Registered Chorilji Ivumber." 1204456 IBooolQQQQQloQoll , oooooolr viloooooo, The Cathedral Church of St Peter and St Wilfrid in Ripon Annual Report and Accounts For the year ended 31 December 2023 The Cathedral Church of 5t Peter and St Wilfrid in Ripon ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED31" DECEMBER 2023 Index Pige Legal. adrnini51Tative Information and organlsational struttures 3to5 Annual report of Chapter 6t016 Audit report 17ty19 Statement of finanrial actI￿tieS 20 Balante sheet 21 Cash flow ststement 22 Notesto the cash flow ststement 23 Notes to the accounts 24to40 The Cathedral Church of St Peter and St Wilfrid in Ripon ST ANNUAI REPORT ANDACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 The Cathedral Church of St Peter and St Wilfrid Reference and Administration details ritle: The Cathedral Churth of St Peter and Stwilfvid in Rlpo Registered oifice.. Ripon Cathedral oir The Old Courthouse Minster Road Ripon HG4 IQS Tel: General ernail: Website: 01765 603d62 postmasteT@rlponcathedral.org.yk www.riponcathedral.orB.uk Charlty number. 1204456 Constitution adopted Isih May 2023 in accordanct with the Cathedravs Measure 2021. Registered Chaiity Status athieved ¢)h 23Td Auzust 2023. Worklng Name: Cathedral Members ol Chaptsr: The Chapter The Chapter Consists of nine member& In addition tothe Dean and the ihree Reydenti3ryCanons, there are Six Other ordained and lay member5 holding appointed or eletted position> membersof The Chapter arelrustees under theChar¢tiesAct. The Chapter 15 made up ès follows".- The Dean The Very Re¥dJohn Dobson DLICThairl The Residentiary Canons Canon Atlsa Newbv Canon Mithael Gisbouff Canon Matthew Pollard Canon aasre Renshaw (R￿•red February 20231 IAppointedApril 20231 Lay Member5 Professorjoyce H￿1 IRdiTed Wil 20231 Canon &r Andrew Lawson-Tancied Canon Andrew Kitchingrnan The Ven Clive Mansell Canon Dr Richard Noake Canonjulie Mo(xty IApkK*inled September 20231 Advisors to the Chapter: Operatiohs and Finance: Chief Oper31ing Officer MrsAryJanda Anderson Iwinted A￿uSt 20231 Directorof Operations Acting Director of Operations Missjulya Barker Mr5Anr* Groves ILeftJanuary20231 Uanuary 2023-Au8USt 20231 Chief Finance Officer Finance Manager MrsAnr* Gio¥es MrsAnne Groves IAppointed September 20231 Irrtle Cha￿eseptember 20231 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED 31" DECEMBER 2023 The FinaTh¢e Committee.. Mr Andrew KitchinBrnan lakirl The Very Revd John Dobson Missjulia B3rker Mrs ATrne Groves Mr Richard Coad Mr Tony Humphries Mr Raymond Edwards Mrjohn Groves Mrs Beki Stullion Mrs Manda Mcconnell MfsAman¢Ja A￿derSOn ILeftJanuary 20231 ILeft March 20231 Ileft Sept 20231 ILeftJuly20231 IApwiinted Juty 20231 IAppointed Au8USt 20231 The FabrlcAdvi50ryCommitiee Mr G￿wilSon Ichèirl Mi Mick stsnley Mfsjène Furse Dr Stuart Harrison Revd Canon Richard Cook Mr Andrew Graham Mr Christopher Hughes Mrfim Ayres Mrs Lovi5e Priestman Ms RhianTh)n LawrenctrFrantis Audit & Rtsk Commlttee MT lan Bèlland Ichairl Mr Mark Chidley (Chairl Mr Ro￿n litten Prof Phyl HuBhes Mr Chri5 Whapples MrAndy Morrison IRetirÈd April 241 IAppointed May 241 Norninations Commlttee (formed under newconstitutionl Canon Andrew thchingman ISNEM-(hairl The Very Rèvd John Dobson Mr John Robinso Mrchris Sharp IAS Sarah Hollins IAppDintedAugust 231 IAppointed AuRust 231 IAptK>inteil IAu8USt 231 IApw>inted August 231 IAppointed Au8USt 231 Catheth81 Staff The Chapter is sUP￿rted bylhe Catl*dral staff and those who are¥olunteÈr& ThefjroperatKsns are led bythelollowin8 managers.. Heads of Department Missjulia Barker Mrs Anne Groves Mrs Amanda Anderson Ms Jo Bussey Mrs Anne Grove5 Directorof Operations Acting Dirertor of Operations Chief Operations Officer Director of Develop￿￿nt Finance Manager Chiel Finance Officer Director of Music Head Verger Retsil ManaBer ILeftJanLWry 231 (January 23- Au8ust 231 (Apwinted August 231 (January 23- September 231 (Appointed SeptembeT 231 Dr Ronny Krippner Mr Charlie Brown Mrs Lynn Ernmett The Cathedral Church of St Peter and St Wilfrid in Ripon ST ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED31 DECEMBER 2023 Cathedral Oflicers and Ad¥i5ar5 The work of the Chapterwould be Fx>ssible wrthout sUp￿rt from expert5 in various professional fields aslollows.'- ArchStects Caroe Architeuure 2>25 Gwydii StreÈt Cambridge CBI 3QR Auditors Arm5tronE Watson Audit Lirnited Yolk House Thornfield Business Park Northallerton North Yorkshire DL6 2XQ nkers HSBC Bank PLC 34 Weslgate Ripon North Yorkshire HG4 2BL Solicitor5 Wri8* 50li£itors 19 Cookrid8e St¥eet West Yorkshire LS2 3AG Stockbrokers Investec 3 wellin￿On Place Leeds Lsi 4AP Archaeolo8￿ts f￿ld Archaeo5oEY Specialist5 ilnit 8 Fulford Busifiess Park 35 Ho5￿1 Field5 Road York Y01040Z The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED31" DECEMBER 2023 The Cathedral Church of St Peter and St Wilfrid Annual Report of the Chapter Foreword by the Dean This report accomponie5the annual accounts ol Ripon Cathedral for2023. Thi5 was ènother historic year in the life of the nation, with ihe COTonalion in May of his Majesty KinBCh8rles111 and Queen Camilla. Ripon Cathedral pL3yed itslvll part in helpine the city. region and Diocese of Leed5 to mark and ce5ebrate thi5 important mornent. Hundreds gathered in the cathedral to watch Itake part in) the coronation service itself. conducted by the Archbishop of Canterbury in Westmin5tÈr Abbey. RiFon Cathedral has had an association wrÉh many kingsand queens over its long history.. King Charles enjoysthe Freedom of Crty of Ripon. History will probabty not record so fulty the implementation at Rlpon of the Cathedrals Mea5urÈ 2021 which happened in AuEUSt 2023. It was a Ereat achiÈvement. however. re4uirin8 the close attention of chapter overseveral years and the brilliant nd generous 5UPPOrt of three lay caN)n5 who served on an Invaluab￿ stÈerÈng eroup.. Debbie Child, Peter Foskelt, and Judith Donov3n. The lètter had also chaired the Cathedral Countil which. under the pre¥ious measure119991 had been created 8s part of the cèthedral's corporate body. Wrth the advent of the 2021 mea5urÈ. the Chapter becomesthe 5in8le entity making up the corporate body, while also achieving retO8nisable charilable ttatus. The chapter is now regulated by both the Charity Commission and the Churth Commissioner Much work was done to ensure thèt the chèptrfs str￿tUreS met the requirernents of the new measure. includin8 all necessary policiesand appropriate temis of referer￿e foT311 committee> Infad. this resuked in little perceivable chènee 3t Ripon. One additional committee is the Norninations Committee. chaFred by the Senior Non-Exetutive Member of the Chapter lè new role under the new measurel. filled byAndrew knichingman. who femain51he Cafion Tre35urer_ The Chapter also Chose to retain council, the Consultative Council. invitingJudTth Ihrovan lo ￿ its first £hasrand taking the opportunity to strengthen it ès a body of S￿nIfICant Tegional stakeholders. We are gratdul to all of them lor their willineness to support the £athedral. One might have expetted a year of ialm and qtsieL an opportunity to recover and take stock after the busy celebrètionsof the cathedral's 1351yh anniversary in 2022. Nothing could ￿ furtherfrorn truth. with continLted impressive growth and development in many areas, not least in the size of the wor5hipin8 community. the strength of the choir, the nutnber of visitors. the depth and enthusi3sm of the record number of xhool Wi￿ts. the creatyon of two new rural forurn5 Ihousing ènd ministry), and the development of plans to make the tathedral net cariK>Th iÈIO. Chapterfs response to Elobal and Icrt t￿wOrk of the Cathedral. spiritual. pastoral, ewdA8Èlistic. soc¢al and ecumenical, We￿ewing and a(fvi&nE Upon the direttion and ovefyght of that work by the Chapter. The Council met on two occasions durin8 the year. Underthe new CO[￿11U11on Cathedral coL￿clI wsed to operate as a on 91hJune 2023. Colege of Canons The ro￿ of the College of car￿nS fjsto conydef the Annual Rwrt and ¥udited accounts of the Cathedral. The College of Canons met once during theyear. Under the new Constitution the ColleBe of Canons hasthe folk)wingfLtnrtions.' al recfft and conslder the Annual Report and Audtted Accountsof thecathedral. bl to discu55 m•ttwscorKeminB the lrfe of the Cathedral, cl io 5UPPOrt the ministryand miwon of thecathedral. The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31" DECEMBER 2023 Objectlves and Activities The Cathedraf5 Mission & Vtslon: Growing God's Ripon Cathedral is one of three cathedrals within the Diocese ol Leeds. serwng G￿,5 mission through the Bi5h¢)p ol Leeds across the whole diocese. It Is also a parish thurch for RiFx)n. RipoTr Cathedral'5 won and strategy. launched in 2016. is c311ed Growing God'5 Kingdom. Gmwing Gotys Kingdom 5hovkl not be M￿￿nderStood. It is notthou8htthat fli￿n Cathedral orkny other church turn5 G(rfs world into God's kingdom by human effort. It 15 alway5 G¢)d who prowdestheErowth through his gra￿. But it is tlear from Jesus, teachirig on the kingdorn as recorded in the NewTestament that hÈ ￿Couraged his followersto work in ￿rtnerShIp with hitn. In fètt, Ir can be concluded that the Church existsto do exadly thaL be¢nE Christ's active and vibrant body in the world today. St. Matthew's Gospel, Chapter 13. contains a large collection of Jesus. parables about the kingdom. One famously describe5 It ès a mustsrd seed.. it 1550methin8 that is expected to Erow. RiKx)n Cathedral seeks to work with Christ, then. in doing all that it can to bear witness to the existinB5ignsof Go(fs kingth)m in his world, and to help that kir¥dorn to 8row until God's will iséone on earth as it is in heaven. Growing God5 Kingdom Identifies five rnain a￿lS of missfjon. each with its own specthc thère of the overall vtsSon to 8row God5 kingdom.. Growlng the worshipp￿8 communhy Ripon Cathedral is first and foremost a IMn8 church. We seek lo iE JÈsukshaped.' a place of vibrant worship growing confident Christians,. a place of ￿lÈty. teaching and nurture for an Increasing￿ dNerse range of Feople and 3 p13ce for exploration and growth in far(h and semce. The ￿$10ft of Ripon CalhedTal i5to bÈ a worshippingcommunitythat is 8rowin8 numerKal￿and 5Piritu•1￿. Bein8 a M￿her Churth of the DiLKese and prodaiminz the Good News ofthe Kinzdorn to the regiL The Cathedral 15 the seat ol the Bishop of Leeds. a plèce for his teachin& the proclamation of the Gospel and è centre ol learning. With its sistercathedTalsol Bradford and Wakefield, it is one mother church in a trinity of mother churches forthe diotese. The vi&on Is to develop the Cathedral as a centre of FNlgrima8e.' enhance the ￿l*tOr joumey. and provide buildings and facilities to deEiverthe Cathedral strate8v. Promotin& Developing and Conserving ￿rspIrr￿a[ and Buill Heritage The Cathedral is a place that promotes the Christian faith to all who enter it or vt5it itvlrtua1￿. It speaks of the Christian fafrth through its rich spiriluèl and bu•￿ heritage. We Mll conserve a￿[ interpret fts herltage forthe benefrt ol all. Respondingto Human 14eed in Lrmng Partnetship The Cathedral works with others to strengthen the community and fvrtherju5tice. peace. and reconciliètion, eng3Eing with £harities and portner5 in the region to supFort the socrdl care, the relief of need and the combatin8 of injustice. It will be a place that f05ter5 wellbeing at the heart of its ¢ommunTty and faces challenges tO8ether. Carbon Net Zero.. StrrwngtsS•feBuardthe Integrity of Creation The Cathedral strive5to be sustainable acr055 all arÈasol its mtsyon. Imng res￿nSIbly3nd within its ￿SOurceS as part of God's world. It promotes a Christion perspÈttive on the care of Go(fs tTÈation. The Values In developing Growlng God'5 fingdom. the CfvpteT wa5 irbfluented bythe clear longinE of Jesus for God's worfd to become God's kingdom and for ea£h ￿T￿on to enjoy life in itslullnÈss. From this, the following values were identified and help to shape the mi55ion-. LO￿n8 vin8 Learnlng The Cathedral Church of St Peter and St Wilfrid in Ripon ST ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 The Priorities for 2023 ahdlorthoyning year5 The Chapter wiews the wiorrLies e¥erytwo yearsand moniiors progre55 vegularly. The prioritiesfor 2023 and beyorKI in¢ludÈ.' provide opportunrLies for everyone to experiente excellence in worship and to develop in faith- encourage more peopleto participate in worship and en838e in the life of the tathetlral- safeguard all who have contact with the cathedral. ensuring tt is a safe plate in which all may respond to Go(fs call to support mission of the Btshop irKlu(fingthe W0￿s1On of education foi all.. trÈatÈ a tèthedral precinct that +5 rrtlor purpose for current and future ne￿5- develop a visitor expeTien£e that allowseveryonetoenjoythetathedral and discover something new abo￿ Chrlst¢an fèith and heritaEe- continue to work in partnership across the cty, dioce*. and re8K>n. £ollatrKsrating with a wide ronge of organisations and sectionsof society: reduce the tmpart that our work has on Gorfs earth 8$ we aspire to carbon net zero by 2030. Achievements and Performance: Report on the five Main Areas of Mission Growing theWor5hipping Communlty 2023 sawthe stronE reroverylrom the im￿cl of the Covid parthmK continue with conEreEationsEfowifi8 btyond their pr Cowid leve15. The average age also continued to fall. Streamed services have now become routine. with the Sunday morning Cho¥31 Euchar45t being streamed every week. This provides additional sustained growth tothe worshipping community. by at least ￿tween 100 to 200 each week. The number of on-line attendee5 for theAdvent Proce￿00 was an all-time high lor RiFQn, more than 19.W). The Kin raise funds. The provis¢on of a breadth of worship stfvcontinued with Messy Cathedral and HealinE Se￿ice5. Pastoral care is the foundation of a healthy churth community. It wasgood to welcome the Revé Claire Renshaw as the new Canon Pastor. followingthe Tetiremeffl of Canon Ailsa Newby in February. Pastoral care continued to be strenethened with the provision of bÈrÈèvement groups ond the minisiry of Fiona Pearman as Pastoral As*ttant.' there was also 3 helpful development of the pastoral team. Being a Mother Churth of the Di¢xes¢ The Dean continuesto serve the Bishop of Leeds as a memberof hÉ5 senioi staff team. He worksclosely with hi5 fellow deans ensurin8 thethree cathedrals work together in supportin8the rJi¢xese. The three cathedra15 continued to share the diocesan services in which the bishop Eathers the diote5e together. The Dean also 5ervÈs as è member of the dioce%n board and on Diocesan 5yn¢)d. 10 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 In 2022 we saw the development of a robust edL￿atIOn strategy wthin a strengthened education committee. in 2023 we celebrated the fruits of it5 implementation being clear to see. with over l.m) visits to the tathÈdral by pupils of schooLs across the rÈgion. An ambitious tarEet W?5 thu5 more than met. This wasthanksto the leadership of the Canon Chancellor (Canon Mètthew Pollard). the inspired work of the Education OfficeT. YvonneJefferie5. and the invaluable £ontribution made by a Erowing nurnber of able and committed volvnteers. In addition to work with schools. the Education Committee a150 arranged an autumn lecture programme, given bycènon Prof Joyce Hill. focussed on the religiou5 comrnunities and joumeys of Wilfr￿. along with some of the treasu￿$ he broughtto Ripon. Promotin¥p Dtvelopmetrt Conseryingdsto the development and testinE of the plan5. Discussionstook pl¥¢È within Chapter aThdthe FAC. continuing to find an acceptable and sustainable wayof interring tF crernated rem3ins of those with a prominent connertion with cathedral in ihe Chapel of the Resurrection. Plans prepared by the cathedr31'5architert. Oliver Caroe, were approved by all relevant tM)dies. The cathedral continues to be promoted as a cemre of pilgrimage. In recent years the theme of pilgrimage ￿5 been strengthened further by tèthedral groups taking pilgrimageslo other religious sites with a connection wilh Ripon, such as ndisfarne and Whitby. RiFon's association wtih pil8rima8e develO￿d further in 2023 when a group 0122 pilgrimsjoined Dean John and Canon Matthew in waking part of the Portuguese Caminoto Santiago de Compostela. Martin and Fiona Pearman buih onlheir growin8 experte￿e of organi5ingc4thedral Fxl8rima8es to e￿re that everything went Smoothly. Responding ¢0 Human Need in Lo¥On8 PartI￿shIp The cathedral continued to work with a range of partnersforthe benefrt of rural community around the cathedral. The Dean, who had chaired the North Yotk5hire Rural Commi&sion1201>20211 continued to address marry re8itinal bodies on its work ènd Tecommendalions. Canon Matthew's role included 5UPkX)rtin8 OLrtreach and partnership %wrkacr055the regK)n. This involved supporting the Deèn in the le3ding of the Rirx)n Cathedral Rural Forum. In the year, the new RiKK)n Cathedral R¥ral Houyng Forum becavne established. with the Dean as Chairand Canon Matthew as Secretary. It brin8StO8ether different or8ani5atitins and a8Èn£ies in an attempt to overcomethe b1{￿kstO rural houslng devÈlopments, especially those pro￿l￿1n8 affordable houses in more remote communitie 2023 èlso sawthe creation of the new forum, Ripon Cathedral Rural Ministry Forum_ Thiswas launched in the autumn. with the support and involvernent of the nÈwArea B￿b0p of ￿pOn. the Rt. Revd Amna Eltringham. aergy and lay leader5 frorn Ocrossthe rural parts of the dlocese gathered forthe i￿￿&￿{31 meetin8 in Novemker. The work of the cathedral's C3 (Cathedral Community ConnertioNsl group continued with its usual strength and enthusiasm In 20231. C3 has continued ￿t5 vital work in hdping a rangeol C￿￿tieS acrossthe City. The plight of rdugees intensified with the outbreak of war in Ukraine a5 well as inueased numbers of aswum 5eek5 riskingtheir Iwes attempting to cross the English Channel.. Ripon city of Sanctuary worked hard to re5w)nd to thi$8rowing r*ed. The war also led to a downturn in the economy aThd a c05t-of-liwng trisis which makes the work of those charities providingfood and Shelter all the more important_ C3 helped to8alvanisÈthe cathedral community in responding to thÈse challenges. Carb¢)n Net Zero.. Striving tosafe￿ard the Integrity of CrÈ•tion Thi5 fifth strand of mission became a main slrand of work wtth the 2022 revision of Growing GIKI'5 Kingdom. We continued to build a comprehensive enwronmental 5trètÈ8y. lollowing on from work begun in autuma 2021 by the Chapterfs new Net Zero Committee. Supported bythis committee. the work of the CarK)n Cha*cellor, and the expertise of the Cathedral's architert. rthèeologist and other Co￿LI1￿rrt5, 5ignrficant stepswere tsken in theyeorto extAore major ways of enabling the cathedral to approach net carbon iero. Chapter commirted funds to thi5 arnbit¢ous developmenL £285,000. ond the Development Department began to identrfy po55ible sourtesolgrants. The Friend5 of Riw>n Cath￿IraL P￿d&ed £20.OLK> for this purpose. The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED 31" DECEMBER 2023 finanual Review General Sttuatiom (chapterf￿UTe$OTrIV1 Ripon Cathedral had a good yearffinarKialty sn 2023. T￿81 income rose by 3.5% to £1.9m. an all-time record. Service Collettions rose by a very healthy 12% while ￿5((OrdOnatIOnS 31sogrew by 4%. p￿$1￿&ty. the adoption of contartless gi￿n8 has now taken f*rm root and continue5to grow while not reducing cash donations. Expenditure was sign￿Icantty reduced asthe level of major repairsand restoration costs experienced in 2022 was not repeated. With the benefit of a higher level of operatin8 pertomiance we took Op￿rtUnIty to make prowi%on foT a range of known, one-off upcoming COSt5 and therefore declared an unre5trKtÈd operatin8 de￿t 01 £37,OCKJ. Were we not to have made such PTovision5 foT one-off costs. we would have shown an operating wrplus of 8pproxlmately £38,000. Chapter 15 pleased to have delbvered a￿ther yeaT of pre-exceptional operalirtg surplus. Followin8 the rv&w Cathedral Measure. the c￿pIer has concluded thèt it has subsidiary control over the Littlethorpe Benefice and therefore it5financ5è1 accounts are now 5hth the Fiftance Committee ènd Chapter. In 2023 the cathedfal wès in com￿lance with it5 reserves policies throughout the year. Level of re5erve$ At 31 Decernber 2023, the Cathedr31 hèd £488A35 in unrestricted Ge[￿01 fijnd cash reserves. which is equivalentto over three months, normal expenditure. SSgnrficant events The most significant event in 2023 was the catI￿dra1 betoming a tharity in August 2023throu8hthe Cathedrals Measure 2021. DuTing 2023 the Ripon Cathedral Renewd project continued to develop. A ran8e of consultants worked to develop the project with the aim of takin8 it to planningln mid-2024_ In¥esknent pollcy Chapter seeks to invest resw)nybty and will ensure that its inve5tsTbents reflett theeth*cal val￿5 held bythecèthedral. In tnaking èny investment Chapter ￿11 refer to the guidance Set in Church of England's Ethic41 InvÈstmeni poliry. Ethical investment restriction5 apply to direct hold¢ng5 in £ompanies involved in indisiriminate weaponry. or conventional weaponry, pornography. tobacco, 8¥rnblin& tson-military firearms, high-interest rate lendin& hurnan èmbryonlc clonin& extrattion of thermal coal and produdion ol oil from oil 5ond5 subjert to reven￿ threshold5. Irkve5tment Perf0m￿tt At the start of 2023 our stocks & shore5 investments were held with InvÈstec Wealth & Investment IiJKI which wastsken over by Rathbone5. but our portfolio remains under the name ol Investec Wealth & Investrnent IUKI. l2 The Cathedral Church of St Peter and St WilFrid in Ripon ST ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 The primary objettive of our inve5tmÈnt remains to pro?Ade long term capital growth. The 5Ècond objective rernains to produce 5UStainable income and the third obiertive is thal tht5 irbromè will aim to irKreose in excess of the Prevalent fate of inflation. l inwestrnÈnts are compliant with t￿ChUrCh of England Ethical ltsve￿meTht Poliry. The bÈ8inning of 2023 had seen the start of a Tecoveryin the asset valuationsaftera difficult 2022. The value of the Investment rtfolio on 31 December 2023 was£4.733,838 whith comparesto £4.155.951 asat 31 December 2022. The Investment Comm¢ttÈe ol Chapter conttnue5 to monitor dosely both the rsk profileand returns of the investment portfolio. Afull summaryof the investments is pmMded in note 7 & 8. In accordante with the Association of English Cathedral Reguktions in¥*stments are included at bid price. All rnovements In the bid price are rdected in the statement of financial acti￿lIeS. Total Return l Loss on oiher Ih¥estmer 2023 Gr055 Income Fixed Interest 13302 26.938 37.111 302 30,135 35,418 47,051 79 UK Equities Overseès eouities National Savings Total Gross Inrom loss on revaluations Investment Mana8emefit Costs Totsl Return/lLossl on Other Investments 78.253 449,457 124.5571 503.153 112.683 Ino,7181 144,1931 652.2281 Major Sources of linance The major sources of income are from thechurch Comrni55ione[￿ grant tOW3rds loy salariÈL The stipends of the Dean and the two Canons are paid by the Church Commissionets anrl the Diocese pays the511￿nd ol the Canon Chancellor. Anticipating the implementation of the Cathedrals Measure 2021 ir¢ 2023. Ripon Cathedral Closed the PCC aciounts. channelling a11 offertory tollettions directty into the Chapter accounts. Cathedral Properties Propertyvalues have been Incl￿￿￿ in the balance sheel in accordance with the guidelines. Investment properties are those from which a corrkmertial rent ss obtsined. The proK*rtyvaluations were wepaTed in 2021 by SandeTX)n Weatherall. ThÈChapter Investment propertyes are reviewed and wofessionally revaI￿d every 5 years. This independent valuatlon is not required for the 2023 financial accounts. Chapter has agreed that the level of investment property va5uètion is reasonable in the context of the last independentvaluation and market conditi(rts prevading %ncethen and now. The investment prO￿rtIeS owr￿￿ byiThapteran¢Vor its sub5Kliory entities are either re￿dential or hospitslity and retail entitles. Sincethe last independent Valuation. valuations inihese sector5 in UK have broadty flat in hospitality and modestlv down in residential. 15uch properties are the subjert of commercial le￿ncle5 which aim to mirror the maTket nom)s. Chapter 15 Cur￿ntlY rewewing the rental terrns of its ressdenti?I portfolK) and planning a stsEed Tental increase. Given all ef the above. Chapter considers that the value at which investment pro￿rtleS3re ststed in the statutory account5 15 fatr and reasonable. The properties aTe valued in accordance wrih rK>tes 6 and 9. Repair and Mainttnance ofthe tsthedr*l 13 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAI REPORT ANDACCOUNTS FOR YEAR ENDED31" DECEMBER 2023 The following infortnètion is based on the Cathedral'sforward proiecilmaiTrtenarKe plan as tonsidered by Chapterand which is under review. Sorne of the major projects in futu￿ years areconditioTral on yant aid arKI lunds ralsed bythe Ripon Cathedral Development Campai8n. Ripon Cathedral Renewed is 3 lèrge project irKorporating improvementsto thevi%tor e¥perience tn the development of new facilrties on the north side of the cathedral. A later phaseol project will see 5i8nifiiafit imyovement5to the vi51tor experience in the cathedRI. No. Pro 2024 2025 2026 £k 2027 Z028 £k £k Ék £k Repairs to estat* wèlls Riptrn Cèthedral Renewed Bepairs to Minster House EstateTree work io io io io io Coach House repairs PV Solar Panel Pro'ect Renewed phase 2 Estate repairs General cathedial repairs 250 250 i(M) 17 18 19 20 20 Total Expenditure 137 4298 158 2.558 Reserves Unrestricted funds held i* reseNes ￿Ve accumulated over theyears from le8aoe& donation& and gains on asse￿ These reserve5 are held lorthe cathedral's mission in it5widest sense. Major ilerns of expendi￿re During 2023 prelirninary works were started on the PV Solar Panel Proiectata C05t 01 £56.726 whtch was funded frorn O)apter fund5 and a £20,000 grant from the Friermk of Ripon Caihedral. We continL*d to incur expenditure on the fter￿ed project in 2023 to the svrn of £51,124. Sources otfinance As in previous years, the main sources of finance hove been fTom voluntarythsThatH)n5. investment income and leEacie5. Funds have been raised throLtEh grant appliiationsfor mèjor proje￿. Reportfrom the FabrICA￿$0ry Cornmillee In the lost financial year, the Cathedral's Fatffic Athsory Committee met formany on four o£caslon& They oveT5aW the dÈvelopment of the follobwng projetts.. Rlpon Cathedral Renewed The Inventory Project The Snstall3tion of Setondarygla2iftg & Solar PaThe15 The Chapel of ResurrectK)n- interments Rlsk Management The CbapteT hascreated a Risk Re8iSterwhKh 15 reMEwed everyguarter to manage the vdriety of risks acr0551he Cathedr31. 14 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED31 DECEMBER 2023 Cathed¥al Polioes The Cathedral has a wide r•n8e ot pofitses in ￿Ce. some of which are listed bdow.. Heakh and Safety Policy Ststement Di￿bilIty Policy SafÈguarding Poltcy Data Protectiorb Polity Whistleblow¢n8 policy Menopause poliry Full range of HR Polities induding a khaviours framework PrintiP81 rosks and uncertaintie5 Cèreful con&derètion iSEiven to all majoT risks to which the Caihedral is exFx)sed. Chapter is Tespofisible lor ensurin8 effectlve risk manaEement ènd that the ifflernal controls are in place to 3ppTopriètely monage the OTganisètions risk exposure. The Cathedral retoenisesthat any risk management System can onty manage risks and not eliminate them entlTely. The Cathedral's insurance cover 15 rerEwed annvalty and is curremty provided by E£desiast6cal Insurance who Condurt a visit everyyear. Contro15 are in place to ensure the CathedTal'5 financial attiwties ore properly manèged. These include budgetèry control, account reconciliation PTocedures. cash ac£ounrin8 procedures and monitoring of the Cathedrals investment strateEY ind re13ted ri5k& Management accounts are reviewed bythe Finance Committee each quarter and the Chapter each month. The role olthe Calhedral in the Dlocese of Leeds Rlpon Cathedral 15 one tsf three Cathedrals iTrthe Diocese of Leeds." a unique arrar¥ement in the historyof the Church of England. It Is a trK)thÈr church to the whole diocese. As such. it is a foc￿ for unity and its artiwties of prayer. witness and worship support the Bishop in his mssion to all peopieand tommunities vAthin the diocesan boundarie All three cathedrals Ripon. Wakefield and Bradford serve the Bishop a5 C•ltrÈsof mis￿on and in providing a platform for his teaching and public rninistry within the reyon. The three Deans have prO￿Sed that all thÈ cathedrals be reEaréed as centre5 of excellence in relation to liturgy. rnusir. and misgon. butthat each cath￿ra1 develops èreasof specialisrn. For Ripon Cathedral these include rural mission, education. and ministry to the trbilitary Communities of North Yorkshire. The three Deans have 0150 adopted a three-year wle of six diLKe5an celebrations that results in the Bishop of Leeds bein8 in each ol his Cathedrals for two of these each year. In 2023 Bishop Nick was in Ripon forthe Easter Vigil Confirmation5 arKI Christmas mo¥nin8. He was also in the Cathedral forthe installations of canon& aswell as a ￿$1 of other Cathedral and OM)cesan events. The cathedral welcomes morby Visiting preachers. irKILKling members of the College of Canon% everyyear. The Dean and residentiary canons also preach, teach and minister throughout the diocese. Statutorycommittees The Ftnot7ce Committee advises Chapter in its responsibilities in the field of financiol and an1￿ment management. Th committee is folma1￿ established bytheCalheilraVsConstitutioTh a￿1 Strt￿e* The FobricAdvisory Comfflittee is a Statutory body, whKh reptsrtsto the Cathedra15' Fabrit Commission for England. It has ten mernber5. No work may be carried out on the cèthedrèl thai would materialty affert its ar£hitectu¥ol, arch4eological, èrtistic. or historic character. nor may any architectural, arC￿e010g1Cal or artistic interest be 501d. lentor disposed of without the approval ofeither the Commiwon or the Fabric Athsory Committee. Addltlonal Committee$ In addr(ion to the above statutory commsttees, these followin8 commitlees have been estabtished to support Ihe newlv laurKhed Vision and Str3tegy'Growing GNfs Kiywthj". Worship ondMusic- chaired byThe Canon Precentor. CanoTh Mirhael Gisboume Church Growth- chaired byThe CaTh)n Pastor. C•non Oaire Renshaw The Cathedral Church of St Peter and St Wilfrid in Ripon ST ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 Welcome. Pilgrimoge ondHerituge. thaired byThe Canon Ch¥ntÈllor. Canon Matthew Pollard EdL*COtion ondAIIAge leorning-chaired Canon Cthancellor. Carnn Matthew Pollard 8uildino5. chalred bycanon sIrAr￿[tW L3wson-Tancred RurolForum Executive- Chaired byThe Canon CharKellor. Canon Matthew Pollard CommuTrictstion Qndmorketingstroteg￿ Chai￿ byThe Dean Net Zero ondEnvironrnental- £￿Ired by David Elsy Development Comrnittee- £￿Ired byThe Dean Audit& Risk- chaired by Mark ChKllev SJfeguordirJg- Chaired by CaMTh John Wood Nominotions- Chaired by Canon Ar￿reW Kitchingman How deosions Ore made The ChapteT directs ènd overseas the administration of the affairs of the Cathedral. In particular, it decide5 on the general direction and rni55i0n of the Cathedral. orders the worship. approves the annLwI budget and approves all wlicies. The Ch4ptÈrfs decision5 are rbow inlluenced by the and stiate8y of GrowsngGod'5 Kingdom- Senlor Management Team A Senior Mènagementyeam ha5 been established as part of the Cathdral Measure 2021. Thi5 team is accountable to the Chapter forthe executive management olthe Cathedral and is respons¢ble forlorrnulating strategTes. plans, and budEetsfor approval of Chapter. It meets every fortnight and consistsof the Dean. each residentfjary canon, the chief offi¢ers and any SLKh member of staff a5the Chapter considers appropriate. Arrangements for 5et¢ing the remuneration ol key seni(Ys¢aff The ￿YOf seniorstsff is set on appoifitment in relatioTrio market Trtes and comparative cathedral Tates. Statement of public benefit As 3 Cathedral of the Church of England theChaptÈrfs statLrtory rewn5ibility under the Cathedrafs Measure 2021 i5to be the seat of the Dsocesan Bishop and a £entrÈ of worship and rni55ion •nd prO￿￿1ng8 focusfor the life and work of the Church of England in the diocese. The Cathedral not onlyserves the communrtydè1￿ in its religiou5 and £haritsble work but is an active resource of national importènce in the promotiON of religion. music. history and architecture. TheCathedral'sAthnu81 Rewew. alon8 Wlth its Annu31 Report, describes the actiwties thot deliverthese core public benefits. Approval This ann￿1 report arbdthe tonsolbjated and Signed on i haL cial 5taterr*ntswere approved bythe Chapter on the 2210712024 R Dobson an of Ripo 16 The Cathedral Church of St Peter and St Wilfrid in Ripon ST ANNUAL REPORT ANDACCOUNT5 FOR YEAR ENDED 31 DECEMBER 2023 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE CATHEDL4L CHURCH OF￿ PFfER AND ST WILFRID JN RIPON Opinio We have audited the financial st?tements ol The Cèthedral Churth of St Peter and St Wilfrid in Ripon for the year ended 31 December 2023 which comprise the consolidated siaternent of finoncial activpties. the consolidated balance Sheet, thè balance sheet, the consolidated ststement ol cashllow5and the related notes. irKludin8 a summary ol ￿gnIfIcant accounting policie5. The financial reporting framework that been appl*d in their weparation is applKable law and United Kingdorn Accounting Standèrds. includin8 Financial Reporting Standard 102 Financial Reporting Stsndard applicable in the UK and Republic of Ireland. (United Kingdom Generalty Ac£epted AccountinE Practicel- The financial statements have be￿ prepared in accordance wrth Ac(ountinBarKI Rew)rtin8 by Charities preparing their èccounts in accordance with the FInar￿la1 Reporting StsndaTds applirable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant re8ulation5 but has been ￿hdraWn. Thishas been done in orderforthÈ accountsto prO￿dea trL*and fairview inaccortlbntewiththeGenerallyAcceptedAccountin8 Practice effective for reporting pefiods beginnin&on or after l January 2019. In our opinion the financial staiements= give a true and fair wew of the 51ate ol the Cathedral and group's affair5 as at 31 Decem￿r 2023 and of its incorning resovrces and appl*ation of resources forthe yearthen ended,. have properly prepared in aCCOTdance wtth ijnited Kingdom Generally Accepted Acigunting Prartice.. ènd hève been prepared in accordance with 8uidÈlines specified by the Church Cornrnissioners under the powers Eiven to thern by 5ertion 30 of the Cathedrals Measure 2021 and in aCCOTdan¢e with the CharIt￿S Act 2011. B4si5 for tyinion We condurted our audrt in accordance with International stsndards on Auditing IUKI IISAS IUKII and appllcable Low. OUT responsibilities under those standards are further described in the AuditoTS' respon￿bIlitIeS for the audr( of the financial statements Section of our report. We are iTrdepeTrdent of the C3thÈdral Tn accordènce with the ethical requirements that are relevBnt to our audit of the financial Statements in the UnTted Kingdom, including the Financial Reporting Council's Ethical Standard. andwe havefulfilled our other ethical responsibilities in accordèncemththese requ1￿MentS. We believe thatthe audrt evidencewe have obtained is suffKient and approprkitÈ to prowdeè basisfor ouropinion. Condusions relating to 8oin8 concern In auditinE the finan¢ièl statements. we have conduded that the Tru5tees' use of the going concem bèys of accounting in the preparation of the finèncial statements 15 appropriate. Based on the work we ￿ve performed. ho￿ not identif￿d ariy material urKertainties relating lo events or tonditions that, individually or collectively. may cast signifitant doubt on ihe Cathedral's aixlity tti ¢ontinue as a going concern for a peTiod of at least twelve rnoJth5frotn when the financial statementsare authorised lor issue. Our responssbilities and the responsibilttiÈs of the Triisiees with respect lo going concern are descr¢W in the relevant 5eciions of this report. Other Infwmation The other information comprises the iTrforniation included in the annual report otheT than the financial staternents and our 3uditors' report thereon. The Trustees are responsible forthe other tnformation contsined within the annual report. Our opinion on the financial statements does nol cover other information and. eycept to the extent otherwise explicitly stated in our report, we do not exprÈss any form of assurance corKlusion thereon. OUT resptrnsibility is to read the other information and. Sn oing so. consider whether the other information is mèterièlly inconssstent with the financial ststements, or our knowledge obtèined in the course of the a%Jdit. or othernwse apFears to te materiolty Tnisstated. If we identify such Material inconsistÈn£ies or apparent material misstaternent& we are required to detemine whether this gives fist to a material misstatement in the financial st8tementS thern5elve5. rf, based on the work we have performeil. we c¢)nclwJe t￿1 there isa material mi55tatemÈnt of this Other information, we are required to rew)rt that facL i? The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT ANDACCOUNTS FOR YEAR ENDED 31, DECEMBER 2023 JNDEPENDENT AUDITORV REPORT TO THE TRu*fEES OFTHE CATHEDRAL CHURCH OF ST PETER AND ST WILFRID IN RIPON We have nothingto report in this reB4Td. Matters on whith we are requiredto report by exceptron We have nothinE to report i# respett of the following matters where the Cathedrals Measure 2021 and Charitles IAccoun15 and Reportsl Regulations 2008 requires v5 to report to you if. in our opinion.. the information given in the Annual rekK)rt Is intonsistent in any material respect with the financial statements., or sufficient accountin8 records have not been kept.. or the financial ststemenls are not in 88reement with the 4¢tountirvd record5- we have not received all the infoTmatw)n arKI ewanationswe reqUi￿10r our audr(. Responsibilities of trustees s explained morefvlty in the truslees. respon*￿IltIes5￿ternent. theTrusteesa¥e re5ponsibleforthe preparation of thef]nanci21 staternents which give a true and fair view, and for such internal control as the TTrJstees determine is necessary to enable the prepar8tion of financ*1 statements that 4refrÈe from materral mi55tatement. whethe¥ due to fraud or error. In preparlng the financial statements, the Trustee5 are responsible for a55Win8 the Cathedral'$ ability to continue as 4 goin8 concern. di5closin8, as applicable. matters related to eo&nE concern aNJ using the going concern basis of accountin8 unless the Twstees either intend to liquidate the Cathedral orlo cease operaiions. or have no realistic alter￿tIVe but to do so. Auditors. Tesponslbllitie5 torthe au(rrt ol the financial ststernents We have beenapwintedasauditorulldersettion 145of IheOwritiÈskt2011ond rewrt in accordancewith theAd and relevant regulètions made or h0￿ne effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whethÈrdue to fraud or erTor. and to issue an auditors, report that includes our oi*nion. Reasonable assurènce is è high level of èssurance but is not a guarantee that an audtt condutted in accordance with ISAS IUKI will always detect a material mi5Statement when it exists. Misstaiements can arise fvom fraud or erTor and are consinsibility to anyo￿ otheTthan thecathedral albd rtsTwstees. 0$ a for ouraudit work, for reporL orfor the opinions we have formed. AM￿trOllg Watson Avdit ￿mited Chartered Accountants & StatLrtory Auditor5 Northallerton Date.. 2210712024 Arrnstrong Watson Audit Limited are dglble toact as audiiors in terrnsof se£tion 1212 of the com￿nieSA£1 2(￿. 19 The Cathedral Church of St Peter and St Wilfrid in Ripon NN ALRE RT AND ACCOUNTS FOR YEAR EN 1STDE EMBER 2023 STATEME14T OF FINANCIALACTIVIMES Endo4Yment 2023 Total Income and endoW￿￿t8fv 24 The Cathedral Churth of St Peter and St Wilfrid in Ripon ANNUAL REPORT ANO ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- Con¢inued Investment income Dividends from equity inve5trnents are Included by Teference to the date on which the investments are quoted ex divKSend. Interest on fixed interest securities and otherdeposits is recognised on an accrual's b35iS. Clergyemolument5 The cost of clergystipends. national insurance and pensH)n contributions are included 05 ￿StrItted expenditure in so far as thev are financed by other parties. These costs. which are fir*n£ed by the Church CoMmis￿Oney5 orthe D40cese, also form part of the restricted income from these y)urres inthe statement of finanrièl attiTrrities. Staff pension xheme It is the policy of the Chapter that all rnembers ol stsff are eliEible to join the Pension Builder 2014 kheme which is part of the Churth of England PensK)n5 Board Church Workers kheme. The scheme iscontributory by the employer and participating employees. Hèritage assels Heritage assets include the cathedral and anollary buildingsand the iiems in the inventory prepared un¢kr sertion 2411) of the Care of Cathedral Measure 2011. No value ha5 ￿en attribuied to ihese a55ets acquired before 31 December 2023. because inlorniation on their historical cost is &vailable. Freehold properties Investrnent properties are included atvaluètKsrs on the baysof open market value 5ubiÈrtto existing tenan¢ies. Property for Cathedral use was valued as at 31$1 Lkcember 2021, the next valuation will be in 2026. (hher properties owned by the Chapter and oCcU￿ed byclerKal and layempw are under the 8uidelioesvalued at existlng Use Value as at April 2016. Equipmeht ExpÈnditure IrKurred since 151 April 2012 on spectfit tangl￿e assets exceedin8E2.rNyJ has been c4pitalised. Other purcha5e5 of equipment have tse￿ char8ed a5 revenue eXF*nse& Computer 50ftware is written off on acquisttion. Fully funded items of equipment and irnprovements to The Cathedral are shown in the SOFA along wth the related in¢ome, expenditure in excess of funding is Cap￿taliSed. Depreciation DeprÈci3tion is provKJEd in order to write off ThDfvtnve￿meTht fixed assets whKh have been tapitalised overtheir e5timoted useful live5 4t thefollowin8 rate5'.- Cathedral lurnishings and equipment Office equiprnent Registered trède marks Non-imiestment propert5es 20% pa on reduong balantÈ basis 25% pa on straight line basis IO% pa on straight line ba51$ 2% pa on straight line basis Stocks stocks are ststed at the lower of cost and net realigwe value. No adjustment ￿ included for stocks of consumabse ttores including sanctuary supplies and office stationery. Stock isvalued on a-first in. firstouf basi5. Support C05ts The ￿tUre of governance costs i￿lUded in supports cost are leBal & wolesstonal costs and also subscriptions professlonal registrations. Support tosts are allocated dirÈttty to attivitiesto whith they relate, any supports coststhat are dire£tfy attributableto a£tfvltie53re apwrtioned. The basis ol ap￿rt￿nmen1 is (kniled in the note The Cathedral Church of St Peter and St Wilfrid in Ripon 57 ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 ACCoU￿1NG POUCIES- c￿tinUed Consofidation The following entities are administered by Cathedral stsff and their objettives areto supportthe work of the Chapter. They have therefore been consolidaied with the financialsof Chapter of Riwn CathedTrl. Ripon cat￿drI1 Developmeffl Campaien Ireystered chortty No. 10867601 The Trustees of The Thorpe Prebend House IrÈ8lStered charTty No. 7031331 Ripon Cathedral Mu51t Trust Ire8lStered charit¥ No. IIY9571 26 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS 2 INCOME AND ENOOWMENTS Unrestricted Restri End¢)WM￿1 2023 Total Current tknnalions and 18g8cies Collecti'ons Special collections Donations Visitor donations Tax recoverable VI￿8r gift aid Grants HLF grant Sustsinabilty grant Legacies Littlethorpe Ripon Cathedral Music Trust Fabric Ripon Catheilr81 Development CampavJn 204,927 20.913 3.178 116.104 17.048 204,927 20,913 73,471 116.104 17.048 34,000 15.576 64.306 7.500 104,471 94,000 6.600 70.293 15.576 3.000 104.471 94.000 212,000 604.246 212,000 970,916 366.670 Unrestrided Restricted Endowment 022 Total Prevlous ar Donations and legacies Collections Special collections Donations Visitor donations Tax reooverable unijergrfi aid Covid funding Sustainabilty grant Friends Ripon Cathedral Music Trust Fabric Ripon Cathedral Devekspment Campatgn 182.862 27.864 182.862 27,864 58,101 111.507 18.581 41.868 63,149 25.0￿) 71.723 6.6￿) 49.516 111.507 17.331 1.250 41.868 63,149 25.000 71.723 226,035 485.141 226,035 833,290 348,149 Unrestricted Restricted Endowment 2023 Total Grants in 8UPFK)rt of mission Church Commissioners Diocese Allchurches Trust 377.348 31.449 377,348 31.599 21,875 430.822 150 21.875 22,025 408.797 Prèvious ar Unrestricted Restrlcted Endowment 2022 Total Grants in support of mission Church Commissioners Archbishops Council Diocese Allchurches Tnjst LPWS 319.946 10.176 11.535 319,946 10,176 11.685 25.000 11,858 378,665 150 25.IXK) 11,858 353.515 25,150 27 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS 2 INCOME AND ENDOWMENTS- continueil Current ar nrestricted Restricted Endowment 2023 Total Charges and fees arising ir7 Ihe Gourse of misston Facility fees Fees reimbursed fr)rweddings and funerals Educational actiwties 54.043 31.496 54.043 31,496 2,963 88.502 88.502 Prevlous ar Unrestricted Restricted Endowment 2022 Total Charges and fees arisiro in the course of MI￿On Facilty fees Fees reimbursed for weddings. funerals and broadcasts Educational activities 55.137 55,137 47.487 6.986 109.610 47.487 6,986 109,610 Current Unrestrictèd Restricted Endowmènt 2023 Total Trading and fundraising activibes Other Cathedral Shop- sales 140.522 91.925 232,447 140,522 91.925 232.447 Unrestricted Restricted Endowment 2022 Totsl Previous ar Tr8ding and fundraising activittes Othèr Cathedral Sh¢)p- sales 17.883 113.358 131,241 75.310 93,193 113,358 206,551 75,310 Current Unrestricted Restricted Endowment 2023 Total Investments Investment properties rents Investments income Interest received on cash deposits 97,867 1.775 4.991 104.633 97.867 77,951 76.176 2,397 78,573 183,206 Previous Unrestrlcted Restricted Endowment ￿2022 Tot I Investments Investment properties rents Investments income Interest received on cash deposits 73.374 83.843 1,529 158,74fj 73,374 137.298 1,223 211,895 53.455 1306 53.149 The Cathedral Church of St Peter and St Wilfrld in Ripon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS 2 INCOME AND ENDOWMENTS- Continued Current unrestrict￿ Rèstricted Endowment 2023 Total Other income Workshop facilily fees 2.957 2.957 2,957 2,957 Prevlous ar Unrestricted Restricted Endowment 2022 Total Other income Workshop facility fees 3.369 3.369 3,369 3.369 3 EXPENDITURE Current ar Unrestricted Rèstricted Endowment 2023 Total Raissng funds Gross costs of shop arKI oth$r etiwties ComrnuniGation officer wages Salaries General marketing costs Investment property costs Inv8Stmènt management costs Events Support costs Sustainability costs Cultural Recovery 87.465 87.465 15,971 50,429 99,946 5,322 37.841 12.450 49,580 42.863 7,147 4￿,014 15.971 50.429 5.322 13,824 12.450 14.878 24.017 34.702 42.863 7.147 271.783 137.231 Unrestricted Restrlcted Endowmènt 2022 Total Previous ar Raising fijnds Gross costs of shop and other 8ctiwties Communication offI￿r wages Salaries General mathetir¥J costs Investment property costs Investment management costs Bad debt write off Events Sustsinability cosis Suppo)rt costs Cultural Recovery 98.605 98,605 14.551 19.783 97,507 7,384 44,193 50,000 58,898 10,520 46,608 639 448.688 14.551 19,783 94.636 2.871 10,123 50.000 29294 4.776 58,898 10.520 31.228 639 259.549 15.380 184.363 4.T16 29 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS 3 EXPENDITURE- Contlnued Current nrtttricted Restricted Endowment 2023 Totsl Ministry Clergy slipends paid by Church Commissioners Clergy working expenses Clergy housing costs Stsrvices and mwc Support costs 1,781 13.970 35.921 352,768 31,351 435.791 154.889 1,905 3.152 266,083 73.126 499.155 156,670 15,875 39,073 618.851 104,477 934.946 Previous ar un￿$t￿¢t•d Rèstricted Endowment 2022 Total Ministry Clergy stipends paid by Church Commissioners Clergy working expenses Clergy housing costs Services and rnusi Support costs 148.089 148,089 14,968 42.754 521,349 98,213 825.373 14,968 42.754 2￿.578 32,408 386,706 224.773 65.805 438,667 Current Unrestricted Restricted Endowment 2023 Totsl Cathedral and precincts upkeep M8jor repairs and restoratiorb Maintenance and interior upkeep Cathedr&l insurance Cathedral light, heat & rates Precincts, secur¢iy and 98rden upkeep Architects and consultants Depreciation Support costs 60.697 44.802 60.697 161,319 50,486 79.873 8.924 16.953 36,118 116,207 530.577 116.517 50.486 20,238 59.635 8.924 16.953 3.200 81,336 275,547 32.918 34,871 255,030 In 2022, Chapter was able to complete several major ￿paIrS and renewals within the cathedrdl inGluding a new fire d818ction and alam system, hi9h level repairs and ¢onb"nued on the Renewed project. In 2023, major repairs slowed down due to the planned sthedule of %w)rks therefor& $howng a fall in the expenditure. 30 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS 3 EXPENDITURE - Continued Previous ar Un￿striCted Restricted Endowment 2022 Total Cathedral and precinds upkeep Major repaiTS and restoration Maintenance and inteiior upkeep Cathedr81 insurance Cathedral light. heat & rates Precincts, security and garden upkeep Architects and consultants Dep￿latIOn Cathedral and buildings improvements in the year Support costs 391.463 35,048 10.176 391.463 118.662 42.022 78,806 8,802 17.858 35.279 83,614 31.846 78,806 8.802 17.858 3.2 32.079 18.427 36.047 280,819 53.533 73.194 593.274 71.960 109,241 874.093 Current Unrestrlcted Restricted Endsls Unrnstrlcted Rèstrlcted Endowment 2023 Totsl 2022 Total Fixed Interest 13.896 138.548 454.811 607,255 953,017 United Kin9dom Equ¢ttes 23.488 226.929 749.110 999,527 346,824 Overseas Equities 74.948 709.517 2.332.591 3.117,056 2,846,110 National Savings Income Bor 10.000 10,000 Totsls 112.332 1.074.994 3.546,512 4.733,838 4,155,951 A small portfolio of investmerts is held in trust for the maintenance and upkeep of graves, these are not Separated as designated funds as the cost of separ8tè administration exceeded the income from the investments. These investments are included vthin the generdl fvnd. Global equity and bond markets had a very good year in 2023. The hostilities in 2022 %%£re now fully discounted and investors had retumed in volume to the markets. I commenteil in last yearfs account that our txjrtfolios had already ￿COvered Substantiall. by Ihe end of June 2023 and this recovery ¢ontinued throughout the rest of the year. The totsl gain in v8lue in the year was just under £450.000. This positiv8 perfomiance has continueil in the first half of 2024 as well. As belore. our Investment Cornmittee ontinues to meet regularfy with the fund manwJer, Ratht*)nes (which took over Investec last yearl in order to direct and monitor risk choice. asset allocation and fvnd pertomiance. 33 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS 2023 Total 2022 Total INVESTMENT ASSETS - TRADE MARK Registered trade mark$ & others Cost At 151 January 2023 Addits'ons At 31st December 2023 Depreciation At 151 January 2023 Charge for year At 31st Decembtrr 2023 5,745 5,745 5.745 5.745 4,093 275 4,368 3,818 275 4,093 Book value al 31st Decèmber 2023 1,377 1,652 9 TANGIBLE FIXED ASSETS- PROPERT The freehold properties owned by The Chaptèr at 31st Decemter 2023 are summarised as follows'.- The Cathedral Church ofst Peter and St Wiwrid ￿elher Ihe ChUrCh￿rd. grounds, hall, offices. old burial ground and small p8r¢Èls of tand. The tradiThJ activiknes of the Cathedral shop are conducled wthin the Cathedral. Not valued Not valued Residential properties oecupied by clerical arxl lay employees Net book value as at 1st January 2023 Depreciation cha￿e for year Un￿aliSed gain lllossl on revaluation Minster House, Ripon St. Peter's House. Ripon st. Wilfrid's House, Ripon Coach House Garage 2,486.446 132,0791 2.515.865 {29.4391 as 8t 31st December 2023 2.454.367 2,486,446 Properties used for aciiwties Office accommodation and W￿r￿S￿(Wy￿rnon. An interim canon is being met by other grants. The￿ were no additional Salary payments made by thtr Chapterto either dergy or lay members of the Chapter. 17 EXPENSES OF MEMBERS OF THE CHAvfER Mileage allowances, entertaining, hospitality and expenses reimbuwd 3.245 4.851 No. No. Members of the Chapter reimbU￿eo duvir￿ Ihe year 18 PENSION SCHEMES The clergy are entiued to beneffts under a defined benefits pension schem8 wlh the Church of EThJland Pension Scheme administered by The Church of England Pensions Board. No contribubons are payable into the scheme by the clergy but contributions a￿ made into it for Ihem by th8 Churth Commissioners or the Diocese. Employers ¢ontrrbulions 21,533 32,602 bl Ripon Cathedral participates in the Pensii)n Builder Scheme and the in the Defined Benefits Scheme sections of the Church Workers Pension Fund ICWPFI for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes sepaTrtety from ihose ofthe employer and the other participating employers. The CWPF has a section known at the Defined Benefits Scheme. a deferreil annuty section known as the Pension Builder Classic and 8 cash balance section kn(yO￿ as Pension Builder 2014. bi) Pension Bullder Scheme The Pension Builder Scheme of the CWPF is made up of sections. Pension Builder Cla$$ic and Pension Builder 2014, both of which are classed as defined benefft ￿hemès. Pension Builder Classic provide$ 8 pension for members for payTrent from retirement. accumulated from contributions paid and converted into a deferred annuty during employment based on lemis set and reviewed by the Church of England Pensions Board from tiffle tr) time. Bonuses may also be declared. depending upon the investment relums and other factors. Pension Builder 2014 is a cash balance scheme that pwomdes a lump sum that members use lo prowide benefits at retirement. Pension contributions are recorded in an aw)unt for each member. This account may have bonuses addèd by the Board before retirement. The bonuses depend on investment e4)erien￿ and other fathrs. There is no requirement lor the Board to grant any bonuses. The account. plus any tK)nuses deda￿d, is payable from mèmbers. Norm81 Pension Age. 37 The Cathedral Church of St Peter and St Wilfrid ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 ST DECEMBER 2023 NOTES TO THE ACCOUNTS 18 PENSION SCHEMES -continued Pénsion Builder Schem•- continued There is no sub-division of assets between employer5 in ea¢h sectton of the Pension Burlder Scheme. The s¢heme is considered to be a multi*mployer scheme as des¢ribed in Seclion 28 01 FRS 102. This is because it is not possible to attribule the Pension Builder Scheme's assets and liabilities to specific employefs and that ¢ontribut¢ons are a¢¢ounted for as if Ihe Scheme ￿Ere a defined contribulion scheme. The pensions costs charged to the SOFA in the year are ¢ontributions payable. A valuation ofthe Pension Builder Scheme is accnjed out once every three years. The rnost iecent was carried out as at 31 December 2016. A waluation as al 31 December 2020 was under ￿dY as al 31 December 2021. For the Pension Builder 2014 section. the valuation revealed a surplus of £1.Bm on the oThJoing a&sumplions used. There is no requirement for def￿rt payments al th8 current time. Dèfined Benefrts Sch•me The Defined Benefits Scheme IDBSI section ofthe CWPF wovM1es benefits for lay staff based on final pensionable salaries. For funding purposes. the DBS is (Iwide(l into sutrwls in respect of each partiapating employer as well as a further sub-pool. known as the Life Risk Pwl. The Lile Risk Pool exists lo share certain risks befv￿en employers, including those relating to mortality and p)st4etirement investment retums. The division of the DBS into SU￿poOlS is notional and is for the purrK)se of Ca1￿lIating onwiThJ contributions. They do not alter the fact that the assets of the DBS are hetd as a single Injst fund out of which all the benefits are to be provideil. From time to time, a nobonal premium is transfer￿ from the 8mpksye¥s' SU￿pOolS to the Lrf8 Risk Pool and all pensions and death beneffts are paid from the Lrfe Risk Pool. 11 is not possible to attribute the scheme's assets and Ivdbilibes to specific employers. since each employer. through the Life Risk Pool, is expose(I to actuarial risks associated vth the currenl and fOrn￿r emplows of other entities participating in the DBS. The scheme is considered to be a multiemployer scheme as described in Section 28 of FRS 102 and as such contributions are accounted for as rfthe Scheme were a defined contribution scheme. The pensions costs charged to the SOFA Fn the year contribub"on$ are payable towards bsnefits and expenses accrved in that yèar, plus any impact of defi¢it contributions. If. following an actuarial valuation of the Life Risk Pool. there is a surplus or deficit in the pool and the Actuary so recommends, furthèr transfers may be made from the Ltfe Risk Pool to the empk)yers' sutrpools, or woe versa. The amounts to be 1ranSfèr￿d land their allocation between the suwoolsl wll be settled by the Church of England Pension Board on the adwce of the Actuary. A valuation ofthe DBS is carried out once every lh￿e years. the most recent haviro been carri8d out as at 31st December 201fj. The overall def￿1t in the DBS was £26.2m. Following the valvation. the Employer has enlere(l into an agreement vrith the Churd) Workers Pension Fund to repay its share of the deficit over the next seven years. 2023 Total 2022 Total DBS Employer contributions (including 8dministration fees) 4.056 Pension Builder 2014 Employer contributions 37.807 33.703 Totsl 59.340 66,766 No. No. Active membe Defined Benefft Scheme Pension Builder 2014 28 27 OeferTed members Defined Benefft Scheme Pension Builder 2014 10 10 38 The Cathedral Church of St Peter and St Wilfrid in Rlpon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS 2023 Total 2022 Total 19 RELATED PARTY TRANSACTIONS THORPE PREBEND HOUSE TRUST The Chapter ss the trustee of Thorpe Prebend House. 8 separate tharitable trusl. The Chapter Èdminister the charity and it has not been possible to quantify the cost of the a(Iministrative seNces prowded at no cost to this Charity during the year. Interest free loans havè been made by Chapter to Thorpe Prebend House since 2001. The followng items have been eliminated on consolidation. Resotjrces expended.. Rental. upkeep elc 3.024 3.024 bl RIPON CATHEDRAL DEVELOPMENT TRUST IRCDTI This trust vras constiltrted under a deed dated 10th April 2001 and is a separate wistered charity. The annual income is to be applied for charitable purposes either connected wth Ripon Cathedral or at the Twstees discretion. Thè power of appointment of new Twste$s is vested in the Chapter and the Chapter ha$ indemnified the TrvsÉees against liabilities arising from third party daims. The following items have been elirnir￿ted on consolidat￿. Incoming resources.. Grants Office rent Facility fees 223.000 321,000 3,024 3.327 226,327 324.024 THE RIPON CATHEDRAL MUSIC TRUST This Irust was cor*stituled under a declaration of trust dated 11th October 2013 and is a separdte registered charity. The annual income is to be applied for the principal objectives of the charity. These are lor PLtblic benefit.. to promote and advance the e(Jucation of the public in the art ol music. pa￿CUla￿Y {bul not excluwvetyl at or in connection with Ripon Caihedral; lo promote and advance the Chrislian religion and public worship connected wth it Ihrough the support of music at or in connection wth Ripon Cathedral and also lo fvrthèr suth charitable pvrpos8s relating to Ripon Cathedral as the Trustees in their absolute discrelion think fiL The of aprK)intrnent of new TnJ8tees is vested in the Chapter. The followng items have been eliminated on c￿S011daI10n. Incomin9 resources.. Contribution to office costs and bookkeeping Grants 2,500 69,223 94.000 94,000 71,723 39 The Cathedral Church of St Peter and St Wilfrid in Ripon ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS 20 COMMITMENTS There were no revenue commilments at the end of the fifia￿la1 year for vthich no provisvjn has been made. 21 FUNDS G•neral Fund:. The Endowment fund is held by The Chapter of Ripon Cathedral ￿ere irwme derive(I from thè investments is used for the general purposes of the Catheilr81. The unrestricted income funds are expendable al the discrelion of Chapter in furtherance ofthe ministry of the Cathedral. Fabrlc Fund:. The Fabric Mainlenance fund is 8 restrided fund held by The Chapter of Ripon Cathedral specifically for Ihe maintenancè and upkeep of the fabric of the Cathedral. No part of the Fabric Maintenance Fund is a pemianent endovrnent. Music & Drama Fund:. The Music and Drama fund is a restricted fund held by The Chapter of Ripon Cathedral specifi¢AIty for the music and thoir activities. Girls Fund'.- The Girfs Choir Scholarships Fund was established on 11th January 21KKI as an en(lowment fund by the transfer from the Choir School Scholarship Fund (Boys) of monies received by The Chapter from a legacy from the Estate ol Miss C.E Hawthomth%Yaile Ileceased amounting to £135,000. The legacy was bequeathed for th$ provisron ol scholarships for the choir school of the Cathedral and was originally included within the Choir School Scholarship Fund. It was transferred wilh the agreement of the executors of the estate in order to open Girfs Choir Scholarships Fund. The income arising from the fund is regarded as available tOWdr(Is th8 financirKJ of the 9irfs choristers payments and restricted to that and 8ssouated costs onty. Boys Fund".- The Choir Scholarship Fund is administered in a tnjstee cap8Ctty by Thè Chapter of Ripon Cathedrdl for th8 purpose of providing on a continuing boy chorisler payments are pasd at the end ofea¢h temi.