OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Charity no. 1204673

Bristol Cathedral

The Cathedral Church of the Holy and Undivided Trinity Bristol Report and Audited Financial Statements 31 December 2024

Bristol Cathedral

Reference and administrative details

For the year ended 31 December 2024
Working name: The Cathedral Church of the Holy and Undivided Trinity in Bristol
Charity number 1204673
Registered office and Bristol Cathedral
operational address College Green
Bristol
BS1 5TJ
Bankers NatWest Bank plc
PO Box 238
32 Corn Street
Bristol
BS99 7UG
Fund managers CCLA Investment Management Limited
85 Queen Victoria Street
London
EC4V 4ET
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

THE CATHEDRAL CHAPTER

During the year under review, the membership of the Chapter was as follows:

Dean The Very Revd Dr Amanda Ford
Canons Residentiary The Revd Canon Nicola Stanley (Resigned 10 May 2024)
The Revd Canon Jonnie Parkin
The Revd Canon Neil Patterson (Appointed 14 July 2024)
Lay Canons Canon John Savage (Senior Non-Executive Member)
(Non-executive) Canon Stephen Parsons (Resigned 10 May 2024)
Canon Elizabeth Cairncross
Canon Naomi Miller
Canon David Cain
(Chair of Finance		 Committee known as Canon
Treasurer)

1

Bristol Cathedral

Reference and administrative details

For the year ended 31 December 2024

SENIOR STAFF

Chief Operating Officer Finance and Operations Director Finance Director Master of the Choristers and Organist Visitor Experience Director Head Verger and Sub-Sacrist Director of Development

Ben Silvey Andrew Webb (Until 9 April 2025) Susie Beasley-Suffolk (From 22 April 2025) Mark Lee Frances Rosewell Roger Dubois Martha Lewington

RETAINED CONSULTANTS

Consultant Architect Consultant Archeologist

Kathryn Harris Kevin Blockley

COMMITTEE MEMBERS

Finance Committee: Canon David Cain (Chair), Richard Bacon, Mike Lea, and Matthew Hall. In attendance: Dean, Chief Operating Officer and Finance (& Operations) Director.

Safeguarding Committee: The Dean (Chair), Adam Bond (Diocesan Safeguarding Officer), David Cain, Seb Heming.

Nominations Committee: This committee is still in development and will be complete in 2025.

Fabric Advisory Committee*: Beth Williamson (Chair), Novelette Aldoni-Stewart (resigned Dec 2024), Andrew Foyle, Alice Kemp (from May 2024) Nick Booth, Izaak Hudson, Michael Sheppard (from May 2024), Claudio Corallo (from Dec 2024) In attendance: the Dean, the Cathedral Architect, the Cathedral Archaeologist, and Chief Operating Officer.

*The Fabric Advisory Committee is an independent committee as defined by the Care of Cathedral’s Measure 2011 and is not a committee of Chapter. Half the members are appointed by Chapter and half are appointed by the Cathedral Fabric Commission for England.

ADVISORY GROUPS

Cathedral External Stakeholders Group (known as Cathedral Advisory Group): Charles Wyld (Chair), the Dean, Revd Canon Alice Kemp, Revd Canon Debbie Dewes, David Cain, Richard Pendlebury, John Smith, Lucinda Parr and Ade Williams.

Community Group: Oliver Hibbert (Chair), Andy Smith, Rita Banfield, Larrie Clark, Anne Lee, Caroline Fox and Carolyne Howe.

2

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Reference and administrative information set out on pages 1-2 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and Statutes and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

VISION, VALUES AND PURPOSE

Dean and Chapter have adopted the following vision:

Here with you; yesterday, today and tomorrow.

Bristol Cathedral is here to:

Follow Jesus Christ

We offer our time, gifts and resources in sharing God’s love, seeking to nurture the faith of our congregation and to invite others on the journey of faith. We seek to grow and grow younger.

Serve Others

We offer a safe, accessible, accepting, kind and inclusive place for all. We demonstrate our love for our neighbour in word and deed. We aim to reach out more widely into our city and diocese.

Transform Communities

We acknowledge our own need for transformation, learning from our past and actively effecting positive change. We seek to be good partners to others in transforming relationships and lives in our city, diocese and world. We aim to increase our impact in effecting change.

Worship God

Bristol Cathedral is a 900-year-old place of worship. Our work and worship is rooted in faith and responsive to the Spirit. We treasure our inheritance and seek to enhance and promote the use of our building, our musical tradition and our liturgical riches. We aim to share our resources more widely.

Support our Bishops and Diocese

Bristol Cathedral is the seat of the Bishop and the mother church of the diocese. We week to share our life with the Bishop and parishes by providing opportunities for teaching, celebration and encounter. We aim to increase a sense of mutual belonging.

As part of this process the Dean and Chapter has identified four values that will define how Bristol Cathedral works.

These are that we will be open, generous, creative, and brave.

3

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

THE DEAN'S REVIEW OF 2024

Welcoming Others

A major feature of the year was the start of work on a series of access projects that will make the building easier for visitors to navigate and enjoy, especially those with mobility issues. As of Spring 2025 the Seafarer’s Chapel floor has been repaired and high-quality ramps are in the process of being installed, to allow visitors to move around the building comfortably and safely.

Renewed signage around the building brings traditional shapes and images together with fresh colour which provide a more inviting environment. A new welcome statement makes it clear that everyone is welcome, regardless of race, gender, sexuality or circumstances. It has received very positive feedback from visitors.

A renewed welcome

From April 2024 the Cathedral introduced a new welcome routine to the building, staffed by newly recruited Visitor Experience Assistants.

The introduction of the ‘Entry by Donation’ system into the Cathedral has had a significant positive on both income and welcome. Our talented new team of Visitor Experience Assistants, generously supported by the Church Commissioners through the Cathedral Sustainability Fund, greet visitors at the entrance of the Cathedral and encourage tourist visitors to make a donation towards the ongoing care of the Cathedral. The desk opened in early April and resulted in an increase of 145% in our donation income in 2024.

As well as the financial benefit of the VEAs, their presence throughout the week means that there is always a member of staff accessible. This means that visitors receive a consistent welcome and our volunteer Welcomers are better supported.

Having a front of house team has also enabled us to expand the shop. Over the last year we have trebled the number of product lines in the shop, and we now offer a range of tourist souvenirs alongside Bibles, holding crosses and rosaries.

We welcomed over 250,000 visitors in 2024, of whom at least 180,000 made a donation.

Gaia

Hosting Luke Jerram’s Gaia artwork over October and November 2024 enabled us to welcome 50,000 visitors over a four-week period. The feedback from visitors to Gaia was overwhelmingly positive with an average 4.5 star rating out of 5.

4

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

The diverse programme alongside Gaia saw us host 32 events in 28 days, and welcome 274 musicians to perform in the Cathedral. Programme highlights included:

This programme enabled us to experiment with new formats and invite new audiences in – the up lates brought a different audience each night, mainly made up of 20-40 year olds, which is an audience we are keen to engage with.

Alongside Gaia and the events programme, there was a temporary exhibition entitled ‘Gaia: Our Home Planet’, which explored what climate change is, how it links to wealth inequality and why this should matter to Christians. A pledge board at the end of the exhibition saw thousands of people pledge to take positive action to care for our planet, choosing everything from eating meat free once a week, to spent time volunteering in their local community, to borrowing things they don’t need every day from their local ‘library of things’ and to only buying second hand clothes over the winter.

During Gaia, school visits focused on the question ‘How is Bristol Cathedral responding to Global Issues?’ with a focus on the climate crisis. This gave pupils the opportunity to reflect on the wonder of our world as well as discuss important global issues and examples of lived actions and beliefs of some Christians today.

As well as the schools programme around Gaia there were opportunities for adult education and engagement, including a panel discussion exploring the links and misinformation around housing, migration and climate change. This has led to important connections being forged with partner agencies, including a growing relationship with the BBC's sustainability unit.

Visitors who came to Gaia rated their experience highly, and this is reflected in the feedback survey. Of the respondents:

The survey also shows us that Gaia was of interest to new and existing audiences. 35% of visitors were visiting the cathedral for the first time, and 44% had visited within the last year.

5

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Safeguarding

Everyone who visits or works within the Cathedral deserves to feel not only welcome but also safe. We were one of the first Cathedrals to be independently audited this year by the INEQE safeguarding team, in a process that included the Diocese and the Bishop’s Office. The audit engaged a total of 457 individuals through various methods, including one-to-one discussions, focus groups, online surveys, and confidential interviews. 302 documents were collated and analysed prior to fieldwork. 377 anonymous survey responses were collected from victims and survivors, children and young people, and those worshipping or working within the parishes, the Cathedral, and for the Diocesan Board of Finance. Focus groups engaged with 30 members of staff and volunteers, 9 choristers and 6 chorister parents.

The audit commended the leadership and dedication of the Cathedral, noting a “coherent and tangible focus on safeguarding” and a high level of confidence in the embedded safeguarding culture. Key findings from the audit included strong relationships with statutory partners such as the Local Authority Designated Officers (LADO), and commendation for the Cathedral safeguarding team, clergy, and music department for their support of Cathedral choristers.

With the support and oversight of the Safeguarding Committee, the Cathedral seeks to continuously improve its safeguarding practice, with a strong emphasis on creating a healthy culture, where all in leadership welcome challenge and there is radical candour in relationships.

Following Jesus

During 2024 the Cathedral settled into its new structures under the Cathedral Measure. There were 95 individuals on the Community Roll, and a group meets regularly to discuss congregation issues before hosting a bi-monthly Community Meeting at which matters of interest to the congregation are discussed.

We have seen congregational numbers recovering after Covid. Our average Sunday congregation (across all services) was 172 adults and 33 children. The introduction of the ChurchSuite people management system is helping us to communicate better with the congregation and the wider group of those interested in the life of the Cathedral. With Canon Neil’s arrival as Vice Dean there are now well-established mechanisms for welcoming newcomers and drawing them more fully into Cathedral life.

Over 195 people volunteer as part of their life with the Cathedral. This ranges from gardeners and sewing teams, polishers and flower arrangers, bell-ringers, and guides, welcomers, stewards and those who assist in worship as servers, readers and intercessors. Our homelessness outreach team are out on the streets every Monday to Friday offering a word of comfort and a hot drink to those experiencing homelessness. Others help cook and serve food in the annual winter night shelter.

Five members of the congregation were commissioned during the year to act as Pastoral Assistants. These lay people are trained to offer a listening ear and to pray with others. A number act as Day Chaplains, alongside a growing number of volunteer clergy and Licenced Lay Ministers from the Diocese, helping to ensure that there is always a pastoral resource in the Cathedral.

We are enormously grateful to all our volunteers, many of whom give up significant amounts of time to help the mission and ministry of our cathedral.

6

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Learning

Throughout the year there were opportunities for the congregation to grow in faith and understanding of their faith.

Our Lent Quiet Day was led by the priest, writer and artist Revd Ally Barrett, Chaplain of St Catharine’s College, Cambridge. She brought a number of specially created images to help us reflect on women in the life of Jesus. One painting in particular, “The Women of Jerusalem” then provided the inspiration for a service on Palm Sunday afternoon, where four women told their stories of meeting Jesus: the Syrophoenician woman, the unnamed woman taken in adultery, Jairus’ daughter, and Mary.

Ally’s paintings are also featured in Paula Gooder’s book, “The Women of Holy Week” which featured in our Holy Week addresses. Dr Gooder was a very popular speaker and by the Wednesday of Holy Week the congregation was overflowing out of the Eastern Lady Chapel.

Our Advent Quiet Day in December was led by the former Archbishop of Canterbury, The Rt Rev Dr Rowan Williams on the theme of the prophets in Advent. Despite terrible weather, this event attracted so many people that it had to be held in the nave of the Cathedral.

Regular learning opportunities included the second year of the Theology Book Club which continues to attract 12-15 members on a regular basis. Bible for Beginners offers a basic introduction to biblical topics and attracts 6-8 people, a number of whom are enquiring about their faith and are not yet ready for baptism or confirmation.

Young Christians

The Canon Missioner’s chaplaincy role at Bristol Cathedral Choir School (BCCS) and Cathedral Primary School (CPS) continues to grow and develop. A recent Statutory Inspection report highlighted the excellent partnership between CPS and the Cathedral, and the quality of collective worship being offered. Similar informal observations have been made in relation to BCCS, and the new head is committed to working closely with Canon Jonnie to see further improvements.

The Wednesday Lunchtime Christian Union continues to grow, and along with the Cathedral Youth Club also feeds into the annual pilgrimage to Taizé, which Bishop Viv will join in 2025 in her retirement year.

Transforming Communities

One of the most impactful events of the year for the local community was the death of Darrien Williams, aged 16, a former pupil at Bristol Cathedral Choir School. Canon Jonnie supported the school and the family in the immediate aftermath of the death, and the Dean subsequently officiated at Darrien’s funeral in the Cathedral. The service was attended by over 500 people, many of whom were students at the school.

Following this death, and the deaths of Mason Rist and Max Dixon elsewhere in the city, the Cathedral hosted a seminar event at which Steve Chalke of the Oasis Trust spoke about the approach they are taking to the prevention of youth violence and other local contributors talked about the needs of young people in the city.

The Cathedral also hosted a memorial service for James Kirby, a protection officer working for World Central Kitchen who was killed while ensuring the safe delivery of food aid in Gaza.

7

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

The second Beloved Community conference took place in October with Dr Selina Stone as the keynote speaker, exploring black spirituality from her Pentecostal roots. We were delighted to welcome back Bishop Mike Royal (General Secretary of Churches Together in England) as our preacher. A number of speakers from excluded groups reflected over the day on the question, “should I stay or should I go?” There were opportunities for discussion and networking over lunch provided by The Square Food Foundation.

School groups continue to visit to learn about All God’s children and to think about what should be done about the legacy of slavery, the impact of this today and their opinions on right and wrong and who should be remembered. An exhibition was held to display some local pupil’s work on a project linked to tolerance and other ‘British Values’. This project was run by UWE. Each class involved with this project visited to take part in an AGC workshop.

Serving Bishop and Diocese

The Dean continues to pay a full part in the leadership of the Diocesan strategy, Transforming Church Together. In particular, she Chairs the Programme Board for work concerning diversity and inclusion, racial justice, campaigning and Priority Communities (those facing the greatest deprivation factors).

In addition to the usual Diocesan services for ordinations and the renewal of ministerial commitment (the Chrism Eucharist) there were services to install additional Honorary Lay Canons; Liz Townend (Director of Education), Richard Bacon (Chair of the Diocesan Board of Finance), Catherine Price, and Sir Robert Buckland MP and Honorary Canons; Rev Paul Langham and Rev Clive Deverell.

A significant service of a very different character was the wedding of the serving Lord Mayor Cllr Paul Goggins in the Lord Mayor’s Chapel. This was the first wedding in the Chapel for over thirteen years, and the first recorded wedding of a serving Lord Mayor. Cathedral clergy continue to serve the chapel congregation and to encourage the use of the Chapel by local organisations and institutions.

Worshipping God

The main feature of our worship this year has been the presence of the scaffolding needed to dismantle our historic Harris organ for refurbishment and the cleaning of the organ case. Over 4,500 pipes were removed over February and March and taken to Harrison and Harrison’s workshops in Durham.

This has led to significant disruption to the usual routines, which has been handled extremely graciously by our musicians, choir and vergers. In particular, for the choristers, choral Evensong in the open space of the crossing lacks the intimacy and focus that we enjoy in the Quire. Music provided by an electronic organ may have lacked the subtlety and character of the Cathedral organ, but has proved a passable substitute and enabled worship to continue without interruption.

Despite the disruption created by building work and organ restoration the daily rhythm of prayer and worship continues and the numbers attending weekday services are gradually growing.

Morning Prayer currently takes place in the Newton Chapel, where the clergy are often joined by those preparing to do the Homeless Outreach walk, but also by an average of 25 people on Facebook (about half live, and half on catch up).

8

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Chorister and Choral scholar recruitment

This has shown a remarkable level of success and continuity over the last year, with good numbers coming forward to be choristers, and a sufficient pool of talent, leading to our filling our places for another year. There is, unsurprisingly, a greater pool amongst the girls, but still a great deal of quality in all our entrants. We have confidence that they will all acquire the skills, both vocal and musical, necessary to come up to our very exacting standards. We have been pleased to see sibling entrants this year, in particular. Our Choral Scholars remain a very dedicated and professional group, with the last bass place taking the longest to fill. They will all remain into the 2025/6 academic year. We are especially pleased to have negotiated with the University a Bristol placement for our Choral Scholar medical student.

The Choir Tour

The Choir and Musicians had a wonderful time in Hannover with concerts in both the Marktkirtche and Christuskirche, as well as further concerts in Quedlingburg, the glorious monastery at Dinglestedt, and Braunschweig. They enjoyed warm hospitality with our friends at the Marktkirche, a civic introduction at the town hall, and sang very well-received programmes of mostly English music. The staff team of Mark Lee, Paul Walton, Will Forrest, Canon Jonnie Parkin and Rev Mel Takac all enjoyed a relaxed time, with the choristers on excellent and sociable form, and it was wonderful for Mel to be introduced to our musical life in this, her first large scale undertaking in her time with us.

A new feature of our Easter services was the performance of the St John’s Passion during the Good Friday liturgy. There have been a number of big musical projects for the choir, with large-scale works by Sir James Macmillan and Iain Farrington rubbing shoulders with those of Alison Willis and Kerensa Briggs, this in addition to the daily ‘opus dei’. The choristers also gave the first performance of Richard Barnard’s O Children of Earth at the preview evening of Gaia.

Visiting Choirs

Over 2024 while the cathedral choir was on leave we welcomed 20 visiting choirs from as near as Bristol and as far as Norfolk, Virginia. They ranged from parish choirs singing a weekend, school choirs coming for a weekday, gathered choirs coming for a Sunday, or residencies from the US singing here all week while exploring the local area. While we aim to cover every Sunday through the year, unavoidable circumstances sometimes mean that is not possible: four visiting choirs cancelled for various reasons. Visiting at all was less appealing to visiting choirs, largely owing to both the quire and the main organ being out of action, two major draws to coming to Bristol. All being well our visiting choirs will look forward to being able to use both from September 2025.

Attendance

Alongside other churches and cathedral’s across the diocese and country, we have seen that services in the run up to Christmas were particularly well attended. The feeling of a crowd may have been enhanced by congregations not being able to sit in the Quire or Transepts, but over 2,000 people attended a service on Christmas Eve or Christmas Day.

9

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

We continued to provide three shorter carol services which attract good congregations; Toddler Carols, redesigned and refreshed thanks to Mel Takáč’s creativity, ran three times through the day, which helped with the overcrowding, but made significant demands on staff and volunteers. Two new initiatives were tested; Blue Christmas which was a reflective service for those wanting something quieter did not attract a large congregation but was greatly appreciated by those who attended and so will run again; Beer and Carols, a partnership event with St Nick’s church in the city, was a huge success with over 800 people gathering on College Green, belting out both traditional carols and Christmas standards. Our Consort gave a particularly fine rendition of the Pogues Fairy Tale of New York, among other contributions.

Staffing

The year was marked by disruption to both clergy and staff teams which required flexibility and resilience from those who were covering areas of work in addition to their own over significant periods of time. Canon Nicola Stanley, formerly Precentor and Vice Dean, and latterly Canon Pastor retired in January 2024. In the same month, Kathryn Goldsmith, Minor Canon for Worship and Liturgy left to become Canon Precentor at Wakefield. Alongside these changes some key members of our team required extended periods of leave for medical and compassionate reasons. In the circumstances, the Cathedral proved to be resilient and able to ensure that all its core functions were maintained, but staff wellbeing was compromised by the end of the year, following a very busy period in the latter six months.

In June we welcomed the Revd Mel Takáč as our new Minor Canon for Worship and Liturgy. Mel, together with Tim Popple our longstanding Music and Liturgy Officer, keep up the flow of materials needed for our regular worship as well as supporting all the major services, including the Chrism Mass and Ordinations, that occur during the year.

At the same service, Canon Neil Patterson joined the Chapter and clergy team as Vice Dean and Canon Pastor. Neil takes primary responsibility for care of the congregation and for occasional offices (baptisms, weddings and funerals) as well as playing a full part in the leadership of the Cathedral.

GOVERNANCE

2024 was the first full year of Bristol Cathedral operating as a registered charity. Under its new constitution it holds an Ecclesiastical purpose and as such must have due regard to:

The objects of the charity are:

10

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Governing document

The Cathedral is incorporated as a Charitable Incorporated Organisation, governed by its constitution adopted on 17 July 2023 in accordance with the Cathedrals Measure 2021. It is registered with the Charity Commission for England and Wales, number 1204673.

The Chapter

Chapter is the body of trustees that directs and oversees administration of the affairs of the Cathedral, and consists of the Dean, who is the Chair, all the Residentiary Canons and lay members. During 2024 there were eight members of chapter, including five non-executive members. The Chief Operating Officer / Chapter Clerk also attends meetings (and serves as Secretary), along with the Finance and Operations Director and the Dean’s Executive Assistant as minute taker. Under the new governance arrangements one of the non-executive members is appointed by the Bishop and is the Senior Non-Executive Member who chairs Chapter in the temporary absence of the Dean.

A lay member shall hold office for three years but shall be eligible for a further two terms of office. Lay members are appointed as lay Canons of the Cathedral.

Chapter met on seven occasions during the year, with papers for each meeting circulated one week in advance by email. Decisions are taken at Chapter meetings, unless specifically delegated to a person or group of people to take between meetings.

Recruitment and induction of new members of Chapter

New members of Chapter (trustees) are recruited to ensure that there is an effective balance of skills and experience on chapter and that it reflects the diversity of the community that the cathedral serves. This is overseen by the nominations committee and recruitment is undertaken through a transparent process. Once appointed by Chapter, new trustees receive a comprehensive induction which includes meeting with key members of staff, briefing on the operations of the Cathedral and a tour of the building, its precincts and its properties. They are also encouraged to attend a Chapter training day course run by the Association of English Cathedrals.

College of Canons

The College of Canons comprises the Dean of the Cathedral, every Bishop Suffragan, every Canon and every Archdeacon in the diocese. While not a formal part of the governance structure, the College has an important role supporting the Cathedral’s mission and ministry and acting as ambassadors of the Cathedral to the diocese, ambassadors of the diocese to the Cathedral and as counsellors to the Bishop. The College met twice to discuss progress on key projects and theological issues.

Finance Committee

The Finance Committee advises the Dean and Chapter on all matters relating to the financial position and performance of the Cathedral. As a matter of course it reviews the annual budget, periodic management accounts and annual financial statements. It invites the auditor to give a briefing on the state of the Cathedral’s financial position, its systems for accounting and internal control, and reviews the annual management letter relating to Chapter’s responsibilities and those of Bristol Cathedral Enterprises Limited. It also oversees Chapter’s arrangements for the Cathedral’s investments, projects, capital spending and, when necessary, taxation. It reviews the Cathedral’s risk register. The Committee met five times in the year. It is chaired by a member of Chapter, known as the Canon Treasurer, but includes independent members appointed for their financial acumen and expertise.

11

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Nominations Committee

The Nominations Committee was established as part of the Cathedrals Measure 2021. It was under development in 2024 and will be fully established in 2025. The purpose of the committee is to nominate new members of the Cathedral Chapter, ensuring that the membership reflects the diversity of the community that is served by the Cathedral. It will also advise Chapter on nominations to other committees and advisory groups.

Safeguarding Committee

The Safeguarding Committee (established under the new governance arrangements) oversees and promotes safeguarding in the Cathedral. It supports and holds to account those charged with the day to day delivery of effective safeguarding. It is currently chaired by the Dean, who is the Chapter lead for safeguarding. An independent Chair has been identified and Chapter will be asked to appoint them in 2025. The diocesan safeguarding officer is a member of this committee.

External Stakeholder Advisory Group (known as the Cathedral Advisory Group)

The purpose of this group is furthering and supporting the life and work of the Cathedral in the city and Diocese and advising Chapter, to bring wider perspectives and to facilitate Chapter’s thinking and approach. Members of this group are appointed by Chapter on the basis of their experience, expertise and community networks. This was established as an advisory group under the Cathedral’s Measure 2021.

Community Group

The purpose of the Community Group is furthering and supporting the life and work of the Cathedral and advising Chapter, to bring the perspectives of the worshipping congregation and other internal stakeholders to facilitate Chapter’s thinking and approach to the Cathedral’s spiritual life, worship, ministry and mission as a place of worship, prayer and service and its whole ministry and mission in the city and Diocese. Members of the group are on the Community Roll and are elected by those on the Community Roll. They are then appointed by Chapter. This was established as an advisory group under the Cathedral’s Measure 2021.

Fabric Advisory Committee

The Fabric Advisory Committee advises the Dean and Chapter on all matters relating to the fabric of the Cathedral. An independent body, it has an external Chair and members appointed based on their knowledge and expertise on heritage and historic building-related matters and provides expert advice and guidance on the physical protection, preservation and development of the Cathedral’s buildings and external precincts. The Committee’s advice is informed by the Cathedral’s Architect and Archaeologist, who both attend FAC meetings and are retained as consultants. The Committee met on four occasions during the year.

Senior Management Group

During 2024 Chapter approved a change to the make up of the Senior Management Group. The group is now known as the Senior Executive Team and made up of the Dean, Vice Dean, Canon Missioner, Chief Operating Officer, Finance Director and Visitor Experience Director. We have created an additional group known as the Heads of Departments that includes all members of the Senior Executive Team and the Head Verger, Director of Development and Director of Music.

Key Management Personnel

The Chapter considers that the key management personnel of the Cathedral consist of Executive members of Chapter and the Senior Executive Team.

12

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Setting of Pay for Staff

Staff pay is reviewed as part of the annual budgeting process and agreed by chapter after advice from the Finance Committee. The level of stipend for members of clergy including the Dean (as Executive Chair or Chapter) is not controlled by Chapter and is set nationally by the Archbishops Council.

Safeguarding

Safeguarding is a key priority in the life of the Church. Chapter is committed to doing all that we can to ensure that the Cathedral’s community offers the safest place possible for children, young people and vulnerable adults. This applies to all children, young people and vulnerable adults who visit the Cathedral or participate in worship and other missional, education, volunteering, or outreach activities at the Cathedral.

Chapter has a Service Level Agreement (SLA) with Bristol Diocesan Board of Finance (DBF) for the provision of Safeguarding advice and guidance. It ensures the Cathedral has access to specialist advice and that safeguarding expectations and standards are consistent across the Cathedral and the wider diocese.

The Dean is currently the Chapter lead on safeguarding. The Chief Operating Officer is responsible for ensuring safeguarding arrangements are implemented effectively. The Cathedral employs a Safeguarding and Pastoral Officer who carries out day to day safeguarding activities and has oversight of key processes including safeguarding agreements. The SPO works closely with the Diocesan Safeguarding Team. A member of the Cathedral congregation acts as an independent safeguarding advocate. They are a point of contact for safeguarding concerns, as well as being an ambassador for a positive safeguarding culture across the Cathedral.

Safeguarding is a standing item on the agenda of all Chapter, Senior Executive Team and Heads of Departments meetings.

The Cathedral maintains a Safeguarding Improvement Plan which includes recommendations from the INEQE safeguarding audit in 2024. This is monitored by Chapter through the Safeguarding Committee.

Through the diocesan safeguarding team, and independently, the Cathedral has access to the Local Authority Designated Officer and to statutory social care helplines and other statutory bodies, as required.

Related charities

There are a number of independent charities which are part of the Cathedral’s broader governance picture. They are regulated by the Charity Commission, have their own boards, and file annual reports and accounts. They include:

13

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

The Chapter notes the contribution of all these bodies, and those individuals who give so generously to our work, and it records its gratitude for the ways in which they enrich the life of the Cathedral.

Statement on fundraising

During 2024 Bristol Cathedral has continued to develop its fundraising work, supported by our Director of Development. The funding for this post was moved from the Bristol Cathedral Trust to the Cathedral Sustainability fund during 2024 to enable a strategic discussion about the relationships between Bristol Cathedral and Bristol Cathedral Trust. We do not outsource any fundraising expertise.

Bristol Cathedral fundraising activity adheres to the Fundraising Code relating to ethical matters, fundraising standards and best practice. The Director of Development keeps up to date with any changes in regulations and Bristol Cathedral has received no formal complaints regarding its fundraising practice.

The Cathedral works hard to ensure that donations are managed responsibly and that it is clear where donations will be directed, maintaining transparency and trustworthiness.

Bristol Cathedral takes very seriously its responsibility towards those supporters who may be vulnerable and will carefully consider donations by vulnerable adults and when appropriate consider the return of the donation.

We have focussed on the following areas for fundraising during the year:

In addition to these programmes, we put in regular grant applications to support the work of the Cathedral.

During the year we hosted a “Here With You” gala dinner during the Gaia exhibition where we were able to talk about our access project.

Our public benefit

The Chapter members of Bristol Cathedral have due regard to the public benefit guidance published by the Charity Commission in determining the activities of the Cathedral. The Cathedral not only serves the local community daily in its religious and charitable work, but it is an active resource in the promotion of religion, music, history, heritage and archaeology. This annual report describes the activities that deliver these core public benefits.

14

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Risk management

The Dean and Chapter are responsible for managing the strategic risks associated with the delivery of the Cathedral’s vision and mission. There is a risk register with quarterly reports which is regularly reviewed by the Chapter and Finance Committees. Complex projects have dedicated risk registers. The Finance Committee also discuss the finance risks in relation to investment, management accounts and cash flow. The main strategic risks relate to income levels, reputational risk, safeguarding and staffing changes.

We have focussed on the following areas for fundraising during the year:

FUTURE PLANS

Fabric development

2024 has been an incredibly busy year for fabric projects, supported by our full time Clerk of Works.

15

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

We are very grateful to the Friends of Bristol Cathedral, the Bristol Cathedral Trust and the Basil Brown Charitable Trust and many generous individual donors for their support for this project.

Governance

Chapter will be recruiting for new members during 2025, supported by the nominations committee.

Developing a masterplan

We will be submitting an application to the National Lottery Heritage Fund during 2025 for the development of our masterplan.

Project 30

We will continue to progress our work to achieve net zero by 2030 in line with the national Church of England target. A small group has been meeting throughout 2024 to move this project forward, including representatives of Chapter, the staff team, and the congregation. We achieved the Eco Church silver award during 2024 and expect to achieve the gold award in 2025. The Church Commissioners funded a report by our M&E consultants, Ingleton Wood, on the next steps to achieving Net Zero. This has demonstrated that connection to the cities heat network as our best way of achieving net zero, alongside photo voltaic solar panels on the roof of the Cathedral. A roadmap to achieving net zero will be presented to Chapter during 2025.

Visitor experience and events

We held several ambitious events during 2024 particularly focussed around the Gaia installation in October. These were incredibly successful with regard to visitor numbers and engagement (see the Deans review above). However, they were very time consuming to produce and ticket sales to some events were not as high as we had hoped. During 2025 we will be increasing the number “dry hires” of the Cathedral rather than planning our own big programmes. This has been supported by Cathedral Sustainability Fund by funding a new post of Event and Venue Hire Manager for three years. They will be employed in the first quarter of 2025.

Our visitor welcome arrangements have brought about a significant improvement in the quality of the welcome of visitors alongside an increase in income through visitor donations. We keep this under constant review through the Senior Executive Team, the Finance Committee and Chapter. We trialled moving the welcome desk to a more prominent location during Gaia and will be making that change permanent in early 2025.

16

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

2024 FINANCIAL REVIEW

The total funds at 31 December 2024 were £5,817,625, compared to £7,228,177 in the previous year, a decrease of £1,410,552. Of these total funds, £3,762 (2023: £3,513) related to Endowment Funds, £2,226,171 (2023: £3,304,109) related to Restricted Funds, and £3,587,692 (2023: £3,920,555) related to Unrestricted General Funds.

The total income for the year was £1,939,652 (2023: £1,555,522) an increase of £384,130 from the previous year. The Dean and Chapter are pleased that the amounts received as donations from congregation and visitors has increased to £329,499 (2023: £206,126) and are particularly grateful to those who have continued to give regularly to the Cathedral. Entry by donation was introduced in April 2024 and a Cathedral Patronage scheme has also been launched. A successful grant application was made to the Cathedral Sustainability Fund (CSF) to cover the additional welcomer posts needed and to fund the role of Director of Development from July 2024 onwards.

Event income was lower than expected in 2024 predominantly due to significantly lower ticket sales for our flagship commercial event, Luxmuralis, as compared to the two previous years.

The expenditure for the year totalled £3,410,724 (2023: £1,865,971), an increase of £1,544,753 from the previous year. This was in the most part due to substantial investment being made in the fabric of the Cathedral and its properties, including the restoration of the organ, installation of a new sound system, re-laying the Seafarers Floor and installing permanent ramps and the refurbishment of its residential property at Cumberland Road. These projects not only ensure that the fabric of the Cathedral is kept in excellent condition, but also in many cases, improved access to the building.

Operating costs of the Cathedral also increased, particularly in relation to utility costs. Payroll costs increased as the Cathedral awarded a higher cost of living increase on staff salaries than usual (although still well below inflation) and invested in additional staff to meet its aims and objectives.

Investment performance

CCLA Investment Management Ltd is responsible for managing the Dean and Chapter’s equity, fixed interest and property investments. They have a strong focus on ethical investment and work closely with the Church of England Ethical Investment Advisory Group. The portfolio is kept under regular review by the Dean and Chapter and the Finance Advisory Committee which provides expert oversight and advice. Overall, markets have performed well and CCLA managed to maintain the level of income.

Bristol Cathedral Trust

In 2024, Bristol Cathedral Trust made grants totalling £182k to the Chapter. These grants were received towards the funding of the Development Director for six months, the replacement of the Seafarers Floor, the café refurbishment, the Accessibility project and also other unrestricted activity.

17

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Bristol Cathedral Enterprises Ltd (BCE)

BCE is the trading arm of Bristol Cathedral and consists of the Cathedral shop and sale of refreshments at Cathedral events. The accounts for BCE are prepared separately to this report and are submitted to Companies House, but the figures are then consolidated into the Dean and Chapter report. The outturn for 2024 was a surplus of £9.1k (2023: £3.7k). Income from the café is now fully accounted for through the Cathedral rather than BCE.

Investment policy

We have a long-term investment policy, which is reviewed each year. Our objective was to maintain a diversified and ethically invested portfolio that provided sufficient income to support the Cathedral’s operational budget, while still allowing for long-term capital growth. This was achieved with through investment in the CBF Investment Fund.

In addition, the Cathedral held £505k cash at the year-end of which £271k related to restricted funds.

Reserves policy

Reserves are needed to allow the Cathedral to be managed efficiently and to avoid any interruption in activities, as well as to cover exceptional repair and other items. Previously, Chapter has considered that an appropriate level of unrestricted reserves would be at least £500k. This is a de minimis figure and over time Chapter would like to see the level of unrestricted reserves increasing. This was based on an estimate of ongoing expenditure commitments over a two-year period.

The actual level of those reserves at 31 December 2024 was £350k (excluding fixed assets). The gap between actual reserves and the policy is being closely monitored with the objective of unrestricted reserves being restored to the target level as soon as is feasible within the current economic environment. In the calculation, Cathedral housing and property assets have been excluded. Investment performance is closely monitored and the impact on reserves is regularly reviewed.

Investment property

The Cathedral has no investment property, as all the houses it owns are occupied by clergy or lay staff for the more efficient performance of duties. Portions of the historic precincts are also let to the Cathedral Schools Trust.

Endowment and restricted funds

These can only be used for the purposes for which the funds were given. The Cathedral has several such funds, details of which are set out in note 22 of the accounts.

Statement of responsibilities of the Chapter

Chapter members are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

18

Bristol Cathedral

Report of the Chapter

For the year ended 31 December 2024

Chapter members are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Cathedral and the group and the incoming resources and application of resources, including the net income or expenditure, of the Cathedral and the group for the year. In preparing those financial statements the Chapter members are required to:

Chapter members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. Chapter members are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Chapter members are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Chapter members are not required to contribute to the assets of the charity in the event of winding up. They are members of the charity but this entitles them only to voting rights. Chapter members have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were appointed as auditors to the group and Cathedral during the year and have expressed their willingness to continue in that capacity.

Approved by the Chapter on 16 July 2025 and signed on its behalf by

The Very Revd Dr Amanda Ford - Dean

19

Independent auditors' report

To the Chapter of

Bristol Cathedral

Opinion

We have audited the financial statements of Bristol Cathedral (the 'Cathedral') and its subsidiary (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, consolidated and Cathedral balance sheets, consolidated statement of cashflows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and Cathedral in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 10 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and Cathedral's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Chapter members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Chapter members are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

20

Independent auditors' report

To the Chapter of

Bristol Cathedral

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Cathedral and its environment obtained in the course of the audit, we have not identified material misstatements in the annual report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Chapter members

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

In preparing the financial statements, the Chapter members are responsible for assessing the group and the Cathedral's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Chapter members either intend to liquidate the group or the Cathedral or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

21

Independent auditors' report

To the Chapter of

Bristol Cathedral

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

(1) We obtained an understanding of the legal and regulatory framework that the group and Cathedral operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the group and Cathedral’s policies and procedures in relation to:

(3) We inspected the minutes of Chapter meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

22

Independent auditors' report

To the Chapter of

Bristol Cathedral

Use of our report

This report is made solely to the Cathedral Chapter, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Chapter those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Cathedral and the Cathedral Chapter, as a body, for our audit work, for this report, or for the opinions we have formed.

Godfrey Wilson Limited

Date: 16 July 2025

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Godfrey Wilson Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

23

Bristol Cathedral

Consolidated statement of financial activities

For the year ended 31 December 2024

Endowment
Note
£
Income from:
Donations and legacies
3
-
Grants
4
-
Charitable activities
5
-
Other trading activities
6
-
Investments
7
129
Other
-
Total income
129
Expenditure on:
Raising funds
-
Charitable activities:
Ministry
-
Cathedral upkeep
-
Education and outreach
-
Total expenditure
9
-
129
Net gains on investments
14
120
10
249
Reconciliation of funds:
Total funds brought forward
3,513
Total funds carried forward
3,762
Net income /
(expenditure) and net
movement in funds
Net income /
(expenditure) before
gains / (losses)		 Endowment
Note
£
Income from:
Donations and legacies
3
-
Grants
4
-
Charitable activities
5
-
Other trading activities
6
-
Investments
7
129
Other
-
Total income
129
Expenditure on:
Raising funds
-
Charitable activities:
Ministry
-
Cathedral upkeep
-
Education and outreach
-
Total expenditure
9
-
129
Net gains on investments
14
120
10
249
Reconciliation of funds:
Total funds brought forward
3,513
Total funds carried forward
3,762
Net income /
(expenditure) and net
movement in funds
Net income /
(expenditure) before
gains / (losses)		 Restricted
£
46,442
963,027
-
-
127,526
-		 Unrestricted
£
283,057
31,447
128,624
118,496
240,094
810		 2024
Total
£
329,499
994,474
128,624
118,496
367,749
810		 Restated
2023
Total
£
206,126
636,459
208,041
130,837
365,666
8,393
129 1,136,995 802,528 1,939,652 1,555,522
-
-
-
-		 -
139,939
2,124,969
-		 83,623
874,877
133,799
53,517		 83,623
1,014,816
2,258,768
53,517		 122,814
898,624
794,596
49,937
- 2,264,908 1,145,816 3,410,724 1,865,971
129
120		 (1,127,913)
49,975		 (343,288)
10,425		 (1,471,072)
60,520		 (310,449)
206,184
249
3,513		 (1,077,938)
3,304,109		 (332,863)
3,920,555		 (1,410,552)
7,228,177		 (104,265)
7,332,442
3,762 2,226,171 3,587,692 5,817,625 7,228,177

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 22 to the accounts.

Prior period restricted income and expenditure has been restated to gross up salary costs and related grant income, previously netted off, of £70,138. Prior period expenditure has also been reclassified to reflect the requirements of the Charities SORP (FRS 102) and to be comparable with the current year. This restatement is purely reclassifications of expenditure and does not affect net expenditure.

24

Bristol Cathedral

Consolidated balance sheets

As at 31 December 2024

Note
Fixed assets
Tangible assets
13
Investments
14
Investment in subsidiary
15
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year 19
Net current assets
Net assets
21
Funds
22
Endowment funds
Restricted funds
Unrestricted funds
General funds
Total charity funds		 The group
2024
£
3,707,256
1,600,671
-
5,307,927
17,593
214,079
504,792
736,464
(226,766)
509,698
5,817,625
3,762
2,226,171
3,587,692
5,817,625		 The group
2023
£
3,341,433
2,715,272
-
6,056,705
7,076
129,243
1,230,422
1,366,741
(195,269)
1,171,472
7,228,177
3,513
3,304,109
3,920,555
7,228,177		 Cathedral
2024
£
3,707,256
1,600,671
1
5,307,928
4,465
219,933
504,020
728,418
(218,720)
509,698
5,817,626
3,762
2,226,171
3,587,693
5,817,626		 Cathedral
2023
£
3,341,433
2,715,272
1
6,056,706
853
136,142
1,228,981
1,365,976
(194,504)
1,171,472
7,228,178
3,513
3,304,109
3,920,556
7,228,178

Approved by the Chapter on 16 July 2025 and signed on its behalf by

The Very Revd Dr Amanda Ford - Dean

Canon David Cain - Canon Treasurer

25

Bristol Cathedral

Consolidated statement of cash flows

For the year ended 31 December 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interest and rents from investments
Increase in stock
(Increase) / decrease in debtors
Increase in creditors
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from the sale of investments
Net cash provided by investing activities
Decrease in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
(1,410,552)
41,608
(60,520)
(367,749)
(10,517)
(84,836)
31,497
(1,861,069)
367,749
(407,431)
1,175,121
1,135,439
(725,630)
1,230,422
504,792		 Restated
2023
£
(104,265)
17,975
(206,184)
(365,666)
(6,783)
41,630
9,179
(614,114)
365,666
(1,917)
-
363,749
(250,365)
1,480,787
1,230,422

The Cathedral has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

Prior year dividends, interest and rents from investments has been grossed up to match the Statement of Financial Activities. There is no net impact on the movement in cash.

26

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies

a) General information and basis of preparation

Bristol Cathedral is a charitable incorporated organisation (CIO) registered in England and Wales. The registered office address is Bristol Cathedral, College Green, Bristol, BS1 5TJ.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view, and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005.

Bristol Cathedral meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Group accounts

These financial statements consolidate the results of the Cathedral and its wholly-owned (controlled) subsidiary Bristol Cathedral Enterprises Limited (no. 2579801) on a line by line basis. Transactions and balances between the Cathedral and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the Cathedral's balance sheet. The activities of Bristol Cathedral Trust, The Friends of Bristol Cathedral, The Bristol Cathedral Choral Foundation, Bristol Cathedral School and Bristol Cathedral Choir School have not been consolidated because the Cathedral does not control these activities.

c) Going concern basis of accounting

Chapter assesses whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of Bristol Cathedral to continue as a going concern. Chapter make this assessment in respect of a period of one year from the date of approval of the financial statements.

The Cathedral Chapter has considered the budgets and forecasts for the income and expenditure of the Cathedral, the commitments made to investment in the Cathedral Building, the reliability of their principal sources of income, the potential for grants to be received and the current economic environment.

The Cathedral continues to invest in income generating opportunities, particularly in the areas of visitor donations; the establishment of a Patron Scheme; grant applications; and hosting events, all of which have generated higher levels of income in the first half of 2025 than in previous years. Simultaneously, it is seeking to rebalance its expenditure commitments in line with income so that a balanced budget can be achieved by 2026.

27

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

c) Going concern basis of accounting (continued)

Cashflow is being monitored carefully to ensure that sufficient unrestricted cash remains available to meet the Cathedral’s day-to-day liabilities. There is also the potential to realise cash against the unrestricted property held by the Cathedral, which was held at a value of £3.2m at the year-end.

Accordingly, the Cathedral Chapter is confident that the Charity holds sufficient funds in unrestricted reserves and has enough reliable sources of income to meet its investment and expenditure commitments for the foreseeable future and that it is appropriate for the accounts to be prepared on a going concern basis.

d) Income

Income is recognised when the Cathedral has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the Cathedral has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the Cathedral is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Cathedral has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Cathedral, or the Cathedral is aware of the granting of probate, and the criteria for income recognition have been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of provision of rent services is deferred until criteria for income recognition are met.

Grants, donations and legacies subject to restrictions are credited to the appropriate fund when they are received or become receivable. Restricted amounts received in respect of the purchase of a depreciated fixed asset are credited to the Statement of Financial Activities. Where the restriction is discharged on purchase of the asset this is shown as a transfer to unrestricted funds, or where there is an enduring restriction over the use of the asset an amount is debited to the restricted fund each year in respect of the depreciation of the asset.

Where amounts are payable on behalf of the Cathedral by third parties, these are shown under both income and expenditure.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Cathedral; this is normally upon notification of the interest paid or payable by the bank.

28

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

f) Funds accounting

The Cathedral funds are analysed into three different categories as follows:

Unrestricted funds are expendable at the discretion of the Chapter in furtherance of the Ministry of the Cathedral.

Restricted funds are designated for restricted purposes within the Cathedral operations. The related expenditure of these funds is chargeable to these funds. The largest restricted fund is the Cathedral's Fabric Fund. The Fabric Fund is held for the purpose of defraying the costs of maintaining or enhancing the Cathedral fabric, including professional fees and insurance.

Included in restricted funds are capital amortisation funds. These include grants received and spent on the purchase of fixed assets. As described in note 1d, above, these funds are being amortised in line with the depreciation of the relevant fixed asset. In these cases, the balance on these funds does not represent unspent funds.

Endowment funds are restricted funds where the Cathedral has no power to convert the capital into income but can apply income derived from the funds for the general purposes of the Cathedral.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the Cathedral but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the Cathedral, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the Cathedral’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the following proportions:

2024 2023
Raising funds 0.0% 0.0%
Charitable activities:
Ministry 49.0% 57.2%
Cathedral upkeep 47.3% 38.0%
Education and outreach 3.7% 4.8%

i) Heritage assets

Bristol Cathedral and its ancillary buildings are classified as heritage assets. Bristol Cathedral does not consider that reliable cost or valuation information can be obtained owing to the incomparable nature of the assets. Even if valuations could be obtained, the cost of providing such information would outweigh any benefit to the users of the financial statements. Consequently, heritage assets are not recognised in the balance sheet.

29

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued) j) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Properties Not depreciated Computer equipment 4 years

Non-investment property included in fixed assets is maintained, as a matter of Cathedral policy, by way of a programme of repair and refurbishment such that the residual value of the property is at least equal to its book value. Therefore, the Chapter considers the value of depreciation of the freehold property to be immaterial to the group.

Items of equipment are capitalised where the purchase price exceeds £5,000.

k) Investments

Investments are shown in the balance sheet at market value. Any realised or unrealised gains are allocated to the relevant fund and shown in the Statement of Financial Activities.

l) Investment in subsidiary

The Cathedral's investment in the subsidiary company is held at historic cost less impairment. Due to the historic losses in the company, the value has been impaired down to £nil and it is therefore excluded from the Cathedral's balance sheet. Subsidiary results and net assets are shown in note 15.

m) Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the Cathedral would have been willing to pay for the items on the open market.

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Cash at bank and in hand

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

p) Creditors

Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Financial instruments

The charitable incorporated organisation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

30

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

r) Pension costs

The Cathedral participates in the Pension Builder Scheme section of the Church Workers Pension Fund, a multi-employer defined benefit pension scheme. The Cathedral is unable to identify its share of the underlying assets and liabilities of the scheme. Likewise, any future contributions which may be required to make up any funding deficit are also unable to be quantified. Therefore, payments in respect of the scheme are accounted for as a defined contribution scheme, with payments charged to the Statement of Financial Activities in the period in which they are incurred. For further details, see note 25.

s) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

t) Accounting estimates and key judgements

In the application of the Cathedral's accounting policies, the Chapter members are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note 1j above.

31

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

2. Prior period comparatives: statement of financial activities (restated)

£
Income from:
Donations and legacies
-
Grants
-
Charitable activities
-
Other trading activities
-
Investments
102
Other
-
Total income
102
Expenditure on:
Raising funds
-
Charitable activities
Ministry
-
Cathedral upkeep
-
Education and outreach
-
Total expenditure
-
102
Net gains on investments
241
343
Endowment
Net income / (expenditure) before
gains
Net income / (expenditure) and net
movement in funds		 Restricted
£
£
5,201
200,925
631,592
4,867
-
208,041
-
130,837
133,585
231,979
-
8,393
770,378
785,042
-
122,814
320,148
578,476
498,324
296,272
5,972
43,965
824,444
1,041,527
(54,066)
(256,485)
151,796
54,147
97,730
(202,338)
Unrestricted		 2023
Total
£
206,126
636,459
208,041
130,837
365,666
8,393
1,555,522
122,814
898,624
794,596
49,937
1,865,971
(310,449)
206,184
(104,265)

32

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

3. Income from donations and legacies

Income from donations and legacies
Regular giving
Donations
Total income from donations and legacies
Prior period comparative:
Regular giving
Donations
Legacies
Total income from donations and legacies		 Restricted
£
£
-
70,861
46,442
212,196
46,442
283,057
Restricted
£
£
-
73,161
5,201
122,764
-
5,000
5,201
200,925
Unrestricted
Unrestricted		 2024
Total
£
70,861
258,638
329,499
2023
Total
£
73,161
127,965
5,000
206,126

Congregational Giving in 2024 was £79,950 (2023: £84,071), which represented 4.2% (2023: 5.7%) of total income.

Included in income from donations is gift aid of £11,363 (2023: £12,678).

4. Income from grants

Income from grants
Church Commissioners
Other grants
Income from Friends and local trusts
Total income from grants
Prior period comparative:
Church Commissioners
Other grants
Income from Friends and local trusts
Total income from grants		 Restricted
£
£
485,023
-
210,000
5,496
268,004
25,951
963,027
31,447
Restricted
£
£
388,187
-
-
4,867
243,405
-
631,592
4,867
Unrestricted
Unrestricted		 2024
Total
£
485,023
215,496
293,955
994,474
Restated
2023
Total
£
388,187
4,867
243,405
636,459

Friends and local trusts income has been restated to include £70,138 previously netted off.

33

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

5. Income from charitable activities

Total income from facility and other fees 2024
£
128,624
Total		 2023
Total
£
208,041

Income from charitable activities was unrestricted in the current and prior year.

6. Income from other trading activities

Total income from shop, refectory and other activities 2024
Total
£
118,496		 2023
Total
£
130,837

Income from other trading activities was unrestricted in the current and prior year.

7. Income from investments

Endowment
£
Property income
-
Investment income
129
Total income from investments
129
Prior period comparative:
Endowment
£
Property income
-
Investment income
102
Total income from investments
102		 Restricted
£
£
73,909
224,522
53,617
15,572
127,526
240,094
Restricted
£
£
69,106
207,319
64,479
24,660
133,585
231,979
Unrestricted
Unrestricted		 2024
Total
£
298,431
69,318
367,749
2023
Total
£
276,425
89,241
365,666

8. Government grants

The Cathedral receives government grants, defined as funding from Bristol City Council to fund charitable activities. The total value of such grants in the period ending 31 December 2024 was £215,496 (2023: £nil). There are no unfulfilled conditions or contingencies attaching to these grants in 2024.

34

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

9. Total expenditure

Fundraising events and publicity
Trading activities
Clergy stipends and working expenses
Clergy housing costs
Clergy support costs
Services, music and congregational costs
Cathedral maintenance
Cathedral insurance
Heat, light and water
Vergers
Education activities
Staff costs
Staff training, development and well-being
Administrative services
Equipment and software
Governance (audit, legal and professional)
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
63,815
19,808
-
-
-
-
-
-
-
-
-
-
-
-
-
-
83,623
-
83,623		 Charitable activities Charitable activities Education and
outreach
£
-
-
-
-
-
-
-
-
-
-
10,182
17,738
-
-
-
-
27,920
25,597
53,517		 Support and
governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
517,732
30,590
87,713
24,394
26,959
687,388
(687,388)
-		 2024 Total
£
63,815
19,808
139,939
163,648
1,456
139,387
1,509,678
42,241
126,810
30,045
10,182
994,059
30,590
87,713
24,394
26,959
Ministry
£
-
-
139,939
163,648
1,456
139,387
-
-
-
-
-
233,468
-
-
-
-
677,898
336,918
1,014,816		 Cathedral
upkeep
£
-
-
-
-
-
-
1,509,678
42,241
126,810
30,045
-
225,121
-
-
-
-
1,933,895
324,873
2,258,768
3,410,724
-
3,410,724

35

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

9.
Total expenditure (continued)
Prior period comparative
Fundraising events and publicity
Trading activities
Clergy stipends and working expenses
Clergy housing costs
Clergy support costs
Services, music and congregational costs
Cathedral maintenance
Cathedral insurance
Heat, light and water
Vergers
Education activities
Staff costs
Staff training, development and well-being
Administrative services
Equipment and software
Governance (audit, legal and professional)
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
112,879
9,935
-
-
-
-
-
-
-
-
-
-
-
-
-
-
122,814
-
122,814		 Ministry
Cathedral
upkeep
Education and
outreach
£
£
£
-
-
-
-
-
-
159,503
-
-
93,377
-
-
1,294
-
-
88,729
-
-
-
304,580
-
-
38,759
-
-
42,937
-
-
39,378
-
-
-
3,720
236,993
157,339
19,710
-
-
-
-
-
-
-
-
-
-
-
-
579,896
582,993
23,430
318,728
211,603
26,507
898,624
794,596
49,937
Charitable activities		 Ministry
Cathedral
upkeep
Education and
outreach
£
£
£
-
-
-
-
-
-
159,503
-
-
93,377
-
-
1,294
-
-
88,729
-
-
-
304,580
-
-
38,759
-
-
42,937
-
-
39,378
-
-
-
3,720
236,993
157,339
19,710
-
-
-
-
-
-
-
-
-
-
-
-
579,896
582,993
23,430
318,728
211,603
26,507
898,624
794,596
49,937
Charitable activities		 Support and
governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
420,597
23,056
61,747
28,718
22,720
556,838
(556,838)
-		 Restated
2023 Total
£
112,879
9,935
159,503
93,377
1,294
88,729
304,580
38,759
42,937
39,378
3,720
834,639
23,056
61,747
28,718
22,720
Ministry
£
-
-
159,503
93,377
1,294
88,729
-
-
-
-
-
236,993
-
-
-
-
579,896
318,728
898,624		 Cathedral
upkeep
£
-
-
-
-
-
-
304,580
38,759
42,937
39,378
-
157,339
-
-
-
-
582,993
211,603
794,596
1,865,971
-
1,865,971

Staff cost allocations have been restated to ensure comparability with the current year, and to include £70,138 of costs previously netted off.

36

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

10. Net movement in funds This is stated after charging:

This is stated after charging:
Depreciation
Operating lease payments
Chapter members' remuneration
Chapter members' reimbursed expenses
Auditors' remuneration (excluding VAT):
Statutory audit
Corporation tax return		 2024
2023
£
£
41,608
61,747
Nil
Nil
5,286
1,956
15,000
11,045
350
-
The group

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.

11. Staff costs and numbers

Staff costs were as follows:

£
Clergy
106,660
Lay staff
815,290
2024 Total
921,950
Prior period comparative (restated):
£
Clergy
116,349
Lay staff
738,305
2023 Total
792,611
Salaries
and wages
Salaries
and wages		 £
10,979
61,590
72,569
£
11,479
66,712
72,585
Social
security
costs
Social
security
costs		 £
22,300
50,893
73,193
£
31,675
29,622
58,808
Pension
costs
Pension
costs		 2024
Total
£
139,939
927,773
1,067,712
2023
Total
£
159,503
834,639
994,142

Prior year staff costs have been restated to include £70,138 of costs previously netted off.

Restricted fund receipts included in grant income in note 4 relate to the salaries of the Dean and the Residentiary Canons. The corresponding expenditure is described as clergy costs above.

37

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

For the year ended 31 December 2024
11. Staff costs and numbers (continued)
Employees earning more than £60,000 during the year: 2024 2023
No. No.
Between £60,000 and £70,000 1 1

The Cathedral considers its key management personnel to be members of Chapter and the Chapter Clerk. None of the members of the Chapter are directly employed by the Cathedral, as the Dean and Residentiary Canons (clergy) are appointed by the Crown. The Capitular Canons (lay) are appointed by the Bishop but are not employees. The stipends and related pension provision of the Dean, Canon Pastor, and Canon Missioner are paid by the Church Commissioners in accordance with scales set by the Church Commissioners, the Archbishop's Council and the Church of England Pensions Board, but the Chief Operating Officer / Chapter Clerk is an employee of the Cathedral. The amount paid (including employer's national insurance) for all of these posts during the year ended 31 December 2024 was £273k (2023: £231k).

The average number of persons, in total and full-time equivalent employed during the year (casual staff excluded) were as follows:

Clergy
Vergers (excluding temp. staff)
Music
Operations and visitor experience
Education
Average number of employees		 2024
2023
No.
No.
4
4
4
4
4
5
15
10
1
1
28
24
Full time equivalent		 Headcount Headcount
2024
No.
4
4
4
15
1
28		 2024
No.
6
5
23
27
1
62		 2023
No.
6
5
23
13
1
48

12. Taxation

The Cathedral is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The subsidiary company gifts distributable profits to the Cathedral and therefore no corporation tax is payable.

38

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

13. Tangible fixed assets

Group and Cathedral

Tangible fixed assets
Group and Cathedral
Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 £
3,197,780
-
3,197,780
-
-
-
3,197,780
3,197,780
Property		 £
418,043
407,431
825,474
274,390
41,608
315,998
509,476
143,653
Equipment,
fixtures and
fittings		 Total
£
3,615,823
407,431
4,023,254
274,390
41,608
315,998
3,707,256
3,341,433

The freehold property cost or valuation above represents the cost or valuation of acquiring various properties in Bristol and the cost of any improvements made to these properties.

The Cathedral owns four residential properties and during the year these properties were occupied by the Dean, two Commissioners' Canons, and a Verger. The values of these properties have been reviewed in the year by the Finance & Operations Director, in the light of appropriate market information for properties of similar location and condition.

The Cathedral owns various land and buildings adjoining the Cathedral precincts that are used by Bristol Cathedral Choir School. The Cathedral does receive rental income from the school, but due to the inherent difficulty in separating and valuing the different properties used by the school, this class of property is valued at cost.

The Cathedral shop and coffee shop are within the Cathedral precincts and have no separate insured value.

The office accommodation used by the Cathedral's administrative staff is within the Cathedral precincts and has no separate insured value.

39

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

14. Investments

Group and Cathedral

Market value at 1 January 2024
Disposals proceeds
Net gains / (losses)
Market value at 31 December 2024		 2024
£
2,715,272
(1,175,121)
60,520
1,600,671		 2023
£
2,509,088
-
206,184
2,715,272

Investment holdings comprise the CBF Investment Fund.

15. Subsidiary undertakings

Bristol Cathedral Enterprises Limited

The purpose of the subsidiary is to sell merchandise and drinks to visitors and raise funds for the Cathedral.

Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit and profit for the financial year
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Called up share capital
Profit and loss account		 2024
£
28,898
(12,491)
16,407
(7,317)
9,090
2024
£
21,670
(76,889)
(55,219)
7,309
(60,528)
55,219		 2023
£
13,625
(4,532)
9,093
(5,403)
3,690
2023
£
16,721
(81,032)
(64,311)
7,309
(71,618)
64,311

40

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

16. Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Gross income
Results for the year after gains / (losses)		 2024
£
1,864,487
(1,410,553)		 2023
£
1,541,897
(104,265)

17. Stock

Merchandise
18.
Debtors
Trade debtors
Amounts owed by intra-group entities
Other debtors
Prepayments and accrued income
VAT receivable
Amounts owed by other connected
entities		 2024
2023
£
£
17,593
7,076
2024
2023
£
£
81,733
50,878
-
-
5,535
5,384
3,500
919
96,847
72,062
26,464
-
214,079
129,243
Group
Group		 2024
2023
£
£
4,465
853
2024
2023
£
£
79,373
49,922
13,614
14,929
5,535
-
1,130
919
93,817
70,372
26,464
-
219,933
136,142
Cathedral
Cathedral		 2024
2023
£
£
4,465
853
2024
2023
£
£
79,373
49,922
13,614
14,929
5,535
-
1,130
919
93,817
70,372
26,464
-
219,933
136,142
Cathedral
Cathedral
136,142

19. Creditors: amounts falling due within 1 year

Trade creditors
Amounts owed to intra group entities
Accruals
Deferred income (see note 20)
Taxation and social security
Other creditors
Amounts owed to other connected
entities		 2024
2023
£
£
54,827
50,910
-
-
-
532
82,267
54,435
50,272
48,322
21,203
21,570
18,197
19,500
226,766
195,269
Group		 2024
2023
£
£
54,537
50,910
-
6,404
-
532
77,310
50,836
50,272
48,322
19,482
18,000
17,119
19,500
218,720
194,504
Cathedral		 2024
2023
£
£
54,537
50,910
-
6,404
-
532
77,310
50,836
50,272
48,322
19,482
18,000
17,119
19,500
218,720
194,504
Cathedral
194,504

41

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

20. Deferred income

At 1 January 2024
Deferred during the year
Released during the year
At 31 December 2024		 2024
2023
£
£
48,322
-
50,272
48,322
(48,322)
-
50,272
48,322
Group		 2024
2023
£
£
48,322
-
50,272
48,322
(48,322)
-
50,272
48,322
Cathedral		 2024
2023
£
£
48,322
-
50,272
48,322
(48,322)
-
50,272
48,322
Cathedral
48,322

Deferred income relates to rental income from the Bristol Cathedral Choir School.

21. Analysis of group net assets between funds

Analysis of group net assets between funds
£
Tangible fixed assets
-
Investments
3,170
Current assets
592
Current liabilities
-
Net assets at 31 December 2024
3,762
Prior year comparative
£
Tangible fixed assets
-
Investments
3,513
Current assets
-
Current liabilities
-
Net assets at 31 December 2023
3,513
Endowment
funds
Endowment
funds		 £
470,025
1,496,760
305,724
(46,338)
2,226,171
£
143,534
2,682,467
478,108
-
3,304,109
Restricted
funds
Restricted
funds		 £
3,237,231
100,741
430,148
(180,428)
3,587,692
£
3,197,899
29,292
888,633
(195,269)
3,920,555
General
funds
General
funds		 Total
funds
£
3,707,256
1,600,671
736,464
(226,766)
5,817,625
Total funds
£
3,341,433
2,715,272
1,366,741
(195,269)
7,228,177

42

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

22. Movements in group funds

Movements in group funds

At 1
January
2024
Income
£
£
£
Endowment funds
Ida Freeman
3,513
129
-
Restricted funds
Church Commissioners
-
485,023
(485,023)
Music
50,985
48,021
(58,504)
Organ
1,467,757
24,466
(845,902)
Fabric fund
1,662,976
153,095
(704,616)
WW1 Cathedral Repair
120,915
-
(10,622)
Other
1,476
-
-
Lord Mayor's Chapel
Fabric Fund
-
211,420
-
Accessibility Project
-
54,729
-
Bristol Cathedral Trust
-
32,945
(32,945)
Friends of Bristol
Cathedral
-
2,824
(2,824)
Bristol Cathedral Choir
School
-
73,908
(73,908)
Bristol Cathedral Choral
Foundation
-
50,564
(50,564)
Total restricted funds
3,304,109
1,136,995
(2,264,908)
Unrestricted funds
General funds
3,920,555
802,528
(1,145,816)
Total unrestricted funds
3,920,555
802,528
(1,145,816)
Total funds
7,228,177
1,939,652
(3,410,724)
Purposes of endowment funds
Ida Freeman
Expenditure
The original legacy of £2,000 was for
corner. There was no expenditure in the		 £
£
120
3,762
-
-
1,472
41,974
4,611
650,932
40,580
1,152,035
-
110,293
-
1,476
1,323
212,743
1,989
56,718
-
-
-
-
-
-
-
-
49,975
2,226,171
10,425
3,587,692
10,425
3,587,692
60,520
5,817,625
Gains/
(losses)
At 31
December
2024
the upkeep of the Bentley
year.		 £
3,762
At 31
December
2024
-
41,974
650,932
1,152,035
110,293
1,476
212,743
56,718
-
-
-
-
2,226,171
3,587,692
3,587,692
5,817,625

43

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

22. Movements in group funds (continued) Purposes of restricted funds

Church Commissioners

The Church Commissioners fund represents the grants received by the Cathedral under section 21 and 23 of the Cathedrals Measure 1999 towards the Dean and Residentiary Canons stipends and Lay salaries.

Music

The Music fund represents the money donated towards enhancing the work of the Cathedral's music department and includes funds to support the singers (children and adults), to underwrite and support choir tours.

Organ

The Organ fund represents money donated towards the repair and restoration of any of the Cathedral's organs and the installation of a new sound system.

Fabric fund

The Fabric fund includes money donated towards the costs of maintaining the gabric, floors, and bells of the Cathedral. The funding may also be used for emergency and compliance related issues, feasibility studies and archeological works. It may also be used for works on residential properties owned by the Cathedral.

WW1 Cathedral Repair The WW1 Cathedral Repair fund represents a government grant towards the cost of replacing the Cathedral's boilers. The costs have been capitalised as fixed assets and therefore the expenditure shown is depreciation on those assets.

Other

The Other category represents the funds for the maintenance of the flagpole.

Lord Mayor's Chapel The Lord Mayor’s Chapel Fabric Fund represents a grant received Fabric Fund from Bristol City Council of £210,000 to pay for fabric works relating to the Lord Mayor’s Chapel.

Accessibility Project

The Accessibility Project represents funds received to improve access to certain areas of the Cathedral.

Bristol Cathedral Trust

During the current and prior year, Bristol Cathedral Trust provided funding to cover specific staff roles.

Friends of Bristol Cathedral

During the year £2,824 was received from the Friends of Bristol Cathedral in relation to community engagement, the purchase of contactless plates and repairs to the ciborium liturgical vessel.

Bristol Cathedral Choir School

During the year, 25% of the rental income received from Bristol Cathedral Choir School was restricted to music activities as per the lease agreement. This totalled £73,908.

Bristol Cathedral Choral Foundation

During the year, £19,062 was received from the Bristol Cathedral Choral Foundation in relation to Chorister incentives.

44

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

22. Movements in group funds (continued)

Prior year comparative

Endowment funds
Ida Freeman
Restricted funds
Church Commissioners
Music
Organ
Fabric fund
WW1 Cathedral Repair
Other
Special events
Bristol Cathedral Trust
Friends of Bristol
Cathedral
Bristol Cathedral Choir
School
Bristol Cathedral Choral
Foundation
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds		 At 1
January
2023
£
3,170
-
37,661
1,523,159
1,512,687
131,538
1,334
-
-
-
-
-
3,206,379
4,122,893
4,122,893
7,332,442		 Income
£
102
388,187
6,416
45,645
88,794
-
41
22,167
103,790
10,000
69,106
36,232
770,378
785,042
785,042
1,555,522		 £
-
(388,187)
(17,200)
(113,770)
(53,369)
(10,623)
-
(22,167)
(103,790)
(10,000)
(69,106)
(36,232)
(824,444)
(1,041,527)
(1,041,527)
(1,865,971)
Expenditure		 £
241
-
24,108
12,723
114,864
-
101
-
-
-
-
-
151,796
54,147
54,147
206,184
Gains/
(losses)		 £
3,513
At 31
December
2023
-
50,985
1,467,757
1,662,976
120,915
1,476
-
-
-
-
-
3,304,109
3,920,555
3,920,555
7,228,177

23. Financial instruments at fair value

Investments (see note 14) 2024
2023
£
£
1,600,671
2,715,272
Group		 2024
2023
£
£
1,600,671
2,715,272
Cathedral

45

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

24. Related party transactions

The total of Chapter member expenses reimbursed (for 3 members) during the year was £5,286 (2023: £1,956 for 2 members). The total amount owed to the members outstanding at 31 December 2024 was £164 (2023: £248).

The Dean is a Member and Trustee of the Cathedral Schools Trust and a trustee of Bristol Cathedral Choral Foundation. In 2024, the Cathedral received £63,503 (2023: £43,602) from Bristol Cathedral Choral Foundation, of which £4,130 (2023: £nil) was outstanding at the yearend. The Canon Treasurer and Dean are also trustees of Bristol Cathedral Trust. In 2024, the Cathedral received £182,145 (2023: £116,700) of income from Bristol Cathedral Trust. At the year-end, there was a balance of £6,067 owed to the Cathedral (2023: £5,384).

There were no income or expenditure transactions with the wholly owned subsidiary in the year. The balance owed to the Cathedral at 31 December 2024 was £13,614 (2023: £1,682).

25. Pension

The Cathedral participates in the Pension Builder Scheme section of the Church Workers Pension Fund (CWPF) for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

CWPF has two sections:

  1. the Defined Benefits Scheme; and

  2. the Pension Builder Scheme, which has two subsections:

  3. a. a deferred annuity section known as Pension Builder Classic; and b. A cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

46

Bristol Cathedral

Notes to the financial statements

For the year ended 31 December 2024

25. Pension (continued)

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2024: £73,193, 2023: £58,808).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.

The next valuation is due as at 31 December 2025.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

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

47