftc expenditure. The Tru5tee5 Conside that the Ve1 of free reserves throughout the year should be mlnlmum ol 4 mth$, worth of the W8eted expenditwè. At 31 ()ecember 2024. free reserve5 Increased to £730k12023= £603kl. Free reseives increased in terms of rnOnth worth of the relevant expenditure. arnj the cover now 5 months, worth12023.. 5 months. worthl. The CathedTrl Churrh ofst. MKhaeL Coventry li
Report of the Tru5tee5for the year ended 314 OecErrther 2024 C(WEy The. cash element of these free ieserves is bewE c105ety rnonitored with working capital requ1MentS being monitored closely. Goin8 ¢oncern The Findrice, Audit and Flisk Committee. monitor the cashflows of the charrty carefully. We recogni5e the impact presented by the general c05t of livin8 challenges and are %vorking to address these with suppliers and careful management. Having considered the budget for 2025 3n(J the cash flow PFQPCtnS and actions being tsken to address the free reserves wsilion. the Trustees arc confident that the charity will corntinue to be able to meet its 113bilities as they fall dile for the foresepablè. future. Ttie Trustees therefore consxlers that 1¢ 15 4ppropriate to prepare the financial statements on 3 Boin8 concern ba515. Role and responsibilities of the Caihedral Chapler The Chapter's respon51bilities are Set out m ihe ConstitUtn and Statutrs of ihe charity. They are, in brf.. 111 The Chapter must direct arKI overs¥e Ihe adn)Inist¥ation ol the affairs af the Cathedral.. and in performing that duty, the Chapter must in partkular al order the worship of the Cathedral and promote its mi55ion,' bl formulate, after eonsufting thp Bi4hop. proposa15 relatin8 to the gener?1 dircction and mission of the Cathedral.. ¢1 prepare an annual budget for the Chapter.. dl prepare an annual report for the Chaprer and annual account5 for avdit and 5ubseoLtenl approval,. el keep under review this Constitution and the Slatutes,. Coventry Cathedral . Constitution FINAL.. In5trumenl 518ned 13 Marth 2023 fl manage the property whKh Is vesred in the Chaptfr and the ncome accruing fr¢m it and, in partiCUr. ensure that any necessary repairs and malntenance In respect of the Cathedral and its contents and other buiklings and monuments are tafried out, 121 The Chapter must, wlthin len month5 of the end ol its linantial yvar, send a copy of tts accounts and annual report (o the Church Corvmiss¥)ncrs. the Bishop and the Chèf ity Commission. 131 The Chapter has the powers relatine to investmeni and other uses of money which are set out In section 24 01 the Cathedrals Measure 2021. 141 The Chapter is not permitted to use the powv.r tonferred by section 2928 of the Charities Act 2011 Isocial invesrment powerl. Statement of Tru5tees' Responsibilitles The Trustee5 are responsible for preparing the Trustees, Annual ReFrf)rt and the fin3nclal statement5 Irh accordan with applitable law and Unrted Kingdom Accounlin8 Siandards (Llnited Kingdom Generalty Accepted Accounting Practice). The tsw applicable to charitie5 in England & Wales requires the Trustees to prepare financial 5tatemcnts for each finaricial year which give a true and fair view of the stale of affairs of the charity and Df the incornin& resources and applkation of resources of the charity for that period. In preparing these financial statements. Ihe Trustees are requred to-. select suitdble accounling polKi?s and then aJply them Consistent,. observe the methods and principles in the Charities SORP 2019 IFR5 1021.. make judgements and estimates that are re3s0n3ble and prudent; stale whether applicable accotsnting standards have beerb followed.. The Cdl".edrèl Church of 5t. Michael. Coventry 12
Report ol the Tru5tee5 for theyear e¢Kled 31$1 December 2C124 CATHEtJUL prepare the financial statements on the going Concern basis unless rt is Inappropriate to presume that the charity will contirbue in operation. The Trustees are responsible lor keeping proper accounring rec.ords that d15close with reasonable accur3cv at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities IAccount5 and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsib for 5aleEuardinE the assets of the charity and hence lor taking reasonable steps lor the prevention and detpctKJn of fraud and other irregularitips. Dlsclosufe of Informatlon to the auditors We. the Truslees ol the charity who held offKe al the date o( approval of ihese Financial Statements as set out above each confirm, so far as we are aware. that. there 15 no relevant audit information of which the charity'5 aud6tors are unaware,. and we have taken all the Steps that we ou¥ht to have takcn as Trustccs In order to rnake ourselves aware of any relevant audit InforMatn and to establish that the COpanY'S auditors are aware of that information. This report of the Tru5tee5 on pa8es i ro 13 was approved by the Trustees and authorised for issue on 27th May 202J and is si8ned on 115 behalf by.. The Very Reverend John Witcombo Dean of Coventry Chalrper50n, Board of Trusiees The Cathedral Church of Sl. Michad, Coventry
CATHEDRAL Independent Auditor5 Report to theTrustees ol the Cathedral Churfh of St. Mirhael. Coventry Opinion We have audited ihe financial sraiements of The Cathedral Church of Si Michael. Coventry (the 'charity'l for the year ended 31 December 2024 which comprise the S13tement of Financial Acrivitie5. Balance Sheet. Cash Flow 5tatcmcnt and notcs to thc finoncial statemcnt5. includinE senificant accountiryg poliis. The financial reporting framework that has been applied in their preparation is 2pplicable law an(J Unrted Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reporting Standard 3ppIKablE in the UK and Republic ol Irelarid Ivnited Kirngdom Generalty Aicepted Aic¢)vniing Prac11}. In our opinion the fan(la1 staternents-. give a true and fail view of the state of thp charity's affairs as at 31 Dember 2024. and tsf its incomlng re5ource5 and 3pplicaiw)n ol resoufces. including lis income and expenijltvre, for the year then Ended,. have been properly prepared in acLoidance wilh Vnited Kingdom Generally Accepted Accountin8 Practlce.. and have been prepared irt a¢c¢rdan¢ wth the reouiremenis ol the Charities Act 2011. Basls lor opiniDn We ¢ordu¢ted our audit In accordance wlth Iniernatioral Standard5 on Audrtin8 IUKI IISAs IUKII and opplictsble law. Our responsibilities under thoge StanardS are fvrther descfibed in the auditor responsibilities for the audit of the linancial statements section of our report. We are indepen¢Jeni ol the charity in accordènce with the ethical requirements that are relevant to our audit ol the Iinancial statements in the UK, including the FRC'S Ethical standord, ond we havc f¥lfille(l our other ethi1 iesponsibililies in accordance with ihese requirements. We believe that the audit evenCe we have obtained is sufficient and appropriate to provlde a ba515 lor our oplnlon. Concluslons relailni to &re toncem In auditin8 the financial staiements, we have ¢oncluded thal the Trustpes. use of the going concern basis tsf accounting in the preparation ol the firtancial statements is appropriare. Based on the wo¥k we have performed, we have not icenlilied any mateiial uncertainties relating io events or condr(ions that, individually ¢y ¢ollectively, may cast significant doubi on thecharily's ability io continue as a goin8 corrern for a period of at least e1vé rnnihs from when the finan¢ial statements are authori5ed for i55ue. Our responsibilities and the responsibilit*s of the Trustees with re5pert to 8oin8 concern arc described in the relevant 5ertions ol this report. ¢Xhèr Infomatlon The other inlormation comprises the information Included In the Trustees. annual rvport, orher than ihe Iinancièl staremenrs Jnd our audttorf% report thereon. The Tfustees are responsible lor the other Information. Our oplnior on the financial slatemenis éoes nor cover the other inlormation and we ¢Jo not express any form of assurance conclusion thereon. Our re5F)onsibillty Is to read ihe other inforrnation and, In doing so. corbsk5er whether the othpr Informatit>n is materlalty Incons1Sterrt wilh the financial statements or our knowledBe obtained In the course ol the audit Dr otherwise appears to be materwlly mi55tated. If we Idcntify such material inconsistencies or apparent material n1155tatEtnents, we are required tn determinè whether this glves rise to a material missrarornent in the financial staternentS themselves. 11, based on the work we have pprformed. we conclude that there Is a mètedal misstaternent ol this other Information. ive are required to report ihat fart. We have nothin8 to report In thi5 iegard. the caldrI1 Church of 5t. Mkhael, Coventry 14
Matters on whith we afe quiTed to report exception We have nothing to report in respect of the following matters in relaiion io which the Chaiilies (Accounts and Reports) Regulations 2(X)8 require us to report to you if. in our opinion.. the Information given in the Trustees. reporl is inconslstent in any rnaterlal respect wlth the financial stalements,. or sufficient accounting records have not been kepl. or the financial statements are not In agreement with the accounting records,. or we have not received all the information ané explanatKJns we reouire for our audit. Responsibilities of the Trnstees As explalned more fully In the Trustees. responslbllitles statement set out on paRe 12, the Trustee5 are responslble for the preparation of the financial statements and for belng satisfied that they give a true and fair view, and for such internal control as the Trustees determine Is necessary to enable the preparation of financial Statements that are free from material misstatement. whcthcr due to fraud or error. In preparing the financial statements, the Tru5tee5 are responsible for assessing the charity's ability to continue as a goin8 COnrn, disclosin8, as applicable, matters relaied ttr Bolng concern and using the going concern ba515 of accourbtine unless the Trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do $0. Auditorf5 respon51billtles lof the autht of the Ilnanclal statements We have been appointed as auditor undef section 144 01 the Charities Act 2011 and report kn accordance with the Aci and relevant regulations made or having effect thereunder. Our objective5 are to obtain reasonable assurance about whether the linancial 5tatement5 as a whol¥ are free from material rni55tatement, whether due to fraud or error, and to issue an auditor's report that includes our oplnion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a materlal mi551atement when 11 exlsts. Misstatemenis can 3ri5e from fraud or error and are CDnsidered material If. Indiviéualty or in the aggregate, they could reasonably be expected to influence Ihe economit decisions ol users taken on the basis ol these financial statements. Irregularities, including fraud, are instances ol non-compliance with laws and regulations. We design procedures in Ilne with our Tesponsibilitics, outlined above, to detect malerial mi55tatements in respect of irre8vlarities, Includin8 fraud. The extent to which our procedures are capable ol detectin8 irregularities, Including fraud is detailed below.. Enquiry of entity siaff in cornpliante functions to identify any instances of non-compliance with laws and regulations.. Reviewing minutes of mectings of those charged with £overnance- RevwinÉ firbanckil statement disclosures and testirbg io supportin8 documentation to a55ess ¢ompllance wlth applicable laws and {lationS. Performing audit work over the risk of management override of controls. including testbng of journal entries and other adjustments for appropriateness. evaluaiing the business rationale of 518nificant transèctJns outside the normal course of buslne55 ènd revwing accounting esrknate5 for bias. The Cathedral Church of St. Mlchael Coventry 15
CAThEtNUL Because of the inherent limitalion5 of an èudrt.the.rc is a risk thatwe wll notdetett all IrrpRularities, including those leading to a material misstatement IN the financial statementsor non-compliance with regulation. This risk increases the more that compliance wilh a law or regulation Is removed Irom the events and iransactlons reflected the financtal staiemenis. as we will be less likely to become aware of instances of non- compliance. The risk 15 also greater regarding irre8ularitie5 occurring due to Iraud rather than errtsr, as fraud involves intentional concealment. foigery. collusion, omission or misrepresenlation. A further description ol our responsibltieS available on the FRC'S website htt www.frc or auditor5 dit-è5surance auditoT-s-res onsibilities-for-the-audit-of-the- descri n-of-the-audiror%E2%80%99 -res onsibilities-lor. This descriplion forms part ol our auditar's report. at.. Use of our report This report 15 made 501ely lo the charlty's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2W8. Our audit work has been urbdertaken so that we might state to the charlty's Trustees those matters we are required to state to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume resptsnsibihty to anyone other than the charity and the charity's Trustee5 as a body, lor our audit work. for this report, or for thc oplniDn5 w¥ hiv¥ foimed. LHrttr] Lucy Hatton FCCA15enior Staiutory Audiiorl For and on behalf of Dafferns Audit Limited. Statutory Audiror One Eastwood inley Business Park Coventry CV3 2UB 5 June 2025 The Caihedral Church of St. Michael. Coyentvy 16
Statement of Financial Artivities for the year ended 31 December 2024 Uwe5trirted Restrirted EDdty4me Fund5 Funds Total 1024 Total 2023 Note5 £i)yJs Income and endowments froTr. Donatiuns and It8a£ie5 Grants In support DF rnts$n Charges and lees in the course of rnIson Tradin8 and chargeable events Inve5rrnent5 orher galn on Disposal of Iixed asset 436 4S9 34 565 161 198 47 438 573 33 601 156 25 37 637 172 72 Tot81 IrKome 853 158 2.OLI 1.801 ExpÈhdltts an.. Rè151ng funds Chgritable Activities EducatioTh and outreach Cathedial and precincis upkeep Total txpertditure Net Incomln¥ re50Urtes before invest1 plns 499 596 135 511 L741 19 163 S21 770 139 514 561 773 151 61) 2.096 io li 183 112 1201 67 12951 Net ealns on Investmonis rovaluation Ilet Income 15 io 122 178 495 ZOD 1251 155 Actuarial110551 on pensbn scheme Transfers between funds Net mo¥em•nt in fvnds 22 26 io 132 23 13 164 Reconclllatlon ollunds.. Total funds brought forward Total Funds tattiedlorward 4.7SI 4.883 296 248 5.022 5.186 10,J17 10,C69 All amounts above are derived Irorn continuing operations and the tharkty has no recognised gains or losses other thèn these passin8 through the Staiement of Financial Activities. rhe Caihedral Church of 5t. Michael, Coventry 17
CCNENtRY Balance Sheet as at 31 December 2024 Total Total 2024 2023 £(XM)s £CQOs Notes Fixed 355ets Investment As5etS Investments and property 15 5,141 4,946 Tangible fixed assets Propertv Work in progress Fixture5 and fittin85 Total fixed assets 16 16 16 4,347 767 91 4,619 720 104 10.346 10,389 Current Assets Stock Debtors Cash at bènk and In hand 18 19 29 278 839 33 115 751 Total currÈnt assets 1,146 899 Credltors.. liabilities due within one year 20 11701 976 12191 680 Net current assets Total assets less current liabllltles 11,322 11,069 I 1,0001 10,069 Credilors.. liablllti@s due after more than one year 21 11,CKJ51 10,317 Total Det assets 28 The funds of the Charity Unrestricted funds Resiricted funds Endowmcnt funds 23 24 25 4,883 248 5,186 4,751 296 5,022 Total Charity funds 10.317 10,069 These linantial statements on page$ 17 to 35 were approved by Ihe Trustee5 on 27th May 2025 and aLrthorised for issue and are signed on it5 behalf by.. The Very Reverend John Witconibe. Dean of Coventry Chairporson. Cathedral Church of St Michael, Coventry. charlty 4umber 12042S7 The Cath¢dTrl Churchof 51. MIL*bEI. Co¥enlry 18
Cash Flow Statement for the ear ended 31 December 20Z4 Total 2024 £OOOs Total 2023 £OOOs Cash flt)wg from operatlng actlvities.. Net cash inflowlloutflowl by operdting activities {5ee note 271 1295 11831 Cash flows from investing artivities.. Puichase ol Investments Purchase ol tangible fixed assels Sale of tangible fixed a55ets 147 437 17201 Cash flows from finan¢int 3rti¥itles: Recebpl of loiig term Laing Loan I,wo Change in cash and cash equwalents 96 Cash ¥nd Cash equivalents at l January 655 Cash and cash equlvalents at 31 December 839 7SI Thp Cathedral Church of Sr. Mlchael, Co¥entry 19
Notes to the Financial Statements forthe ear ended 31 December 2024 l. Prlncipal kcountlng Pollcles Basis of attountlng The Cathedral 15 a charity registered in the UK and a pubhc ber)elit entity as defned by the Statement of Recommended Practice for Charitie5 IFRS 1021. Therefore. the financial statÈmÈnis have been prepared in accordance with "Accountng and Reporting by Charities.. Ststèment of Recomrnended Practice applKab to charities preparing their accounts in accordance wh the financial reportinK standard appfKab n the UK and Republic of1rclond IFR51021, leffective 1° January 20191" and thp. Charities Act 2011. The financial statements have been prepared under the hisrorical cost conventn except that fixed asset Invcstments are included at fair value at the balance sheet date. Curréncy The linancial statemenis are prepared in Sterling. which Is thè functK)nalcurrency of the charlty. Monelary amoun¢s in these accounts are rounded to the nearesi thousand pound Golng Concern The TfLlStees are satisfied thot thp charity has adequate resources to continue to operate a5 a BQW18 concern for the foreseeable future and have prepared the financial statements on that basis. Income and empendlture Income from tollettions and other donations b5 reco8nised when recewed by or on behalf ol the charlv. Income from grants and legacies is recognstd when notifpd in writing, any conditons rebted to the entStlement have been rnet and the amount can be measured rcliabtr. fjrani income includes a grant from the Church Conimlssioners to lund the stipend costs ol I he Dean and two residentiary canons which are paid by the Church Commissioners, the costs of whKh are shown With >laff costs. Income from investrnents IS re¢o8nised when receivable. Invesrment income from Cornmon Investment Funds mana8ed by CCLA Investment Managers Ltd is ¢¢n51dered receivable when dividends are dedared. Net 84iins and losses on inve5tmenis are reco8nised when invpstments are sold and on revaluation Expenditure lincluding deprecation and pension costs- see below under'A5set5' and 'Pensions' respectlvely. and the costs of repairs. restoration and m31ntenance of the Cathedral) is accounted for on an accruals basis and Ss allocated to the folowing cate8ories in the Statemeni ol Financial Activit*s.. Raislng funds,. Ministry; Fducation anij outreach." or Cathedral and precinas upkccp. Costs of shared support are albcated to these caregories as lolbws". Property Staff costs are allocated In propOrtn to ihè dffect cosrs ol these categories, but in th ¢ase of the 'Raising funds, category, takin& instead of the direct C05t5. the incomc raised from trading, fundraising and investments. Other support costs are allocated in prowrtion io the lulkiiffle equivalent headccluni for staff enga8ed in those activities. The Ca',hedial Church OISI. Miihael. Coveniry 20
CCWEMtRY CATHEDR Notes to the Financial Ststements forthe year ended 31 December 2024 (cont'd) Tangible fixed assets Consecrated Cathedral Property is excluded from the financial statements as it is considered that a reasonable estimate. ol the cost cannot be made. All expend.ture incurred on consecrated Cathedral property and moveable church furnishings. whe.thpr maintenance or inprovement. is wrtiten off as expenditure in the Statement ot Financial Activities. Tzngible fixed assets comprise property and rtems of equipment and furnishings c05ting more than £S.CKX) per item which are expected to be used in more than one year and which are held lor use In m n$tfy or for dministrative purposes, taking the long-term view on the purpose for which property is held. fangible fixed assets are stated in the Balance Sheet at cost. Freehold land and the annexe are nat depreciated. DepreCtn on other tan8ible fixed assets i% calculated at rates estinated to write off the excess of cost over Ihe o5tirnated residual value over the estimated useful life of each asset as folkjws.. Freehold buiklin85 Computer equipment Other equipment and furnishings 50 years 3 year5 Bctwccn 3 ond 10 year5 Stock StOLk is valued at the lower of cost and net realisable value. Financial instnjments Investment assets rKlude shares In investment funds and property held to earn rentals andlor for capital apprecialion. Investment assets are shown at lair value. Dobtors aro measured at transatlkin prices less proviSi()n for any impairment. Crodrtors are measured at trar15action prices le55 any amounts settled. Cash at bank and in hand includes cash equivalent5 such as cash held in the CCLA CBF Deposit Fund repayable on demand and cash held In a Buth48 Society account. Pensions Defined conlributbn pension 5cherne5'. contribution5 are charged io the Statement of Financial Activities a5 Ihoy become payable in accordance wlth the rules of each scheme. Defined benefit pension scheme.. where ihe scheme IS in deh.cit and the Cathodral is rcquired to make defKil recovery contributions, a liability lor this obli8ation 15 reco¥ni5ed in the Balance shee.t. The amount recognised Is discounted to ihe net present value of ihe defKrt recovery iontributions payabk, calculated Using the dtscount rates detailed in the notes to the liability ffj the Balance Shoet. The unwinding of the discount rate is recoRnised withln expetbdrture in the Siatement of Financial Actfvities The Iiabillty and movements in the liability are allocated lo endowment funds which are expectod to generate Invc5tment ncome suffic*nt to cover the deficrt contributions. Defkrt recovery conrributK)ns acrually p3d In the year are transferred from unrestricted funds to endowrnent funds. See a150 note 22. Funds Unrcstrictod funds are cxpendab at the discrction of thc chariiy in furtherarhce of the ministry of the Cathedral. The charity may set aside part of its unrestrKted funds to be used for particular purposes In the future. Such funds are called "designated funds" Restricted funds are subptt to specffj conditions laid down by the donors or by le8al rnea5ure as to how they may be used. Endowment funds. a special kind of resrricted funds, are those held on trust for the benefit of the Cathedral a5 a capital fund. One of the charity's endowment funds is cornprised of endowment property. The charity's other endowment funds are invested to produtt a reluin. The Cèrhedral Churth of St. Wichael, Coventry 21
CATHED 2. Donatlons and legacies UnrÈstriited Re5trirttd EThltyrnent Total Total Futhds Fwd5 FuTrJs 2024 2023 £tWs ÉOW5 £QOOs congregatnal andcèihedrèl community coweciions and ios 210 27 19 89 254 ?R 22 Donaiion5 Tax T¥tt>vÈrable under Grft Aid Incorne from Alkhurches Trtssi cies 25 19 122 122 45 436 47 438 3. Grants In SUPPDrt of mi55ion Unrestrlrted Re5trirted Endowmènt Funds Funds Funds 05 Total 2024 £I)iXls Totsl 2023 £0 Church Comms1One15 Diocesan grants Other revenue grants 269 137 53 269 Iso 65 368 150 55 13 12 459 25 573 Dlocesan grants In the year of £150k Include £13k12023.. £15kl for St Cknre's at the Cathedral. 4. Charitable Actl¥ilies Unfestritted Restrirted Enthrnerbt Totsl Funds Funds Fund5 2024 £0Tr)5 £CWs Ttsl 2023 £OW5 Coniribulions itswards cosis incuried in ihé £otsrse ol mission Facllity antl f)ther lees 13 20 31 31 34 37 33 The Caihedral Churchof St. thchael, Coventry
CATHEDRAL Notes to the Financial Statement5 for the ear ended 31 December 2024 cont'd) 5. Trading and chargeable ertts Unv2strided knstricted Endowrnenl Tatal Fund5 Fund5 £orx)s £fyX)s Fund5 2014 2023 t5 £th)Os £0 Entrance cfv&rge5 to In5itiY5 ChJr8es for iovrs Income from leitings ef £athedial ènd o:he." bulllirTr8S Income from events Gr05s incDme of shop cafe and ether tiadm8 actleS comrn155n income from sa5 by thwd part5 13 69 149 ij 15 Sri 238 149 194 210 io J9Ct 72 637 foi 6, Investments uhrest(Eld RestCted Endowmeni Total Tal Funds Funds 1024 2023 £LWOs ÉtyJ05 £Cth EOC)5 Income from Inve51ment property Income from other Inve5tment5 Interest recefvablton short4erm deposir& 17 Ico 17 L6 132 161 IL 172 156 7. Other Income Urtrtstritttd Rtstrttted EThlowment T1 Funds Funds Fund$ 2024 £$ £QOOs Total 2023 £c Gain on disosal of lixtd a5Stt> 198 8. Ralslng fvnds UnlE51rlert Re51rided Endowrnent Funds Fund5 Fund5 Écths ÉOOQS Total 2024 Total 1023 ÉLV)5 £(IJOs 94 239 99 86 254 120 Evenls and tradin8 and lettin8 General marketin Support Costs 235 85 85 14 89 ioi 499 19 521 561 The Caihedral Church of Si. Michael. Co¥entry 23
Notss to the Financial Statements for the year ended 31 December 2024 (convd) 9. Charitable Artiviiles Unremicted Bestritted Endowment Total Funds Funds Funds 2024 £OLK15 £0005 EofwJ5 E0005 Total 2023 EO( Clergy siipends cter£y housinE Recunciliation mlThistry SeNices and mu51 Other min15try support Costs 136 55 46 227 40 176 55 86 263 57 133 160 52 82 272 54 153 37 34 si 126 596 163 li 770 773 10. Educatlon and outreach Vr¢sirkted Rt5trirted ErJowment Fun¢ts Fund5 Fund5 £orpJs £05 £OLX)s Total 1024 LXKIS Total 2023 6£ 65 65 Chariiable ènd other85n6 Support C0515 63 67 7Y J35 139 151 11. Cathedral and precincts upkeep Vntestrkned Re%trlrt¢d Ethdowment Fynds FId$ r+ds Os £or Tot 2024 Total 2023 £OOOs Ma repalrs ard resioralv)n Minor repèirs and maintenance Ut14tles Cathedraland preciThcts •surxbre Support C051$ 75 199 75 2¢7 114 183 53 54 137 56 44 sil 514 611 The Caihedral Church ofst. Michael, Coventry 24
CENt[ty Notes to the Financial Statements for the ear ended 31 December 2024 (cont'd) 12. Analysls of wesources expended showing all¢¢ation of support costs 2024 2023 Dwert Support C05t5 C05t5 Total OOOS £o(Kis £OC¥)s Dirtct Support Costs Costs Totsl £0005 £000s £0005 Rai51n8 fund5 Ministrv Education and outreèch Caihedral and preEinas upk¢ep 43 637 72 89 133 67 4b 511 770 139 514 46Q 620 Loi 153 561 773 73 557 78 54 611 335 1.944 l.71U 386 2,096 An•fyi15 01 iuppwt costs ZOZ4 2023 £1)005 £0fy StAfl costs Other Adrninistr41ioD co45 99 2¥7 231 335 13. Staff Costs and numbers Ilncluding clergy) and related party transa(tions 2024 2023 Sliptrnds Wages and 5atsrles 177 160 6$6 40 55 911 Pension c¢sts 55 Full time Èqu5valent paw 51afl- pèrmanent Full time equSvalenr pakl - iasuè Full time equivalenr pald staff - members ol stafl 27 31 32 36 During 2024 the monthly average number of stafl was 3812023.. 401. L¢)oking at these statf as Full-rime equivalent roles, there were 32 in 202412023.. 361. In addiiion to the pald Members of staff thc Cathedral relies heavily on the support ol volunleers. Key management personnel are considered to be the Dean. the Residentiary Canons and the Cathedral Administrator Ichief OperatinB Officerl and their aggregaie remuneration inchJding social Security and pension costs was £204,61412023". £178.SS41. The Dean and two Canons recewe stipends in regpect of their servlces to the Church ot England. whiih are set diid covered by a grant trom ihe Church Commisslonery. One Èmployee had total emolumertts wffhin the year Ehot fell wr(htn the banij E60,0(K) - £70,o(2023.. one). I'here were no Trusrees who recei¥ed remuneratK)n in respect of theii p051tiori12023.. nonel. Durirsg the year three12023.. three) Trustees were reimbtsrsed expenses. including some travel oversea5 as part of the Cathedral'5 mirhislry, totalling £3,17512023.. £1.1791. Charity Trustee liability cover of a nominal amount of £.1,( is provided as part ol the Cathedral's in5urance5. The C3thedfal Church OF 5t. MKhaÈl. Coventry 2S
CAThEtNUL Notes to the Financial statements for the ear ended 31 December 2024 {cont'd) 14. Net incoming/ loutgoingl resources for the yeav Net incomin81 lout80in81 resources for the year are slated after charging= Z024 2021 Auditors rernunpration lor . Audit serwces Other 5eMces D¥prlIa11un -Endowment -Unrest.'icied .RevL'rsal on transition to FRS 102 (note 16 Irreeaver•ble VAT ID io 17 29 17 32 15 45 15, Inve5tment5 Vnrnstrirted Restrlned Enduwment Funds Fund5 £CO0s Total 2024 £OtsJ5 £(Ws 2023 F•lrvilue I lanu Addiilon5 Net Gain 1110551 on revahJatSon Fair value 31 DKernbEr 495 4,451 4,Y6 4,450 io 178 4,636 495 5,141 Unr5tricted Rstfided En¢Jowmént Funds Fund5 Funds £(QOs £CbJQ5 Totil 2QZ4 £iThXls T•t•l 2023 IQOOS The Investments at 310ecemberwere trld •$ lollow%'. CLL4 knvstmtnl mènage15 Property at 129 FarGosftrrd Strtei. Coventry 4,411 225 4.916 225 ,721 225 9)5 4.636 5,141 4,946 The value of the property ar 129 Far Gosford Street was last determined from a valuat>n by an Independent commercial prop.Tty a8ency in December 2021. The trustees do not eonsider the fair value to have chan8ed materially since that date. The Caihedrèl Church ol St. Michad. Coventry 26
[(NEy CAThEtMUL Notes to the Financial Statements for the year ended 31 December 2024 Iconvd) 16. Property. equlpment and fvrnishings Tho now Cathedral was completed in 1962. adjacenl 10 the Ruins of the old medieval church thai was destroyed in 1940 and under ihe guidehnes Deither the new Cathedral nor the Ruins are duded in fixed assets. The Cathedral and its contents were insured duwing the year lor a value 01 £64,Y04.76012023". £63.469,7601. Priory Fr•ehold Row Equlpment nd and Work in and build•np Progress fMiShIngS £OOOs £OOOs Total £OOOs Cost l January 2024 Addtlions sposals 310ecember 2024 5,273 720 47 552 6,545 47 13391 4.934 13391 6,253 767 552 Depreclatlon l January 2024 Depreciation on disp05)ts Chargt lor the year 31 Dernber 2024 654 11021 35 587 448 1,102 11021 48 1.048 13 451 N¢t book value 31 Decernber 2024 4.347 767 91 5,20S 31 Offernber 2023 4.619 720 104 S,443 Included In Freehokl land and buildings are youcll House, 8ardsley House, 8. loa and 11 Priory Row, HaEh Lodxe, Dewis Lod80 and the Prece.ntorfs. Canon Pastor's residences ancl the Pavlion. Included in freehold land and buildings is the Annexe completed and brought iato use in 2023. Following the accounting policy set out In note I, the Annexe. is held al cost of £3,297k and is not depreciaied. Last year £31k ol historic depreciation was reversed due to the adoption of this polKy. 17. Syb51diary undertakings The charity owns the whole of the issued share capital of Coventry Cathedral Trading Limited. £1. The Company was Incorporated in England on 9 February 2018 and accounts have been prepared for the year ended 31 December 2024 during whKh the cornpany nor trade. n)È Cathedral Church Df St. Mithael. Co¥entry 27
CCNE CATrEtKJL Notes to the Financial Statements forthe year ended 31 December 2024 (cont'd) 18. Stock 2024 £QJOs 2023 fwos Good5 for re5 29 33 19. Debtors 2024 £IQOs 2013 OOOS Trad OFbtor5 PrEpdymvnts Accrued Income 91 42 12 61 115 278 20. Credltors: liabilltles due withln one year 2024 £15 2023 £00 Trade Creditors Other Creditors Accruals Deferred Incorne VAT Defined henelit pension liability 20 io 8B 35 15 69 65 63 li 170 219 21. Credltors: liabilities due after mort than one year 20Z4 2023 Defined benefir pension lièbilitv Laln8 lon8.term loan i.coo The Cathedral Church of51 Mlchael, Coventry
c(NE[Ry CAThED Notes to the Financial Statements for the year ended 31 December 2024 (cont'd) 22. Pension provision The main pension scheme which ha5 been offered by the Cathedral to its employees is TPT Retirement Solutions, in previous years this was provided by NEST, the workplacc pension set up by government, a150 a dcfined contribution scheme. The Growth Plan l-the Plan"), a multi-employcr p¢nsion scheme provides benefits to some 638 non-3550ciated participating employers. The scheme 15 managed by TPT Retirement Solutions which was a defined benefit pension scheme until September 2012. From October 2012. all contribullons are made into a defincd contribution section of the Plan. The scheme is subject to the fundin8 le8islation outlined in the Pensions Act 2004 which came into force on 30 December 200J. This. togerher with document5 issued by the Pcnsions Regulator and Technical Actuarial Standards issued by the Financial ReporttnB Couniil, 5¢1 out the framework lor funding defined benefit occupalional pension schemes in the UK. The 5chemo is classified ds a 'last-man 5tandin8 arrangement,. Therefore. the company is potentially liable lor other participating employers, obligations if those employers are unable to meet their share of the Scheme deficit (ollowing withdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. At 31 December 2019 there wès one active member ol ihe defined benefit Plan employed by the Cathedral, who on retirement triggered <1 cessalion evenl. During the "period ol grace" Chapter decided t0 Set up a new section in ihe TPT scheme and make this pension scheme the organisatlons default pension scheme, offered to all Staff who were eligible to join. The Trustee commissions on actuari31 valuation of the Plan every three years. The purpose of the actuarial valuation is to dctcrmine the funding position of the Plan by comparing rhe assets with the past service liabilities as at the valuation dale. The rules of (he Plan give the Trustee the power to require employers to pay additional contributions to ensure that the Plan has sufficient assets to meet its past service liabilities. It is not possible in the normal course of events to identify on a reasonable and consistent basis the share of undèrlying assets and liabilities belonging to individual participating employers. Accordingly, due to the nature of the Plan. the accounting charge for ihe pèriod represents the employer contribution payable together with any chanse in Lhe provision for future deficit payment5. A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £5 14.9m, liabilities of £531.Om and a delicit of £16.Im. To eliminate this funding shortf311, the Trustee has asked the participating employers to pay additivnal Ideficitl contributions to the scheme. The Carhedial Church 01st. Michael, Coventry 29
Notes to the Financial Statements for the year ended 31 December 2024 (cont'd) Deflclt ¢ontrlbutlons Contributions to settle the defined benefit pension deficit liability and associated plan will conlinue at £667 per month for the first three months of 2025 and then from l 4>ril 2025 will decrease to E634 per month. The January to March 2025 payments of £667 comprise of £305 for deficit contributions plus £362 for the plan expenses. April 2025 onwards the monthly payments of £634 will comprise of £210 beln8 deflclt eontrlbutlons and £424 per month for the plan expenses. ASSUMPTIONS 31 December 2024 31 December 2023 31 December 2022 % per annum % per annurn 5.31 % per annum 4.96 Raie of discount The dlscount rates shown above are the equivalent slngle dlscount rates wblth, vthen used to dlscount the future recovery plan coTrtributions due, would give the same results as usln8 a full AA corporate bond yield curve to discount the same recovery plan contributions, 2024 Al l January Actuarial I5 Payments net of ¢h•r8es knihe •r At 31 Dècèfflr iwllfftles Includ thIrt d1)r$ •s fe41tr•A: Due wY<hin one year (note 2Q) Due afterone ar {le 211 Thecadl ¢hJrth of*. Mthod.Coven
Notes tothe Financial Statements for the year ended 31 December 2024 Icont'd) 23. Unrestrirted funds Net Beco£nised As at 1st Irthmlng GJln5 OTr Asat Jan Fund5 Inve51ments Tran5fer5 31 t)ec £(X)J5 £(5 oc £0005 £Crf>05 Gener31 Fvn Covid RecoVeryDesna1tO Fund Iprevious Annexel PropErty Projects Desi8nated Fund Canon5' Hougin8 Dp%4nhled Fuod Prbry Row Car)oNs' Housing De51gn•red Ruins Desi8nated Fund Ifoimerty Rui15 AestoratnI Education Desnated Fund (Formeify General Edu¢aii¢)rtl Missl¢n Desnaied Fund IFormeily GeneralCathed¥al Partntrsl 4.415 114 io 4.53q 114 18 21 ioi i( 27 28 Congiegotional Life Des48nated Fund (Fwmedy spirit of Litel Travel Oe518noted Fund (Former fraverj Reconciliation Ots*naitd Fund IFofmprty fjtTreral io Events DesiEnited Fund (Forrnerty E¥ents SustsinJbiktvl P¢n5TOD5 payrneDt5 transfer Generol Mu5tc De518natee Fund IForrnerWGeneral l2 12 37 Ji 751 io io 4I83 The Cathedral Church of 5t. Michael. Coveiiry 31
Nrtes to the Financial Statements for the ear ended 31 December 2024 cont'd 24. Restricted funds A5atl January Transfe Asat31 In¢ome Expendlturo Ito December £01)0s desienaiedl ComTrunity of the Cr05s of N4115 Intern SLPPOrt centry Peace P"ize Local Reconillia¢ion Proje(ts St aare's at the Cathedral 43 25 42 14 IJ 93 52 Clergy vestments Restoratlon Project Organ Recblals and Rep31r5 Crypts-wo'ld Monvmenr Fund Ch3pel ol Unity Heat# Project Rebuld Arts Prog-èmme Arts and ReconciliatKITh 14 io 18 io 12 51 18 io 12 Various other i¥siiKied luiith 67 26 29 296 158 Z46 Community of the Cross of Noils f-CCN~}. To be usedfor the work of co-ordinatlng CCN tefttres worldwide ond hosting pilgrimsfrorn tliem. Intern Support. For grunts and donotions received t0 5UPPOrt the reconcjliation Jnterns ond the cosr5 of hosiin9 them. Coventry Peace Prize. Por the oword olthe Peoce Prize by Cily portners, the Cothedrol. the Lord Muyor, rhe universities ond the 8ishop. Locol Reconciliotion Projects. Thi5 fund was set up In 2015 for grants for reconcillation projects in the City of Coventry. St Clore's ot the Cothedrol. Thi5 fund was scl up in 2017 with a gr&nr from the Coventry Diocesan 8oard ot Fiftar)ce towards the costs of starting St Cl3rt's as a new church community based at the Cathedral. Clergy Vesrments. This fund is lo fund the purchase of Crgy Vestments. Orgon recitols ond rep(JJr5. Thi5 fund Is for donatn5 towards the costs of repaKing the Cathedral organ. Orgon restorotion. For the restoraiion of the organ. Arts & Reconciliotion. For the Arts and restoratKsn work Crypts - World Monument Fund. This fund was set up in 2014 for to fund the rgnovation and re.opening of the crypts under the ruins. Chopel of Unity Heotin9 Project. To support the repair and future mairttènanco of the Chappl of Unity heating system. New CLrtheOrol Gloss Fund. This lut)d holds donations made from the public to repair and protect the angel on the Hutton Screen, and any future repdirs to other modern 8lass in the Cathedral. Cathedrol Portriers. Ihese turM15 are held to support the Cathedral's ministry of reachi¥ people on the fringe and beyond. Rebuild Arts Programme. Fund set up to support our City of Culture Partnership Project-the Rebuild Arts Programme from 2021-Z2. This fund saw a significant grant from Art5 Council England. Arts Reconciliation to be used for arts & reconciliation work only. Various other restricted funds. Monies grven for 5pecif actwities 01 projocts that are accounted for separatew but which do not have income or expenditure or a balance brought forward or carried forward in exce55 of £lO.u. For more details on transfer5 See Note 26 to the accounts. The Cathedral Church of St. Mithiel. Coventry 32
C(NMRY Notes to the Financial Statement5 forthe year ended 31 December 2024 (cont'd) 25. Endowment fd5 G•lTh5, Ltrsse5 and Tran5fEf5 EOC¥)5 As at 1st Jan AdditioThs Expenthture £(Ws EC £ot)5 A5at 31 De( Property KenAwarth Stwend5 Knilv40rh FobFI iw Ecuc31k)n 574 1350 557 1,394 44 281 178 97 17 298 186 John p e¢wen Caihedial 018an C%DralEndowmeit Fun*J GenEral Endowrnent Domond Endowmtni 14 Z2L i7 1.613 5.026 61 1,683 5.193 17J. ?0 U7 -131 1201 Less Pen5v)n abl1¥ 5.032 io Property This fund consists entire of endowed property. This is Youell House, 8ardsky House, Haigh and Dewis Lodges and the Cathodral's buildnBS on Priory Row. Kenilworth Stipends and Fgbric These funds were donated by ihe Kenilworrh Trust atNI are invested. The income from the investment5 15 restricted to provislon of staff and maintenance of fabric respeufiiely. Higgs Education The income from this endowment is restricted to the provbskjn of education withln the Cathedral. Choir Scholarship The Income from this endowment Is restricted io the provislon ol scholarships for choir members. John F Bowen Cothedrol Orgon This endowment produces income to asslst with the costs ol maintainin8 the Cathp.dral's organ. Chorol Endowment Thls endowment was set up in 2016 to produce incorne to help fund the costs ol ihe choir. Generul Fndowment This endowment was set up in 2017 to produce incorne to help fund any Cathedral costs. DiÈ7monGI Endowmcnt F.ndowment fund cre.ared for the Diamond Jubilee with the aim of achleving £IOm to sustain the ongoing ile of Lhe Cèihedral The Caihedral (hurch of 51. Michael, Coventry
CCWEWRY Notes to the Financial Statements for the ear ended 31 December 2024 cont'd 26. Tran5fer5 between funds General Restritted Endowment Total Fund Fltnds Fund5 2024 £05 ÉO>)s £ Pension dcficit conftibutlDn5 pai¢J In year General Fund 14 io 231 13 27. Net cash provided by operatlng actlvllles Total 2024 TDtal 2023 £OfyJs EOOQS Net mo¥emtnt In fund5 per SOFA Adiu%iinent5 for.. Actuarial Igainl/loss on defined benefit PLY)slon schem Net Igainslllosses on revaluation of investments Oepreciation GaSn on diswsal ol fixed asset Payme.rit ol delined ben11 penOn liabilitv Movement in stotk Ilncre3sel/Decrease Irj debtors ncrease/lDecreasel ITh creditors Net cash used by operatin8 att4vitie5 248 200 11881 48 11981 141 14951 18 11631 1491 217 11061 28. Analy515 of net assets by lund type Unrestrlcted Rostrlrted Endowment Total T•t•l Fund5 Funds Funds 2014 2023 E(Ws ÉOC•)s £0005 Tangiblo Fixed Assets Investment Assets Cash at and in Hand Stock and Debtors Current Liabilitie5 Long Term LiabilitiEs N¢t Assets 4.648 557 5,205 5.443 4.636 5,141 4,946 839 751 307 148 121 11701 12191 I.IX)51 Ll,0001 5.186 10,317 10.069 591 307 11681 li.DWJI The Caihedral Churcn of St. Miihad. Coventry
(ATHED Notes to the Financial Statements forthe ear ended 31 December 2024 cont'd 29. Analysis of the Statement of Financial Activities for the year ended 31 De¢ember 2023 by fund type The 2024 statement ol Financial Acttr41ties only shows the 2023 comparatple data in total. The statement below shows the 2023 comparalNe data by fund type as well. UNesirid¢d Restrldod Endowmènt Funds Furthds Funds 0005 Total 2023 Intome ind erbdowments from.. DonotK)Trs and legacie5 Grants in support ol mi55lvn 318 120 438 573 33 537 24 $26 136 1.541 36 Tr)cling )nd thorKtrJNe event5 Investments Total Income 75 601 156 1,8Qi 253 Expenlrlurt oo.. Raising Funds Chariiable Activit*5 Lducation and ouireach Cathedial ènd precincts upkeep Ttribl •xpenditur• Net Incomlnil lou4ofjn81 resou•5 befo Intlmentio1n% 467 561 138 S34 1.706 91 l97 io 75 373 561 773 151 611 1096 12951 17 11201 Net 8ains / Ilossesl on iThvestryents Net Incomel {exPerrture1 95 400 390 495 200 Iiioi Transfers beiweeTh funds Net mo¥emeni In fLM)ds 21 136 12041 13141 388 Reconciliation of furKIs: Totèl fun(Js brov8ht forward Tot•1 Fynds cavried lo4d 4A+lS 4.75L 62¢ 296 4,634 9.869 All other amounts above are derNed from continulng operations and the Cathedral ha5 no recognised gains or losses othor than these passin8 throu8h the Staternent of Financial ActltieS. The Cathedral Church of St. Mirhael. Coventry 35